GOLD CLOSED UP $51.40 TO $3,282.55

SILVER CLOSED UP $0.65 TO $32.99

 GOLD ACCESS CLOSED $3291.20

Silver ACCESS CLOSED: $33.10

Bitcoin morning price:$105,080 UP 240 DOLLARS.

Bitcoin: afternoon price: $106,230 up 1390 DOLLARS

Platinum price closing UP $46.95 TO $1050.75

Palladium price; UP $36.10 TO $1014.35

END

*CANADIAN GOLD: $4,580.63 UP 72.89 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)

*BRITISH GOLD: 2458.26 UP 46.07 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025

*EURO GOLD: 2917/89 UP 48.92 Euros per oz //* (ALL TIME CLOSING HIGH: 3018.80 EUROS PER OZ/ APRIL 21 //2025)

DONATE

EXCHANGE: COMEX
CONTRACT: MAY 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,228.900000000 USD
INTENT DATE: 05/19/2025 DELIVERY DATE: 05/21/2025
FIRM ORG FIRM NAME ISSUED STOPPED

099 H DEUTSCHE BANK AG 23
190 H BMO CAPITAL MARKETS 62
323 C HSBC 236
332 H STANDARD CHARTERED B 1
363 H WELLS FARGO SECURITI 156
661 C JP MORGAN SECURITIES 2 10
905 C ADM 4

TOTAL: 247 247
MONTH TO DATE: 23,381

MONTH TO DATE: 23,134

JPMORGAN STOPPED 10/247

MAY

GOLD: NUMBER OF NOTICES FILED FOR MAY/2024 247 CONTRACTs NOTICES FOR 24,700 OZ  or 0.7682 TONNES

total notices so far: 23,381 contracts for 2,338,100 OR 72.724 tonnes)

FOR MAY

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SILVER NOTICES: 8 NOTICE(S) FILED FOR 40,000 OZ/

total number of notices filed so far this month : 14,612 CONTRACTS (NOTICES) for 73.060 million oz

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation

END

GLD/

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

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

WITH GOLD UP $51.40 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.30 TONNES OF GOLD INTO THE GLD//

INVENTORY RESTS AT 921.03 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $0.65 AT THE SLV: HJUGE CHANGES IN SILVER INVENTORY AT THE SLV: //A DEPOSIT OF 2.41 MILLION OZ INTO THE SLV

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 449.784 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A STRONG SIZED 339 CONTRACTS TO 137,540 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 $0.24 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S TRADING.  WE HAD A VERY STRONG SIZED GAIN OF 490 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A 151 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD SMALL LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO MONDAY’S TRADING 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 MONDAY WITH SILVER’S GAIN IN PRICE AS THE PRICE IS STILL WELL BELOW THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE. . BUT THIS WAS COUPLED WITH ANOTHER SMALL T.A.S. ISSUANCE OF 218 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  151 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR SMALL 218 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TUESDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A STRONG SIZED 490 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.24. 

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 MONDAY NIGHT/TUESDAY MORNING: A SMALL 218 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  $0.24) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH

WE HAD A 151 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 85 CONTRACT QUEUE JUMP OF 425,000 OZ AND THEN WE MUST ADD THOSE CRAZY CONTRACT EXCHANGE FOR RISK FOR 12.93 MILLION OZ:

THUS:

INITIAL STANDING FOR MAY: 75.165 MILLION OZ WHICH INCLUDES TODAY’S 425,000 OZ QUEUE JUMP + 12.93 MILLION OZ (EX FOR RISK) EQUALS 88.095 MILLION OZ./

WE HAD:

/ STRONG COMEX OI GAIN+// A 151 SIZED  EFP ISSUANCE (/ VI)   SMALL SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 218 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED A SMALL 19 CONTRACTS.

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

TOTAL CONTRACTS for 14 DAYS, total 3234 contracts:   OR 16.170 MILLION OZ  (231 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  16.170 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: 16.170 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 339 CONTRACTS WITH OUR GAIN IN PRICE OF $0.24 IN SILVER PRICING AT THE COMEX// MONDAY.,.  . THE CME NOTIFIED US THAT WE HAD A 151 CONTRACT EFP ISSUANCE  CONTRACTS: 151 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX TO LONDON  AS FORWARDS. 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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: 75.165 MILLION OZ. (INCLUDES 425,000 OZ QUEUE JUMP + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.0951 MILLION OZ

THE NEW TAS ISSUANCE MONDAY NIGHT   (218 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE TODAY’S TRADING (TUESDAY TRADING) AND BEYOND.

WE HAD 8 NOTICE(S) FILED TODAY FOR 40,000 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 ROSE BY A FAIR SIZED 1277 OI CONTRACTS  TO 442,943 AND CLOSER 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 214 CONTRACTS //.

WE HAD A FAIR SIZED INCREASE  IN COMEX OI (1277 CONTRACTS) . THIS OCCURRED DESPITE OUR HUGE GAIN OF $46.65 IN PRICE// MONDAY///.

FOR THE MONTH OF APRIL WE 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 STANDING!

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

AND NOW MAY: SUMMARY OF EXCHANGE FOR RISKS ADDED

INITIAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 73.300 TONNES. THUS STANDING FOR MAY INCREASES TO 82.891 TONNES OF GOLD

/ ALL OF THIS HAPPENED WITH OUR  $46.65 GAIN IN PRICE  WITH RESPECT TO MONDAY’S COMEX ///. WE HAD A FAIR SIZED GAIN OF 2652 OI CONTRACTS (8.2488 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 DURING THE FIRST FEW WEEKS OF MAY, AND THROUGHOUT EACH AND EVERY DAY MAJOR TENDERING FOR PHYSICAL VIA THE EXCHANGE FOR PHYSICAL ROUTE! THE RESULT: A MASSIVE AMOUNT OF GOLD STANDING FOR DELIVERY FOR THE MAY CONTRACT MONTH….. A MONSTROUS 82.891 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 SMALL SIZED 770 CONTRACT:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 443,157/NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!

SILVER ALSO HAS A LOW COMEX OI OF 137,665 CONTRACTS!!

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2652 CONTRACTS  WITH 1277 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1375 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2652 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 770 CONTRACTS ISSUED. THIS ENDS THE 5TH CONSECUTIVE T.A.S ISSUANCED AVERAGING 30,000+ FOR THIS MONTH

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS 1375 CONTRACT) ACCOMPANYING THE FAIR SIZED INCREASE IN COMEX OI OF 1277 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 2852 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 82.891 TONNES ( WHICH WHICH INCLUDES TODAY’S 0.6780 TONNES QUEUE JUMP AND THEN WE ADD OUR MAY 13 , 15TH AND 19TH ISSUANCE OF 9.589 TONNES EX FOR RISK//NEW TOTAL STANDING FOR GOLD: 82.891 TONNES

NEW STANDING FOR GOLD, MAY CONTRACT ADVANCES TO: 82.891 TONNES OF GOLD.(INCLUDES QUEUE JUMPING AND EX FOR RISK ISSUANCE)

.

 / 3) HUGE T.A.S. LIQUIDATION , AS WE HAD 1)A  $46.65 COMEX PRICE GAIN.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH THAT GAIN IN PRICE AS WE HAD OUR FAIR GAIN OF 2866 CONTRACTS ON OUR TWO EXCHANGES// /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY 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 (1375 CONTRACTS)/// SMALL T.A.S.  ISSUANCE: 770 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: 18,330 CONTRACTS OR 1,833,000OZ OR 57.013 TONNES IN 14 TRADING DAY(S) AND THUS AVERAGING: 1309 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14 TRADING DAY(S) IN  TONNES  57.013 TONNES

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

THUS EFP TRANSFERS REPRESENTS  57.013 TONNES DIVIDED BY 3550 x 100% TONNES = 1.605% 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: 57.013 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 STRONG SIZED 339 CONTRACTS OI  TO 137,540 AND FURTHER FROM 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 151 CONTRACTS

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

JULY 151 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 200 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 339 CONTRACTS AND ADD TO THE 151 E.FP. ISSUED

WE OBTAIN A VERY STRONG SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 615  CONTRACTS WITH THE GAIN IN PRICE OF $0.24 THE RATS ARE FLEEING THE ARENA.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 0.445 MILLION PAPER OZ

 OCCURRED WITH OUR  $0.24 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 TUESDAY MORNING//MONDAY  NIGHT

SHANGHAI CLOSED UP 12.90 PTS OR 0.38%

//Hang Seng CLOSED UP 348.76 PTS OR 1.49%

// Nikkei CLOSED UP 30.86 PTS OR 0.08% //Australia’s all ordinaries CLOSED UP 0.57%

//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.2200 OFFSHORE CLOSED DOWN AT 7.2211/ Oil UP TO 62.20 dollars per barrel for WTI and BRENT UP TO 65.40 Stocks in Europe OPENED ALL GREEN

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN TRADING AT 7.2200 AND WEAKER//OFF SHORE YUAN TRADING UP 7.2211 AGAINST US DOLLAR/ AND THUS WEAKER

END

ASIA TRADING TUESDAY MORNING/MONDAY  NIGHT

SHANGHAI CLOSED UP 0.12 PTS OR 0.00%

//Hang Seng CLOSED DOWN 12.33 PTS OR 0.05%

// Nikkei CLOSED DOWN 255.09 PTS OR 0.28% //Australia’s all ordinaries CLOSED DOWN 0.64%

//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.2123 OFFSHORE CLOSED DOWN AT 7.2109/ Oil UP TO 61.78 dollars per barrel for WTI and BRENT UP TO 64.76 Stocks in Europe OPENED ALL RED

ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN TRADING AT 7.2123 AND WEAKER//OFF SHORE YUAN TRADING UP 7.2109 AGAINST US DOLLAR/ AND THUS WEAKER

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 SURPRISINGLY ROSE BY ONLY FAIR SIZED 1277 CONTRACTS TO 442,943 DESPITE OUR STRONG GAIN IN PRICE OF $46.65 WITH RESPECT TO MONDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT STRONG PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1375 ).

THE CME ANNOUNCED MONDAY NIGHT,  A ZERO EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 0 OZ OR NIL TONNES. TOTAL ISSUANCE FOR MAY REMAINS AT 9.591 TONNES OF GOLD AND THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERIES. THE BANK OF ENGLAND MUST BE GETTING QUITE ANTSY OF GETTING ITS GOLD BACK.

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 FOUR 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:

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

MAY: 3 EX. FOR RISK ISSUED SO FAR FOR 3025 CONTRACTS OR 302,500 OZ OR 9.4054 TONNES. THIS WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US TOTAL STANDING FOR MAY!THIS IS THE 6TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK

DETAILS ON MAY COMEX MONTH//INITIAL

IN TOTAL WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 2652 CONTRACTS DESPITE OUR HUGE GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON MONDAY 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, CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS SMALL AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 720 T.A.S. FOLLOWING HUGE ISSUANCES FOR 5 CONSECUTIVE TRADING DAYS ENDING EARLY LAST WEEK. . (THURSDAY’S/MAY 8 ISSUANCE WAS THE HIGHEST NUMBER BY FAR IN COMEX HISTORY WITH FRIDAY’S MAY 9 BEING THE 2ND HIGHEST EVER RECORDED!THE AVERAGE OF THE 5 ISSUANCES WAS 35,000+.)

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 HUMONGOUS QUEUE JUMP OCCURRED ON MAY’S DELIVERY CYCLE  (FRIDAY/MAY 16)  AT 9.978TONNES, THIS MONTH WE HAVE RECORDED THE HIGHEST EVER QUEUE JUMP RECORDED IN COMEX GOLD HISTORY AT 9.978 TONNES!!! TODAY’S QUEUE JUMP IS A HUGE .6780 TONNES.

THE TONNAGE STANDING FOR GOLD FOR MAY IS NOW 82.891 TONNES (WHICH INCLUDES TODAY’S STRONG QUEUE JUMP OF .6780 TONNES AND TO WHICH WE ADD OUR TOTAL EX FOR RISK: 9.591 TONNES EX FOR RISK!)//

NEW TOTAL TONNES STANDING: 82.891 TONNES

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 222 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 1375 EFP CONTRACT WAS ISSUED: :  /JUNE  1375 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1375 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. HUGE LIQUIDATION OF OUR T.A.S. SPREADERS
2. ZERO NET SPEC LIQUIDATION DESPITE OUR LOSS 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 MONDAY NIGHT/TUESDAY MORNING WAS A FAIR SIZED, 1375 CONTRACTS.  

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 _ MAY 13; QUEUE JUMP OF 2.444 TONNES AND THEN MAY 14 RECORD 6.8800 TONNES QUEUE JUMP AND THEN (MAY 15) RECORD OF 9.978 TONNES AND THEN FRIDAY’S QUEUE JUMP OF 108,900 OZ/3.387 TONNES (MAY 16) MONDAY’S QUEUE JUMP OF 0.5847 + TODAY’S QUEUE JUMP OF .6780 TONNES +EXCHANGE FOR RISK//9.591 TONNES = 82.891 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 73,300 TONNES (INCLUDES ALL QUEUE JUMPING FOR THE MONTH) + 9.591 TONNES EX FOR RISK EQUALS 82.891 TONNES!!

COMEX GOLD TRADING/MAY CONTRACT MONTH

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $46.65/ /)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 MONDAY 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

TUESDAY MORNING/MONDAY NIGHT

THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL MONDAY EVENING/TUESDAY 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 NOW TOTALS 3 ISSUANCES FOR 308,350 OZ. THIS TOTALS 9.591 TONNES OF GOLD WHICH WILL BE ADDED TO OUR REGULAR DELIVERY SCHEDULE. THE RECPIENT OF THIS LARGESS IS THE BANK OF ENGLAND.

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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 8.2488 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR MAY FIRST RECORDED AT 28.945 TONNES ON FIRST DAY NOTICE/APRIL 30. WE HAD A STRONG 218 CONTRACT QUEUE JUMP TUESDAY, FOR 21,800 OZ OR 0.6750 TONNES. THIS QUEUE JUMP IS CENTRAL BANKS JUMPING AHEAD OF US SIMPLE MORTALS DEMANDING GOLD FOR THEIR RESERVES. THUS NEW STANDING ADVANCES TO 73.300 TONNES OF GOLD. TO WHICH WE ADD (MAY 13 MAY 15.MAY 19) EXCHANGE FOR RISK ISSUANCE FOR 9.591 TONNES//NEW TOTAL GOLD STANDING FOR MAY INCREASES TO 82.891 TONNES

THUS MAY STANDING FOR GOLD SO FAR: 82.891 TONNES

ALL OF THIS HUGE STANDING WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $46.65

WE HAD A SMALL 214 CONTRACTS REMOVED TO THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.

NET GAIN ON THE TWO EXCHANGES 2652 CONTRACTS OR 265200 0Z (8.2488 TONNES)

confirmed volume MONDAY 214,227. contracts: fair volume////

//speculators have left the gold arena

END

MAY

// THE MAY 2025 GOLD CONTRACT

MAY 19

INITIAL

dealer deposits: 0 entry

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DEPOSITS/CUSTOMER

we have 3 customer entries

2 ENTRIES
i) into HSBC 160.755/000 oz
(5000 kilobars)
ii) Into Manfra: 32,151.000 oz

total 192,906.000 oz 6,,000 kilobars

or 6.00 tonnes of gold

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withdrawals:1

1 ENTRY
i) Out of Brinks 23,438.079 oz

(729 kilobars)

weight: .728 tonnes

adjustments: 2//customer to dealer

a) Brinks: 31,342.225 oz (975 kilobars)

b) Manfra 37,134.405 oz (1155 kilobars)

AMOUNT OF GOLD STANDING FOR MAY

THE FRONT MONTH OF MAY STANDS AT 422 CONTRACTS FOR A GAIN OF 180 CONTRACTS. WE HAD 38 CONTRACTS SERVED ON MONDAY SO WE GAINED 188 CONTRACTS AND THUS WE WITNESS A STRONG 18,800 OZ QUEUE JUMP FOR 0.6780 TONNES. THIS FOLLOWS LAST THURSDAY’S (MAY 15) RECORD BREAKING 9.987 TONNES. FOR THE PAST 6 DAYS WE HAVE RECORDED 23.8757 TONNES OF QUEUE JUMPS. ALL OF THIS IS PHYSICAL GOLD AND ALL GOING TO CENTRAL BANKS. LONDON HAS RECORDED OVER 30 TONNES OF GOLD LEAVING ITS SHORES.

JUNE LOST ONLY 4742 CONTRACTS TO 181,002 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.WE HAVE 7 MORE TRADING DAYS BEFORE OUR BIG FIRST DAY NOTICE FRIDAY MAY 30.

JULY GAINED 497 CONTRACTS TO STAND AT 4687

We had 247 contracts filed for today representing 24,700 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 2 notices issued from their client or customer account. The total of all issuance by all participants equate to 247 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 10 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 (23,381 X 100 oz ) to which we add the difference between the open interest for the front month of  MAY (422 CONTRACTS)  minus the number of notices served upon today  (247 x 100 oz per contract) equals  2,356,600 OZ  OR 73.300 TONNES to which we add 9.591 tonnes of gold issued under exchange for risk//new totals 82.891 tonnes

thus the INITIAL standings for gold for the MAY contract month:  No of notices filed so far (23,381 x 100 oz +we add the difference for front month of MAY (422 OI} minus the number of notices served upon today (247 x 100 oz) which equals  2,356,600 OZ OR 73.300 TONNES + 9.591 tonnes = 82.891 tonnes

TOTAL COMEX GOLD STANDING FOR MAY.: 82.891 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: 2,223,601.419 oz 69.163 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,984,927,004 oz  

TOTAL REGISTERED GOLD 21,294,212.797: or 662.339 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 17,690,714,207 OZ  

END

REGISTERED GOLD THAT CAN BE SERVED UPON 19,070,616oz (REG GOLD- PLEDGED GOLD)= 593.176tonnes //

SILVER/COMEX

// THE MAY 2025  SILVER CONTRACT//INITIAL

MAY 19

INITIAL

0 deposits into dealer accounts

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0 deposit entries//customer side/eligible

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withdrawals: customer side/eligible

1 withdrawal entries

i)Out of Brinks 420,951.990 oz

total weight 420,951.990 oz

ADJUSTMENTs 0

JPMorgan has a total silver weight: 217.184million oz/501.069 oz million  or 43.26%

TOTAL REGISTERED SILVER: 168.457 MILLION OZ//.TOTAL REG + ELIGIBLE. 501.069Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MAY

silver open interest data:

FRONT MONTH OF MAY /2025 OI: 429 OPEN INTEREST CONTRACTS FOR A LOSS OF 53 CONTRACTS. WE HAD 138 NOTICES FILED ON MONDAY SO WE GAINED 85 CONTRACTS WHICH UNDERWENT A QUEUE JUMP OF 425,000 OZ WHERE THESE BOYS HAVE DECIDED TO TAKE DELIVERY OVER HERE. I MUST REPORT WE HAD 0 EXCHANGE FOR RISK ISSUANCE FOR TODAY. THUS THE NEW TOTAL REMAINS AT TWO ISSUANCES OF EXCHANGE FOR RISK IS 12.93 MILLION OZ.

JUNE SAW A GAIN OF 5 CONTRACTS DOWN TO 2897 CONTRACTS. JUNE OI REFUSES TO LIQUIDATE

WE WILL PROBABLY HAVE OVER 14 MILLION OZ STAND FOR JUNE/AN OFF MONTH

AS IT IS NOW THE FRONT MONTH. WE HAVE 7 MORE TRADING DAYS BEFORE FIRST DAY NOTICE, FRIDAY MAY 30.

JULY GAINED 292 CONTRACTS UP TO 104,823

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 138 or 0.690 MILLION oz

CONFIRMED volume; ON MONDAY 36,371 pitiful//

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 14,612 X5,000 oz = 73.060 MILLION oz 

to which we add the difference between the open interest for the front month of MAY (429) AND the number of notices served upon today (8 )x (5000 oz)

Thus the  standings for silver for the MAY 2025 contract month:  (14,612) Notices served so far) x 5000 oz + OI for the front month of MAY(429) minus number of notices served upon today (8)x 5000 oz equals silver standing for the MAY contract month equating to 75.165 MILLION OZ . THEN WE MUST ADD OUR NEW 12.93 TONNES OF EXCHANGE FOR RISK. NEW TOTAL STANDING FOR SILVER: 88.095 MILLION OZ

 New total standing:  88.0951 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 168.457million 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 20   WITH GOLD UP $51.40 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 2.30 TONNES OF GOLD INTO THE GLD/ ///INVENTORY RESTS AT 921.03 TONNES

MAY 19   WITH GOLD UP $46.65 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 4.89 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 918.73 TONNES

MAY 16   WITH GOLD DOWN $38.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 4.30 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 927.62 TONNES

MAY 15   WITH GOLD UP $38.80 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 4.53 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 931.92 TONNES

MAY 14   WITH GOLD DOWN $40.35 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.43 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 936.51 TONNES

MAY 13   WITH GOLD UP $19.85 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 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

GLD INVENTORY: 918.73 TONNES, TONIGHTS TOTAL

SILVER

MAY 20 WITH SILVER UP $0.65/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.41 MILLION OZ INTO THE SLV// ////: //INVENTORY AT SLV RESTS AT 447.193 MILLION OZ

MAY 19 WITH SILVER UP $0.17/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WIHTDRAWAL OF 1.819 MILLION OZ OUT OF THE SLV// ////: //INVENTORY AT SLV RESTS AT 447.193 MILLION OZ

MAY 16 WITH SILVER DOWN $0.24/NO CHANGES IN SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 449.193 MILLION OZ

MAY 15 WITH SILVER UP 0.04/HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 0.909 MILLION OZ OUT OF SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 449.193 MILLION OZ

MAY 14 WITH SILVER DOWN $0.39/HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 0.682 MILLION OZ OUT OF SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 450.102 MILLION OZ

MAY 13 WITH SILVER UP $0.44/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 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

CLOSING INVENTORY 449.784 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

MATHEW PIEPENBERG

How Long Can Lies & Control Supplant Reality & Free Markets?

Monday, May 19, 2025 – 10:35 PM

Authored by Matthew Piepenburg via VonGreyerz.gold,

The facts of a surreal yet broken (and hence increasingly controlled and desperate) financial system are becoming harder to deny and ignore. 

Below, we look at the evidence of control rather than the words of dishonest policy makers and ask a simple question: How long can lies supplant reality?

The Great Disconnect: Tanking Growth vs. Supported Markets

It’s becoming harder to keep up with the increasingly downgraded GDP growth estimations from the Atlanta Fed.

As recently as August, its GDPNow 3q21 estimates for the quarterly percentage change were as high as 6%.

But within a matter of weeks, this otherwise optimistic figure was cut embarrassingly in half.

Last month, their GDP forecast sank much further to 0.5%, and as of this writing, it has been downgraded yet again to 0.2%.

Needless to say, 6% estimated growth falling to effectively 0% growth is hardly a bullish indicator for the kind of strengthening economic conditions which one might otherwise associate with risk asset prices reaching all-time highs for the same period.

The growing yet steady disconnect between market highs and economic lows is getting harder to explain, ignore or deny by the architects of the most artificial, rigged and dishonest market cycle in modern history.

In short, it is no longer even worth pretending that stock markets are correlated to such natural measurements as a nation’s economic productivity.

After all, who needs GDP in the New Abnormal?

By now, even Fed doublespeak can’t hide the fact that the only market force which the post-08 markets require is an accommodative central bank—i.e., a firehose of multi-trillion liquidity on demand.

But as for this most recent GDP downgrade, it is being blamed on tanking US export data.

More Fantasy: Bogus or Real Taper?

The question facing investors heading into year-end is whether any of the foregoing realities will place pressure on the Fed to continue the now normalized fantasy of unlimited QE or stick to its equally fantastical “taper-talk.”

Toward this end, Powell could delay the planned “taper” or, as is likely, simply move ahead with what is essentially a bogus taper involving a nominally insignificant reduction in money printing offset by ongoing yet deliberately hidden liquidity from the Standard Repo Facility and FIMA swap lines.

Thus, whether we see a delayed taper or a bogus taper, the net result is still more fiat liquidity flooding the always dollar-thirsty (and QE-addicted) financial system.

This, of course, translates to increased currency debasement and thus rising tailwinds for gold, BTC, industrials and commodities.

