GOLD CLOSED DOWN $115.00 TO $3,224.40

SILVER CLOSED DOWN $0.30 TO $32.45

 GOLD ACCESS CLOSED $3236.45

Silver ACCESS CLOSED: $32.58

Bitcoin morning price:$104,400 UP 3254 DOLLARS.

Bitcoin: afternoon price: $101,710 up 564 DOLLARS

Platinum price closing UP $17.80 TO $1001.40

Palladium price; UP $4.95 TO $978.70

END

*CANADIAN GOLD: $4,526.02 DOWN 101.47 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)

*BRITISH GOLD: 2455.42 DOWN 43.40 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025

*EURO GOLD: 2917.87 DOWN 38.08 Euros per oz //* (ALL TIME CLOSING HIGH: 3018.80 EUROS PER OZ/ APRIL 21 //2025)

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: MAY 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,335.400000000 USD
INTENT DATE: 05/09/2025 DELIVERY DATE: 05/13/2025
FIRM ORG FIRM NAME ISSUED STOPPED

190 H BMO CAPITAL MARKETS 47
323 C HSBC 38
332 H STANDARD CHARTERED B 41
363 H WELLS FARGO SECURITI 13
657 H MORGAN STANLEY 3
661 C JP MORGAN SECURITIES 21
686 H STONEX FINANCIAL INC 160
737 C ADVANTAGE FUTURES 2
905 C ADM 1

TOTAL: 163 163
MONTH TO DATE: 16,125

MONTH TO DATE: 15,962

JPMORGAN STOPPED 21/163

MAY

GOLD: NUMBER OF NOTICES FILED FOR MAY/2024. CONTRACT: 163 NOTICES FOR 16300 OZ  0.5069 TONNES

total notices so far: 16,125 contracts for 1,612,500 OR 50.155 tonnes)

FOR MAY

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 553 NOTICE(S) FILED FOR 2.790 MILLION OZ/

total number of notices filed so far this month : 14,257 CONTRACTS (NOTICES) for 71.385 million oz

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END

GLD/

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL

THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.

WITH GOLD DOWN $115.00 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.71 TONNES OF GOLD OUT OF THE GLD//

INVENTORY RESTS AT 937.94 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER DOWN $.30 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: // A DEPOSIT OF 2.001 MILLION OZ INTO THE SL

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 450.784 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A STRONG SIZED 501 CONTRACTS TO 137,528 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS STRONG SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR GAIN OF $0.31 IN SILVER PRICING AT THE COMEX WITH RESPECT TO FRIDAY’S TRADING.  WE HAD A HUGE SIZED GAIN OF 950 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A GOOD 309 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING FRIDAY AS THEY DESPERATELY AGAIN 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 $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON FRIDAY WITH SILVER’S GAIN IN PRICE AND THE PRICE IS STILL WELL BELOW THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE. . BUT THIS WAS COUPLED WITH ANOTHER HUGE T.A.S. ISSUANCE OF 599 CONTRACTS ISSUED BY THE CME AND THAT SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING OVER THE 34.40 DOLLAR MARK. THUS OUR RAIDS ON OUR PRECIOUS SILVER METAL WILL CONTINUE UNTIL SILVER BREAKS $34.40. WE HAD A GOOD 309 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE 599 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN MONDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE  GAINED A HUGE SIZED 809 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.31. 

THE CME NOTIFIED US THAT FOR THE FIRST TWO DAYS OF THE MONTH OF MAY, WE HAD TWO CONSECUTIVE ISSUANCE OF EXCHANGE FOR RISK CONTRACTS OF 12.93 MILLION OZ. THESE EXCHANGE FOR RISKS MUST NOW BE ADDED TO OUR NORMAL DELIVERY SCHEDULE. THE RECIPIENT OF THIS LARGESS IS WITHOUT A DOUBT THE CENTRAL BANK OF INDIA. LOGICALLY ONLY A CENTRAL BANK WOULD ACCEPT THIS CRAZY CONTRACT WHEREBY THE CENTRAL BANK OF INDIA TAKES THE RISK OF DELIVERY FROM A BULLION BANK WHO CANNOT GUARANTEE DELIVERY OF PHYSICAL SILVER TO THEM.

PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S ESPECIALLY SILVER IS NOW USED TO TEMPER OUR SILVER PRICE RISE OR INITIATE A RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN WITH THIS WEEK’S TRADING ON SILVER AND NOW TODAY TRYING TO KEEP THE SILVER PRICE BELOW $34.40 . THE KEY PRICE TO WATCH IS $34.40. IF IT BREAKS THAT PRICE, THEN WE HEAD FOR $50.00 SILVER.

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, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT/SATURDAY MORNING: A HUGE 599 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 BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL 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 ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES

WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY  $0.31) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH

WE HAD A GOOD 309 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 67.830 MILLION OZ TO WHICH WE ADD OUR 5 CONTRACT QUEUE JUMP OF 25,000 OZ AND THEN WE MUST ADD THOSE CRAZY CONTRACT EXCHANGE FOR RISK FOR 12.93 MILLION OZ:

THUS:

INITIAL STANDING FOR MAY: 74.110 MILLION OZ WHICH INCLUDES TODAY’S 25,000 OZ QUEUE JUMP + 12.93 MILLION OZ (EX FOR RISK) EQUALS 87.065 MILLION OZ./

WE HAD:

/ HUGE COMEX OI GAIN+// A GOOD SIZED  EFP ISSUANCE (309 CONTRACTS)/ VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 599 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A MONSTROUS 140 CONTRACTS.

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS APRIL. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MAY

TOTAL CONTRACTS for 8 DAYS, total 2458 contracts:   OR 12.290 MILLION OZ  (307 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  12.290 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: 12.290 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 501 CONTRACTS WITH OUR GAIN IN PRICE OF $0.31 IN SILVER PRICING AT THE COMEX// FRIDAY.,.  . THE CME NOTIFIED US THAT WE HAD A GOOD 309 CONTRACT EFP ISSUANCE  CONTRACTS: 309 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX TO LONDON  AS FORWARDS. 

WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF  15.965 MILLION  OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK

FINAL STANDING APRIL: 19.965 MILLION OZ

AND NOW MAY:

NEW STANDING FOR MAY: 74.110 MILLION OZ. (INCLUDES 25,000 OZ QUEUE JUMP + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 87.065 MILLION OZ

THE NEW TAS ISSUANCE THURSDAY NIGHT   (599 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE TODAY’S TRADING (MONDAY TRADING) AND BEYOND.

WE HAD  558 NOTICE(S) FILED TODAY FOR 2.790 million OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 160 OI CONTRACTS  TO 438,271 AND CLOSER TO TO THE RECORD (SET JAN 24/2020) AT 799,105  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE A PRETTY LOW OI IN COMEX 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 STRONG 1907 CONTRACTS //.

WE HAD A SMALL SIZED DECREASE  IN COMEX OI (160 CONTRACTS) . THIS OCCURRED DESPITE OUR GAIN OF $37.50 IN PRICE FRIDAY. ON WEDNESDAY/APRIL 17 WE HAD THE HIGHEST EVER SINGLE NOMINAL GAIN IN COMEX GOLD PRICING HISTORY AT $106.35 GAIN.. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER..

WE PREVIOUSLY HAD A HUMONGOUS INITIAL STANDING IN GOLD TONNAGE FOR APRIL AT 164.7185 TONNES/) TO WHICH WE ADDED + 8.3571 TONNES EX FOR RISK = 209.953 TONNES

FINAL STANDING FOR APRIL; 201.443 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES

AND NOW MAY:

INITIAL STANDING FOR MAY: 50.870 TONNES OF GOLD!

/ ALL OF THIS HAPPENED WITH OUR  $37.50 GAIN IN PRICE  WITH RESPECT TO FRIDAY’S COMEX ///. WE HAD A SMALL SIZED LOSS OF 160 OI CONTRACTS (4.6 PAPER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK. THE HORROR INTENSIFIED ONCE LONDON STARTED TO TRADE LAST WEEK, AND THROUGHOUT THE WEEK WITH MAJOR TENDERING FOR PHYSICAL VIA THE EXCHANGE FOR PHYSICAL ROUTE! THE RESULT: A MASSIVE AMOUNT OF GOLD STANDING FOR DELIVERY FOR THE MARCH CONTRACT MONTH AS WELL AS THE SAME FOR APRIL AND NOW MAY….. A MONSTROUS 50.87 TONNES DESPITE IT BEING AN OFF MONTH. CENTRAL BANKERS ARE NOW WAITING PATIENTLY FOR THEIR DELIVERY OF GOLD VIA SLOW MOVING SHIPS.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1500 CONTRACT:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 438,271/NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!

SILVER ALSO HAS A LOW COMEX OI OF 137,388 CONTRACTS!!

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1340 CONTRACTS  WITH 160 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1500 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 1340 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A MEGA MEGA HUGE SIZED AND CRIMINAL 33,753 CONTRACTS ISSUED. THIS REPRESENTS THE 3RD CONSECUTIVE HUGE 30,000+ ISSUANCED AND THUS WE WILL EXPECT ANOTHER 2 AS THE CROOKS RELOAD THEIR AMMUNITION!

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1500 CONTRACT) ACCOMPANYING THE SMALL SIZED DECREASE IN COMEX OI OF 160 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 1340 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT  ,2.) STRONG STANDING FOR GOLD FOR MAY AT 50.87 TONNES ( WHICH WHICH INCLUDES OUR 0.5132 TONNES QUEUE JUMP)

NEW STANDING FOR GOLD, MAY CONTRACT ADVANCES TO: 50.870 TONNES OF GOLD.

.

 / 3) SOME T.A.S. LIQUIDATION IN REMOVING SOME NET SPECULATOR LONGS, AS WE HAD 1)A  $37.50 COMEX PRICE GAIN.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH OUR FAIR GAIN OF 1340 CONTRACTS ON OUR TWO EXCHANGES// /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD FOR MAY.

  4) FAIR SIZED COMEX OI GAIN// 5)  FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (1500 CONTRACTS)/// MEGA MEGA HUGE T.A.S.  ISSUANCE: 33,757 T.A.S.CONTRACTS//

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2025 INCLUDING TODAY

MAY INITIAL

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY :

TOTAL EFP CONTRACTS ISSUED: 8510 CONTRACTS OR 851,000 OZ OR 26.467 TONNES IN 8 TRADING DAY(S) AND THUS AVERAGING: 973 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAY(S) IN  TONNES  26.467 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  26.467 TONNES DIVIDED BY 3550 x 100% TONNES = 0.760% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

 FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:.   276.50 TONNES (STRONG AGAIN/

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

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:2022   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 2023:    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 VS  2578 TONNES LAST YEAR

2024 AND 2025:

JAN ’24:     291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)

FEB’24: 201.947 TONNES

MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.

APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)

MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.

JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS

JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III) 

AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.

SEPT: 335 .104 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE. WE WILL PROBABLY END JUST SHORT OF THE 3RD HIGHEST ISSUANCE EVER RECORDED.

OCT. 277.71 TONNES (THIS WILL BE A GOOD ISSUANCE THIS MONTH)

NOV: 393.875 TONNES ( A HUGE MONTH////NOW SURPASSED THE PREVIOUS 3RD AND 2ND HIGHEST EVER RECORDED EX FOR PHYSICAL ISSUANCE TO BECOME THE 2ND HIGHEST EVER RECORDED

DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE

TOTAL 2024 YEAR. 3,597.846 TONNES

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. STILL A SMALL TO FAIR ISSUANCE FOR THE MONTH.

MAY: 26.467 TONNES OF GOLD EFP ISSUANCE

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW  ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF  GOLD

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF FEB., FOR  GOLD: AND MARCH FOR SILVER

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:

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A HUGE SIZED 501 CONTRACTS OI  TO 137,388 AND CLOSER TO 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 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 309 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

JULY 309 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 309 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI GAIN OF 501 CONTRACTS AND ADD TO THE 309 E.FP. ISSUED

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 950  CONTRACTS DESPITE THE GAIN IN PRICE OF $0.31 THE RATS ARE FLEEING THE ARENA.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 4.05 MILLION PAPER OZ

 OCCURRED WITH OUR  $0.31 GAIN  IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS MONDAY MORNING//SATURDAY  NIGHT

SHANGHAI CLOSED UP 27.25 PTS OR 0.82%

//Hang Seng CLOSED UP 681.72 PTS OR 1.98%

// Nikkei CLOSED UP 140.93 PTS OR 0.38% //Australia’s all ordinaries CLOSED UP .05%

//Chinese yuan (ONSHORE) CLOSED UP AT 7.2038 OFFSHORE CLOSED UP AT 7.1968 / Oil UP TO 63.28 dollars per barrel for WTI and BRENT UP TO 66.28 Stocks in Europe OPENED ALL GREEN

ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.2038 AND STRONGER//OFF SHORE YUAN TRADING UP 7.1968 AGAINST US DOLLAR/ AND THUS STRONGER

END

ASIA TRADING MONDAY MORNING/SATURDAY  NIGHT

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 160 CONTRACTS TO 438,271 WITH OUR STRONG GAIN IN PRICE OF $37.50 WITH RESPECT TO FRIDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1500 ).

THE CME ANNOUNCED FRIDAY NIGHT,  A 0 EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 0 OZ OR 0.0 TONNES. TOTAL ISSUANCE FOR MAY IS ZERO. IN THE MONTH OF APRIL WE HAD RECORDED A NEW RECORD 7 ISSUANCES OF EXCHANGE FOR RISK AS THE BANK OF ENGLAND IS GETTING VERY ANTSY ABOUT GETTING ITS GOLD BACK. THUS OUR TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL STOOD AT 8.3571 TONNES OF GOLD WHICH WERE ADDED TO OUR NORMAL APRIL GOLD DELVERIES.

HISTORY: LAST THREE PRIOR MONTH’S EXCHANGE FOR RISK

IN MARCH:

THE TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH (3 NOTICES) EQUALED: 7.6179 TONNES OF GOLD WHICH WAS ADDED TO OUR MARCH DELIVERY TOTALS.

IN FEBRUARY:

WE HAD A HUGE FIVE EXCHANGE FOR RISKS ISSUANCES FOR GOLD, TOTALLING 18.4527 TONNES!.

THE RECIPIENT OF ALL OF THESE EXCHANGE FOR RISK CONTRACTS IS THE BANK OF ENGLAND WHO DESPERATELY WANT THEIR LEASED GOLD BACK. THUS WE HAVE TWO SEPARATE ENTITIES (CENTRAL BANKS) DEMANDING THEIR GOLD BACK:

1. THE BANK OF ENGLAND
2. THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS)

THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 5TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.(DEC THROUGH APRIL)

IN APRIL:

AND NOW WE CONCLUDED APRIL WITH 7 ISSUANCE OF EXCHANGE FOR RISK FOR A TOTAL TONNAGE OF 8.3571 TONNES.

MAY: 0 ISSUED SO FAR…

DETAILS ON MAY COMEX MONTH//INITIAL

IN TOTAL WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 1340 CONTRACTS WITH OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON THURSDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID VERY EARLY IN THE COMEX SESSION AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) 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 CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!

THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT LAST MONTH OF APRIL AND ONTO MAY, CONTINUED 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. HOWEVER TODAY’S NUMBER IS ANOTHER HUMDINGER AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 33,753 T.A.S. FOLLOWING HUGE ISSUANCES DURING OUR LAST TWO TRADING DAYS. . THURSDAY’S ISSUANCE WAS THE HIGHEST NUMBER BY FAR IN COMEX HISTORY WITH FRIDAY’S BEING THE 2ND HIGHEST EVER RECORDED! NATURALLY THAT SIGNALS THAT WE WILL WITNESS CONTINUAL RAIDS AND FOR THE NEXT FEW DAYS, IF HISTORY SERVES US WELL, WE WILL HAVE ANOTHER 2 MEGA MEGA ISSUANCE… (FROM JANUARY 2025 THROUGH TO MARCH 2025 WE HAD THESE 5 MEGA MEGA 30,000+ ISSUANCES WHICH DISTORTED OPEN INTEREST GREATLY.

THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS IS WHY WE ARE HAVING DISTORTED COMEX OPEN INTEREST GAINS AND LOSSES IN OI BUT THIS IS COUPLED WITH MEGA HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WITH FIRST DAY NOTICE TOTALS WITH GOLD TONNES STANDING FOR APRIL AT 209 + TONNES INCLUDING MANY MASSIVE QUEUE JUMPS AND THIS CONTINUED INTO MAY AS YOU WILL SEE BELOW ANOTHER STRONG QUEUE JUMP OCCURRED ON MAY’S DELIVERY CYCLE// MONDAY  AT 0.534 TONNES, THIS MONTH WE HAVE RECORDED THE HIGHEST EVER QUEUE JUMP RECORDED IN COMEX GOLD HISTORY AT 6.4 TONNES.

THE TONNAGE STANDING FOR GOLD FOR MAY IS NOW 50.870 TONNES (WHICH INCLUDES TODAY’S STRONG QUEUE JUMP)

THE FED IS THE OTHER MAJOR SHORT OF AROUND 22+ TONNES OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES NOW THAT THEY MUST BECOME COMPLIANT TO BASEL III RULES JULY 1/2023 AS OUTLINED IN ANDREW MAGUIRE’S LATEST LIVE FROM THE VAULT 221 EPISODE. AS HE TACKLES THIS IMPORTANT TOPIC. THE FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST THREE MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF IT FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS.

OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.

EUROPE IS NOW BASEL III COMPLIANT. THE WEST (FED AND COMEX) MUST BE COMPLIANT BY JULY 1//2025.

THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH INCLUDING FIRST DAY NOTICE OF GOLD TONNAGE STANDING. 

EXCHANGE FOR PHYSICAL ISSUANCE

 THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A FAIR SIZED 1500 EFP CONTRACT WAS ISSUED: :  /JUNE  1500 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1500 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

WE HAD :

1. SOME LIQUIDATION OF OUR T.A.S. SPREADERS
2. ZERO SPEC LIQUIDATION WITH OUR GAIN IN PRICE

T.A.S.SPREADER ISSUANCE

AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT/SATURDAY MORNING WAS A MEGA MEGA HUGE SIZED, 33,753  FOLLOWING FRIDAY’S 45,706 CONTRACTS AND AS MENTIONED ABOVE, THE SECOND HIGHEST EVER ISSUANCE IN COMEX HISTORY.

THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE TODAY, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:

1. STALLS THE ADVANCE IN PRICE
2. LOWERS THEIR ADVANCING DERIVATIVE LOSSES.

MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH, APRIL AND MAY

THROUGHOUT THE FEW YEARS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH  OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE

FINAL STANDING FOR GOLD APRIL

// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING:   APRIL (209.573 TONNES//.CME CORRECTED//) WHICH IS HUGE FOR OUR ACTIVE APRIL DELIVERY MONTH. FEB HAD THE HIGHEST STANDING FOR GOLD EVER RECORDED FOR ANY MONTH AT 256.607 TONNES

AND NOW LAST 5 MONTHS OF 2025: STANDING FOR GOLD

YEAR 2025:

JAN 2025:

113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)

FEB: 2025:

256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)

MARCH:

STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES  WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.

APRIL:

FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES

MAY:

INITIAL STANDING AT 28.945 INITAL GOLD TONNES STANDING FIRST DAY NOTICE PLUS 6.4634 TONNES QUEUE JUMP MAY 7 (A RECORD) + ANOTHER HUGE QUEUE JUMP MAY 9 OF 0.534 TONNES + MAY 12 AT .5132 TONNES = 50.870 TONNES

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HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 52 MONTHS OF 2021-2025:

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

NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK   = 34.9627 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:  66.276 TONNES (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

2025 STANDING FOR GOLD/COMEX

January 2025: 70.102 TONNES + 43.208 EXCHANGE FOR RISK= 113.310 TONNES

FEBRUARY:/NEW STANDING ADVANCES TO 238.153TONNES +18.4527 EX FOR RISK

= 256.607 TONNES. THIS IS THE HIGHEST EVER MONTH FOR GOLD STANDING IN COMEX HISTORY

MARCH: 67.9479 TONNES (INCLUDES 7.6179 TONNES EX FOR RISK)

APRIL: 209.953 TONNES (INCLUDES 8.3571 TONNES EX FOR RISK/AND ALL MONTHLY QUEUE JUMPING)

MAY: STANDING NOW 50.870 TONNES (INCLUDES ALL QUEUE JUMPING)

COMEX GOLD TRADING/MAY CONTRACT MONTH

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A STRONG $37.50/ /)AND THEY WERE A UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED GAIN IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD SOME T.A.S. SPREADER LIQUIDATION FRIDAY AS THEY ARE STILL TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE THE MAGIC $3,400 BARRIER AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM EXPLODING AS IT LOOKS LIKE THEY ARE NOW SUCCEEDING AS GOLD ATTEMPTED TO BREACH THAT 3400 DOLLAR BARRIER AGAIN THURSDAY TRADING.  IT IS NOW TRADING EARLY MONDAY MORNING WELL BELOW TO THAT LEVEL AT $3,227.00

FRIDAY NIGHT/SATURDAY MORNING

THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL FRIDAY EVENING/SATURDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /MAY TRADING

EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY://FINISHES AT 4 ISSUANCES

THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TO THE BANK OF ENGLAND.THEN ,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WAS ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.

EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH

EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND WAS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.

MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK: TOTAL FOR THE MONTH FINISHED AT 3

TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.

APRIL, ISSUED ITS 7TH EXCHANGE FOR RISK: 187 CONTRACTS OR 18,700 OZ OR 0.5816 TONNES

SUMMARY EXCHANGE FOR RISK FOR THE MONTH OFAPRIL//TOTAL ISSUANCES 7 FOR 8.3571 TONNES OF GOLD!:

ISSUANCE FOR EXCHANGE FOR RISK ON FIRST DAY NOTICE//APRILL MONTH// WAS 700 CONTRACTS FOR 70,000 OZ OR 2.177 TONNES OF GOLD TO WHICH WE ADD (APRIL 4) : 250 CONTRACTS FOR 25,000 OZ OR .777 TONNES, APRIL 7 ISSUANCE OF 280 CONTRACTS FOR 28,000 OZ OR .8709 TONNES THEN APRIL 9 484 CONTRACTS FOR 48400 OZ OR 1.5054 TONNES AND FINALLY MONDAY MORNING APRIL 14 AT 200 CONTRACTS FOR 20,000 OZ OR .5816 TONNES AND NOW APRIL 24: 600 CONTRACTS FOR 60,000 OZ OR 1.866 TONNES AND NOW APRIL 25 187 CONTRACTS FOR 18700 OZ OR .5816 TONNES//NEW FINAL TOTAL ISSUANCE FOR APRIL: 8.3571 TONNES!!. APRIL ISSUANCE OF EXCHANGE FOR RISK MEANS WE NOW HAVE 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK ISSUANCE. THESE DELIVERIES WERE ADDED TO OUR NORMAL DELIVERY CYCLE.

MAY ISSUANCE OF EXCHANGE FOR RISK = ZERO SO FAR!

HERE IS WHAT HAPPENED LAST MONTH; FINAL GOLD STANDING FOR APRIL:

APRIL: 201.573 TONNES +(8.3571 EX FOR RISK// FOR APRIL DELIVERY MONTH =209.953 TONNES OF THE GOLD. THIS IS THE 2ND HIGHEST AMOUNT OF DELIVERY GOLD WHICH FOLLOWS THE HIGHEST EVER ON AN ACTIVE MONTH GOLD DELIVERY BEING FEB 2025 AT 256.607 TONNES..

ANALYSIS MAY DELIVERY MONTH GOING FROM FIRST DAY NOTICE// MAY COMEX CONTRACT

WE HAVE GAINED A FAIR SIZED TOTAL OF 4.0167 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR MAY FIRST RECORDED AT 28.945 TONNES ON FIRST DAY NOTICE. WE HAD A STRONG 169 CONTRACT QUEUE JUMP FOR 16,500 OZ OR 0.5132 TONNES. THIS QUEUE JUMP IS CENTRAL BANKS JUMPING AHEAD OF US SIMPLE MORTALS DEMANDING GOLD FOR THEIR RESERVES. THUS NEW STANDING ADVANCES TO 50.870 TONNES OF GOLD.

THUS MAY STANDING FOR GOLD SO FAR: 50.870 TONNES

ALL OF THIS HUGE STANDING WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $37.50

WE HAD A HUGE 1900 CONTRACTS REMOVED FROM THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.

NET GAIN ON THE TWO EXCHANGES 1340 CONTRACTS OR 134000 0Z (4.067 TONNES)

confirmed volume FRIDAY 281,747. contracts: fair volume////

//speculators have left the gold arena

END

MAY

// THE MAY 2025 GOLD CONTRACT

MAY 12

INITIAL

dealer deposits: 0 entry

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DEPOSITS/CUSTOMER

we have 0 customer entry

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withdrawals:1

i) one entry
Out of Brinks: 36,873.650 oz

(1150 kilobars)

adjustments: 4//all dealer to customer

a) Brinks 289.259 9 kilobars

b) HSBC: 1301.742 oz

c) JPMorgan; dealer to customer 5,172.508 oz

d) Manfra 1974.08 oz dealer to customer

AMOUNT OF GOLD STANDING FOR MAY

THE FRONT MONTH OF MAY STANDS AT 393 CONTRACTS FOR A GAIN OF 154 CONTRACTS. WE HAD 11 CONTRACTS SERVED ON FRIDAY SO WE GAINED A HUGE 165 CONTRACTS AND THUS WE WITNESS A STRONG 16,500 OZ QUEUE JUMP FOR 0.5132 TONNES.

JUNE LOST ONLY 12,766 CONTRACTS TO 248,389. JUNE BECOMES OUR NEW FRONT MONTH AND THIS MONTH WILL BE A WHOPPER OF A DELIVERY MONTH. THE FRBNY IS QUITE NERVOUS LOOKING AT JUNE OI.

JULY GAINED 47 CONTRACTS TO STAND AT 1423

We had 163 contracts filed for today representing 16300 oz  

This is a huge major assault on the comex for gold and this time it is physical that will be requested.

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 163 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 21 notice(s) was (were) stopped  (received) by J.P.Morgan//customer account 

To calculate the INITIAL total number of gold ounces standing for MAY /2025. contract month, we take the total number of notices filed so far for the month (16,125 X 100 oz ) to which we add the difference between the open interest for the front month of  MAY (393 CONTRACTS)  minus the number of notices served upon today  (163 x 100 oz per contract) equals  1,635,500 OZ  OR 50.870 TONNES

thus the INITIAL standings for gold for the MAY contract month:  No of notices filed so far (16,125 x 100 oz +we add the difference for front month of MAY (393 OI} minus the number of notices served upon today (163 x 100 oz) which equals  1,635,500 OZ OR 50.870 TONNES

TOTAL COMEX GOLD STANDING FOR MAY.: 50.8700 TONNES WHICH IS HUGE FOR THIS NON ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND APRIL WAS SECOND..

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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: 2,183,199.736 oz 67.90 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 39,117,173.169 oz  

TOTAL REGISTERED GOLD 21,661,578.292: or 673.766 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 17,455,594.927 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON 19,478,379oz (REG GOLD- PLEDGED GOLD)= 605.85tonnes //

END

SILVER/COMEX

// THE APRIL 2025  SILVER CONTRACT//INITIAL

MAY 12

INITIAL

0 entries/dealer

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3 deposit entry//customer side/eligible


i) Into CNT 594,849.130 oz
ii) Into HSBC 52,865.200 oz
iii) Into JPMorgan: 1223,176.130 oz





total deposit weight: 1,879,890.130 oz

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1 withdrawal entries

i) Loomis 741,777.000 oz

total withdrawal 741,777.000 oz

ADJUSTMENTs 0

JPMorgan has a total silver weight: 217.194million oz/504.719 oz million  or 43.05%

TOTAL REGISTERED SILVER: 167.509 MILLION OZ//.TOTAL REG + ELIGIBLE. 504.719Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MAY

silver open interest data:

FRONT MONTH OF MAY /2025 OI: 1128 OPEN INTEREST CONTRACTS FOR A LOSS OF 113 CONTRACTS. WE HAD 118 NOTICES FILED ON FRIDAY SO WE GAINED 5 CONTRACTS WHICH UNDERWENT A QUEUE JUMP OF 25,000 OZ WHERE THESE BOYS HAVE DECIDED TO TAKE DELIVERY OVER HERE. I MUST REPORT WE HAD 0 EXCHANGE FOR RISK ISSUANCE. THUS THE NEW TOTAL REMAINS AT TWO ISSUANCES OF EXCHANGE FOR RISK IS 12.93 MILLION OZ.

