GOLD CLOSED DOWN $5.30 TO $3,296.70
SILVER CLOSED DOWN $0.18 TO $33.02
GOLD ACCESS CLOSED $3294.70
Silver ACCESS CLOSED: $32.97
TONIGHT FINISHES OPTION EXPIRY FOR THE COMEX//AND THUS THE REASON FOR THE RAID//FRIDAY IS OPTIONS EXPIRY FOR THE LONDON/OTC OPTIONS
Bitcoin morning price:$108,630 DOWN 900 DOLLARS.
Bitcoin: afternoon price: $107,500 DOWN 2030 DOLLARS
Platinum price closing DOWN $1.00 TO $1083.15
Palladium price; DOWN $12.80 TO $967.45
END
*CANADIAN GOLD: $4,557.80 DOWN 3.10 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)
*BRITISH GOLD: 2447.20 UP 1.20 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025
*EURO GOLD: 2918.40 UP 3.40 Euros per oz //* (ALL TIME CLOSING HIGH: 3018.80 EUROS PER OZ/ APRIL 21 //2025)
DONATE
EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: MAY 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,299.100000000 USD
INTENT DATE: 05/27/2025 DELIVERY DATE: 05/29/2025
FIRM ORG FIRM NAME ISSUED STOPPED
118 H MACQUARIE FUTURES US 2
323 C HSBC 30
363 H WELLS FARGO SECURITI 23
661 C JP MORGAN SECURITIES 57
880 H CITIGROUP 73
905 C ADM 35
TOTAL: 110 110
MONTH TO DATE: 25,401
MONTH TO DATE: 25,291
JPMORGAN STOPPED 57/110
MAY
GOLD: NUMBER OF NOTICES FILED FOR MAY/2024: 110 CONTRACTs NOTICES FOR 11000 OZ or 0.3421 TONNES
total notices so far: 25,401 contracts for 2,540,100 OR 79.007 tonnes)
FOR MAY
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SILVER NOTICES: 100 NOTICE(S) FILED FOR 500,000 OZ/
total number of notices filed so far this month : 14,898 CONTRACTS (NOTICES) for 74.490 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 DOWN $5.30 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 922.46 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $0.18 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV: //
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 457.103 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A STRONG SIZED 460 CONTRACTS TO 147,555 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS STRONG SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS OF $0.24 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING. WE HAD A STRONG SIZED LOSS OF 349 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A 111 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO TUESDAY’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 FRIDAY 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 FAIR T.A.S. ISSUANCE OF 289 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 111 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR SMALL 289 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN WEDNESDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A TINY SIZED 77 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS 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 TUESDAY NIGHT/WEDNESDAY MORNING: A SMALL 289 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 SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.24) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH
WE HAD A 111 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 67.830 MILLION OZ TO WHICH WE SUBTRACT OUR 103 CONTRACT E.F.P. TRANSER OF 515,000 OZ AND THEN WE MUST ADD THOSE CRAZY CONTRACT EXCHANGE FOR RISK FOR 12.93 MILLION OZ:
THUS:
INITIAL STANDING FOR MAY: 75.615 MILLION OZ WHICH INCLUDES TODAY’S 550,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ (EX FOR RISK) EQUALS 88.545 MILLION OZ./
WE HAD:
/ STRONG COMEX OI LOSS+// A 111 SIZED EFP ISSUANCE (/ VI) SMALL SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 289 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A STRONG 426 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 19 DAYS, total 5245 contracts: OR 26.225 MILLION OZ (276 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 26.225 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: 26.225 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
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RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 460 CONTRACTS WITH OUR LOSS IN PRICE OF $0.24 IN SILVER PRICING AT THE COMEX// TUESDAY.,. . THE CME NOTIFIED US THAT WE HAD A 111 CONTRACT EFP ISSUANCE CONTRACTS: 111 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
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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 REDUCES TO: 75.615 MILLION OZ. (INCLUDES 515,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING LOWERS TO 88.545 MILLION OZ
THE NEW TAS ISSUANCE TUESDAY NIGHT (289 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE TODAY’S TRADING (FRIDAY TRADING) AND BEYOND.
WE HAD 100 NOTICE(S) FILED TODAY FOR 500,000 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 FELL BY A VERY STRONG SIZED 13,273 OI CONTRACTS TO 437,538 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE A PRETTY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A MONSTER 3083 CONTRACTS //.
WE HAD A VERY STRONG SIZED DECREASE IN COMEX OI (13,475 CONTRACTS) . THIS OCCURRED DESPITE OUR MEGA HUGE LOSS OF $63.50 IN PRICE// TUESDAY///.
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 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
/ ALL OF THIS HAPPENED WITH OUR $63.50 LOSS IN PRICE WITH RESPECT TO TUESDAY’S COMEX ///. WE HAD A VERY STRONG SIZED LOSS OF 13,273 OI CONTRACTS (41.284 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 THREE 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 90.235 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 202 CONTRACT:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 437,538/NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!
SILVER ALSO HAS A LOW COMEX OI OF 147,555 CONTRACTS!!
IN ESSENCE WE HAVE A VERY STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 13,273 CONTRACTS WITH 13,475 CONTRACTS DECREASED AT THE COMEX// AND A SMALL SIZED 202 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 13,273 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED AND CRIMINAL 3591 CONTRACTS
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS 202 CONTRACT) ACCOMPANYING THE VERY STRONG SIZED DECREASE IN COMEX OI OF 10,475 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 10,190 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 80.373 TONNES ( WHICH WHICH INCLUDES TODAY’S 0.2706 TONNES QUEUE JUMP AND THEN WE ADD OUR MAY 13 , 15TH AND 19TH ISSUANCE OF 9.591 TONNES EX FOR RISK//NEW TOTAL STANDING FOR GOLD INCREASES TO: 90.235 TONNES
NEW STANDING FOR GOLD, MAY CONTRACT ADVANCES TO: 90.235 TONNES OF GOLD.(INCLUDES QUEUE JUMPING AND EX FOR RISK ISSUANCE)
.
/ 3) ZERO T.A.S. LIQUIDATION , AS WE HAD 1)A $63.50 COMEX PRICE LOSS.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED DESPITE THAT HUGE LOSS IN PRICE AS WE HAD OUR STRONG GAIN OF 8113 CONTRACTS ON OUR TWO EXCHANGES// /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY 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) STRONG SIZED COMEX OI LOSS// 5) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (202 CONTRACTS)/// STRONG T.A.S. ISSUANCE: 3591 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: 27,565 CONTRACTS OR 2,756,500 OZ OR 85.73 TONNES IN 19 TRADING DAY(S) AND THUS AVERAGING: 1450 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 19 TRADING DAY(S) IN TONNES 85.73 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 85.73 TONNES DIVIDED BY 3550 x 100% TONNES = 2.42% 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: 85.73 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
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 FELL BY A STRONG SIZED 460 CONTRACTS OI TO 147,981 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 111 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 111 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 111 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 460 CONTRACTS AND ADD TO THE 111 E.FP. ISSUED
WE OBTAIN A SMALL SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 77 CONTRACTS WITH THE LOSS IN PRICE OF $0.24 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 1.745 MILLION PAPER OZ
OCCURRED WITH OUR $0.24 LOSS IN PRICE.
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
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 WEDNESDAY MORNING//TUESDAY NIGHT
SHANGHAI CLOSED DOWN 0.75 PTS OR 0.02%
//Hang Seng CLOSED DOWN 147.97 PTS OR 0.63%
// Nikkei CLOSED DOWN 1.71 PTS OR 0.00% //Australia’s all ordinaries CLOSED DOWN 0.08%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1917 OFFSHORE CLOSED UP AT 7.1891/ Oil DOWN TO 61,23 dollars per barrel for WTI and BRENT DOWN TO 64.38 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1917 AND STRONGER//OFF SHORE YUAN TRADING UP 7.1891 AGAINST US DOLLAR/ AND THUS STRONGER
END
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A VERY STRONG SIZED 10,475 CONTRACTS TO 437,538 WITH OUR LOSS IN PRICE OF $63.50 WITH RESPECT TO TUESDAY’S // TRADING. WE LOST SOME NUMBER OF NET LONGS WITH THAT STRONG PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (202 ).
THE CME ANNOUNCED TUESDAY 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:
- THE BANK OF ENGLAND
- 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//NEW TOTAL EX FOR RISK IS 9.591 TONNES FOR THE 3 ISSUANCE!
DETAILS ON MAY COMEX MONTH//INITIAL
IN TOTAL WE HAD A STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 13,273 CONTRACTS WITH OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON TUESDAY 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 STRONG AS THE CME NOTIFIES US THAT THEY HAVE ISSUED A HUGE 3591 T.A.S.
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 SMALL 0.2706 TONNES.
THE TONNAGE STANDING FOR GOLD FOR MAY IS NOW 80.644 TONNES (WHICH INCLUDES TODAY’S QUEUE JUMP OF 0.2706 TONNES AND TO WHICH WE ADD OUR TOTAL EX FOR RISK: 9.591 TONNES EX FOR RISK!)//
NEW TOTAL TONNES STANDING: 90.235 TONNES
THE FED IS THE OTHER MAJOR SHORT OF AROUND 5+ 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 223 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 SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A SMALL SIZED 202 EFP CONTRACT WAS ISSUED: : /JUNE 202 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 202 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 :
- ZERO LIQUIDATION OF OUR T.A.S. SPREADERS
- ZERO NET SPEC LIQUIDATION WITH OUR HUGE GAIN IN PRICE
T.A.S.SPREADER ISSUANCE
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY MORNING/TUESDAY NIGHT WAS A HUGE SIZED, 3591 CONTRACTS.
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE TODAY, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- 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 + TUESDAY’S QUEUE JUMP OF .6780 TONNES + WEDNESDAY’S QUEUE JUMP OF .9415 AND THEN THURSDAY;S QUEUE JUMP OF 2.7402 TONNES AND FRIDAY’S AT 3.259 TONNES: YESTERDAY’S AT 0.1275 + TODAY AT .2606 TONNES +EXCHANGE FOR RISK//9.591 TONNES = 90.235 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 80.644 TONNES (INCLUDES ALL QUEUE JUMPING FOR THE MONTH) + 9.591 TONNES EX FOR RISK EQUALS 90.235 TONNES!!
COMEX GOLD TRADING/MAY CONTRACT MONTH
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $63.50/ /) AND THEY WERE A SUCCESSFUL IN KNOCKING OFF SOME APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED LOSS IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION TUESDAY AS THEY ARE STILL TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE THE MAGIC $3,400 BARRIER AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM EXPLODING (AS WE NOW ENTER LONDON/OTC OPTION EXPIRY WEEK WHICH WILL CONCLUDE THIS FRIDAY, MAY 30)
WEDNESDAY MORNING/TUESDAY 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 TUESDAY EVENING/WEDNESDAY 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 LOST A STRONG SIZED TOTAL OF 41.284 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 SMALL 41 CONTRACT QUEUE JUMP FRIDAY, FOR 8700 OZ OR 0.2706 TONNES. THIS QUEUE JUMP IS CENTRAL BANKS JUMPING AHEAD OF US SIMPLE MORTALS DEMANDING GOLD FOR THEIR RESERVES. THUS NEW STANDING ADVANCES TO 80.373 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 90.235 TONNES
THUS MAY STANDING FOR GOLD SO FAR: 90.235 TONNES
ALL OF THIS HUGE STANDING WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $63.85
WE HAD A MONSTER 3083 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET LOSS ON THE TWO EXCHANGES 13,273 CONTRACTS OR 1,327,300 0Z (41.284 TONNES)
confirmed volume TUESDAY 445,043. contracts: huge volume////
//speculators have left the gold arena
END
MAY
// THE MAY 2025 GOLD CONTRACT
MAY 28
INITIAL
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | . withdrawals: 1 i) out of BRINKS: 4822.65 oz (150 kilobars) |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | 1 entry we have 1 customer entries i) Into Asahi 32,015.818 oz total deposit 32,015.818 oz xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 110 notice(s) 11000 OZ 0.3421 TONNES |
| No of oz to be served (notices) | 526 contracts 52600 OZ 1.636 TONNES |
| Total monthly oz gold served (contracts) so far this month | 25,401 notices 2,540,100 oz 78.007 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0 entry
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
we have 1 customer entries
i) Into Asahi 32,015.818 oz
total deposit 32,015.818 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: 1
withdrawals: 1
i) out of BRINKS: 4822.65 oz
(150 kilobars)
adjustments: 6//dealer to customer
a) Asahi: 168,952.241 oz
b) Brinks 241,861.921 oz
c) Delaware 2980.878 oz
d) Loomis 80,731.161 o
e) Malca 21,607.820 oz
f) Manfra 165,291.898 oz
total weight adjusted 675,464.164 oz
in tonnes; 21.009 tonnes
AMOUNT OF GOLD STANDING FOR MAY
THE FRONT MONTH OF MAY STANDS AT 636 CONTRACTS FOR A GAIN OF 60 CONTRACTS. WE HAD 27 CONTRACTS SERVED ON TUESDAY SO WE GAINED 87 CONTRACTS AND THUS WE WITNESS A SMALL 8700 OZ QUEUE JUMP FOR 0.2706 TONNES. THIS FOLLOWS LAST WEEK’S (MAY 15) RECORD BREAKING 9.987 TONNES. FOR THE PAST 11 DAYS WE HAVE RECORDED 31.2085 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 THIS MONTH
JUNE LOST A HUGE 46,406 CONTRACTS TO 74,244 JUNE BECOMES OUR NEW FRONT MONTH AND THIS MONTH WILL BE A STRONG OF A DELIVERY MONTH. THE FRBNY IS QUITE NERVOUS LOOKING AT JUNE OI.WE HAVE 2 MORE TRADING DAYS BEFORE OUR BIG FIRST DAY NOTICE FRIDAY MAY 30. PROBABLY WE WILL HAVE AROUND 160 TO 180 TONNES OF GOLD INITIALLY STAND.
JULY GAINED 872 CONTRACTS TO STAND AT 6510
AUGUST GAINED 30,280 CONTRACTS UP TO 281,814
We had 110 contracts filed for today representing 11000 oz
This is a huge major assault on the comex for gold and this time it is physical that will be requested.
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 110 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 57 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 (25,401 X 100 oz ) to which we add the difference between the open interest for the front month of MAY (636 CONTRACTS) minus the number of notices served upon today (110 x 100 oz per contract) equals 2,592,700 OZ OR 80.644 TONNES to which we add 9.591 tonnes of gold issued under exchange for risk//new totals 90.235 tonnes
thus the INITIAL standings for gold for the MAY contract month: No of notices filed so far (25,401 x 100 oz +we add the difference for front month of MAY (636 OI} minus the number of notices served upon today (110 x 100 oz) which equals 2,582,700 OZ OR 80.644 TONNES + 9.591 tonnes = 90.235 tonnes
TOTAL COMEX GOLD STANDING FOR MAY.: 90.235 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: 2,200,007.906 oz 68.429 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,814,646.835 oz
TOTAL REGISTERED GOLD 21,380.763.980: or 665.03 tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,423,882.958 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 19,180,756 oz (REG GOLD- PLEDGED GOLD)= 596.602 tonnes //
SILVER/COMEX
THE MAY 2025 SILVER CONTRACT//INITIAL
MAY 28
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 0 withdrawal entries |
| Deposits to the Dealer Inventory | 1 entry 1 deposits into dealer accounts i) into Stonex: 1,069,480.310 oz total deposit: 1069,480.310 |
| Deposits to the Customer Inventory | 1 deposit entries//customer side/eligible 1 DEPOSIT ENTRIES i) Into Stonex 946.600 oz total deposit 946.600 oz |
| No of oz served today (contracts) | 100 CONTRACT(S) (500,000 OZ |
| No of oz to be served (notices) | 225 contract (1.125 MILLION oz) |
| Total monthly oz silver served (contracts) | 14,898 Contracts (74.490 million oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
1 deposits into dealer accounts
i) into Stonex: 1,069,480.310 oz
total deposit: 1069,480.310
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
1 deposit entries//customer side/eligible
1 DEPOSIT ENTRIES
i) Into Stonex: 946.600 oz
total deposit 946.600 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
0 withdrawal entries
ADJUSTMENTs 0
JPMorgan has a total silver weight: 214.825million oz/498.375 oz million or 42.97%
TOTAL REGISTERED SILVER: 169.527 MILLION OZ//.TOTAL REG + ELIGIBLE. 498/373Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MAY
silver open interest data:
FRONT MONTH OF MAY /2025 OI: 325 OPEN INTEREST CONTRACTS FOR A LOSS OF 103 CONTRACTS. WE HAD 0 NOTICES FILED ON TUESDAY SO WE LOST AGAIN 103 CONTRACTS WHICH UNDERWENT AN EFP TRANSER TO LONDON OF 515000 OZ WHERE THESE BOYS HAVE DECIDED TO TAKE DELIVERY OVER THERE. 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 LOSS OF 29 CONTRACTS DOWN TO 2525 CONTRACTS. JUNE OI REFUSES TO LIQUIDATE
WE WILL PROBABLY HAVE OVER 12 TO 13 MILLION OZ STAND FOR JUNE/AN OFF MONTH
AS IT IS NOW THE FRONT MONTH. WE HAVE 3 MORE TRADING DAYS BEFORE FIRST DAY NOTICE, FRIDAY MAY 30.