Should, however, the FOMC announce a genuine taper, the net result for gold is still positive.

Yes, a real taper means slightly higher rates and increased volatility (bad for risk assets) along with a stronger dollar, but inflation rates will still supersede interest rates, favouring gold anyway you look at it.

Again, and as discussed in prior reports, gold can and will rise if rates rise, so long as inflation rises faster, which for all the reasons we’ve addressed elsewhere, convinces us that a future of negative real rates is the only future central banks can allow.

More Inflationary Tricks (i.e., Fantasy)

Why?

Because short of default, the only and time-tested trick left up the sleeves of debt-soaked policy makers to dig their way out of a nightmarish and historically unprecedented debt hole (which they alone created) is by pursuing policies of deeply negative real rates.

This twisted inflationary playbook, so familiar to rigged insiders yet unknown to the vast majority of retail investors, boils down to a policy play by which our “experts” solve debt with more debt and hide the truth behind more complex policy adjectives (i.e., lies).

Specifically, this means the “experts” will:  1) deliberately seek more inflation while 2) lying about true inflation levels and then 3) repress interest rates in order to partially inflate their way out of debt with 4) increasingly debased currencies.

Take the U.S. Dollar’s purchasing power, for example…

Keeping the Serfs Down—The Policy of the New Feudalism

Needless to say, more inflation is a direct tax on the increasingly poorer middle class.

Sadly, too many are too busy trying to make sense of months of lockdowns, vaccine mandates, movement restrictions, crime waves and inflating rent payments to notice that they have been made into serfs in a Brave New World where greater than 80% of the stock market wealth is held by the top 10% of the population.

Let’s be clear: I’m a screaming capitalist, but a pandemic world in which Bezos, Musk and other billionaire wealth has increased by 70% while 89 million Americans have lost their jobs is NOT capitalism, but a symptom of a rigged system in which the anti-trust rules I learned in law school, or the social and economic principles I learned in economics are simply gone.

Then again, when I was in school, we were once taught how to think, not what to think.

With each passing day, we see increased evidence of what I wrote (and described) elsewhere as a new feudalism marked by grotesquely distorted notions of truth, reporting, data, natural market forces and political/financial accountability.

In order to keep this report objective rather than an op-ed, let’s just consider the facts and case studies right before us.

Yellen & Dimon—Two Classic Lords Spinning Familiar Yarns

Take, for example, the aforementioned tanking of GDP, now being attributed to openly tanking export data out of the U.S. and the undeniable supply chain disruptions impacting the global economy.

To address this, none other than two of the most media prolific “lords” of the new feudalism, Fed Chairwoman-turned-Treasury-Secretary Janet Yellen and current JP Morgan CEO and 2008 bailout-beneficiary-turned-Fed-Crony, Jamie Dimon, assure us not to worry.

How nice.

Yellen, for her part, has recently said:

“I don’t think we’re about to lose control of inflation.”

 “As we make further progress on the pandemic, I expect these bottlenecks to subside. Americans will return to the labor force as conditions improve.”

Again: How nice.

But let’s not let warm words get in the way of cold facts.

Yellen, like every Fed Chair since Greenspan, has a long history of buying time with comforting words that have nothing to do with hard reality:

“You will never see another financial crisis in your lifetime.”
– Janet Yellen, spring 2018

“I do worry that we could have another financial crisis. ″
– Janet Yellen, fall 2018

Despite a long and well-documented history of outright dishonesty spewing from the mouths of financial media darlings and policymakers like Yellen and Dimon, both are now pushing a bullish “be calm and carry on while we profit and control” meme.

They recently seized upon Biden’s move to run the Ports of Los Angeles and Long Beach on a 24/7 schedule to alleviate bottlenecks, which increased throughput by roughly 15% (3,500 containers/week v. 950,000 containers per month.)

That’s nice, and sure, it helps.

But despite such band-aid measures, supply chains won’t normalize until early 2023, at the earliest…and that assumes no further disruptions, which frankly, is a naive assumption.

Folks, it’s not up to Yellen or Dimon to give us honest guidance as to whether supply chains will normalise in 2021. It is up to China and Biden’s entirely Orwellian vaccine mandate.

Speaking of Yellen, Dimon et al, aren’t we all a bit curious about the now undeniable marriage of the Federal Reserve (an illegal private bank) and the U.S. Treasury Department?

And as for bank CEO’s like Dimon, have we not forgotten other bank CEOs like Goldman’s Hank Paulson, who made a similar “marriage” to the Treasury Department just in time to bail his former bank out of the Great Financial Crisis that it helped create?

Are these the honest brokers we want deciding our economic fates or signaling/controlling our economic future?

Vaccine Passes and Mandates—The Great Smokescreen

And as to the mandate… Note Yellen’s careful yet semantic magic of hiding autocracy behind humanitarian lingo.

Her comment above regarding bottlenecks “subsiding” once “we make further progress on the pandemic” is very comforting, no?

But it’s just another veiled way (i.e., smokescreen) of pushing a vaccine mandate which defies every principle of the social contract our founding fathers achieved in that silly document I revered as a 1L and known otherwise as the U.S. Constitution.

As I’ve said many times before, I’m no source for medical advice, and my circle includes many who are vaccinated and un-vaccinated alike—with equal respect for the choices we’ve made and equal disgust for the notion that such choices should be imposed rather than voluntary.

Simple Questions, Cold Math, Global Control

But should we not at least be asking ourselves if the pandemic discussion is less about global health and more about global control?

Without seeking to offend anyone’s COVID stance, can we nevertheless agree that C.J. Hopkins makes an undeniably clear and common-sensical point by simply asking a few basic questions?

For example, why has so much political, social and economic power been given to a minority of policy makers to scare/distract the world into ignoring a now obvious global power-shift justified by a virus which causes mild-to-moderate symptoms in 95% of the infected and whose case fatality rate is quantifiably somewhere in the range of 0.1% to 0.5%?

Yet despite such simple math, tens of thousands of firemen, police officers, nurses and military personnel—the very heroes who have placed themselves on the front lines of our increasingly criminalized, sick and psychologically damaged population– are now being forced out of work for not agreeing to a forced jab imposed by anti-heroes?

One has to at least wonder why so much effort has been made by a government-influenced/co-conspired media to spend its time criminalising the unvaccinated rather than making front-page noise pointing out the obvious criminalisation of our global financial system?

The Real Criminals

By that, I’m thinking of the years of recently revealed insider trading at the Fed, the anti-trust violations of the non-tax-paying Amazon robber-baron or the open media-censorship and just plain shady that occurs daily at Facebook—an entity so blatantly shameful that it thinks a name-change can hide its dark past?

Or how about years of open price manipulation by bullion banks, the BIS and other dark corners of the OTCto deliberately force the natural price of gold and silver to the floor in order to illegally price-fix and protect globally debased currencies from the embarrassment of what a natural gold price would otherwise confirm, namely: Your currency has died, thanks to the white-collar criminals otherwise touted as experts.

In case you think this is mere sensationalism or speculation, I’ve written hundreds of pages and countless reports of graphical/mathematical/objective evidence of the same, and even an entire book on the rigged-to-fail system otherwise passing as normal to make this clear distortion of economic rules and political laws objective rather than pejorative.

Nor am I/we alone in pointing out the obvious. From the honest minority in markets to an honest minority in politics, plain-spoken truth is fighting for free expression.

More Honest Voices

Take, for example, the recent press conference (ignored, of course, by the main/muddy stream media) held by key members of the European Parliament to openly defy the insanely autocratic notion of a health pass to distinguish the compliant from the free or the “safe” from the “unsafe”.

As one brave parliamentary member from Germany, Christine Anderson, candidly observed, if you think the vaccine pass was made because the government cares about you, you are clearly ignoring its real motive, which is to control you.

And this is straight from the European Parliament.

Control, of course, only works if enough people are scared, tired or uninformed enough to be controlled.

As for the financial system, signs of its increasingly obvious attempt at more controls to mask increasingly shameful policies are literally everywhere.

And yet… and yet…the media, the masses and the majority of investors continue to follow their murky and shady lead.

Again, just keep it simple and factual rather than partisan or medically controversial.

Criminal Evidence

In the last 20 years, for example, policy makers have tripled the global debt levels yet made no commensurate progress with global GDP, which is literally 1/3 of this embarrassing debt pile.

That is shameful. Debt like this always destroys economies. Always.

Instead, those same “experts” have mouse-clicked more instant money out of thin air in the last decade than all the money ever created by all the combined central banks since their inception.

They actually want you to believe that a debt crisis can be solved with alas…more debt.

Such staggering money creation has led unequivocally and directly to the greatest and most inflated risk asset bubble in the history of capital markets.

Yet rather than admit to the open failure of such monetary expansion, which has simply crushed the natural purchasing power of fiat currencies…

…the architects of this failed experiment will now try to blame such excessive debt and currency destruction on a pandemic rather than years of their own pre-COVID policy crimes.

Today, politicians and their central bank masters are literally comparing the Pandemic’s 4.9M death toll to the unthinkable disaster which was the +75M killed in World War 2.

They then employ this pandemic narrative to justify another Bretton Woods-like reset.

To those who have studied, or far worse, experienced the Second World War, do you think it’s even remotely fair to compare it to the “war on Covid”?

The Carefully Telegraphed “Reset”

And what is this “needed” reset?

In a nutshell, it’s more fake money in the form of CBDC or even digital SDR’s from that shameless control center of failed monetarism otherwise known as the IMF and a central bank near you.

Those Who Control Money & Information

In an open and free system, rather than criminalising police officers, nurses, or even athletes who refuse a jab, should we not be pointing our headlines, adjectives and subpoenas at the bankers, experts and policy makers who put the global financial system at this horrific, debt-soaked and socially destructive turning point?

Are you waiting for Mark Zuckerberg, Don Lemon, Wolf Blitzer or the censorship boards at YouTube or Google to guide you?

Sadly, those who control money as well as information have immense and undeniable power.

Thus, a media that controls deliberate COVID distraction, supported by the lords who created this financial serfdom, continues.

That is, the feudalists responsible for such grossly mismanaged financial markets are all too aware (and nervous) that they have equally created the greatest wealth transfer and wealth disparity ever witnessed, akin to the pre-revolutionary era of Bourbon France, Romanov Russia, Batista Cuba or Weimar Germany.

Such otherwise immoral and corrupt wealth disparity, wealth transfer and wealth creation explain why the very architects of the same would rather have the masses fighting about jabs, school boards, and “woke” SJWs gone wild rather than at themselves–the root cause of the fracturing we see all around us.

Why?

Because controlling serfs with lies, fear, and division is better than letting those serfs replace you with truths.

Truth Still Matters – Fundamentals, Too

For that select yet blunt and independent-thinking minority who thankfully prefer candor over propaganda, reality over fantasy and genuine rather than hyped solutions to the problems and problem-makers all around us, al l we can do is trust history, truth, natural market forces and each other.

As for us, our candid solution to the foregoing string cite of distortions, controls and historical tipping points remains the same.

Regardless of the tricks, resets, and digital new bluffs of the new feudalism, enough free-thinkers, nations, informed investors, and wealth managers understand that they hold a better (and golden) hand to combat the dirty hands and dirty currencies unravelling all around us.

If there’s one thing history and free market forces have taught us it’s this: In the end, broken systems die and real money returns.

2.ALASDAIR MACLEOD…

The great reset: Central banks or commercial banks?

Those talking of a great reset assume that it will be driven by governments and not markets. But if past failures are to be eliminated, what is the future of banking?

Surely, it is now apparent that central banks are guilty of mismanaging the economy. By slashing interest rates to zero and in some cases to an unnatural minus figure; then flooding financial systems with currency-level credit, followed by rapidly increasing interest rates in an attempt to stem the consequences, central banks have bankrupted themselves and much of their entire economies.

Even though hapless economists and money managers are still in thrall to them, central banks have proved themselves to be unfit for their purpose. It is time for a new system based on true productive economic demand for credit without state interference. It is time to consider central banking versus free banking, given that with their losses on quantitative easing central banks are trading while insolvent — a criminal offence in the private sector for which directors would risk being jailed.

This article compares free banking under gold standards without central banks, and today’s fiat currency system which gives central banks the power of debasement. Commercial banking without central banks is the historical norm, and the evils of statist currency management is a more recent development.

England’s 1844 Bank Charter Act is the basis of central banking

Given that the Romans invented banking, and that Italian banks adopted the modern form of credit creation through double-entry bookkeeping in the late-15th century, commercial banking without central banking has a far longer history than with it.

While the Bank of England only existed as a central bank following the 1844 Bank Charter Act (it had for a long time previously operated as a commercial bank with the monopoly of the government’s business, which is not the same thing), and America’s Federal Reserve Board came into existence before the First World War, central banking per se spread more widely from then on, coinciding with the end of gold standards, particularly in Europe.

The failures of the Bank of England in the years following the 1844 Bank Charter Act were down to its crude attempts at interest rate management. The Act, which was based on currency school precepts, assumed that the separation of the issue department from banking was the solution. It wasn’t, proved when the provisions of the Act with respect to gold cover for the note issue were suspended only three years later in 1847, then in 1857, and in 1866.

Amazingly, the legislators and the bank itself did not anticipate that the run on its gold reserves would come not from the public cashing in bank notes for sovereigns, but from deposit balances in the banking department being encashed for bullion.

The Bank made the further error, which persists to this day, of trying to manage interest rates to achieve economic outcomes. Interest rates should have been managed solely in the context of maintaining gold reserves. At least modern currency board operators have learned this vital distinction.

Today, modern economists tend to dismiss currency boards as well as free markets. Their solution to problems, mainly of their own creation, is to double down on regulations by increasing their scope and complexity. An entire industry of regulators, policy managers and hangers-on has been created to intervene.

Naturally, those employed in bank regulation support its continual expansion. For this reason, the practical simplicity of a gold standard and currency boards gets short thrift. This ignores the lessons of history, that the world evolved from its feudal state through the industrial revolution to a standard of life for the commoner which would have been the envy of kings only a century before — all on the back of the availability of commercial bank credit.

There have been upsets along the way: but the question to be addressed is whether commercial banks in their relationships with each other can minimise those upsets, or can governments through their central banks achieve a better outcome?

The monopoly over currency provision stems from the 1844 Bank Charter Act in English law, not adopted by the Scottish banks — Scotland had and still has its own legal system, which to this day sees the major banks issuing their own bank notes fully backed by reserves at the Bank of England. The withdrawal of the facility whereby English banks issued banknotes served only to consolidate the government monopoly over currency.

Currency has come to be regarded as national money, and not the credit liability of a central bank. The importance of this development tends to be overlooked. Few economists today seem to understand that a banknote is actually a liability of the central bank, and not money without counterparty risk.

When a commercial bank issues banknotes, the notes are bound to have a similar rating to a deposit at the bank, the only difference is that a banknote is a promise to its unknown bearer. Notes issued by the Scottish banks are readily accepted as if they were issued by the Bank of England.

If the facility was reintroduced more widely, a bank could issue banknotes to rank as a substitute for the national currency. It may be that a bank would not take up this facility anyway, bearing in mind that London bankers ceased issuing notes in the 1790s, fifty years before their issue was prohibited in the 1844 Act. But there is no substantive reason why issuing bank notes should not be permitted, and if demanded by a bank’s customers a commercial bank’s notes would simply circulate alongside notes issued by the government issuer, as do the Bank of Scotland’s in Scotland.

Therefore, the credibility of a bank’s notes is closely tied to that of the national currency. Statist involvement in credit should be limited to providing stability of this value. It can only be achieved by issuing banknotes and deposit facilities totally backed by real, legal money, which is gold. The issuer must be charged with the sole responsibility of ensuring gold backing for its liabilities is always there. The issuer’s balance sheet would consist of notes and deposits as credit liabilities, and the assets entirely comprised of gold bars and coin. It is a public service. And the directors of the issuer must be charged with managing interest rates purely with a view to maintaining gold reserves. The issuer must be independent from all other financial activities.

In this way, credit generated through banking operations becomes a purely commercial consideration. Bank credit is a function of commercial banking, referenced to the rate set by the issuer solely by virtue of its management of gold reserves. To satisfy its depositors’ likely demands for coin or bullion, a commercial bank can either maintain a deposit at the issuer gained by submitting gold in exchange or buy coins and bullion in the market. This is sufficient to tie the value of commercial bank credit to that of the national currency, which unquestionably becomes tied to gold.

The error in the 1844 Bank Charter Act was to split the Bank of England into two departments, but under the same management. Its banking department was no less a credit dealing operation than any commercial bank. It was the inherent conflicts, particularly over the setting of interest rates which led to the 1844 Act’s failures.

Whether the state maintains a banking presence in the commercial banking system becomes a separate issue. But management of economic outcomes by interest rate manipulation has proved to be a dead duck, and that interest rate management can only be to maintain and manage gold reserves. Then there is still to address the thorny question of the need for a lender of last resort.

Free market theory posits that this is unnecessary. In the knowledge that there will be no bail outs, bankers can be expected to pay proper attention to their own counterparty risk and that of their peers in wholesale markets. The faintest suspicion of irregularity would be immediately reflected in a bank’s credit rating in interbank rates. And it is not beyond the ability of banks within the commercial network to deal with banking failures, because it is obviously in their collective interest to maintain systemic credibility. This is another lesson drawn from the pre-central banking era.

The perfection of clearing systems

The volatility of prices due to Britain’s bank credit cycle abated in the decades following the Napoleonic wars due to improvements in clearing systems, as the chart of wholesale prices below shows:

A clearing system for the London banks was set up in the late eighteenth century, when for the first time daily differences were settled between the banking members on a net basis. The Bullion Report in 1810 stated that there were 46 private bankers in London who cleared a gross value of £4,700,000 daily by a net settlement of £220,000 in bank notes. This was a significant improvement on the earlier system whereby bank clerks walked around London, visiting other banks to settle claims.

In 1854, joint stock banks were admitted into the London clearing system, and the Bank of England only joined in 1864. By then, the system of settling balances in banknotes was done away with, replaced by bankers’ drafts settled twice daily with a final reconciliation in the late afternoon. Furthermore, over time other cities established similar clearing systems as well as developing intercity arrangements.

Over the time covered by these increasing refinements to interbank settling, wholesale prices became decreasingly volatile. In other words, as commercial banking became increasingly efficient, the impact on prices from the bank credit cycle as credit was alternately expanded and contracted diminished. This was despite cyclical banking crises late in the century, such as the Overend Gurney failure in 1866 and the Barings crisis in 1890.

Given that the objective of a central bank is to ensure price stability, it amounts to evidence that its intervention function in economic affairs is not only not needed, but it is disruptive. No central banker will publicly admit this. An insistence on maintaining the central banking status quo strongly suggests that an admission that economic intervention always fails for the reasons stated herein will only occur when the failure is total.

In other words, central banks’ intervention in economic affairs will only stop when it takes down all value in their currencies by which their credibility is measured. Those who argue that central banks represent progress from free banking are clearly in the wrong.

end

Bond troubles!!

US bond crisis is not alone

I’ve been warning about higher US T-bond yields for some time. Now things are on a knife-edge. Moody’s downgrade and Trump’s “big beautiful spending bill” could tip them over.

“Just let that sink in for a moment. The S&P is more overvalued than it has ever been relative to the long bond than at any time in the last 40-years, and is quite possibly the most overvalued in history.”

You don’t break a 4-decade downtrend without consequences. Yet this is what US treasury yields did post-covid.

And having done so spectacularly, all we have seen is some consolidation, before the prospect of yields rising even more. This is clear from our second chart, zoning in on post-covid developments.

This week, the blame for higher bond yields falls on Moody’s downgrading US Treasury debt, presumably having looked at the tax-cuts bill due to go before the House of Representatives in the coming days. But the truth is that these events are no more than a trigger for the continuation of a well-established bond yield trend which is set to continue.

It’s not just US T-bonds. Japan’s 40-year JGB yield chart is positively alarming, bearing in mind that the 10-year JGB yields only 1.52%. These yields are breaking 18-year record levels — just think what that does to government finances with a debt to GDP of over 260%, not to mention the balance sheet of the Bank of Japan which owns nearly 60% of it.

The chart is telling us that the Japanese government is trapped in a major debt trap, delayed only by the Bank of Japan’s massive money-printing. The UK’s long gilt is similarly signalling danger. Like the US long bond (4.9%) it hasn’t broken out on the upside yet, but it looks like only a matter of time before it breaks above the 5.5% ceiling.

This is particularly worrying for equity markets, which amongst other things take their valuation cues from both the level and trend of bond yields. The next chart looks at this relationship.

Rebased to 1985, this chart inverts the US long bond yield to show its close negative correlation with the S&P. By doing so, we can see when relationships between the two become distorted in the knowledge that eventually the relationship returns to trend.

During covid when the long bond yield fell to 1.15%, relative to the S&P it was wildly overvalued, which corrected when its yield rose to over 2.5% in early-2022. But the yield kept rising while the equity bull continued, leading to the greatest valuation disparity in the last 40-years, and probably ever.

Just let that sink in for a moment. The S&P is more overvalued than it has ever been relative to the long bond than at any time in the last 40-years, and is quite possibly the most overvalued in history.

And now we are on the verge of not just a US bond crisis, but a global one with Japan leading the way. It brings to mind Hemmingway’s aphorism about going broke: gradually then suddenly.

Behind it all are the same factors that collapsed Wall Street in 1929 — the end of the late-1920s credit bubble coupled with the Smoot Howley Tariff Act of 1930.

Ringing any bells yet?

3. CHRIS POWELL AND GATA DISPATCHES

Interesting!! why sound the alarm now? Something is about to break!!!

Warning about gold derivatives, European Central Bank suddenly sounds like GATA — 25 years ago

Submitted by admin on Mon, 2025-05-19 15:04 Section: Daily Dispatches

3p ET Monday, May 19, 2025

Dear Friend of GATA and Gold:

Gold derivatives pose a risk to the world financial system, the European Central Bank said today in commentary written by four of its economists.

The commentary, headlined “What Does the Record Price of Gold Tell Us About Risk Perceptions in Financial Markets?,” comes 25 years almost to the day after a GATA delegation led by Chairman Bill Murphy presented to Congress the organization’s “Gold Derivative Banking Crisis” report, making the same point with far more extensive documentation:

The ECB commentary, attributed to the bank’s Maurizio Michael Habib, Oscar Schwartz Blicke, Emilio Siciliano, and Jonas Wendelborn —

— concludes:

“Gold markets appear to partly reflect elevated geopolitical risk and substantial economic policy uncertainty, with tail scenarios potentially having adverse effects on financial stability. 

“While gold prices are driven by many factors, investors showed high demand for gold as a safe haven asset and, at the beginning of 2025, a notable preference for gold futures contracts to be settled physically. These dynamics hint at investors’ expectations that geopolitical risks and policy uncertainty could remain elevated or even intensify in the foreseeable future. 

“Should extreme events materialize, there could be adverse effects on financial stability arising from gold markets. This could occur even though the aggregate exposure of the euro-area financial sector appears limited compared with other asset classes, given that commodity markets exhibit a number of vulnerabilities.

“Such vulnerabilities have arisen because commodity markets tend to be concentrated among a few large firms, often involve leverage, and have a high degree of opacity deriving from the use of over-the-counter derivatives. Margin calls and the unwinding of leveraged positions could lead to liquidity stress among market participants, potentially propagating the shock through the wider financial system. 

“Additionally, disruptions in the physical gold market could increase the risk of a squeeze. In this case, market participants could be subject to significant margin calls and/or have trouble sourcing and transporting appropriate physical gold for delivery in derivatives contracts, leaving themselves exposed to potentially large losses.”

Better late than never, one may suppose. Has the ECB now earned its own tin-foil hat? Or is GATA almost respectable now?

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

4/On LFTV, Andrew Maguire LIVE FROM THE VAULT 223

B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:COMMODITY//CATTLE

Alarming Graph Reveals US Beef Industry Is “Hijacked By Chemical Pushers” 

Monday, May 19, 2025 – 08:30 PM

The “Make America Healthy Again” (MAHA) movement is gaining steam as a disruptive force in helping to rescue the nation’s deteriorating food supply chain and public health. It marks a clear inflection point from decades of dependency on ultra-processed foods and pharmaceutical giants profiting from Americans’ imploding health over the last half-century. 