JUNE SAW A LOSS OF 50 CONTRACTS DOWN TO 3146 CONTRACTS. JUNE OI REFUSES TO LIQUIDATE

AS IT IS NOW THE FRONT MONTH.

JULY GAINED 80 CONTRACTS DOWN TO 106,322

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 558 or 2.790 MILLION oz

CONFIRMED volume; ON FRIDAY 36,823 poor//

AND NOW MAY DELIVERIES:

To calculate the number of silver ounces that will stand for delivery in MAY. we take the total number of notices filed for the month so far at 14,257 X5,000 oz = 71.385 MILLION oz 

to which we add the difference between the open interest for the front month of MAY (1128) AND the number of notices served upon today (558 )x (5000 oz)

Thus the  standings for silver for the MAY 2025 contract month:  (14,257) Notices served so far) x 5000 oz + OI for the front month of MAY(1128) minus number of notices served upon today (558)x 5000 oz equals silver standing for the MAY contract month equating to 74.135 MILLION OZ . THEN WE MUST ADD OUR NEW 12.93 TONNES OF EXCHANGE FOR RISK. NEW TOTAL STANDING FOR SILVER: 87.065 MILLION OZ

 New total standing:  87.065 million oz which is huge for this active delivery month of MAY.

We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.

There are 167.609million oz of registered silver.

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.

Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon

the next big line in the sand for silver is $34.76. After that the moon

END

BOTH GLD AND SLV ARE MASSIVE FRAUDS!

GLD AND SLV INVENTORY LEVELS

MAY 12   WITH GOLD DOWN $115.00 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.71 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 937.94 TONNES

MAY 9   WITH GOLD UP $37.50 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 2.01 TONNES OF GOLD INTO THE GLD/ ///INVENTORY RESTS AT 939.68 TONNES

MAY 8   WITH GOLD DOWN $82.60 TODAY// SMALL CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.23 TONNES OF GOLD WITHDRAWN FROM THE GLD/ ///INVENTORY RESTS AT 937.67 TONNES

MAY 7   WITH GOLD DOWN $30.30 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 937.96 TONNES

MAY 6   WITH GOLD UP $101.55 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 6.32 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 937.96 TONNES

MAY 5   WITH GOLD UP $77.95 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.13 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 944.28 TONNES

MAY 2   WITH GOLD UP $ 18.40 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.15 TONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 945.41 TONNES

MAY 1   WITH GOLD DOWN $ 92,45 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.87 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 944.26 TONNES

APRIL30   WITH GOLD DOWN $14.05 TODAY// NO CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 947.13 TONNES

APRIL29   WITH GOLD DOWN $13.45 TODAY// NO CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.27 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 946.27 TONNES

APRIL28   WITH GOLD UP $50.20 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.27 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 946.27 TONNES

APRIL25   WITH GOLD DOWN $49.95 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A MASSIVEV WITHDRAWAL OF 3.911 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 948.56 TONNES

APRIL24   WITH GOLD UP $54.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 952.471 TONNES

APRIL23   WITH GOLD DOWN $124.55 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE WITHDRAWAL OF 9.47 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 949.70 TONNES

APRIL22   WITH GOLD DOWN $7,75 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 6.89 TONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 957.17 TONNES

APRIL21   WITH GOLD UP $98.70 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.88 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 952.28 TONNES

APRIL17  WITH GOLD DOWN $14.85 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.02 TONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 957.17 TONNES

APRIL16  WITH GOLD UP $12.90 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 953.15 TONNES

APRIL15  WITH GOLD UP $106.35 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 953.15 TONNES

APRIL14  WITH GOLD DOWN $16.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.44 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 953.15 TONNES

APRIL11  WITH GOLD UP $67.70 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 13.48 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 949.71 TONNES

/APRIL10  WITH GOLD UP $100.00 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 0.86 TONNES OF GOLD OUT OF THE GLD. ///INVENTORY RESTS AT 937.09 TONNES

APRIL9  WITH GOLD UP $83.50 TODAY// MEGA HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 11.171 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 936.23 TONNES

APRIL8  WITH GOLD UP $17.50 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 6.02 TONNES OF GOLD OUT OF THE GLD. ///INVENTORY RESTS AT 926.78 TONNES

APRIL3  WITH GOLD DOWN $27.85 TODAY// SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.57 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 931.94 TONNES

APRIL2  WITH GOLD UP $10.00 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.01 TONNES OF GOLD OUT OF THE GLD. ///INVENTORY RESTS AT 931.37 TONNES

APRIL1  WITH GOLD DOWN $3.55 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 933.38 TONNES

MARCH 31  WITH GOLD UP $31.60 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.29 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 931.94 TONNES

MARCH 28  WITH GOLD UP $31.60 TODAY// SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .29 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 929.65 TONNES

MARCH 27  WITH GOLD UP $31.60 TODAY// SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .29 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 929.65 TONNES

MARCH 26  WITH GOLD UP $31.60 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 929.36 TONNES

MARCH 25  WITH GOLD UP $13.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD/ ///INVENTORY RESTS AT 929.07 TONNES

MARCH 24  WITH GOLD DOWN $6.10 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 20.08 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 930.51 TONNES

GLD INVENTORY: 937.94 TONNES, TONIGHTS TOTAL

SILVER

MAY 12 WITH SILVER DOWN $0.30/HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 2.001 MILLION OZ INTO SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 450.7845 MILLION OZ

MAY 9 WITH SILVER UP $0.31/NO CHANGES IN SILVER INVENTORY AT THE SLV:NO CHANGE IN SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 448.783 MILLION OZ

MAY 8 WITH SILVER DOWN $0.16/NO CHANGES IN SILVER INVENTORY AT THE SLV:NO CHANGE IN SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 448.783 MILLION OZ

MAY 7 WITH SILVER DOWN $0.54/NO CHANGES IN SILVER INVENTORY AT THE SLV: ////: //INVENTORY AT SLV RESTS AT 448.783 MILLION OZ

MAY 6 WITH SILVER UP $0.92 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV:A HUG WITHDRAWAL OF 2.818 MILLION OZ OUT OF THE SLV ////: //INVENTORY AT SLV RESTS AT 448.783 MILLION OZ

MAY 5 WITH SILVER UP $0.08 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV:A SMALL DEPOSIT OF 0.117 MILLION OZ INTO THE SLV ////: //INVENTORY AT SLV RESTS AT 450.602 MILLION OZ

MAY 2 WITH SILVER DOWN $0.19 /MASSIVE CHANGES IN SILVER INVENTORY AT THE SLV:A HUGE WITHDRAWAL OF 4.545 MILLION OZ INTO THE SLV ////: //INVENTORY AT SLV RESTS AT 450.424 MILLION OZ

MAY 1 WITH SILVER DOWN $0.43 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 0.683 MILLION OZ INTO THE SLV ////: //INVENTORY AT SLV RESTS AT 454.972 MILLION OZ

APRIL30 WITH SILVER DOWN $0.65 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 2.364 MILLION OZ INTO THE SLV ////: //INVENTORY AT SLV RESTS AT 454.289 MILLION OZ

APRIL29 WITH SILVER UP $0.30 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 3.229 MILLION OZ OUT OF THE SLV ////: //INVENTORY AT SLV RESTS AT 451.925 MILLION OZ

APRIL28 WITH SILVER DOWN $0.03 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 0.136 MILLION OZ OUT OF THE SLV ////: //INVENTORY AT SLV RESTS AT 448.696 MILLION OZ

APRIL25 WITH SILVER DOWN $0.44 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSSIVE WITHDRAWAL OF 3.639 MILLION OZ OUT OF THE SLV ////: //INVENTORY AT SLV RESTS AT 448.832 MILLION OZ

APRIL24 WITH SILVER DOWN $0.01 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSSIVE DEPOSIT OF 4.771 MILLION OZ INTO THE SLV ////: //INVENTORY AT SLV RESTS AT 452.471 MILLION OZ

APRIL23 WITH SILVER UP $0.65 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSSIVE WITHDRAWAL OF 6.27 MILLIO9N OZ FROM THE SLV ////: //INVENTORY AT SLV RESTS AT 447.70 MILLION OZ

APRIL22 WITH SILVER UP $0.15 /NO CHANGES IN SILVER INVENTORY AT THE SLV: ////: //INVENTORY AT SLV RESTS AT 453.426 MILLION

APRIL22 WITH SILVER UP $0.30 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.545 MILLION OZ INTO THE SLV////: //INVENTORY AT SLV RESTS AT 453.426 MILLION

APRIL21 WITH SILVER UP $0.15 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.545 MILLION OZ INTO THE SLV////: //INVENTORY AT SLV RESTS AT 453.426 MILLION

APRIL17 WITH SILVER DOWN $0.56 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.183 MILLION OZ INTO THE SLV////: //INVENTORY AT SLV RESTS AT 453.426 MILLION

APRIL16 WITH SILVER UP $0.70 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 3.002 MILLION OZ INTO THE SLV////: //INVENTORY AT SLV RESTS AT 452.243 MILLION

APRIL15 WITH SILVER UP $0.07 /NO CHANGES IN SILVER INVENTORY AT THE SLV//: //INVENTORY AT SLV RESTS AT 449.241 MILLION

APRIL14 WITH SILVER UP $0/23 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 0.273 MILLION OZ OUT OF THE SLV//: //INVENTORY AT SLV RESTS AT 449.241 MILLION

APRIL11 WITH SILVER UP $1.18 /BIG CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.911 MILLION OZ INTO THE SLV//: //INVENTORY AT SLV RESTS AT 449.71 MILLION

APRIL10 WITH SILVER UP $0.18 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDDRAWAL OF 0.501 MILLION OZ INTO THE SLV//: //INVENTORY AT SLV RESTS AT 447.603 MILLION

APRIL9 WITH SILVER UP $0.96 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 0.683 MILLION OZ INTO THE SLV//: //INVENTORY AT SLV RESTS AT 448.104 MILLION

APRIL8 WITH SILVER UP $0.35 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.137 MILLION OZ FROM THE SLV//: //INVENTORY AT SLV RESTS AT 447,421 MILLION

APRIL3 WITH SILVER DOWN $1.84 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1.138 MILLION OZ FROM THE SLV//: //INVENTORY AT SLV RESTS AT 446.830 MILLION

APRIL2 WITH SILVER UP 0.15 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF .364 MILLION OZ FROM THE SLV//: //INVENTORY AT SLV RESTS AT 447.968 MILLION

APRIL1 WITH SILVER DOWN $0.36 /NO CHANGES IN SILVER INVENTORY AT THE SLV: //INVENTORY AT SLV RESTS AT 448.332 MILLION

MARCH 31 WITH SILVER DOWN $0.28 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A STRONG DEPOSIT OF 0.91000 MILLION OZ INTO THE SLV//// //INVENTORY AT SLV RESTS AT 448.332 MILLION

MARCH 28 WITH SILVER DOWN $0.21 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV” A STRONG WITHDRAWAL OF 1.092 MILLION OZ FROM THE SLV//// //INVENTORY AT SLV RESTS AT 447.422 MILLION

MARCH 27 WITH SILVER UP $.60 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV” A MASSIVE WITHDRAWAL OF 6.369 MILLION OZ FROM THE SLV//// //INVENTORY AT SLV RESTS AT 448.514 MILLION

MARCH 26 WITH SILVER DOWN $0.21 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV” A MASSIVE WITHDRAWAL OF 6.369 MILLION OZ FROM THE SLV//// //INVENTORY AT SLV RESTS AT 448.514 MILLION

MARCH 25 WITH SILVER UP $0.63 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 13.649 MILLION OZ INTO THE SLV// //INVENTORY AT SLV RESTS AT 454.883 MILLION

MARCH 24 WITH SILVER UP $0.04 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.728 MILLION OZ FROM THE SLV// //INVENTORY AT SLV RESTS AT 441.234 MILLION

CLOSING INVENTORY 448.783 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

2, EGON VON GREYERZ

ALASDAIR MACLEOD

3. C Powell and Gata dispatches

Poland’s central bank claims to have more gold than European Central Bank

Submitted by admin on Fri, 2025-05-09 14:44 Section: Daily Dispatches

But please watch out, friends. Most of the Polish gold is said to be vaulted with you-know-who in London and New York. It might be more secure in Haiti or Sudan.

* * *

From Notes from Poland, Krakow
Friday, May 9, 2025

The National Bank of Poland now holds 509.3 tonnes of gold, exceeding the reserves of the European Central Bank, says bank Governor Adam Glapinski says.

“This shows the stability, abundance, and solvency of the Polish economy,” Glapiński told reporters during a press conference. He sees gold as a shield against global instability and a cornerstone of economic sovereignty.

Gold now accounts for 22% of the Polish central bank’s total reserves, above the bank’s 20% target, according to Glapinski, who notes that the bank’s holdings are now greater than the 506.5 tonnes of gold held by the ECB, which sets monetary policy for the Eurozone and the European Union. …

About 20% of the National Bank of Poland’s gold is stored in Poland itself, with the remainder deposited in New York and London. Glapinski said the bank aims to hold one-third of its gold in each of the three locations for security purposes. …

… For the remainder of the report:

end

China loosens gold import quotas to slow yuan rally

Submitted by admin on Thu, 2025-05-08 09:23 Section: Daily Dispatches

From Reuters
Thursday, May 8, 2025

China’s central bank has approved foreign exchange purchases by some commercial banks to pay for gold imports under recently increased quotas, two people with direct knowledge of the matter said Wednesday.

The People’s Bank of China’s gold import quotas for the country’s big banks determine how much bullion enters the world’s leading consumer of the precious metal. It has in the past tweaked these quotas to help calibrate demand for dollars.

The sources said the PBOC raised such quotas for gold imports last month and has now also allowed the banks to buy the dollars to fund these gold imports.

The move comes on the heels of a raft of stimulus measures announced Wednesday by Chinese authorities, including interest rate cuts and a major liquidity injection, as Beijing steps up efforts to soften the economic damage caused by the trade war with the United States.

It could help lenders meet a significantly increased appetite for gold while slowing the pace of yuan appreciation, one of the sources said. …

… For the remainder of the report:

end

Taiwan currency’s surge is a ‘warning shot’ for Asia’s de-dollarization, analysts say

Submitted by admin on Wed, 2025-05-07 16:32 Section: Daily Dispatches

By Xiaofei Xu and Ralph Jennings
South China Morning Post, Hong Kong
Wednesday, May 7, 2025

The New Taiwan dollar’s recent surge, along with the appreciation of other Asian currencies, suggests a deepening of regional de-dollarization as investors rethink their investments in the U.S. currency amid Washington’s “extremely predatory” behavior toward foreign countries, analysts said.

Economies like Taiwan’s, with a historically high exposure to assets denominated in U.S. dollars, have taken a foreign exchange-led hit after the American currency weakened in recent weeks, wrote Francesco Pesole, foreign exchange strategist at Dutch bank ING, in a note on Tuesday.

“Local players are now seeking greater U.S. dollar hedging, as well as starting to diversify away from U.S. investments,” he added.

The shift from U.S. assets is likely to contribute to the continued devaluation of U.S. dollars, supporting a “bearish narrative” for the currency, Pesole added. …

… For the remainder of the report:

end

Peru’s emergency mining ban to cost $200 million in lost gold output

Submitted by admin on Sat, 2025-05-10 09:25 Section: Daily Dispatches

By Marcelo Rochabrun and James Attwood
Bloomberg News
Friday, May 9, 2025

Peruvian gold output is expected to be significantly dented in the coming month due to a mining ban in a northern region of the country that has seen an increase in criminal activity, culminating in the murder of 13 mine workers.

The central bank estimates that companies will lose about 60,000 ounces of production in the next 30 days, its chief economist Adrian Armas told reporters Friday. That’s worth about $200 million at current prices and represents about 20% of the country’s total output in February, the most recent production data available.

The most impacted company will be Cia Minera Poderosa, which operates a major gold mine in an area that has become a hotbed of violence. …

… For the remainder of the report:

Selling of dollar assets signals start of longer-term shift, investors warn

Submitted by admin on Sat, 2025-05-10 11:16 Section: Daily Dispatches

By Ian Smith and Mary McDougall
Financial Times, London
Saturday, May 10, 2025

The dumping of U.S. assets in favor of Europe’s resurgent markets signals the start of a much longer-term move by pension funds and other big institutional money managers to cut back their huge exposure to dollar investments, investors say.

Wall Street banks say they are seeing signs that investors managing trillions of dollars of assets are starting to trim their U.S. positions, on concerns over erratic policymaking, President Donald Trump’s attacks on the Federal Reserve chair, and the fallout from the trade war.

Although U.S. stocks have almost recovered their losses since Trump’s so-called “liberation day” tariff announcements rocked global markets last month, they remain in negative territory this year and behind global peers. The dollar is down more than 7% this year, with some investors pointing to “capital flight” from the U.S. to other assets such as German government debt. …

… For the remainder of the report:

4. ANDREW MAGUIRE PODCAST 222

5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:COMMODITY//RARE EARTHS

6 CRYPTOCURRENCY NEWS

ASIA TRADING MONDAY MORNING SUNDAY  NIGHT

SHANGHAI CLOSED UP 27.25 PTS OR 0.82%

//Hang Seng CLOSED UP 681.72 PTS OR 1.98%

// Nikkei CLOSED UP 140.93 PTS OR 0.38% //Australia’s all ordinaries CLOSED UP .05%

//Chinese yuan (ONSHORE) CLOSED UP AT 7.2038 OFFSHORE CLOSED UP AT 7.1968 / Oil UP TO 63.28 dollars per barrel for WTI and BRENT UP TO 66.28 Stocks in Europe OPENED ALL GREEN

ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.2038 AND STRONGER//OFF SHORE YUAN TRADING UP 7.1968 AGAINST US DOLLAR/ AND THUS STRONGER

END

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1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /MONDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED UP TO 7.2038 (CHINESE COMMUNIST PARTY MANIPULATED)

OFFSHORE YUAN: DOWN TO 7.1968 (CCP MANIPULATED)

SHANGHAI CLOSED UP 27.25 PTS OR 0.82%

HANG SENG CLOSED UP 681.72 PTS OR 2.98%

2. Nikkei closed UP 140.93 PTS OR 0.38%

3. Europe stocks   SO FAR:  ALL GREEN

USA dollar INDEX UP TO  101.56// EURO FALL TO 1.1095 DOWN 147 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +1.454//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 148.12…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now  ABOVE 17,000

3d USA/Yen rate now well ABOVE the important 120 barrier this morning

3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: UP OFFSHORE: UP

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 DOWN FOR UP this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6290/Italian 10 Yr bond yield UP to 3.659 SPAIN 10 YR BOND YIELD UP TO 3.256%

3i Greek 10 year bond yield UP TO 3.419

3j Gold at $3225.65 Silver at: 32.40  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 1 AND 67 /100  roubles/dollar; ROUBLE AT 80.51

3m oil into the 63 dollar handle for WTI and  66 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 148.12// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.454% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8449 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9371 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 4.447 UP 7 BASIS PTS…

USA 30 YR BOND YIELD: 4.817 UP 4 BASIS PTS/

USA 2 YR BOND YIELD:  3.860 DOWN 4 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 38.77

10 YR UK BOND YIELD: 4.6915 UP 10 PTS

10 YR CANADA BOND YIELD: 3.263 UP 10 BASIS PTS

5 YR CANADA BOND YIELD: 2.860 UP 11 PTS

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2a New York OPENING REPORT

Stocks, Yields, Dollar Soar On US-China Trade War Truce

Monday, May 12, 2025 – 08:25 AM

US equity futures and the dollar soared after China and the US agreed to slash tariffs and de-escalate a trade war that had sparked turmoil in global markets. Treasuries and gold tumbled after the US cut China tariffs from 145% to 30% while China slashed US tariffs from 125% to 10% for 90 days. With the countries agreeing that they do not want to de-couple, there is optimism that a longer-term deal can be reached. As of 8:00am, S&P futures surged 3% and Nasdaq futures spiked almost 4%. JPM writes that while Trade War 1.0 tariffs remain, as do sectoral tariffs but, this is an unambiguous positive for all global risk assets and will allow markets to look through any near-term weakness in macro data but if CPI, PPI, and Retail Sales surprise to the upside, then that will provide another tailwind to risk assets. Premarket Mag7 names are higher with many up more than 3%, Semis/Cyclicals are also higher as the market will need to reset its growth expectations higher. Commodities are higher, led by Energy, despite a spike in bond yields/USD.

In premarket trading, Magnificent Seven stocks jumped as trade tensions ease: Apple rises 6.3% after the WSJ reported that the company is considering raising iPhone prices (Amazon +7%, Tesla +7.9%, Meta Platforms +5%, Nvidia +4.8%, Alphabet +2.8%, Microsoft +2.2%). Pharmaceutical plunged fall after US President Donald Trump said he planned to order a cut in US prescription drug costs to bring them in line with other countries, prompting concern that profits will take a hit (Eli Lilly -4%; Pfizer -2.7%, Bristol-Myers Squibb -2%, Merck -3%). Semiconductor, travel, shipping and consumer stocks also rally on trade news (Advanced Micro Devices +7%, Delta Air Lines +7%, United Parcel Service +4%, Nike +6%, Estee Lauder +6%).  Precious metals mining stocks dropped as gold falls, with demand for haven assets declining as the US and China agree to lower tariffs on each other’s products for 90 days (Barrick Mining Corp. -5%, Coeur Mining -6%). Here are some other notable premarket movers:

• ACI Worldwide (ACIW) rises 4%, rebounding from a two-day rout, after DA Davidson & Co upgraded the stock to buy, citing the application software company’s “strong” first-quarter results.
• Johnson Controls (JCI) gains 2% after Deutsche Bank upgraded the company to buy, seeing a “rare opportunity” to own a stock with significant potential for operating margin improvement that’s not reflected in current consensus forecasts.
• NRG Energy (NRG) gains 6% after agreeing to acquire natural gas-fired power assets from LS Power Equity Advisors LLC for about $12 billion including debt.
• Shopify’s US-listed shares (SHOP) jumps 8% after Nasdaq announced on Friday that the Canadian e-commerce platform will replace MongoDB in the Nasdaq-100 Index prior to market open on May 19.

Risk appetite erupted across the globe after Treasury Secretary Scott Bessent hailed the trade discussions as “very robust and productive.” US megacap tech stocks, which had been hard hit this year, were on track to tally some of the biggest gains, pushing Nasdaq 100 futures up 4%, with the index set to re-enter a bull market. The dollar topped a one-month high. Gold fell more than 3%. The 10-year Treasury yield climbed seven basis points to 4.45% as traders pushed back the timing of possible interest-rate cuts. 

The breakthrough in the China-US talks delivers a shot of relief to investors who were bracing for the possibility that a spiraling trade war between the world’s biggest economic powers might cause a global recession. The countries will lower tariffs on each other’s products for 90 days, according to a joint statement released in Geneva.

“The risk of a deep and protracted US recession has gone,” said Guy Miller, chief market strategist at Zurich Insurance Co. “From a company earnings perspective the headwind to revenues has clearly diminished.”

The trade war has been the biggest driver in markets this year and investors went into the weekend talks eager for clear signs the rebound from Trump’s “Liberation Day” announcement of tariffs on April 2 could be sustained.  Rounds of retaliation had raised US levies on imports from China to 145%, while the Chinese put in place a 125% duty on US goods. That stoked fears of stagflation and recession, even though calmer minds warned that all of this was just negotiating strategy by the White House.

“In our view, equity markets are returning to where they would have moved to if Liberation Day had not happened and Trump had just applied the 10% universal tariff,” said Roberto Scholtes, head of strategy at Singular Bank. “Corporate fundamentals are healthy, first quarter results have substantially surprised on the upside, and there’s plenty of cash to be invested.”

Not everyone was celebrating however: pharmaceutical companies missed out on the broader rally as drug-company stocks fell across the world after Trump said he planned to order a cut in US prescription costs to bring them in line with other countries, prompting concern that profits will take a hit. Trump said in a social media post that he’ll sign the executive order at 9 a.m. Monday in Washington. Novo Nordisk A/S, AstraZeneca Plc and Roche Holding AG slid, while in Asia, the pharmaceuticals subgroup in Japan’s Topix Index posted its biggest one-day loss since August. Shares in US drugmakers were also weaker, with Eli Lilly, Pfizer, Bristol-Myers Squibb and Merck all down in premarket trading in New York.

Elsewhere, shares in India jumped almost 4% and those in Pakistan rallied 9% after the two nations agreed to an immediate ceasefire after four days that saw the worst fighting between the countries in half a century. And after a weekend of hectic diplomacy, Ukraine’s Volodymyr Zelenskiy said he will travel to Istanbul on May 15 where Russian President Vladimir Putin has proposed direct negotiations between the two countries.

In Europe, the Stoxx 50 rallied 1.7%. Miners, consumer products and tech are the strongest-performing sectors in Europe. FTSE 100 lags, adding 0.4%, as shares of pharmaceutical companies fall globally after President Donald Trump’s plan to cut US drug prices. Here are the biggest movers Monday:

• European mining shares are the best performing sector in the Stoxx 600 benchmark on Monday, driven by a surge in copper and most other industrial metals, after China and the US agreed to lower tariffs for 90 days in a sign of easing trade tensions
• MTN Group shares rise as much as 2.2% in Johannesburg, after the telecommunications company reported first-quarter results that analysts at Avior said were “mixed”
• European pharmaceutical stocks drop after US President Donald Trump said he plans to order a cut in US prescription drug costs by mandating that Americans pay no more than people in countries that have the lowest price
• European defense stocks slide on cooling geopolitical tensions as Russian President Vladimir Putin offered to hold direct talks with Ukraine, while India and Pakistan agreed to an immediate ceasefire mediated by the US. The sector remains sharply higher this year

Earlier in the session, stocks in Asia jumped after the US and China said they will temporarily lower tariffs on each other’s products, a move that gives the world’s two largest economies more time to resolve their differences. The MSCI Asia Pacific Index advanced as much as 1.2% Monday, headed for its highest close since October. Chinese tech sector leaders Tencent and Alibaba, as well as South Korea’s Samsung Electronics, offered the biggest boosts to the benchmark. The risk-on rally was evident from the opening in the region’s markets, with investors remaining optimistic that the US and China would reach a deal after they touted “substantial progress” on their trade discussions. The combined 145% US tariffs on most Chinese imports will be reduced to 30%, while the 125% Chinese duties on US goods will drop to 10%, according to a statement and officials in a briefing Monday. 

In FX, the Bloomberg Dollar Spot Index eyes its best day since April 4 as it climbs by as much as 1%. The euro falls as much as 1.5% to $1.1084, on track for its worst day this year. Haven currencies and assets underperform; JPY and CHF lag G-10 peers.

In rates, front-end bonds lead a broad selloff. Bund, Treasury and gilt curves all bear-flatten. The US 10-year yield climbs 7 basis points to 4.45%, its highest in nearly a month. Japan’s 30-year government bond yield climbs to its highest level in almost 25 years. 

In commodities, oil leads a commodity rally. Brent crude added as much as 3.7% in London to above $65 a barrel and copper rose 1.4%. Most base metals trade in the green while spot gold falls roughly $100 to near $3,229/oz. Spot silver loses 1.6% near $32. Bitcoin fades gains after failing to break above its January record high, trading around $104,535. 