JULY LOST 1792 CONTRACTS DOWN TO 110,730
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 100 or 500,000 oz
CONFIRMED volume; ON TUESDAY 67,598 good//
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 14,898 X5,000 oz = 74.490 MILLION oz
to which we add the difference between the open interest for the front month of MAY (325) AND the number of notices served upon today (100 )x (5000 oz)
Thus the standings for silver for the MAY 2025 contract month: (14,898) Notices served so far) x 5000 oz + OI for the front month of MAY(325) minus number of notices served upon today (100)x 5000 oz equals silver standing for the MAY contract month equating to 75.615 MILLION OZ . THEN WE MUST ADD OUR NEW 12.93 TONNES OF EXCHANGE FOR RISK. NEW TOTAL STANDING FOR SILVER REDUCES TO: 88.545 MILLION OZ
New total standing: 88.545 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 28 WITH GOLD DOWN $5.30 TODAY// NO CHANGES IN GOLD AT THE GLD:/ ///INVENTORY RESTS AT 922.46 TONNES
MAY 27 WITH GOLD DOWN $63.50 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.43 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 922.46 TONNES
MAY 23 WITH GOLD UP $69.70 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 4.01 TONNES OF GOLD INTO THE GLD/ ///INVENTORY RESTS AT 923.89TONNES
MAY 22 WITH GOLD DOWN $15.50 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.72 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 919.88 TONNES
MAY 21 WITH GOLD UP $28.75 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.57 TONNES OF GOLD INTO THE GLD/ ///INVENTORY RESTS AT 921.60 TONNES
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: 922.46 TONNES, TONIGHTS TOTAL
SILVER
MAY 28 WITH SILVER DOWN $0.18/NO CHANGES AT THE SLV////INVENTORY RESTS AT 457.103 MILLION OZ.
MAY 27 WITH SILVER DOWN $0.34/HUGE CHANGES AT THE SLV//A DEPOSIT OF 2.728 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 457.103 MILLION OZ.
MAY 23 WITH SILVER UP $0.38/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.5 MILLION OZ OF SILVER INTO THE SLV/: //INVENTORY AT SLV RESTS AT 454.375 MILLION OZ
MAY 22 WITH SILVER DOWN $0.27/NO CHANGES IN SILVER INVENTORY AT THE SLV:////: //INVENTORY AT SLV RESTS AT 451.875 MILLION OZ
MAY 21 WITH SILVER UP $0.35/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.091 MILLION OZ INTO THE SLV// ////: //INVENTORY AT SLV RESTS AT 451.875 MILLION OZ
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 449.784 MILLION OZ
MAY 19 WITH SILVER UP $0.17/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL 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 457.103 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
PETER SCHIFF
MATHEW PIEPENBERG
JOHN RUBINO…
Believe It Or Not, Gold Is Still Out Of Favor
Wednesday, May 28, 2025 – 07:20 AM
Authored by John Rubino via Substack,
After the past year’s epic run, you’d think gold would have displaced at least some other assets in mainstream investors’ portfolios. But apparently not. These two charts have been making the rounds on X, showing that during the previous decade’s gold bull market, gold-related ETFs saw their share of “implied allocations” rise dramatically.
But that hasn’t yet happened in the current bull market, as both gold and gold miner ETFs seem to be an afterthought for the average investor.
That Might Be Changing. In China…
…While Costco Gold Buyers Have To Be Restrained
Purchase limits have tightened on Costco gold bars as popularity boomed
(USA Today) – Gold has become such a hot commodity that Costco is apparently limiting how much its members can buy.
The warehouse retailer began selling 24-karat gold bars to its members in 2023, with a limit of two bars per person. Now, that limit has changed to one per transaction and a maximum of two bars per 24 hours, when you look on the retailer website, as previously reported by Business Insider.
The price tag for a 1-ounce South African-made gold bar? $3,279.99, much higher than the $2,000 they were going for 19 months ago, shortly after Costco began selling them. However, that price increase is understandable as gold prices have risen more than 70% over that time – hitting record highs in April.
Another listing, for the 1-ounce Gold Bar PAMP Suisse Lady Fortuna Veriscan, limits members to one item per transaction and a maximum of two items per 24 hours, down from a limit of five items per 24 hours in January. The same product had a cap of two purchases per membership in September 2023, according to an archived snapshot of the listing.
The retailer also has limits on other precious metals including:
1-ounce American Eagle gold coin ($3,329.99; one per transaction and two per 24 hours)
10-ounce silver bar ($359.99; one per transaction and 10 per 24 hours)
Still Early In The Game
The above implies three things:
- US generalist investors haven’t yet warmed up to gold or gold miners.
- Chinese buyers are getting much better advice than their American counterparts.
- Costco customers’ eagerness to put multiple ounces of gold on their store credit cards implies the kind of enthusiasm that could easily spread to equity investors.
The conclusion? Momentum is building, but this bull market has a long way to run before generalist money is fully on board. Keep stacking.
2.ALASDAIR MACLEOD
The debt bubble bursts
When increasing debt becomes unsustainable, the credit bubble bursts threatening bonds, equities, and the entire credit system. The fiat dollar itself becomes a bad debt.
| Alasdair MacleodMay 28∙Paid |
Introduction
Very few economists and investors realise that after 54 years of post-Bretton Woods fiat-currency expansion, freed from the constraints of gold standards we have never experienced such a large debt-cum-credit bubble. At the centre of it all is the US federal dollar, which has acted as the international trade pricing and settlement medium in place of gold.
By way of precedent, in financial history there have been other periods of excessive credit expansion, eventually failing to be sustained and undermined by bad debts being exposed. Tulipomania in 1636—37, Mississippi, and South Sea bubbles both in 1720 were noteworthy. And the Roaring Twenties leading to the Wall Street Crash in 1929—32 was the last such event, though there have been times, such as the lead up to the dot-com bubble of 2000 and the crisis of 2008—09 which threatened similar financial devastation.
In common with 1929, today we have a combination of a credit bubble and new trade tariffs. In 1930 it was the Smoot-Hawley Tarif Act, which lifted US tariffs by about 20% on average. This time the bubble is far larger; and the consequences of the Trump administration’s tariffs are likely to be considerably more destructive to a more international global economy with extensive supply chains, and to the US economy as well.
When this bubble blows, a process which may have already started, the consequences are likely to be at least as far-reaching as the Wall Street Crash which led to the 1930s slump and failure of 9,000 US banks. Behind every credit bubble implosion are bad debt problems which lead to a domino effect of cascading failures, even taking out otherwise healthy businesses.
Defining today’s debt problem
With global debt at the highest levels ever, much of it is bad hidden within the estimated $324 trillion total. And much of the estimated one-third of it issued by governments is unsustainable. Of the $110 trillion of government debt, one third of that is owed to creditors in US dollars by the US government alone. Its rate of expansion is accelerating due to a combination of continuing budget deficits, the compounding accumulation of debt interest, and persistently high interest rates.
However, so far the trend for budget deficits and debt accumulation towards unsustainability has broadly tracked the trend for gold priced in dollars, shown in the chart below:
The budget deficit is the engine which propels both debt accumulation and monetary debasement. And the fact that together with the accumulation of debt it is keeping broadly in line with the gold price tells us that despite gold’s 91-times dollar-price increase since Bretton Woods was abandoned, gold is not overvalued. This will not surprise monetarists who follow quantity theories. But quantitative relationships are not the only influence when it comes to the value of a fiat currency measured by what it buys. Foreign faith in it is more important.
Without a gold standard, ultimately a fiat currency depends on the subjective value placed on it predominantly by foreigners. This differs from its value to domestic users in their daily transactions. In transactions for goods and services, a fiat currency has the objective or constant value, with value variations subjectively being confined to the items being exchanged. It is in exchange for gold and other currencies that a currency’s subjectivity of value arises.
This is why domestic users of their currency in their lived experience are generally unaware of its changes in purchasing power. They overwhelmingly believe that changes in the general level of prices are due to variations in goods prices and not in the currency, which they see as a constant factor. They view inflation as a price problem and not a currency one.
But if you look at a fiat currency from a foreign perspective, then it is your own currency which you will tend to view objectively and the foreign currency as subjective. Thus, a British businessman accounting in pounds will look at the dollar exchange rate as the dollar varying against the pound, rather than the pound varying against the dollar.
This much should be clear. And when we note that of all the foreign owned currencies the dollar is the most widely held to the tune of some $40 trillion, there is a very large amount of dollars in the hands of individuals, businesses, and governments who view it differently from the American citizens who use it for their daily sales and purchases.
That $40 trillion is invested in bank deposits, other short-term instruments, bonds, and equities. For a foreigner accounting in his own currency all dollar-values are subjective, which means that his belief as to what their future values might be is his most important consideration.
Foreign faith in a currency’s future can be fickle. The question posed by foreign creditors is how secure are dollar-denominated debts, and if not, what is the risk of non-repayment?
An independent assessment of any government’s finances must focus on the sustainability of its debt. In simplest terms, debt is only sustainable so long as the income is available to pay the interest. But the US government never pays interest, rolling it up into future debt. Therefore, tax revenues must increase at least as fast as the debt mountain increases for the debts to be regarded as sustainable by foreign actors.
This is not the outlook. US tariff policies are inflicting untold damage on global economic prospects with negative consequences for US GDP growth. The US tax base, which is proportional to the private sector’s GDP, is already contracting when the distortion of the government budget deficit to GDP at about 6.5% is subtracted from the GDP total. It leaves the tax-paying private sector already shrinking. Therefore, the US government is in a debt trap: a trap of debt increasing faster than the means to fund it.
This has been the situation from Trump’s first presidency. The reason the debt trap has gone unnoticed is that foreigners have not yet fully appreciated the precarious condition of US finances. By his actions President Trump is now changing that perception.
Therefore, a wider realisation is beginning to gain ground, that there is increasing credit risk for foreign holders of federal dollars and US government debt. Compensation for this risk is now being priced into currency and bond markets, requiring higher not lower interest rates and bond yields. Of course, domestic actors viewing their dollars objectively do not yet understand it, believing that any signs of economic growth faltering can be countered by the Fed reducing interest rates.
This is why according to US analysts the interest rate outlook is for further cuts over time, a view shared by domestic actors in other jurisdictions. But the reality is that if rates do not rise to compensate for increasing credit risk, foreigners will simply refuse to finance further debt expansion; and at the margin they will reduce their dollar exposure undermining the dollar in the foreign exchanges against other currencies and gold.
Putting it another way, foreign faith in the fiat dollar is eroding — this is why in the absence of a credible gold standard, its value ultimately depends on its credibility to foreign holders.
In defiance of today’s lower interest rate expectations, rising bond yields are already reflecting the unsustainability of debt in longer maturity yields. And that in a nutshell is the current problem, reflected in a deteriorating outlook for the dollar, while long bond yields rise. This is evident in my next chart:
Following President Trump’s “Liberation Day” of 2 April (marked by the pecked line) when he announced increased tariffs on all foreign trading nations, the dollar’s trade-weighted index fell sharply while the long bond yield rose. Normally, they share direction in approximate synchrony. Clearly, this was due to foreign holders of dollars bailing out of both bonds and dollars.
Indeed, the dollar’s technical position looks dire, as the chart of the trade-weighted index shows. A technical analyst would pencil in a further decline to 90 at least:
For now, the majority of foreign holders are not yet aware of the severity of the US debt situation. Otherwise, there would be a widespread panic which has hardly started on foreign exchanges and bond markets.
The sellers of dollars and dollar debt so far have been the ultimate insiders — foreign central banks and perhaps some sovereign wealth funds. But undoubtedly, the negative sentiment among foreign governments, international businesses, and wealthy Asians is still in early days.
This brings us back to gold. The first chart in this article demonstrates that so far it has only tracked the dollar’s debasement and does not reflect any loss of faith in the dollar. All the signs are that this will shortly change, given the growing realisation of the unsustainability of dollar debt. And as the dollar sinks and long bond yields rise further, the entire dollar-based post-Bretton Woods fiat currency system will fail, triggered by loss of faith in the dollar and paving a way for gold to eventually return as the safe alternative to dollars and all fiat currencies.
How long this failure will take is impossible to answer: forecasts of that type are purely speculative. But we will become increasingly aware that the combination of the largest debt-cum-credit implosion in economic history coupled with tariff protectionism will collapse the dollar’s value as a currency. The dollar itself is already a bad debt.
3. CHRIS POWELL AND GATA DISPATCHES
4/On LFTV, Andrew Maguire LIVE FROM THE VAULT 224
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:STEEL
6 CRYPTOCURRENCY NEWS
ASIAN MARKETS THIS MORNING:
SHANGHAI CLOSED DOWN 0.75 PTS OR 0.02%
//Hang Seng CLOSED DOWN 147.97 PTS OR 0.63%
// Nikkei CLOSED DOWN 1.71 PTS OR 0.00% //Australia’s all ordinaries CLOSED DOWN 0.08%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1917 OFFSHORE CLOSED UP AT 7.1891/ Oil DOWN TO 61,23 dollars per barrel for WTI and BRENT DOWN TO 64.38 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1917 AND STRONGER//OFF SHORE YUAN TRADING UP 7.1891 AGAINST US DOLLAR/ AND THUS STRONGER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1917 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.1891 (CCP MANIPULATED)
SHANGHAI CLOSED DOWN 0.75 PTS OR 0.02%
HANG SENG CLOSED DOWN 147.97 PTS OR 0.63%
2. Nikkei closed DOWN 1.71 PTS OR 0.00%
3. Europe stocks SO FAR: MOSTLY ALL GREEN
USA dollar INDEX UP TO 99.55// EURO FALLS TO 1.1323 DOWN 14 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 144.16…… 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 DOWN CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN 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 UP TO +2.5480/Italian 10 Yr bond yield DOWN to 3.549 SPAIN 10 YR BOND YIELD DOWN TO 3.152%
3i Greek 10 year bond yield DOWN TO 3.303
3j Gold at $3317.75 Silver at: 33.33 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 36 /100 roubles/dollar; ROUBLE AT 70.11
3m oil into the 61 dollar handle for WTI and 64 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 144.16// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.519% 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 0.8275 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9372 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: 4.473 UP 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.976 UP 4 BASIS PTS/
USA 2 YR BOND YIELD: 3.963 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 39.06
10 YR UK BOND YIELD: 4.6980 UP 3 PTS
10 YR CANADA BOND YIELD: 3.255 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 2.872 DOWN 3 PTS
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2a New York OPENING REPORT
Futures Erases Overnight Loss, Trade Higher Ahead Of Nvidia Earnings
Wednesday, May 28, 2025 – 08:26 AM
S&P futures are marginally higher on the day, reversing an earlier loss driven by modestly higher yields after Japan’s 40-year auction sale Wednesday was met with the weakest demand since July, even if it was far more solid than last week’s 20Y yearh JGB auction. As of 8:00am ET, S&P futures are up 0.1% after the index jumped 2% in the previous session; Nasdaq futures rise 0.2%. Premarket, with NVDA rising 1% ahead of tonight’s earnings; the balance of Mag7 names are seeing slight weakness and Defensives are outperforming Cyclicals. Europe’s Estoxx 50 trades slightly lower with losses led by health care and consumer staples sectors. European stocks dropped 0.3% with losses led by health care and consumer staples sectors, while Asian markets were steady as weakness in Chinese tech firms tempered gains in semiconductor shares. The 10Y yield is flat, erasing some modest earlier gains with a weaker JGB auction being credited for weakness in the global bond market. USD is flat helping commodities catch a bid where Energy and Precious Metals are pushing the group higher. Today’s macro data focus will be on Fed Minutes and the 5Y bond auction; but today is only about NVDA and then near-term market direction.
In premarket trading, Magnificent Seven stocks are mixed: Nvidia +0.6% ahead of earnings with the other six mostly in the green (Alphabet +0.3%, Apple +0.3%, Tesla +0.5%, Amazon +0.09%, Microsoft -0.08%, Meta Platforms is flat). Booz Allen slips 2% as Goldman Sachs cut its rating to sell, citing limited revenue and earnings growth in the medium term as federal civilian agency budgets are under pressure. Okta (OKTA) slumps 10% after the cybersecurity company gave a weaker-than-expected outlook. Here are some other notable premarket movers:
- Box (BOX) jumps 10% after the software company raised its full-year forecast. Analysts highlight billings as an area of particular strength.
- Elevance Health (ELV) jumps 6% after the health insurer reaffirmed its adjusted profit forecast for the full year ahead of an investors’ meeting.
- Galaxy Digital (GLXY) falls 9% after the crypto company reported an underwritten offering of 29 million shares.
- GameStop (GME) gains 4% after announcing the purchase of 4,710 Bitcoin tokens. This is the video-game seller’s first Bitcoin purchase after it announced in March that it plans to add the cryptocurrency as a treasury reserve asset
- Joby Aviation Inc. (JOBY) gains 9% after the announcement that Toyota Motor Corp. had invested $250 million in the air taxi maker, completing the first half of a previously announced $500 million commitment.
- Macy’s Inc. rises about 2% after posting better-than-expected quarterly results — a sign the department-store operator’s strategy of focusing on its best-performing locations is starting to pay off.