Last week, Goldman Sachs analysts highlighted a decisive shift in consumer behavior, with shoppers increasingly favoring cleaner, “better-for-you” food options. Even Bloomberg has begun to acknowledge MAHA’s rising impact.

At its core, Health and Human Services Secretary Robert F. Kennedy Jr.’s movement aims to revive the nation’s health by restoring integrity to the food supply chain—prioritizing cleaner food with fewer chemicals and less industrial farming while reducing reliance on the pharmaceutical industry’s profit-driven approach to managing chronic disease. It turns out that cleaner food and regular exercise may be all it takes to help cure a nation of its sickness. Not Ozempic.

Bloomberg pointed out that food safety and production standards are again in focus following a new U.S.-UK trade deal. While the agreement reduces barriers to billions of dollars in U.S. exports—including beef—the UK continues to ban hormone-treated meat and chlorine-washed chicken, practices common in the U.S. but prohibited in the EU and UK due to stricter regulations.

For readers unaware of how toxic the food supply chain has become under the control of mega-corporations, this graphic from Bloomberg speaks volumes. It underscores the urgent need for Americans to seek cleaner, locally produced food from farmers and ranchers or even their own backyards. 

“This ain’t just about beef—it’s about waking up. The system’s been hijacked by chemical pushers and marketing firms posing as newsrooms. 86% of what’s in your meat case ain’t got a damn thing to do with clean food. We’re at an inflection point, and the only way forward is to shake your rancher’s hand. That’s how we win—one local producer at a time,” Beef Initiative founder Texas Slim opined. 

Even Bloomberg had to admit that times are changing, and MAHA has led to a complete “rethinking” of the nation’s food supply chain, adding that this may result in higher consumer costs. 

RFK Jr.’s push for clean food in America centers on a bold reform agenda: curbing ultra-processed foods, restoring real “Nutrition” to SNAP, eliminating seed oils, banning artificial food dyes, and reducing the use of high-fructose corn syrup and harmful pesticides. MAHA links these ingredients in foods to the nation’s deteriorating health. 

Processed foods have allowed Americans to spend the smallest share of their income on food compared to almost any other country in the world. But that era may be ending, as a shift toward cleaner, less industrialized food is expected to increase costs.

Still, the trade-off is clear: improved health that reduces medical bills. The real question is—what price do you put on avoiding chronic illness, mounting medical bills, or even premature death potentially linked to years of ultra-processed food consumption?

There is no price. Now it’s time for the Trump administration to put policy tailwinds for the MAHA movement to revive a network of small farms that will feed America and improve health outcomes for the nation.

Expand your carbon footprint: Eat real food.

END

COPPER

After Billion-Dollar Bullion Gain, Meet The Chinese Trader Betting Big On Co

Tuesday, May 20, 2025 – 05:45 AM

Following Moody’s late-Friday downgrade of the U.S. government’s top credit rating, gold futures were bid Sunday evening into early Monday morning as investors sought safe-haven trades. However, we shift our attention to a Chinese trader whose highly profitable precious metals trade has recently pivoted toward copper, where he has established a sizable long position.

Bloomberg reports that Chinese billionaire Bian Ximing—who netted $1.5 billion from gold futures trades driven by his de-dollarization and inflation-hedging thesis—has now emerged as China’s largest copper bull.

People familiar with Shanghai Futures Exchange data say Ximing has amassed the largest net long position in copper contracts. Bourse data shows the billionaire has built a massive position totaling around 90,000 tons in copper futures over the past ten months.

“It’s a quite unique copper position that is worth following,” said Li Yiyao, a vice president of Cofco Futures Co.’s Shanghai North Bund division, adding, “It reflects a very long-term, bullish sentiment on the metal based on fundamentals — which differs from the usual mid or short-term strategies we see in the market.”

Yiyao added that Ximing’s trades during the trade war turmoil stood firm while others exited long copper trades.

Ximing, an industrialist-turned-investor who now lives in Gibraltar, worked with his brokerage, Zhongcai Futures Co., to acquire the long copper position before the November U.S. presidential elections. His bullish view was on a Trump win and Chinese stimulus would produce tailwinds for industrial metal. So far, the bet has returned $200 million in profits.

Ximing’s position “is not big enough to distort the market, but it does provide a rare insight into Bian’s strategy,” said Jia Zheng, head of trading at Shanghai Soochow Jiuying Investment Management Co.

Zheng noted, “People in the market have been tracking his gold and copper trades closely.”

Visibility on Ximing’s copper bet comes after U.S. imports of Chinese goods plunged from 145% to 30% last week, while Chinese imports of U.S. goods dropped from 125% to just 10%. A 90-day cooling-off period is now in effect as trade negotiations between the two economic superpowers have begun. For now, it appears the peak of trade war turmoil has subsided.

Not long ago, Kostas Bintas—Trafigura Group’s former co-head of metals and now with Mercuria Energy Group Ltd.—spoke with Bloomberg in an exclusive interview, expressing an incredibly bullish outlook on copper prices, primarily due to forecasts that global demand will outstrip supply this year.

Former Goldman metals strategist Nick Snowdon, also at Mercuria and head of metals research at the commodity trading firm, forecasted earlier this year that copper prices would average $15,000 a ton for 2025. 

Also, Carlyle Group’s Jeff Currie (the former Goldman commodities boss) has voiced his bullish view on copper. 

Earlier this month, Goldman analyst Eoin Dinsmore noted to clients, “The deescalation in trade tensions and resilient Chinese copper demand will likely continue to support the copper price in the coming months, and we upgrade our 2Q/3Q price forecast to $9,330/$9,150/t from $8,620/$8,370 previously.” 

We’ve diligently detailed in multiple notes that the ‘Powering Up America’ theme and the ‘Next AI Trade‘ have been key demand drivers behind the copper trade.

END

6 CRYPTOCURRENCY NEWS

ASIAN MARKETS THIS MORNING:

SHANGHAI CLOSED UP 12.90 PTS OR 0.38%

//Hang Seng CLOSED UP 348.76 PTS OR 1.49%

// Nikkei CLOSED UP 30.86 PTS OR 0.08% //Australia’s all ordinaries CLOSED UP 0.57%

//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.2200 OFFSHORE CLOSED DOWN AT 7.2211/ Oil UP TO 62.20 dollars per barrel for WTI and BRENT UP TO 65.40 Stocks in Europe OPENED ALL GREEN

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN TRADING AT 7.2200 AND WEAKER//OFF SHORE YUAN TRADING UP 7.2211 AGAINST US DOLLAR/ AND THUS WEAKER

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

ONSHORE YUAN:   CLOSED DOWN TO 7.2200 (CHINESE COMMUNIST PARTY MANIPULATED)

OFFSHORE YUAN: UP TO 7.2211 (CCP MANIPULATED)

SHANGHAI CLOSED UP 12.90 PTS OR 0.38%

HANG SENG CLOSED UP 348.76 PTS OR 1.49%

2. Nikkei closed UP 30.86 PTS OR 0.08%

3. Europe stocks   SO FAR:  ALL GREEN

USA dollar INDEX DOWN TO  100.06// EURO RISES TO 1.1998 UP 120 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +1.519//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.48…… 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 UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN

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 UP FOR UP FOR BRENT this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.5601/Italian 10 Yr bond yield DOWN to 3.566 SPAIN 10 YR BOND YIELD DOWN TO 3.183%

3i Greek 10 year bond yield DOWN TO 3.307

3j Gold at $3234.50. Silver at: 32.37  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 6 /100  roubles/dollar; ROUBLE AT 80.69

3m oil into the 62 dollar handle for WTI and  65 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 144.45// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.510% 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 0.8318 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: 4.438 DOWN 4 BASIS PTS…

USA 30 YR BOND YIELD: 4.898 DOWN 4 BASIS PTS/

USA 2 YR BOND YIELD:  3.962 DOWN 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 38.86

10 YR UK BOND YIELD: 4.6685 DOWN 11 PTS

10 YR CANADA BOND YIELD: 3.172 UP 0 BASIS PTS

5 YR CANADA BOND YIELD: 2.778 UP 0 PTS

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

2a New York OPENING REPORT

Futures Slide After Monday’s Historic Retail-Driven Rebound

by Tyler Durden

Tuesday, May 20, 2025 – 08:36 AM

US equity futures are weaker with Tech underperforming, threatening a six-day winning streak that propelled the S&P 500 to the brink of a bull market. Then again, Monday started off even worse and then we saw the biggest burst of retail buying on record resulting in one of the biggest intraday reversals in recent history (according to JPM, more here), so brace for more unexpected moves. As of 8:00am ET, S&P futures are down 0.2%, while Nasdaq 100 futs drop 0.3% with Mag7 stocks mixed amid weakness in semis into today’s Google I/O developer conference; healthcare is leading Defensives over Cyclicals. The yield curve is twisting steeper with the 10Y yield flat and USD weakening. Commodities are mixed with crude down, natgas up, base metals down, precious up, and Ags generally higher. Macro data is light, with just the Philly non-mfg PMI on deck ahead of Thursday’s Flash PMIs & Claims prints, but we have another round of Fed speakers where the message continues to be patience.

In premarket trading,  Mag 7 stocks were mixed (Tesla +1.4%, Alphabet +0.5%, Nvidia -0.2%, Microsoft -0.1%, Apple -0.3%, Amazon -0.2%, Meta Platforms -0.3%). Home Depot gained 2.2% after maintaining its guidance for the fiscal year as US sales ticked up, a sign that consumer spending has held up despite economic turbulence. Vipshop’s US-listed shares (VIPS) decline 8% after the China-based online marketplace reported its first-quarter results and gave an outlook. here are some other notable premarket movers:

• Air Lease (AL) rises 1.2% as Citi upgrades to buy, saying a possible capital allocation creates a “tactical opportunity.”
• ASP Isotopes (ASPI) jumps 15% after signing financing and supply agreements with TerraPower to support the construction of a new uranium enrichment facility.
• ImmunityBio (IBRX) rises 4% after Piper Sandler upgraded the drug developer to overweight, saying the launch of the firm’s newly approved bladder cancer drug Anktiva is off to a strong start.
• Pegasystems Inc. (PEGA) rises 6% as the customer relationship management software company will join the S&P Midcap 400 Index before trading opens May 22.
• Pony AI ADRs (PONY) jump 5% after the Chinese autonomous-driving company reported revenue for the first quarter of $14 million vs $12.5 million year-over-year.
• Trip.com (TCOM) US-listed shares fall 4% after the online travel agency reported its first-quarter results.
• Yalla (YALA) falls 8% after the social-network operator saw a drop in the number of paying users on its platform.

Ironically, as everyone was expecting a Monday metldown in US treasuries – and got just the opposite – the big move was in Japan, where bonds cratered and long-end yields soared to a record high after a near-failed government bond auction saw the weakest bid-to-cover demand since 2012 and the biggest tail since 1987, pointing screaming to increasing concerns about investor support as the Bank of Japan dials back its huge debt holdings.

As markets continue to meltup, investors are looking for clarity on market direction, with strategists in a Bloomberg poll now far more optimistic about European stocks than the US market. Jamie Dimon, meanwhile, has been warning about risks from inflation and credit spreads to geopolitics. “The market came down 10%, it’s back up 10%; I think that’s an extraordinary amount of complacency.”

Meanwhile, the threat of US tariffs showed up in Chinese shipments of smartphones, which fell 72% in April, according to China’s customs data.

Tech has been the main driver of the recent market bounce and will remain in focus into next week’s key earnings release from Nvidia. Google is holding its I/O developer conference, with the keynote speech at 4:30 pm ET. Broader deployment of AI mode on Google search will be a big focus, Bloomberg Intelligence said. 

A slate of Fed speakers will be closely watched today for clues on the outlook for the US economy and any commentary on the Moody’s downgrade. Two Fed officials suggested on Monday that policymakers may not be ready to lower rates before September as they confront a murky economic outlook. 

In Europe, the Stoxx 600 climbs 0.4%, on pace for a fourth session of gains, led by utilities, telecoms and health care. Germany’s DAX topped 24,000 for the first time. Among individual stocks, Orange advances after Bloomberg reported that Patrick Drahi is weighing a SFR sale. Wall Street strategists are betting European stocks will enjoy their best performance relative to the US in at least two decades as the region’s economic outlook improves. While US stocks have rallied in recent weeks, two Federal Officials warned on Monday that they would adopt a wait-and-see approach before lowering interest rates. Here are the most notable European movers:

• Orange shares rise as much as 3.1% after Bloomberg reported that billionaire Patrick Drahi’s Altice France is considering the sale of a controlling stake in SFR, raising hopes of further industry consolidations in a competitive market.
• Smiths Group gains as much as 4.4%, to highest since Jan. 31, after the UK engineering firm says full-year organic revenue growth is expected to be toward the top end of its guided range.
• SoftwareOne shares gain as much as 4.5% after Kepler Cheuvreux raised the recommendation on the stock to buy from hold saying cost-cutting is gaining traction and 1Q should show early margin recovery.
• Greggs shares rise as much as 8.8% to a three-month high after the UK food-on-the-go retailer gave a trading update in which it said it is seeing an improved performance, and kept its expectations for the year unchanged.
• Diploma shares surge as much as 18%, hitting a record high, as analysts hail the building components supplier’s positive first-half performance, mainly driven by its Controls unit.
• SSP shares rise as much as 5.3%, to the highest in three months, after the operator of food and beverage outlets at travel locations reiterated its full-year outlook, in spite of softer current trading in North America amid weaker travel demand.
• Schaeffler shares rise as much as 7.6% after the German auto parts firm was double-upgraded to buy at Bank of America, which sees the firm’s adjusted Ebit doubling by 2028.
• Orsted shares rose as much as 15% the Trump administration lifted an order that halted construction on Equinor’s $5 billion project off the coast of New York.
• Fincantieri shares rise as much as 9.7% a record high, after it unveiled targets for a newly created Underwater Armament Systems unit.
• UBS shares declined as much as 3.5%, the most since April 9, after Bloomberg News reported the lender is likely to face defeat in its effort to water down the Swiss government’s law that could force it to maintain up to $25 billion in extra capital.
• Salmar falls as much as 5.6%, the most in almost a month, after the Norwegian seafood and salmon company reported its latest earnings, which DNB Carnegie describes as a “big miss.”
• Kingfisher falls as much as 4.8% as Barclays cuts its recommendation on the UK construction and DIY supplier to underweight from equalweight. A 25% rally this year is “overly generous,” the bank says.

Asian stocks gained for the first time in four sessions, with Hong Kong-listed shares leading the advance thanks to a slew of positive corporate developments. The MSCI Asia Pacific Index rose as much as 0.6%, the most in nearly a week, with Alibaba and Sony among key gainers. Xiaomi shares jumped after the CEO said the company is starting mass production of a new chip, while Chinese healthcare stocks surged after biotech company 3SBio entered into a pact with Pfizer. Shares in India slipped.  Momentum is returning to Asian stocks with tensions easing on the trade front while global growth seems intact. Chinese battery giant CATL gained in its debut in Hong Kong after wrapping up the world’s largest initial public offering this year, showing the appetite for such themes in the region.

The RBA delivered a 25bp cut at their May meeting, as widely expected, but with clear dovish elements to the meeting as a whole. The statement was materially more positive on the progress made on the inflation mandate, with inflation expected to remain around the RBA’s 2-3% target band, and with a removal of the previous language on being determined to “sustainably return inflation to target”. The updated macro projections were also materially softer, in-line with our economists’ expectations, with lower profiles for growth and inflation, and a higher path for the unemployment rate. Perhaps the most notable dovish news though was Governor Bullock noting that the Board discussed a 50bp cut at today’s meeting, suggesting a clearer break from their previously more cautious thinking. Goldman economists revised their RBA call to include an additional cut at the November meeting, in addition to the cuts they continue to expect at the July and August meetings.

In Fx, the Bloomberg Dollar Spot Index slips 0.1%. The Aussie lags G-10 peers, down 0.6% versus the greenback after RBA Governor Michele Bullock said the board considered a 50bps rate cut before opting for 25.  The Dollar continues to underperform, but within tight ranges this morning. EUR (+10bps) price action remains constructive after the trading desk’s flow bias being skewed towards selling yesterday. Our Spot Traders (KBS) note that there was a lack of interest from HFs to chase yesterday – partly an element of some still tending to prior wounds but we seem to have hit the limit of false starts without a clear identifiable catalyst that HFs are willing to chase. USDJPY is trading -25bps lower after a choppy price action overnight. Despite continued spot moves lower in USDJPY and increased speculation that there may be some kind of “currency deal” as part of trade negotiations, our traders noted that downside USDJPY gamma has repriced lower (1m ATM -0.25v vs the roll) with the market struggling to digest front end vol supply the last 48hrs. USDCNH is trading +10bps higher after jumping on headlines that cut benchmark lending rates for the first time since October. The outlier overnight was AUD (-70bps), amid the dovish 25bps cut from the RBA.

In rates, treasuries are mixed as US session gets under way with the yield curve steeper. Front-end yields are 1bp-2bp lower on the day while 30-year is higher by around 3bp near 4.93%. Treasury curve pivots around little-changed 7-year sector, with 10-year near 4.46%, trailing bunds and gilts in the sector by 1.8bp and 2.5bp. Bunds and gilts outperform following softer-than-expected German PPI data and pricing of a £4 billion 2056 syndicated gilt issue. Gilts lead a rally in European bonds, with UK 10-year yields down 3bps to 4.63%. Traders shrugged off BOE Chief Economist Huw Pill’s warning that interest rates may be coming down too quickly. US economic data calendar includes only a regional indicator, however several Fed speakers are slated. Treasury auctions ahead this week include $16 billion 20-year new issue Wednesday and $18 billion 10-year TIPS reopening Thursday

In commodities, Oil pares earlier gains seen after Iran’s Supreme Leader Khamenei voiced skepticism over talks with the US. WTI drops 0.2% to near $62.50.  Spot gold rises $8 to around $3,238/oz.

The US economic data calendar includes May Philadelphia Fed non-manufacturing activity (8:30am). Fed speaker slate includes Bostic, Barkin (9am), Collins (9:30am), Musalem (1pm), Kugler (5pm), Hammack and Daly (7pm)

Market Snapshot

• S&P 500 mini -0.2%,
• Nasdaq 100 mini -0.3%, 
• Russell 2000 mini -0.3%
• Stoxx Europe 600 +0.4%, 
• DAX +0.2%, 
• CAC 40 little changed
• 10-year Treasury yield little changed at 4.45%
• VIX +0.3 points at 18.44
• Bloomberg Dollar Index -0.1% at 1223.55, 
• euro +0.2% at $1.1262
• WTI crude -0.1% at $62.6/barrel

Top Overnight News

• Freedom caucus chair Harris said the votes are not there for the Trump bill and predicts a deal on the tax bill will be delayed until June.
• Trump has claimed that Russia and Ukraine  will “immediately” begin negotiations on preparations for peace talks, but signaled that he was leaving Moscow and Kyiv to find a deal without the US as a broker. FT
• Crypto scored a big win after a group of Democrats dropped their opposition to stablecoin legislation. The bill may pass this week. BBG
• Iranian Supreme Leader Ayatollah Ali Khamenei said negotiations with the US over his country’s nuclear program are unlikely to result in a deal and called the Trump administration’s latest demands on Iran “outrageous.”
• China cut benchmark lending rates for the first time since October on Tuesday, while major state banks lowered deposit rates as authorities work to ease monetary policy to help buffer the economy from the impact of the Sino-U.S. trade war. RTRS
• China’s smartphone exports to the US fell 72% last month, outpacing an overall 21% drop in shipments. At the same time, the value of phone component exports to India roughly quadrupled. BBG
• The Bank of Japan will sound out market participants this week to gauge their views on how aggressively it should proceed with quantitative tightening as yields surge nearly a year after it began scaling back its huge bond purchases. BBG
• Japan’s top trade negotiator, Ryosei Akazawa, said on Tuesday there was no change to Tokyo’s stance of demanding an elimination of U.S. tariffs in bilateral trade negotiations.
• Tokyo will not rush into clinching a trade deal if doing so risked hurting the country’s interests, he said. RTRS
• India is discussing a US trade deal structured in three tranches and expects to reach an interim agreement before July, when President Donald Trump’s reciprocal tariffs are set to kick in, according to officials in New Delhi familiar with the matter. BBG
• Donald Trump plans to go to the Capitol today to push House Republicans to back his tax-cut bill. Speaker Mike Johnson’s meeting with holdout GOP members from high-tax states failed to produce a deal on SALT. BBG

Tariffs/Trade

• Japan is reportedly mulls accepting US tariff reduction, not exemption, according to Kyodo. The Japanese government is reportedly considering the option of accepting a reduction in the rate of additional tariffs and reciprocal tariffs on automobiles and other items. Due to the US, according to sources, refusing to eliminate tariffs in prior negotiations and is said to have “indicated its intention to exclude additional tariffs on automobiles, steel, and aluminium, which are important to Japan, from the talks”.
• US Treasury Secretary Bessent will travel to Canada to participate in the G7 Finance Ministers and Central Bank Governors meeting, while he will focus on the need to address global economic imbalances and non-market practices.
• Japanese Economy Minister Akazawa said Japan and the US conducted working-level talks on bilateral trade on Monday, while he added there was no change to Japan’s stance of demanding the elimination of US tariffs. It was also reported that the US and Japan could hold talks as soon as this Friday although US Treasury Secretary Bessent is not expected to attend, according to Kyodo.
• Taiwan’s President Lai said tariff talks with the US are going smoothly, while he added that Taiwan is to initiate a national wealth fund and is to broaden economic connections with nations other than the US.
• India is discussing a US trade deal structured in three tranches and expects to reach an interim agreement before July.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were marginally higher as the region took impetus from the rebound stateside where the major indices gradually recouped the losses triggered by the US rating downgrade, and both the S&P 500 and the Dow notched six-day win streaks. ASX 200 was led by outperformance in tech and financials, while the attention was on the RBA which delivered a  widely expected rate cut. Nikkei 225 rallied at the open in tandem with a surge in USD/JPY but then gave back the majority of the spoils amid currency fluctuations and with little in the way of fresh catalysts for Japan. Hang Seng and Shanghai Comp were kept afloat after China’s largest banks cut deposit rates and slashed the benchmark Loan Prime Rates by 10bps as guided by PBoC Governor Pan, while sentiment was also underpinned by a jump in CATL shares on its Hong Kong debut.

Top Asian News

• China’s state planner said they will make greater efforts to attract and utilise foreign capital, while China is drafting loan management rules for renewal projects and most policies will be implemented before end of June.
• BoJ releases briefing material used at a meeting with bond market participants: notes some members said JGB market functionality is improving as a trend due to the BoJ taper. Some look for an eventual end to bond buying, some are after bigger cuts in the next plan. Some seek substantial cuts in one go. Deteriorating demand-supply for super-long JGBs is not something the BoJ can fix.

RBA

• RBA cut the Cash Rate by 25bps to 3.85%, as expected, while it stated that inflation continues to moderate and that the outlook remains uncertain. RBA affirmed that maintaining low and stable inflation is the priority and the board judged that the risks to inflation have become more balanced, as well as assessed that this move on rates will make monetary policy somewhat less restrictive. Furthermore, the RBA stated that headline inflation is likely to rise over the coming year to around the top of the band as temporary factors unwind and the remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and supply. RBA also released its Quarterly Statement on Monetary Policy which noted that the escalation of global trade conflict a key downside risk to economy and that the global growth outlook was downgraded, while it added that uncertainty has increased due to US tariff policies and it trimmed its core domestic inflation forecasts.
• Governor Bullock: prepared to take further rate actions if required; price increases have slowed; Bullock adds this was a confident cut in rates; There was a discussion between a 50bps cut or a 25bps cut; discussed holding rates or cutting. Cannot say where the cash rate will end up, does not endorse market pricing (Note: ~55bps of cuts currently seen by year-end).

European bourses (STOXX 600 +0.3%) opened modestly firmer across the board and have traded within a tight range thus far, given the lack of pertinent updates. European sectors are mixed, and aside from the top performer, the breadth of the market is fairly narrow. Utilities takes the top spot, with sentiment in wind names boosted after the Trump administration lifted a stop-work on Equinor’s (+1.3%) New York offshore wind farm project; the name is higher by around 1.5% – peers such as Orsted (+14%) have also been edging higher.