Today’s US data slate includes April Federal budget balance at 2pm; besides CPI, retail sales, PPI and University of Michigan sentiment are ahead this week. Fed speaker slate includes Kugler at 10:25am. Chair Powell is scheduled to give remarks on the framework review at the Thomas Laubach Research Conference on Thursday

Market Snapshot

• S&P 500 mini +3.2%
• Nasdaq 100 mini +4.%
• Russell 2000 mini +4.0%
• Stoxx Europe 600 +1%
• DAX +1.1%
• CAC 40 +1.6%
• 10-year Treasury yield +8 basis points at 4.45%
• VIX -1.8 points at 20.1
• Bloomberg Dollar Index +0.7% at 1236.4
• euro -1% at $1.1138
• WTI crude +3.2% at $62.99/barrel

Top Overnight News

• US and China agree to bring down reciprocal tariffs by 115ppts for 90 days, sparking immediate risk on price action; DXY, ES, Crude bid; XAU & Fixed hit
• US President Trump said there was a very good meeting with China on Saturday and many things were discussed and much agreed to, while he stated a total reset was negotiated in a friendly but constructive manner. Trump also said great progress was made and they want to see for the good of both China and the US, an opening up of China to American business.
• USTR Greer said differences are not as great as previously thought, and Treasury Secretary Bessent said he looks forward to sharing details on Monday morning.
• Chinese Vice Premier He Lifeng said trade talks were constructive and they made substantive progress, while both sides reached an important consensus and agreed to establish a China-US trade consultation mechanism with a joint statement to be issued on May 12th. Furthermore, He said the atmosphere was candid, in-depth and constructive, and noted that the nature of relations is mutual win-win, and they are going to provide more certainty and stability in the world economy.
• Chinese Vice Commerce Minister Li Chenggang said any deal to be reached will be in China’s development interest and that they reached an important consensus with the two sides to have regular contact, while Li added that they are not in a position to release more substance on what they agreed on and declined to answer when asked about the timing of the statement but said it will be good news for the world.
• US President Trump’s administration opened a Section 232 investigation on whether imports of aircraft, engines and components are a threat to national security, while the Commerce Department is also investigating the impact of imported medium-duty and heavy-duty trucks on national security.
• White House Economic Adviser Hassett said the Chinese are ‘very, very eager’ to engage in trade talks and rebalance trade relations with the US, while he added that more trade deals could be coming as soon as this week. Furthermore, he said Commerce Secretary Lutnick briefed him about 24 deals that Lutnick and USTR Greer are working on, according to Fox News Sunday Morning Futures.
• US President Trump is reportedly seeking USD 1tln in deals during his Gulf trip. The Qataris are also expected to announce USD 200-300bln in deals and investments, including a “huge” commercial aircraft deal with Boeing (BA) and a USD 2bln deal to purchase MQ-9 Reaper drones, according to a source: according to Axios.
• US President Trump posted on Truth Social “IN JUST THREE MONTHS, TRILLIONS OF DOLLARS (and therefore, record numbers of JOBS!) HAVE BEEN POURING INTO THE USA. THIS IS BECAUSE OF MY TARIFF POLICY, and our great November 5th Election WIN!”.
• US President Trump posted that his next TRUTH will be one of the most important and impactful he has ever issued and later posted that he will sign an executive order on Monday at 09:00EDT with prescription drug and pharmaceutical prices to be reduced almost immediately by 30%-80% and the US is to pay the same price as the nation that pays the lowest price anywhere in the world.”
• Fed’s Cook (voter) said a less productive economy could need higher interest rates to contain inflation and that tariff policies could lower productivity, limit potential output and increase inflationary pressure, while Cook said less investment and higher costs could lower the economy’s potential output.
• Fed’s Musalem (2025 voter) said economic activity has moderated and sentiment has declined, while he added that they should not commit to rate cuts until the impact of tariffs on inflation becomes clear and rate cuts are still possible if increased inflation proves short-lived, expectations remain anchored, and the economy becomes meaningfully weaker.
• Fed’s Hammack (2026 voter) said on Friday that it is reasonable to take a wait and see approach and she would rather be slow and move in the right direction than be fast and wrong, while she said they will be ready to move on rates when there is clear and convincing evidence. Furthermore, she would like to be pre-emptive and action-oriented when possible, but noted it is hard given uncertainty over tariffs and other policies.
• US Treasury Secretary Bessent urged Congress to raise the debt limit by mid-July and expects the debt limit to be hit in August.
• Punchbowl Reports that US Clean energy tax credits from the Inflation Reduction Act are in for a massive overhaul as part of the GOP tax bill.

Tariffs/Trade: In one line: US and China agree to bring down reciprocal tariffs by 115ppts for 90 days, sparking immediate risk on price action; DXY, ES, Crude bid; XAU & Fixed hit

• US-CHINA JOINT STATEMENT: US to cut tariffs of Chinese goods to 30% from 145% for 90 days; China to cut tariffs on US goods to 10% from 125% for 90 days.
• US will modify the application of rate of duty on articles of China by suspending 24ppts of that rate for an initial period of 90 days.
• US will retain the remaining rate of 10% on those articles; China to retain the remaining ad valorem rate of 10% and remove modified rate.

CHINA’S STATEMENT ON U.S.

• China’s Statement on US: Commerce Ministry says it is to suspend 24% of additional ad valorem tariffs for an initial period of 90 days on trade talks with the US; says it will retain the remaining additional ad valorem rate of 10% China will adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2. China says two sides will establish a mechanism to continue discussions about economic and trade relations. Parties commit to take the actions by May 14.
• China on trade talks with US: Parties will establish a mechanism to continue discussions about economic and trade relations.

US TREASURY SECRETARY BESSENT

• US Treasury Secretary Bessent says neither the US or China want to decouple.
• Says they have come to an agreement on a 90-day pause and substantially moved down tariff levels. Both sides on reciprocal tariffs will move down by 115ppts Very good personal interactions.
• Says there was no discussion on currency with China.
• Says the UK and Switzerland have moved to the front of the queue; EU is much slower.

USTR GREER

• USTR Greer says both sides committed to the 90-day pause period. Effective embargo was not a sustainable practice for both sides.
• Fentanyl issue remains unchanged as it stands. On a positive track, having very constructive conversations.
• Final result is very good for the US and China. Constructive path forward for a positive conversation with the Chinese.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks began the week with mild gains amid hopes related to a US-China trade deal after substantive progress was said to have been made during talks in Switzerland over the weekend, but with gains capped given a lack of details announced so far and with the sides to provide a joint statement later today. ASX 200 was led higher by the commodity-related sectors with outperformance in energy after the recent oil rally. Nikkei 225 advanced at the open with the help of a weaker currency but then briefly wiped out all of the gains with pressure seen in pharmaceuticals after US President Trump announced he will sign an executive order on Monday with prescription drug and pharmaceutical prices to be reduced almost immediately by 30%-80%. Hang Seng and Shanghai Comp were underpinned following US-China trade talks over the weekend in which both sides noted that progress was made and they agreed to establish a China-US trade consultation mechanism, although further upside was capped given the actual lack of details and after Y/Y Chinese CPI and PPI remained in deflation.

Top Asian News

• Japanese PM Ishiba said the government was ready to take further measures to cushion the economic impact from higher US tariffs but suggested that a cut in Japan’s consumption tax was unlikely, according to Reuters.
• China April vehicle sales +9.8% Y/Y (prev. +8.2%); Jan-April +10.8% Y/Y (prev. 10.2%)

European bourses are broadly in positive territory with sentiment in Europe boosted after the US and China agreed to lower tariff levels by 115ppts each for a period of 90-days. The announcement sparked immediate upside across the equities complex, and now currently resides just off highs; DAX 40 +1.2%, Europe paring given Bessent’s “EU is much slower” language. To recap the main points; 1) US to cut tariffs on Chinese goods to 30% (prev. 145%) for 90 days, 2) China to cut tariffs on US goods to 10% (prev. 125%) for 90 days, 3) Bessent said both sides came to an agreement, 4) there was no discussion on currency with China, while fentanyl remains an issue. European sectors are mostly firmer, with the risk-tone boosted after the aforementioned US-China talks. The typical cyclical sectors outperform today, with the likes of Basic Resources and Autos leading whilst Utilities is towards the foot of the pile. Healthcare underperforms in Europe today, with pharma names broadly in the red after US President Trump said he will sign an executive order on reducing the price of prescription drugs, by 30-80%. Roche (-3.2%), AstraZeneca (-3.5%).
There is some underperformance in Novo Nordisk (-5.9%) after Eli Lilly’s study suggests Zepbound outperforms Novo’s Wegovy for weight loss.

Top European News

• BoE’s Lombardelli says underlying inflation pressure for the UK have continued to fall; sensible to continue gradual pace of cutting rates “When thinking about the process of disinflation, my focus is on wages, as they are the largest component of the prices set by domestic services firms, and so a key driver of moves in underlying inflation. Wage growth is still too high to be consistent with inflation at target.” “Productivity growth has been very low over the past couple of years… but that hasn’t been reflected in a substantial decline in wage growth.” “caution remains appropriate. I’ll be more comfortable when I see material deceleration in the data over a longer period.” Domestic inflation progress, not US tariffs, was the main factor behind the vote in May to cut by 25bps; though, US tariffs added to the reasoning.
• ECB’s Schnabel said the ECB should keep a steady hand and rates should be held close to where they are now.
• ECB’s Vujcic expects inflation to slow the ECB’s 2% target by year-end, according to Bloomberg.

FX

• DXY is stronger after the US-China deal. Immediate upside seen on the release of the US-China joint statement following trade talks over the weekend, with the two sides agreeing to slash reciprocal tariffs by 115ppts each for a period of 90 days, marking a 30% levy on China (from 145%), and a 10% levy on the US (from 125%). DXY has spiked to a 101.81 intraday peak at the time of writing from a 100.50 base overnight, with the index eyeing its 50 DMA (101.94) ahead of 102.00. USD/CNH slumped under its 200 DMA (7.2213) to a 7.1983 trough from a 7.2400 intraday peak.
• EUR is bearing the brunt of the dollar’s strength, alongside some loss of the appeal it gained during the loss of US confidence earlier this year. Furthermore, US Treasury Secretary Bessent noted that talks with the EU on trade are slow. EUR/USD slipped to a 1.1083 low from a 1.1242 peak, eyeing its 50 DMA (1.1074) to the downside.
• Traditional havens slumped amid a broader outflow from safety and into risk assets following the aforementioned constructive US-Sino updates. USD/JPY shot higher to a 148.22 peak (vs 145.71 low), with the 200 DMA seen at 149.69.
• GBP has been hit by the Dollar strength on the aforementioned US-China news, with no reaction seen to BoE’s Lombardelli, who suggested it is sensible to continue the gradual pace of cutting rates, but caution remains appropriate. Several BoE speakers due today with BoE’s Greene on monetary policy with a text release at 11:30 BST, BoE’s Mann with a text release at 13:50 BST, and BoE’s Taylor at 17:00 BST.
• Antipodeans are subdued by the surge in the Dollar, but losses are largely cushioned by the antipodeans’ high-beta properties and amid optimism as China receives a 115ppts reprieve on reciprocal tariffs.
• PBoC set USD/CNY mid-point at 7.2066 vs exp. 7.2429 (Prev. 7.2095).

Fixed Income

• Today’s session began with a bearish bias as APAC trade was focussed on the initial language coming out of the US-China talks and source reporting around it, remarks/reports pointed to a positive outcome.
• Thereafter, the US-China joint statement and accompanying separate press conferences saw 115ppts of reciprocal measures removed by both sides (US now 30%, China now 10%) for a 90-day period. An update which sparked immediate and continuing pressure in the fixed income space.
• Specifically, USTs down to a 110-06 trough from 110-13+ pre-release.
• Bunds reacted to the above, sending Bunds lower by over 30 ticks at/just after the joint statement. Since, it hit a 129.92 low vs 130.49 open levels. However, as the European risk tone comes off best and equity bourses/futures in the region give back much of the upside, EGBs have lifted off lows by around 15 ticks. A lifting in EGBs that has seemingly occurred as participants digest the language from US officials regarding the EU. Specifically, Bessent said that while the UK and Switzerland have moved to the front of the queue, the EU “is much slower”.
• Gilts are in-fitting with the above, gapped lower by 58 ticks as the statement coincided with the open itself. Thereafter, slipped to a 91.69 base in-fitting with broader price action. Remained in very close proximity to that low since.

Commodities

• Immediate upside in crude benchmarks on the US-China joint statement, which, in short, reduced reciprocal tariffs by 115ppts each; the US to cut tariffs on Chinese goods to 30% from 145%, and China to cut tariffs on US goods to 10% from 125%; both for 90 days.
• Precious metals hit by the surge in the Dollar alongside outflows out of safe havens on the back of the aforementioned US-China trade updates, with the yellow metal unwinding much of the risk premium that was woven in during the tit-for-tat tariff increases between the US and China earlier this year. Spot gold slipped from a USD 3,324.73/oz peak to a USD 3,215.76/oz low at the time of writing.
• Base metals are boosted by sentiment amid the aforementioned positive US-China joint statement, with not much more to add, although upside is somewhat hampered by the surge in the Dollar and relatively subdued Chinese inflation data released over the weekend. 3M LME copper resides towards the upper end of a USD 9,577.00-9,577.00/t.
• Morgan Stanley downgrades European Energy sector to Cautious from In Line.
• Saudi Aramco reported Q1 (USD) profits fell 4.6% Y/Y to 26bln, and rev. rose to 108.1bln (prev. 107.2bln Y/Y), while it stated that global trade dynamics affected energy markets in Q1 with economic uncertainty impacting oil prices.

Geopolitics: Middle East

• “Israeli media: The army will cease fire in Gaza as of 12 noon local time [10:00 BST]”, via Al Arabiya.
• Senior Palestinian official said Hamas was in talks with the US administration regarding a Gaza ceasefire and aid. It was later reported that Hamas said it will release the last US hostage in Gaza as part of efforts to reach a Gaza ceasefire and allow humanitarian aid.
• Israeli PM Netanyahu’s office said the US informed Israel of Hamas’s intention to release Edan Alexander without any compensation or conditions and the US informed Israel that the move is expected to lead to negotiations for the release of further hostages, while Israel’s policy is that negotiations will be conducted under fire with a continued commitment to achieving all war objectives. PM Netanyahu later said that Israel has not committed to any ceasefire or prisoner release with Hamas, but only to a safe corridor for release of Edan Alexander, and negotiations for the release of other hostages will continue while preparations are made to intensify fighting in Gaza.
• Israeli army carried out major bombing operations in the city of Rafah, Southern Gaza Strip, according to Al Jazeera.
• Israel’s military issued evacuation warnings to people present in three Yemeni ports of Ras Isa, Hodeidah and Salif, while the Houthi interior minister said that Israel conducted an attack on Hodeidah.
• US envoy Witkoff held direct and indirect talks with Iran in Oman and an agreement was reached to move forward with talks to continue working through technical elements, according to a senior administration official.
• The fourth round of Iran-US nuclear talks was conducted in Oman which Iran’s Foreign Minister Araqchi said were more serious compared to previous rounds and talks are moving forward, while he stated that “now both sides have a better understanding from each others’ views” but added that Tehran’s uranium enrichment program is non-negotiable.
• Iran’s Foreign Minister Araqchi said Tehran continues nuclear talks with the US in good faith and Iran will not back down from and of its rights if the US goal of talks is to deprive Iran of its nuclear rights, while he added a nuclear agreement is possible if the US aim is non-proliferation of nuclear weapons and Oman’s Foreign Minister noted that the next round of talks will take place after both sides have consulted with their respective capitals.
• PKK, Kurdish militant group, has decided to dissolve itself and conclude the armed conflict with Turkey, via Reuters citing a group-affiliated agency.

Geopolitics: Ukraine

• Ukraine and European leaders said they agreed to an unconditional 30-day ceasefire on sea, land and air starting on May 12th and peace negotiations will start in that period if there is a ceasefire, while they said if Russia fails to comply, they will respond with massive sanctions and increased military aid.
• Ukrainian President Zelensky said it is a positive sign that the Russians have finally begun to consider ending the war and the very first step in truly ending the war is a ceasefire. It was separately reported that Zelensky said Ukraine is ready to meet and he expects Russia to confirm a ceasefire beginning May 12th. Furthermore, Zelensky said Ukraine awaits a full ceasefire starting on Monday to provide a necessary basis for diplomacy and he will meet with Russian President Putin on Thursday in Turkey, and noted that the ceasefire beginning on Monday remains on the table and that Ukraine is awaiting a response from Russia but also noted that Ukraine will be ready to respond symmetrically if Russia violates the ceasefire.
• Russian drone attack on Ukraine rail infrastructure targets civilian freight train, injures locomotive driver, according to Ukrainian Railways which added that Russia is not observing Ukraine’s proposal for ceasefire.
• Ukraine’s Foreign Minister said President Zelensky and visiting European leaders had a phone call with US President Trump on Saturday, which was constructive and they discussed peace efforts.
• Russian President Putin offered Ukraine to resume direct negotiations and talks will begin on May 15th in Istanbul with no pre-conditions. It was also reported that Kremlin aide Ushakov said proposed peace talks in Turkey will take into account the situation on the ground and 2022 negotiations.
• Russian President Putin held a call with Turkish President Erdogan and they discussed in detail an initiative to resume direct Russian-Ukrainian talks in Istanbul, while Turkish President Erdogan told French President Macron in a phone call that Turkey is ready to host negotiations for a ceasefire and permanent peace between Russia and Ukraine.
• Russian Defence Ministry said Russian troops continued the special military operation after the Victory Day ceasefire ended and Ukrainian troops made five attempts to break through the border in Kursk and Belgorod regions during the ceasefire. It was also reported that Russia launched an air attack on Kyiv and that a Ukrainian missile attack injured three in the town of Rylsk in Russia’s Kursk region.
• US President Trump posted on Truth that Ukraine should agree to meet with Russian President Putin on Thursday to negotiate, while he stated that he was starting to doubt that Ukraine would make a deal with Russian President Putin.
• Polish PM Tusk said the Russian secret service was behind the fire that almost completely destroyed a Warsaw shopping centre in May 2024.

Geopolitics: India-Pakistan

• India’s Foreign Ministry said Pakistan’s Director General of military operations called on Saturday and it was agreed that both sides would stop firing, while Pakistan’s Foreign Minister said this is not partial and it is a full-fledged ceasefire understanding between the two countries.
• India’s Foreign Secretary said Pakistan violated the ceasefire and that Indian armed forces responded, while the official said they call on Pakistan to halt the violence and India’s armed forces have been given the instruction to deal with violations along the border.
• Pakistan’s military said dozens of its armed drones hovered over major Indian cities including Delhi and 26 military targets and facilities were hit in India during operations carried out on Saturday.
• Pakistan’s Foreign Minister Dar spoke with Chinese Foreign Minister Wang and China reaffirmed it will continue to stand by Pakistan in upholding its sovereignty and territorial integrity.
• US President Trump said he will increase trade substantially with both India and Pakistan, while he said he will work with both to see if a solution can be reached concerning Kashmir.

US event calendar

• 2:00 pm: Apr Federal Budget Balance, est. 256b, prior -160.53b

Central Banks (All Times ET):

• 10:25 am: Fed’s Kugler Speaks on Economic Outlook

DB’s Jim Reid concludes the overnight wrap

I’m off to the West Coast this morning. LA and San Fran rather than Cornwall or Wales, although I think the latter two are warmer than the former two at the moment. I coached my first U8 cricket match over the weekend in glorious sunshine and my record as coach is now 100% positive. I saw enough weaknesses though to suggest that record might not last forever. Hopefully the board give me time to work my own ideas into the team.

Let’s start with all the weekend news which includes “positive” US/China trade talks, a Ukrainian and European (and US backed according to Macron) 30-day ceasefire plan for the war, and an Indian/Pakistan ceasefire (mediated by the US). The US/China talks seemed to go well but remember with tariffs currently at 145% and 125% it doesn’t take much to improve the situation. Treasury Secretary Bessent and Greer (US Trade Representative) suggested “substantial progress” was made even if neither side has announced any specific measures. China’s Vice Premier He Lifeng stated that both sides had reached an “important consensus” and agreed to launch another new economic dialogue forum. Bessent had indicated that the US and China will jointly provide details on the progress at some point today so we will see if we get this.

On the war in Ukraine, Zelenskiy and European leaders have demanded a 30-day ceasefire from today to allow for negotiations. If this doesn’t happen Russia will face new sanctions that the US has seemingly approved according to Macron. Putin in return has countered and agreed to talks in Turkey with Ukraine on Thursday without addressing the ceasefire issue. Rather ambiguously Mr Trump said that Ukraine should “IMMEDIATELY” agree to the talks, as “at least they will be able to determine whether or not a deal is possible”. So we do seem to be moving towards talks but it’s unclear on what terms.

Elsewhere, after four days of tense clashes that pushed India and Pakistan close to war, a ceasefire appears to be holding after being announced on Saturday. The US played a role in encouraging a de-escalation, facilitating behind-the-scenes talks that led to the agreement between the two nuclear-armed nations. The NIFTY 50 has surged +2.88% as I type in early trading.

Moving to broader Asian markets, equities are edging higher on all the weekend news. Chinese stocks are outperforming with the Hang Seng (+0.93%) leading gains while the CSI (+0.62%) and the Shanghai Composite (+0.37%) are also trading in positive territory. Elsewhere, the KOSPI (+0.65%) and the S&P/ASX 200 (+0.22%) are also trading up while the Nikkei (+0.04%) is fairly flat. S&P 500 (+1.46%) and NASDAQ 100 (+1.95%) futures are rallying harder on the trade progress though with 10yr USTs +2.7bps higher, at 4.406% as we go to print.

In terms of economic data over the weekend, China’s factory-gate prices (-2.7% y/y) posted the steepest drop in six months in April, worse than a -2.5% decline in March while “better” than Bloomberg’s forecast for a -2.8% decline. At the same time, consumer prices eased -0.1% y/y last month, matching a -0.1% drop in March and the Bloomberg forecast.
Staying with inflation, the main event this week will be US CPI tomorrow but generally we start the April hard data reporting cycle now and it’ll be interesting to see any early impact of Liberation Day. It might be a bit too soon but watch CPI and PPI (Thursday), US Retail Sales (also Thursday) and Consumer Confidence and Housing Starts and Permits (both Friday), alongside some regional manufacturing surveys in the US. Within the Consumer Confidence data the inflation expectations will continue to be very important and something the Fed are looking at. Talking of which, Powell speaks on Thursday.

Moving on to European data, this week’s highlights include March’s monthly GDP (Thursday) and labour market indicators (tomorrow) in the UK and the May ZEW survey in Germany (also tomorrow). Over in Asia, Japanese Q1 GDP (Friday) is the highlight (DB expect -0.4% QoQ annualised) but the BoJ summary of opinions from the April meeting is also out tomorrow. The full day-by-day week ahead is at the end as usual.

Looking into the main US upcoming data in more detail, for US CPI tomorrow, DB expect the headline (+0.26% forecast vs. -0.05% previous) number to be slightly below that of core (+0.29% vs. +0.06%) with consensus for both at 0.3%. Both DB and consensus expect the YoY rate to remain unchanged at 2.4% and 2.8%, respectively. One of the main reasons our economists are expecting a firm core goods print is due to strong gains in vehicle prices after robust new vehicle sales in recent months. The risk to this month though is that dealers refrained from price rises in April knowing that with tariffs coming they will have to raise them soon. So we know auto price rises are coming but it may not be April.
Indeed April overall may be too early for tariff price rises to show up but our economists advise looking out for any early signs in some of the import-heavy categories such as apparel and household furnishings and supplies. In addition food prices could be another place to look for any early signs of the tariffs that went into place in February. Our economists note, that the effects from the washing machine tariffs in early 2018 took about two months to start showing up in the CPI data. Regular readers will note that perhaps I need to buy my new tumble dryer quickly.

For PPI on Thursday, DB and the consensus expect a 0.3% monthly print on headline and core but we’ll pay more attention to the components that feed into core PCE as usual. Retail sales on the same day will be the other big release of the week. Our economists expect slight dips in auto sales and gasoline prices to weigh on headline (unch. vs. +1.5%) and ex-autos (+0.2% vs. +0.6%) sales. However they expect retail control (+0.4% vs. +0.4%), which feeds into GDP, to remain solid. The potential curveball is if consumers have front loaded purchases ahead of tariffs and we get strong data. Thursday is a busy day as Powell speaks and this will provide him with an opportunity to comment on the data if he’s sees anything meaningful within it. So one to watch especially given that Powell said last week that “we don’t know which way this is going to shake out”.

Quickly rounding out events in politics, there will also be Eurogroup (today) and Economic and Financial Affairs Council (tomorrow) meetings in Brussels. An informal gathering of NATO foreign ministers will take place in Antalya on May 14-15. In Asia, APEC trade ministers meet in South Korea on May 15-16 and the sixth meeting of the European Political Community will take place in Albania on Friday.

Recapping last week now and the risk-on tone continued at a global level, with markets mostly seeing a further unwind of their moves since Liberation Day. That was driven by several factors, including hopes for a de-escalation between the US and China, not least given the news that they’d be starting talks in Switzerland. That was further support by the deal the US reached with the UK, raising hopes that further agreements might follow shortly. Then on top of that, several data releases continued to point away from a recession, which gave a further boost to support risk appetite. For instance, the ISM services index unexpectedly rose to 51.6 in April, whilst the weekly initial jobless claims fell back to 228k as well.

That backdrop generally proved supportive for markets, with several equity indices moving higher last week. That included the DAX, which hit a new record as it posted a fourth consecutive weekly advance, rising +1.79% (+0.63% Friday). Similarly in Japan, the Nikkei also posted a fourth weekly gain, up +1.83% (+1.56% Friday). However, the main exception to this pattern were actually US equities, with the S&P 500 down -0.47% over the week (-0.07% Friday).
More broadly, there were several other signs that stability was returning to markets. For instance, the VIX index of volatility fell to its lowest level since Liberation Day, closing at just 21.90pts on Friday. Credit spreads tightened further, with US HY down -9bps last week (+1bps Friday) to 343bps. Other risk assets climbed as well, and Bitcoin ended Friday at $103,195, which was its highest level since January. Meanwhile, Brent crude oil prices recovered from their 4-year low at the start of the week, moving up +4.27% over the week as a whole to $63.91/bbl.

Finally, the risk-on move put sovereign bonds under pressure, and yields moved higher as the Fed’s latest meeting signalled they weren’t in a rush to cut rates. That helped push the 10yr Treasury yield up +7.0bps (flat on Friday) to 4.38%, and the 2yr yield also rose +6.7bps (+1.6bps Friday) to 3.89%. Over in Europe, the 10yr bund yield also rose +2.9bps (+2.9bps Friday) to 2.56%. And over in Japan, the 10yr bond yield was up +10.5bps, closing at 1.37%.

2b European report

2c) Asian report

US and China agree to slash tariffs for 90 days sparking risk-on sentiment – Newsquawk US Market Open

Monday, May 12, 2025 – 05:58 AM

• US and China agree to bring down reciprocal tariffs by 115ppts for 90 days, sparking immediate risk on price action; DXY, ES, Crude bid; XAU & Fixed hit.
• US President Trump said he will sign an executive order on Monday at 09:00EDT with prescription drug and pharmaceutical prices to be reduced almost immediately by 30%-80% and the US is to pay the same price as the nation that pays the lowest price anywhere in the world.”
• Ukraine and European leaders said they agreed to an unconditional 30-day ceasefire on sea, land and air starting on May 12th and peace negotiations will start in that period if there is a ceasefire, while they said if Russia fails to comply, they will respond with massive sanctions and increased military aid.
• Stocks surge on US-Sino joint announcement, but pharmaceuticals hit by Trump.
• DXY and CNY surge on US-China trade; haven assets such as Bonds/JPY are in the red.
• Industrial commodities boosted by US-China updates; Spot gold slumps amid haven outflow
• Looking ahead, US Federal Budget, Speakers including BoE’s Greene, Mann, Taylor & Fed’s Kugler.

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TARIFFS/TRADE

US-CHINA MONDAY BRIEFING

In one line: US and China agree to bring down reciprocal tariffs by 115ppts for 90 days, sparking immediate risk on price action; DXY, ES, Crude bid; XAU & Fixed hit

• US-CHINA JOINT STATEMENT: US to cut tariffs of Chinese goods to 30% from 145% for 90 days; China to cut tariffs on US goods to 10% from 125% for 90 days.
• US will modify the application of rate of duty on articles of China by suspending 24ppts of that rate for an initial period of 90 days.
• US will retain the remaining rate of 10% on those articles; China to retain the remaining ad valorem rate of 10% and remove modified rate.

CHINA’S STATEMENT ON U.S.

• China’s Statement on US: Commerce Ministry says it is to suspend 24% of additional ad valorem tariffs for an initial period of 90 days on trade talks with the US; says it will retain the remaining additional ad valorem rate of 10% China will adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2. China says two sides will establish a mechanism to continue discussions about economic and trade relations. Parties commit to take the actions by May 14.
• China on trade talks with US: Parties will establish a mechanism to continue discussions about economic and trade relations.