- Vail Resorts (MTN) jumps 12% after the operator of ski resorts said it reappointed Rob Katz as CEO, succeeding Kirsten Lynch, who has stepped down from the role.
Today we get what may be the most important earnings report this quarter, when AI-vanguard Nvidia reports earnings after the close. In a year in which Trump’s tariff war has spurred significant market volatility, there’s high anticipation around the AI-bellwether’s earnings; the chipmaker’s blistering multi-year rally has already faced scrutiny over whether massive investment in AI is justified and as its products have gotten caught up in US-China trade acrimony.
“Nvidia earnings are going to be really significant,” said Justin Onuekwusi, chief investment officer at St James’s Place in London. “The fact that macro investors now look at Nvidia as an event shows just how big that company has become.”
Good results from Nvidia could unleash some of the $7 trillion parked in cash and spur stocks higher. But the setup is challenging, with Nvidia close to overbought territory and possible complications in the numbers.
Besides Nvidia, all eyes were on today’s ultra long-dated 40Y auction in Japan, which drew the weakest demand since July but was stronger than last week’s catastrophic 20Y auction. Japan’s 30-year yield jumped 10 basis points following the auction. The poor reception sent Japanese longer-dated bonds sliding on Wednesday, prompting similar moves in US and European fixed income markets. US Treasuries of the same maturity snapped three days of gains, with the yield rising three basis points to 4.98%, before erasing the move. UK and German 30-year borrowing costs also climbed 3 bps, but the move was largely reversed.
As the turnaround in stocks from April’s lows shows signs of stalling, investor exposure to equities remains low enough that the “path of least resistance” is higher, according to strategists at Barclays. Institutional investors weren’t a big part of the stock rebound in May, with positioning remaining broadly underweight. Absent a volatility shock, “systematic buying could continue to help equities to grind higher,” the team led by Emmanuel Cau wrote in a note.
“Unless fundamental concerns about further yield increases — driven by supply-demand imbalances and expectations for fiscal expansion — are resolved, this is not the right timing to engage in outright purchases or flattener trades,” said Miki Den, a senior rates strategist at SMBC Nikko Securities in Tokyo.
In Europe, the Stoxx 600 falls 0.3% with underperformance seen in health care, retail and technology names. Here are the most notable European movers:
- Stellantis gains as much as 1% in Milan after the carmaker says Antonio Filosa, current Chief Operating Officer for the Americas, will assume CEO functions on June 23, according to a statement.
- Tenaris shares rise as much as 5.5%, the most in over a month, after the Italian steel firm approved a share buyback program for as much as $1.2 billion.
- Softcat rises as much as 4.4%, hitting the highest since March 2022, after releasing a short statement in which the UK IT reseller says it delivered double-digit year-on-year growth in gross profit and operating profit in the third quarter.
- Elekta gains as much as 6%, the most since April 10, after the Swedish medical-equipment firm’s earnings showed improved margins.
- Rentokil shares rise as much as 2.2% to a three-week high, after the support-services company agreed to offload its Workwear business in France, which analysts at Jefferies said is a “positive catalyst for the shares”.
- Pets at Home shares gained as much as 3.4% to a six-month high after the retailer posted FY25 figures in line with guidance while raising its annual dividend and launching a new buyback.
- Northern Data shares rise as much as 12% after the Frankfurt-listed technology and crypto firm said in a statement on Wednesday that it had received strategic interest for its Taiga Cloud and Ardent divisions.
- L’Oreal falls as much as 2.1% after JPMorgan (underweight) put the cosmetics stock on “negative catalyst watch” ahead of 2Q results, saying sales may disappoint.
- Kingfisher shares drop as much as 5.4%, the most in two months, after the DIY retailer left investors disappointed by not upgrading its annual profit guidance, according to analysts, despite better weather in the UK helping like-for-like sales to come in ahead of expectations in the first quarter.
- Greggs shares fall as much as 5.3%, before paring some losses. Shore downgrades the stock to hold from buy, as the broker resets its forecasts to align with the food-on-the-go retailer’s more modest growth expectations.
- Soitec shares plunge as much as 26% after the company withdrew its guidance for 2026 and its medium-term revenue and Ebitda margin targets, citing reduced visibility and market uncertainties.
- Galderma shares drop as much as 3.4% as some shareholders look to sell an 8% stake in the Swiss skincare giant. Vontobel says that as these exit, some overhang could build up.
Earlier in the session, Asian equities were steady as weakness in Chinese tech firms tempered gains in semiconductor shares. The MSCI Asia Pacific Index was little changed after rising as much as 0.6%. Samsung Electronics, SK Hynix and TSMC gained ahead of Nvidia’s earnings after the US close on Wednesday. Shares of Tencent Holdings and Alibaba were the biggest drags on the regional gauge. “We expect choppy markets over the summer, as several risk events are on the calendar,” Chetan Seth, Asia strategist at Nomura Holdings, wrote in a note. The brokerage sees “limited upside” for Asia ex-Japan equities but slightly raised MSCI Asia ex-Japan end-2025 target to 772 from 754. While a weaker dollar and President Donald Trump’s policies have bolstered inflows into the region, Asian economies still face the prospects of high tariffs if individual countries fail to secure a trade deal with the US. Persistent worries over a slowdown in the world’s largest economy also weigh on sentiment.
In FX, the Bloomberg Dollar Spot Index falls 0.1% trading close to its lowest levels since 2023. The currency has slumped more than 7% this year on the back of a retreat from US assets. The kiwi is the best performing G-10 currency, rising 0.4% against the greenback after the RBNZ signaled interest rates are now close to neutral.
In rates, treasuries are cheaper across the curve, with losses led by the long-end following similar price action across core European rates, leaving 2s10s around session highs leading into the early US session. Long-end remains in focus, after Japan’s 40-year auction sale Wednesday was met with the weakest demand since July. US yields are cheaper by up to 2bp across long-end of the curve with 5s30s spread steeper by around 1bp on the day, unwinding a portion of Tuesday’s flattening move. US 10-year yields trade flat around 4.45%, reversing an earlier rise of 3bps, with gilts lagging by almost 2bp in the sector, weighing on Treasuries. US session includes 5-year note sale at 1pm New York, following Tuesday’s solid $69 billion 2-year auction. The WI 2-year at ~3.965% is ~17bp cheaper than the April stop-out, which tailed the WI by 0.6bp.
In commodities, WTI rises 0.6% to $61.20 a barrel ahead of an OPEC+ committee meeting to review production quotes later on Wednesday. Spot gold climbs $20 to around $3,322/oz. Bitcoin falls 0.8% and below $109,000.
Looking at the US economic calendar, we get the May Richmond Fed manufacturing index (10am) and Dallas Fed services activity (10:30am). Fed speaker slate empty for the session. FOMC meeting minutes from May 7 are released at 2pm.
Market Snapshot
- S&P 500 mini 0.1%
- Nasdaq 100 mini 0.2%
- Russell 2000 mini -0.2%
- Stoxx Europe 600 -0.3%
- DAX -0.3%
- CAC 40 -0.2%
- 10-year Treasury yield +3 basis points at 4.47%
- VIX +0.4 points at 19.33
- Bloomberg Dollar Index little changed at 1216.3
- euro little changed at $1.1338
- WTI crude +0.6% at $61.23/barrel
Top Overnight News
- Elon Musk expressed dissatisfaction with Trump’s tax bill, telling CBS it undercut his efforts to slash government spending. BBG
- Trump posted that he told Canada, which wants to be part of the Golden Dome System, it will cost USD 61bln if they remain a separate nation, but will cost zero if they become our 51st State, while he added “They are considering the offer!”
- FHFA head Pulte posted on X that Fed Chair Powell should lower interest rates now.
- Trump posted that he is working on taking Fannie Mae and Freddie Mac public but wants to be clear that the government will keep its implicit guarantees.
- China’s Huawei pushes for the creation of a domestic chemical firm capable of cutting Western suppliers (like Shin-Etsu, DuPont, and Dow) out of its supply chain as part of a broader initiative to increase technological self-sufficiency. Nikkei
- China plans to open its commodities markets further by letting foreign investors use FX as collateral for yuan trades. The move aims to boost its pricing power and promote the currency globally. BBG
- Investor appetite for long-term Japanese government bonds remained sluggish on Wed, with yields on sovereign bonds rising amid persistently soft demand. At an auction for 40y JGBs held Wed, the bid to cover ratio, which measures demand, fell to 2.21, the lowest since July 2024. Nikkei
- Japan’s MOF (Ministry of Finance) will hold a meeting on June 20 with JGB primary dealers amid speculation the gov’t could dial back ultra-long issuance to reduce upward pressure on yields. Nikkei
- India has offered “deep” cuts to its important tariffs on a swath of goods in talks with the US, but is seeking to retain its high levies on sensitive agricultural commodities. FT
- Eurozone inflation expectations over 12 months rose 20bp to +3.1% (the highest level since Feb ’24) and were unchanged over 36 months (at +2.5%) and unchanged over 60 months (at +2.1%). ECB
- Israel considers whether to proceed with a strike against Iran’s nuclear facilities, leading to increased tensions between Netanyahu and Trump. NYT
- Fed minutes from the May 6–7 meeting may show rising concern over inflation and unemployment risks and reflect policymakers’ wait-and-see approach. BBG
- Fed’s Williams (voter) said inflation expectations are well anchored and he wants to avoid inflation becoming highly persistent as that could become permanent, while he added that a way to avoid that is to respond relatively strongly when inflation begins to deviate from target and noted they have to be very aware that inflation expectations could shift in ways that could be detrimental.
Tariffs/Trade
- Japan is said to propose buying US-made semiconductor chips as part of US trade talks.
- Mexico’s Agricultural Ministry said Mexico and the US agreed on measures targeted at reopening Mexican cattle exports to the US and the USDA mission is to travel to Mexico in the coming days.
- Brazil’s government decided to renew trade defence measures in the steel sector with Brazil’s trade body maintaining a 25% tariff on 19 steel products and extended the measure to four other products, while renewed tariffs on steel products are valid for 12 months.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly higher following the rally on Wall St where sentiment was underpinned by strong consumer confidence and as US participants took their first opportunity to react to President Trump’s tariff delay for the EU. ASX 200 lacked conviction after mixed data including firmer-than-expected CPI data and disappointing Construction Work. Nikkei 225 gapped higher at the open following the recent currency weakness and the drop in super-long JGB yields. Hang Seng and Shanghai Comp traded indecisively after mixed earnings releases and a lack of major fresh macro drivers.
Top Asian News
- RBNZ cut the OCR by 25bps to 3.25%, as expected, while it stated inflation is within the target band but core inflation is declining and that it is well placed to respond to domestic and international developments. RBNZ said both tariffs and policy uncertainties overseas are to moderate recovery, although conditions are consistent with inflation returning to the mid-point of the 1-3% target band over the medium term. In terms of the projections, it lowered its forecasts for the OCR across the projection horizon with the OCR seen at 3.12% in September 2025 (prev. 3.23%), 2.87% in June 2026 (prev. 3.1%) and 2.9% in September 2026 (prev. 3.1%). Furthermore, the minutes from the meeting stated the Committee discussed the options of keeping the OCR on hold at 3.50% or reducing it to 3.25% and the Committee noted that the full economic effects of cuts in the OCR since August 2024 are yet to be fully realised, while it also revealed that the decision to cut was made by a majority of 5 votes to 1.
- RBNZ Governor Hawkesby said the decision to hold a vote on rates was a healthy sign and not unusual at turning points, while he stated they did form a consensus projection for the cash rate, but added there is a high degree of uncertainty and central projections are wide enough for them to not have a bias either way in terms of what the next step is at the next meeting. Furthermore, he stated the key message is that they have come a long way and are well placed to respond to developments but are not pre-programmed on moves now.
- BoJ Governor Ueda said many tariff negotiations, including those between the US and Japan, are still ongoing, so the outlook remains uncertain and it remains unclear how tariff policies would affect the world and Japan’s economy Ueda said they will carefully examine data and will closely monitor the bond market, as well as be mindful that large swings in super long bond yields could impact other yields.
European bourses (STOXX 600 -0.2%) opened around the unchanged mark but sentiment has since slipped to display a mostly negative picture in Europe. Nothing specific for the recent downside, but perhaps as focus turns to FOMC Minutes and NVIDIA results thereafter. European sectors are mixed, in-fitting with the indecisive risk-tone. Real Estate leads, with UK homebuilders boosting the sectors amid reports that the UK Government will ease planning hurdles for small housebuilders. Retail posts very narrow losses, with pressure stemming from post-earning downside in Kingfisher (-2.9%). Fashion retailer Shein reportedly working towards a Hong Kong listing after London IPO plans stalled; will file prospectus in the coming weeks; plans to IPO within this year, according to Reuters sources.
Top European News
- ECB Consumer Expectations Survey (April): See inflation in next 12 months at 3.1% (prev. 2.9%); 3y ahead sees 2.5% (prev. 2.5%); Economic growth expectations for the next 12 months -1.9% (prev. -1.2%)
- ECB’s Lagarde has reportedly discussed stepping down as ECB President early in order to chair the WEF, via FT citing WEF founder Schwab. ECB spokesperson said ECB President Lagarde is determined to complete her term at the ECB.
FX
- DXY is marginally extending on Tuesday’s upside which was triggered by optimism on the trade front and a strong Consumer Confidence release. Newsflow has been light, but docket ahead will include US Richmond Fed Index, FOMC Minutes and NVIDIA results which could impact sentiment.
- Note, Citi’s month-end rebalancing model points to a net selling of USD vs. all of the major currencies with the strongest signals vs. JPY and GBP.
- EUR has seen a slight extension of losses vs. the USD after printing a MTD high on Monday at 1.1419. Focus remains on the trade front given the slew of headlines across recent sessions which has seen the EU seemingly increasing efforts to reach a deal with the US after President Trump threatened an escalation last week. The ECB Consumer Expectations Survey for April showed the 12-month ahead inflation expectation rise to 3.1% from 2.9% and the 12-month ahead growth forecast cut to -1.9% from -1.2%. EUR/USD briefly slipped onto a 1.12 handle with a session trough at 1.1296.
- JPY is fractionally firmer vs. the USD after a soft showing yesterday on account of a strong USD and declines in long-end Japanese yields after reports that Japan’s MoF could trim the issuance of super long debt. It’s worth noting that the 40yr JGB auction overnight was weak. Elsewhere, the latest reports note that Japan is said to propose buying US-made semiconductor chips as part of US trade talks. USD/JPY had ventured as high as 144.76 overnight but has since pulled back to levels closer to the 144 mark.
- GBP flat vs. the USD in what has been a week lacking in major updates from the UK and could well remain the case. BoE Chief Economist is due to speak at 16:00BST, however, the text release will be from a speech delivered on 22nd May. Cable is currently lingering just above the 1.35 mark after hitting a multi-year high on Monday at 1.3593.
- NZD is top of the G10 leaderboard post-RBNZ. As expected, the bank delivered a 25bps rate cut, however, the decision was subject to hawkish dissent from one member. Furthermore, whilst the bank lowered its OCR forecasts, ING notes that they don’t fully signal that rates will be trimmed to 2.75%.
- PBoC set USD/CNY mid-point at 7.1894 vs exp. 7.1996 (Prev. 7.1876).
Fixed Income
- JGBs pulled back at the start of APAC trade after the marked upside seen on Tuesday after reporting around the MOF. An acceleration of this occurred after the highly anticipated 40yr JGB auction. Overall, the outing was a disappointment, featuring an elevated yield and weak cover.
- USTs fell alongside JGBs after the 40yr auction results. Pressure which took USTs to a 110-07+ base and essentially eroded the strength seen after the US’ robust 2yr tap. The results of this helped to drive the complex to a 110-18 high. Ahead, the docket features a 5yr auction, FOMC Minutes, the latest executive order signing by POTUS and NVIDIA earnings.
- Bunds hit an overnight in tandem with JGBs. Since, have been a little choppy in a slim 130.73 to 131.00 band, which is just below Tuesday’s 130.75 base. Modest bounce on cooler-than-expected German import prices this morning, the series posted the largest M/M decline (-1.7%) since April 2020, driven primarily by energy prices. No significant move to the ECB SCE which saw a rise in 12-month inflation expectations and a cut in growth expectations. German auction had little impact on Bunds.
- Gilts opened lower by a handful of ticks, acknowledging the JGB auction. Action since has been slightly bearish, in-fitting with above peers, but minimal in nature as UK specifics have been largely non-existent.
- UK DMO announces the syndicated launch of a new I/L 2038 Gilt, to launch in the week of June 9th.
- Demand for Spain’s new 10yr syndicated bond exceeds EUR 105bln, according to the Lead Manager.
- Orders for the new BTP Italia reach EUR 4bln, via Reuters citing bourse data.
- UK sells GBP 2.75bln 0.875% 2033 Green Gilt: b/c 3.56x (prev. 3.1x), avg. yield 4.511% (prev. 4.473%) & tail 0.3bps (prev. 0.7bps)
Commodities
- Choppy trade once again in the crude complex as the clock ticks down to today’s JMMC and OPEC+ meetings; sources suggest 09:00ET or 09:30ET. Market focus will largely be on the Saturday meeting, assuming no policy decision is front-run and announced at the Wednesday meeting.