Top European News

• BoE’s Pill says “dissenting vote stems from a concern that the pace of withdrawal of monetary policy restriction since last summer – quarterly cuts of 25bp – is too rapid given the balance of risks to price stability”. Dissent was in line with his preference for “cautious and gradual” cuts in Bank Rate expressed over the past twelve months. Would characterise his dissenting vote as favouring a ‘skip’ in the quarterly pattern of Bank Rate cuts. It should not be seen as favouring a halt to (still less a reversal of) that withdrawal of restriction. Is concerned that structural changes in the price and wage setting behaviour have increased the intrinsic persistence of the UK inflation process. The underlying disinflation continues. The prospective path of Bank Rate from here is downward. Dissent from the most recent decision does not reflect a fundamental difference with the MPC. Says “we should not be dependent on how the data turns out”. Can’t assume that the inflation “pain” of new economic shocks will dissipate quickly. Agrees with the MPC that there is an easing in the labour markets, has questions over the pace. Some key pay indicators “remain quite strong”.
• ECB’s Schnabel says disinflation is on track, though new shocks could pose new challenges. Tariffs could be disinflationary in the short run but result in upside risk over the medium term. “We are facing a historical opportunity to foster the international role of the euro” & “When the inflation regime changes, we must be ready to respond swiftly”.
• German VCI Chemical Industry Association: Q1 Production +0.6% Y/Y; Revenue +1.8% Y/Y; notes that production is expected to stagnate this year and industry sales will decrease slightly.

FX

• After a contained start, DXY has extended on Monday’s downside which was largely attributed to the Moody’s downgrade on the US on Friday. Newsflow on the trade front has been non-incremental aside from a Reuters sources piece noting that the US Treasury does not anticipate any trade deal announcements at the G7 Finance Meeting in Canada this week.
• PBoC set USD/CNY mid-point at 7.1931 vs exp. 7.2112 (Prev. 7.1916). Today’s speaker slate includes Fed’s Bostic, Barkin, Collins, Musalem, Kugler, Daly & Hammack. DXY is just about holding above the 100 mark.
• EUR fractionally firmer vs. the USD with not a great deal in terms of Eurozone newsflow aside from ongoing ECB speak with Executive Board member Schnabel noting that disinflation is on track, though new shocks could pose new challenges. EUR/USD sits towards the top end of Monday’s 1.1169-1.1288 range.
• JPY at the top of the G10 leaderboard with some of the move attributed to moves in Japanese yields with the 30yr JGB yield hitting its highest level since its debut since 1999 following a soft JGB auction overnight. On the trade front, Japanese Economy Minister Akazawa said Japan and the US conducted working-level talks on bilateral trade on Monday. Note, Japanese Finance Minister Kato and US Treasury Secretary Bessent are expected to discuss exchange rates on the sidelines of the G7 meeting in Canada this week. USD/JPY has delved as low as 144.10 but stopped shy of the 144 mark.
• GBP is a touch firmer vs. the USD and steady vs. the EUR. This morning has seen remarks from BoE Chief Economist Pill, who dissented at the 8th May rate decision by voting for an unchanged rate vs. consensus for a 25bps cut. Pill noted that his dissenting vote stemmed from a concern that the pace of withdrawal of monetary policy restriction since last summer is too rapid, given the balance of risks to price stability. He added that his vote should be seen as a skip and not a halt to the withdrawal of the restriction process. The remarks had little follow-through to GBP; currently around 1.3370.
• Antipodeans are both softer vs. the USD with AUD lagging across the majors post-RBA. As expected, the RBA pulled the trigger on a 25bps cut whilst offering a cautious view on the outlook and lowering its inflation forecasts in its accompanying Statement on Monetary Policy. At the follow-up press conference, AUD/USD hit a session low at 0.6409 after Governor Bullock revealed that the board discussed cutting by 25bps or 50bps.

Fixed Income

• JGBs were initially firmer, in-fitting with peers after Monday’s eventual intraday recovery from Moody’s-driven pressure. However, upside in Japan was limited into supply. But a poor 20yr outing caused JGBs to slip from 134.40 to a 138.78 base – pressure which has since pared.
• USTs experienced a slight bearish blip on the above auction. However, Monday’s intraday recovery remained intact for USTs overnight and the benchmark has since extended to a 110-14+ high, eyeing 110-21+ from last week as the next point of resistance. Today’s speaker slate includes Fed’s Bostic, Barkin, Collins, Musalem, Kugler, Daly & Hammack.
• Bunds a little firmer today, in-fitting with peers. Early doors remarks from Schnabel this morning, though nothing that has fundamentally changed the narrative. Numerous speakers ahead incl. Cipollone, Knot & Nagel. Similarly, no move to German Producer Prices printing lower than expectations and the prior, driven primarily by energy prices for both Y/Y & M/M components. Continues to rebound from Monday’s pressure, at best has been 15 ticks above that session’s 130.60 peak. German 10yr and 30yr auctions were well received but had little impact on German paper.
• Gilts are firmer and currently outperforming. Outperformance which comes as Gilts didn’t get as much time to benefit from Monday’s late-door rebound and as the UK benchmark was that session’s underperformer, given EU-UK updates. As it stands, at the upper-end of a 91.45-91.91 band. BoE’s Pill outlined that his vote in May to leave rates unchanged was a “skip”. In fitting with his preference for “cautious and gradual” cuts and stemmed from a view that the recent quarterly pace “is too rapid given the balance of risks to price stability”. No move in Gilts to his speech.
• Hong Kong pension fund managers are reportedly sounding the alarm of potential forced selling of US Treasury holdings following Moody’s downgrading US’ rating, according to Bloomberg sources Hong Kong Investment Fund Association (HKFIA) has recommended that an exception to the maximum 10% holding rule is made for US Treasuries, to allow funds to invest above the limit even if the US is rated one notch below AAA, according to the sources. Japan’s R&I still has an AAA rating (outlook stable) on the US, and is not considering a downgrade currently “don’t believe the situation described there has significantly changed”
• UK price guidance for new 5.375% 2056 Gilt in sale via syndication seen +1.75bps to +2.25bps over 4.25% 2055 Gilt, orders over GBP 70bln.

Commodities

• Crude is lower this morning despite a softer dollar but amid a cautious risk tone in Europe and following some of the more sanguine tones from US President Trump regarding Russia, whilst upside was seen on less conciliatory commentary from the Iranian Supreme Leader. He said that he “does not think nuclear talks with the US will be successful”, via Mehr news. Brent Jul’25 rose from USD 65.07/bbl to USD 66.00/bbl over three minutes – a move which has since mostly faded.
• Relatively flat and lacklustre trade across precious metals amid a lack of pertinent macro drivers this morning, and following a relatively contained session on Monday. Spot gold resides in a current USD 3.204.67-3.232.85/oz range.
• Mixed trade across base metals and in narrow ranges amid a lack of pertinent catalysts during the European session, whilst the broader risk tone remains cautious. 3M LME copper currently resides in a USD 9,443.05-9,520.90/t.

Geopolitics: Middle East

• Iranian Supreme Leader Khamenei says “I don’t think nuclear talks with the US will be successful”; via Mehr news. Says to the US that they must remain from making outrageous demands. Saying that Iran will not be allowed to enrich uranium is excessive and outrageous.
• “Israel Broadcasting Corporation: Netanyahu extends the stay of the Israeli negotiating team in Doha for an additional day”, according to Alhadath.
• Israeli PM Netanyahu says “Gaza war could end “tomorrow” if hostages return and Hamas leaders lay down their arms”, via Sky News Arabia.
• Iran has received a proposal for the next round of indirect negotiations with the US, according to Iran International.
• “Iranian Foreign Ministry Spokesman: The time and place of the next round of nuclear negotiations with the United States have not yet been decided”, according to Sky News Arabia

Geopolitics: Russia-Ukraine

• US President Trump said the US isn’t stepping back from Russia-Ukraine negotiations and that it would be helpful to host Ukraine-Russia talks at the Vatican, while he repeated it is not his war and thinks something is going to happen with Russia and believes Putin wants to stop. Furthermore, Trump said he has a red line in his head on when he will stop pushing on Russia-Ukraine but won’t say what that red line is and noted there could be a time when Russia sanctions will happen.
• Kremlin spokesman said US President Trump and Russian President Putin talked about a direct conversation between Putin and Ukrainian President Zelensky although there is no decision yet on the place for the next direct contact between Russia and Ukraine. The spokesman stated there cannot be a deadline for preparing a memorandum between Russia and Ukraine, as well as noted that everyone is interested in a speedy settlement in Ukraine and that Russia is interested in eliminating the root causes of the conflict.

US Event Calendar

• Philadelphia Fed Non-Mfg activity survey

Central Bank Speakers

• 9:00 am: Fed’s Bostic Gives Opening Remarks
• 9:00 am: Fed’s Barkin Gives Speech at Richmond Fed Conference
• 9:30 am: Fed’s Collins Hosts Fed Listens Event in New Hampshire
• 1:00 pm: Fed’s Musalem Speaks on Economy, Policy
• 5:00 pm: Fed’s Kugler Gives Commencement Address

DB’s Jim Reid concludes the overnight wrap

Yesterday felt like we were somewhere along the line of a “death by a thousand cuts” with regards to the US fiscal situation. Hard to know where in that thousand we are but probably much nearer a thousand than at zero even as yesterday saw an initial sell off reverse as the session went on. At the end of the day the loss of the final US triple-A rating late on Friday night doesn’t change anything much immediately but it keeps the drip, drip, drip of poor fiscal news building up against the debt sustainability dam in the background. Anyway, that’s enough of the metaphors.

In yesterday’s CoTD (link here) I highlighted that Moody’s base case is now for US deficits to hit nearly 9% by 2035 and asked in a flash poll whether this would happen, or how it would be avoided or dealt with if it did. I’ll keep the poll open for a couple of hours before publishing the results in my CoTD this London lunchtime. See it here. It should only take less than 5 seconds and all views very welcome.

We saw a large round trip in Treasuries around the news, with the 30yr yield briefly reaching its highest intraday level since 2023, at 5.035%, before paring back that move to close at 4.90%, -4.1bps lower on the day and virtually in line with where we were immediately before the news late on Friday. That recovery started shortly after the US open and continued as the session went on. It perhaps indicates the slow moving trend of overseas investors selling Treasuries but domestic investors increasing their holdings.

Earlier on, the cross-asset moves had seen a minor rerun of what happened after Liberation Day as US assets lost ground across the board. The S&P 500 recovered from -1.05% at the lows to end +0.09% higher. The US asset that struggled the most was the dollar, with the index (-0.72%) seeing only a modest recovery from its -1.02% intra-day low. That dollar decline repeated the early April parallels of capital flight scenarios often seen in emerging markets, where the currency struggles even though rates are going up.

This is coming at a delicate time, because the US administration are seeking to pass an extension to the 2017 Trump tax cuts, which are currently due to expire at the end of 2025. My CoTD showed that the CBO believe that the US federal debt held by the public will surge to 220% by 2055 if the tax cuts are extended, with the deficit reaching 12% of GDP. Again feel free to vote in the CoTD flash poll if you want to express a view as to whether something happens way before we get to these type of levels or whether we will take it in our strides like every other debt / deficit landmark in recent years.

In terms of that bond move in more detail, the selloff was initially very aggressive, with the 30yr yield reaching 5.035% and on track for its highest close since 2023 and actually higher for only six business days since 2007. However, that was then pared back, and it actually ended the day -4.1bps lower at 4.90%. Similarly, the 10yr yield hit an intraday high of 4.56%, but eventually closed -3.0bps lower at 4.45%. So the initial fears of the day ultimately didn’t materialise as US buyers stepped in, and at the front end, the 2yr yield fell -2.4bps to 3.98%. Overnight, yields are moving less than a basis point across the curve.

Similarly to the rates move, the S&P 500 rallied from more than -1% down at the open to +0.09% by the close, marking its sixth consecutive gain. Defensive sectors including healthcare (+0.96%) and consumer staples (+0.42%) posted the strongest advances. By contrast, tech stocks didn’t fully recover, with the Magnificent 7 down -0.25% after its best weekly performance in over two years. The small cap Russell 2000 (-0.42%) also lost ground. And reflecting the pick up in volatility, the VIX index rose (+0.90pts) rose from Friday’s seven-week low to 18.14pts.

Whilst the US fiscal news dominated attention, in the geopolitical space we had President Trump holding a call with President Putin, but this delivered little new on resolving the war in Ukraine. Trump posted following the call that Ukraine and Russia would “immediately start negotiations”. However, Trump’s comments did not repeat earlier threats of new sanctions against Russia or put immediate pressure on Moscow to deliver a ceasefire and his post suggested that the US might now take more of a backseat in the talks. Meanwhile, Putin was rather vague on the upcoming talks, again referring to the “need to eliminate the root causes of this crisis.”

Otherwise yesterday, several Fed officials signalled they weren’t in a hurry to cut rates. For instance, Vice Chair Jefferson said “I believe that it is appropriate that we wait and see how the policies evolve over time and their impact”. Similarly, Atlanta Fed President Bostic said “I think we’ll have to wait three to six months to start to see where this settles out” and reiterated his expectation of only one more rate cut this year. Meanwhile, New York Fed President Williams said “It’s not going to be that in June we’re going to understand what’s happening here, or in July”. And Minneapolis Fed President Kashkari noted “It’s really just wait and see until we get more information.” So it was little surprise that investors continue to see a near-term rate cut as unlikely, with only a 35% chance of a cut priced by the July meeting.

Earlier in Europe, markets had put in a much steadier performance, with the STOXX 600 (+0.13%) just about posting a small gain. That was echoed on the rates side too, where yields on 10yr bunds (-0.2bps), OATs (-0.4bps) and BTPs (+0.1bps) all saw little change. In the meantime, the UK and the EU also reached an agreement that deepened ties between the two after Brexit. Among others, the UK agreed an extension of EU fishing rights, in return for the removal of most border checks on farm exports. That came alongside a defence and security agreement, along with a potential youth mobility scheme, although the latter will be subject to further discussion. Our UK economists looked at the deal yesterday (link here), and their estimates show the long-run benefits to be around 0.5% of GDP by 2040.

For those of us in the UK fed up by not being able to use e-gates in the EU the deal only refers to the “potential use of eGates where appropriate”. I’ve been in so many long queues in the last couple of years when eGates have been empty.
In Asia risk sentiment has been helped after China’s central bank announced cuts to key lending rates for the first time since October reinforcing expectations of looser monetary policy to support the country’s economy (more below). Across the region, the Hang Seng (+1.29%) is leading gains while the CSI (+0.62%) and the Shanghai Composite (+0.38%) are also edging higher. Elsewhere, the Nikkei (+0.26%), the S&P/ASX 200 (+0.54%) are gaining but with the KOSPI (+0.05%) slipping back towards flat. S&P 500 (-0.29%) and NASDAQ 100 (-0.43%) futures are giving back some of yesterday’s recovery from the lows.

Coming back to China, the PBOC cut the 1-year loan prime rate (LPR), the reference rate for pricing all new loans and outstanding floating rate loans, to 3.0% from 3.1% and the 5-year LPR to 3.5% from 3.6%. Meanwhile the RBA have just cut rates 25bps (as expected) as I finish this off with the presser ongoing. So far it leans dovishly.

To the day ahead now, and data releases include Canada’s CPI and German PPI for April, along with the European Commission’s preliminary consumer confidence indicator for May for the Euro Area. From central banks, we’ll hear from the Fed’s Bostic, Barkin, Collins, Musalem, Kugler, Hammack and Daly, the ECB’s Wunsch, Knot and Cipollone, and the BoE’s Pill. Finally, earnings releases include Home Depot.

2b/ European opening report

US equity futures & DXY lower ahead of a slew of Fed speak, Crude choppy on Iran updates – Newsquawk US Market Open

Tuesday, May 20, 2025 – 05:53 AM

• European bourses are modestly firmer whilst US equity futures sit in negative territory.
• USD remains out of favour, AUD weighed on after the RBA delivered a 25bps cut (as expected) and amid discussion of a 50bps cut.
• JGBs briefly hit by a poor auction, fixed recovery continues into numerous Fed speakers.
• Crude choppy on mixed geopolitics regarding Russia/Ukraine and Iranian nuclear talks.
• Iranian Supreme Leader Khamenei said “I don’t think nuclear talks with the US will be successful”, via Mehr news.
• Looking ahead, Canadian Inflation, NZ Trade, G7 Finance Ministers Meeting, ECB’s Cipollone, Nagel, Fed’s Bostic, Barkin, Collins, Musalem, Kugler, Daly & Hammack. Earnings from Home Depot & Bilibili.

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TARIFFS/TRADE

• Japan is reportedly mulls accepting US tariff reduction, not exemption, according to Kyodo. The Japanese government is reportedly considering the option of accepting a reduction in the rate of additional tariffs and reciprocal tariffs on automobiles and other items. Due to the US, according to sources, refusing to eliminate tariffs in prior negotiations and is said to have “indicated its intention to exclude additional tariffs on automobiles, steel, and aluminium, which are important to Japan, from the talks”.
• US Treasury Secretary Bessent will travel to Canada to participate in the G7 Finance Ministers and Central Bank Governors meeting, while he will focus on the need to address global economic imbalances and non-market practices.
• Japanese Economy Minister Akazawa said Japan and the US conducted working-level talks on bilateral trade on Monday, while he added there was no change to Japan’s stance of demanding the elimination of US tariffs. It was also reported that the US and Japan could hold talks as soon as this Friday although US Treasury Secretary Bessent is not expected to attend, according to Kyodo.
• Taiwan’s President Lai said tariff talks with the US are going smoothly, while he added that Taiwan is to initiate a national wealth fund and is to broaden economic connections with nations other than the US.
• India is discussing a US trade deal structured in three tranches and expects to reach an interim agreement before July.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 +0.3%) opened modestly firmer across the board and have traded within a tight range thus far, given the lack of pertinent updates.
• European sectors are mixed, and aside from the top performer, the breadth of the market is fairly narrow. Utilities takes the top spot, with sentiment in wind names boosted after the Trump administration lifted a stop-work on Equinor’s (+1.3%) New York offshore wind farm project; the name is higher by around 1.5% – peers such as Orsted (+14%) have also been edging higher.
• US equity futures are modestly lower across the board, in contrast to a mostly positive APAC/Europeans session. The US data docket is exceptionally thin, but there are a slew of Fed speakers to keep traders busy; Bostic, Barkin, Collins, Musalem, Kugler, Daly & Hammack are all due.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• After a contained start, DXY has extended on Monday’s downside which was largely attributed to the Moody’s downgrade on the US on Friday. Newsflow on the trade front has been non-incremental aside from a Reuters sources piece noting that the US Treasury does not anticipate any trade deal announcements at the G7 Finance Meeting in Canada this week.
• PBoC set USD/CNY mid-point at 7.1931 vs exp. 7.2112 (Prev. 7.1916). Today’s speaker slate includes Fed’s Bostic, Barkin, Collins, Musalem, Kugler, Daly & Hammack. DXY is just about holding above the 100 mark.
• EUR fractionally firmer vs. the USD with not a great deal in terms of Eurozone newsflow aside from ongoing ECB speak with Executive Board member Schnabel noting that disinflation is on track, though new shocks could pose new challenges. EUR/USD sits towards the top end of Monday’s 1.1169-1.1288 range.
• JPY at the top of the G10 leaderboard with some of the move attributed to moves in Japanese yields with the 30yr JGB yield hitting its highest level since its debut since 1999 following a soft JGB auction overnight. On the trade front, Japanese Economy Minister Akazawa said Japan and the US conducted working-level talks on bilateral trade on Monday. Note, Japanese Finance Minister Kato and US Treasury Secretary Bessent are expected to discuss exchange rates on the sidelines of the G7 meeting in Canada this week. USD/JPY has delved as low as 144.10 but stopped shy of the 144 mark.
• GBP is a touch firmer vs. the USD and steady vs. the EUR. This morning has seen remarks from BoE Chief Economist Pill, who dissented at the 8th May rate decision by voting for an unchanged rate vs. consensus for a 25bps cut. Pill noted that his dissenting vote stemmed from a concern that the pace of withdrawal of monetary policy restriction since last summer is too rapid, given the balance of risks to price stability. He added that his vote should be seen as a skip and not a halt to the withdrawal of the restriction process. The remarks had little follow-through to GBP; currently around 1.3370.
• Antipodeans are both softer vs. the USD with AUD lagging across the majors post-RBA. As expected, the RBA pulled the trigger on a 25bps cut whilst offering a cautious view on the outlook and lowering its inflation forecasts in its accompanying Statement on Monetary Policy. At the follow-up press conference, AUD/USD hit a session low at 0.6409 after Governor Bullock revealed that the board discussed cutting by 25bps or 50bps.
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• JGBs were initially firmer, in-fitting with peers after Monday’s eventual intraday recovery from Moody’s-driven pressure. However, upside in Japan was limited into supply. But a poor 20yr outing caused JGBs to slip from 134.40 to a 138.78 base – pressure which has since pared.
• USTs experienced a slight bearish blip on the above auction. However, Monday’s intraday recovery remained intact for USTs overnight and the benchmark has since extended to a 110-14+ high, eyeing 110-21+ from last week as the next point of resistance. Today’s speaker slate includes Fed’s Bostic, Barkin, Collins, Musalem, Kugler, Daly & Hammack.
• Bunds a little firmer today, in-fitting with peers. Early doors remarks from Schnabel this morning, though nothing that has fundamentally changed the narrative. Numerous speakers ahead incl. Cipollone, Knot & Nagel. Similarly, no move to German Producer Prices printing lower than expectations and the prior, driven primarily by energy prices for both Y/Y & M/M components. Continues to rebound from Monday’s pressure, at best has been 15 ticks above that session’s 130.60 peak. German 10yr and 30yr auctions were well received but had little impact on German paper.
• Gilts are firmer and currently outperforming. Outperformance which comes as Gilts didn’t get as much time to benefit from Monday’s late-door rebound and as the UK benchmark was that session’s underperformer, given EU-UK updates. As it stands, at the upper-end of a 91.45-91.91 band. BoE’s Pill outlined that his vote in May to leave rates unchanged was a “skip”. In fitting with his preference for “cautious and gradual” cuts and stemmed from a view that the recent quarterly pace “is too rapid given the balance of risks to price stability”. No move in Gilts to his speech.
• Hong Kong pension fund managers are reportedly sounding the alarm of potential forced selling of US Treasury holdings following Moody’s downgrading US’ rating, according to Bloomberg sources Hong Kong Investment Fund Association (HKFIA) has recommended that an exception to the maximum 10% holding rule is made for US Treasuries, to allow funds to invest above the limit even if the US is rated one notch below AAA, according to the sources. Japan’s R&I still has an AAA rating (outlook stable) on the US, and is not considering a downgrade currently “don’t believe the situation described there has significantly changed”
• UK price guidance for new 5.375% 2056 Gilt in sale via syndication seen +1.75bps to +2.25bps over 4.25% 2055 Gilt, orders over GBP 70bln.
• Click for a detailed summary

COMMODITIES

• Crude is lower this morning despite a softer dollar but amid a cautious risk tone in Europe and following some of the more sanguine tones from US President Trump regarding Russia, whilst upside was seen on less conciliatory commentary from the Iranian Supreme Leader. He said that he “does not think nuclear talks with the US will be successful”, via Mehr news. Brent Jul’25 rose from USD 65.07/bbl to USD 66.00/bbl over three minutes – a move which has since mostly faded.
• Relatively flat and lacklustre trade across precious metals amid a lack of pertinent macro drivers this morning, and following a relatively contained session on Monday. Spot gold resides in a current USD 3.204.67-3.232.85/oz range.
• Mixed trade across base metals and in narrow ranges amid a lack of pertinent catalysts during the European session, whilst the broader risk tone remains cautious. 3M LME copper currently resides in a USD 9,443.05-9,520.90/t.
• Click for a detailed summary

NOTABLE DATA RECAP

• German Producer Prices MM (Apr) -0.6% vs. Exp. -0.3% (Prev. -0.7%); YY -0.9% vs. Exp. -0.6% (Prev. -0.2%)
• EU Current Account SA, EUR (Mar) 50.9B (Prev. 34.3B); Current Account NSA,EUR (Mar) 60.1B (Prev. 33.1B)

NOTABLE EUROPEAN HEADLINES

• BoE’s Pill says “dissenting vote stems from a concern that the pace of withdrawal of monetary policy restriction since last summer – quarterly cuts of 25bp – is too rapid given the balance of risks to price stability”. Dissent was in line with his preference for “cautious and gradual” cuts in Bank Rate expressed over the past twelve months. Would characterise his dissenting vote as favouring a ‘skip’ in the quarterly pattern of Bank Rate cuts. It should not be seen as favouring a halt to (still less a reversal of) that withdrawal of restriction. Is concerned that structural changes in the price and wage setting behaviour have increased the intrinsic persistence of the UK inflation process. The underlying disinflation continues. The prospective path of Bank Rate from here is downward. Dissent from the most recent decision does not reflect a fundamental difference with the MPC. Says “we should not be dependent on how the data turns out”. Can’t assume that the inflation “pain” of new economic shocks will dissipate quickly. Agrees with the MPC that there is an easing in the labour markets, has questions over the pace. Some key pay indicators “remain quite strong”.
• ECB’s Schnabel says disinflation is on track, though new shocks could pose new challenges. Tariffs could be disinflationary in the short run but result in upside risk over the medium term. “We are facing a historical opportunity to foster the international role of the euro” & “When the inflation regime changes, we must be ready to respond swiftly”.
• German VCI Chemical Industry Association: Q1 Production +0.6% Y/Y; Revenue +1.8% Y/Y; notes that production is expected to stagnate this year and industry sales will decrease slightly.