US TREASURY SECRETARY BESSENT

• US Treasury Secretary Bessent says neither the US or China want to decouple.
• Says they have come to an agreement on a 90-day pause and substantially moved down tariff levels. Both sides on reciprocal tariffs will move down by 115ppts Very good personal interactions.
• Says there was no discussion on currency with China.
• Says the UK and Switzerland have moved to the front of the queue; EU is much slower.

USTR GREER

• USTR Greer says both sides committed to the 90-day pause period. Effective embargo was not a sustainable practice for both sides.
• Fentanyl issue remains unchanged as it stands. On a positive track, having very constructive conversations.
• Final result is very good for the US and China. Constructive path forward for a positive conversation with the Chinese.

WEEKEND UPDATES

• US President Trump said there was a very good meeting with China on Saturday and many things were discussed and much agreed to, while he stated a total reset was negotiated in a friendly but constructive manner. Trump also said great progress was made and they want to see for the good of both China and the US, an opening up of China to American business.
• USTR Greer said differences are not as great as previously thought, and Treasury Secretary Bessent said he looks forward to sharing details on Monday morning.
• Chinese Vice Premier He Lifeng said trade talks were constructive and they made substantive progress, while both sides reached an important consensus and agreed to establish a China-US trade consultation mechanism with a joint statement to be issued on May 12th. Furthermore, He said the atmosphere was candid, in-depth and constructive, and noted that the nature of relations is mutual win-win, and they are going to provide more certainty and stability in the world economy.
• Chinese Vice Commerce Minister Li Chenggang said any deal to be reached will be in China’s development interest and that they reached an important consensus with the two sides to have regular contact, while Li added that they are not in a position to release more substance on what they agreed on and declined to answer when asked about the timing of the statement but said it will be good news for the world.
• US President Trump’s administration opened a Section 232 investigation on whether imports of aircraft, engines and components are a threat to national security, while the Commerce Department is also investigating the impact of imported medium-duty and heavy-duty trucks on national security.
• White House Economic Adviser Hassett said the Chinese are ‘very, very eager’ to engage in trade talks and rebalance trade relations with the US, while he added that more trade deals could be coming as soon as this week. Furthermore, he said Commerce Secretary Lutnick briefed him about 24 deals that Lutnick and USTR Greer are working on, according to Fox News Sunday Morning Futures.

EUROPEAN TRADE

EQUITIES

• European bourses are broadly in positive territory with sentiment in Europe boosted after the US and China agreed to lower tariff levels by 115ppts each for a period of 90-days. The announcement sparked immediate upside across the equities complex, and now currently resides just off highs; DAX 40 +1.2%, Europe paring given Bessent’s “EU is much slower” language.
• To recap the main points; 1) US to cut tariffs on Chinese goods to 30% (prev. 145%) for 90 days, 2) China to cut tariffs on US goods to 10% (prev. 125%) for 90 days, 3) Bessent said both sides came to an agreement, 4) there was no discussion on currency with China, while fentanyl remains an issue.
• European sectors are mostly firmer, with the risk-tone boosted after the aforementioned US-China talks. The typical cyclical sectors outperform today, with the likes of Basic Resources and Autos leading whilst Utilities is towards the foot of the pile.
• Healthcare underperforms in Europe today, with pharma names broadly in the red after US President Trump said he will sign an executive order on reducing the price of prescription drugs, by 30-80%. Roche (-3.2%), AstraZeneca (-3.5%).
• There is some underperformance in Novo Nordisk (-5.9%) after Eli Lilly’s study suggests Zepbound outperforms Novo’s Wegovy for weight loss.
• US equity futures are entirely in the green, with the complex boosted by the positive US-China trade updates. The Magnificent 7 are broadly higher in pre-market trade; Tesla (+6%), Amazon (+6%) – Chinese ADRs are also set to open higher; Alibaba (+6.8%), PDD (+7%).
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• DXY is stronger after the US-China deal. Immediate upside seen on the release of the US-China joint statement following trade talks over the weekend, with the two sides agreeing to slash reciprocal tariffs by 115ppts each for a period of 90 days, marking a 30% levy on China (from 145%), and a 10% levy on the US (from 125%). DXY has spiked to a 101.81 intraday peak at the time of writing from a 100.50 base overnight, with the index eyeing its 50 DMA (101.94) ahead of 102.00. USD/CNH slumped under its 200 DMA (7.2213) to a 7.1983 trough from a 7.2400 intraday peak.
• EUR is bearing the brunt of the dollar’s strength, alongside some loss of the appeal it gained during the loss of US confidence earlier this year. Furthermore, US Treasury Secretary Bessent noted that talks with the EU on trade are slow. EUR/USD slipped to a 1.1083 low from a 1.1242 peak, eyeing its 50 DMA (1.1074) to the downside.
• Traditional havens slumped amid a broader outflow from safety and into risk assets following the aforementioned constructive US-Sino updates. USD/JPY shot higher to a 148.22 peak (vs 145.71 low), with the 200 DMA seen at 149.69.
• GBP has been hit by the Dollar strength on the aforementioned US-China news, with no reaction seen to BoE’s Lombardelli, who suggested it is sensible to continue the gradual pace of cutting rates, but caution remains appropriate. Several BoE speakers due today with BoE’s Greene on monetary policy with a text release at 11:30 BST, BoE’s Mann with a text release at 13:50 BST, and BoE’s Taylor at 17:00 BST.
• Antipodeans are subdued by the surge in the Dollar, but losses are largely cushioned by the antipodeans’ high-beta properties and amid optimism as China receives a 115ppts reprieve on reciprocal tariffs.
• PBoC set USD/CNY mid-point at 7.2066 vs exp. 7.2429 (Prev. 7.2095).
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• Today’s session began with a bearish bias as APAC trade was focussed on the initial language coming out of the US-China talks and source reporting around it, remarks/reports pointed to a positive outcome.
• Thereafter, the US-China joint statement and accompanying separate press conferences saw 115ppts of reciprocal measures removed by both sides (US now 30%, China now 10%) for a 90-day period. An update which sparked immediate and continuing pressure in the fixed income space.
• Specifically, USTs down to a 110-06 trough from 110-13+ pre-release.
• Bunds reacted to the above, sending Bunds lower by over 30 ticks at/just after the joint statement. Since, it hit a 129.92 low vs 130.49 open levels. However, as the European risk tone comes off best and equity bourses/futures in the region give back much of the upside, EGBs have lifted off lows by around 15 ticks. A lifting in EGBs that has seemingly occurred as participants digest the language from US officials regarding the EU. Specifically, Bessent said that while the UK and Switzerland have moved to the front of the queue, the EU “is much slower”.
• Gilts are in-fitting with the above, gapped lower by 58 ticks as the statement coincided with the open itself. Thereafter, slipped to a 91.69 base in-fitting with broader price action. Remained in very close proximity to that low since.
• Click for a detailed summary

COMMODITIES

• Immediate upside in crude benchmarks on the US-China joint statement, which, in short, reduced reciprocal tariffs by 115ppts each; the US to cut tariffs on Chinese goods to 30% from 145%, and China to cut tariffs on US goods to 10% from 125%; both for 90 days.
• Precious metals hit by the surge in the Dollar alongside outflows out of safe havens on the back of the aforementioned US-China trade updates, with the yellow metal unwinding much of the risk premium that was woven in during the tit-for-tat tariff increases between the US and China earlier this year. Spot gold slipped from a USD 3,324.73/oz peak to a USD 3,215.76/oz low at the time of writing.
• Base metals are boosted by sentiment amid the aforementioned positive US-China joint statement, with not much more to add, although upside is somewhat hampered by the surge in the Dollar and relatively subdued Chinese inflation data released over the weekend. 3M LME copper resides towards the upper end of a USD 9,577.00-9,577.00/t.
• Morgan Stanley downgrades European Energy sector to Cautious from In Line.
• Saudi Aramco reported Q1 (USD) profits fell 4.6% Y/Y to 26bln, and rev. rose to 108.1bln (prev. 107.2bln Y/Y), while it stated that global trade dynamics affected energy markets in Q1 with economic uncertainty impacting oil prices.
• Click for a detailed summary

NOTABLE DATA RECAP

• Chinese CPI MM (Apr) 0.1% vs. Exp. 0.0% (Prev. -0.4%); YY -0.1% vs. Exp. -0.1% (Prev. -0.1%)
• Chinese PPI YY (Apr) -2.7% vs. Exp. -2.8% (Prev. -2.5%)

NOTABLE EUROPEAN HEADLINES

• BoE’s Lombardelli says underlying inflation pressure for the UK have continued to fall; sensible to continue gradual pace of cutting rates “When thinking about the process of disinflation, my focus is on wages, as they are the largest component of the prices set by domestic services firms, and so a key driver of moves in underlying inflation. Wage growth is still too high to be consistent with inflation at target.” “Productivity growth has been very low over the past couple of years… but that hasn’t been reflected in a substantial decline in wage growth.” “caution remains appropriate. I’ll be more comfortable when I see material deceleration in the data over a longer period.” Domestic inflation progress, not US tariffs, was the main factor behind the vote in May to cut by 25bps; though, US tariffs added to the reasoning.
• ECB’s Schnabel said the ECB should keep a steady hand and rates should be held close to where they are now.
• ECB’s Vujcic expects inflation to slow the ECB’s 2% target by year-end, according to Bloomberg.

NOTABLE US HEADLINES

• US President Trump is reportedly seeking USD 1tln in deals during his Gulf trip, according to Axios. The Qataris are also expected to announce USD 200-300bln in deals and investments, including a “huge” commercial aircraft deal with Boeing (BA) and a USD 2bln deal to purchase MQ-9 Reaper drones, according to a source.
• US President Trump posted on Truth Social “IN JUST THREE MONTHS, TRILLIONS OF DOLLARS (and therefore, record numbers of JOBS!) HAVE BEEN POURING INTO THE USA. THIS IS BECAUSE OF MY TARIFF POLICY, and our great November 5th Election WIN!”.
• US President Trump posted that his next TRUTH will be one of the most important and impactful he has ever issued and later posted that he will sign an executive order on Monday at 09:00EDT with prescription drug and pharmaceutical prices to be reduced almost immediately by 30%-80% and the US is to pay the same price as the nation that pays the lowest price anywhere in the world.”
• Fed’s Cook (voter) said a less productive economy could need higher interest rates to contain inflation and that tariff policies could lower productivity, limit potential output and increase inflationary pressure, while Cook said less investment and higher costs could lower the economy’s potential output.
• Fed’s Musalem (2025 voter) said economic activity has moderated and sentiment has declined, while he added that they should not commit to rate cuts until the impact of tariffs on inflation becomes clear and rate cuts are still possible if increased inflation proves short-lived, expectations remain anchored, and the economy becomes meaningfully weaker.
• Fed’s Hammack (2026 voter) said on Friday that it is reasonable to take a wait and see approach and she would rather be slow and move in the right direction than be fast and wrong, while she said they will be ready to move on rates when there is clear and convincing evidence. Furthermore, she would like to be pre-emptive and action-oriented when possible, but noted it is hard given uncertainty over tariffs and other policies.
• US Treasury Secretary Bessent urged Congress to raise the debt limit by mid-July and expects the debt limit to be hit in August.
• Punchbowl Reports that US Clean energy tax credits from the Inflation Reduction Act are in for a massive overhaul as part of the GOP tax bill.

GEOPOLITICS

MIDDLE EAST

• “Israeli media: The army will cease fire in Gaza as of 12 noon local time [10:00 BST]”, via Al Arabiya.
• Senior Palestinian official said Hamas was in talks with the US administration regarding a Gaza ceasefire and aid. It was later reported that Hamas said it will release the last US hostage in Gaza as part of efforts to reach a Gaza ceasefire and allow humanitarian aid.
• Israeli PM Netanyahu’s office said the US informed Israel of Hamas’s intention to release Edan Alexander without any compensation or conditions and the US informed Israel that the move is expected to lead to negotiations for the release of further hostages, while Israel’s policy is that negotiations will be conducted under fire with a continued commitment to achieving all war objectives. PM Netanyahu later said that Israel has not committed to any ceasefire or prisoner release with Hamas, but only to a safe corridor for release of Edan Alexander, and negotiations for the release of other hostages will continue while preparations are made to intensify fighting in Gaza.
• Israeli army carried out major bombing operations in the city of Rafah, Southern Gaza Strip, according to Al Jazeera.
• Israel’s military issued evacuation warnings to people present in three Yemeni ports of Ras Isa, Hodeidah and Salif, while the Houthi interior minister said that Israel conducted an attack on Hodeidah.
• US envoy Witkoff held direct and indirect talks with Iran in Oman and an agreement was reached to move forward with talks to continue working through technical elements, according to a senior administration official.
• The fourth round of Iran-US nuclear talks was conducted in Oman which Iran’s Foreign Minister Araqchi said were more serious compared to previous rounds and talks are moving forward, while he stated that “now both sides have a better understanding from each others’ views” but added that Tehran’s uranium enrichment program is non-negotiable.
• Iran’s Foreign Minister Araqchi said Tehran continues nuclear talks with the US in good faith and Iran will not back down from and of its rights if the US goal of talks is to deprive Iran of its nuclear rights, while he added a nuclear agreement is possible if the US aim is non-proliferation of nuclear weapons and Oman’s Foreign Minister noted that the next round of talks will take place after both sides have consulted with their respective capitals.
• PKK, Kurdish militant group, has decided to dissolve itself and conclude the armed conflict with Turkey, via Reuters citing a group-affiliated agency.

RUSSIA-UKRAINE

• Ukraine and European leaders said they agreed to an unconditional 30-day ceasefire on sea, land and air starting on May 12th and peace negotiations will start in that period if there is a ceasefire, while they said if Russia fails to comply, they will respond with massive sanctions and increased military aid.
• Ukrainian President Zelensky said it is a positive sign that the Russians have finally begun to consider ending the war and the very first step in truly ending the war is a ceasefire. It was separately reported that Zelensky said Ukraine is ready to meet and he expects Russia to confirm a ceasefire beginning May 12th. Furthermore, Zelensky said Ukraine awaits a full ceasefire starting on Monday to provide a necessary basis for diplomacy and he will meet with Russian President Putin on Thursday in Turkey, and noted that the ceasefire beginning on Monday remains on the table and that Ukraine is awaiting a response from Russia but also noted that Ukraine will be ready to respond symmetrically if Russia violates the ceasefire.
• Russian drone attack on Ukraine rail infrastructure targets civilian freight train, injures locomotive driver, according to Ukrainian Railways which added that Russia is not observing Ukraine’s proposal for ceasefire.
• Ukraine’s Foreign Minister said President Zelensky and visiting European leaders had a phone call with US President Trump on Saturday, which was constructive and they discussed peace efforts.
• Russian President Putin offered Ukraine to resume direct negotiations and talks will begin on May 15th in Istanbul with no pre-conditions. It was also reported that Kremlin aide Ushakov said proposed peace talks in Turkey will take into account the situation on the ground and 2022 negotiations.
• Russian President Putin held a call with Turkish President Erdogan and they discussed in detail an initiative to resume direct Russian-Ukrainian talks in Istanbul, while Turkish President Erdogan told French President Macron in a phone call that Turkey is ready to host negotiations for a ceasefire and permanent peace between Russia and Ukraine.
• Russian Defence Ministry said Russian troops continued the special military operation after the Victory Day ceasefire ended and Ukrainian troops made five attempts to break through the border in Kursk and Belgorod regions during the ceasefire. It was also reported that Russia launched an air attack on Kyiv and that a Ukrainian missile attack injured three in the town of Rylsk in Russia’s Kursk region.
• US President Trump posted on Truth that Ukraine should agree to meet with Russian President Putin on Thursday to negotiate, while he stated that he was starting to doubt that Ukraine would make a deal with Russian President Putin.
• Polish PM Tusk said the Russian secret service was behind the fire that almost completely destroyed a Warsaw shopping centre in May 2024.

INDIA-PAKISTAN

• India’s Foreign Ministry said Pakistan’s Director General of military operations called on Saturday and it was agreed that both sides would stop firing, while Pakistan’s Foreign Minister said this is not partial and it is a full-fledged ceasefire understanding between the two countries.
• India’s Foreign Secretary said Pakistan violated the ceasefire and that Indian armed forces responded, while the official said they call on Pakistan to halt the violence and India’s armed forces have been given the instruction to deal with violations along the border.
• Pakistan’s military said dozens of its armed drones hovered over major Indian cities including Delhi and 26 military targets and facilities were hit in India during operations carried out on Saturday.
• Pakistan’s Foreign Minister Dar spoke with Chinese Foreign Minister Wang and China reaffirmed it will continue to stand by Pakistan in upholding its sovereignty and territorial integrity.
• US President Trump said he will increase trade substantially with both India and Pakistan, while he said he will work with both to see if a solution can be reached concerning Kashmir.

CRYPTO

• Bitcoin is a little firmer and briefly boosted following the US-China deal; currently just shy of USD 105k.

APAC TRADE

• APAC stocks began the week with mild gains amid hopes related to a US-China trade deal after substantive progress was said to have been made during talks in Switzerland over the weekend, but with gains capped given a lack of details announced so far and with the sides to provide a joint statement later today.
• ASX 200 was led higher by the commodity-related sectors with outperformance in energy after the recent oil rally.
• Nikkei 225 advanced at the open with the help of a weaker currency but then briefly wiped out all of the gains with pressure seen in pharmaceuticals after US President Trump announced he will sign an executive order on Monday with prescription drug and pharmaceutical prices to be reduced almost immediately by 30%-80%.
• Hang Seng and Shanghai Comp were underpinned following US-China trade talks over the weekend in which both sides noted that progress was made and they agreed to establish a China-US trade consultation mechanism, although further upside was capped given the actual lack of details and after Y/Y Chinese CPI and PPI remained in deflation.

NOTABLE ASIA-PAC HEADLINES

• Japanese PM Ishiba said the government was ready to take further measures to cushion the economic impact from higher US tariffs but suggested that a cut in Japan’s consumption tax was unlikely, according to Reuters.
• China April vehicle sales +9.8% Y/Y (prev. +8.2%); Jan-April +10.8% Y/Y (prev. 10.2%)

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

U.S., China Reach Agreement To Lower Tariffs In 90-Day Cool-Off Perio

Monday, May 12, 2025 – 07:05 AM

China and the U.S. moved to ease trade tensions early Monday, agreeing to a temporary 90-day reduction in reciprocal tariffs on each other’s goods, according to a joint statement released by both governments on X. The accord, viewed as a breakthrough in a multi-month trade war between the world’s two largest economies, helped spark a rally in global markets: S&P 500 futures rose 3%, while Nasdaq futures gained 4%. European markets also advanced, and the U.S. dollar strengthened. U.S. government bonds sold as investors rotated back into equities and other risk-sensitive assets. 

The joint statement said that the U.S. will reduce levies on most Chinese imports from 145% to 30% by Wednesday. 

Here’s a summary of the U.S. actions:

The United States will remove the additional tariffs it imposed on China on April 8 and April 9, 2025, but will retain all duties imposed on China prior to April 2, 2025, including Section 301 tariffs, Section 232 tariffs, tariffs imposed in response to the fentanyl national emergency invoked pursuant to the International Emergency Economic Powers Act, and Most Favored Nation tariffs.

• The United States will suspend its 34% reciprocal tariff imposed on April 2, 2025 for 90 days, but retain a 10% tariff during the period of the pause.
• The 10% tariff continues to set a fair baseline that encourages domestic production, strengthens our supply chains and ensures that American trade policy supports American workers first, instead of undercutting them.
• By imposing reciprocal tariffs, President Trump is ensuring our trade policy works for the American economy, addresses our national emergency brought on by our growing and persistent trade deficit, and levels the playing field for American workers and producers.
• Unlike previous administrations, President Trump took a tough, uncompromising stance on China to protect American interests and stop unfair trade practices.

The breakthrough in the talks also led to China reducing its 125% tariff on U.S. goods to 10%. 

Here’s a summary of the Chinese actions:

China will remove the retaliatory tariffs it announced since April 4, 2025, and will also suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.

• China will also suspend its initial 34% tariff on the United States it announced on April 4, 2025 for 90 days, but will retain a 10% tariff during the period of the pause.

The joint statement indicated that Monday’s agreement would pave the way for further negotiations between senior officials. On the U.S. side, talks are being led by Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, while Vice Premier He Lifeng will represent China… 

After taking the aforementioned actions, the Parties will establish a mechanism to continue discussions about economic and trade relations. The representative from the Chinese side for these discussions will be He Lifeng, Vice Premier of the State Council, and the representatives from the U.S. side will be Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative. These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues.

The White House wrote on X that these trade talks will address America’s trade imbalances:

• The U.S. goods trade deficit with China was $295.4 billion in 2024—the largest with any trading partner.
• Today’s agreement works toward addressing these imbalances to deliver real, lasting benefits to American workers, famers, and businesses.

The talks also addressed the ongoing fentanyl crisis.

• The United States and China will take aggressive actions to stem the flow of fentanyl and other precursors from China to illicit drug producers in North America.

X.com/RapidResponse47?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1921869405715087499%7Ctwgr%5Ec873f9ab91b866b9c63861b5a55c11910fab494f%7Ctwcon%5E

Shortly after the joint statement was released, Bessent, who led the American delegation at the talks, told reporters in Geneva that both sides have “substantially moved down the tariff levels” and “neither side wants a decoupling.” 

“We had a very robust and productive discussion on steps forward on fentanyl,” Bessent added, pointing out that those talks might lead to “purchasing agreements” by China.

Commenting on markets, Benedicte Lowe, an equity and derivatives strategist at BNP Paribas Markets 360, told Bloomberg TV that “deescalation was much better than expected by the market” and “for the next couple of days I would expect a bullish environment in the global equity market.”

Last week, President Trump floated the “80% Tariff on China seems right!” trial balloon on Truth Social, noting that the final decision rests with Bessent.

“In our view, equity markets are returning to where they would have moved to if Liberation Day had not happened and Trump had just applied the 10% universal tariff,” said Roberto Scholtes, head of strategy at Singular Bank. 

Scholtes noted, “Corporate fundamentals are healthy, first quarter results have substantially surprised on the upside, and there’s plenty of cash to be invested.”

“This deescalation is much more positive than anticipated (GSe: 54% U.S. on China tariffs and 34% China on U.S. tariffs) and the market is reacting as such. We are seeing a clear reversal in short USD positions as U.S. recession risks reduce (GSe was 45%!) and risk-on sentiment rises. DXY rallied over 1%, S&P futures surged 3%, 10y UST rose to 4.43%, gold tumbled ~3%,” Goldman analyst Yichin Tsai told clients. 

S&P 500 futures are up 3%, and Nasdaq futures are up 4%. European stocks are in the green. 

The move toward lower tariffs and easing trade tensions between the world’s two largest economies follows Sunday’s negotiations, during which both sides reported making “substantial progress.”

4..EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

EU/APPLE

President Trump’s Stake In Europe’s Mauling Of Apple

Saturday, May 10, 2025 – 10:30 AM

Authored by Robert Bork, Jr, via American Greatness,

The European Commission’s half-a-billion-euro fine slapped on Apple—and a €200 million fine on Meta—is a reminder that protectionism is a global trend, not just an element of the Trump agenda. Worse than the magnitudes of these fines is the message that they send: the European Union is determined to enforce its Digital Markets Act (DMA) to outlaw the basic business models that made Apple, Google, Meta, Microsoft, and Amazon America’s most innovative companies. 

They are now explicitly targeted by this law as digital “gatekeepers” in need of wholesale restructuring.

At home, the Trump administration’s antitrust regulators continue complaints left over from the previous administration against these same companies. Federal Trade Commission Chairman Andrew Ferguson and Department of Justice Antitrust Chief Gail Slater are perhaps expressing the current administration’s residual desire to punish big tech companies for their past censorship of conservatives. The massive fine imposed on Apple by the EU should put antitrust in a new context for the administration. If Europe wins, the American tech sector will be broken.

If this sounds hyperbolic, consider what the DMA actually does. Apple has invested more than $100 billion in the last five years to produce products that are seamlessly and safely linked, providing levels of security and privacy valued by consumers worldwide. Central to Apple’s success is the willingness of developers to create new apps with powerful capabilities for Apple customers. But Apple enforces conditions on developers. They are granted a degree of access to Apple systems, but not so much that they can steal Apple’s proprietary algorithms or—most importantly for antitrust—access and exploit user data.

For example, when developers create apps that rely on sound, Apple requires them to ask users for their permission before accessing their microphones. If developers want to record audio, they also must get explicit permission. Similar guardrails are in place for apps used for banking, gaming, and a variety of content and services. Developers can access Apple’s Touch ID, but they cannot access data in the Secure Enclave inside the iPhone. Apple is like a bank that will allow access to a safe deposit box but won’t allow rifling through other people’s boxes.

Taken literally, the law’s demand for “interoperability” with developers and competitors would force Apple to expose consumers’ most sensitive data. The EU mandate would allow access to consumers’ communications over iMessage—whether 6-digit codes texted by banks, Wi-Fi passwords, or personal communications. Also at risk is data on AirPlay, CarPlay, and Siri. Every message, email, phone call, image, and calendar will be potentially exposed to myriad developers, sure to be exploited and likely to be resold on the international market. Thus, Europe, in the name of protecting consumers, will force the exposure of users’ data, commoditizing it in the name of interoperability. It is a virtual certainty that some buyers will be cut-outs for China. As the FBI has warned, China “uses elaborate shell games” and overweight voting rights to control companies without tipping off its real ownership.

Why is Europe doing this? It seems to be out of a mixture of progressive thinking and anti-Americanism. The largest seller of smartphones in Europe is Samsung, with 37 percent of the market. Add to that China’s Xiaomi market share, and the two Asian giants have a combined 53 percent share of the European smartphone market. And yet it is Apple’s 22 percent share that somehow defines it as a “gatekeeper” in need of radical restructuring. These latest fines for violating the DMA are eye-popping, but they continue an anti-American trend that has resulted in roughly $8 billion in fines imposed on another top American innovator, Google, over the past decade.

Europeans might be forgiven for feeling whipsawed. The DMA and its companion Digital Services Act were drafted with the active encouragement of the Biden Administration and former FTC Chair Lina Khan, who was in constant dialogue with European regulators. But the attitude in America is now hardening. In a letter to EU antitrust chief Teresa Ribera, House Judiciary Chairman Jim Jordan wrote that the provisions of the Digital Markets Act “stifle innovation, disincentivize research and development, and hand vast amounts of highly valuable proprietary data to companies and adversarial nations.”

Rep. Scott Fitzgerald, chair of the House antitrust subcommittee, noted that the fine “is a tax on U.S. companies operating in the EU. Any trade deal with the EU or its member countries must address the unfair targeting of our most successful companies.”

Will President Trump let this happen? Or will he rise to the occasion to defend America’s most competitive companies? As President Trump engages the European Union in trade negotiations, he should seize this opportunity to stand up for American investors, innovators, and more than 5 million U.S. tech workers.

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/HOUTHIS

US Defense System Fails For 2nd Time This Week Amid Houthi Missiles On Israel

Friday, May 09, 2025 – 08:30 PM

In a potential sign of more escalation to come, Yemen’s Houthis (Ansarallah) have fired another ballistic missile directly on Israel – and this time it was reportedly intercepted. Last weekend saw a ballistic missile hit Ben Gurion International Airport in Tel Aviv, injuring six – and Israel’s military then launched massive airstrikes on Yemen’s international airport in Sanaa.

The timing of the Friday attack is interesting given just days ago President Trump declared a US-Houthi ceasefire in the Red Sea. This was widely seen as Washington taking a step back from defending Israel, and the question of whether the US military could intervene against attacks on Israel was left open.

Friday’s inbound missile was intercepted not by a US-supplied system, but by Israel’s Arrow long-range air defense system. 

Israeli media is currently highlighting the failure of the American THAAD system, which missed the intercept:

The Houthi ballistic missile fired from Yemen at Israel a short while ago was successfully intercepted by Israel’s Arrow long-range air defense system, a security source tells The Times of Israel.

The American THAAD system deployed to Israel also engaged the missile but missed, for the second time this week, the source says. On Sunday, a THAAD interceptor missed a Houthi missile fired at Israel, while an Arrow interceptor malfunctioned, allowing the projectile to strike Ben Gurion Airport.

More of these failures of US-supplied systems could prove highly embarrassing. This is especially as the Houthis alter their attack priorities from US warships in the Red Sea (based on the purported ceasefire) – to more direct attacks on Israel.