- Modest upward tilt in precious metals but with newsflow quiet in the run-up to the FOMC minutes, with trade updates also on the lighter side. The yellow metal currently resides in a USD 3,291.70-3,323.89/oz range.
- Modest upward tilt across base metals, albeit with the breadth of the market particularly narrow amid a lack of macro newsflow and ahead of the FOMC minutes. Copper futures overnight remained lacklustre and resumed the prior day’s declines with price action not helped by the lack of conviction in its largest buyer. 3M LME copper remains north of USD 9,500/t in a USD 9,567.00-9,651.45/t.
- US issued narrow authorisation for Chevron (CVX) to keep joint venture stakes in Venezuela although the new authorisation does not allow oil production operations or exports, according to the sources cited by Reuters.
- DoE is reportedly weighing emergency authority to keep coal plants running, according to Axios.
Geopolitics
- Russian Foreign Minister Lavrov told International Security Conference that they will announce the next round of direct talks with Ukraine in the near future.
- Ukrainian President Zelensky says he will attend the G7. Wants USD 30bln to fully fund Ukraine’s defence manufacturing capacity. Russia offered Belarus as a location for talks, this is not possible for Ukraine. Most realistic places for a peace agreement to be attained are Switzerland, Turkey & Vatican.
- Russian Defence Ministry said air defence units destroyed and intercepted 112 Ukrainian drones over a three-hour period, while Moscow’s Mayor said Russian air defence units repelled six Ukrainian drones headed for the capital.
- Israeli officials told US counterparts in April that they were preparing to attack nuclear sites in Iran, according to NYT. Subsequently, Israeli PM Netanyahu’s office denies New York Times report of attack on Iran: “Fake news”, according to Kann News.
- Iranian Nuclear Chief Eslami says, in the scenario of a US nuclear deal, then Iran could allow US inspectors as part of IAEA teams.
- German Chancellor Merz will not deliver Taurus to Ukraine, according to Politico Journalist Hans von der Burchard.
US Event Calendar
- 7:00 am: May 23 MBA Mortgage Applications, prior -5.1%
- 10:00 am: May Richmond Fed Manufact. Index, est. -9, prior -13
- 2:00 pm: May 7 FOMC Meeting Minutes
Central Banks
- 4:00 am: Fed’s Kashkari Participates in Moderated Q&A
- 2:00 pm: FOMC Meeting Minutes
DB’s Jim Reid concludes the overnight wrap
With US and UK markets returning from the public holiday, markets put in another strong performance over the last 24 hours. In part, that stemmed from a holiday-delayed reaction to Trump delaying the threat of 50% EU tariffs until July 9. But markets got a further boost from the Japanese bond rally we discussed this time yesterday, with extra impetus from stronger US data, as the Conference Board’s consumer confidence print was noticeably higher than expected. So that led to a cross-asset rally, with the S&P 500 (+2.05%) picking up after 4 consecutive declines, whilst the 10yr Treasury yield (-6.7bps) fell back to 4.45%.
The biggest of those catalysts was the news out of Japan, which meant the country’s 30yr yield fell by more than -19bps in yesterday’s session. That was its biggest daily decline since the regional banking turmoil of March 2023, and marked a sharp reversal from recent weeks, when yields had hit their highest level since that maturity was first issued. As a reminder, the move came after several media outlets reported that Japan’s finance ministry sent out a questionnaire to market participants, asking about their views on issuance. So that led to speculation that they were about to cut long-dated issuance, leading to a huge rally among those bonds. That rally in Japan then echoed around the world, with long-end bond yields seeing a significant decline. For instance, the 30yr Treasury yield (-8.6bps) was down to 4.95%, which helped to ease fears about the US debt trajectory. And in Europe, 30yr yields fell back in Germany (-6.1bps), France (-5.6bps) and Italy (-5.8bps) as well.
However JGB yields have reversed some of their rally this morning as demand at a 40yr auction fell to its lowest since July, with the bid-to-cover ratio at 2.2 from 2.9 at the previous sale in March. 10 and 30yr JGB yields are up +7.4bps and +9.0bps respectively as I type.
Nevertheless yields are still comfortably lower than where they started the week and that has supported risk over the last 24 hours, with US equities seeing a strong recovery after the long weekend. That included the S&P 500 (+2.05%), which put in its best performance since the US and China agreed to slash their tariff rates a couple of weeks earlier. That was turbocharged by the Magnificent 7 (+3.24 %) ahead of Nvidia’s results tonight. But the rally was a broad-based one, and small-caps in the Russell 2000 also rose +2.48%. Outside the US, even more records were set, with Germany’s DAX (+0.83%) and Canada’s S&P/TSX Composite (+0.75%) both closing at all-time highs. And the advance continued elsewhere, with the STOXX 600 (+0.33%) posting a second day of gains.
This optimism was clear across the board, not least in the US Dollar’s recovery, after a few tepid sessions, suggesting that investors were moving back into US assets again. It was the strongest-performing G10 currency yesterday, and the dollar index itself was up +0.59%. Other indicators of market stress eased too, with the VIX index down -1.61pts to 18.96pts, whilst US HY spreads tightened by -14bps to 316bps.
Those moves got further momentum from the Conference Board’s latest consumer confidence indicator for May. That rose for the first time in six months, rebounding by more than expected to 98.0 (vs. 87.1 expected). That included a particularly large jump in the expectations component, which surged 17.4pts on the month to 72.8, which is the biggest monthly rise since May 2009, as the US economy was still emerging from the aftershocks of the global financial crisis. So that helped to cement the view that a serious downturn would likely be avoided, which helped to support risk assets.
Meanwhile on the trade front, there was growing optimism that more trade deals were in the pipeline, particularly after Trump agreed to delay the threatened EU tariffs from June 1 until July 9. Only yesterday, NEC director Kevin Hasset said to CNBC that “we’ll probably see a few more deals, even this week.” And Trump himself said in a post that “ I have just been informed that the E.U. has called to quickly establish meeting dates.” So there was growing optimism that some kind of compromise could still be reached.
Elsewhere, we had several headlines from central bank officials. Notably at the ECB, Austria’s Holzmann endorsed keeping rates unchanged at the next couple of meetings, saying that moving rates “further south would be more risky than staying where we are and waiting until September”. He’s one of the most hawkish on the Governing Council and had already called for a pause at the last meeting in April. Germany’s Nagel, another typically hawkish voice, said it was too early to say if the ECB will cut rates in June. Meanwhile, ECB Chief Economist Lane said that the ECB can respond with further cuts “If we see signs of further falling inflation” but suggested that the terminal rate in the easing cycle was unlikely to be below 1.5%. Markets are still pricing in a 25bp cut as a near-certainty for June, with a pause considered more likely at the meeting after that in July.
Against that backdrop, 10yr yields moved lower across Europe, with those on bunds (-2.9bps), OATs (-3.3bps) and BTPs (-3.6bps) all declining. That fit into the broader risk-on move, as it pushed the 10yr Italian spread over bunds to just 98.5bps, the tightest since September 2021. However, front-end yield moves were more muted, with the 2yr German yield actually up +0.8bps on the day as part of a global curve flattening. That was repeated in the US as well, where the 2yr Treasury only fell -1.1bps to 3.98%, whereas the 10yr yield fell by a larger -6.7bps to 4.45%. As discussed at the top global yields are giving back some of their gains this morning with 10 and 30yr UST yields around +3bps higher this morning after the weak JGB auction.
Asian equity markets are still mostly higher this morning though, even if they’re coming off earlier highs, with the KOSPI (+1.29%) outperforming and rallying to a nine-month high on outsized gains in tech stocks with sentiment improving ahead of next week’s election. The Nikkei (+0.21%) is also higher with Chinese indices trading either side of flat.
However the Hang Seng (-0.55%) is bucking the regional trend while the S&P/ASX 200 (-0.16%) is swinging between gains and losses after a strong consumer inflation report (more below). In overnight trading, US equity futures are down around a tenth of a percent.
Coming back to Australia, headline inflation remained stable at 2.4% year-on-year to April, a bit higher than the projected 2.3%. This slight increase was driven by rising health and holiday expenses, which counteracted the effect of falling petrol prices. The RBA’s preferred inflation gauge, the trimmed mean, climbed to 2.8%.
In monetary policy action, the RBNZ reduced its key interest rate by 25 basis points as expected to 3.25% and signaled a larger-than-anticipated future easing cycle. This decision was driven by growing concerns about the impact of evolving US trade policies on economic growth, with the bank now forecasting rates of 2.92% and 2.85% for late 2025 and early 2026, respectively.
To the day ahead now, and central bank highlights include the minutes from the FOMC’s May meeting, along with remarks from the Fed’s Kashkari and the BoE’s Pill. We’ll also get the ECB’s Consumer Expectations Survey for April. Data releases include German unemployment for May, and in the US there’s the Richmond Fed’s manufacturing index for May. Finally, earnings releases include Nvidia
2b) European Opening Report
USD steady & US equity futures lower awaiting NVIDIA & FOMC Minutes, NZD bid post-RBNZ – Newsquawk US Market Open
Wednesday, May 28, 2025 – 05:24 AM
- European bourses opened mixed but now in the red, US futures also lower ahead of NVIDIA results.
- USD is fractionally extending on Tuesday’s upside, Kiwi leads after RBNZ delivers a hawkish cut.
- 40yr JGB auction weighs, awaiting US supply & FOMC Minutes.
- Energy markets await JMMC/OPEC+; Metals tread water.
- US President Trump says Canada joining the Golden Dome is free if they are the 51st State, adding “They are considering the offer!”.
- Looking ahead, US Richmond Fed Index, FOMC Minutes, OPEC+/JMMC, Speakers including BoE’s Pill, Supply from the US, Earnings from NVIDIA, Salesforce, Abercrombie & Macy’s.
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TARIFFS/TRADE
- Japan is said to propose buying US-made semiconductor chips as part of US trade talks.
- Mexico’s Agricultural Ministry said Mexico and the US agreed on measures targeted at reopening Mexican cattle exports to the US and the USDA mission is to travel to Mexico in the coming days.
- Brazil’s government decided to renew trade defence measures in the steel sector with Brazil’s trade body maintaining a 25% tariff on 19 steel products and extended the measure to four other products, while renewed tariffs on steel products are valid for 12 months.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.2%) opened around the unchanged mark but sentiment has since slipped to display a mostly negative picture in Europe. Nothing specific for the recent downside, but perhaps as focus turns to FOMC Minutes and NVIDIA results thereafter.
- European sectors are mixed, in-fitting with the indecisive risk-tone. Real Estate leads, with UK homebuilders boosting the sectors amid reports that the UK Government will ease planning hurdles for small housebuilders. Retail posts very narrow losses, with pressure stemming from post-earning downside in Kingfisher (-2.9%).
- US equity futures are very modestly in negative territory, taking a breather following the hefty gains seen in the prior session. NVIDIA (-0.1%) earnings will be due after-hours; US Richmond Fed Index, Dallas Survey and the FOMC Minutes also on the docket.
- Fashion retailer Shein reportedly working towards a Hong Kong listing after London IPO plans stalled; will file prospectus in the coming weeks; plans to IPO within this year, according to Reuters sources.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is marginally extending on Tuesday’s upside which was triggered by optimism on the trade front and a strong Consumer Confidence release. Newsflow has been light, but docket ahead will include US Richmond Fed Index, FOMC Minutes and NVIDIA results which could impact sentiment.
- Note, Citi’s month-end rebalancing model points to a net selling of USD vs. all of the major currencies with the strongest signals vs. JPY and GBP.
- EUR has seen a slight extension of losses vs. the USD after printing a MTD high on Monday at 1.1419. Focus remains on the trade front given the slew of headlines across recent sessions which has seen the EU seemingly increasing efforts to reach a deal with the US after President Trump threatened an escalation last week. The ECB Consumer Expectations Survey for April showed the 12-month ahead inflation expectation rise to 3.1% from 2.9% and the 12-month ahead growth forecast cut to -1.9% from -1.2%. EUR/USD briefly slipped onto a 1.12 handle with a session trough at 1.1296.
- JPY is fractionally firmer vs. the USD after a soft showing yesterday on account of a strong USD and declines in long-end Japanese yields after reports that Japan’s MoF could trim the issuance of super long debt. It’s worth noting that the 40yr JGB auction overnight was weak. Elsewhere, the latest reports note that Japan is said to propose buying US-made semiconductor chips as part of US trade talks. USD/JPY had ventured as high as 144.76 overnight but has since pulled back to levels closer to the 144 mark.
- GBP flat vs. the USD in what has been a week lacking in major updates from the UK and could well remain the case. BoE Chief Economist is due to speak at 16:00BST, however, the text release will be from a speech delivered on 22nd May. Cable is currently lingering just above the 1.35 mark after hitting a multi-year high on Monday at 1.3593.
- NZD is top of the G10 leaderboard post-RBNZ. As expected, the bank delivered a 25bps rate cut, however, the decision was subject to hawkish dissent from one member. Furthermore, whilst the bank lowered its OCR forecasts, ING notes that they don’t fully signal that rates will be trimmed to 2.75%.
- PBoC set USD/CNY mid-point at 7.1894 vs exp. 7.1996 (Prev. 7.1876).
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- JGBs pulled back at the start of APAC trade after the marked upside seen on Tuesday after reporting around the MOF. An acceleration of this occurred after the highly anticipated 40yr JGB auction. Overall, the outing was a disappointment, featuring an elevated yield and weak cover.
- USTs fell alongside JGBs after the 40yr auction results. Pressure which took USTs to a 110-07+ base and essentially eroded the strength seen after the US’ robust 2yr tap. The results of this helped to drive the complex to a 110-18 high. Ahead, the docket features a 5yr auction, FOMC Minutes, the latest executive order signing by POTUS and NVIDIA earnings.
- Bunds hit an overnight in tandem with JGBs. Since, have been a little choppy in a slim 130.73 to 131.00 band, which is just below Tuesday’s 130.75 base. Modest bounce on cooler-than-expected German import prices this morning, the series posted the largest M/M decline (-1.7%) since April 2020, driven primarily by energy prices. No significant move to the ECB SCE which saw a rise in 12-month inflation expectations and a cut in growth expectations. German auction had little impact on Bunds.
- Gilts opened lower by a handful of ticks, acknowledging the JGB auction. Action since has been slightly bearish, in-fitting with above peers, but minimal in nature as UK specifics have been largely non-existent.
- UK DMO announces the syndicated launch of a new I/L 2038 Gilt, to launch in the week of June 9th.
- Demand for Spain’s new 10yr syndicated bond exceeds EUR 105bln, according to the Lead Manager.
- Orders for the new BTP Italia reach EUR 4bln, via Reuters citing bourse data.
- UK sells GBP 2.75bln 0.875% 2033 Green Gilt: b/c 3.56x (prev. 3.1x), avg. yield 4.511% (prev. 4.473%) & tail 0.3bps (prev. 0.7bps)
- Click for a detailed summary
COMMODITIES
- Choppy trade once again in the crude complex as the clock ticks down to today’s JMMC and OPEC+ meetings; sources suggest 09:00ET or 09:30ET. Market focus will largely be on the Saturday meeting, assuming no policy decision is front-run and announced at the Wednesday meeting.
- Modest upward tilt in precious metals but with newsflow quiet in the run-up to the FOMC minutes, with trade updates also on the lighter side. The yellow metal currently resides in a USD 3,291.70-3,323.89/oz range.
- Modest upward tilt across base metals, albeit with the breadth of the market particularly narrow amid a lack of macro newsflow and ahead of the FOMC minutes. Copper futures overnight remained lacklustre and resumed the prior day’s declines with price action not helped by the lack of conviction in its largest buyer. 3M LME copper remains north of USD 9,500/t in a USD 9,567.00-9,651.45/t.
- US issued narrow authorisation for Chevron (CVX) to keep joint venture stakes in Venezuela although the new authorisation does not allow oil production operations or exports, according to the sources cited by Reuters.
- DoE is reportedly weighing emergency authority to keep coal plants running, according to Axios.
- Click for a detailed summary
NOTABLE DATA RECAP
- German Import Prices MM (Apr) -1.7% vs. Exp. -1.4% (Prev. -1.0%); YY (Apr) -0.4% vs. Exp. 0.1% (Prev. 2.1%)
- French Non-Farm Payrolls Rev (Q1) -0.1%; Producer Prices MM (Apr) -4.3% (Prev. -0.6%, Rev. -0.5%); GDP QQ Final (Q1) 0.1% vs. Exp. 0.1% (Prev. 0.1%)
- German Unemployment Change SA (May) 34.0k vs. Exp. 10.0k (Prev. 4.0k); Unemployment Rate SA (May) 6.3% vs. Exp. 6.3% (Prev. 6.3%); Unemployment Total SA (May) 2963.0M (Prev. 2.922M); Unemployment Total NSA (May) 2919.0M (Prev. 2.932M)
NOTABLE EUROPEAN HEADLINES
- ECB Consumer Expectations Survey (April): See inflation in next 12 months at 3.1% (prev. 2.9%); 3y ahead sees 2.5% (prev. 2.5%); Economic growth expectations for the next 12 months -1.9% (prev. -1.2%)
- ECB’s Lagarde has reportedly discussed stepping down as ECB President early in order to chair the WEF, via FT citing WEF founder Schwab. ECB spokesperson said ECB President Lagarde is determined to complete her term at the ECB.