NOTABLE US HEADLINES

• Freedom caucus chair Harris said the votes are not there for the Trump bill and predicts a deal on the tax bill will be delayed until June.

GEOPOLITICS

MIDDLE EAST

• Iranian Supreme Leader Khamenei says “I don’t think nuclear talks with the US will be successful”; via Mehr news. Says to the US that they must remain from making outrageous demands. Saying that Iran will not be allowed to enrich uranium is excessive and outrageous.
• “Israel Broadcasting Corporation: Netanyahu extends the stay of the Israeli negotiating team in Doha for an additional day”, according to Alhadath.
• Israeli PM Netanyahu says “Gaza war could end “tomorrow” if hostages return and Hamas leaders lay down their arms”, via Sky News Arabia.
• Iran has received a proposal for the next round of indirect negotiations with the US, according to Iran International.
• “Iranian Foreign Ministry Spokesman: The time and place of the next round of nuclear negotiations with the United States have not yet been decided”, according to Sky News Arabia

RUSSIA-UKRAINE

• US President Trump said the US isn’t stepping back from Russia-Ukraine negotiations and that it would be helpful to host Ukraine-Russia talks at the Vatican, while he repeated it is not his war and thinks something is going to happen with Russia and believes Putin wants to stop. Furthermore, Trump said he has a red line in his head on when he will stop pushing on Russia-Ukraine but won’t say what that red line is and noted there could be a time when Russia sanctions will happen.
• Kremlin spokesman said US President Trump and Russian President Putin talked about a direct conversation between Putin and Ukrainian President Zelensky although there is no decision yet on the place for the next direct contact between Russia and Ukraine. The spokesman stated there cannot be a deadline for preparing a memorandum between Russia and Ukraine, as well as noted that everyone is interested in a speedy settlement in Ukraine and that Russia is interested in eliminating the root causes of the conflict.

CRYPTO

• Bitcoin is a little firmer and trades just above USD 105k; Ethereum is also higher.

APAC TRADE

• APAC stocks were marginally higher as the region took impetus from the rebound stateside where the major indices gradually recouped the losses triggered by the US rating downgrade, and both the S&P 500 and the Dow notched six-day win streaks.
• ASX 200 was led by outperformance in tech and financials, while the attention was on the RBA which delivered a widely expected rate cut.
• Nikkei 225 rallied at the open in tandem with a surge in USD/JPY but then gave back the majority of the spoils amid currency fluctuations and with little in the way of fresh catalysts for Japan.
• Hang Seng and Shanghai Comp were kept afloat after China’s largest banks cut deposit rates and slashed the benchmark Loan Prime Rates by 10bps as guided by PBoC Governor Pan, while sentiment was also underpinned by a jump in CATL shares on its Hong Kong debut.

NOTABLE ASIA-PAC HEADLINES

• Chinese Loan Prime Rate 1Y (May) 3.00% vs. Exp. 3.00% (Prev. 3.10%)
• Chinese Loan Prime Rate 5Y (May) 3.50% vs. Exp. 3.50% (Prev. 3.60%)
• China’s state planner said they will make greater efforts to attract and utilise foreign capital, while China is drafting loan management rules for renewal projects and most policies will be implemented before end of June.
• BoJ releases briefing material used at a meeting with bond market participants: notes some members said JGB market functionality is improving as a trend due to the BoJ taper. Some look for an eventual end to bond buying, some are after bigger cuts in the next plan. Some seek substantial cuts in one go. Deteriorating demand-supply for super-long JGBs is not something the BoJ can fix.

RBA

• RBA cut the Cash Rate by 25bps to 3.85%, as expected, while it stated that inflation continues to moderate and that the outlook remains uncertain. RBA affirmed that maintaining low and stable inflation is the priority and the board judged that the risks to inflation have become more balanced, as well as assessed that this move on rates will make monetary policy somewhat less restrictive. Furthermore, the RBA stated that headline inflation is likely to rise over the coming year to around the top of the band as temporary factors unwind and the remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and supply. RBA also released its Quarterly Statement on Monetary Policy which noted that the escalation of global trade conflict a key downside risk to economy and that the global growth outlook was downgraded, while it added that uncertainty has increased due to US tariff policies and it trimmed its core domestic inflation forecasts.
• Governor Bullock: prepared to take further rate actions if required; price increases have slowed; Bullock adds this was a confident cut in rates; There was a discussion between a 50bps cut or a 25bps cut; discussed holding rates or cutting. Cannot say where the cash rate will end up, does not endorse market pricing (Note: ~55bps of cuts currently seen by year-end).

2c) Asian opening report

Equity futures rebounding; Aussie lags after RBA discussed 50bps cut & JGBs see dismal auction – Newsquawk Europe Market Open

Tuesday, May 20, 2025 – 01:19 AM

• APAC stocks were marginally higher as the region took impetus from the rebound stateside; S&P 500 and Dow notched six-day win streaks
• European equity futures indicate a positive cash market open with Euro Stoxx 50 future up 0.5% after the cash market closed flat on Monday.
• FX markets are broadly steady. AUD lags after the RBA delivered a 25bps cut and cut its inflation outlook.
• US President Trump stated that Russia and Ukraine are to immediately begin negotiations on a ceasefire and an end to the war.
• US House Speaker Johnson said they are almost there on the tax bill and he is very confident they will get it done.
• Looking ahead, highlights include German Producer Prices, Canadian Inflation, EZ Consumer Confidence, NZ Trade, G7 Finance Ministers Meeting, RBA’s Bullock, BoE’s Pill, ECB’s Cipollone, Nagel, Fed’s Bostic, Barkin, Collins, Musalem, Kugler, Daly & Hammack, Supply from Germany.

SNAPSHOT

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US TRADE

EQUITIES

• US stocks saw two-way price action and ultimately closed little changed, albeit with underperformance in the small-cap Russell 2000 index. The session began on a sombre note with downside in US stocks, bonds and the dollar in the wake of Moody’s downgrading the US credit rating which sparked selling in Asia and European sessions, although the downside had largely rebounded throughout US trade which saw equities close mixed, while attention was also on geopolitics following the Trump-Putin phone call which was said to have gone very well.
• SPX +0.09% at 5,964, NDX +0.09% at 21,447, DJI +0.32% at 42,792, RUT -0.42% at 2,104.
• Click here for a detailed summary.

TARIFFS/TRADE

• US Treasury does not anticipate any trade deal announcements at the G7 Finance Meeting in Canada this week, according to a source briefed on US preparations cited by Reuters. Treasury Secretary Bessent will travel to Canada to participate in the G7 Finance Ministers and Central Bank Governors meeting, while he will focus on the need to address global economic imbalances and non-market practices.
• Japanese Economy Minister Akazawa said Japan and the US conducted working-level talks on bilateral trade on Monday, while he added there was no change to Japan’s stance of demanding the elimination of US tariffs. It was also reported that the US and Japan could hold talks as soon as this Friday although US Treasury Secretary Bessent is not expected to attend, according to Kyodo.
• Taiwan’s President Lai said tariff talks with the US are going smoothly, while he added that Taiwan is to initiate a national wealth fund and is to broaden economic connections with nations other than the US.
• India is discussing a US trade deal structured in three tranches and expects to reach an interim agreement before July.

NOTABLE HEADLINES

• Fed’s Williams (voter) said uncertainty has led the Fed to keep interest rates steady so far this year and the path forward might not become clearer for months, while he noted it won’t be in June or July that they are going to understand what’s happening and it is going to be a process of collecting data, getting a better picture, and watching those things develop.
• Fed’s Kashkari (2026 voter) said coming into this year, economic conditions were good and said there is big uncertainty in the economy, while he does not know when the tariff landscape will settle out. Kashkari added that businesses are holding off on investment amid uncertainty and stated it is ‘wait-and-see’ until the Fed has more information.
• US House Speaker Johnson said they are almost there on the tax bill and he is very confident they will get this done but added there are a few issues to resolve.
• Freedom caucus chair Harris said the votes are not there for the Trump bill and predicts a deal on the tax bill will be delayed until June.

APAC TRADE

EQUITIES

• APAC stocks were marginally higher as the region took impetus from the rebound stateside where the major indices gradually recouped the losses triggered by the US rating downgrade, and both the S&P 500 and the Dow notched six-day win streaks.
• ASX 200 was led by outperformance in tech and financials, while the attention was on the RBA which delivered a widely expected rate cut.
• Nikkei 225 rallied at the open in tandem with a surge in USD/JPY but then gave back the majority of the spoils amid currency fluctuations and with little in the way of fresh catalysts for Japan.
• Hang Seng and Shanghai Comp were kept afloat after China’s largest banks cut deposit rates and slashed the benchmark Loan Prime Rates by 10bps as guided by PBoC Governor Pan, while sentiment was also underpinned by a jump in CATL shares on its Hong Kong debut.
• US equity futures (ES -0.2%, NQ -0.3%) eased back from the prior day’s peaks after mounting a recovery throughout the Wall St trading session.
• European equity futures indicate a positive cash market open with Euro Stoxx 50 future up 0.5% after the cash market closed flat on Monday.

FX

• DXY lacked direction after ultimately weakening yesterday on the recent rating downgrade and with little reaction seen to a slew of comments from Fed officials in which Jefferson, Williams and Kashkari all noted uncertainty related to tariffs, while Bostic reiterated that he only sees one cut this year but added it depends on how the tariff situation plays out.
• EUR/USD traded little changed with the single currency contained amid a lack of pertinent drivers ahead of Eurozone Consumer Confidence data and comments from ECB officials.
• GBP/USD price action was uneventful after yesterday’s early rally was stalled by resistance at the 1.3400 level.
• USD/JPY returned to flat territory after whipsawing through the 145.00 level amid a quiet calendar and with little fresh catalysts for Japan.
• Antipodeans eased back after gaining yesterday with AUD/USD also mildly pressured after the RBA delivered a widely expected 25bps rate cut and noted that the board remained cautious about the outlook given the heightened level of uncertainty.
• PBoC set USD/CNY mid-point at 7.1931 vs exp. 7.2112 (Prev. 7.1916).
• SNB’s Chairman Schlegel said the SNB tolerates a negative inflation rate in the short term, while he added that Swiss 2025 growth will be lower than expected and uncertainty is currently very high. Furthermore, he said the Swiss Franc is often sought as a safe haven in times of uncertainty and commented that negative interest rates cannot be ruled out.

FIXED INCOME

• 10yr UST futures remained afloat above the 110.00 level following Monday’s intraday recovery, while there was little reaction seen to recent Fed commentary in which officials continued to highlight the ongoing uncertainty.
• Bund futures held on to yesterday’s gains after recovering from a brief dip beneath the 130.00 level, although upside was capped ahead of supply with a total of EUR 6bln of Bund issuances scheduled for today and tomorrow.
• 10yr JGB futures initially tracks the recent gains in global counterparts but later slumped after the 20yr JGB auction which resulted in the weakest b/c since 2012 and the widest tail in price since 1987.

COMMODITIES

• Crude futures lacked direction following the prior day’s indecisive performance as markets digested the US downgrade and Trump/Putin call.
• Spot gold traded rangebound and gradually retreated amid an indecisive dollar and the improved risk appetite.
• Copper futures slightly pulled back overnight after climbing yesterday in tandem with the rebound in sentiment.

CRYPTO

• Bitcoin ultimately returned to flat territory following a return journey from above the USD 106k level.
• US Senate voted to advance the GENIUS Act through the procedural vote which sets the major stablecoin cryptocurrency regulation bill up for debate on the Senate floor.

NOTABLE ASIA-PAC HEADLINES

• Chinese Loan Prime Rate 1Y (May) 3.00% vs. Exp. 3.00% (Prev. 3.10%)
• Chinese Loan Prime Rate 5Y (May) 3.50% vs. Exp. 3.50% (Prev. 3.60%)
• China’s state planner said they will make greater efforts to attract and utilise foreign capital, while China is drafting loan management rules for renewal projects and most policies will be implemented before end of June.
• RBA cut the Cash Rate by 25bps to 3.85%, as expected, while it stated that inflation continues to moderate and that the outlook remains uncertain. RBA affirmed that maintaining low and stable inflation is the priority and the board judged that the risks to inflation have become more balanced, as well as assessed that this move on rates will make monetary policy somewhat less restrictive. Furthermore, the RBA stated that headline inflation is likely to rise over the coming year to around the top of the band as temporary factors unwind and the remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and supply. RBA also released its Quarterly Statement on Monetary Policy which noted that the escalation of global trade conflict a key downside risk to economy and that the global growth outlook was downgraded, while it added that uncertainty has increased due to US tariff policies and it trimmed its core domestic inflation forecasts.

GEOPOLITICS

MIDDLE EAST

• UK-France-Canada leaders in a joint statement said they will take “concrete actions” if Israel does not cease its renewed military offensive in Gaza and lift aid restrictions, while they oppose expanded settlements in the West Bank and could take further action, including targeted sanctions.
• Iranian Foreign Ministry spokesman said no decision has yet been taken on the next round of negotiations on the Iranian nuclear programme, according to Sky News Arabia. – Yemen’s Houthis announced a ‘maritime ban’ on Israel’s Haifa Port.

RUSSIA-UKRAINE

• US President Trump posted on Truth that he completed a two-hour call with Russian President Putin which he believes went very well, while Russia and Ukraine are to immediately begin negotiations on a ceasefire and for an end to the war. Trump said the conditions for that will be negotiated between the two parties, while he added the tone and spirit of the conversation were excellent and that Russia wants to do large-scale trade with the US when this catastrophic “bloodbath” is over, which Trump agrees to and he also stated that progress was made during the call with Putin.
• US President Trump said the US isn’t stepping back from Russia-Ukraine negotiations and that it would be helpful to host Ukraine-Russia talks at the Vatican, while he repeated it is not his war and thinks something is going to happen with Russia and believes Putin wants to stop. Furthermore, Trump said he has a red line in his head on when he will stop pushing on Russia-Ukraine but won’t say what that red line is and noted there could be a time when Russia sanctions will happen.
• Russian President Putin said the call was very informative and helpful, while US President Trump said Russia favours a peaceful resolution of the Ukraine crisis, according to RIA. Furthermore, it was reported that Russia is ready to work with Kyiv on a memorandum on future peace talks and a ceasefire with Ukraine is possible once agreements are reached, while Putin said they are generally on the right track and that Russia and Ukraine must find compromises that suit both sides.
• Kremlin aide said Russian President Putin and US President Trump both noted they favoured normalisation of US-Russia relations and discussed a possible Russia-US prisoner swap. Trump reportedly spoke quite emotionally about prospects for ties with Russia and wants them to be mutually beneficial, while Trump noted that the US sees Russia as one of the most important trade and economic partners. Furthermore, they agreed to continue dialogue on all issues and intend to agree on a personal meeting in the future.
• Kremlin spokesman said US President Trump and Russian President Putin talked about a direct conversation between Putin and Ukrainian President Zelensky although there is no decision yet on the place for the next direct contact between Russia and Ukraine. The spokesman stated there cannot be a deadline for preparing a memorandum between Russia and Ukraine, as well as noted that everyone is interested in a speedy settlement in Ukraine and that Russia is interested in eliminating the root causes of the conflict.
• Ukrainian President Zelensky noted he had two calls with US President Trump in different formats on Monday in which the first call was one-on-one and second call included leaders of France, Finland, Germany, Italy and EU. Zelensky said the second conversation was long and different in character, while they are considering a meeting of all parties, including Ukraine, Russia, US, EU countries and Britain at the highest level. Furthermore, he hopes the meeting will happen as soon as possible and said Ukraine will not withdraw troops from parts of its own territory or give in to ultimatums from Russia.
• European Commission President von der Leyen said she had a good call with Trump, Macron, Meloni, Merz, Finland’s Stubb and Zelensky to get debriefed on Trump’s call with Putin, while she added it is important the US stays engaged.
• German government spokesman noted following US President Trump’s call with European leaders, that European participants announced they would increase pressure on Russia through sanctions.

EU/UK

NOTABLE HEADLINES

• BoE’s Dhingra said her vote for a 50bps rate cut was partly to make a statement on the direction of the economy, and they might see some cost pass through from US tariffs but argued that number would be quite small. Dhingra also said she would not rule out a scenario where global trade breaks up and the UK suffers inflation, but does not think that’s where they are headed.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

Japan is in trouble!!nobody to buy its bonds

Japan Bond Market On Verge Of Collapse After Worst Auction Since 1987

Tuesday, May 20, 2025 – 05:23 AM

While the world was closely watching if US Treasuries were going to crater after Friday’s Moody’s downgrade (they didn’t, and in fact yields closed near session lows as Moody’s didn’t tell us something we didn’t know for almost two decades), the real bond market collapse was taking place half a world away, in Japan, where moments ago Tokyo just had its ugliest 20 Year JGB auction since 1987.

Despite yields at multi-decade highs, and in the case of the 40Y JGB, at never before seen levels…

… ahead of today’s auction of 1 Trillion in 20 Year (March 2045) JGBs, closely watched for insight into demand for next week’s all important 40 Year “mega duration” auction, the results were nothing short of catastrophic with a Bid to Cover of 2.501( down from 2.96 last month), the lowest since 2012…

… but it was the surge in the tail to 1.14 from 0.34 in April – the biggest tail since 1987(!) – that was the real shocker, as demand for Japanese duration has suddenly evaporated.

The result of what can effectively be described as a failed auction naturally spooked the market and sent yields soaring by 13bps for the 40Y JGB to a record high 3.564% and by 14bps for the 20Y JGB to 2.583%, the highest since the year 2000.

Needless to say this is an absolutely disaster for the BOJ, and we are being generous: one month ago, when looking at the explosion in the 5s30s of the JGB yield curve, we said that the Bank of Japan is now “cornered”…

That’s quite a corner the BOJ finds itself in pic.twitter.com/mW0vywxw2Z

— zerohedge (@zerohedge) April 16, 2025

… and today’s catastrophic auction confirmed this, signaling a red alert of market concern about who will buy Japan’s treasuries as the Bank of Japan, which currently owns more than half of the entire JGB market or 52%…

… dials back its huge debt holdings.

“The results were even worse than I had expected,” Katsutoshi Inadome, a senior strategist at Sumitomo Mitsui Trust told Bloomberg. “Thirty- and 40-year bonds were being sold due to fiscal expansion risks and declining liquidity, but deteriorating market conditions have now spread to 20-year bonds, which had been relatively stable.”

And since Japan has not had a normally functioning bond market in decades, one where the JGBs was not the marginal price setter, this generation of traders has literally no idea what to do when the BOJ isn’t buying up more than half of all issued debt.

Which is a problem because this week, the Bank of Japan will sound out market participants to gauge their views on how aggressively it should proceed with quantitative tightening as yields increased sharply nearly a year after it began scaling back its huge bond purchases.

And so the BOJ is stuck: does it proceed with aggressive (or not so aggressive) QT and send yields soaring even higher and faster, causing devastating Mark to Market losses for all holders of JGBs, until eventually the BOJ is forced into yet another bailout, including NIRP and Yield Curve Control… or does the central bank capitulate now, cut rates to zero – or negative – and regain control of the long end via brand new QE/YCC, as it watches inflation transform into hyperinflation and the yen crater, resulting in currency collapse.

In other words, there is no happy ending in Japan… in fact, there are only very unhappy endings, but like in the US it will take Moody’s about 15 years to figure that out.

3C CHINA

this is due to the tariffs initiated by Trump

(zerohedge)

Chinese Smartphone Exports To US Crashed In April

Tuesday, May 20, 2025 – 07:45 AM

New customs data from China shows that smartphone shipments to the U.S. collapsed 72% in April to below $700 million—the lowest level since 2011. The plunge coincided with the peak of the U.S.-China trade war, as the Trump administration imposed up to 145% tariffs on Chinese goods, disrupting tech supply chains. However, those levies have since been significantly scaled back to 30% as of May.

Using data from China’s General Administration of Customs, Bloomberg reported that the 72% plunge in smartphone shipments to the U.S. far outpaced the 21% decline in overall exports to the U.S.

China’s export data showed that handsets and laptops suffered the largest shipping declines in April.

April marked the peak of the trade war, with President Trump imposing tariffs of up to 145% on Chinese goods and Beijing retaliating with 125% tariffs on U.S. products. By mid-May, trade tensions had eased, with U.S. tariffs on Chinese goods reduced to 30% and China’s tariffs on U.S. goods lowered to 10%.

However, the so-called “breakthrough” trade deal between the U.S. and China last week has Goldman analyst Philip Sun forecasting a surge in imports for U.S. ports. This has abruptly reversed the “empty ports” and “empty shelves” narratives; now, U.S. importers expect to pull forward.

Goldman’s Sun explained: “China’s exports will be RED HOT in the next 90 days. Frontrunning would be the keyword.”

Meanwhile, Apple accelerated a shift of iPhone production to India in anticipation of the trade war. 

Last week, President Trump, on his Gulf States tour, publicly called out Apple CEO Tim Cook for the massive expansion of iPhone production in India. Trump said after his conversation about ‘Made in America’, the CEO would be “upping their production in the United States.” 

Wedbush Securities recently estimated that a fully American-made iPhone could cost as much as $3,500, compared to the current average price of around $1,000. There are reports the next model could see the first price hike since the 2017 debut of the iPhone X.

Next lineup of iPhone…

 . . . 

4..EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

UK//EU

Seems that Britain is back into the pre Brexit formula with the EU. Nigel Farage is furious that the UK gave fishing rights to the EU

(ReMix)

‘De-Brexit’? UK PM Starmer Accused Of “Surrender” As Britain Pens New Agreement With Brussels

Tuesday, May 20, 2025 – 02:00 AM

Authored by Thomas Brooke via Remix News,

The United Kingdom and the European Union have reached a wide-ranging agreement aimed at expanding cooperation across key areas such as defense, energy, migration, law enforcement, and youth mobility — a deal that critics argue is a flagrant rowback on Brexit.

Announced following the U.K.–EU summit on Monday, the so-called Common Understanding outlines both sides’ intention to build on existing post-Brexit frameworks, including the Withdrawal Agreement and the Trade and Cooperation Agreement.

While the agreement does not constitute a new treaty, it signals a shift toward closer integration in several sectors that effectively bring the U.K. back into alignment with EU rules and institutions, undermining national sovereignty.

The agreement reconfirms reciprocal access to fishing waters until June 2038 and extends bilateral cooperation on energy. It also launches a new Security and Defense Partnership covering topics such as support for Ukraine, cyber defense, military mobility, peacekeeping, and space security. Dialogue is also planned in areas like maritime safety and international disaster response.

Access to fishing waters has been a bone of contention since the 2016 Brexit vote and is seen as a major concession by the U.K. Ahead of the news breaking, rumors had been swirling in Westminster that fishing rights were on the table, leading Reform UK leader Nigel Farage to warn, “If true, that will be the end of the fishing industry.”