Recent weeks saw an uptick in Houthi drone in the Red Sea, including against the USS Truman carrier, which reportedly resulted in a F-18 Hornet fighter jet going overboard. Within the last week, another F-18 Hornet crash landed and went overboard. Three total have been lost throughout the campaign, and many more MQ-9 Reaper drones.

But then Trump shocked by saying Tuesday, “The Houthis have announced that they are not…that they don’t want to fight anymore.”

“They just don’t want to fight. And we will honor that, and we will, we will stop the bombings, and they have capitulated, but more importantly, they we will take their word they say they will not be blowing up ships anymore,” he added.

“We just found out about that. So I think that’s very, very positive… I will accept their word, and we are going to stop the bombing of the booties, effective immediately,” he said. He claimed the Iran-backed rebels have essentially admitted defeat:

“We will stop the bombings. They have capitulated… we will take their word that they will not be blowing up ships anymore, and that’s the purpose of what we were doing,” Trump said.

x.com/MarkAmesExiled/status/1919058327532720458?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1919058327532720458%7Ctwgr%5E9871540fe3ca7bf425bb03bf43de735bd49531c6%7Ctwcon%5Es

The fact that the US Commander-in-Chief had said that US attacks would go into effect “immediately” is quite significant – as the fight has been on for over a year. The Houthis have long vowed to keep up the attacks on Red Sea shipping so long as Israel occupies Gaza, but have given China and Russia a pass.

ISRAEL VS HAMAS

IDF strikes several Hamas terrorists in northern Gaza

By JERUSALEM POST STAFFMAY 9, 2025 21:15Updated: 

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The IDF and Shin Bet (Israel Security Agency) struck several Hamas terrorists who were operating in the area of Jabalya, in northern Gaza, the security forces announced on Friday.

Four Palestinians were killed, Walla reported.

“Prior to the strike, numerous steps were taken to mitigate the risk of harming civilians, including the use of precise munitions, aerial surveillance, and additional intelligence,” the military said, adding, “The terrorist organizations systematically violate international law, exploiting civilian infrastructure and the Gazan population as human shields for terrorist activity.”

END

ISRAEL VS HAMAS

Controversial Aid Plan For Gaza Revealed In New Document, Includes American CEOs & Banks

by Tyler Durden

Friday, May 09, 2025 – 09:45 PM

Via Middle East Eye

The organization set to administer Israel’s controversial plan to take control of humanitarian aid distribution in Gaza will use private contractors to secure hubs where Palestinians will receive 1,750 kcal meals that will cost donors a little more than a dollar each.

Details about the Gaza Humanitarian Foundation (GHF) strategy for Gaza are laid out in a 14-page document circulating amongst aid organizations working on Gaza and seen by Middle East Eye.

The hitherto unknown nonprofit, which was registered in Switzerland in February, has been touted as the umbrella body that will seemingly take over humanitarian operations in Gaza while inviting NGOs to “take advantage” of its “logistics, security and transparency frameworks”.

The pitch-like document offers detailed information about how the foundation, largely led by Americans and involving a mix of disaster relief, security and financial experts, will operate and how it is organized, though some details appear yet to be finalized. The document is undated.

The new details have emerged as UN agencies and international aid organizations, which have roundly rejected the plan that GHF would administer, reportedly coming under pressure from the US government to participate. Earlier this week, Amnesty Switzerland raised concerns that, based on the information available, GHF could be risking contributing to international crimes through its services. 

The Israeli operation appears to already be underway. Israel security cabinet approved its plan on Sunday with satellite evidence emerging on Wednesday suggesting that work has already begun to build the humanitarian hubs from which aid will be distributed.

‘New operating model’

According to the document, the foundation says it is offering “a new operating model”, blaming aid diversion, active combat and “restricted access” as reasons why millions of civilians have been left without food, water and other supplies.

It does not specify the blockades on aid that Israel has put in place, including over the past two months, that have led the enclave’s population to the brink of mass starvation. Instead, it says Hamas and criminal organizations have intercepted, taxed and resold aid, and that Israeli “domestic security concerns and political pressure limit Gaza access and drive risk-averse policy toward humanitarian organizations”.

The document repeatedly frames one of the main issues the foundation serves as fixing “eroded donor confidence”, saying it was established to “restore that vital lifeline through an independent, rigorously audited model that gets assistance directly – and only – to those in need”.

GHF says it is set to establish four “secure distribution sites” that will each serve 300,000 people “with capacity to expand past 2 million”. Pre-packaged rations, hygiene kits and medical supplies will be delivered to the sites via armored vehicles “through tightly controlled corridors, monitored in real time to prevent diversion”.

“At just US $1.3 per meal… donors can see immediate, measurable impact,” the document says, later indicating that each meal will be 1,750 kcal.

It is unclear how many meals would be provided daily, though it is suggested that donors might be offered a chance to fund “a family-box” which would contain 50 meals at a time. The World Food Programme aims to provide recipients of food aid with at least 2,100 kcal per day.

The Israeli military will “not be stationed at or near” the sites. Instead, security will be provided by “experienced professionals, including personnel who previously secured the Netzarim Corridor during the recent ceasefire”. The document says aid will be distributed “without regard to identity, origin or affiliation” and “delivered purely based on need, with community dignity and safety as top priorities”.

Some pro-Palestinian advocates have warned over a US-controlled aid scheme, after Trump White House blasted a ‘compromised’ UNRWA:

GHF and its partners are said to be “actively engaging local communities to generate support” for its operations and will train “additional local champions” to expand the programme.

“This effort aims not only to safeguard humanitarian access, but to ethically empower traditional community leaders to reestablish constructive influence supporting the organic restoration of local communities,” the document says.

American executives

GHF’s board of directors includes Nate Mook, the former CEO of World Central Kitchen and a special advisor on Ukraine to the Howard G Buffett Foundation.

It also includes Loik Henderson, who is said to be a legal and business professional with 20 years experience including to Fortune 500 companies; Raisa Sheynberg, a vice president of government affairs and policy at Mastercard who previously led Facebook’s Libra cryptocurrency project and also worked on national security and economic policy for the US government; and Jonathan Foster, founder and managing director of Current Capital Partners LLC.

The foundation will be run by three Americans with disaster relief experience, led by executive director Jake Wood, founder and former CEO of Team Rubicon, a US-based disaster relief organization. Wood is a Marine Corps veteran and the founder of Groundswell, a platform “reinventing employee giving through donor-advised funds”.

Chief operating officer David Burke is a “strategic operations expert” who previously worked at Team Rubicon and is also a Marine Corps veteran.

John Acree, a former USAID official, will serve as head of mission. In addition to experience in disaster response and civil-military coordination, the document notes that he served as “chief of party” on US government contracts in Latin America and the Caribbean worth more than $45m.

An advisory board includes Bill Miller, a former UN and US State Department official, and retired Lt General Mark Schwartz, a former US security coordinator for Israel and the Palestinian Authority. David Beasley, the former governor of South Carolina and former executive director of the UN World Food Programme, is listed as “to be finalised” as a potential board member.

The document suggests that major donors are “invited to nominate additional candidates for board membership”. It also says discussions are underway with “prominent Palestinians” to join the board.

‘Every dollar traceable’

The document focuses repeatedly on how GHF will be transparent, saying it has secured banking with US-based Truist Bank and JPMorgan Chase. “Real-time monitoring and beneficiary feedback loop into public dashboards so every dollar is traceable and every outcome verifiable,” it says.

Truist, it notes, has “demonstrated its commitment to humanitarian and disaster relief efforts” including through committing $725m to recovery initiatives in North Carolina after Hurricane Helene last year.

A separate Swiss GHF affiliate is being created “to address donors who would prefer to participate outside of the US structure”.

Goldman Sachs is said to have made a verbal commitment to establish a bank account for the entity “which should be completed shortly”. It also says it is “in the process of retaining one of the world’s most respected audit and assurance firms” to provide third-party oversight of its financial and operational practices, and that it is also in discussion with accounting firm Deloitte.

END

ISRAEL VS HAMAS

Gulf diplomatic sources debate if Trump will announce US recognition of Palestinian state

Saudi Arabia will host a Gulf-US summit in mid-May during Trump’s Mideast visit. Speculation swirls over a major announcement on a Palestinian state, and peaceful US-Saudi nuclear cooperation

By ALI HUSSAIN/THE MEDIA LINEMAY 10, 2025 02:34Updated: MAY 10, 2025 18:31

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Saudi Arabia will host a Gulf-US summit in mid-May, part of US President Donald Trump’s first visit to Saudi Arabia during his second term. This follows the summit held on May 21, 2017, during Trump’s first term.

For more stories from The Media Line go to themedialine.org

The summit, hosted by Saudi Arabia in its capital, Riyadh, was preceded by numerous predictions regarding the announcement that  Trump referred to, describing it as a “very important announcement” during a meeting with Canadian Prime Minister Mark Carney at the White House on Tuesday, May 6.

In addition to what Trump intends to announce, the summit’s agenda and the deals and agreements expected to take place have become the talk of the town, ranging from security and military deals to technology deals and artificial intelligence deals.

All Gulf leaders are scheduled to participate in the Gulf-US summit, with the exception of King Salman bin Abdulaziz, who has not participated in public events or meetings for a long time due to his health conditions.

Will Donald Trump recognize a Palestinian state?

A Gulf diplomatic source, who declined to be named or disclose his position, told The Media Line, “President Donald Trump will issue a declaration regarding the State of Palestine and American recognition of it, and that there will be the establishment of a Palestinian state without the presence of Hamas.”

The source also added, “If an announcement of American recognition of the State of Palestine is made, it will be the most important declaration that will change the balance of power in the Middle East, and more countries will join the Abraham Accords.”

The source confirmed that economic agreements will certainly be present, but many of them have already been announced, and we may witness the Gulf states being exempted from tariffs.

US Ambassador to Israel Mike Huckabee denied the statements made by this source on X/Twitter Saturday afternoon, saying that Israel has no better friend than the US. 

Ahmed Al-Ibrahim, a former Gulf diplomat, told The Media Line, “I don’t expect it to be about Palestine. Egyptian President Abdel Fattah el-Sisi and King Abdullah II of Jordan have not been invited. They are the two countries closest to Palestine, and it would be important for them to be present at any event like this.”

Al-Ibrahim also said, “There will be major deals coming, perhaps similar to what happened at the 2017 Gulf-US summit, with Saudi deals worth more than $400 billion. Let’s not forget that the UAE announced investments in the US worth more than $1 trillion, and Saudi Arabia announced investments worth more than $600 billion.”

He continued, “This is clear because President Donald Trump intends to visit the UAE and Qatar after concluding his visit to Saudi Arabia. These are two important economies with significant financial resources and major investments in the United States.”

Ahmed Boushouki, a Saudi political analyst, told The Media Line, “This is about major economic deals that will take place in the Kingdom of Saudi Arabia. Perhaps US President Donald Trump hinted at this when he told the American people to ‘buy stocks now, before his big announcement in the next two days.'”

Regarding the news of a peaceful US-Saudi nuclear cooperation to generate electricity in Saudi Arabia, Boushouki said, “Saudi Arabia has had a program announced since 2010, and it has been discussed several times before. International companies are now working to implement these projects in Saudi Arabia.”

Plans are currently underway in Saudi Arabia to build the kingdom’s first nuclear reactor, with several international companies competing to design and build the reactor. Meanwhile, the neighboring Gulf country, the United Arab Emirates, already owns the Barakah reactor and is the only Arab country with a four-reactor nuclear power plant, in collaboration with a Korean company.

END

Huckabee says report Trump to recognize Palestinian state ‘nonsense’

US Ambassador to Israel Mike Huckabee calls a Jerusalem Post report that President Donald Trump is set to recognize a Palestinian state during his upcoming Middle East visit “nonsense.”

“Hmm. @Jerusalem_Post needs better sources than this unidentified ‘source.’ My 4 yr old grandson Teddy is more reliable. And take it from Teddy. This report is nonsense. @Israel doesn’t have a better friend than @POTUS!,” the envoy’s post on X reads.

END

ISRAEL HAMAS

AF struck around 60 terror sites across Gaza over past day, military says

By Emanuel Fabian

Troops of the Golani Brigade operate in southern Gaza’s Rafah, in a handout photo issued on May 10, 2025. (Israel Defense FOrces)

Over the past day, the Israeli Air Force struck some 60 “terror targets” across the Gaza Strip, the military says.

Hamas authorities reported 23 killed and dozens more wounded during the previous 24 hours.

The strikes come as ground troops continue to operate in Gaza.

In the Strip’s north, the IDF says troops of the 252nd Division killed two armed terror operatives who approached forces; in the Morag Corridor area, the 36th Division struck a booby-trapped building where several operatives were; and in Rafah, Gaza Division forces destroyed Hamas infrastructure both above and below ground.

END

Hamas To Release American-Israeli Hostage As Goodwill Gesture To Trump

by Tyler Durden

Sunday, May 11, 2025 – 05:10 PM

Israeli media is reporting Sunday that Israeli-American hostage Edan Alexander could be released by Hamas as early as Monday, after direct engagement between Hamas and Washington.

“After Hamas confirms that it will release Israeli hostage Edan Alexander, which it is reportedly doing as a gesture of goodwill to US President Donald Trump during his visit to the region this week, Israeli journalist Barak Ravid says US special envoy Steve Witkoff will arrive in Israel tomorrow to facilitate the process,” The Times of Israel reports.

Witkoff will “finalize the details ahead of the release of Edan Alexander, according to a source familiar with the matter,” Ravid wrote on X.

Trump will travel to the region, stopping in the Gulf countries of Saudi Arabia, Qatar, and United Arab Emirates. Surprisingly, and apparently without official Israeli knowledge or input in behind-the-scenes US-Hamas diplomatic engagement on the issue, Hamas has formally confirmed the release is coming, but without saying exactly when.

Hamas announced Sunday that the decision to release Alexander comes after recent talks with US officials and “intensified efforts to achieve a ceasefire, open border crossings, and allow humanitarian aid into the Gaza Strip.”

Importantly, the Palestinian group which has warred against Israeli going back to the terror attack of Oct.7, 2023, has also said it is ready to resume intensified negotiations.

Hamas says it is ready to establish a mutually “agreed prisoner exchange, and enable Gaza to be administered by an independent professional authority.”

President Trump could be readying a big announcement on the prospect of Gaza peace as he gets ready to depart for the region in Air Force One.

All of this, interestingly enough, comes amid unverified reports of a new rift between Israeli Prime Minister Benjamin Netanyahu and Trump. While US Ambassador to Israel Mike Huckabee has denied the accuracy of the claims, the below widely circulated last week: 

President Trump has “cut contact” with Netanyahu, slamming the Israeli PM and his allies for acting “arrogant” and trying to push him around. Trump reportedly feels disrespected and manipulated by Netanyahu.

This new breakthrough where Hamas is willing to release the Israeli-American suggests that Israel may have been cut out of US-Palestinian talks.

If true, this would be a huge blow to Netanyahu. He’s facing growing domestic pushback, and accusations that he is intentionally prolonging the war, at the expense of the safety of the remaining living hostages.

END/

ISRAEL USA MIDDLE EAST

Trump Doesn’t Want Netanyahu To Spoil His Gulf Visit As Frustrations Boil

by Tyler Durden

Sunday, May 11, 2025 – 06:55 PM

Via Middle East Eye

US President Donald Trump seems to think Israel could ruin his big trip to the Middle East, and it’s causing trouble. Trump appears to want the Middle East to have a respite from war and mass starvation during his trip to the oil-rich Gulf starting on Tuesday. He is signaling that he can leave Israel in the dust if it doesn’t go along for the ride.

“Rift is too strong of a word, but frustration is bubbling,” a senior western official in the region told Middle East Eye.

Several sensitive dossiers are jostling together ahead of Trump’s visit that are irking Israeli Prime Minister Benjamin Netanyahu, analysts and diplomats say.

The most consequential file for Trump is the ongoing nuclear talks with Iran, which US Vice President JD Vance said this week have been “so far, so good”.

For months, Trump has scorned Netanyahu on the talks as his closest media allies attack “Mossad agents” trying to hamstring the US leader. By his own admission, Trump even resisted Israeli pressure to launch a preemptive attack on the Islamic Republic.

At the same time, Trump gave Netanyahu his full backing to wage war on Gaza and choke it of supplies. He also won plaudits in Israel for unleashing a bombing campaign on the Houthis in Yemen.

Now, Trump is moving to silence the guns in Yemen and come to an accommodation with Israel on Gaza that is upsetting Netanyahu’s base.

“At this stage, it’s clear Trump will take some big decisions unilaterally without significant consideration of Israeli interests when he wants to, like on Iran or Yemen,” Michael Wahid Hanna, director of the US programme at International Crisis Group, told MEE. “But we haven’t seen that so much on the Palestinian file,” he added.

On Friday, Israeli media reported that US Secretary of Defence Pete Hegseth had cancelled an upcoming visit to Israel. The visit was scheduled to begin a day before Trump’s visit to the Gulf on 13 May. Hegseth was set to meet Netanyahu and Defence Minister Israel Katz.

An ‘Aramco moment’ for Israel?

On Tuesday, Trump made a surprise announcement to enter a “ceasefire” with the Houthis. The decision is likely to remove an irritant in the nuclear talks with Iran because the Houthis receive weapons and training from Tehran. The US and Iran are scheduled to meet in Oman for their fourth round of talks on Sunday, just before Trump arrives in the Gulf.

Trump’s announcement also delighted US Arab allies and Saudi Arabia. The former had been lobbying Trump for an end to the attacks before his arrival in the kingdom, MEE reported. It also appeased Trump’s war-wary “America First” base.

But the decision shook Israel because Trump conditioned the truce on the Houthis not attacking global shipping, leaving Israel out in the cold. The ceasefire came just days after a Houthi missile struck near the main terminal of Israel’s Ben Gurion Airport. 

One US defense official told MEE that the ceasefire had the whiff of an “Aramco moment,” referring to Trump’s decision in 2019 not to respond to a massive drone attack claimed by Yemen’s Houthis on Saudi Arabia’s oil installations.

Indeed, the US’s commitment to the ceasefire was reaffirmed by Trump’s own ambassador and staunch Israel supporter, Mike Huckabee, on Friday. The same day a Houthi missile was shot down over Israel, setting off sirens, Huckabee told Israeli reporters that the US would only intervene if one of the casualties had a US passport.

There are 700,000 dual US-Israeli citizens, Huckabee added, warning the Houthis about their odds. With the nuclear talks scheduled for Sunday and a fragile truce in Yemen, Trump is turning his attention to the Gaza Strip, which aid workers warn could descend into mass starvation just as Trump arrives in the region.

“Trump is still shackled with Gaza ahead of his visit. He cannot wish it away,” Aaron David Miller, a former US Middle East negotiator who is a senior fellow at the Carnegie Endowment for International Peace, told MEE.

“He needs an aid plan in his talking points because he is going to be hammered by the Saudis for what is not happening there [in Gaza]. In sum, Trump is going to face Arab leaders delighted about his talks with Iran and truce with the Houthis, but very unhappy about Gaza,” Miller said.

Trump appears to be scrambling to address those concerns, while accommodating Israel’s chokehold over the enclave, experts say. 

Trump returns to Gaza plans

Trump’s Middle East envoy turned global troubleshooter, Steve Witkoff, briefed the UN Security Council on Wednesday about Gaza. Israeli media reports have said that Trump could unveil a new Gaza ceasefire plan this weekend. According to the reports, Trump could float a role for Hamas in Gaza’s future governance. 

MEE reported that the US is trying to insert a previously unknown nonprofit, The Gaza Humanitarian Foundation, into the enclave, citing a 14-page document circulating with aid groups and diplomats.

The foundation will take control of humanitarian aid distribution in the besieged enclave while a private US security contractor vetted by Netanayhu’s government secures the hubs where some Palestinians will receive 1,750 kcal meals costing donors a little more than a dollar each, according to diplomats and aid workers.

One UN official told MEE that the Trump administration was “putting the pressure on” to get the UN and aid groups to acquiesce to the plan, but they have raised concerns that the project runs against international humanitarian law.

The plan goes a long way to addressing Israeli objectives to diminish the UN’s role in Gaza. The plan would effectively militarise and privatize the trickle of aid into the enclave, two Arab diplomats briefed on the matter told MEE.

Although the foundation will be run by an American citizen and the US hopes to bring Qatari, Saudi and Emirati money onboard, Israel will have wide oversight, the officials told MEE, adding that Israel is loath to give the Palestinian Authority a role.

But even this plan elicited criticism from Netanyahu’s far-right coalition partners, who have ramped up calls for a full Israeli occupation of the strip and forced displacement of Palestinians. “It is foolishness and a moral and strategic mistake for Gazans to get supplies while our hostages are starved,” National Security Minister Itamar Ben Gvir said on Friday.

It’s unclear how the aid plan with a US footprint would sit with Trump’s America First base, which rallied against Trump’s call earlier this year for a US takeover of the Gaza Strip.

Conservative podcasters like Tucker Carlson and Congresswoman Marjorie Taylor Greene have been highly critical of deepening US engagement in the Middle East. “I think these people will ask, ‘Why on earth should the US be involved in administering aid to Gaza as a result of Israel’s war?’” Chas Freeman, a former US ambassador to Saudi Arabia, told MEE.

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Freeman added that when Trump arrives in the Gulf, he will also face new concerns that he didn’t during his 2017 trip to the region. “The Gulf countries traditionally relied on the US to restrain Israel. Trump’s going to the region with that balance of power gone,” Freeman said. “Trump has acquiesced to the Israeli tactics and strategy in Gaza and the occupied West Bank.”

Saudi nuclear energy deal on the table

Trump’s coveted normalization deal between Israel and Saudi Arabia appears more distant than ever, experts say.  Riyadh has effectively pre-negotiated Trump’s visit to block talk of normalization without a ceasefire in Gaza or movement towards a Palestinian state, Arab officials told MEE.

But Trump doesn’t appear to want to wait for Netanyahu. His energy secretary, Chris Wright, said last month that the US had made progress with Saudi Arabia toward an agreement on helping Riyadh develop a commercial nuclear power industry.

Meanwhile, Trump’s National Security Council spread the word with business figures ahead of his visit that the administration was not tied to linking a nuclear energy deal – worth billions of dollars – to normalisation with Israel, a former senior US official told MEE.

That represents a pivotal change that removes one of three key pillars that the Biden administration was using to entice Riyadh into signing a normalization deal with Israel.

Although analysts say the talks are far from complete, just the possibility that Trump could sell Saudi Arabia nuclear technology without normalization alarmed Republican Senator Lindsey Graham, who was helping the Biden administration negotiate a normalization deal.

“I would like to make it crystal clear that I will never support a defense agreement with Saudi Arabia or other elements of a proposed deal that does not include normalizing the relationship with Israel as a part of the package,” Graham wrote on X on Thursday.

But the Trump administration is already set to expedite billions of dollars in arms sales to Riyadh, including potentially F-35 warplanes. This was another pillar in the grand bargain.

Experts say that leaves just the promise of a US defence treaty, a tall order that requires Senate backing, to offer Saudi Arabia in exchange for normalization. So, from Yemen to nuclear energy, Trump is telling Netanyahu he won’t let him spoil his second Arabian Gulf debut.

END

Israeli-American Captive Edan Alexander Freed By Hamas After Trump Diplomacy

Monday, May 12, 2025 – 12:05 PM

In another huge win for Trump diplomacy and what is an immense relief for family members, American-Israeli hostage Edan Alexander, who has been held captive in the Gaza Strip since Oct. 7, 2023, was released from Hamas captivity on Monday.

He is the last living American hostage in Gaza, and his freedom was accomplished by US dialogue with Hamas which reportedly cut out the Israelis. He endured and survived an unbelievable 584 days while being held in a war zone.

“Red Cross vehicles are en route to Gaza to collect Israeli-American hostage Edan Alexander for his release from Hamas captivity on Monday evening,” Jerusalem Post confirmed, as footage showed the vehicle.

Hamas, in a statement, announced it released the hostage IDF soldier as a result of “important talks” with the US, “to which Hamas responded positively and with great flexibility.”

Hamas is touting that it is ready to “achieve results in securing the release of prisoners” if it has a willing negotiating partner on the other side. It said further:

We reaffirm the movement’s readiness to immediately begin negotiations to reach a comprehensive and sustainable ceasefire agreement, ensure the withdrawal of the occupation army, lift the blockade, implement a prisoner exchange, and begin the reconstruction of the Gaza Strip.

We urge President Trump’s administration to continue its efforts to end this brutal war waged by the war criminal Netanyahu against children, women, and unarmed civilians in Gaza.

Alexander’s family was flown by Israeli military helicopter where they are expected to reunite with their loved one, soon after he’s handed over to Israel.

One rare positive is also that Israeli forces were ordered to halt major activities in the Gaza Strip ahead of the release, and to ensure Alexander’s safety.

“Adjustments have been made for the release, but the army continues with normal operations,” a security source told Times of Israel. While there’s no truce per se, Israeli bombardments and air raids have been very limited Monday.

Last week, Israeli Prime Minister Benjamin Netanyahu had said, “Israel will defend itself by itself” – after Trump made a deal for ceasefire with the Houthis of Yemen, reportedly without any input or consultations with Israel. There are widespread reports that the Trump-Netanyahu relationship is as strained as ever.

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The Times of Israel had interestingly reported over the weekend, “After Hamas confirms that it will release Israeli hostage Edan Alexander, which it is reportedly doing as a gesture of goodwill to US President Donald Trump during his visit to the region this week, Israeli journalist Barak Ravid says US special envoy Steve Witkoff will arrive in Israel tomorrow to facilitate the process.”

Edan Alexander is originally from New Jersey, and his family has begged for Trump to obtain his freedom. All of this appears have happened outside of Netanyahu government consultations – though on Monday the Israeli leader ‘thanked’ Trump for his successful efforts.

END

Israel Approves ‘Conquering Gaza, Holding Territories’ Ahead Of Trump’s Mideast Trip

Monday, May 05, 2025 – 12:05 PM

On Sunday night Israeli Prime Minister Benjamin Netanyahu convened his security cabinet, after which officials told local media that the cabinet approved expanding anti-Hamas operations to “conquering Gaza, holding the territories.“

The plan, as cited in The Times of Israel, specifically calls for “conquering of Gaza” and retaining the captured territory, and follows on the heels of weekend reports that tens of thousands of extra reservists have been called up.

IDF Chief of Staff Lt. Gen. Eyal Zamir said of the plan it will see the IDF “take control of territory in Gaza, move the civilian population toward the south, attack Hamas, and prevent the terror group from taking control of humanitarian aid.”

It apparently has received some pushback from IDF commanders. Gen. Zamir himself has warned government ministers that this escalation plan could endanger the remaining hostages held in the Palestinian enclave.

“In a plan for a full-scale maneuver, we won’t necessarily reach the hostages,” Zamir was quoted as saying in a meeting with top officials. “Keep in mind that we could lose them.” Concerning the twin aims of reaching the hostages while defeating Hamas, the IDF chief called them “problematic in relation to each other.”

“This week, we are sending tens of thousands of draft orders to our reserve personnel to intensify and expand our action in Gaza. We are increasing the pressure to return our people [held hostage] and defeat Hamas,” he said.

But the plan is not expected to be enacted until after President Trump’s expected visit to the Middle East next week:

A senior Israeli defence official said on Monday there was a “window of opportunity” for a hostage deal in Gaza during US President Donald Trump’s visit to the region next week.

However, Reuters reports, if no deal is agreed Israel would begin its new operation in the enclave.

“If there is no hostage deal, Operation ‘Gideon Chariots’ will begin with great intensity and will not stop until all its goals are achieved,” he said, following a decision by the security cabinet to approve an expanded operation.

Defense Secretary Pete Hegseth will be in Israel May 12, while Trump will be in the Gulf. Along with visiting Saudi Arabia, “Trump will also visit Qatar and the UAE but is not currently expected to visit Israel,” writes Axios.

Among the total 251 Israeli and foreign hostages abducted on October 7, 2023 – there are 59 still remaining, and of these at least 35 have been confirmed dead. Netanyahu recently admitted that only up to 24 hostages are believed alive.

Outrage and controversy has been raging inside Israel, especially among hostage victims’ families, following remarks of Netanyahu wherein he strongly suggested that victory over Hamas is the top priority – and not the rescue of the captives. 