NOTABLE US HEADLINES
- Fed’s Williams (voter) said inflation expectations are well anchored and he wants to avoid inflation becoming highly persistent as that could become permanent, while he added that a way to avoid that is to respond relatively strongly when inflation begins to deviate from target and noted they have to be very aware that inflation expectations could shift in ways that could be detrimental.
- US Financial Housing Finance Agency head Pulte posted on X that Fed Chair Powell should lower interest rates now.
- US President Trump posted that he is working on taking Fannie Mae and Freddie Mac public but wants to be clear that the government will keep its implicit guarantees.
- US President Trump posted that he told Canada, which wants to be part of the Golden Dome System, it will cost USD 61bln if they remain a separate nation, but will cost zero if they become our 51st State, while he added “They are considering the offer!”
GEOPOLITICS
- Russian Foreign Minister Lavrov told International Security Conference that they will announce the next round of direct talks with Ukraine in the near future.
- Ukrainian President Zelensky says he will attend the G7. Wants USD 30bln to fully fund Ukraine’s defence manufacturing capacity. Russia offered Belarus as a location for talks, this is not possible for Ukraine. Most realistic places for a peace agreement to be attained are Switzerland, Turkey & Vatican.
- Russian Defence Ministry said air defence units destroyed and intercepted 112 Ukrainian drones over a three-hour period, while Moscow’s Mayor said Russian air defence units repelled six Ukrainian drones headed for the capital.
- Israeli officials told US counterparts in April that they were preparing to attack nuclear sites in Iran, according to NYT. Subsequently, Israeli PM Netanyahu’s office denies New York Times report of attack on Iran: “Fake news”, according to Kann News.
- Iranian Nuclear Chief Eslami says, in the scenario of a US nuclear deal, then Iran could allow US inspectors as part of IAEA teams.
- German Chancellor Merz will not deliver Taurus to Ukraine, according to Politico Journalist Hans von der Burchard.
CRYPTO
- Bitcoin is incrementally lower and trading just above the USD 109k mark; Ethereum hovers around USD 2.6k.
APAC TRADE
- APAC stocks were mostly higher following the rally on Wall St where sentiment was underpinned by strong consumer confidence and as US participants took their first opportunity to react to President Trump’s tariff delay for the EU.
- ASX 200 lacked conviction after mixed data including firmer-than-expected CPI data and disappointing Construction Work.
- Nikkei 225 gapped higher at the open following the recent currency weakness and the drop in super-long JGB yields.
- Hang Seng and Shanghai Comp traded indecisively after mixed earnings releases and a lack of major fresh macro drivers.
NOTABLE ASIA-PAC HEADLINES
- RBNZ cut the OCR by 25bps to 3.25%, as expected, while it stated inflation is within the target band but core inflation is declining and that it is well placed to respond to domestic and international developments. RBNZ said both tariffs and policy uncertainties overseas are to moderate recovery, although conditions are consistent with inflation returning to the mid-point of the 1-3% target band over the medium term. In terms of the projections, it lowered its forecasts for the OCR across the projection horizon with the OCR seen at 3.12% in September 2025 (prev. 3.23%), 2.87% in June 2026 (prev. 3.1%) and 2.9% in September 2026 (prev. 3.1%). Furthermore, the minutes from the meeting stated the Committee discussed the options of keeping the OCR on hold at 3.50% or reducing it to 3.25% and the Committee noted that the full economic effects of cuts in the OCR since August 2024 are yet to be fully realised, while it also revealed that the decision to cut was made by a majority of 5 votes to 1.
- RBNZ Governor Hawkesby said the decision to hold a vote on rates was a healthy sign and not unusual at turning points, while he stated they did form a consensus projection for the cash rate, but added there is a high degree of uncertainty and central projections are wide enough for them to not have a bias either way in terms of what the next step is at the next meeting. Furthermore, he stated the key message is that they have come a long way and are well placed to respond to developments but are not pre-programmed on moves now.
- BoJ Governor Ueda said many tariff negotiations, including those between the US and Japan, are still ongoing, so the outlook remains uncertain and it remains unclear how tariff policies would affect the world and Japan’s economy Ueda said they will carefully examine data and will closely monitor the bond market, as well as be mindful that large swings in super long bond yields could impact other yields.
DATA RECAP
- Australian Weighted CPI YY (Apr) 2.4% vs. Exp. 2.3% (Prev. 2.4%)
- Australian CPI Annual Trimmed Mean YY (Apr) 2.80% (Prev. 2.70%)
- Australian Construction Work Done (Q1) 0.0% vs. Exp. 0.5% (Prev. 0.5%)
2c) Asian opening report
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN
3C CHINA
US Has 500 Troops In Taiwan In Major Challenge To China
Tuesday, May 27, 2025 – 08:05 PM
Authored by Dave DeCamp via AntiWar.com,
A retired US Navy admiral recently revealed that the US has 500 troops in Taiwan, a major challenge to Beijing’s red lines related to the island.
Ret. Adm. Mark Montgomery made the disclosure at a House hearing earlier this month, where he was arguing that the US should send more military personnel to Taiwan.
“We absolutely have to grow the joint training team in Taiwan. That’s a US team there that’s about 500 people now, it needs to be 1,000,” said Montgomery, who now works for the Foundation for the Defense of Democracies (FDD), an extremely hawkish think tank.
“If we’re going to give them billions of dollars in assistance, sell them tens of billions of dollars worth of US gear, it makes sense that we’d be over there training and working,” he added.
So far, the Pentagon has not confirmed the number, but due to the sensitivity of the matter, the US military typically offers few details about its operations in Taiwan.
After Washington severed diplomatic relations with Taipei in 1979, the US would still deploy a handful of military trainers to Taiwan.
The small US presence was always an open secret but wasn’t officially confirmed until 2021, when then-President Tsai Ing-wen became the first Taiwanese leader to acknowledge US troops were on the island since 1979.
At the time of Tsai’s acknowledgment, only a few dozen US troops were believed to be on the island for training purposes. In 2023, media reports said the US was increasing its military presence to about 200 soldiers.
Last year, Taiwan confirmed that some of the US military trainers were deployed to Kinmen, a group of islands that are controlled by Taiwan but located just off the coast of mainland China.
The US has significantly increased military support for Taiwan in recent years despite constant warnings from China that the island is the “first red line” in US-China relations that must not be crossed.
UK/ISRAEL
4..EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
UK
Trump Sent A ‘Free Speech Squad’ To The UK To Investigate Erosion Of Rights
Wednesday, May 28, 2025 – 06:30 AM
Authored by Steve Watson via modernity.news,
President Trump has dispatched a cadre of State Department officials to the UK to monitor and investigate the growing attacks on freedom of speech by the British government.
The Telegraph reports that “A five-person team from the US State Department spent days in the country,” and among a host of other issues they looked into a crack down on pro-life activists voicing, or in many cases silently expressing opposition to abortion clinics.
The report notes that Trump’s free speech squad, specifically from the US Bureau of Democracy, Human Rights and Labor (DRL), “met with five activists who had been arrested for silently protesting outside abortion clinics across Britain.”
The visit demonstrates that Trump is acutely aware of the threat to freedom that is growing in the UK and is willing to intervene in British affairs as required.
The activists, Isabel Vaughan-Spruce, Rose Docherty, Adam Smith-Connor, Livia Tossici-Bolt and Father Sean Gough, a Catholic priest, were all arrested for standing outside abortion clinics on public roads and silently praying.
The UK government introduced a new law creating so called ‘buffer zones’ outside hospitals and clinics providing abortions in Scotland in an effort to stop the activists being present.
Mrs Docherty told reporters “All I did was stand peacefully offering consensual conversation to anyone who wanted to take up my offer to talk. I didn’t break the law, I didn’t influence, I didn’t harass, I didn’t intimidate.”
“And yet, I was arrested just for standing there, peacefully, within 200 metres of a hospital,” she added.
“This can’t be just. It’s heartening that others around the world, including the US Government, have realised this injustice and voiced their support,” the 74 year-old grandmother further urged.
Trump’s State Department officials are also said to have met with officials from the Foreign Office and challenged telecom officiator Ofcom with regards to the much maligned Online Safety Act, which critics charge is being used to enforce censorship and punish those expressing opinions deemed to be ‘hateful’ by the authorities.
Trump’s officials are also reportedly “monitoring” the case of Lucy Connolly, the mother who have been imprisoned and denied early release over an X post wherein she called for action to be taken against illegal migrants following the horrific Southport attacks last year when three children were stabbed to death by the son of Rwanden migrants living in the UK.
“The United States supports freedom of expression at home and abroad, and remains concerned about infringements on freedom of expression,” a State Department spokesperson commented.
Back in February, during a State visit to the White House, British Prime Minister Kier Starmer encountered a fired up Vice President JD Vance who directly called out Starmer’s crackdown on free speech in the UK.
Vance Calls Out British PM Starmer To His Face About UK Crackdown On Free Speech
“There have been infringements on free speech that actually impact not just the British… but also impact American technology companies and by extension American citizens,” Vance told Starmer and the reporters in the room.
end
FRANCE
too many migrants in France and on welfare: they are running out of money
(Remix)
France Running Out Of Money? Auditors Warn State Has “Lost Control” Of Welfare Spending, IMF Demands Cut
Wednesday, May 28, 2025 – 09:20 AM
France’s state audit office, the Court of Auditors, has issued a stark warning regarding the country’s welfare spending, projecting an impending “liquidity crisis.”
The auditors’ report reviewed by Politico indicates that welfare expenditures are “out of control” and could leave France running out of money as early as 2027.
“We need to take back control. Over the past years, especially in 2023 and 2024, we have lost control of our public finances,” the court’s president, Pierre Moscovici, said in an interview with RTL.
The government forecasts a social budget deficit of €15.3 billion for 2024, expected to escalate to €22.1 billion in 2025. However, the Court of Auditors deems even this substantial projection overly optimistic, citing the government’s overestimation of economic growth and the impact of tax cuts.
Pierre Moscovici, president of the Court of Auditors, emphasized the urgency of the situation in an interview with RTL on Monday. “We need to take back control. In recent years, especially in 2023 and 2024, we have lost control of our public finances,” he stated.
However, what Politico and the court both do not mention is that tens of billions of this spending is going to France’s exploding immigrant population.
As France has noted, academics have put the costs of migrants in France at approximately €25 billion a year, with some having even higher estimates. However, many of those with a migration background have French citizenship, and these are not counted in such statistics.
France’s budget deficit has significantly expanded as of late, reaching 5.8 percent of GDP last year, far exceeding the European Union’s 3 percent ceiling.
Despite the French government’s deficit reduction pledges, the situation is not expected to improve substantially in the near term. The deficit is projected to decrease to only 5.4 percent by 2025, with the 3 percent target not anticipated until 2029.
Both the EU and the International Monetary Fund (IMF) have expressed concern over France’s escalating spending. Last week, the IMF advised France to curtail welfare spending and proceed with pension reform.
END
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL/GAZA
Shots Fired, American Contractors Flee, As Starving Palestinians Overrun Aid Distribution Site
Tuesday, May 27, 2025 – 04:40 PM
The Israeli plan to oversee a US private mercenary firm’s operations to distribute aid to starving Gazans is off to a very bad start & the optics are arguably even worse than that of Biden’s failed Gaza floating pier scheme…
The incident happened at a US-backed group’s aid distribution site in the southern Gaza Strip city of Rafah. The Gaza Humanitarian Foundation is the linchpin in the new system which confines humanitarian food distribution to a small number of hubs which are under guard of armed contractors.
But in their first attempt, the organization’s site got swarmed by an onrush of hungry Palestinians, after the UN earlier this month warned that some 500,000 people face famine. Israeli media confirms that the American contractors fled the scene.
Already the plan was ultra-controversial, and the emerging images will definitely escalate the international criticisms of the operation…
A Times of Israel report details:
Footage posted to social media showed crowds surging into the area and taking boxes of food.
The IDF, which secures the area around the facility, confirmed that troops fired warning shots outside the compound, but denied reports claiming it opened fire from a helicopter or towards the center itself.
A military source said an Israeli Air Force helicopter was operating over the sea at the time of the incident, but not anywhere close to the distribution site.
“Control over the situation was established, food distribution operations are expected to continue as planned, and the safety of IDF troops was not compromised,” the military added.
According to Palestinian reports, the American security personnel charged with securing the area fled the scene. There were no reports of casualties in the incident.
This has prompted a Tuesday statement from UN chief Antonio Guterres’s office insisting on an “operationally sound plan.” The statement called the scenes on the ground “heartbreaking”.
“We have been watching the video coming out of Gaza around one of the distribution points set up by the Gaza Humanitarian Foundation. And frankly, these video, these images, are heartbreaking to say the least,” UN spokesperson Stephane Dujarric said.
“As the Secretary-General noted last week, we and our partners have a detailed, principled, operationally sound plan supported by Member States to get aid to desperate population,” he added.
Some emerging footage appears to show warning shots being fired as crowd control broke down:
Local journalist Mohammed Abu Armana has written of the aid group at the site:
The foundation, accused of being a political tool rather than a relief entity, has no humanitarian track record and operates without transparency or regulation. Despite repeated calls, Israel continues to block established and legal aid agencies like UNRWA and the World Food Programme from delivering assistance, obstructing organized and safe humanitarian operations in Gaza.
The CEO of the organization just resigned, it turns out. “Jake Wood, the American heading the effort, said Sunday night he was resigning because it was clear the organization would not be allowed to operate independently,” according to the Associated Press.
While aid is barely getting in, we do what is being shipped in very large quantifies…
Just last week, we featured the report: Mercenary Firm Set To Oversee Gaza Aid For Israel Goes On LinkedIn Hiring Spree.
Below: appearances of some of the contractors at the distribution site:
A mercenary firm identified as Safe Reach Solutions, or SRS, has been actively recruiting for “Humanitarian Liaison Officers” on LinkedIn and elsewhere, who will “serve as vital connectors between our operational teams and the broader humanitarian community,” according to one job description. The head of the security firm is known to be close friends with Israeli Prime Minister Benjamin Netanyahu.
Meanwhile…
The Israel Defense Forces (IDF) has hit back publicly, and has surprisingly gone after the United Nations: “The UN still refuses to do its job,” a statement on X said.
END
ISRAEL HAMAS
Watch: Aid distribution centers in Gaza ‘mark end of Hamas rule,’ source tells ‘Post’
There are two more food centers on the way, although this still leaves one million Palestinians getting aid from UN.
By AMICHAI STEINMAY 27, 2025 16:11Updated: MAY 27, 2025 21:1
https://player.jpost.com/public/player.html?player=jpost&media=3903098&url=https://www.jpost.com/breaking-news/article-855636Footage of the distribution center established in the Tel al-Sultan area in the Gaza Strip, May 27, 2025 (IDF SPOKESPERSON’S UNIT)
The opening of the humanitarian aid distribution centers marks the beginning of the end of Hamas rule, an Israeli source told The Jerusalem Post on Tuesday as the IDF announced the two large food distribution centers, which are said to be able to feed up to 600,000 Palestinians over the course of a week.
This is happening alongside the decisive military defeat of Hamas through intense and widespread fighting that includes conquering, clearing areas, and holding them, according to the source.
Despite Hamas’s attempts to prevent the population from reaching the aid centers, the terror organization is failing.
The more Hamas tries to continue blocking the population, the more it will face mass resistance, the source said.
Activists from protest groups Tzav 9 and the “Generation of Victory” blocked humanitarian aid trucks bound for Gaza at the Ashdod Port on Tuesday morning, the organizations said.
Challenges in aid distribution in Gaza
On Saturday, five aid trucks were taken over by looters, according to Israeli media. The stolen goods were sold to Gazans at inflated prices in areas such as Deir el-Balah and the Nuseirat refugee camp.
On Friday, 15 World Food Program trucks were looted overnight in the Strip that were carrying humanitarian aid.
A hundred trucks carrying humanitarian aid from the UN and the international community, including flour, baby food, and medical equipment, were transferred on Wednesday through the Kerem Shalom crossing into Gaza after Israel lifted an 11-week blockade and began allowing limited deliveries into the enclave via the crossing.
end
ISRAEL /HAMAS
US Group Suspends Gaza Operations After All Hell Broke Loose At Aid Site
Wednesday, May 28, 2025 – 09:00 AM
On Wednesday Reuters is reporting that the Gaza Humanitarian Foundation (GHF), the controversial US-backed aid organization whose distribution sites are protected by American mercenaries, has suspended its operations in Gaza “due to disorder.”
Gaza’s Government Media Office announced in a statement, “We confirm that the ‘Israeli’ occupation’s project to distribute aid in the so-called ‘buffer zones’ has failed miserably, according to field reports and according to what was announced by the Hebrew media as well.” Israel has rejected the charge, instead blaming unruly Palestinian masses, Hamas, and criminal gangs who have long looted aid stores in the Strip.
“Thousands of starving people, besieged by the occupation and cut off from food and medicine for about 90 days, rushed toward those areas in a tragic and painful scene, which ended with the storming of distribution centers and the seizure of food,” it added.