Leader of the Opposition Kemi Badenoch also remarked, “Twelve years’ access to British waters is three times longer than the government wanted. We’re becoming a rule-taker from Brussels once again. And with no details on any cap or time limits on Youth Mobility, fears of free movement returning will only increase. This is very concerning.”

The new mobility framework proposed is for young people, allowing limited-duration travel between the U.K. and EU for work, study, volunteering, and other cultural purposes. In parallel, the U.K. and EU will begin discussions about associating the UK with the EU’s Erasmus+ program, including negotiation over financial terms. These discussions are framed as promoting “people-to-people” ties, especially among younger generations.

In the area of internal security, both sides committed to strengthening cooperation under the Trade and Cooperation Agreement. This includes information-sharing with Europol, improved coordination on terrorism and serious crime, and the potential expansion of biometric and vehicle data exchange. There is also intent to address difficulties faced by law enforcement in accessing electronic communications data across jurisdictions.

In economic and environmental matters, the agreement outlines plans to explore U.K. participation in the EU’s internal electricity market and to establish a link between the U.K. and EU emissions trading systems. Both initiatives would require the U.K. to align with EU rules in relevant areas, such as state aid, environmental protections, and trading mechanisms. This alignment would be monitored through dispute mechanisms, with the European Court of Justice acting as the final authority on EU law. The move effectively reintroduces the ECJ as the supreme arbiter in such areas.

On agri-food trade, the two sides agreed to work toward a Sanitary and Phytosanitary (SPS) Agreement that would remove many current barriers to the movement of animals and plants between Great Britain and the EU. However, this too would involve dynamic alignment with EU regulations and limited exceptions subject to EU approval. The agreement specifies that the U.K. would be consulted during the EU policy-making process but would have no vote or participation in formal decision-making bodies. Again, issues of sovereignty arise, with the United Kingdom signing up to align with regulations without having a seat at the table.

The deal also includes plans to deepen cooperation on illegal migration. Areas of focus include upstream control efforts, information-sharing on visa abuse and migrant smuggling, and coordination with EU agencies such as Frontex and the EU Agency for Asylum. Practical measures to prevent Channel crossings and improve return mechanisms are also under discussion.

Though the agreement repeatedly emphasizes mutual benefit and respect for each side’s legal framework, many of its proposals rely on U.K. adherence to EU rules and oversight structures. The European Commission is explicit in its expectation that the U.K. will align dynamically with changing EU legislation in areas covered by the agreements, while contributing financially to relevant EU programs and databases.

Former Conservative Home Secretary Suella Braverman called the deal a surrender. “The government has let down our fishing community. This capitulation is unforgivable for our coastal communities and fishermen. The British people won’t forget this. The beginning of the end for Brexit.”

Starmer, however, took to social media to defend the deal, telling Brits they “deserve better than the last government’s deal. It wasn’t working for anyone.”

He claimed that while previous governments had “dithered and delayed,” his was “getting on with the job and delivering in the national interest.”

Read more here…

END

SWEDEN

Now who would have guessed that this would happen?

(zerohedge/Klarna)

Buy Now, Pay Never? Klarna’s Losses Double As US Consumers Fall Behind On Payments

Tuesday, May 20, 2025 – 06:55 AM

In an absolute shocker that you’ll never believe (unless you read ZeroHedge) – Klarna, the Swedish financial technology firm known for its “buy now, pay later” (BNPL) offerings, reported a sharp increase in losses for the first quarter, driven by a rise in consumer defaults and economic unease in the United States.

The company posted a net loss of $99 million for the three months ending in March, more than double its $47 million loss during the same period a year earlier. The deterioration comes amid a rise in customer credit losses, which climbed 17 percent year-on-year to $136 million, underscoring mounting concerns about the financial health of U.S. borrowers.

Klarna’s business model – providing interest-free installment loans for retail purchases – has grown rapidly in recent years, especially in the United States, where the company has partnered with major retailers such as Walmart, eBay and DoorDash. But the surge in unpaid loans and shifting macroeconomic conditions have intensified scrutiny of the company’s exposure to economic headwinds, according to the Financial Times.

The results also follow Klarna’s decision to halt its long-anticipated initial public offering in New York, after recent tariff announcements from President Donald Trump roiled markets. The administration’s trade policy has heightened inflation expectations and dampened consumer sentiment, with one widely watched confidence index falling to its second-lowest level on record last week.

Despite the growing defaults, Klarna emphasized the short-term nature of its loan book, noting that 83 percent of its balances refresh within three months. The company said in a statement that it’s “closely monitoring changes in the macroeconomic environment,” and “remains well-positioned to adapt swiftly if required.”

Klarna’s credit loss rate as a share of total payment volume remains relatively modest at 0.54 percent, a slight uptick from 0.51 percent a year earlier.

Revenues for the quarter rose 13 percent to $701 million, as the platform reached 99 million active users. The company has leaned heavily on artificial intelligence to streamline operations, delivering Monday’s earnings through an AI-generated avatar of its chief executive.

Klarna has also pursued aggressive cost-cutting, reducing its headcount by 39 percent over the past two years. Customer service expenses declined 12 percent year-on-year in the latest quarter. At the same time, the company is grappling with a 15 percent rise in funding costs, now totaling $130 million.

Last month we noted that Americans are increasingly tapping Buy Now, Pay Later (BNPL) financing to pay for daily essentials — even groceries — according to a Lending Tree survey, in which  41% of those polled say they were late on payments over the past year, which is up from 34% in last year’s survey. About three-quarters of the late-payers say they were late by no more than “a week or so.” However, where that and other numbers are concerned, it’s important to note that these stats are based on survey responses — not the hard data of their BNPL providers. Given human nature, it’s reasonable to think respondents would understate subpar behavior. 

The top two categories of BNPL purchases are clothing, shoes and accessories (41% of BNPL users) followed by technology devices (39%). However, there’s been a surge in people who’ve used BNPL for groceries — 25% versus 14% last year.  A whopping one-third of Gen Z BNPL-tappers say they’ve used the financing for groceries. Similarly, 16% of users have tapped BNPL for food delivery or takeout.

Other findings:

• Nearly half of the respondents have used a BNPL loan, with 11% saying they’ve used them 6 or more times. 23% have had three or more of them running simultaneously.  
• 53% of men have used BNPL, versus 46% of female respondents. 
• 64% of Gen Zers (age 18 to 28) have used BNPL, compared to 29% of Boomers (61 to 79)
• end

FRANCE

state of affairs inside France ..huge drug trafficking and migrant problems!

(remix)

80% Of French Women Want The Army Deployed In French Cities To Protect Them

Tuesday, May 20, 2025 – 06:30 AM

Via Remix news,

Due to France’s drug trafficking crisis, a large majority of French are in favor of the army being deployed into disadvantaged neighborhoods in problematic neighborhoods in France, including 80 percent of women.

According to a CSA poll conducted for CNews, Europe 1 and JDD, 76 percent of French people overall want the army called in to battle drug trafficking in “disadvantaged neighborhoods.”

In fact, women are more supportive of troops being deployed than men, with 80 percent of women saying yes to the question: “Should the army be called in to combat drug trafficking in troubled neighborhoods?” In turn, only 72 percent of men supported such an action.

This may have to do with the fact that French women feel increasingly unsafe in their own country. As Remix News has reported, France has seen an incredible 86 percent increase in sexual violence in the last 10 years, with mass immigration fueling this trend.

French women have shown themselves to be more restrictive of immigration in past surveys as well, which also runs counter to polling in most other Western European countries. The polling shows 64 percent of French want more restrictions on non-EU immigration, with more women favoring restriction than men.

Although the troops on the streets in French cities would be dramatic, 66 percent were in favor of such a move two years ago when they were last surveyed, and 33 percent were against it. Apparently, the idea has only grown in popularity since then. Now, only 23 percent are against French troops being deployed.

In this latest CSA poll, opinions on the issue of sending in troops did not differ much by age either. For example, 70 percent of French people under 35 want the army to be sent in, which includes 73 percent of those aged 18 to 24 and 68 percent of those 25 to 34.

In this regard, the French youth also buck the trends seen in other Western European countries, with a desire for law and order, even if it is through military force. The youth, in turn, voted for Marine Le Pen in higher numbers than older voters (65+) during the last election national election.

However, older voters are even more in favor of military force. Among those 35 to 49 and those 50 to 64, 80 percent support the military being called in. The 50-and-over cohort supports such a move at a rate of 78 percent.

National Rally voters are the most supportive, with 90 percent in favor, however, even supporters of Macron’s party, Renaissance, want the military deployed at 81 percent. For left-wing voters, a majority still supports such a move, at 54 percent. The poll finds that 67 percent of Socialist voters want the army deployed, however, the real shocker is that 52 percent of the far-left La France Insoumise (LFI) also want the army deployed to these neighborhoods.

In fact, these “disadvantaged” neighborhoods are almost universally filled with migrants from Africa and the Middle East.

Donald Trump has made similar claims in the past, such as calling troops into major American cities to deal with the crime crisis. Left-wing voters in the U.S. are less receptive to the idea. However, during the 2020 George Floyd riots, a slim majority of Americans supported calling in the troops to control mass rioting going on in cities.

The French CSA poll was conducted a few days after a German Youtuber conducted a “ghetto tour” in the city of Nimes. He showed himself in drug-dealing hotspots, with the video going viral, receiving millions of views. The drug dealers displayed weapons and even built a stand for customers featuring drinks and food, with the police nowhere to be seen.

The video has been used to highlight the complete breakdown in law and order in the French republic and is putting pressure on the government to take action — or at least claim they are taking action.

French Interior Minister Bruno Retailleau is attempting to show strength in the face of growing drug gangs, saying it is his top priority. However, it appears the French want far more, including troops on the streets.

Read more here…

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/HOUTHIS/

ISRAEL/HAMAS

‘IDF movement on ground in Gaza aids US hostage efforts,’ Adam Boehler says at ‘Post’ conference

“If Hamas wants to come and make a legitimate offer, if they’re willing to release hostages, we’re always open to that,” he said. “Part of that stems from the movement of the IDF on the ground.”

By JERUSALEM POST STAFFMAY 20, 2025 01:13Updated: MAY 20, 2025 01:15

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Farticle-854654&contentHash=c305e9b3b62d954376ac08e9962145edb4ddd8cf8c6be73df4bb226302136ae5&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250515_71b8945354c49e0c6fd088cdf1a1e452cd2b7678&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

IDF movements on the ground have aided in the US hostage deal efforts, US Hostage Envoy Adam Boehler said at The Jerusalem Post Conference on Monday.

“If Hamas wants to come and make a legitimate offer, if they’re willing to release hostages, we’re always open to that,” he said. “Part of that stems from the movement of the IDF on the ground.”

Boehler also spoke about US President Donald Trump at the conference.

“It’s my job to engage with people who are, in general, not good people. I take a lot of inspiration from Trump. One thing he has shown is that he’s willing to engage.”

On Iran, Boehler said that Trump is open to making a deal, “but it has to be the right deal, he’s not okay with Iranians enriching uranium at all.” 

Speaking on Trump’s visit to the Middle Eastern region last week, Boehler added that “A good portion of the visits was about the hostage deal and about other countries joining the Abraham Accords.”

When asked about the relations between Trump and Prime Minister Benjamin Netanyahu, especially regarding Edan Alexander’s recent release, Boehler said that Trump’s support for Netanyahu never wavered. He also noted that Trump had taken much action to fight antisemitism in the US.

“I think that Trump would love to be in a situation where the hostages are home. That doesn’t mean that Israel’s security is compromised. Those are two very different things.”

Hamas is the one holding back a ceasefire-hostage deal, Boehler added

Boehler then clarified his belief that Hamas is the main force holding back a hostage deal.

“There is a reason why Hamas doesn’t have a state, because they never make good decisions,” he said.

“There’s not one day that goes by where I don’t think about the cost of the hostages still being there,”

Boehler then spoke about Elizabeth Tsurkov, a Russian-Israeli woman who is being held hostage by the Iran-backed Iraqi terrorist group Kata’ib Hezbollah.

“Kata’ib Hezbollah must understand that tensions are going to turn, and they must release her now, or they will see the same thing that Hamas saw, the same thing that Hezbollah saw. The best thing they can do is release her.”

end

ISRAEL HAMAS

‘Evil will not triumph’: Witkoff pledges action against Hamas, Iran, calls for unity

“This is not just a conflict; it is evil. And let me be clear, evil will not triumph,” Witkoff stated, referring to the rise of Middle East terrorism.

By JERUSALEM POST STAFFMAY 20, 2025 02:2

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Farticle-854658&contentHash=5a02f92e6a82021ab0a9f1f4665d92350607e507f64047c9c97b19ea67ae9199&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250515_71b8945354c49e0c6fd088cdf1a1e452cd2b7678&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

US Middle East envoy Steve Witkoff said the Trump administration remains determined to see Hamas defeated, prevent Iran from acquiring nuclear weapons, and expand the Abraham Accords, at The Jerusalem Post Conference on Monday.

He recalled that in January 2021, “President Trump left the Middle East transformed. Iran was reeling, its proxies starved of resources, and the Abraham Accords were a radiant promise of peace and prosperity.”

Since October 7, however, the world has witnessed “Houthis, Hamas, and Hezbollah wage a cowardly, immoral war, hiding behind civilians and clutching hostages.”

“This is not just a conflict; it is evil. And let me be clear, evil will not triumph,” Witkoff stated.

Witkoff described the Trump administration as a “force of action and hope” capable of restoring peace.

He said it was his sacred duty, along with others in the administration, to execute this vision for a president who has reignited the world’s belief in what is possible.

A mission that belongs to everyone 

“But this mission is not ours alone. It is everyone’s mission,” he said, addressing both global Jewry and supporters of Israel. “You are the warriors of truth, the guardians of unity. Your fight against antisemitism, your stand against fake news, and your unbreakable bond as a people are the heartbeat of Israel’s strength.”

“I have seen what happens when division creeps in, but I have also seen the power of the united front. America stands with you today, tomorrow, and forever. I call on you to stand together, to rise as one, and to shine as a light onto the nations of the world.”

Witkoff emphasized that this conference is more than a gathering; it is a rallying cry.

“Let us leave here inspired, emboldened and united, ready to build a future where truth prevails, peace reigns and the spirit of our people soars.”

He concluded: “Together, we will write the next chapter of hope.”

end

ISRAEL HAMAS ET UK FRANCE, CANADA,

UK, France, Canada consider sanctions on Israel over Gaza war, West Bank settlements

In a joint statement, the countries warned: “If Israel does not stop the renewed military offensive and lift restrictions on humanitarian aid, we will take further concrete steps in response.”

By AMICHAI STEIN, REUTERS, JERUSALEM POST STAFFMAY 19, 2025 20:46Updated: MAY 20, 2025 04:53

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-854632&contentHash=ac2222675fc6259ae727072a8b964590ef27123979c8c6f870127031169c8867&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250515_71b8945354c49e0c6fd088cdf1a1e452cd2b7678&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Leaders of Britain, France, and Canada stated on Monday that they oppose Israel’s ongoing military presence in Gaza and the expansion of settlements in the West Bank, and they may take action.

In a joint statement, the countries warned: “If Israel does not stop the renewed military offensive and lift restrictions on humanitarian aid, we will take further concrete steps in response,” The Jerusalem Post learned.

“The Israeli government’s denial of essential humanitarian assistance to the civilian population is unacceptable and risks breaching international humanitarian law,” the British government said in the statement.

“We oppose any attempt to expand settlements in the West Bank. We will not hesitate to take further action, including targeted sanctions,” the statement added.

The three Western leaders also said they have always supported Israel’s right to defend itself against terrorism, but described the current escalation as disproportionate. They vowed not to stand by while Prime Minister Benjamin Netanyahu’s government pursues “these egregious actions.”

The leaders expressed support for efforts led by the United States, Qatar, and Egypt to achieve an immediate ceasefire in Gaza. They also reaffirmed their commitment to recognizing a Palestinian state as part of advancing a two-state solution.

Netanyahu responds to joint statement

In a post shared to X/Twitter on Tuesday, Netanyahu responded, urging the world leaders to put pressure on Hamas to release the remaining hostages, as US President Trump has done.

“By asking Israel to end a defensive war for our survival before Hamas terrorists on our border are destroyed and by demanding a Palestinian state, the leaders in London, Ottawa, and Paris are offering a huge prize for the genocidal attack on Israel on October 7 while inviting more such atrocities.

“The war began on October 7 when Palestinian terrorists stormed our borders, murdered 1,200 innocent people, and abducted over 250 more to the dungeons of Gaza. Israel accepts President Trump’s vision and urges all European leaders to do the same,” Netanyahu wrote.

He emphasized that, “The war can end tomorrow if the remaining hostages are released, Hamas lays down its arms, its murderous leaders are exiled, and Gaza is demilitarized. No nation can be expected to accept anything less, and Israel certainly won’t.”

“This is a war of civilization over barbarism. Israel will continue to defend itself by just means until total victory is achieved,” Netanyahu concluded.

END 

ISRAEL HAMAS

Israel must fight like there’s no deal, and negotiate like there’s no war – editorial

After 19 months of war with Hamas, Israel seems to be following a diluted approach — neither fully committing to the fight nor negotiating apart from the battlefield.

By JPOST EDITORIALMAY 20, 2025 05:56Updated: MAY 20, 2025 08:1

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David Ben-Gurion is generally credited with declaring during World War II that the Jews of Palestine would fight along with the British against the Nazis as if there were no White Paper, and that they would fight the White Paper as if there were no war going on.

That ethos was adapted by former prime minister Yitzhak Rabin, who said during the Oslo years of the 1990s that “We must fight terrorism as if there’s no peace process, and work to achieve peace as if there’s no terror.”

What Israel seems to be doing now, after 19 months of war with Hamas, is a drastically watered-down version of that, neither fighting with full conviction nor negotiating without an eye on the war.

The army unveiled Operation Gideon’s Chariots over the weekend, the name given to a more vigorous effort against Hamas. IDF spokesperson Brig.-Gen. Effie Defrin said on Sunday that five IDF divisions were operating in Gaza, which is the first time since late 2023 to early 2024 that such a large number of soldiers is inside the Strip.

As the Post’s Yonah Jeremy Bob wrote on Sunday, the tone of the IDF update still seemed to leave room for negotiations with Hamas to halt the wider invasion and reach a new ceasefire and hostage exchange deal.

The IDF would take complete control of Gaza

Perhaps that’s why it’s taking its time to rev up as negotiations take place in Doha between Israel and Hamas and their interlocutors.

Those negotiations are precarious at best, with reports of Prime Minister Benjamin Netanyahu threatening to call back the negotiating team if Hamas doesn’t show any willingness to agree to Israel’s terms. They are occurring amid a decision by the prime minister to resume humanitarian aid to Gaza.

Netanyahu also declared on Monday that the IDF would take complete control of Gaza and prevent Hamas from looting the aid.

All of these moves give the indication that Israel thinks that time is on its side. If the negotiations don’t work, we’ll just pummel Hamas and Gaza some more until they agree.

But, after 19 months of war, time has actually turned into an enemy for Israel. Looking at the situation without delving too far inside, that might not be apparent.

The Israeli economy grew 3.4% in the first quarter of 2025, according to the preliminary estimate of the Central Bureau of Statistics. GDP per capita rose by 2.2%, on an annualized basis, an encouraging figure after the declines in 2024, and one that may be counterintuitive in light of the fact that the country is at war with thousands of citizens called up for reserve duty.

 However, unlike other wars, like in 1973, when the economy truly suffered because such a high percentage of the working force was in the army, today, the soldiers who have been called up time and time again represent a relatively small percentage of the workforce.

The sense of urgency that the economy may collapse is not here. The urgency, however, is apparent just about everywhere else. The longer the war goes on and civilian casualties mount, the more it will damage Israel’s international standing and toughen the challenge facing the Jewish state’s defenders around the world in arguing Israel’s legitimacy in its righteous battle against Hamas.

The urgency is glaring when it comes to the reservists, who have borne the brunt of the last 19 months, serving for months in Gaza or the North and sacrificing so much for their country. They are not rubber bands that can be stretched to the brink, then be discharged, and called up again a few weeks or months later. Sooner or later, the rubber band snaps.

If the incursion in Gaza intensifies, the chances of casualties among our forces increase. And how many more days can we wake up to the images of young, able-bodied men losing their lives or getting maimed in the Strip?

But most of all, the urgency is felt every day and every hour by the hostages in Gaza and their families going through their personal hell back home. For them, time is a huge enemy. The longer the war goes on without an agreement, the greater the risk to their survival and return home.

 So, Israel must decide. Will it continue to go forward one step and then back another in its two-pronged effort to defeat Hamas and bring the hostages home, or will it negotiate like there’s no war and fight Hamas like there’s no negotiations?

END

ISRAEL/HAMAS/USA

Israel agrees to Witkoff deal but Hamas rebuffs proposal, PMO says

Israeli officials said that there were no indications that Hamas would shift its position in ceasefire and hostage deal negotiations.

By AMICHAI STEIN, JERUSALEM POST STAFFMAY 20, 2025 20:58Updated: MAY 20, 2025 21:37

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Hamas is refusing to agree to a deal based on the Witkoff proposal, despite Israel’s agreement to the deal, the Prime Minister’s Office said in a statement on Tuesday evening. 

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

“Israel agrees to the American proposal for the return of the hostages, which is based on the Witkoff framework,” the statement read. “This proposal was recently conveyed to Hamas through the mediators, but so far it continues to cling to its refusal.”

The statement confirmed that senior-level negotiators will return to Israel, while a working team will remain in Doha. 

The Jerusalem Post reported that the remaining team in Doha is staying to show that Israel is still willing to make efforts to reach a deal.

However, Israeli officials have repeatedly stated that no progress has been made in the negotiations and that there is no indication that Hamas is shifting its position.

Hostage talks are at a deadlock, Qatari PM says 

Qatari Prime Minister Mohammed bin Abdulrahman Al-Thani said that the talks had reached a deadlock, the Media Line reported. 

“One side seeks a comprehensive agreement for Gaza, while the other insists on a partial deal. We have not been able to bridge the gap,” Al-Thani said, citing irreconcilable differences. He blamed Israel’s “irresponsible and aggressive behavior” for undermining negotiations, referencing the Israeli military’s expanded campaign in Gaza following the release of hostage Edan Alexander.

Al-Thani added that Qatar remained committed to negotiations between the two parties. 

“We are determined, alongside our partners, to stop the war, secure the release of hostages and end the suffering of Gaza’s civilians,” he said.

In a statement, the Hostage and Missing Families Forum said that it did not believe the government had any plans to bring home the hostages. 

“No spin will hide the simple truth – the Israeli government has no real plan to bring back the last hostage,” it said. “The majority of the public supports the return of all the hostages, even at the cost of halting the fighting.

“Only the return of all of them at once will allow for a process of rehabilitation and recovery for the country and the army.Hamas will not be defeated without bringing back the last hostage.

“Until then, there will be no victory – not even the semblance of one.”

END

IRAN

Iran Clarifies That Nuclear Talks Will Fail If US Pushes Zero Enrichme

Monday, May 19, 2025 – 10:10 PM

Last week, a top Iranian nuclear official floated the possibility that the Islamic Republic would be willing to given up enriching uranium in return for full sanctions relief from Washington.

But amid ongoing negotiations, the Iranian Foreign Ministry has produced something more official, firing back at Washington on Monday for recent Trump admin statements insisting that Tehran abandon uranium enrichment as part of any future nuclear deal.

Foreign Ministry spokesman Ismail Baqaei said in a statement that the US taking such “contradictory positions” will only “prolong the talks and lead to a loss of trust.” It’s clear that Iranian leadership doesn’t want to be seen as quickly cowering before American pressure.

At this point Tehran is vowing that enrichment will continue “with or without a deal” and that this is its right to do so as a matter of national sovereignty. 

“This track of talks cannot be brought to a conclusion given the shifting and contradictory positions. Under such circumstances, we do not expect an atmosphere of mutual trust,” Baqaei added.

And separately, Deputy Foreign Minister Majid Takht-Ravanchi said that the nuclear talks will “lead nowhere” with the current White House stance that enrichment must be taken to zero.

“Our position on enrichment is clear and we have repeatedly stated that it is a national achievement from which we will not back down,” he said.

President Trump during his Gulf tour last week said largely optimistic things concerning a possible future new deal with the Iranians.