“We have many objectives, many goals in this war. We want to bring back all of our hostages,” Netanyahu had said at an even. “That is a very important goal. In war, there is a supreme objective. And that supreme objective is victory over our enemies. And that is what we will achieve,” he added. 

But just prior to Sunday’s cabinet meeting, he tried to soften the words, describing both the defeat of Hamas and rescue of the hostages as paramount.

59 hostages remain, and the IDF chief has warned those still alive will be at risk amid an expanded operation…

He posted to X that his administration is focused on two missions: “One, to bring our hostages back. Two, to defeat Hamas. Hamas will not be there, you have to understand this.” He emphasized, “In wars, you reach a decision — victory.”

The surge in calling up reservists continues, meanwhile, as they are increasingly needed as Israel’s military once again becomes more engaged in places like Syria, Lebanon, the Golan Heights, and security crackdowns in the West Bank. There’s also the increasing prospect of direct military action against the Houthis of Yemen, after the Sunday ballistic missile attack on Ben Gurion international airport.

IRAN

Witkoff: Iran must dismantle uranium enrichment facilities, ship material ‘far away’

US special envoy says Tehran can expand civilian nuclear activities but must get rid of all centrifuges, as talks set to resume in Oman on Sunday

By Jacob Magid Follow
and ToI StaffToday, 12:10 am

US Special Envoy Steve Witkoff, listening to French President Emmanuel Macron prior to a meeting at the Elysee Palace in Paris, Thursday, April 17, 2025. (Ludovic Marin, Pool Photo via AP)

US special envoy to the Middle East Steve Witkoff, who is set to resume nuclear talks with Iran on Sunday, has said the Islamic Republic’s uranium enrichment facilities “have to be dismantled” for Washington to take it at its word that it does not want nuclear arms.

“They cannot have centrifuges. They have to downblend all of their fuel that they have there and send it to a far-away place,” Witkoff said in an interview with right-wing US news outlet Breitbart on Thursday. “An enrichment program can never exist in the state of Iran ever again. That’s our red line.”

“I just believe they have no choice” but to accept the position of US President Donald Trump against enrichment, said Witkoff. “Obviously, they can say no, and they can test President Trump, but I think that would be an unwise thing to do.”

The comments came after Witkoff last month said the US would seek only to cap Iran’s uranium enrichment, but not end it altogether, contrary to the position of Israeli Prime Minister Benjamin Netanyahu. Witkoff quickly backtracked, saying any nuclear deal with Iran “must stop and eliminate its nuclear enrichment and weaponization program.”

Speaking to Breitbart, Witkoff said Iran would have to dismantle its three known enrichment facilities in Natanz, Fordow and Isfahan. On the other hand, he said, the Iranians could hold onto their nuclear reactor in Bushehr, where “they have no ability to enrich, they have no ability to have centrifuges there, they can only use that facility for civilian purposes — making electricity and things of that sort of civilian purposes.

“If that is what they choose to do, if they believe in that program, they ought to expand it if they want to,” said Witkoff, adding that his goal in the nuclear talks was to get Tehran to “voluntarily shift away from an enrichment program.”

This October 26, 2010, photo shows the reactor building of the Bushehr nuclear power plant just outside the southern city of Bushehr, Iran. (AP Photo/Mehr News Agency, Majid Asgaripour)

“If we can get them to voluntarily do that, that is the most permanent way to make sure that they never get a weapon,” he said.

Iran, whose leaders are sworn to destroy Israel, says it opposes nuclear weapons. However, the Islamic Republic is enriching uranium to 60% — far higher than necessary for civilian uses, and a short step away from weapons-grade.

Iran also funds a regional network of anti-Israel proxies, including Gaza’s Hamas, Lebanon’s Hezbollah and Yemen’s Houthis. Getting Iran to stop arming those groups is a “secondary discussion,” Witkoff told Breitbart.

“We don’t want to confuse the nuclear discussion because that to us is the existential issue,” said Witkoff. “That’s the issue that needs to be solved today and quickly.”

Witkoff is set to travel to Oman on Sunday for the fourth round of Omani-mediated talks with Iranian Foreign Minister Abbas Araghchi, a source familiar with the matter said, as Iran’s semi-official Tasnim news cited an Iranian negotiator as saying Tehran had agreed to resume talks.

The fourth round of negotiations, initially scheduled for May 3 in Rome, was postponed, with mediator Oman citing “logistical reasons.”

Iranian Foreign Minister Abbas Araghchi attends a news conference following his meeting with Russian Foreign Minister Sergey Lavrov in Moscow, Russia, April 18, 2025. (Tatyana Makeyeva/Pool Photo via AP)

Witkoff told Breitbart that the fourth round had been delayed because “we didn’t think that the talks last week were going to be productive, because we needed to get to certain understandings with them, and hopefully this Sunday they will be productive.”

Witkoff was reportedly engaged over the past week in talks with Omani and Houthi officials that resulted in a US ceasefire in Yemen, announced by Trump on Tuesday. Sources cited by CNN said the US-Houthi truce talks aimed to provide momentum for the Iran nuclear talks.

The truce did not include a commitment by the Yemeni rebels to stop attacking Israel, and apparently caught Jerusalem by surprise — much like Trump’s announcement of the Iran nuclear talks last month.

Trump, in his first term, scrapped the 2015 Iran nuclear deal, dubbed the Joint Comprehensive Plan of Action, which had promised Iran sanctions relief in exchange for greater oversight over its nuclear program. Netanyahu had railed against that deal, arguing that it kept in place Iran’s capacity to produce nuclear arms.

Witkoff told Breitbart that “we’re never doing a JCPOA deal,” saying the agreement had a “mismatched procedure.”

US President Donald Trump waits to greet Canadian Prime Minister Mark Carney at the West Wing of the White House, May 6, 2025, in Washington. (AP Photo/Mark Schiefelbein)

“We believe that they cannot have enrichment, they cannot have centrifuges, they cannot have anything that allows them to build a weapon. We believe in all of that. That was not JCPOA,” said Witkoff.

“JCPOA had sunset provisions that burned off the obligations and burned off the sanctions relief at inappropriate times. It’s never going to happen in this deal,” he said.

Witkoff stressed that Trump, who is expected to visit the Middle East next week, prefers a diplomatic rather than military solution to the Iranian nuclear threat.

Witkoff said critics of his diplomacy included a “neocon element” that “believes war is the only way to solve things.”

“Neocon,” or neo-conservative, refers in US political parlance to politicians who support intervention in foreign conflicts. The term is often used derisively by Trump’s isolationist supporters.

Iranian diplomats and officials from the P5+1 powers meet in Vienna to discuss the 2015 nuclear accord on April 25, 2017. (AFP/Joe Klamar)

Witkoff’s comment came after Trump last week fired US National Security Adviser Mike Waltz, in part, reportedly, over the latter’s hawkish views on Iran and intense coordination with Netanyahu on a potential military strike there.

Witkoff said his neo-conservative critics “give no consideration whatsoever on what the consequences are” for military action, and are certain that Iran will manipulate Witkoff if it is not handled with force.

“They may attempt to manipulate me. I don’t think they’re going to be able to manipulate me,” said Witkoff. “If the Iranians make the mistake of thinking they can procrastinate at the table, then they won’t see that much of me.

“The alternative, as the president says, will be a bad alternative for them,” he said. Trump “believes that his force of personality… can bend people to do things in a better way in the interests of the United States government,” said Witkoff, adding: “I believe in that too.”

Araghchi to consult with Saudi counterparts

Araghchi, Witkoff’s interlocutor in the nuclear talks, is set to visit Saudi Arabia and Qatar on Saturday, a day before the fourth round of negotiations and days before Trump is expected to visit those countries, Iran’s foreign ministry said in a statement Friday.

Araghchi is due to hold talks with senior Saudi officials in Riyadh before heading to Doha for a conference on Arab-Iranian dialogue, the ministry said. The Iranian top diplomat later said meetings in Saudi Arabia would cover the latest on the nuclear talks with Washington.

Iran’s Foreign Minister Abbas Araghchi speaks to the media during the signing ceremony for his book ‘The Power of Negotiation’ at the Muscat International Book fair in Oman, April 25, 2025. (Haitham AL-SHUKAIRI / AFP)

In a video carried by Iranian media, Araghchi said Tehran believes “the sustainability of any possible agreement depends to a large extent on taking into account the considerations and concerns of the countries of the region in the nuclear field,” and those countries’ common interests with Iran.

Trump is scheduled to visit Saudi Arabia, Qatar and the United Arab Emirates from May 13 to 16 on his first major Middle East trip of his second term. The president is not expected to visit Israel on the trip.

Trump provoked Araghchi’s ire earlier this week by indicating that the US would decide how to call the Persian Gulf, following reports that Washington could officially rename it the Gulf of Arabia. Araghchi condemned the decision as showing “hostile intent toward Iran and its people.”

Ahead of the trip, Trump had predicted that Saudi-Israel normalization would happen “very quickly.” However, sources cited by Reuters this week said Trump had dropped the demand that Saudi Arabia normalize relations with Israel as a condition for progress on a civil nuclear program.

END

why is USA wasting their time:Iran will never dismanle their nuclear sites

(zerohedge)

Iran Rejects ‘Unacceptable’ US Demand To Dismantle Nuclear Sites

Monday, May 12, 2025 – 12:45 PM

Iranian President Masoud Pezeshkian has thrown cold water on the possibility of dismantling its nuclear facilities, which Tehran maintains are only for peaceful domestic energy purposes.

But top US officials have called for just that. Starting earlier this month Secretary of State Marco Rubio said that Iran has to ‘walk away’ from uranium enrichment and long-range missile development, while Trump’s special envoy to the Middle East Steve Witkoff just days ago went further, asserting that Iran’s uranium enrichment facilities “have to be dismantled” for Washington to trust that it does not want nuclear arms.

Pezeshkian in the fresh comments blasted the demand as “unacceptable” and framed it as a matter of national sovereignty and independent development.

“The discussion that has been raised about dismantling Iran’s entire nuclear facilities is unacceptable to us,” the Iranian president said, adding that “Iran will not give up its peaceful nuclear rights.“

Still, the country’s Foreign Minister Abbas Araqchi acknowledged Sunday that negotiations with the United States in Oman had become “much more serious and frank” – which suggests positive momentum toward restoring a deal or at least an understanding on which to build a working relationship with Washington.

Araqchi in the comments given to Iran’s state-run IRIB TV characterized “forward-moving” talks with the US over an array of complex nuclear-related issues.

This is despite last Thursday’s provocative comments given to Breitbart wherein bluntly stated, “They cannot have centrifuges. They have to downblend all of their fuel that they have there and send it to a far-away place.”

“An enrichment program can never exist in the state of Iran ever again. That’s our red line,” the US envoy asserted further.

“I just believe they have no choice” but to accept the White House position against enrichment, continued Witkoff. “Obviously, they can say no, and they can test President Trump, but I think that would be an unwise thing to do.”

Iranian leadership has tended to brush off such maximalist demands, hoping instead that they can appeal to President Trump’s pragmatic deal-making side and willingness to avoid war at all costs. Israel has long threatened preemptive attack on Iran if it believes Tehran is on the cusp of achieving a nuke. Trump has clearly distanced himself from these Israeli efforts to box him into a corner towards starting a new Middle East conflict.

President Pezeshkian meanwhile has continued stressing the “peaceful” purposes of the country’s nuclear sites, which include the areas of radiopharmaceuticals, healthcare, agriculture, and industry.

“We are serious in the negotiations and seek an agreement. We hold talks because we want peace,” he said. Iranian officials have of late complained that it’s very hard to deal with the United States, given rotating administrations which have the capability to reverse key decisions of prior presidents.

Such was the case with the Obama-brokered JCPOA nuclear deal, which Trump unilaterally pulled out of in April 2018. It’s as yet unclear the degree to which that original deal’s terms will be restored or held to as part of the new ongoing talks.

SAUDI ARABIA

RUSSIA VS UKRAINE

Western Allies Pressure Russia To Accept 30-Day Ceasefire Starting Monday

by Tyler Durden

Saturday, May 10, 2025 – 12:15 PM

Pressure is mounting on Moscow to take it’s offerings of short, three-day ceasefires (there have been two thus far) to the next level, by accepting terms for a 30-day ceasefire that would begin as early as Monday.

The so-called ‘coalition of the willing’ – including Britain, France, Germany and Poland on Saturday called on Russia accept a 30-day unconditional ceasefire. Currently, Putin’s unliterally proposed 72-hour Victory Day ceasefire is partially holding – or at least has resulting in Ukraine halting sending drones onto Russian territory.

Ukrainian Foreign Minister Andrii Sybiha stated on X “Ukraine and all allies are ready for a full unconditional ceasefire on land, air, and at sea for at least 30 days starting already on Monday.”

“If Russia agrees and effective monitoring is ensured, a durable ceasefire and confidence-building measures can pave the way to peace negotiations,” he added. This is meant to basically extend the weekend 3-day ceasefire by a month.

The Trump administration has been pressing for faster results from Moscow. President Trump characterized an earlier Wednesday phone call with Zelensky as positive, after which the US leader called for “ideally, a 30-day unconditional ceasefire.”

And Macron and Trump then spoke Thursday, after which the French leader said had a “strong” conversation for a “unconditional 30-day ceasefire, as did our British and Nordic partners earlier this morning.”

Trump has offered as an incentive the easing of anti-Russia sanctions, but Moscow’s refusal to go along could result in the opposite, per Axios:

• They [European leaders] stressed to Trump that if Putin refuses the 30-day ceasefire, European countries will impose new sanctions on Russia, the sources said.
• “Trump seemed satisfied to see Ukraine embracing the ceasefire and accepting direct negotiations with Russia,” one source said.
• The second source said Trump was glad to hear they all back his proposal. “We’re waiting for Russia’s move now,” the source said.

But Secretary of State Marco Rubio has previously warned that Washington may abandon efforts to mediate an end to the three-plus-year-long war if Russia and Ukraine fail to make a peace agreement.

“I think they’re closer in general than they’ve been any time in the last three years but it’s still not there,” Rubio said in an interview with NBC News on April 27.

Ukraine’s President Volodymyr Zelensky posted on X that “We share a common view: an immediate, full, and unconditional ceasefire is needed for at least 30 days,” and that they “waiting for Russia’s response” – in reference to the European leaders Starmer, Zelensky, Macron, Tusk, and Merz – who are visiting Kiev on Saturday.

“Once the ceasefire begins, there will be the best moment for diplomacy,” he said. “Ukraine is ready for meetings and negotiations in any format.”

END

RUSSIA/UKRAINE/NATO

not a smart move:

NATO Launches Major Military Exercise Along Russia’s Finnish Border

by Tyler Durden

Monday, May 12, 2025 – 09:00 AM

Russia’s Izvestia newspaper is reporting Monday that “NATO launches major military exercise along Russia’s border” – in reference to new major drills kicking off in Finland, also involving the militaries of Sweden and the United Kingdom.

The exercises are dubbed Northern Strike 125 and Northern Star 25 and involve some 7,000 total personnel and aim to develop military cooperation in the northern Scandinavian region among NATO allies. They are set to last until May 31, and Moscow sees them as a provocation given that Finland shares a lengthy border with Russia.

Finland only became a NATO country in April 2023, largely as a direct result of the Ukraine war, and is the 31st member of the Western military alliance.

Izvestia has detailed that attack helicopters are in use, as well as drones in the north of Finland. The British contingent has deployed AH-64E Apache combat helicopters, and brought a Multiple Launch Rocket System (MLRS) battery.

“This exercise complex is a logical continuation of previous years’ exercises to develop capabilities together with our allies,” Finnish Army Lieutenant Colonel Jukka Vuorisalmi, who is overseeing the exercise, said.

Finnish media has described the annual exercises in the context Russia’s ‘threat’ to the Baltic region:

NATO exercises on the northeastern flank have recently been following one another. Earlier, Izvestia wrote that Siil 2025 exercises are currently underway in Estonia, which began on May 5.

Their stated purpose was to “defend the region” together with the allies, as well as to check the combat readiness of the Armed Forces of Estonia and the North Atlantic Alliance.

And while the Kremlin understands the drills to be ‘nothing new’ – it is taking note of the growing size of these inter-NATO military exercises so close to Russia’s border.

TASS writes in its coverage of the Finnish-hosted drills:

According to the expert, the current exercise is nothing new, it’s just that its magnitude is larger, and this is exactly what makes it a threat to Russia.

“We need to show an adequate response. For the time being, we will simply watch what they do, taking it into account. NATO keeps saying that it will only implement defense scenarios, but the drills it holds also practice actions suitable for aggressive operations,” the analyst stressed.

The significance also lies in the fact that until the last 3+ years of war in Ukraine, Finland and Sweden maintained neutrality, in pursuit of delicate balance of good-neighborly relations first with the Soviet Union and then with Russia.

Finland shares a 1,340-kilometre (830 mi) border with Russia, and Moscow has previously warned that this could result of the greater militarization of the Baltic regions. President Putin in 2023 had brushed off Finland and Sweden entering NATO as but a “meaningless” move which will in the end only harm their own national interests.

Both had previously economically benefited from their positive relations with Russia, but now border closures and worsening relations have been the trend. It goes without saying that NATO holding drills so close to Russia’s border does little to foster Ukraine peace talks and dialogue. The warring sides are currently talking about potential ‘direct’ negotiations set for Istanbul.

6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE

Magnesium Could Relieve Fibromyalgia And Migraines, And How It Works

Friday, May 09, 2025 – 08:05 PM

Authored by Zena le Roux via The Epoch Times (emphasis ours),

Fibromyalgia is a difficult condition to diagnose and even harder to treat—especially since it presents no visible injury, yet causes widespread, chronic pain.

So when a 2022 clinical trial tested magnesium as a potential treatment, it was easy to be skeptical. Could something as basic as a mineral supplement really make a difference? Some providers definitely think so.

“Magnesium levels are one of the first things I address when someone presents with persistent pain,” said Jodi Duval, a naturopathic physician and owner of Revital Health, in an interview with The Epoch Times.

Study Findings

The clinical trial found—for the first time—that magnesium may help ease fibromyalgia symptoms, particularly stress and pain. Participants were randomly assigned to take either 100 milligrams of a slow-release magnesium supplement or a placebo once daily for one month.

The study’s primary goal was to assess whether magnesium could lower stress levels—since stress often triggers fibromyalgia flare-ups. Researchers also tracked pain, sleep quality, fatigue, and overall well-being.

At the end of the month, the results were mixed. Overall stress levels trended downward in the magnesium group, but the results were not significant. However, on closer examination, researchers noticed something interesting: Among participants who started the study with mild to moderate stress, magnesium made a clear difference. In that subgroup, stress scores dropped significantly, while the placebo group saw little to no change.

Pain severity also declined with magnesium supplementation—a small but meaningful shift that suggested the mineral might have a role in easing fibromyalgia’s burden. In moderately stressed participants, pain scores dropped from 5.7 to 5.1 on a 10-point scale, while the placebo group showed no improvement.

Sleep, fatigue, and overall quality of life remained largely unchanged between groups. Still, for people who have grown tired of side effects and short-lived solutions, magnesium’s gentle, low-risk benefits may be worth noting.

Fibromyalgia and Headaches

Fibromyalgia and headaches are just two of the many conditions where magnesium’s potential role in pain relief is being studied.

In fibromyalgia, patients are often found to have lower magnesium levels in their blood, hair, and diet. 

Magnesium blood levels are typically tested through a serum magnesium test, though this measures only a small fraction of total magnesium in the body—since most magnesium is stored in bones and tissues. It’s important to note that a normal serum level doesn’t necessarily rule out magnesium deficiency in tissues. In some cases, hair analysis or urine tests can be used to assess magnesium status, though these methods are less common.

“I’ve seen great results with magnesium in cases of fibromyalgia, fatigue-pain syndromes, migraines, tension headaches, and more,” said Duval.

Magnesium plays a pivotal role in the development and progression of both migraines and tension-type headaches. While the exact cause of migraines remains unclear, magnesium is known to influence certain mechanisms, including neurotransmitter release, brain excitability, and blood clotting. Low magnesium levels have consistently been linked to migraines, and some studies suggest that supplementation may help reduce the frequency or severity of attacks.

Pick up some potent magnesium here…

One study found that 80 percent of patients given 1 gram of intravenous magnesium were pain-free within 15 minutes.

In some cases, supplementation has led to long-lasting improvement in people with tension headaches—lasting up to a year or more. In one case-control study of 40 patients, a magnesium infusion completely eliminated pain in 32 participants within 15 minutes.

How Magnesium Works

Magnesium is emerging as a promising solution for chronic pain, but how exactly does it support pain relief?

One of the key ways magnesium helps reduce pain is by blocking N-methyl-D-aspartate (NMDA) receptors, which play a critical role in nerve cell communication. While these receptors are important for learning and memory, the overactivation of NMDA receptors allows excessive calcium to enter neurons, contributing to pain. By preventing calcium from entering cells through NMDA receptors, magnesium helps prevent the nervous system from becoming overly sensitive to pain and offers relief for various pain conditions.

Additionally, magnesium conserves the electrical potential of nerve cells, further aiding in pain regulation.

“Magnesium is a powerful modulator of both pain and inflammation,” Duval said.

It is a foundational nutrient—without it, other pain therapies often don’t work as effectively, she added.

Magnesium’s role in reducing pain perception could also be linked to its ability to regulate muscle contraction and protect cartilage from degradation, Emma Laing, a registered dietitian nutritionist with a doctoral degree in foods and nutrition, told The Epoch Times.

Oral and intravenous (IV) magnesium supplementation differ in how quickly and effectively they work. Oral supplements—typically pills or powders—are best for mild to moderate deficiencies or long-term maintenance, though they may cause digestive side effects such as diarrhea and are absorbed more slowly.

On the other hand, IV magnesium is administered directly into a vein and is used in more urgent or severe cases—like eclampsia, arrhythmias, or when the oral route isn’t an option. It works quickly and bypasses the gut. However, IV administration needs medical supervision due to the risk of overdose and isn’t a good option for routine use.

Magnesium’s effectiveness in managing pain depends not only on its mechanisms but also on the form in which it’s taken. Magnesium glycinate, for example, is well-absorbed and has a calming effect, making it ideal for muscle tension, such as that experienced with fibromyalgia, Duval said. She also mentioned that topical magnesium chloride, commonly found in Epsom salts, is excellent for offering targeted relief to sore muscles.

Oral magnesium L-threonate is particularly beneficial for neuroinflammation and brain-based pain, such as migraines, as it can cross the blood-brain barrier, she added.

Easy Ways to Get More Magnesium

Duval recommends several magnesium-rich foods for patients managing chronic pain, including:

• Pumpkin seeds
• Leafy greens
• Avocados
• Cashews
• Dark chocolate
• Bananas

To add these into your daily meals, try sprinkling pumpkin seeds over your breakfast, incorporating greens into every lunch and dinner, and enjoying magnesium-rich snacks like nuts or avocado with a pinch of sea salt, she said. It typically takes two to four weeks of consistent dietary intake or supplementation to notice changes in chronic pain.

However, Duval often focuses on symptoms rather than relying solely on blood tests to measure progress.

“Tissue magnesium levels in the body can be low even when blood levels appear normal,” she said.

Drug Interactions

When considering supplementation, caution is advised, as magnesium supplements can interact with certain medications and other supplements.

For example, magnesium may reduce the effectiveness of certain blood pressure medications, such as calcium channel blockers and diuretics, which can either lower or increase magnesium levels in the body. Additionally, taking magnesium alongside supplements like calcium or vitamin D may require adjustments in dosage. It is therefore crucial to consult with your health care provider before starting supplementation.

Laing advises that working with a registered dietitian nutritionist can help ensure you’re getting the right amount of magnesium for your age, lifestyle, and medical history.

Moving Forward

While magnesium isn’t a silver bullet, emerging research suggests it may offer gentle support—particularly for stress and pain. For those navigating daily discomfort, even small, consistent steps toward better magnesium intake can make a meaningful difference.

END

Nicolas Hulscher, MPH on X: “ BREAKING: COVID-19 mRNA Shots Destroy Over 60% of Women’s Non-Renewable Egg Supply New study finds rats injected intramuscularly with human-equivalent mRNA doses suffered irreversible loss of primordial follicles — the foundation of fertility.  >60% of primordial https://t.co/ihS5OYsvlC” / X

Insane! Population control by stealth. Gates must be happy.

MARK CRISPIN MILLER

Julien Baker halts tour “to focus on her health; Deon Cole cancels show after “medical emergency”; UK: Milton Jone…

Cancelations:

UNITED STATES

Comedian Deon Cole Recovering After Medical Emergency!

May 2, 2025

Comedian Deon Cole has dropped out as the headliner for the Laugh Africa Comedy Festival that took place this past weekend in Johannesburg, South Africa. According to a statement released by organisers on Wednesday morning, the Black-ish and Average Joe actor has “withdrawn due to an unforeseen medical emergency”. The Average Joe and black-ish star wrote his own statement to fans on his Instagram, stating: “Finally, on the road to recovery,” he started. “God is a great God, I praise him and thank him for his love, grace and mercy. I want to thank all the doctors, nurses (sisters) and staff here in South Africa at Christiaan Barnard hospital and my doctor in the states, THANK YOU. I also want to thank my network BET, cast and crew on Average Joe for delaying production and patiently waiting and supporting me. Means the world to me. Sorry to the African Laugh Festival I was scheduled to headline, thanks for your understanding and support (I’ll make it next year). Actually I appreciate everyone’s patience with me, if I cannot respond to messages right now, I Just want to rest and get better to finish up the show but thank u tremendously.” In the post, Cole posted pictures of himself in a hospital bed with all kinds of lead stickers on his chest and around his stomach. There was also a picture of him attached to some kind of drainage tube. While he didn’t list the actual cause of his hospitalization, the 53-year-old Cole does face a number of various health risks just being a Black man over 50.

Researcher's Note – January 13, 2025: Actor/Comedian Deon Cole hospitalized, he has been diagnosed with Stage 4 Kidney Failure. 

Deon Cole was featured in at least six Hollywood projects between 2021-2023: Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023

Link

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Summerfest in Milwaukee loses 2025 headliner after Julien Baker cancels tour

May 6, 2025

Summerfest 2025 has lost a buzzy act after Julien Baker canceled her planned tour with Torres, including a headlining show at the Milwaukee music festival’s Aurora Pavilion June 27.

Baker, 27, an acclaimed singer-songwriter and member of Grammy-winning supergroup Boygenius with Phoebe Bridgers and Lucy Dacus, announced on May 4 on Instagram that “due to recent events” she was “prioritizing her well-being and taking time to focus on her health.” She added: “This decision was not made lightly, and we understand the disappointment this may cause for fans. We deeply appreciate your understanding.” Torres shared the statement on Instagram.

Link

Nationals batting practice pitcher coherent, resting after collapsing on field

May 1, 2025

Washington, D.C. – The Nationals cancelled batting practice ahead of Wednesday’s game against the Phillies at Philadelphia’s Citizens Bank Park after a scary sight on the field. James Frisbie [52], Washington’s batting practice pitcher, collapsed while pitching batting practice. First responders loaded Frisbie onto a stretcher and took him to a Philadelphia hospital. Despite initial concerns that Frisbie suffered a heart attack, the Nationals have not confirmed the nature of the medical emergency. After Wednesday’s game, which the Nationals lost 7-2, Washington manager Dave Martinez said Frisbie was awake and resting.

Link

UNITED KINGDOM

Comedian Milton Jones reveals he has prostate cancer – as he cancels multiple UK tour dates

April 28, 2025

Comedian Milton Jones has revealed he has been diagnosed with prostate cancer. The 60-year-old, who is known for his appearances on Mock The Week, has cancelled a number of UK tour dates as he undergoes surgery. In an Instagram post, he said the cancer was treatable, adding: “Thanks for your support and respecting my privacy during this time. This decision has not been taken lightly, trust me.” Jones said he would be “undergoing surgery soon”, adding he will “need time afterwards to fully recover”.

Link

GERMANY

Legendary Rock Band Forced to Cancel Shows After Member ‘Unable to Sing’ Due to Illness

May 5, 2025

One of the Scorpions best-known songs is “Rock You Like a Hurricane,” yet at the moment the veteran rock band can’t rock at all as their frontman is “unable to sing” due to an illness.

On May 3 the band had to cancel a performance in Quito, Ecuador because singer Klaus Meine, 76, is suffering from a respiratory infection. It was the third concert the band has canceled on their current South American tour.