The very public fiasco and chaotic scene at one of the first distribution sites set up by the Gaza Humanitarian Foundation outside Rafah on Tuesday was subject of international outrage and condemnation, including by the UN. The GHF has come under scrutiny for lack of experience and a firm track record.
As we had detailed the American security firm lost control of starving crowds and quickly withdrew from the area as the security situation rapidly broke down, resulting in Palestinians seizing the aid amid mayhem, soon after which Israeli aircraft swooped down to help clear the area.
Gunshots were heard, and there are reports the US contractors were using warning shots as crowd control, and amid the onrush. Below is a montage of footage in a Reuters report:
GHF had only begun distributing aid since Monday. Israeli media reviews that “While technically an American company, GHF was established earlier this year in close coordination with Israeli authorities who felt existing aid distribution mechanisms led by the UN and other international organizations were insufficient in preventing the diversion of aid by Hamas.”
Hamas has reportedly threatened its operations, also amid US accusations that Hamas and other criminal groups had been routinely stealing and reselling international aid which entered the Strip previously throughout the war. The new plan was as follows:
Israel wanted to create a small number of distribution sites where pre-selected familial representatives would be able to pick up a heavy box full of food for their families in a zone secured and operated by American private contractors.
Emerging reports say at least one person was shot dead in these latest distribution efforts:
At least one civilian was killed and 48 wounded when Israeli troops opened fire on a crowd of Palestinians, after the group chosen by Israel to ship food into Gaza lost control of its distribution center, health officials reported.
Witnesses said Israeli forces started shooting after crowds of Palestinians broke through the fences on Tuesday around the distribution site, as an Israeli military helicopter fired flares and bursts of gunfire were heard in the distance. In one video, a large crowd of panicked civilians, including women and children, can be seen running away from the distribution site, trampling the fencing.
Below: several Middle East publications have slammed the Israeli/US-backed aid scheme as “dehumanization by design”:
middleEastEye/status/1927696372993507382?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1927696372993507382%7Ct
But amid looming famine, it appears that once word gets out, there is a rush toward the location. Whatever site is set up becomes a big target for mayhem (or worse, potential armed attacks), and likely it doesn’t help that it’s well understood that US mercenaries are guarding the centers.
END
ISRAEL HAMAS
Israel will never agree to this: all hostages must be released and Hamas leave Gaza
Hamas says it agreed to framework for permanent Gaza ceasefire with Witkoff
The agreement includes the release of “ten Israeli captives and a number of bodies, in exchange for an agreed-upon number of Palestinian prisoners, under the guarantee of the mediators.”
By JERUSALEM POST STAFF, AMICHAI STEINMAY 28, 2025 17:07Updated: MAY 28, 2025 17:34
Hamas said that it agreed to a framework for a permanent Gaza ceasefire with US special envoy Steve Witkoff in a statement on Wednesday.
The agreement includes the release of “ten Israeli captives and a number of bodies, in exchange for an agreed-upon number of Palestinian prisoners, under the guarantee of the mediators.”
The terrorist organization said the framework would achieve a permanent ceasefire, and a full withdrawal of IDF forces from Gaza, along with a committee tasked with managing the affairs of Gaza.
“We are not aware of any agreement reached between Hamas and the US Hamas’s attempt to use the ‘Witkoff framework’ as a branded concept to promote their own vision will not succeed,” an Israeli source told The Jerusalem Post in response to the statement.
“Israel has firmly rejected the ideas presented by Hamas in recent days — and so has the US. The only proposal on the table is Witkoff’s original proposal from the beginning of last week.” .”
In its statement, Hamas referred to Prime Minister Benjamin Netanyahu as “a deranged criminal that now poses a threat to global order and the system of international laws and human values,” and called on the international community to hold him accountable.
The new agreement is different from Witkoff’s previous proposal
Previously, Hamas had agreed to a proposal that would see the release of 10 hostages and 70 days of truce, which is different than Witkoff’s previous proposal that Israel had approved.
“[The proposal is] very far away from the outline that we are willing to negotiate on,” an Israeli official told The Jerusalem Post.
The proposal included the release of five living hostages in return for the following points: IDF withdrawing to its positions in Gaza from two months ago, allowing humanitarian aid into all areas of Gaza, continued talks for the release of remaining living and dead hostages, what was described as “some kind of American recognition of Hamas.”
The proposal was formulated by Hamas and passed on to the US through direct backchannel communications. The US then presented the proposal to Israel. Notably, the US didn’t say whether it supported the proposal or not.
END
ISRAEL HAMAS
Netanyahu Confirms Death Of Hamas Gaza Chief As Hostages Reach 600 Days In Captivity
Wednesday, May 28, 2025 – 11:40 AM
Israeli Prime Minister Benjamin Netanyahu announced to lawmakers on Wednesday that Hamas Gaza chief Mohammed Sinwar, the younger brother of the deceased group’s leader Yahya Sinwar, has been confirmed killed.
Israel’s military has struck “dozens of targets throughout the Gaza strip” over the past 48 hours, Netanyahu remarked, and added that “We eliminated tens of thousands of terrorists, [Hamas military wing chief] Muhammed Deif, [Hezbollah chief ] Hassan Nasrallah, [Hamas’ Gaza leader who attacked Israel on Oct. 7] Yahya Sinwar, Mohammed Sinwar, and seized the Rafah and Morag crossings.”
It is unclear whether Sinwar was just recently killed, or whether Netanyahu is only now issuing belated confirmation of his death from a May 13 or other prior operation. Days after May 13, there were Israeli media reports that Sinwar’s body had been recovered. Defense Minister Israel Katz said on May 18 that, “according to all indications, Mohammed Sinwar was killed.”
“In the last two days, we’ve been executing a dramatic plan toward the complete defeat of Hamas. We’re taking control of their food distribution and money machine,” Netanyahu continued. “This is what destroys their governing capabilities. That’s what we promised.”
Following major airstrikes on a hospital in southern Gaza in mid-May, the IDF had said it was working to confirm whether Sinwar was among the dead. Israeli sources said there was a “small window of opportunity” for the strike given Hamas leaders are utilizing the vast tunnel network that exists under the hospital.
He had been targeted at the time, but may have escaped, and final confirmation was never given in the aftermath of those strikes (until today).
According to background on Sinwar from the WSJ:
Mohammed Sinwar was responsible for building up Hamas’s military wing, and was close to the U.S.-designated terrorist group’s top military commander, Mohammed Deif, who was killed by Israel last year. His brother Yahya, was the mastermind behind the Oct. 7, 2023, attack on southern Israel that launched the war. Israel killed three of Yahya Sinwar’s top deputies throughout the war, including Deif, and Hamas’s political head Ismail Haniyeh.
If Mohammed Sinwar is dead, it would mean that the most important Hamas leaders behind the Oct. 7 attack have been taken out by Israel. After the Oct. 7 attack, Israel vowed to kill all of Hamas’s top leadership, including those abroad, and anyone who took part in or planned the attack.
As for Wednesday’s Knesset meeting, it was heated and testy, given the opposition’s position of a “Complete failure in achieving war goals: returning the hostages and dismantling Hamas.”
Netanyahu is facing fierce criticism, including from hostage victims’ families, who have long urged negotiations with Hamas to get their loved ones back. He has opted for the ‘full war’ option, seeking the full destruction of Hamas and Islamic Jihad terrorists.
After 18 months of war, or 600 days since the Oct.7 terror attacks, 58 hostages remain in the Gaza Strip; however, Israeli leaders have warned public that the majority may be dead at this point. A US-proposed peace plan is currently under discussion by mediators, but neither side is rushing toward the negotiating table at this point, and blame-game for lack of a truce continues.
END
END
END
Israel strikes Houthi-held Sanaa airport after repeated missile attacks by Yemeni group
Latest bombing destroys last remaining plane used by Houthis, Defense Minister Katz says; Netanyahu says Iran responsible for ‘aggression from Yemen’
By Emanuel Fabian FollowToday, 12:47 pm
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Footage posted to social media apparently showing smoke and damage after Israeli strikes on Houthi-held Sanaa International Airport on May 28, 2025 (X; Used in accordance with Clause 27a of the Copyright Law)
Israeli fighter jets bombed the Houthi-controlled Sanaa International Airport in Yemen on Wednesday, in response to the Iran-backed group’s near-daily ballistic missile attacks on Israel.
Since the Israel Defense Force’s last strike on Yemen, on May 16, the Houthis launched at least seven missiles and several drones at Israel, the latest of them on Tuesday morning.
Israeli Air Force fighter jets, refuelers, and spy planes participated in Wednesday’s operation.
In a statement, the IDF said the strikes hit the airport and an aircraft used by the Houthis “to transport terrorists who advanced terror attacks on Israel.”
Defense Minister Israel Katz said the aircraft was the last remaining plane in use by the Houthis. The other planes were destroyed in an Israeli strike on the airport on May 6, also in response to frequent Houthi attacks.
The strike earlier this month destroyed the airport’s terminal and six planes, and left craters on its runway, according to Yemeni authorities. The airfield reopened for a flight 11 days later.
Also this month, the IAF struck the Houthi-controlled Hodeida and Salif ports in Yemen in response to the Iran-backed group’s repeated attacks on Israel.
The Houthis vowed to respond and have since continued their missile attacks on Israel.
“Similar to the ports of Hodeida and Salif that were struck last week, the main airport in Sanaa is routinely operated by the Houthi regime and serves its terror purposes. This is another example of the cruel use made by the Houthi terror organization of civilian infrastructure for terror activities,” the IDF said Wednesday.
Katz said the strike was “a clear message and a direct continuation of the policy we established: Anyone who fires at the State of Israel will pay a heavy price.”
“The ports in Yemen will continue to be struck heavily, and the airport in Sanaa will be destroyed again and again, as will other strategic infrastructures in the area used by the Houthi terror organization and its supporters,” Katz continued.
“The Houthi terror organization will be under naval and aerial blockade, as we pledged and warned. Anyone who harms us will be harmed sevenfold,” he said.
END
IRAN/USA/ISRAEL
Trump warns Netanyahu against taking steps that could harm US-Iran nuclear deal talks – report
Trump’s message to Netanyahu was that “this is not the time to escalate the situation while he is trying to resolve the issues.”
By WALLA!MAY 27, 2025 20:23Updated: MAY 27, 2025 21:32
US President Donald Trump warned Israeli Prime Minister Benjamin Netanyahu against taking steps that could harm nuclear deal negotiations between the US and Iran in a phone call last week, a senior White House official and another source familiar with the details said on Tuesday.
Trump’s message to Netanyahu was that “this is not the time to escalate the situation while he is trying to resolve the issues.”
Trump and other senior US officials have expressed increasing concern in private talks that Netanyahu might order a military strike on Iran’s nuclear facilities or take other actions that could sabotage diplomatic efforts, said the senior White House official.
Last week, Walla reported that Israel is preparing for the possibility of a rapid strike on Iran’s nuclear facilities if negotiations between Iran and the US fail in the coming weeks. In Israel, it is estimated that the window of opportunity for a successful strike might close soon.
Netanyahu’s close associate, Strategic Affairs Minister Ron Dermer, arrived in Washington on Monday together with Mossad chief David Barnea. The two met with Vice President JD Vance, US Special Envoy Steve Witkoff, CIA Director John Ratcliffe, and other senior American officials to discuss the negotiations with Iran.
The call between Trump and Netanyahu took place last Thursday, following a shooting attack in Washington in which two Israeli embassy staff were killed.
According to the senior White House official, Trump told Netanyahu that he wants to reach a diplomatic solution with Iran and “does not want anything to interfere with that.”
The official said Trump’s message to Netanyahu was that “this is not the time to escalate the situation while he is trying to resolve the issues.”
Trump emphasized to Netanyahu that “the second option is still on the table,” but he prefers to first see if a diplomatic solution can be reached.
The senior White House official added that during the call, “President Trump encouraged Netanyahu to act cautiously.”
Channel 12 reported on Monday that the call between Trump and Netanyahu was “tense.”
White House spokesperson Karoline Leavitt said at a press conference last Thursday that Trump “clearly explained” to Netanyahu that he wants to see a deal with Iran.
“He does not want to take the harder, more negative option. He wants to see a deal. The President is a dealmaker and strongly believes in diplomacy — and he made that clear to the prime minister,” Lewitt said.
Kristi Noem’s Jerusalem visit
Homeland Security Secretary Kristi Noem met with Netanyahu on Sunday in Jerusalem and again conveyed Trump’s message about the need to avoid steps that would sabotage talks with Iran, according to an Israeli official.
Noem told Fox News on Monday that she had an “open and direct conversation” with Netanyahu and conveyed Trump’s message regarding the need to “stay united and let this process move forward.”
According to her, the negotiation process with Iran will not drag on for weeks or months, and Trump will make a decision within days. An Israeli source said Noem told Netanyahu: “Give us a week.”
“I spoke with the prime minister and asked him to work with President Trump to ensure we make wise decisions together. He wants Benjamin Netanyahu and himself to be on the same page,” Noem said.
The Prime Minister’s Office declined to comment
White House envoy Steve Witkoff met on Friday with Iranian Foreign Minister Abbas Araghchi in Rome for the fifth round of nuclear talks.
On Sunday, Trump said that there had been “real progress” in the negotiations and added that “there will be good news” on this matter later in the week.
END
IRAN
The US must halt its talks amid escalating labor strikes in Iran – opinion
Iranian domestic instability should be allowed to continue without interference from the US or rescue diplomacy.
By AIDIN PANAHIMAY 28, 2
On May 22, Iranian truck drivers initiated a coordinated strike in response to economic grievances. The strike has since expanded to over 105 cities across 27 provinces, including major hubs like Tehran, Isfahan, Kerman, Fars, Bushehr, Gilan, and Yazd.
Drivers are refusing to transport goods, disrupting internal supply chains. In multiple cities, videos and reports show halted cargo, paralyzed logistics, and government forces confronting strikers.
The immediate catalyst for the strike was the government’s plan to introduce a tiered diesel pricing system. Drivers have also raised concerns about reduced fuel quotas, rising insurance costs, and poor road conditions. While the protest originated as a sectoral response, it is now spreading through the logistics network and receiving increasing passive support from civilians.
Iran’s regime depends heavily on centralized control of infrastructure. Unlike pluralistic systems that can absorb disruption, the Islamic Republic maintains order through vertical command structures: fuel, freight, and food are tightly managed through a bureaucratic state network.
The trucking sector is central to that structure. Prolonged disruption impacts the distribution of goods, energy flow, and basic economic functionality.
The current strike has the potential to trigger cascading effects, particularly if it intersects with other sectors. Recent months have seen protests among energy and petrochemical workers, including those at the South Pars Phase 12 Refinery and the Iranian Offshore Oil Company in the Lavan Operational Zone, over issues such as unpaid wages and poor working conditions.
Iranian domestic instability
Iran’s leadership is aware of the threat. On May 20, the Iranian Passive Defense Organization Supreme Council convened to coordinate protections for critical infrastructure, including energy facilities, amid concerns over potential US or Israeli strikes. The meeting’s attendees included senior defense officials and the oil minister, underscoring the strategic importance of the energy sector.
Despite these developments, Western policymakers are once again considering engagement with Tehran. EU officials continue to explore diplomatic channels, and US negotiations remain active.
This mirrors the 2013–2015 period, when Iran’s domestic instability was misread as justification for dialogue, culminating in the Joint Comprehensive Plan of Action (JCPOA). That agreement released tens of billions of dollars in frozen assets and oil revenue, stabilizing the regime just as internal pressure was mounting.
Engaging now would repeat that mistake. It would provide the regime with resources, legitimacy, and time. It would signal to Iranian citizens that Western governments prioritize short-term diplomatic optics over long-term political outcomes.
It would undermine strike movements that are operating without foreign funding, political coordination, or international protection. Any reengagement would also risk undermining US and Israeli deterrence efforts at a time when Tehran is reportedly fortifying key nuclear and energy infrastructure in response to potential strikes.
Washington should not interfere in Iran’s internal dynamics. That includes avoiding actions, such as easing sanctions or restarting talks, that could prolong the regime’s operational stability.
The current unrest is not manufactured. It is a direct result of decades of economic mismanagement, corruption, and political repression. These conditions have produced a fragile system vulnerable to basic logistical disruption.
The correct posture now is strategic patience. The US should halt any form of re-engagement, direct or indirect. No side agreements. No prisoner swaps involving financial concessions. No unfreezing of funds.
The regime is internally weakened. It is facing simultaneous structural pressure in its transportation and energy systems. That pressure is homegrown. It should be allowed to continue without external interruption.
The US should also increase visibility on the regime’s vulnerabilities. That includes highlighting domestic unrest, naming officials involved in suppression, and reinforcing secondary sanctions on entities facilitating regime revenue. The goal is not escalation. It is insulation – insulating civil pressure from premature international relief.
These labor strikes are weakening the regime from within.
Not the time for rescue diplomacy
Meanwhile, Iran continues exporting 1.6 million barrels of oil daily through Chinese-backed shadow networks, neutralizing sanctions. European officials have warned the US that Iran is deliberately stalling nuclear talks to avoid snapback sanctions before their October expiration.
The US should not fall for this tactic again. This is not the time for rescue diplomacy. It is time to isolate, expose, and allow internal collapse to continue without interference.