He said an agreement was very close but that Iran needed to move quickly, and that serious consequences await if Tehran doesn’t. He’s previously gone so far as to say it’s a matter of either signing a deal or being bombed – something Iranian leaders balked at.

But Steve Witkoff on the Sunday news shows made clear that the issue of abandoning enrichment is a “red line” from the US administration…

Last week the Trump White House indicated it sent Iran a written proposal toward forging a new nuclear deal. White House envoy Witkoff has led several rounds of talks, and Axios has revealed that the communication was issued to Tehran last Sunday.

“Iranian Foreign Minister Abbas Araghchi took the proposal back to Tehran for consultations with Supreme Leader Ali Khamenei, President Masoud Pezeshkian and other top officials,” wrote Axios.

END

IRAN/USA/ISRAEL

WHAT PLANET IS KHAMENEI ON?

(zerohedge)

Ayatollah Khamenei Slams ‘Outrageous’ US ‘Red Line’ Demand Of Iran In Nuclear Talks 

Tuesday, May 20, 2025 – 08:45 AM

After several days of back-and-forth public criticisms and US declarations of a “red line” – Iran’s Supreme Leader has finally weighed in definitively on where things stand from Tehran’s perspective.

Ayatollah Ali Khamenei called the latest US demands that Iranian enrichment be taken down to zero “excessive and outrageous,” according to state media. He further expressed doubts that current nuclear talks with the Trump administration will actually lead anywhere.

“I don’t think nuclear talks with the U.S. will bring results. I don’t know what will happen,” Khamenei said. He further called on Washington to cease making over-the-top demands in nuclear talks. Tehran officials have of late also called the Trump administration’s stance “contradictory” – after President Trump attempted overtures, sprinkled with direct threats, in his Iran-related rhetoric while in the Gulf last week.

“The American side in these indirect talks should avoid nonsensical remarks,” the country’s top religious cleric and highest authority continued. “Saying they will not allow Iran to enrich is a big mistake. No-one waits for their permission.”

The Ayatollah made the remarks while speaking at a memorial honoring late President Ebrahim Raisi, who one year ago died when his helicopter crashed in northern mountains:

He praised Raisi, a fellow hardline cleric, for refusing direct talks with the US while in office.

“He clearly said ‘no’ without ambiguity,” Khamanei noted, adding that Raisi did not let enemies “drag Iran to the negotiating table through threats or tricks”.

Khamenei said nuclear talks under Raisi’s predecessor, the moderate cleric Hassan Rouhani, had failed to achieve results, and that he did not think there would be any breakthrough under his successor, Masoud Pezeshkian, who is a reformist.

President Trump had last week said the Iranians “sort of” agreed to the terms of a deal following four rounds of talks mediated by Oman, going back to mid-April.

Also last week, a top Iranian nuclear official said it was possible that Iran could given up enrichment in exchange for sanctions relief. But this was clearly premature, and the Ayatollah is now seeking to clarify the Islamic Republic’s stance.

Trump envpy Steve Witkoff on the Sunday news shows made clear that the issue of abandoning enrichment is a “red line” from the US administration. He described to ABC the “red line” for Iran is no enrichment, not even one percent. And yet the past couple decades have seen Iran time and again view this as a non-starter.

“Everything begins… with a deal that does not include enrichment… because enrichment enables weaponization, and we will not allow a bomb to get here,” he added.

END

SYRIA

Rubio Says Syria Could Be ‘Weeks Away’ From Civil War, State Collapse (Again

Tuesday, May 20, 2025 – 02:40 PM

US Secretary of State Marco Rubio last Thursday met with Syrian Foreign Minister Asaad al-Shaibani and other ruling Hayat Tahrir al-Sham (HTS) officials in Antalya, Turkey – just as President Trump controversially greeted Syria’s new ruler Ahmed al-Sharaa (Jolani) in Riyadh. Rubio’s was the first such US meeting with a Syrian foreign minister in fifteen years, the State Department later said.

Following this, Rubio on Tuesday went before the Senate Foreign Relations Committee to defend the administration’s dropping of all Syria sanctions, in order to “give them a chance” – as Trump said of Syria while on his Gulf visit. Rubio sounded an alarm, warning that the already war-torn country could be weeks away from civil war and collapse of the HTS government. Watch:

“It is our assessment that, frankly, the transitional authority, given the challenges they’re facing, are maybe weeks — not many months — away from potential collapse and a full-scale civil war of epic proportions, basically the country splitting up,” Rubio told the Senate hearing. There have for weeks been running street battles between HTS and Druze factions in the south and in suburbs of Damascus.

Describing the rationale behind dropping the years-long brutal US sanctions, Rubio said: “We want to help that government succeed, because the alternative is full-scale civil war and chaos, which would, of course, destabilize the entire region.”

Of course, the supreme and dark irony here is that it was Washington which led destabilization efforts in Syria over the last decade in the first place, with the CIA’s Operation Timber Sycamore. Assad fled the country on December 8, and since then the brutal Islamist group HTS and US-designated terrorist Sharaa/Jolani has ruled from Damascus.

To state the obvious, just maybe the US should not have sought to overthrow the largely secular government of Bashar al-Assad, which protected the minority religious communities now being massacred by HTS? Christians, Alawites, Druze, and secularists of all strips in Syria are now living in a new dark ages.

Rubio actually said before the senators that “When Syria is unstable, the region becomes unstable.”

But, he continued, “If we engage them, it may work out, it may not work out. If we did not engage them, it was guaranteed to not work out.”

It should be recalled that over the past decades Rubio himself as a senator had called for regime change in Damascus on many occasions.

For example, in 2015 – at a moment the Islamic State was making gains in eastern Syria and across the region, Rubio said “Ending Assad’s reign of terror once and for all will be, too. And both will be much more difficult than if we had acted at the outset of the civil war in Syria, as some of us urged President Obama and then-Secretary of State Hillary Clinton. But it is still not impossible.”

* * *

Dear Marco, 

In calling for Assad’s removal and approving regime change efforts and policies as a US Senator over the prior decade, this is who you helped empower (news footage below).

Signed, 

Syria’s Persecuted Christians

RUSSIA VS UKRAINE

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

ABOUT TIME!!!

No Trial Data, No Vax: FDA Demands Gold Standard Testing For Any New COVID-19 Vaccines

Tuesday, May 20, 2025 – 03:40 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The Food and Drug Administration (FDA) will not approve COVID-19 vaccines for many Americans absent trial data showing that the benefits outweigh the risks, top agency officials said on May 20.

“Moving forward, the FDA will adopt the following Covid-19 vaccination regulatory framework: On the basis of immunogenicity—proof that a vaccine can generate antibody titers in people—the FDA anticipates that it will be able to make favorable benefit–risk findings for adults over the age of 65 years and for all persons above the age of 6 months with one or more risk factors that put them at high risk for severe Covid-19 outcomes,” such as asthma or cancer, FDA Commissioner Dr. Marty Makary and Dr. Vinay Prasad, head of the FDA’s Center for Biologics Evaluation and Research, wrote in a New England Journal of Medicine article.

“For all healthy persons—those with no risk factors for severe Covid-19—between the ages of 6 months and 64 years, the FDA anticipates the need for randomized, controlled trial data evaluating clinical outcomes before Biologics License Applications can be granted.”

Pfizer, Moderna, and Novavax, which have received licenses for their COVID-19 vaccines, did not immediately respond to requests for comment.

Several medical groups that have commented on FDA steps concerning COVID-19 vaccines, such as the American Academy of Family Physicians, did not return inquiries.

The FDA in 2024, in its most recent action concerning the Pfizer and Moderna vaccines, approved updated versions for most Americans and extended emergency authorization for others, despite there being no trial data available for those formulations.

The regulatory agency on May 16 approved Novavax’s COVID-19 vaccine for the first time. The approval was for adults aged 65 and up. The agency said that people aged 12 to 64 could receive a Novavax shot, but only if they have one of the conditions that puts them at higher risk for severe COVID-19 outcomes.

An earlier version of Novavax’s shot was tested in a randomized, controlled trial in 2021.

The Centers for Disease Control and Prevention currently recommends that people aged 6 months and older receive one of the latest COVID-19 vaccines, but just 13 percent of children and 23 percent of adults have followed that recommendation.

Makary and Prasad noted that a number of other countries, such as Australia and Germany, only recommend COVID-19 vaccines to certain populations.

“While all other high-income nations confine vaccine recommendations to older adults (typically those older than 65 years of age), or those at high risk for severe Covid-19, the United States has adopted a one-size-fits-all regulatory framework and has granted broad marketing authorization to all Americans over the age of 6 months,” they wrote on Tuesday. “The U.S. policy has sometimes been justified by arguing that the American people are not sophisticated enough to understand age- and risk-based recommendations. We reject this view.”

The officials said that while the quick development of COVID-19 vaccines was a scientific and medical achievement, the benefit of repeated dosing—some people have received at least six doses—is unclear.

The trials of the vaccines should measure prevention of symptomatic COVID-19, with secondary endpoints including severe COVID-19, hospitalization, and death, according to Makary and Prasad, who said that the trials should include participants who contracted COVID-19 within the past year, and they should follow participants for at least six months “to ensure that early booster gains persist.” The control group could receive a saline placebo, the officials said.

“Ultimately, these studies alone can provide reassurance that the American repeat-boosters in-perpetuity strategy is evidence-based,” they wrote.

Health Secretary Robert F. Kennedy Jr. recently pledged to require placebo-controlled trials for new vaccines.

Makary and Prasad planned to talk about the policy update at 1 p.m. on Tuesday.

This is a developing story that will be updated.

MARK CRISPIN MILLER

Why all these “sudden deaths” in or near the water?

WHY all these “sudden deaths” in or near the water?

This macabre trend may hold some clue as to WHY people are dying in such numbers.

Further indications of the global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers.

To help support our work, consider subscribing or making a donation.

Here are 40+ items on mysterious drownings worldwide—“mysterious” because, in many cases, (1) a significant number of the decedents were not in the water, but near it, on a beach or riverbank or lakeside; (2) the waters that overwhelmed the decedent were often calm, and sometimes shallow (one died in a hot tub); and (3) the swimmers were often experienced and fit.

Now, according to the CDC, there are between 3,000 the 4,000 such drownings—many “mysterious”—or 11 such deaths per day. But those stats raise some questions. Although the press release below is dated May 14 of this year, the CDC’s numbers refer only to drownings that occurred between 2020 and 2022.

Second, the CDC’s study found, or asserts, that “[d]rowning is the number one cause of death for children 1-4 years old in the United States. Today’s study shows that drowning rates were highest among this age group.” As the reports below make clear, however, only a relative few of those largely inexplicable drownings involved children, while the great majority referred to decedents of all ages.

Finally, can we accept as true the assertion that the number of extra drowning deaths is “only” 500? And what about the global toll? Finally, why should we believe that the number of drownings worldwide has not been deceptively understated? After all, few governments would not participate; and those that didn’t, or wouldn’t, had their presidents somehow die prematurely (rather like Kary Mullis, who invented the PCR test, and was quite vocal about its diagnostic uselessness, and who was scathing on the subject of Dr. Fauci).

In any case, the spike in “mysterious” drownings is global (except for those parts of the world that have no bodies of water).

Upgrade to paid

Take Switzerland:

Drownings in Switzerland hit 20-year high

August 26, 2023

Thirty-six people have drowned in Swiss waters so far this year, according to the Swiss Lifesaving Society. Last year saw the highest number of drowning victims in almost 20 years.

Link

Or Germany:

DLRG Reports on Drowning Cases: Is the Number of Bathing Fatalities Rising?

Thu 13th Mar, 2025

As warmer weather approaches, people are drawn to water activities, but the recent statistics from the German Lifeguard Association (DLRG) indicate a troubling trend in drowning incidents. According to a mid-year report, the number of fatalities due to drowning has increased significantly in 2024 compared to previous years.

By September 10, 2024, there had been 353 drowning deaths in German waters, a stark rise from 278 in the same timeframe in 2023. This figure is also close to the 2019 record of 365 deaths by the same date. The DLRG has been tracking these statistics since 2000, and the final tally for the entire year of 2024 is expected to be released soon.

In 2023, at least 378 individuals lost their lives to drowning, marking an increase from 355 in 2022. The DLRG, the largest volunteer water rescue organization globally with over 600,000 members, has expressed concern over this persistent upward trend in drowning incidents.

Link

Or Israel:

Beach drownings in Israel increase 37% in 2024 despite war

A total of 336 people drowned or nearly drowned during the 2024 swimming season in Israel, despite the ongoing war, according to data released by Israeli emergency rescue service Magen David Adom on October 31, 2024.

This is a 37% increase from 2023, when 226 people drowned or nearly drowned during the swimming season.

A total of 54 drownings were fatal in 2024, Magen David Adom reported, an increase from 50 in the year 2023. Another 8 people were pulled from the water in critical condition and needed resuscitation.

Link

Also relevant (and comparable to the toll in the U.S.):

• There is a rise in childhood mortality due to drowning, with an increase in drowning in domestic swimming pools.

Or New Zealand:

Drowning deaths in 2022 a ‘national disaster’ as number reaches 14-year high

January 5, 2023

Men are not setting a good example when it comes to safety around water, Water Safety NZ says.

It comes as advocates urge for caution in the water, with the number of drownings reaching a 14-year high. [It’s the fault of the drowned, then?—MCM]

Water Safety NZ chief executive Daniel Gerrard told Morning Report the provisional number of 93 drownings was [a] “national disaster”.

“This is the worst since 2008 and it just doesn’t seem to be getting any better,” he said.

It was difficult to say if the number would reach 100 following coroner findings, but a “large number” of unknown deaths were classified as drownings in 2021, he added.

If the number did reach 100, it would “well and truly be the worst year of the century”

Link

Mysterious drownings in the United States:

Drowning Deaths Rise in the United States

Making swimming lessons more accessible can save lives (Really? Even if the would-be swimmer was “vaccinated”?—MCM)

May 14, 2025

Drowning deaths are on the rise in the United States, following decades of decline, according to a new CDC Vital Signs study released today. Over 4,500 people died due to drowning each year from 2020–2022, 500 more per year compared to 2019. [The CDC is, to say the least, not necessarily trustworthy, even under the new regime. It’s therefore possible, if not likely, that the spike did not begin in 2020, when the mortality rate was normal, but in 2021, after the “vaccination” drive began.—MCM]

CDC experts looked at drowning deaths, self-reported swimming skills, participation in swimming lessons, and exposure to recreational water for this latest Vital Signs report. The report explores how increased access to basic swimming and water safety skills training can save lives. [Really?—MCM]

. . . Drowning is the number one cause of death for children 1-4 years old in the United States. Today’s study shows that drowning rates were highest among this age group. By race and ethnicity, the highest drowning rates were among non-Hispanic American Indian or Alaska Native and non-Hispanic Black persons. (I leave it you to determine if the reports gathered below reflect this ethnic breakdown—MCM]

Link

UNITED STATES

County Councilman Mike Long Dies From Accidental Drowning

February 28, 2025

A preliminary investigation by law enforcement has determined that Kosciusko County [IN] Councilman Mike Long died by accidental drowning Thursday evening. A news release from the Kosciusko County Sheriff’s Office stated that deputies and emergency personnel responded at 5 p.m. Thursday to 375 N. CR 950W, Etna Green, in Harrison Township, to an unresponsive man in a ditch suffering from a medical emergency. When emergency personnel arrived on scene, they determined the man – identified as Long, 64 – was deceased. The preliminary investigation also determined Long was checking fields on property owned by his family. He was located near a ditch line where evidence indicates Long accidentally drowned.

Link

Missing vet Shawn Frehner, 56, found dead in lake – weeks after being seen kicking horse in chilling viral video

April 22, 2025

A VET who vanished without a trace after a video showing him kicking a horse went viral has been found dead. Shawn Frehner’s body was found in the Lake Mead reservoir over the Easter weekend – more than two weeks after he went missing. He vanished after being slammed over a video that showed him kicking a horse. Frehner was last seen on April 6 and cops honed in on the Lake Mead area before finding his keys, wallet and cellphone in his parked truck. Las Vegas [NV] cops revealed a body was found on April 18 before identifying the remains as Frehner’s. He was identified via his dental records, as reported by the Las Vegas Review Journal. Frehner’s cause and manner of death have not been revealed. Frehner’s death comes as he was facing allegations of animal cruelty.

No cause of death reported.

Link

Police identify man found dead in Lake Champlain

April 21, 2025

SOUTH HERO, Vt. – Police have now identified the man whose body was found in Lake Champlain on Sunday. The man was found Sunday afternoon floating in the lake off Kibbe Point. Monday, troopers identified him as Silas Smith, 39, of Plattsburgh. We still don’t know how he died, but police say his death is not considered suspicious.

Link

Influencer Emilie Kiser’s three-year-old son dies from injuries after drowning in backyard pool

May 19, 2025

The three-year-old son of a TikTok influencer has died after falling into a family swimming pool in Arizona, authorities have announced.

Trigg Chapman Kiser, son of TikTok influencer Emilie Kiser, died in the hospital from injuries sustained after he was pulled from the backyard pool on May 12, the fire department in the city of Chandler said.

Police arrived at the home, around 25 miles south of downtown Phoenix, last Monday evening after receiving reports of a possible drowning.

Link

Adorable boy, 6, proudly showed dad fish he’d just caught seconds before unimaginable double tragedy

April 3, 2025

An adorable six-year-old boy and his father tragically died just moments after he caught a fish from a Virginia river.

Danny Sumner, 37, and his beloved son Donovan went on a father-son fishing trip at Rappahannock River in Spotsylvania – about an hour outside of Richmond – just before 5pm on March 22.

Danny’s wife, Madeline Sumner, grew worried after the ‘inseparable’ pair failed to return home later that night, prompting her to call the sheriff’s office at 9.45pm.

She attempted to call her husband, but told Fox5 it’s hard for him to respond while he’s fishing because he tends to not hear his phone.

‘When Danny’s out fishing, sometimes he may not hear his phone, you know, he’s very focused,’ Madeline told the outlet.

When deputies with the Spotsylvania Sheriff’s Officer arrived at the boat landing, they discovered the father’s car and cell phone on the river dock.

A dive team then jumped into the water and located Danny and Donovan’s bodies. The department said there was no evidence of foul play.

The initial investigation into their tragic deaths revealed that Donovan, who also went by Don, ‘had just caught a fish’ before falling off the dock and into the river.

Link

32-Year-Old Dad Missing from Shipyard Found Dead in River Upstream

April 18, 2025

The body of a man who had been working at a shipyard in Kentucky has been found dead, said authorities. According to the McCracken County Sheriff’s Office, Robert Daryl Dennis, 32, of Mobile, Ala., was last seen on Clarks River Road on April 16 at approximately 2:30 p.m., local time, Fox affiliate WALA, CBS affiliate WKRG, the Paducah Sun and the Bradenton Herald reported. Around 11:30 p.m. later that day, Dennis’ body was found in the Tennessee River in Paducah, Ky., the sheriff’s office said on Thursday, April 17. Authorities and the coroner’s office don’t expect foul play at this stage of the investigation, said the sheriff’s office, according to the Paducah Sun. In an April 16 Facebook post prior to the announcement about her husband, Dennis’s wife Shanna said he was last seen at the James Marine shipyard, also in Paducah, “His work truck is still at the shipyard with the keys and his safety gear on the hood,” Shanna wrote. “His phone and wallet are presumed to be with him, but the phone is dead or off. I last texted him around 11:15 am, and he was last seen at the shipyard around 3pm. He just arrived to Kentucky yesterday. He is not in his hotel and all his belongings are there.”

No cause of death reported.

Link

New York Banker Grant Barr Found Dead at 37 After Going Missing During Vacation

April 16, 2025

The remains of American banker Grant Barr have been found, ending a months-long search that began after his mysterious disappearance in southern Spain. Grant, 37, went missing on January 28 while vacationing with family and friends in Estepona, a seaside town on the Costa del Sol. The Spanish Eye confirmed the tragic discovery, revealing that Grant’s body had washed ashore on March 3. However, his identity remained unknown until a recent DNA test provided confirmation. The circumstances of his disappearance raised early concerns. A pair of trousers and his passport were found near a local beach shortly after he vanished. So far, the only official explanation provided is that his death has been reported as a drowning. The full details remain unclear. Grant Barr built a successful career in the finance sector, with roles at several prominent institutions. According to his LinkedIn profile, he had worked for major corporations, including Citi, the London Stock Exchange Group, and First Republic Bank. At the time of his death, he was employed at BNY, serving in the Alternative Funds Lending division. The sailing getaway was meant to be a break — time to reflect and recover after a difficult breakup. But beneath the surface, his family said he had been struggling. His father, Michael, previously shared that Grant had been in a fragile emotional state in the weeks before he vanished. He described his son as feeling paranoid and fearful, convinced that his family was in danger. These distressing thoughts, coupled with the recent end of a significant relationship, weighed heavily on him.

Researcher's Note - NYC to End Private-Sector Vaccine [sic] Mandate on November 1, 2022: Link

Link

Tragedy strikes as student-athlete, 15, dies unexpectedly at Miami water polo tournament

March 30, 2025

A South Florida community is grieving the death of a 15-year-old water polo player who died unexpectedly at a tournament in Miami on Friday afternoon. Belen Jesuit Preparatory School sophomore Lucas Osuna’s death has been confirmed by the school and his family, although many of the specifics of the tragedy remain unclear, publicly. The cause of death is not known and it remains unclear if Osuna was competing at the time of the incident. Parents, referees and Ransom Everglades staff helped perform life-saving measures to try to save Lucas, according to a statement from his water polo team, the Miami Whitecaps.

Link

The body of missing LAFD firefighter Connor J. Lees has been found

March 30, 2025

Long Beach, CA – The body of Los Angeles Fire Department firefighter Connor J. Lees has been found nearly four months after the 29-year-old went missing during a recreational dive, the LAFD has announced. The off-duty firefighter was part of a group of four men in their 20s who had set out that evening to free dive, which involves swimming underwater without breathing apparatus or scuba tanks. Lees was one of three divers who plunged into the water while the fourth man drove the boat, the Long Beach fire department said at the time. When only two of the men resurfaced, the group called 911. Rescue divers from the Long Beach and L.A. city and county fire departments and personnel from the U.S. Coast Guard, Long Beach Police and Los Angeles Port Police embarked on a search immediately. Two days later, emergency personnel announced that the search and rescue effort had become a recovery mission, based on water conditions and the low likelihood that the diver had survived.

No cause of death reported.

Link

Man found dead in water off Hooper Road; family says he was fishing

March 28, 2025

BATON ROUGE, LA — A man was found dead in a body of water off Hooper Road, deputies said Friday. Family members dropped 40-year-old Samuel Allen off to go fishing on Thursday around 2 p.m., East Baton Rouge Parish Sheriff’s deputies said. Deputies added that units were later called around 9:22 p.m. after the family could not find him. Allen, who family said had a history of seizures, was found around midnight when EBRSO Maritime divers and firefighters found the Allen’s body in the water near Kaitlyn Weeden Drive. The cause of the Allen’s death is pending an autopsy by the coroner’s office.

Link

Sarasota resident dies after suffering medical emergency while swimming

March 24, 2025

SARASOTA, Fla. — A person died after suffering a medical emergency while swimming at Lido Public Beach on Sunday. According to the Sarasota Police Department, a Sarasota resident went for a swim and suffered a medical emergency. Nearby beachgoers pulled him from the water, and the Sarasota County Fire Department attempted life-saving measures. Police said the individual died from drowning.

No age or cause of death reported.

Link

Man found dead in hot tub at Aspen Lakes Apartment Complex

March 24, 2025

LANSING, Mich. – A man was found dead in a hot tub at an apartment complex, deputies say. The Ingham County Sheriff’s Department told 6 News they were dispatched to the Aspen Lakes Apartment Complex around 10 p.m. Sunday. That’s where they found a man in his 50s dead inside a hot tub. Deputies believe the man was alone when he died and confirmed with 6 News there were no obvious signs of foul play or trauma but an autopsy will determine if he drowned or suffered from a medical condition.

Link

Authorities identify 56-year-old man found dead in Lake Lanier

February 28, 2025

FORSYTH COUNTY, Ga. — Authorities have identified a man whose body was found dead floating in Lake Lanier near the boat ramp at Six Mile Park in Forsyth County on Thursday evening. The man was identified as 56-year-old Murtuza Mansoorali Sayani of Lilburn, according to the Georgia Department of Natural Resources. While foul play is not suspected, the circumstances surrounding his death remain under investigation, authorities say.