Link

SERBIA

Serbia’s President Vucic cuts short US visit and returns home after falling ill

May 3, 2025

BELGRADE — Serbia’s President Aleksandar Vucic has cut short a visit to the United States and returned to Serbia after feeling sudden chest pain apparently caused by high blood pressure, doctors said on Saturday. Vucic, 55, suddenly fell ill during a meeting in the U.S. on Friday and decided to return home against the advice of U.S. doctors, said cardiologist Dragan Dincic, from Belgrade’s Military Hospital, where Vucic was treated upon arrival. Dincic said Vucic took additional therapy after the incident and was now in “stable and satisfactory condition.” Dincic added that Vucic won’t be hospitalized but “cannot be expected to return to his regular activities for several days.” Vucic was previously in Miami, Florida, where he had met with former New York City mayor Rudy Giuliani. Vucic had said he also was hoping to meet with U.S. President Donald Trump.

Researcher's Note - Serbian President Opts For Chinese Vaccine [sic] In TV Event For Skeptical Public

Link

SPAIN

‘Suffering’ tennis star, 28, announces sudden break from sport

April 17, 2025

Spanish tennis standout Sara Sorribes Tormo has decided to step back from the pro circuit indefinitely. At 28, with a pair of singles and six doubles victories to her credit, the world’s No. 85 player reveals she’s been “suffering” on the court lately. The heart-wrenching choice was disclosed by Sorribes Tormo through a touching social media post, where she acknowledged the possibility that she might never return to tennis – a decision made fresh off her latest doubles triumph in Bogota. Taking to her Instagram on Thursday morning, the athlete shared an earnest handwritten note, pouring out her struggles with ongoing distress during matches and a dwindling desire to play.

Researcher's Note - WTA sets a target of 85% vaccination [sic] with an incentive scheme

Link

JAPAN

Comedian Takaaki Ishibashi (The Tunnels) announces esophageal cancer diagnosis and temporary break from entertainment

April 2, 2025

Takaaki Ishibashi [63], comedian from the famous duo The Tunnels, shared an important message with his fans on his official Taka Channel. In the video, Ishibashi revealed that since last fall, he has been facing health challenges. Despite his efforts to continue working, his condition worsened in February, prompting him to undergo medical tests. Unfortunately, the diagnosis revealed that he has esophageal cancer. He expressed that the cancer was detected early, which was somewhat reassuring. However, he will need to undergo treatment and take time off from his career to focus on recovery. As a result, Ishibashi will be temporarily suspending all entertainment activities, including his beloved Taka Channel and other projects, until he regains his strength. He also expressed his hope to resume his concerts and other activities after fully recovering.

Link

AUSTRALIA

Beloved MasterChef star reveals secret cancer battle as they’re [sic] forced to exit the show days after season premiere

May 1, 2025

A beloved MasterChef star has been forced to leave the cooking program after being diagnosed with cancer. Pete Campbell, who came second in season 13 before returning to the Back to Win series, has exited the show after being diagnosed with Hodgkin lymphoma. As the show went to air on Wednesday night, Pete, 40, was notably absent among the group of contestants. Pete said the diagnosis came out of the blue because he had no symptoms other than swollen lymph nodes.

Link

‘Gone out of rhythm’: Port Adelaide star Ollie Wines subbed off with heart issue

April 20, 2025

A lingering heart concern has forced Port Adelaide midfielder Ollie Wines [30] to be subbed out of his side’s clash against the Sydney Swans. The 2021 Brownlow Medal winner only lasted a few minutes in the second term before he was forced off the field to monitor an irregular heart beat. Three-time premiership forward Alastair Lynch revealed Wines had noted a concern with team doctors before the start of the second quarter. “He was having long discussions with the doctors before going back on the field. Then he only lasted about one minute,” Lynch said in commentary for Fox Footy. “He’s been subbed out for his heart rhythm issues. It is no great concern but his heart has gone out of rhythm. Wines revealed last season that he had been diagnosed with a heart condition in 2022 after he was subbed out and hospitalised during the club’s loss to Melbourne. Wines underwent minor surgery during the off-season to address the irregularity issue, which he expected would “fix” the issue for good. But the issue has since flared up again with Rory Atkins called in as his replacement. “He self-diagnosed. He came off and said ‘my heart is doing a few silly things at the moment’.

Link

NEW ZEALAND

Blues loose forward Cameron Suafoa steps away from rugby after cancer surgery

May 3, 2025

Auckland – Blues loose forward Cameron Suafoa is stepping back from rugby after a recurrence of a rare form of cancer led to him having surgery last week. In a statement posted to his social media channels on Saturday night, the 27-year-old said: “In March this year, I got the news nobody wants to hear, that my sarcoma is back. This last week, I’ve undergone a massive surgery to resect [remove] another tumour and gained some metalware in the process. Rugby is once again on the back burner for me this year,” he added, saying he would continue backing the Blues and North Harbour, his province. Suafoa was first diagnosed with cancer in November 2023, when he was found to have a high-grade sarcoma of the connective tissue on his back.

Link

DR PAUL ALEXANDER

URGENT: Air Traffic Control Loses Radar at Newark Airport AGAIN today Friday! How come? What is happening in US aviation industry? I fly in and out of DC Reagan & it is scary now, many people are

scared as to safety on planes! This is where POTUS Trump must escalate his role & I see Sean Duffy Transportation Secretary out front & I applaud him on this! But it appears that the US airline

industry and not just ATCs but pilots, all staff involved, are not functioning optimally and it may be the equipment, it may be aged systems, it may be IT needs to be upgraded, it may be a host of issues, but I think one is the impact of the Malone Bourla Bancel et al. Pfizer mRNA vaccine on pilots, ATCs, stewardesses etc. Many are vaccine injured, and it is impacted reaction times, and overall health.

Thank you POTUS Trump for Duffy for it seems he is rising to the challenges, and we call on you to personally be on top of this. This needs acute focus especially as to military and other aircraft flying into restricted airspace in Washington Potamac. Elaine Chao, the former Secretary of Transportation under Trump first term, yesterday gave a good speech interview on the challenges the system faces, and it was eye-opening. Our ATC system and aviation industry needs an urgent complete overhaul as per Chao if what she shared was accurate. Frightening.

Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Upgrade to paid

‘Air Traffic Control lost radar for 90 seconds at Newark Airport on Friday.

According to the Federal Aviation Administration (FAA), there was a telecommunications outage at Newark Liberty International Airport.

“There was a telecommunications outage that impacted communications and radar display at Philadelphia TRACON Area C, which guides aircraft in and out of Newark Liberty International Airport airspace. The outage occurred around 3:55 a.m. on Friday, May 9, and lasted approximately 90 seconds,” the FAA said on Friday morning.’

___

You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.

Enter the Wellness Company as a solution and a willing participant in the health care conversation. From telemedicine, prescriptions, memberships, and supplements, TWC is leading America with alternative choices to the traditional health care model.

NEWS ADDICTS

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NEWS ADDICTS

EVOL NEWS

MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK

7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/

US-Sanctioned Zombie Tanker Exposes Dark Trade Between Tehran And Beijing

Friday, May 09, 2025 – 09:20 PM

Just over a week after Bloomberg exposed the rise of “zombie” or “phantom” oil tankers—cargo ships that hijack the identities of scrapped ships to evade U.S. sanctions—another clandestine maritime supply chain has emerged, this time revealing how Iranian crude continues flowing into China despite mounting pressure from the Trump administration. 

Bloomberg reports that a U.S.-sanctioned “zombie” tanker—Gather View, disguised as a scrapped vessel named Global—delivered 2 million barrels of Iranian oil to a government-run port in Shandong despite a provincial ban on sanctioned ships. Ship tracking data showed the zombie tanker’s port call occurred in late April. 

The clandestine maritime supply chain reveals an increasingly desperate Tehran and China’s “teapot” refiners, defying U.S. sanctions and allowing the Iranian oil trade to remain alive. 

In a separate report, Reuters reported that U.S. sanctions on two small Chinese teapots have created difficult operating conditions for those refineries.

President Trump has been seeking “maximum pressure” on Iran by disrupting Tehran’s crude export operations with sanctions over its nuclear program. 

In March, the U.S. sanctioned Shandong Shouguang Luqing Petrochemical and Shandong Shengxing Chemical in April.

Beijing has previously rejected unilateral sanctions and defends legitimate trade with Iran. China has become Iran’s largest crude buyer.

“Iran needs to be creative because the pace for them to find new tankers cannot really match the pace of US sanctions,” Muyu Xu, senior crude oil analyst at analytics firm Kpler in Singapore, told Bloomberg, adding, “So that’s why we’re seeing them come up with this tactic.”

Last month, Bloomberg identified zombie tankers hauling Venezuelan crude as these new tactics to operate dark fleet operations become more prevalent with foreign adversaries of the U.S. 

END

Republicans Push $1.3 Billion Bill To Refill The Strategic Petroleum Reserve

Monday, May 12, 2025 – 01:05 PM

Authored by Charles Kennedy via OilPrice.com,

• The proposed bill allocates $1.321 billion to refill the SPR and $218 million for maintenance and repairs.
• It aims to repeal the SPR drawdown mandate and redirect funds away from climate initiatives.
• The legislation responds to Trump’s promise to refill the reserve and criticizes Biden’s SPR releases.

U.S. House Republicans have introduced the Budget Reconciliation Bill, which will include funding to begin refilling the Strategic Petroleum Reserve (SPR)—a key promise of President Donald Trump.

The bill proposes $1.321 billion to acquire, by purchase, petroleum products for storage in the Strategic Petroleum Reserve, and another $218 million for maintenance of, including repairs to, storage facilities and related facilities.

The bill also repeals the SPR drawdown and sale mandate.

“The bill would also begin refilling the dangerously low Strategic Petroleum Reserve,” Congressman Brett Guthrie (KY-02), Chairman of the House Committee on Energy and Commerce, wrote in an op-ed published in the Wall Street Journal on Sunday.

Republican Congressman Guthrie also noted that “This bill would claw back money headed for green boondoggles through “environmental and climate justice block grants” and other spending mechanisms through the Environmental Protection Agency and Energy Department.”

The legislation would “reverse the most reckless parts of the engorged climate spending in the misnamed Inflation Reduction Act, returning $6.5 billion in unspent funds,” Guthrie added.

Earlier this year, President Donald Trump said the U.S. Administration would quickly fill up the Strategic Petroleum Reserve.

“They put it all out because they thought they could keep gasoline prices down a little bit, just go past the election, and after that, they didn’t care,” the President added, criticizing Joe Biden’s administration for failing to curb the hikes in gasoline prices.

The SPR needs to be refilled as the strategic reserve plays a critical role in stabilizing the U.S. market during global supply disruptions.

The Biden administration released more than 180 million barrels of oil from the SPR starting in 2021, amid high gasoline prices.

The Department of the Treasury claims that these releases, along with coordinated international efforts, helped reduce gasoline prices by up to 40 cents per gallon in 2022.

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE

INDIA

INDIA PAKISTAN

FRIDAY NIGHT

India-Pakistan Fighting Suddenly Escalates To Most Expansive In Decades

Friday, May 09, 2025 – 03:05 PM

Friday has seen the border conflict between India and Pakistan escalate once again, with The New York Times describing that it has escalated to the most expansive military clashes in decades. Entire large expanses of border zones are swarming with drones overhead – a first in the history of the long-running rivalry. 

“There were reports of nonstop barrages along the border overnight into Friday, as well as reports of attacks by Pakistan into the Indian city of Jammu, a part of Kashmir,” the Times report says, citing that drone attacks have been exchanged along India’s entire western border.

Pakistan has rejected Indian Army claims that all drone attacks into India have been intercepted. There’s been days of a ‘fog of war’ environment in which it’s been impossible for outside media to verify each claim and counter-claim.

NYT further observes:

India’s defense officials said Pakistan’s military had attempted aerial intrusions in 36 locations with “300 to 400” drones to test India’s air defense system. The officials said they had identified the drones as made in Turkey.

And more troop losses have been reported, after Pakistan claimed up to 50 Indian droops had died in the last day of fighting. Indian defense officials said their forces had suffered “some losses and injuries” last night, a Times  correspondent says Friday.

According to more, “Artillery in the disputed region of Kashmir has been ferocious, and dozens of civilians have been reported killed on both sides of the boundary.”

But despite several historic wars between the nuclear-armed rivals, what makes this week ‘new’ and unprecedented is the use of drones and loitering munitions, or ‘suicide’ UAVs. 

h

“Still, the escalation is not visible in the death toll” – in towns and villages along the Line of Control (LOC), NYT continues. “Relatively few people have been reported killed by those weapons since the first night of India’s offensive.”

The ongoing blackout in Indian-administered Kashmir has been accompanied by the constant sounds of shelling and overhead drones. “I’m at my workplace and can see red light and explosions in the sky,” one local eyewitness told Al Jazeera.

Blackout in Jammu and Kashmir’s Katra:

Al Jazeera’s latest reporting also strongly suggests rapid escalation, including alleged militants seeking to cross into India from Pakistani areas:

We’re also getting reports of a blackout in Jammu.

There have been fast-moving developments overnight, including India saying it has taken down several Pakistani drones and missiles and also stopped armed men trying to cross into the Indian side.

There have also been a lot of security developments in many cities, including the Indian capital, New Delhi, which is on high alert.

And CNN in a fresh update reports, “We can hear sirens and there is complete blackout. … We can hear the blasts intermittently for about 20 to 30 minutes now; my family and I are hunkered down at home.”

END

SATURDAY

Trump Says India And Pakistan Agreed To “Full & Immediate Ceasefire”

Saturday, May 10, 2025 – 08:40 AM

India and Pakistan, both nuclear-armed nations, appeared to be spiraling toward broader conflict on Saturday, setting the stage for another day of scary headlines that could trigger World War III. But just moments ago, President Trump announced on Truth Social that India and Pakistan have “agreed to a FULL AND IMMEDIATE CEASEFIRE.” 

“After a long night of talks mediated by the United States, I am pleased to announce that India and Pakistan have agreed to a FULL AND IMMEDIATE CEASEFIRE,” Trump said. 

The president continued, “Congratulations to both Countries on using Common Sense and Great Intelligence. Thank you for your attention to this matter!”

Trump’s announcement is a surprise, but it comes after US Secretary of State Marco Rubio began back-and-forth diplomacy to end the weeks-long confrontation between India and Pakistan. 

The Guardian provided more color on Rubio’s diplomatic mission: 

Rubio has been engaged in back-and-forth diplomacy between the two countries in recent days, calling for de-escalation as India and Pakistan have been engaged in daily clashes since Wednesday.

The US’s top diplomat “continued to urge both parties to find ways to de-escalate and offered US assistance in starting constructive talks to avoid future conflicts,” state department spokesperson Tammy Bruce said in a statement on Saturday.

About 25 minutes after Trump’s Truth Social post, Rubio wrote on X:

Over the past 48 hours, @VP Vance and I have engaged with senior Indian and Pakistani officials, including Prime Ministers Narendra Modi and Shehbaz Sharif, External Affairs Minister Subrahmanyam Jaishankar, Chief of Army Staff Asim Munir, and National Security Advisors Ajit Doval and Asim Malik.

I am pleased to announce the Governments of India and Pakistan have agreed to an immediate ceasefire and to start talks on a broad set of issues at a neutral site.

We commend Prime Ministers Modi and Sharif on their wisdom, prudence, and statesmanship in choosing the path of peace.

Earlier, G7 foreign ministers issued a joint statement calling for “immediate de-escalation” between the two countries. 

UK Foreign Secretary David Lammy and his counterparts in Canada, France, Germany, Italy, Japan, and the US urged “maximum restraint from both” countries. They cautioned that “further military escalation poses a serious threat to regional stability.”

“We call for immediate de-escalation and encourage both countries to engage in direct dialogue towards a peaceful outcome,” said the G7 foreign ministers.

X user Matt Van Swol wrote: “How many hats can Marco Rubio wear and still deliver incredible results???? This is absolutely amazing.” 

CANADA

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING

EURO/USA: 1.1095 DOWN 0.01474 PTS OR 147 BASIS POINTS

USA/ YEN 148.12 UP 2.806 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN OCT 2024/Bank of Japan raises rates by .15% to 1.15..UEDA ENDS HIKING RATES AND NOW CARRY TRADES RE INVENTS ITSELF//

GBP/USA 1.3159 DOWN .01289 OR 129 BASIS PTS

USA/CAN DOLLAR:  1.3982 UP 0.0058 (CDN DOLLAR DOWN 58 BASIS PTS)

 Last night Shanghai COMPOSITE UP 27.25 PTS OR 0.82%

 Hang Seng CLOSED UP 681.72 PTS OR 2.95%

AUSTRALIA CLOSED UP .05%

 // EUROPEAN BOURSE:    ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 681.22 PTS OR 2.95%

/SHANGHAI CLOSED DOWN UP 27.25 PTS OR 0.82%

AUSTRALIA BOURSE CLOSED UP 0.05%

(Nikkei (Japan) CLOSED UP 574.70 PTS OR .43%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 3218.20

silver:$32.22

USA dollar index early MONDAY  morning: 101.56 UP 1.40 BASIS POINTS FROM FRIDAY’s CLOSE.

MONDAY  MORNING NUMBERS ENDS

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And now your closing MONDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.165% UP 8 in basis point(s) yield

JAPANESE BOND YIELD: +1.449% UP 8 FULL POINTS AND 0/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.282 UP 6 in basis points yield

ITALIAN 10 YR BOND YIELD 3.665 UP 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.658 UP 9 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY MONDAY

Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.1078 DOWN .01044 OR 104 basis points

USA/Japan: 148.55 UP 3.26 OR YEN IS DOWN 326 BASIS PTS//

Great Britain 10 YR RATE 4.7065 DOWN 8 BASIS POINTS //

Canadian dollar DOWN .0090 OR 90 BASIS pts  to 1.4013

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The USA/Yuan CNY UP AT 7.2029,  CNY ON SHORE ..

THE USA/YUAN OFFSHORE UP TO 7.2010:

TURKISH LIRA:  38.76 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.449

Your closing 10 yr US bond yield UP 7 in basis points from FRIDAY at  4.449% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.874 UP 4 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 4.000 UP 2 BASIS PTS.

GOLD AT 11;00 AM 3224.00

SILVER AT 11;00: 32.42

Your  11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 11:00 AM//

London: CLOSED UP 50.18 PTS OR 0.59%

GERMAN DAX: CLOSED UP 67.22 pts or 0.29%

FRANCE: CLOSED UP 49.22 pts or 0.29%

Spain IBEX CLOSED UP 106.35 pts or 1.37 %

Italian MIB: CLOSED UP 101.20or 0.75%

WTI Oil price  62.27 11 EST/

Brent Oil:  65.18 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  80.50 ROUBLE UP 2 AND  27/ 100      

GERMAN 10 YR BOND YIELD; +2.658 UP 8 BASIS PTS.

UK 10 YR YIELD: 4.7065 UP 8 BASIS POINTS

CDN 10 YEAR RATE: 3.222 UP 2 BASIS PTS.

CDN 5 YEAR RATE: 2.820 UP 3 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1094 down 0.01480 OR 148 BASIS POINTS//

British Pound: 1.3183 DOWN .01065 OR 107 basis pts/

BRITISH 10 YR GILT BOND YIELD:  4.7065 UP 8 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.445

USA dollar vs Japanese Yen: 148.32 DOWN 3.03 BASIS PTS

USA dollar vs Canadian dollar: 1.3989 UP 0.0060 BASIS PTS CDN DOLLAR DOWN 60 BASIS PTS

West Texas intermediate oil: 61.78

Brent OIL:  64.75

USA 10 yr bond yield UP 8 BASIS pts to 4.453

USA 30 yr bond yield UP 4 PTS to 4.888%

USA 2 YR BOND: UP 11 PTS AT  3.994%

CDN 10 YR RATE 3.223 UP 4 BASIS PTS

CDN 5 YEAR RATE: 2.822 UP 6 BASIS PTS

USA dollar index: 101.58 UP 1.41 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 38.76 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  80.50 UP 2 0 AND  00/100 roubles

GOLD  $3237.80 (3:30 PM)

SILVER: 32.55(3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: UP 1160.72 OR 2.71%

NASDAQ 100 UP 8.06.70 PTS OR 4.20%

VOLATILITY INDEX: 18.60 DOWN 3.31 PTS OR 15.11%

GLD: $ 298.19 DOWN 8.65 PTS OR 2.82%

SLV/ $29.63 DOWN 0.17 PTS OR OR .57%

TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 162.08 OR 0.64%

end

TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS

1.CTAs Now Buyers In Every Scenario As Buybacks Accelerate And Bearish Funds Capitulate

2.Trump “Total Reset” Wrecks Recession Narrative, Sends Nasdaq Into Bull Market

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Groundhog Day

kevin w.

Hey Harvey with days like today, I find that if I can’t put things down in pen and into perspective something has changed. So unless I am missing something nothing has changed that I can see. I hope people much smarter than me in your world see it the same 

Trump in 2017 put on a 20% tariff on China. It never went away. It was mostly due to China not agreeing to his demand that trade secrets for US companies producing in China were to remain proprietary. Nothing has changed there and it won’t. It also had to do with allowing western financial cabal more control in China. Never will that happen.

And trade deficit with China has only gotten worse. 

Trump after getting confirmed began promoting how tariffs are good for America, will bring in tremendous revenue, bring back manufacturing no one believed the would follow through because anyone with a brain knows what tariff wars do to world trade and economic activity. So Trump placed an additional 125% tariff on China and additional tariffs on Japan, EU, everyone. China announces reciprocal tariffs of 125%. All along the US does not announce any government tax credits, subsidies, spending to build back manufacturing in US except for AI. Then as yen carry trade falls apart due to both rising yen and narrowing spreads on US and JP 10 yr, markets begin tantrum and Trump gives a 90 day pause on everyone but China. China embargoes key minerals from US. Those minerals are still embargoed. US attempts to cut Iran oil off hurting China. That attempt is still ongoing with US Iran not reaching agreements on any key items. US exports of ethane into China with China’s 125% reciprocal tariff threaten plastic industry in China. So US and China agree to hiatus of 125% tariffs for 90 days instead applying an additional 10% which brings US tariffs on China to 30% and China tariffs on US to 10%. 

How does that help US bring back manufacturing? Where is government help to US manufacturing industry? How will that reduce trade deficit with China?

How does this US China move affect the rest of the world? Do you think the rest of the world will see worse than 10% US tariffs? Probably not. Anything more would give China a leg up on its own competitors. 

So all this ends up is a 10% tariff on probably most of the world at least for 90 days through about August 11. Just about in time for the US to run out of money without eliminating or raising debt limit. Which they will do before that occurs.

So can Federal Funds rate now be lowered because Powell sees just a small tariff and supply driven inflation from that?  Can Trump beat the drum for lower rates when US 10 yr yield is moving higher and now exceeds the FF rate. Can the dollar stay strong when JP10 yr. yield is increasing more in basis points than US 10 year. Does that bode well for US carry trade in a weaponized dollar. Does that bode well for foreign institutions to dive into UST at a time when $9.2T in rollover of US debt is occurring along with new Treasury borrowings and spending is needed to keep US from recession. https://finbold.com/9-trillion-of-us-debt-will-mature-in-2025-should-investors-be-worried/

Unless US gives Russia back its $350B or US banking laws are changed to allow more leverage on their government debt holdings, the only game in town to refinance this huge amount  representing 25% of its outstanding US debt equivalent to 31% of US GDP is the Fed monetizing the debt and an ugly disintermediation of stocks into bonds. Will these US laws be changed before Basel 3 that requires more capital goes into effect July 1.  No. Is there still an enormous amount due to refinance and borrow new before July 1 and through end of year? Yes. 

Will the dollar still be weaponized? Yes. Will BRICS + continue to offer trade in local currencies to its members and non-members? Yes?  How will that look for US debt as an investment held on the books of unhedged foreign institutions? Are they still running for the door and buying back their own currencies and gold. Yes.

 And yet today after the bait and switch we still have a National Security in effect. Why?

 Could be our military still can’t get its embargoed Chinese minerals needed to build missiles? Does that sound like a win for US? Does it lead to peace in financial markets and trust in dollar with China?  Does that quell future increases in US tariffs? No.

Interesting that The White House on April 2 issued a fact sheet as in link below. The last bullet point in that memorandum is shown below. Who believes that? I guess the same people that will buy Trump’s American Bitcoin. 

The White House

April 2, 2025

• “A 2024 economic analysis found that a global tariff of 10% would grow the economy by $728 billion, create 2.8 million jobs, and increase real household incomes by 5.7%.”

https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/

MORNING BIG NEWS

U.S., China Reach Agreement To Lower Tariffs In 90-Day Cool-Off Period

by Tyler Durden

Monday, May 12, 2025 – 09:58 AM

Update (0958ET):

During a Monday morning press conference, President Trump told reporters that trade negotiations have led to a “total reset” in U.S.-China relations. He added that he may speak with President Xi Jinping later this week.

More headlines from Trump’s press conference (courtesy of Bloomberg):

• TRUMP: Total Reset With China
• TRUMP: No Decoupling With China
• TRUMP: Doesn’t Include Cars, Steel, Aluminum
• TRUMP: Will Speak to Xi Maybe at End of Week
• TRUMP: China Deal ‘Not the Easiest Thing to Paper’

*   *   * 

Update (0812ET):

U.S. Treasury Secretary Scott Bessent appeared on Bloomberg TV to discuss the newly announced 90-day suspension of most tariffs between the United States and China.

Below is a summary of key takeaways from the interview, as reported by Bloomberg:

• BESSENT: BOTH SIDES AGREE WE DON’T WANT GENERALIZED DECOUPLING
• BESSENT: PHASE ONE TRADE DEAL WITH CHINA OFFERED A TEMPLATE
• BESSENT: WILL SEE WHERE THE FINAL CHINA RECIPROCAL TARIFF ENDS
• BESSENT: CURRENT TARIFF LEVEL FOR CHINA IS A ‘FLOOR’
• BESSENT: APRIL 2 LEVEL WOULD BE A CEILING FOR CHINA
• BESSENT: NOW HAVE A PROCESS IN PLACE TO AVOID CHINA ESCALATION
• BESSENT: IMPLAUSIBLE TARIFFS ON CHINA GO BELOW 10%
• BESSENT: WANT TO SEE CHINA BOOST CONSUMPTION, OPEN THEIR MARKET
• BESSENT: CHINA MET PHASE-ONE OBLIGATIONS UNTIL BIDEN NEGLECT
• BESSENT: ESCALATORY TARIFFS WERE LIKE US–CHINA EMBARGO
• BESSENT: CAN ALWAYS GO BACK TO APRIL 2 LEVEL FOR CHINA TARIFFS
• BESSENT: SEE PHONE CALL BEFORE MEETING FOR TRUMP AND XI
• BESSENT: IF CHINA ACTS, PERHAPS FENTANYL TARIFF COULD COME DOWN
• BESSENT: NOT PUSHING FOR DEATH PENALTY ON FENTANYL PRODUCTION

*   *   * 

China and the U.S. moved to ease trade tensions early Monday, agreeing to a temporary 90-day reduction in reciprocal tariffs on each other’s goods, according to a joint statement released by both governments on X. The accord, viewed as a breakthrough in a multi-month trade war between the world’s two largest economies, helped spark a rally in global markets: S&P 500 futures rose 3%, while Nasdaq futures gained 4%. European markets also advanced, and the U.S. dollar strengthened. U.S. government bonds sold as investors rotated back into equities and other risk-sensitive assets. 

The joint statement said that the U.S. will reduce levies on most Chinese imports from 145% to 30% by Wednesday. 

Here’s a summary of the U.S. actions:

The United States will remove the additional tariffs it imposed on China on April 8 and April 9, 2025, but will retain all duties imposed on China prior to April 2, 2025, including Section 301 tariffs, Section 232 tariffs, tariffs imposed in response to the fentanyl national emergency invoked pursuant to the International Emergency Economic Powers Act, and Most Favored Nation tariffs.

• The United States will suspend its 34% reciprocal tariff imposed on April 2, 2025 for 90 days, but retain a 10% tariff during the period of the pause.
• The 10% tariff continues to set a fair baseline that encourages domestic production, strengthens our supply chains and ensures that American trade policy supports American workers first, instead of undercutting them.
• By imposing reciprocal tariffs, President Trump is ensuring our trade policy works for the American economy, addresses our national emergency brought on by our growing and persistent trade deficit, and levels the playing field for American workers and producers.
• Unlike previous administrations, President Trump took a tough, uncompromising stance on China to protect American interests and stop unfair trade practices.