If Washington chooses to reengage, it will own the consequences. That includes suppression of workers, consolidation of regime power, and potential prolongation of the Islamic Republic’s lifecycle. If it holds the line, it allows Iranian society the space to determine outcomes on its own terms.
Policy does not require noise. It requires clarity. Iran’s regime is vulnerable. The most strategic move is to do nothing that helps it recover.
The writer is an Iranian-American research professor and energy expert, as well as a political and human rights activist. @Aidin_FreeIran
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
Rogan & Rodgers Unleash Big Pharma’s Worst Nightmare..
Tuesday, May 27, 2025 – 06:25 PM
When Joe Rogan sat down with Aaron Rodgers, the conversation quickly turned to one of the most polarizing topics in modern medicine: vaccines.
But instead of retreading old ground, they zeroed in on one of the most overlooked—and deeply disturbing—double standards of the pandemic.
Rogan opened the door with a brutally simple observation.
“You’re not even supposed to eat sushi while you’re breastfeeding,” he said.
“Because you could get some sort of a parasite. And yet, you’re going to take pregnant women and dose them up with this experimental vaccine.”
He didn’t stop there.
“There was no studies on whether or not women were getting damaged by this.”
Rodgers chimed in to confirm what many already suspected:
“No studies got released.”
That silence, wasn’t due to a lack of data—but a refusal to release it. And now, as Rogan pointed out, the consequences are finally starting to come into view.
“Now there’s some study that it’s destroying their eggs.”
Rodgers added, “That, the cancers, turbo cancers, people dropping, kids dropping.”
Rogan let it sit for a beat before saying what many are thinking:
“Yeah, it’s all very dark, dude.”
They quickly shifted to the broader vaccine schedule for children—and what they see as a runaway system with no brakes and no accountability.
Today, American kids receive 72 doses of 17 vaccines between birth and age 18.
Just to enroll in kindergarten, they’re hit with 29 doses of 9 different vaccines. Daycare kids face multiple rounds of 13.
And few parents even realize this.
Rogan questioned the logic behind that kind of medical regimen, especially when it comes to the very first days of life.
“Why would you give a baby a Hep B shot on DAY ONE for a sexually transmitted disease? Totally unnecessary and crazy.”
He also took aim at the fear-driven messaging around diseases like tetanus.
“Tetanus is not dangerous. If you have an open wound with tetanus, you just wash it out and you won’t get tetanus. The number of cases? ZERO.”
Rodgers, echoing a frustration felt by many parents, said the entire system has moved far from informed consent—and deep into financial conflicts of interest.
Doctors aren’t just recommending vaccines, he argued—they’re being paid to.
Behind it all, they pointed to a turning point in 1986, when the federal government passed the National Childhood Vaccine Injury Act.
That legislation gave vaccine manufacturers blanket immunity from lawsuits, effectively removing the last guardrail.
Since then, chronic illness among children has skyrocketed.
Coincidence? They don’t think so.
But it was what came next that was truly disturbing.
This was a bombshell and there is no denying it anymore.
Rogan brought up a recent study he had just sent to his producer, Jamie.
The analysis drew from adjusted VAERS data, MIT research, and findings from the Florida Department of Health—and the numbers were staggering.
“I just sent Jamie this study. VAERS adjusted data, and other derived from the MIT, Florida Department of Health study findings that yield a conservative range of 470,000 to 600,000 American deaths from the Covid-19 mRNA shots.”
Rodgers, almost in disbelief, responded, “That’s it?”
Rogan nodded. “Well, just that alone. That’s a lot of people, man.”
And then he dropped a jaw-dropping comparison:
“More than World War I, World War II and Vietnam combined.”
He clarified that the estimate referred to Pfizer alone—not even counting Moderna.
“Pfizer alone likely killed over 470,000 Americans.”
“They found a 36% increase in all cause mortality among Pfizer recipients versus Moderna.”
Rodgers, deadpan and sarcastic, delivered the line that said it all:
“Yeah, but they saved MILLIONS!”
They wrapped the conversation taking aim at the narrative itself—the one that turned vaccine skeptics into public enemies.
Not because they were wrong.
Because they were inconvenient.
Rogan called it out.
“You start talking to them about the possibilities that these things caused all these problems, and their eyes glaze over.”
“They’re like, Oh! Where are you hearing this?”
His response flipped the script:
“Where are you hearing that it’s not the case?”
“And why are you so confident to say that this is what happened?”
Then he questioned the sacred cow of COVID rhetoric:
“‘The Covid vaccine saved millions of lives.’ How do you know that?”
But when it comes to the damage?
“How many do you think got fucked up by it? I know a lot of people that got fucked up by it—and most people do too. They just don’t want to admit it.”
Rodgers hit back at the fear machine:
“Why were they trying so hard to scare the shit out of everybody? Tell me that.”
“Why did they have fucking death tolls on the news stations?”
Then he followed the money.
“There’s a ton of money.”
“Doctors get huge bonuses for fully vaccinated kids. That’s the truth.”
And finally, he hit the core issue:
“Instead of attacking the person that says that, isn’t it something you should look into?”
“Is that a conflict of interest? Should be.”
MARK CRISPIN MILLER
DR PAUL ALEXANDER
Putin says NO MAS to Trump, the peace deal is DOA, it is OVER, and now threatens to take ALL of Ukraine; can Putin be stopped if he were serious? as Germany’s Merz says Western allies no longer impose
range limits on Ukrainian weapons; The German chancellor said on Monday that the lifting of these restrictions will allow Ukraine to strike military positions deep inside Russia; are we NEAR THE END?
| Dr. Paul AlexanderMay 27 |
Could this leave us closer to a nuclear war? Has this just been ratcheted up by the WEST giving cleareance to strike deep inside Russia with Western weapons?
‘The Russian press had declared Donald Trump’s peace deal is “dying a slow death” as a key ally of Vladimir Putin mocked Western ceasefire plans by posting a map showing almost all of Ukraine occupied by Kremlin forces. The Moscow-based daily newspaper Moskovskij Komsomolets ran an editorial on current ceasefire negotiations, commenting that it believed President’s “energy charge” had “gone flat” and that it would soon become “obvious” even to Mr Trump that any deal was in its “death throes”.’
“There are no longer any range restrictions on weapons delivered to Ukraine – neither by the British nor by the French nor by us nor by the Americans,” he said. “This means that Ukraine can now defend itself, for example, by attacking military positions in Russia… With very few exceptions, it didn’t do that until recently. It can now do that.”
END
‘THE GLOVES ARE OFF’: Dutch Conservative Firebrand Geert Wilders Unveils a New Comprehensive 10-Point Plan To Secure Borders and Radically Curb Illegal Mass Migration
What is your opinion? Merkel lit the funeral pyres of Europe, IMO jihadists islamists are there entrenched, set to pop off with terror cell mass murders like Bataclan France in 2015; I like Geert
| Dr. Paul AlexanderMay 27 |
In some sense, Europe is over. Finished if it cannot deal with the jihadists.
The GWP:
‘The TGP reader may remember our reporting of the latest elections in the Netherlands – how the PVV party led by conservative leader Geert Wilders came out on top, but the mainstream parties ‘firewalled’ him, insisting that they’d only join a coalition if Wilders was NOT the Prime Minister.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
No less than 299 days later – I’m not kidding – a coalition government was formed, but with former Intel chief Dick Schoof as the premier.
It was soon apparent that the new government was not up to Geert Wilder’s standard, and would not deliver what the Dutch citizens voted for.
So today (26), Wilders announced a 10-point plan to slash migration – that includes using the army to guard land borders and turning away ALL asylum-seekers.
Associated Press reported:
“The proposals put further strain on the fractious four-party ruling coalition that was cobbled together after Wilders’ Party for Freedom swept to victory in a 2023 Dutch election on a platform pledging to slash migration.
‘The gloves are off’, Wilders said. He added that if migration policy is not toughened up, his party “is out of the Cabinet.”
Geert Wilders and PM Dick Schoof.
Wilders along his career has called for tough policies against radical Islam and mass migration in the Netherlands.
Now, his patience has ‘run out’ after the coalition hasn’t delivered on a crackdown on migration.
“He said he wants to temporarily halt family reunions for asylum-seekers who have been granted refugee status, and to return to their home country Syrians who have applied for asylum or are in the Netherlands on temporary visas, arguing that much of Syria is now safe. Migrants who are convicted of violent or sexual crimes should be deported, he added, calling it a “one strike you’re out” policy.
Wilders said some of the measures already have been adopted by other European nations, including neighboring Germany. Others will require the Netherlands stepping out of European conventions, he said.”
Portugal Chega’s Andre Ventura, Dutch PVV’s Geert Wilders, French National Rally’s Marine Le Pen, Spanish Vox’s Santiago Abascal, Hungarian Prime Minister Viktor Orban and Italian Deputy Prime Minister Matteo Salvini.
“Wilders said his patience was exhausted at the lack of concrete action since the coalition agreed measures in October including a re-introduction of border checks, a move to restrict family members who can join a person who has been granted asylum in the Netherlands and cutting the length of temporary visas. He said measures agreed earlier by the coalition ‘are not enough to turn the tide’.”
___
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———- Forwarded message ———
| LATEST REPORTS FOR NEWS JUNKIES‘Duck Dynasty’ Star Sadie Robertson Reveals Phil’s Final Words to Her Before His Death at 79Sadie Robertson is remembering her grandpa Phil Robertson.The 27-year-old took to social media to share a moving tribute to the “Duck Dynasty” star, including the last words he spoke to her, following his death at age 79 after a battle with multiple illnesses and Alzheimer’s disease.“’Therefore, if anyone is in Christ, he is a new creation. The old has passed …READ THE FULL REPORTTrump Judge Delivers Massive Pro-Life Win Regarding Biden-Era Abortion RuleAmerican employers no longer have to give workers time off for abortions, according to a new decision from a Trump-appointed federal judge.U.S. District Judge David Joseph of the Western District of Louisiana ruled Wednesday that the Equal Employment Opportunity Commission had wrongly applied its authority when including abortion in pregnancy-related conditions covered by the Pregnant Workers Fairness Act passed in …READ THE FULL REPORTShocking Video: Driver Plows Through Crowd of Soccer Fans in UKA driver crashed his vehicle into a crowd of parade-goers in Liverpool, England, on Monday as thousands of soccer fans celebrated the city’s football club.Police said a man rammed his vehicle through a crowded street, knocking down and running over pedestrians before he was stopped. Police confirmed that they had arrested “a 53-year-old white British man from the Liverpool area.”“The …READ THE FULL REPORTTrump Issues Full and Unconditional Pardon to Virginia Sheriff Targeted by BidenPresident Trump on Monday issued a full and unconditional pardon to a Virginia Sheriff whom Joe Biden’s corrupt Justice Department targeted.Former Culpeper, Virginia, Sheriff Scott Jenkins was sentenced to 10 years on federal charges in March and was ordered to report to federal prison tomorrow – but Trump intervened just in time.Last December, Culpeper, 53, was convicted by a jury …READ THE FULL REPORTChicago Mayor Invents Holiday and Wishes Everyone ‘Happy Africa Day’ on Memorial Day WeekendChicago’s far-left Mayor wished everyone “Happy Africa Day” on Memorial Day Weekend.While the rest of America is honoring those men and women who gave their lives for our freedoms, Mayor Brandon Johnson made up “Africa Day.”“Hello, I am Mayor Brandon Johnson, and I am proud to join you in recognizing and celebrating Africa Day. The continent of Africa is made …READ THE FULL REPORT |
| LATEST REPORTS FOR NEWS JUNKIES |
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| President Trump Pardons Reality TV Stars Todd and Julie ChrisleyOn Tuesday, President Trump said he will grant full pardons to TV stars Todd and Julie Chrisley.Earlier this year, the “Chrisley Knows Best” couple sought pardons from President Trump.In 2022, the couple was convicted of conspiring to defraud Atlanta banks out of more than $30 million.Todd Chrisley was sentenced to 12 years in prison, and Julie Chrisley was sentenced to …READ THE FULL REPORT |
| Illegal Alien Arrested in Jet Ski Hit-and-Run That Killed Texas TeenAn illegal alien from Venezuela, Daikerlyn Alejandra Gonzalez Gonzalez, was arrested Tuesday in the hit and run jet ski death of 18-year-old Ava Moore who was kayaking on Lake Grapevine, Texas on Sunday.The Venezuelan woman who allegedly killed Moore was caught on cellphone video fleeing the scene in a car with help from other Venezuelans. The male driver, also an …READ THE FULL REPORT |
| Watch: Paraglider Sucked 5 Miles Into Sky by Powerful Vortex — And Miraculously SurvivesA viral video going round the web shows a Chinese paraglider on the verge of freezing to death after getting sucked into a ‘cloud vortex’ that left him stranded 5 miles high, covered head-to-toe in ice.New York Post reported:“The paraglider, identified in local reports as Liu Ge, claims the icy ordeal unfolded after he set off on the flight over …READ THE FULL REPORT |
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/
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1323 DOWN 0.0014 PTS OR 14 BASIS POINTS
USA/ YEN 144.16 UP 0.030 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 1.3504 DOWN .0009 OR 9 BASIS PTS
USA/CAN DOLLAR: 1.3821 UP 0.0012 (CDN DOLLAR DOWN 12 BASIS PTS)
Last night Shanghai COMPOSITE DOWN 0.08 PTS OR 0.00%
Hang Seng CLOSED DOWN 147.97 PTS OR 0.63%
AUSTRALIA CLOSED DOWN .08%
// EUROPEAN BOURSE: MOSTLY GREEN EXCEPT SPAIN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL GREEN EXCEPT SPAIN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 147.97 PTS OR 0.63%
/SHANGHAI CLOSED DOWN 0.75 PTS OR 0.00%
AUSTRALIA BOURSE CLOSED DOWN 0.08 %
(Nikkei (Japan) CLOSED DOWN 1.71 PTS OR 0.00%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3322.90
silver:$33.39
USA dollar index early WEDNESDAY morning: 99.55 UP .12 BASIS POINTS FROM FRIDAY’s CLOSE.
WEDNESDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing WEDNESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.055% UP 1 in basis point(s) yield
JAPANESE BOND YIELD: +1.517% UP 1 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.159 UP 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.546 DOWN 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.5530 UP 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1303 DOWN 0.0034 OR 34 basis points
USA/Japan: 144.90 UP 0.771 OR YEN IS DOWN 77 BASIS PTS//
Great Britain 10 YR RATE 4.7090 UP 1 BASIS POINTS //
Canadian dollar DOWN .0024 OR 24 BASIS pts to 1.3833
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN AT 7.1956, CNY ON SHORE ..
THE USA/YUAN OFFSHORE DOWN TO 7.1929
TURKISH LIRA: 39.07 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.517
Your closing 10 yr US bond yield UP 4 in basis points from THURSDAY at 4.475% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.980 UP 4 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.978 UP 3 BASIS PTS.
GOLD AT 11;00 AM 3303,85
SILVER AT 11;00: 33.16
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 52.04 PTS OR 0.59%
GERMAN DAX: CLOSED DOWN 188.30 pts or 0.78%
FRANCE: CLOSED DOWN 38.69 pts or 0.49%
Spain IBEX CLOSED DOWN 139.30 pts or 0.98%
Italian MIB: CLOSED UP 2.85 or 0.01%
WTI Oil price 61.95 11 EST/
Brent Oil: 64.94 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 79.55 ROUBLE UP 0 AND 71/ 100
UK 10 YR YIELD: 4.7090 UP 1 BASIS POINTS
CDN 10 YEAR RATE: 3.306 UP 2 BASIS PTS.
CDN 5 YEAR RATE: 2.908 UP 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1291 DOWN 0.0046 OR 46 BASIS POINTS//
British Pound: 1.3466 DOWN .0047 OR 47 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.7180 UP 5 FULL BASIS PTS//
JAPAN 10 YR YIELD: 1.513
USA dollar vs Japanese Yen: 144.87 UP 0.74 BASIS PTS
USA dollar vs Canadian dollar: 1.3829 UP 0.0014 BASIS PTS CDN DOLLAR DOWN 14 BASIS PTS
West Texas intermediate oil: 61.52
Brent OIL: 64.55
USA 10 yr bond yield UP 4 BASIS pts to 4.477
USA 30 yr bond yield UP 3 PTS to 4.972%
USA 2 YR BOND: UP 4 PTS AT 3.990%
CDN 10 YR RATE 3.242 DOWN 2 BASIS PTS
CDN 5 YEAR RATE: 2.849 DOWN 3 BASIS PTS
USA dollar index: 99.80 UP 37 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 39.08 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 79.88 UP 0 AND 37/100 roubles
GOLD $3295.25 (3:30 PM)
SILVER: 32.96 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 256.02 OR 0.61%
NASDAQ 100 DOWN 196.82 PTS OR 0.93%
VOLATILITY INDEX: 22.09 UP 1,81 PTS OR 8.97%
GLD: $ 309.75 UP 6.64 PTS OR 2.69%
SLV/ $30.45 UP 1.40 PTS OR OR 4.59%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 34.29 OR 0.13%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS
China Chip Ban & ‘Soft’ Data Surge Sparks ‘Sell All The Things’ Day
by Tyler Durden
Wednesday, May 28, 2025 – 08:00 PM
‘Soft’ data continued to charge higher (as partisan panic is scrubbed by string economic reality), FOMC Minutes were a nothingburger (stale as pre-China reversion), and then an FT report that the Trump White House is demanding chip designers don’t sell to China sending everything lower into the bell…
The Trump administration is moving to restrict the sale of chip design software to China, people familiar with the matter said, as the US government evaluates a broader policy announcement on the issue.