No cause of death reported.

Link

DR PAUL ALEXANDER

SLAY NEWS

NEWS ADDICTS

EVOL NEWS

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

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

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE

CANADA

Patel Unleashes on Canada for Flow of Fentanyl to US

The Daily Beast

Sun, May 18, 2025 at 4:20 PM EDT

2 min read149

FBI Director Kash Patel blamed Canada for the influx of fentanyl to the United States—even though less than 1 percent of fentanyl seizures happen at the Northern Border.

Patel claimed during an interview with Fox News’ Maria Bartiromo that U.S. adversaries like China and Russia are plotting with criminal entities to push fentanyl through the U.S.’ northern border after President Donald Trump “sealed” the Southern Border.

“So, where’s all the fentanyl and trafficking coming from still? … Where are all the narco-traffickers going to keep bringing this stuff into the country? The Northern Border,” Patel said on Sunday.

“Who has to get to stepping? Canada,” Patel added. “They’re making [fentanyl] up there and shipping it down here.”

Less than 1 percent of the fentanyl intercepted by federal agents last year was found at the Canadian border, according to The New York Times.

Canada needs to curb the drug’s flow, Patel said, claiming it wasn’t doing its part in controlling the border and brushing off criticism over Trump‘s repeated suggestion to make Canada the 51st state.

“I don’t care about getting into this debate of making someone the 51st state or not,” he added. “They are our partner in the north, and say what you want about Mexico, but they helped us seal the Southern Border.”

Patel’s comments come as the U.S. has taken an increasingly hostile approach to its longtime ally.

Trump‘s repeated suggestions that Canada relinquish its sovereignty and join the U.S. have roiled the northern nation, spurring Canadians to elect the country’s left-leaning party—and newly minted Prime Minister Mark Carney—to fight back against his hostile rhetoric.

Trump heaped aluminum and steel tariffs on the U.S. ally earlier this year, claiming on Truth Social that the “only thing that makes sense is for Canada to become our cherished Fifty First State.” He even claimed Canada’s national anthem, “O Canada!” could play while “representing a GREAT and POWERFUL STATE within the greatest Nation that the World has ever seen!”

Carney rebuked Trump during an Oval Office visit earlier this month.

“As you know from real estate, there are some places that are never for sale. We’re sitting in one right now,” Carney said. “Having met with the owners of Canada over the course of the campaign, last several months, it’s not for sale. Won’t be for sale, ever.”

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

EURO/USA: 1.1259 UP 0.0027 PTS OR 27 BASIS POINTS

USA/ YEN 144.48 DOWN 0.495 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 1.3373 UP .0064 OR 64 BASIS PTS

USA/CAN DOLLAR:  1.3941 DOWN 0.0008 (CDN DOLLAR UP 8 BASIS PTS)

 Last night Shanghai COMPOSITE UP 12.90 PTS OR 0.38%

 Hang Seng CLOSED UP 348.76 PTS OR 1.49%

AUSTRALIA CLOSED UP .57%

 // EUROPEAN BOURSE:    ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 348.76 PTS OR 1.49%

/SHANGHAI CLOSED DOWN UP 12.90PTS OR 0.38%

AUSTRALIA BOURSE CLOSED UP 0.57%

(Nikkei (Japan) CLOSED UP 30.46 PTS OR 0.08%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 3236.60

silver:$32.39

USA dollar index early TUESDAY  morning: 100.06 DOWN 0.23 BASIS POINTS FROM MONDAY’s CLOSE.

TUESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing TUESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.103% DOWN 0 in basis point(s) yield

JAPANESE BOND YIELD: +1.511% UP 2 FULL POINTS AND 0/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.225 UP 0 in basis points yield

ITALIAN 10 YR BOND YIELD 3.612 UP 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.6120 UP 2 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY TUESDAY

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

Euro/USA 1.1234 UP 0.0001 OR 1 basis points

USA/Japan: 144.91 DOWN 0.066 OR YEN IS UP 6 BASIS PTS//

Great Britain 10 YR RATE 4.7600 UP 4 BASIS POINTS //

Canadian dollar UP .0006 OR 6 BASIS pts  to 1.3931

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan CNY DOWN AT 7.2195,  CNY ON SHORE ..

THE USA/YUAN OFFSHORE DOWN TO 7.2183

TURKISH LIRA:  38.83 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.511

Your closing 10 yr US bond yield UP 4 in basis points from TUESDAY at  4.513% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.9710 UP 3 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3,992 UP 1 BASIS PTS.

GOLD AT 11;00 AM 3242.00

SILVER AT 11;00: 32.46

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

London: CLOSED UP 81.81 PTS OR 0.94%

GERMAN DAX: CLOSED UP 101.13 pts or 0.42%

FRANCE: CLOSED UP 58.79 pts or 0.75%

Spain IBEX CLOSED UP 224.40 pts or 1.59 %

Italian MIB: CLOSED UP 355.69 or 0.89%

WTI Oil price  62.68 11 EST/

Brent Oil:  65.09 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  80.96 ROUBLE DOWN 0 AND  21/ 100      

UK 10 YR YIELD: 4.7600 UP 4 BASIS POINTS

CDN 10 YEAR RATE: 3.317 UP 14 BASIS PTS.

CDN 5 YEAR RATE: 2.899 UP 12 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1277 UP 0.0045 OR 45 BASIS POINTS//

British Pound: 1.3384 UP .0026 OR 26 basis pts/

BRITISH 10 YR GILT BOND YIELD:  4.7530 UP 5 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.501

USA dollar vs Japanese Yen: 144.30 DOWN .479 BASIS PTS

USA dollar vs Canadian dollar: 1.3923 DOWN 0.0034 BASIS PTS CDN DOLLAR UP 34 BASIS PTS

West Texas intermediate oil: 62.62

Brent OIL:  65.60

USA 10 yr bond yield UP 1 BASIS pts to 4.492

USA 30 yr bond yield UP 3 PTS to 4.967%

USA 2 YR BOND: DOWN 1 PTS AT  3.968%

CDN 10 YR RATE 3.318 UP 14 BASIS PTS

CDN 5 YEAR RATE: 2.902 UP 12 BASIS PTS

USA dollar index: 99.93 DOWN 0.36 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 38.81 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  81.01 UP 0 AND  27/100 roubles

GOLD  $3289.45 (3:30 PM)

SILVER: 33.07 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 114..83 OR 0.27%

NASDAQ 100 DOWN 79.68 PTS OR 0.37%

VOLATILITY INDEX: 18.00 DOWN 0.14 PTS OR 0.77%

GLD: $ 303.58 UP 5.55 PTS OR 1.86%

SLV/ $30.13 UP 0.71 PTS OR OR 2.41%

TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 83.03 OR 0.32%

end

TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS

Bitcoin & Bullion Jump, Tech Dumps, As ‘Japanic’ Attack Jolts Bonds

Tuesday, May 20, 2025 – 08:00 PM

Overnight markets were jolted awake by the worst Japanese bond market auction since 1987, with JGB yields continuing to dramatically underperform USTs..

Source: Bloomberg

Gold markets seemed to be the most impacted by this ‘jolt’ as the smell of loss-of-control drifted across markets…

Source: Bloomberg

US equities (futures) drifted lower overnight, but were lethargic to say the least.

Then around 1430ET, stocks dumped (Speaker Johnson talked about some loose ends on the big beautiful bill, additionally; some argued that Musk‘s comments with CNBC David Faber on it being unrealistic to expect massive costs cuts from DOGE in the short term ‘we are not kings’ could have triggered it perhaps; finally, the most likely driver was the market’s apparent disappointment with GOOGL’s developer conference and its AI/Search integration fears)…

Mag7 stocks have gone nowhere for a week…

And furthermore, today saw the same opening pattern selling (but this time the dip-buying was absent into the close)…

Source: Bloomberg

And today’s drop in stocks pulled all the majors into the red since the US credit rating downgrade. The last 30 minutes saw a return of the dip-buyers, but they still ended red on the day, breaking the six-day win streak. The Dow managed to get back to even post-USA-Downgrade…

Treasury yields were mixed today with the short-end outperforming (2Y -1bps, 30Y +6bps)…

Source: Bloomberg

The 30Y yield tested up towards 5.00% after bouncing off pre-USA downgrade levels, but the US session saw buyers back in bonds again…

Source: Bloomberg

The yield curve (2s30s) steepened back to yesterday’s highs..

Source: Bloomberg

The dollar drifted lower, but back into the middle of its one-month range…

Source: Bloomberg

USA CDS remains wider than Greece and China…

Source: Bloomberg

Bitcoin rallied strongly late on, back above $107,000 again today…

Source: Bloomberg

Notably Nasdaq and crypto decoupled this afternoon…

Source: Bloomberg

Platinum prices broke out of their recent trading ranges on data showing that demand in China is surging due to changing consumer jewelry preferences and increased retail investment demand…

Source: Bloomberg

Finally, while trade policy uncertainty continues to tumble (now well below pre-Liberation Day levels)…

Source: Bloomberg

…equity and bond ‘uncertainty’ levels are diverging higher as the big rebound in risk assets starts to run out of gas (from retail BTFDers).

BIG MORNING NEWS

BIG ATERNOON NEWS

USA DATA

USA ECONOMIC NEWS

Robert H:

they are going after the Fed

TRUMP ARMY on X: “ Kash Patel is sounding the alarm on the Federal Reserve! He’s urging everyone to wake up and realize the Fed isn’t a public institution—it’s a PRIVATE entity! Run by the elite robber barons who built this, they’re rigging the currency game for their own gain!  https://t.co/FW4whx8gab” / X

He gets it!

VICTOR DAVIS HANSON/

USA/ANTISEMITISM//HAMAS// REPORT

KING NEWS

SWAMP NEWS

this should be fun!!

(Watson)

Trump Demands Probe Into Kamala Harris’ “Illegal” Celebrity

Tuesday, May 20, 2025 – 09:00 AM

Authored by Steve Watson via Modernity.news,

PresidentTrump has called for an investigation into what he describes as an “illegal” scheme by Kamala Harris’s presidential campaign to pay left-wing celebrities for endorsements and deceptively frame them as “entertainment services.”

In a Truth Social post, Trump slammed Harris and took potshots at her celebrity supporters, charging that her campaign illegally channeled large payments to celebrities such as Beyoncé, Bruce Springsteen, Bono, and Oprah Winfrey in exchange for endorsements poorly disguised as “performances.”

Trump wrote, “How much did Kamala Harris pay Bruce Springsteen for his poor performance during her campaign for president? Why did he accept that money if he is such a fan of hers? Isn’t that a major and illegal campaign contribution?”

He continued, “What about Beyoncé? …and how much went to Oprah, and Bono???”

Trump further urged, “I am going to call for a major investigation into this matter. Candidates aren’t allowed to pay for endorsements, which is what Kamala did, under the guise of paying for entertainment.”

“In addition, this was a very expensive and desperate effort to artificially build up her sparse crowds,” Trump further declared, asserting “it’s not legal! for these unpatriotic “entertainers,” this was just a corrupt & unlawful way to capitalize on a broken system. thank you for your attention to this matter!!!”

As we highlighted at the time, the Kamala campaign ended up $20 million in debt because they burned through a BILLION dollars, spending it on distraction concerts and paying vapid celebrities for endorsements.

Megan Thee Stallion was paid a reported $5 million to shake her ass around for five minutes at a rally in Atlanta which some believe made Americans realise voting for Harris would be a grave error.

Beyoncé, who spoke for a few minutes at a rally and did not perform, was paid a reported $10 million, while Lizzo was given a million and apparently a ride on a private jet.

Oprah Winfrey reportedly receive a $1 million payment via her Production company from the Kamala Harris campaign in exchange for endorsing her.

After losing the election, Harris continued to beg for money, presumably in an attempt to recoup the massive losses.

Trump has focused on Springsteen in recent days, as the aged rocker continues to rant about the President being “corrupt, incompetent and treasonous” while on tour in Europe.

Trump called ‘The Boss’ a “dried out prune,” while other members of his administration chimed in saying Springsteen is welcome to stay overseas for good.

“The 77 million Americans that elected President Trump disagree with elitist and out-of-touch celebrities like Bruce Springsteen,” said Taylor Rogers, the White House assistant press secretary, adding “Bruce is welcome to stay overseas while hardworking Americans enjoy a secure border and cooling inflation thanks to President Trump.”

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

END

Biden’s Was The First Fully Deep-State Presidency

Tuesday, May 20, 2025 – 09:40 AM

Authored by Jarrett Stepman via The Daily Signal,

Biden’s Presidency Is a Scandal of Historic Proportions

The “presidency” of Joe Biden is one of the greatest scandals in American history. The legacy media is only now covering the mental incapacity of a president who apparently left the entire ship of state to the unaccountable bureaucracy.

On Friday, Axios released Friday night news dump audio of Biden’s 2023 interview with special counsel Robert Hur.

If you heard the tape and haven’t been in a coma for the past four years, then nothing here is truly surprising. The former president sounded senile and evasive when answering questions about his handling of top secret documents.

Some of my colleagues went through the full tapes and found that Biden “forgot the names of President Barack Obama’s former secretary of defense and comedian Jay Leno; referred to Africa as a country, not a continent; and was unaware he had in his possession a notebook with war advice in it for Obama during his interview with special counsel Robert Hur and investigators in October 2023.”

Biden certainly did not sound like someone who could be trusted to make large-scale national decisions or even small-scale personal ones.

This is entirely unsurprising unless you are a left-leaning corporate media journalist on the political beat. 

If you are, then I’m sure that the reports coming out about Biden in office are jaw-dropping, gob-smacking revelations to you.

The media elite are shocked, shocked to discover that Biden may have been unfit for office.

The release of these tapes was followed by a Sunday afternoon reveal that Biden has been diagnosed with advanced prostate cancer.

The cancer diagnosis is certainly a terrible thing. But the idea that this should end the story about what happened the last four years is a farce. It couldn’t be clearer now that due to mental and physical ailments, Biden was a diminished man from the moment he assumed the president’s office.

Despite some of the aforementioned elite journalists calling for a lid to be put on conversations about Biden’s presidency due to his health, the reality is the cancer diagnosis only raises more unsettling questions. Is this really a new diagnosis? Did Biden’s doctors really somehow miss the signs of treatable cancer?

And that makes this situation entirely unprecedented.

Yes, President Woodrow Wilson was at one point incapacitated during his final term in office, but that was at the tail end of his presidency. Wilson suffered a series of strokes after his highly energetic campaign to convince Americans to join the League of Nations. His wife and even some members of the media tried to cover it up, but ultimately the Democratic Party pulled the plug on his extremely brief flirtation with running for a third term.

There was no widespread attempt to fool the American people and ensure another term for an “almost catatonic” president, as one witness at George Clooney’s June fundraiser for Biden described the candidate.

This situation with Biden was much, much worse, the cover-up far more extensive, and the consequences were far more potentially dire in the age of instant communication and weapons capable of quickly destroying all of human civilization.

How shall we think of those years in which multiple crises developed around the globe, Americans were mass deprived of employment due to government-forced vaccinations, states were browbeaten to allow children to get life-altering hormones, and an ultimately victorious presidential candidate was nearly jailed?

I’ve tried to think of some apt historical comparisons.

President John Tyler was known to some of his more cantankerous critics as “his accidency,” due to being the first vice president to assume the president’s office after the death of the commander in chief. The attitude was that nobody actually elected him to become president, and in the early days of the republic the Constitution was a bit murky about whether he could just assume office or a new election must be held.

Regardless of the nickname, Tyler became an aggressive, active commander in chief—somewhat to the chagrin of many in his party.

But Biden was in some way the mirror opposite. Despite being elected in a highly contested election, he seems to have never really assumed his responsibilities. Biden’s lethargy was only matched by his lack of transparency.

The better word for Biden would be “his irrelevancy.”

While the 46th president’s handlers, most likely at the behest of former President Barack Obama, led him around in an extended real-world version of “Weekend at Bernie’s,” the federal apparatus operated on its own.

This was rule by “experts,” or really rule by the managerial class that re-created the old spoils system but made it totally unaccountable to the American people.

Decisions were carried out by vast, interlocking agencies at the behest of their Democratic Party allies whom they serve.

This was the first fully deep-state presidency.

Biden was awarded by the Democratic Party with the nominal career-capping title as president, but the functions and even the decisions demanded of his office were clearly distributed to his subordinates and the federal leviathan.

The result was a complete disaster.

Americans rightly lost faith in their leaders and the elite institutions attached to this corrupted apparatus. U.S. foreign policy was at best strategically adrift. Our enemies around the globe went on the march. The people feared the government more than the government feared them.

The upshot of these calamities is that we were delivered a national wake-up call at a time of crisis. A political counterrevolution is taking place that may have never happened had its depth not been revealed at least in part by the media’s cover-up of Biden’s obvious infirmity.  

But even though the first 100-plus days of President Donald Trump couldn’t be more different than the four years of his predecessor, we can’t forget how bad things got, how much the legacy media covered for a senile president’s obvious incapacity, and how deeply threatening the permanent bureaucratic state is to American liberty.

ENDl

LET us hope that this does not come here! It would be deadly

(QTR)

Australia’s Unrealized Gains Tax Will Be A Lesson In Economic Suicide

by quoth the raven

Monday, May 19, 2025 – 21:03

Submitted by QTR’s Fringe Finance

I’ve spent years warning about the economic dangers of policies that attempt to tax wealth before it’s realized, and now, like a slow-motion train wreck, we’re about to witness exactly why those warnings matter.

Australia’s new move to tax unrealized capital gains is one of the most reckless policy decisions I’ve ever seen — and keep in mind, I had front row seats to an “Inflation Reduction Act” that added more than $1 trillion in spending.

Taxing unrealized gains is equal parts outright f*cking mathematically insane and cut-and-dry authoritarian. And while I’m appalled by the policy itself, there’s a perverse part of me that’s almost glad it’s happening in Australia first—because the disastrous results will be on full display for the world to see.

Starting in July 2025, the Albanese government is set to debut its latest economic masterstroke: taxing imaginary money. That’s right—if you’ve got more than $3 million sitting in your superannuation, not only will you get slapped with a 30% tax, but it doesn’t even matter if you actually made any money.

Didn’t sell anything? Didn’t cash out? Never saw a cent? Tough luck—Big Brother took a peek at your account, saw some numbers went up, and decided you owe them a slice of your hypothetical success.

This isn’t just bending the rules of how taxation and private property works—it’s snapping them clean in half and using the pieces to beat your rights to death. For as long as economies have existed, the deal was simple: you sell an asset, you make a profit, and then you pay tax. You know, after you’ve actually made money. Because taxing cash that doesn’t exist yet is the kind of thing you expect from crackheads playing Monopoly, not national policy.

But here we are. Australia is now sprinting headfirst toward a future where you get billed for wealth that isn’t liquid, isn’t realized, and, if the market tanks tomorrow, might never even exist. It’s like being forced to pay income tax on the raise your boss almost gave you but didn’t, or footing the bill for the lottery jackpot on the billboard on the side of I-95 that you didn’t win.

The fallout is not rocket science. People will be forced to liquidate assets—probably the wrong ones, at the worst possible time—just to scrape together enough real money to cover taxes on their fake money. Don’t have the cash lying around to pay that bill? Sounds like a you problem. Better start liquidating. And this isn’t just stocks we’re talking about. Real estate? Private businesses? Long-term investments you hold precisely because they’re supposed to be safe and stable? All fair game in a fire sale.

But wait, it gets even better. That $3 million threshold? It’s not even indexed to inflation. So as the value of money inevitably erodes, more and more regular people will find themselves dragged into this mess. It’s like the $1,200 handpay rule in Atlantic City and Las Vegas: it was created in the 1800s when $1,200 was enough to buy a private island, but as the purchasing power of the dollar has eroded, the rule has been kept in place, with the recalibration serving as way to monitor more and more transactions…(READ THIS FULL ARTICLE, 100% FREE, HERE)

GREG HUNTERVIEWING MARTIN ARMSTRONG

“They Want War” – Martin Armstrong Slams European Leaders Reinstating Military Drafts

Tuesday, May 20, 2025 – 07:20 AM

Via  Greg Hunter’s USAWatchdog.com,

Legendary financial and geopolitical cycle analyst Martin Armstrong is back with an update on his big turn toward war in Ukraine with Russia.  

Two weeks ago on USAW, Armstrong predicted, “After May 15, war is turning up (in Ukraine) and it will be turning up into 2026.”  

That prediction paid off to the exact day as peace talks between Russia and Ukraine ended on May 15 after just two hours, and neither side agreed to meet again.  

War is already here, and there is no stopping it with peace talks.  Armstrong says, “Putin knows and understands this is not a just a war with Ukraine, this is a war with NATO...”

“If Putin agrees to a 30-day ceasefire with Ukraine, what’s that going to do?  Absolutely nothing.  

You have every European country reinstituting drafts.  In Germany, even people 60 years old have been told to report.  Poland has ordered every able-bodied man to show up for military training.  They want war.  Their economy is collapsing.  You hear about this de-dollarization, and it’s not happening.  The capitalization of just the New York Stock Exchange is worth more than all of Europe combined.  That’s just the New York Stock Exchange…

You’ve got Macron in France, they call him the ‘Petite Napolean.’. . . Without war, Europe is going to collapse.  It’s in a sovereign debt crisis . . . They have done everything against the economy.”

Armstong thinks Russia will finish off Ukraine sometime in 2027 and Europe a year or two after that.  And, Yes, Armstrong still thinks Ukraine will disappear from the map.

Armstrong urged his contacts in Washington to “Get the hell out of NATO.”  It seems some in the US government are considering this warning as this headline breaks today: “US to Begin European Troop Withdrawal Talks, NATO Ambassador Says.”  Armstrong says, 

“I have been told by some very influential people on Capitol Hill ‘you’re right, we agree.’  That’s what I have been told. . . . I have been complaining about this for months, and my view is Europe is committing suicide, and let’s not be part of it this time.”

Is President Trump getting this message?  Armstrong says, “Yes, I believe so. . . . Trump also said a peace deal does not seem likely, the hatred is too great on both sides.”

The neocons back home also want war with Russia and have wanted it for a very long time.  Trump is either going to make peace or walk away and not participate.  Maybe this is why former FBI Director James Comey put out his not-so-cryptic call to assassinate President Trump with his “86 47” now deleted Instagram post.  Comey was the man who held Armstrong in prison illegally for contempt for 7 years. 

Armstrong says, “Comey has always been part of it.  Just for the record, he was the US Attorney in New York.  He’s the one who kept me in contempt until the Supreme Court said what the hell is going on?  Then, they had to release me.”

How did Armstrong land in jail?  

Armstrong says, “They asked me to put in 10 billion dollars . . . to take over Russia, and I refused…”

”  It was Comey that was the US Attorney for New York, and he kept me in civil contempt, which has a maximum sentence of 18 months, and he kept me in for 7 years.  

He kept rolling it and rolling it and rolling it. . . . I was told if I put in $10 billion, I would get $100 billion back.  

They intended to have all the assets of Russia going through the trading desk of New York.  All the oil, gold, diamonds, platinum, you name it, they would have it all.  And I said, no, I’m out.  I am not into regime change.”

Fast forward to today, and the powers in Europe still think they can take Russia and steal their assets to fix the extreme financial problems in Europe.  

Pensions, banks and bonds are in deep financial trouble in Europe.  

Stealing from Russia and gaining control of $75 trillion in natural resources is why they want and need war.  Armstrong says, 

“They went to negative interest rates in 2014.  I warned them.  I said listen; you are out of your minds.  

You are syphoning money out of the bank reserves and pension finds.  It’s a basket case.  It really is.  They have no appreciable economy. . . it’s shrinking, the number of actual businesses has shrunk in Germany.  (Germany is 25% of the EU economy.)  This is why they need war.”

Armstrong says Europe is going to lose and lose badly in a war with Russia.  

Armstrong says if Trump gets out of NATO, the US will thrive and do much better financially than Europe.  

Let’s all hope President Trump gets us out of NATO before it’s too late.

There is much more in the 60-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Martin Armstrong as he gives his analysis on war, default, depression and unpayable debt that will make a huge mess for the world for 5.17.25.

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GREG HUNTER