The breakthrough in the talks also led to China reducing its 125% tariff on U.S. goods to 10%. 

Here’s a summary of the Chinese actions:

China will remove the retaliatory tariffs it announced since April 4, 2025, and will also suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.

• China will also suspend its initial 34% tariff on the United States it announced on April 4, 2025 for 90 days, but will retain a 10% tariff during the period of the pause.

The joint statement indicated that Monday’s agreement would pave the way for further negotiations between senior officials. On the U.S. side, talks are being led by Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, while Vice Premier He Lifeng will represent China… 

After taking the aforementioned actions, the Parties will establish a mechanism to continue discussions about economic and trade relations. The representative from the Chinese side for these discussions will be He Lifeng, Vice Premier of the State Council, and the representatives from the U.S. side will be Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative. These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues.

The White House wrote on X that these trade talks will address America’s trade imbalances:

• The U.S. goods trade deficit with China was $295.4 billion in 2024—the largest with any trading partner.
• Today’s agreement works toward addressing these imbalances to deliver real, lasting benefits to American workers, famers, and businesses.

The talks also addressed the ongoing fentanyl crisis.

• The United States and China will take aggressive actions to stem the flow of fentanyl and other precursors from China to illicit drug producers in North America.

Shortly after the joint statement was released, Bessent, who led the American delegation at the talks, told reporters in Geneva that both sides have “substantially moved down the tariff levels” and “neither side wants a decoupling.” 

“We had a very robust and productive discussion on steps forward on fentanyl,” Bessent added, pointing out that those talks might lead to “purchasing agreements” by China.

.com/RapidResponse47/status/1921864745155543214?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1921864745155543214%7

Commenting on markets, Benedicte Lowe, an equity and derivatives strategist at BNP Paribas Markets 360, told Bloomberg TV that “deescalation was much better than expected by the market” and “for the next couple of days I would expect a bullish environment in the global equity market.”

Last week, President Trump floated the “80% Tariff on China seems right!” trial balloon on Truth Social, noting that the final decision rests with Bessent.

“In our view, equity markets are returning to where they would have moved to if Liberation Day had not happened and Trump had just applied the 10% universal tariff,” said Roberto Scholtes, head of strategy at Singular Bank. 

Scholtes noted, “Corporate fundamentals are healthy, first quarter results have substantially surprised on the upside, and there’s plenty of cash to be invested.”

“This deescalation is much more positive than anticipated (GSe: 54% U.S. on China tariffs and 34% China on U.S. tariffs) and the market is reacting as such. We are seeing a clear reversal in short USD positions as U.S. recession risks reduce (GSe was 45%!) and risk-on sentiment rises. DXY rallied over 1%, S&P futures surged 3%, 10y UST rose to 4.43%, gold tumbled ~3%,” Goldman analyst Yichin Tsai told clients. 

S&P 500 futures are up 3%, and Nasdaq futures are up 4%. European stocks are in the green. 

The move toward lower tariffs and easing trade tensions between the world’s two largest economies follows Sunday’s negotiations, during which both sides reported making “substantial progress.”

END

China’s Keynesian Model Is Crumbling. It Needs a Trade Deal, Fast…

Monday, May 12, 2025 – 09:45 AM

Authored by Daniel Lacalle,

In the past decade, the Chinese economy has expanded its central-planned neo-Keynesian model that simply cannot survive without a trade deal. The Chinese manufacturing sector has followed a running-to-stand-still strategy that simply cannot subsist without the enormous trade surplus with the United States.

The Chinese manufacturing sector overcapacity is not an anecdote. It is the norm. China produces 30% of the world’s manufacturing goods but consumes less than 18%, according to CKGSB. Additionally, China’s industrial capacity utilization rate fell to 74.1% in the first quarter of 2025.

China’s Keynesian central planning model aims to maximise employment and maintain strong economic growth, despite financial constraints and excessive indebtedness. Thus, it needs to sell its excess production to avoid a massive problem of working capital. Even the government has recognised the problem in a roundabout way, noting that “involution”-style competition (wasteful competition) is a major focus for the 2025 economic policy, and steps are being taken to reduce unnecessary investments and control growth in some industries. However, overcapacity in China is not a fatality; it was created by political design, with local and national authorities trying to boost GDP at any cost.

The model is aimed at keeping full employment and economic growth even with economic returns below the cost of capital, and it almost works if the excess capacity can be sold globally, receiving reserve currency and maintaining low costs by passing the working capital cost to global consumers and maintaining low production expenditure with currency controls and exchange rate fixing. However, the combination of rising debt, a constantly weakening currency, and the escalating bankruptcy and working capital issues could potentially bring this model to a collapse, even in the absence of an official recession.

China has learnt that it cannot endure a trade war and cannot substitute the US consumer, the richest and largest market, with European or Latin American consumers. Therefore, it needs a trade deal quickly before the domino of bankruptcies that has plagued the Chinese economy since 2021 erupts into a full-blown financial crisis.

China is officially in deflation for the third consecutive month in April. Business insolvencies are projected to increase by 7% in 2025 and by 10% in 2026, according to Allianz, even as the government implements additional fiscal stimulus.

Small and medium-sized enterprises, particularly exporters, are facing mounting bankruptcies due to declining cash flow and the elimination of US tariff exemptions. Job losses are rising in export-dependent regions, and the urban unemployment rate is expected to average 5.7% in 2025, above the official target, according to CNBC.

The official NBS Manufacturing PMI fell sharply to 49.0 in April 2025, the steepest decline since December 2023, reflecting a drop in output, new orders, and employment, with foreign orders shrinking to their lowest in at least eleven months.

The collapse of the real estate sector, which once accounted for up to 30% of GDP, has weakened banks, reduced household wealth, and led to a negative wealth effect, further depressing consumption and credit demand.

China’s economic strengths are well known, but the weaknesses are too important to ignore. The situation serves as a reminder that central planning never works. Everything that is weak in China comes from previous years of government policies aimed at boosting economic growth by building stuff and hoping it would sell at some point. Furthermore, rising bankruptcies, an imploding property market, and mounting local government debt strain the financial system just as non-performing loans from the Belt and Road Initiative (BRI) soar. Several BRI countries have defaulted on their debts or required IMF bailouts, including Sri Lanka, Zambia, Ghana, and Pakistan, while the BRI generated $385 billion in off-the-books debt.

Keynesian policies always lead to high debt and stagnation. However, when combined with a centralised planning system, a closed financial system, and capital controls, Keynesian policies create a dangerous mix of overcapacity, poverty, and economic slack. China can only begin to address its enormous working capital problem through a quick and successful trade deal with the United States. It will benefit China enormously if the government opens its economy, lifts capital controls, and allows the private sector to breathe. An implosion of the overcapacity problem hidden from the media, offset by even more central planning and stimulus spending, is only going to weaken China in the long run.

END

AFTERNOON NEWS:

IT BEGINS!!

Trump Rallies GOP To Back ‘Big, Beautiful Bill’ As House Releases 389-Page Text

by Tyler Durden

Monday, May 12, 2025 – 03:00 PM

President Donald Trump on Monday called on congressional Republicans to unify behind what he hailed as his “ONE, BIG, BEAUTIFUL BILL,” a sweeping legislative package that merges tax cuts, immigration reforms, and a raft of domestic priorities into a single reconciliation measure.

“This week the Republicans are meeting in the Tax, Energy, and Agriculture Committees on major pieces of ‘THE ONE, BIG, BEAUTIFUL BILL,'” Mr. Trump wrote on his Truth Social platform, urging lawmakers to stand behind House committee chairs Jason Smith of Ways and Means, Brett Guthrie of Energy and Commerce, and Glenn “GT” Thompson of Agriculture. “We must WIN! But now, with the tremendous Drug and Pharmaceutical Cuts, plus massive incoming Tariff Money, our ‘GREAT, BIG, BEAUTIFUL BILL’ just got much BIGGER and BETTER. The Golden Age of America will soon be upon us.”

The comments, made just before Mr. Trump’s planned trip to Saudi Arabia, Qatar, and the United Arab Emirates, came as his administration unveiled an executive action to lower pharmaceutical drug prices by up to 90% under a new “Most Favored Nations” pricing policy. He also lashed out at Democrats, accusing them of trying to “DESTROY our Country” by offering amendments to the bill prior to his press conference.

“When I return from the Middle East, where great things will happen for America, we will work together on any and all outstanding issues,” Mr. Trump added. “But there shouldn’t be many — The Bill is GREAT.”

Despite the urgency in his messaging, progress on Capitol Hill has been slow. Lawmakers have sent just five bills to Mr. Trump’s desk this Congress. Still, Speaker Mike Johnson is aiming to change that, setting a Memorial Day deadline to pass the reconciliation package through the House. GOP leadership hopes to finalize the bill by July 4 — a timeline that coincides with Treasury Secretary Scott Bessent’s request for a debt-limit increase included in the package.

GOP Draft Released

On Monday, the house GOP released a draft of the bill (full text below)- which confirms several core policy pillars previously signaled by leadership. Among the most consequential is a 5% remittance tax on international money transfers, designed to fund border security, which includes a new refundable credit for verified U.S. senders and strict compliance rules.

In a significant rollback of Biden-era environmental policy, the bill would terminate or phase out numerous clean energy tax credits, including for residential solar, new energy-efficient homes, and hydrogen production, with sharp limits on components sourced from “prohibited foreign entities”—primarily targeting Chinese supply chains.

The legislation also introduces a new federal income tax deduction for qualified tips and overtime compensation through 2028, aimed at working-class earners. However, these benefits explicitly exclude high earners, service-sector owners, and nontraditional tipping industries, and require both the employee and spouse to have Social Security numbers to qualify—adding a compliance hurdle that could reignite partisan fights over ID requirements.

Beyond those provisions, the bill extends provisions from the 2017 Trump tax law, including the higher estate and gift tax exemptions and the limitation on the deduction of state and local taxes (SALT), with a modified $30,000 cap for individuals that phases down for high earners. This could fuel renewed conflict with blue-state Republicans still pushing for full repeal.

The bill further includes a new cap on the tax benefit of itemized deductions, revives limitations on casualty loss and moving expense deductions, and eliminates miscellaneous itemized deductions altogether—provisions likely to draw sharp resistance from Democrats, particularly those representing high-cost-of-living states.

Other notable points:

• A tax break on overtime through 2028
• Raises the debt limit by $4 trillion
• Creates tax-exempt “MAGA” savings accounts for kids
• Does not include the new millionaire tax bracket
• Limits, or terminates, the tax benefit of itemized deductions
• Requires a certificate to claim the Earned Income Tax Credit (EITC), and imposes penalties for fraudulent misstatements
• Terminates the IRS’s direct file program
• Terminates tax-exempt status for any organization that supports terrorist organizations
• Increases penalties for unauthorized disclosure of taxpayer information to $250,000 or 10 years imprisonment
• Permanently extends the expanded child tax credit and requires social security numbers to claim it.
• Permanently increases the qualified business income deduction from 20% to 23%.
• Permanently limits the deduction of gambling losses to the extent of winnings

Key Committees Begin Markups Amid Policy Flashpoints

Meanwhile, three powerful House panels – Ways and Means, Energy and Commerce, and Agriculture – are scheduled to mark up their portions of the bill this week. House Budget is expected to consolidate the legislation ahead of its presentation to the Rules Committee for a floor vote next week, according to Punchbowl News.

Ways and Means released the initial tax draft Friday, with a more comprehensive version expected later Monday. The package proposes new taxes on university endowments and a controversial remittance tax on international money transfers, aimed at funding border enforcement. Republicans have opted not to pursue a new tax bracket for the ultra-wealthy despite Trump’s earlier suggestions.

Significant modifications to clean energy credits from the Inflation Reduction Act are also included. The bill proposes repealing electric vehicle tax credits by year’s end, phasing out others over time, and adding sourcing requirements that effectively exclude Chinese components. Transferability of credits would also be curtailed.

Health Care Cuts and AI Preemption Spark Backlash

The Energy and Commerce Committee released its bill late Sunday, drawing ire from both the right and the center. The lack of changes to Medicaid’s FMAP formula and the absence of per capita caps angered conservatives, while moderates remained cautious.

A Congressional Budget Office analysis released by Democrats estimated that the bill’s health provisions would reduce federal spending by $715 billion over a decade but leave 13.7 million more Americans uninsured. Representative Frank Pallone Jr. (D-N.J.) called the proposal “catastrophic.”

The bill also proposes a 10-year moratorium on most state-level regulations targeting artificial intelligence, a potential boon for tech companies but a likely flashpoint under the Senate’s Byrd Rule. Additionally, the bill tasks the Commerce Department and FCC with identifying 600 MHz of spectrum for auction while shielding certain defense-related frequencies from commercial use.

SALT Showdown Threatens GOP Unity

Speaker Johnson faces a crucial test Monday morning as he meets with blue-state Republicans and the Ways and Means Committee over the state and local tax (SALT) deduction cap. Lawmakers including Representatives Elise Stefanik, Mike Lawler, Nick LaLota, Andrew Garbarino, and Young Kim have rejected a proposed $30,000 cap, citing political peril in their districts – which is in the draft released today.

Ms. Stefanik, who opposed the 2017 tax law over the SALT cap, has a fraught relationship with Johnson. Mr. Lawler is reportedly weighing a gubernatorial bid and represents a swing district. Mr. Garbarino has warned publicly that a weak SALT deal could cost him reelection. Mr. LaLota has been under pressure over Medicaid cuts, while Ms. Kim has staked her brand on delivering relief for California homeowners.

If no action is taken, the existing SALT cap will expire in January, potentially increasing pressure on lawmakers – and giving holdouts leverage.

Some Republican leaders believe the SALT debate could derail the entire reconciliation effort unless Johnson can peel off enough support from within the dissenting group.

SNAP Overhaul in the Agriculture Bill

Tuesday evening, the Agriculture Committee is set to mark up its section of the bill, including proposed cost-shifting of the Supplemental Nutrition Assistance Program (SNAP) to states. The package also incorporates key provisions of the bipartisan farm bill, repackaged to meet reconciliation rules. Moderates such as Representative Don Bacon (R-Neb.) have signaled support after early hesitation.

House Republicans are wagering heavily on the success of this legislative push, seeking to widen and extend provisions from Mr. Trump’s 2017 tax law while slashing major components of the social safety net. With only eight legislative days left before the recess and no guarantee the Senate will follow suit, GOP leaders face a politically fraught balancing act.

USA DATA

USA ECONOMIC NEWS

Trump Targets Big Pharma: Slashes Drug Prices With ‘Most Favored Nation’ Rule, Aims To Cut Out Middlemen

Monday, May 12, 2025 – 10:47 AM

Update (1122ET):

Executive order signed. 

Update (1047ET):

President Trump will sign an executive order to reduce prescription drug prices. He said the “most favored nation” policy would tie the prices the U.S. government pays for certain medications to lower rates charged in other developed countries.

The president pledged to eliminate middlemen from the drug supply chain to make pricing more transparent and direct for consumers. Additionally, the president said select medications would be imported to help drive prices down further.

Trump warned that, if necessary, his administration would launch investigations into pharmaceutical companies, vowing to confront the pharmaceutical industrial complex and powerful pharma lobby groups.

The order is set to be a major hit to the pharmaceutical industry and … 

Global pharmaceutical stocks came under pressure in Asia and Europe ahead of President Trump’s press conference. However, about an hour into his remarks, the SPDR S&P Biotech ETF (XBI) was up 2.5%. Despite the rebound, the XBI remains down 15% year-to-date.

*   *   * 

Update (0935ET):

President Trump and Health Secretary Robert F. Kennedy Jr. are expected to give a press conference about lowering drug prices via an executive order. 

Ahead of the conference, Trump wrote on Truth Social:

DRUG PRICES TO BE CUT BY 59%, PLUS! Gasoline, Energy, Groceries, and all other costs, DOWN. NO INFLATION!!! LOVE, DJT

Live coverage provided courtesy of Right Side Broadcasting Network.

*   *   * 

Update (0755ET):

Pharmaceutical stocks slid globally Monday after President Trump said he would sign an executive order to slash U.S. prescription drug prices by 30% to 80%, aligning them more closely with international prices. The move, unveiled on Sunday on Truth Social, is seen by investors as a direct threat to profitability, raising concerns over pricing power and future earnings growth.

European drugmakers, including AstraZeneca, Roche Holding, and Novo Nordisk, missed out on the global equity rally sparked by trade optimism this morning. All three European pharma stocks were down between 3% and 4%. In Asia, the pharmaceuticals subgroup in Japan’s Topix Index recorded its largest daily decline since August. In premarket trading in New York, Bristol-Myers Squibb, Eli Lilly, Pfizer, and Merck were down between 2% and 3%. 

Bank Vontobel analyst Stefan Schneider wrote in a note, “This has the potential to be very negative for the industry.” He said the order will probably target Medicare, Medicaid, and hospitals. 

Goldman analyst James Quigley and others provided clients with more color on Trump’s incoming order this morning and what it means for European pharma stocks:

Last night on the social media platform Truth Social, President Trump confirmed that the administration intends to pursue the Most Favored Nation (MFN) Model for drug pricing, which calls for reducing U.S. drug prices to be more in line with international prices. Details of how this will be administered and specifically to which channels (i.e. Medicare Part B & D, Medicaid) will be disclosed in an Executive Order at 9am ET/2pm UK.

As a broad sensitivity analysis, for illustrative purposes if we assume a 10% reduction in U.S. Medicare Part B and Part D and Medicaid prices, this implies an average -2% impact on revenues across our EU Large cap coverage (assuming a 4-year phase in) and a -6% impact on our DCF valuations, all else equal. Exposure across Medicare Part B & Part D and Medicaid is fairly balanced across the industry, with Argenx, Astra, Novo and Novartis having the highest exposure (50% for ARGX and 45% of U.S. sales for the others) and Sanofi the lowest exposure (20% of U.S. sales) across these channels. On a channel specific basis, we estimate Argenx and Roche have the largest Medicare Part B exposure vs. Novo, Astra and Novartis with the highest Medicare Part D exposure. At the company level, our broad sensitivity analysis, all else equal and without assuming any costs savings offset, suggests GSK could be most exposed from a DCF standpoint followed by Roche/Argenx.

We note that EU Large Pharma has underperformed the wider market in Europe by -6%/-17% YTD and since the U.S. election on November 5, 2024, and now trades around 11.4x (11.4x ex-Novo) one year forward P/E, which is an 20% discount vs. the 10-year average multiple of 14.2x (13.5x ex-Novo, c.16% discount ex-Novo). Given this (and acknowledging other sector level concerns and FX), we believe the market is already pricing in some risk of U.S. price reform, but we would expect this to weigh on the multiple until the impact is fully digested in earnings estimates.

Quigley pointed out the EU pharma stocks with the highest exposure in the U.S. market. 

Evan Seigerman, head of health-care research at BMO Capital Markets, told clients that Trump’s plan likely only affects the drugs up for price negotiations under the Inflation Reduction Act.

“Importantly, the government has no power to set prices in the commercial market,” Seigerman noted, adding that any effort beyond the executive order could face pushback from House Republicans, limiting the scope of potential legislation.

Trump wrote on Truth Social that he will be signing the order at 0900 ET. 

*   *   * 

President Donald Trump announced late on May 11 that he would sign an executive order which would reduce prescription drug prices in the US by 30% to 80% “almost immediately” while also raising drug prices “rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!”

To achieve that, Trump would institute what he called a most-favored nation policy “whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World.” Healthcare costs in the US “will be reduced by numbers never even thought of before,” he said.

Trump’s Truth Social post, which was preceded by an earlier one that promised as one of “most important and impactful” statements he has ever issued, didn’t detail how the order would work. 

He also didn’t specify potential limits on the policy, such as whether it would apply only to government programs such as Medicare or Medicaid, if it would be limited to certain drugs or categories of drugs or if the White House sees a way to apply this more broadly.

Asian pharmaceutical companies fell in early Monday trading. Japanese drugmaker Chugai Pharmaceutical Co. dropped as much as 7.2%, the most in a month, with peers Daiichi Sankyo and Takeda Pharmaceuticals losing around 5%. In South Korea, SK Biopharmaceuticals Co., Celltrion Inc. and Samsung Biologics Co. all fell over 3%.

Americans pay the most in the world for medicines, fueling innovation and driving the growth of the pharmaceutical industry. Drugmakers have said revamping the system will slash revenue and stifle the development of breakthrough therapies that have the potential to lengthen and improve lives.

Trump cited the industry’s argument, but said it meant that “the ‘suckers’ of America” ended up bearing those costs “for no reason whatsoever.”

As Bloomberg notes, the US government already negotiates prices for some of the highest-cost medicines used in Medicare health insurance under the Inflation Reduction Act, which passed in 2022 under former President Joe Biden, with more slated to be added every year. The first two rounds of drug price negotiations haven’t included physician-administered drugs, but the next round might.

Billionaire hedge fund manager Bill Ackman suggested Trump might have been inspired by an idea he floated on X in March, when he said the best way to reduce US drug prices “is to make it illegal for drug companies to sell the same drugs abroad for lower prices than they sell them for here.”

VICTOR DAVIS HANSON

USA/ANTISEMITISM//HAMAS// REPORT

KING NEWS

SWAMP STORIES FOR YOU TONIGHT

DOGE Announces Deactivation of 500,000 Federal Credit Cards

Saturday, May 10, 2025 – 04:20 PM

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

The Department of Government Efficiency (DOGE) said on May 7 that it has canceled about half a million “unneeded” credit cards used by federal agencies.

In a post on social media platform X, DOGE wrote that over the past 10 weeks, its program to audit “unused” or “unneeded” credit cards has been expanded to 32 federal agencies.

DOGE, led by tech billionaire and Trump administration adviser Elon Musk, said that more than 500,000 agency credit cards were deactivated in that time period, out of roughly 4.6 million active cards and accounts used by the government.

“So, still more work to do,” the organization wrote in the post, which included a screenshot of a spreadsheet showing the canceled agency cards.

The spreadsheet showing what cards were canceled included ones used by the Office of Personnel Management, General Services Administration, Labor Department, Small Business Association, Treasury Department, Commerce Department, Interior Department, Education Department, Environmental Protection Agency, Housing and Urban Development Department, Defense Department, Health and Human Services Department, State Department, and others.

The May 7 statement means that DOGE has canceled another 30,000 credit cards used by agencies since mid-April, when it provided the last update on the effort.

At the time, Musk reposted DOGE’s comment and claimed that “twice as many credit cards are issued and active than the total number of government employees.”

DOGE’s website says that it has saved about $165 billion, or $1,000 per taxpayer, since it was established through an executive order issued by President Donald Trump in January.

Days before that, top congressional Democrats alleged that DOGE, the Trump administration, and Musk were holding up some $430 billion in funds that they said were appropriated by Congress.

Trump’s drive to downsize and reshape the federal government has already led to the dismantling of entire agencies, such as the U.S. Agency for International Development and the Consumer Financial Protection Bureau.

DOGE has been a major part of that effort, and the White House has said it is responsible for tackling what it calls fraud, waste, and abuse in the federal government, while streamlining operations.

The government overhaul has led to numerous lawsuits seeking to block the Trump administration and DOGE from proceeding with some of the planned dismissals and other activities.

Musk’s government tenure is nearing its end. As a special government employee, the Tesla CEO is allowed only 130 days to work before he must depart.

Musk told Tesla investors last week that he would be stepping away from DOGE and the Trump administration in May. However, he said he would still be involved in some capacity to ensure that DOGE’s cuts remain intact. In its quarterly report released on April 23, Tesla posted lower-than-anticipated profits due to a variety of factors.

Musk told Trump at a Cabinet meeting on April 30 that it had been “an honor“ to work with his ”incredible Cabinet” and with Trump himself.

“A tremendous amount has been accomplished in the first 100 days,” Musk said. “As everyone has said, it’s more than has been accomplished in any administration before. Ever. So this portends very well for what happens, for the rest of the administration.”

Reuters contributed to this report.

GREG HUNTER INTERVIEWING LARRY KLAYMAN

America is Under Siege – 233 Federal Cases Against Trump – Larry Klayman

By Greg Hunter On May 11, 2025 In Political AnalysisNo Comments

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Renowned attorney Larry Klayman predicted on USAWatchdog.com that there would be full-blown, legal civil war happening in the court system.  He also predicted that violence from the “rabid left” would not only increase but explode.  Klayman, founder of Judicial Watch and now Freedom Watch USA, says there are now more than 233 federal court cases trying to stop or delay President Trump and his Administration.  Klayman is here to update us on what is going on with the struggle America is having with the Deep State trying desperately to hold on to power.  Let’s start with Joe Biden’s appearance last week on ABC’s “The View,” where he looked confused and incompetent.  Can all of Biden’s last-minute pardons of criminals and J6 members who destroyed evidence be enforced or are they null and void as President Trump has declared?  Klayman says, “They are null and void and so is every other thing that was allegedly signed by him (Biden).  He couldn’t even remember what he signed. . . . This is more than a scandal.  It’s the worst scandal ever.  Let me tell you something, Biden has not been abused as an elderly person.  He abused the American people, and it’s much more than abuse.  Biden committed treason.”

What about suspending “habeas corpus” as President Trump is thinking about doing to more quickly deport millions of illegal aliens?  Klayman says, “He can do that in dire times, times of war.  We are, in effect, in a war.  We had drug traffickers, human traffickers, sex traffickers and terrorists running across our border in mass, over 10 million in the Biden Administration alone and many before that.  So, yes, it’s a war-time situation, and he (President Trump) can suspend it. . . .Just get them the heck out of here.  They are here illegally.  They have no right to be here.  The President should just ignore these edicts by these San Francisco judges and other judges . . . and do what he needs to do, and they can’t do anything.  You know the judiciary has no ability to enforce any ruling.  It’s only the Executive Branch, President Trump’s branch that he sit’s over, can enforce the rule of law.  This President has been sued thus far . . . in places like San Francisco, Chicago, Boston, Seattle, Portland and other places where they know they are going to get a Leftist judge.  Federal judges are supposed to be assigned randomly.  It’s like Wheel of Fortune, but that really does not happen. . . . They actually steer these cases. . . . We need to prosecute these judges and set up the Department of Judicial and Legal Accountability and work with President Trump.  I hope he will appoint me to head that with others that will come on board because we need some strong leadership right now because he’s sinking.  He (Trump) has been enjoined 70% to 80% of the time in every Executive Order that he has issued.  This last one said Trump has no control over his departments anymore.  There was a temporary restraining order that says you can’t cut workforce; you can’t do anything.”

Why all the attacks on President Trump?  Klayman says, “They are attacking him because they hate him. . . . they are attacking him, and it’s all orchestrated.  Washington is one giant, excuse the French, circle jerk.  It’s a club.”

Larry Klayman is representing conservative reporter Laura Loomer against Bill Maher and HBO.  They are being sued by Loomer for falsely claiming she slept with President Trump.  Klayman just deposed Maher and wants to release the video deposition.   Maher’s lawyers have so far blocked that.  Klayman says, “They are fighting tooth and nail to keep the video of Bill Maher secret so it can never be seen.  Look at the hypocrisy.  Laura Loomer gets defamed by Bill Maher, and the court has already denied a motion to dismiss . . . She gets smeared all over the world, defamed that she had sex with the President behind the back of Melania. . . . Loomer’s reputation gets harmed, and this harms her financially . . . You can smear a woman and . . . . If President Clinton can have his deposition released, who is Bill Maher that he should be protected?  Maher gave money to Kamela Harris as a political candidate.  That’s why Maher went after Loomer, because she was a way to get to Trump.”

In closing, Klayman has a warning, “Pro Hamas demonstrators are busting up campuses threatening Jews and Christians, we see that.  We see Hakeem Jefferies the Minority Leader in the House, and Ilhan Omar, Rashita Tlaib, AOC and Bernie Sanders whipping up violence along with Jasmine Crockett, and they are calling for violence.”

Are we headed for a civil war?  Klaman says, “I believe we are.”

There is more in the 56-minute interview.

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Join Greg Hunter of USAWatchdog.com as he goes One-on-One with renowned lawyer and government corruption fighter, Larry Klayman, founder of FreedomWatchUSA.org, as he rolls out a new organization to help Trump and the DOJ with his newly created Department of Judicial and Legal Accountability (DOLA) for 5.10.25.

After the Interview:

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