The Commerce Department’s Bureau of Industry and Security sent letters to at least some of the leading providers of electronic design automation, or EDA, last Friday telling them to halt shipments to Chinese customers, said the people, asking not to be identified because the policy isn’t yet public.
Top makers of the technology include Cadence Design Systems Inc., Synopsys Inc. and Germany’s Siemens AG.
“The Commerce Department is reviewing exports of strategic significance to China,” an agency spokesperson said. “In some cases, Commerce has suspended existing export licenses or imposed additional license requirements while the review is pending.”
Stocks down, bonds down (in price), gold down, bitcoin down…, but all eyes were on NVDA tonight to set the tone from here…
But the dollar up…
Source: Bloomberg
Three more regional Fed surveys printed better than expected this morning (Richmond Fed manufacturing, Richmond Fed Business Outlook, and Dallas Fed Services), ramping ‘soft’ data higher still towards the ‘hard’ data strength that has been resilient since Liberation Day…
Source: Bloomberg
Yesterday’s big short squeeze ran out of steam at the open and sellers pushed it lower with modest rebound…
Source: Bloomberg
Stocks drifted lower overnight in the Asia session then European buyers stepped in to lift stocks into the US equity cash open which triggered selling.
Once Europe was closed, the US majors drifted higher with Nasdaq back in the green.
Then suddenly at around 1440ET, stocks suddenly dumped (no obvious headline or market moving event) seemingly driven by a sudden aggressive unwind of long 0-DTE Call positions… which was swifly followed by an even bigger 0-DTE call-buying panic…
Stock rapidly recovered with Nasdaq pushing into the green and then these headlines hit:
- *US TELLS SIEMENS EDA, SYNOPSYS, CADENCE TO STOP CHINA SUPPLY: FT
- *US SENT DIRECTIVE TO ELECTRONIC DESIGN AUTOMATION GROUPS: FT
This is more of the same as Bloomberg notes:
Washington has employed an escalating approach to curbing Beijing’s ambitions to build a domestic semiconductor industry. It started by cutting China off from equipment used to make the most advanced electronic components then gradually broadened the impact of the rules. Software from Cadence and Synopsys is used to design everything from the highest-end processors for the likes of Nvidia Corp. and Apple Inc., as well as simple parts that, for example, regulate power.
The US has also moved to keep the most advanced semiconductors out of China. Nvidia has been the main target of increasingly strict US export controls — in part because its chips are the gold standard for training artificial-intelligence models.
The Trump administration this year banned Nvidia from selling its H20 chips to Chinese customers, the third round of restrictions since 2022. Nvidia Chief Executive Officer Jensen Huang has publicly objected to such restrictions and declared the US policy a “failure.”
Export controls by the US have emerged as a flashpoint in trade negotiations between Washington and Beijing. Chinese officials claiming that US restrictions — along with efforts to pressure allies not to use Huawei Technologies Co.’s latest Ascend chip — violated the spirit of recent discussions in Geneva aimed at defusing broader tensions over tariffs on the world’s second largest economy by President Donald Trump.
And down went stocks with Small Caps the biggest losers. Nasdaq was the hardest hit in the late-day puke…
Bonds were sold across the curve today (up 2-3bps) with very little tilt (the long-end was a tiny bit better than than the short-end or the belly). Today’s move lifted the 2Y Yield up to unchanged on the week…
Source: Bloomberg
The 30Y yield topped 5.00% briefly but then buying returned and took yields lower…
Source: Bloomberg
Rate cut expectations tumbled for 2025 today (and rose for 2026)…
Source: Bloomberg
Bitcoin was double-clubbed today back down to support at $108k…
Source: Bloomberg
Oil prices ended the day higher but well off the highs after OPEC+ headlines…
Source: Bloomberg
Gold pumped and dumped to end basically unchanged (down a smidge) at $3300…
Source: Bloomberg
Finally, when will all those fragile, virtue-signaling CEOs wake up to economic (and market) reality?
Source: Bloomberg
It sure is going to be fun to watch them and their mainstream media apologists create a narrative around how they were never really worried… “cautiously optimistic”?
Remember “uncertainty” has plunged…
Source: Bloomberg
Or will we really see them try to push the ‘TACO’ narrative as an unknown? We suspect that won’t go down well for those CEOs…
BIG MORNING NEWS OF THE DAY
from Polymarket…..
🔮 TARIFF ON, TARIFF OFF
by Polymarket
24 Hours in the Trump Trade War PLUS: BBB Senate trouble? Trump vs Apple, India-Pakistan Flareup?
This is a guest post from Polymarket, the world’s largest prediction market.
Trump on Friday morning was “recommending” 50% tariffs on the EU. But by Saturday, the Europeans had been given a reprieve until July 9.
On Polymarket, swings in tariff markets have been getting more subdued as the market puts less faith in each individual announcement.
Surveying Trump’s recent tariff announcements, you can see there is a 5/7 rate of announcements converting to reality.
Made in the USA iPhone?
Also on Friday, Trump took aim at Tim Cook and Apple.
Moving iPhone production out of China wasn’t enough. Trump wants those phones made in the USA. Will it happen?
Here’s where the markets are shaking out:
- Will Apple assemble iPhones in the USA? 🔮Don’t count on it.
- Rising iPhone 17 prices? 🔮 Probably
- Apple Largest Company? 🔮 The tariffs have hurt Apple’s odds
BBB Senate Trouble?
Mainstream media outlets want you to think that Trump’s big economic bill is facing hurdles in the Senate after passing in the House last week in a 215-214 vote:
- GOP fears Trump’s ‘big, beautiful bill’ is ‘debt bomb’ (The Hill)
- Republican Senators Rebuke ‘Immoral’ Trump Bill—’Emperor Has No Clothes’ (Newsweek)
- GOP senator says resistance to Trump’s ‘Big, Beautiful Bill’ could stop it in the Senate (ABC News)
But Polymarket traders are calling BS, betting overwhelmingly that the bill is passed over the summer, and that it will contain most of what Trump wants.
👉 What Will be in the Reconciliation Bill?
BTC Lookin’ Good
Everyone and their mother, cousin, sister, and barber is now launching a Microstrategy-esque BTC accumulation vehicle:
- Trump’s Media Company to Raise $2.5 Billion to Buy Bitcoin (WSJ)
- GameStop Announces Update to its Investment Policy to Add Bitcoin as a Treasury Reserve Asset (Gamestop)
- David Bailey’s Nakamoto Holdings Going Public Via Merger With KindlyMD; Shares Soar 650% (Coindesk)
And while some are warning of leverage building up in the system, the price action looks not bad in the short term.
Odds of BTC hitting $130k this year have soared since mid-April.
India-Pakistan Flareup?
For a moment last month, it looked like a full blown war could erupt between India and Pakistan following a terror attack in Kashmir.
But the market believes that the ceasefire is likely to hold through much of the summer.
🔮 13% odds of an India strike on Pakistan before August
🔮 13% odds of a Pakistan strike on India before August
end
BIG AFTERNOON NEWS
USA DATA
USA ECONOMIC NEWS
CALIFORNIA/USA/TRUMP
Trump Threatens To Withhold “Large Scale” Federal Funding From California After Trans Athlete Destroys Biological Femal
Tuesday, May 27, 2025 – 05:20 PM
President Donald Trump is threatening to withhold “large scale” federal funding from California after a biologically male trans athlete shellacked biological women in the state’s Interscholastic Federation (CIF) Track Championship Masters Qualifiers, and will now compete in the upcoming state championship.
“THIS IS NOT FAIR, AND TOTALLY DEMEANING TO WOMEN AND GIRLS,” Trump posted to Truth Social Tuesday morning.
“Please be hereby advised that large scale Federal Funding will be held back, maybe permanently, if the Executive Order on this subject matter is not adhered to,” Trump wrote, adding “The Governor, himself, said it is “UNFAIR.”
Trump then ordered local authorities “if necessary, to not allow the transitioned person to compete in the state finals,” adding that it was a “totally ridiculous situation!!”
Trump was referring to March comments made by California Governor Gavin Newsom in which he said it was “deeply unfair” for transgender athletes to participate in girl’s sports.
During the CIF Masters Qualifiers, the trans athlete won with a distance of 40-04.75, while the runner up only reached 39-06.00. In long jump, the trans athlete’s margin of victory was shorter, reaching 19-03.50 while the runner-up managed 19-00.75, Fox News reports.
During the long jump medal ceremony, the athlete who finished in third place did not show up and accept the third place medal next to the trans athlete. No reason has been given. The second-place finisher received a noticeably vocal applause.
“As the parent of a female jumper, we have watched this happen at the last three track meets. Today we watched incredible female athletes lose their opportunities to go to states to a biological male. I can’t imagine how devastating it would feel to work so hard and then be unfairly stripped of your opportunity to compete at states. It’s heartbreaking,” local parent Tracy Howton told Fox.
“Governor Newsom, our California elected officials and the CIF are failing our girls. It’s that simple. They owe the competitive female athletes of California representation. They owe them responsible decisions based on science and fundamental truth. For our family, this experience has reinforced just how important it is to use your voice to stand up for truth, remembering that bad decisions can be corrected.”
Earlier this month, the Trump administration sent a warning to the CIF and the trans athlete’s school – Jurupa Valley High School, warning of consequences if the athlete was allowed to continue competing.
CIF is already under investigation by the U.S. Department of Education for defying Trump’s “Keeping Men Out of Women’s Sports” executive order. The federation came under additional scrutiny when its officials allegedly forced athletes to remove shirts that read “Protect Girls Sports” at the Southern Sectional prelims on May 10.
“CIF’s and Jurupa Valley High School’s apparent flouting of federal civil rights law by allowing a male athlete to compete in a female California track and field [Southern Sectional Division 3 final] this Saturday, and the alleged retaliation against the girls who are protesting this, is indefensible,” Department of Education spokeswoman Julie Hartman previously told the outlet. “We will not allow institutions to trample upon women’s civil rights. OCR’s (Office of Civil Rights) investigation into CIF continues with vigor.”
The high school responded to Fox, saying in a statement “JUSD continues to follow both California law and CIF policy regarding school athletics. Both state law and CIF policy currently require that students be permitted to participate in athletic teams and competitions consistent with their gender identity, irrespective of the gender listed on the pupil’s records. JUSD remains committed to protecting the rights and safety of the students we serve, in accordance with applicable state and federal laws.”
end
Musk “Disappointed” By Trump’s “Big, Beautiful Bill” As DOGE Exposes More Fraud, Waste, & Abuse
Wednesday, May 28, 2025 – 08:05 AM
Elon Musk had ambitious plans when he took the helm of the Department of Government Efficiency (DOGE), famously pledging to slash at least $1 trillion in government waste. Back in February, we noted that while Musk’s mission in Washington, DC, was admirable, the ultimate cost savings would be decided by Congress.
Fast forward to Tuesday, Musk appeared in a CBS News interview where he voiced his disappointment, citing frustration that despite DOGE’s efforts to root out waste and fraud across federal agencies, President Trump’s “Big, Beautiful Bill” (BBB) comes with an alarmingly high price tag.
“I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing,” Musk said.
He added, “I think a bill can be big or it can be beautiful … but I don’t know if it can be both. My personal opinion.”
Last week, the Republican-controlled U.S. House of Representatives narrowly passed the BBB that fulfills much of Trump’s ‘America First’ agenda, such as delivering new tax breaks on tips and car loans and boosting spending on the military and hemispheric defense.
As we’ve previously explained, BBB will “massively” increase deficits by $3.8 trillion over ten years. In part because new borrowing is front-loaded and offsets are back-loaded, the bill would add massively to near-term deficits.
The prospect of a ballooning national debt—despite DOGE’s reported $175 billion in federal waste and fraud reductions—has put Musk at odds with Trump’s BBB and, more notably, with Congress. His frustration appears primarily directed at lawmakers, whom he sees as unwilling to implement the sweeping fiscal cuts needed to course-correct that nation to avert a debt crisis.
We predicted this clash between Musk and Congress would unfold as far back as early February:
“What Musk is doing in trying to streamline the govt is admirable but ultimately it will be Congress that decides the endgame. And there things are as status quo as always.”
Here’s the bigger play at hand, and why there is only token pushback to DOGE.
You cut enough spending – even if it’s all grift and fraud – you eventually get a recession, guaranteed. That’s all Congress is waiting for cause then they use the “emergency” to vote through a far…— zerohedge (@zerohedge) February 8, 2025
Musk is not alone. Rep. Thomas Massie (R-Ky.) has stated, “We’re not rearranging deck chairs on the Titanic tonight. We’re putting coal in the boiler and setting a course for the iceberg.”
There is brewing dissent among other Republican senators who follow Musk…
🚨BREAKING: Just moments ago, Sen. Rick Scott said he’s a NO on the One Big Beautiful Bill in its current form. He’s demanding more spending cuts and setting America on the path to a balanced budget.
“Oh absolutely I’d vote no. If they brought it to the floor right now there’s… pic.twitter.com/a73QWl2IHb— Charlie Kirk (@charliekirk11) May 27, 2025
Musk must be furious with Congress.
🚨 Elon Musk on DOGE:
“The ability of Doge to operate is a function of whether the government, and this includes the Congress, is willing to take our advice. We are not the dictators of the government. We are the advisors, and so we can, we can advise, and the progress we’ve… pic.twitter.com/9RrK2rCxK2— DogeDesigner (@cb_doge) May 20, 2025
Recall what he said last week, “The ability of Doge to operate is a function of whether the government, and this includes the Congress, is willing to take our advice.”
end
Cost 175 billion dollars: the Golden Dome shield project
Peace Through Strength: Trump’s Missile Shield Will Stop War Before It Starts
Tuesday, May 27, 2025 – 11:25 PM
Authored by Corinne Clark Bannon via AmericanGreatness.com,
President Donald J. Trump has officially announced plans to build a next-generation missile defense system. He’s calling it the “Golden Dome,” and I, for one, could not be more thrilled to see American tax dollars going toward defending America for a change.
Unveiled this week, alongside Defense Secretary Pete Hegseth, the Golden Dome is a $175 billion project aimed at doing something the Biden regime never prioritized: protecting the U.S. homeland from a foreign attack. And get this—it’s expected to be fully operational by the end of Trump’s term. That’s what real leadership looks like.
According to Trump, this dome will be able to intercept anything—hypersonic missiles, ballistic missiles, cruise missiles, even missiles launched from the other side of the world or from space. That’s not just national defense. That’s next-level deterrence.
If the idea sounds familiar, it’s because Ronald Reagan once dreamed of it. His Strategic Defense Initiative—mocked by the left as “Star Wars”—was a bold vision that never got the full support it deserved. Trump is finally making that dream a reality.
The name is a patriotic play on Israel’s Iron Dome, which has saved countless lives. Trump’s version? Bigger, better, and focused on our homeland. The first $25 billion to fund this project is tucked into Trump’s “One Big, Beautiful Bill” currently being debated in the House.
That’s a lot of money up front, but in the long run, it’s a great deal, because it will inevitably cut down on the need for foreign intervention. For decades, Washington has funneled trillions into foreign wars based on the idea that “we have to fight them over there, or we’ll fight them here.” That logic has cost us far too many American lives, plagued our economy, and demolished public trust in nearly every institution in Washington. But with Trump’s Golden Dome—and his rock-solid border policies—it’s hard to imagine a hypothetical war that could reach our soil from a foreign land. The DC sales pitch for endless war has been dismantled!
Predictably, the usual suspects are upset. China says they’re “seriously concerned” and warns that the Golden Dome could “undermine global strategic balance.”
Good! Maybe they should be more concerned about not launching missiles in the first place.
The Golden Dome is proof that America First isn’t just a slogan. It’s a strategy. It’s a shield. And it’s the very definition of peace through strength (and yes, I have that tattooed on my arm in Latin, because I’ve always loved that.)
END
About time
For too many years people got lazy and stopped innovating. Cheap Chinese labor meant huge profits with little need to create new innovations. All the while boosting those quarterly profits for Wall Street.
Now tariffs while painful, will cause local production as shipping costs will suddenly make sense. And in some cases local will be cheaper than import.
Now the parade will stop and reform will remake industry to think different and create innovations that Chinese cheap labor will not exploit. Copy sure they always do that. However, without access to the largest consumer market globally what will production sell?
As Europe hangs itself on the spears of war with Russia it too will be wasted to be rebuilt with new debt slavery. If America stays out of upcoming war it will thrive on the foolishness of war.
As for the Walmarts of society the model of success is no longer. They will adapt or die to be reborn by those who will see meat in their existence and demise.
Cheers
Robert
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VICTOR DAVIS HANSON/
KING NEWS
| The King Report for May 28, 2028 Issue 7501 | Independent View of the News |
| Yen rises as Ueda indicates BOJ is still eyeing more rate hikes Data Friday showed that consumer inflation excluding fresh food accelerated in April to 3.5%, staying at or above the BOJ’s target for three full years, and figures due this week are expected to signal that the trend will continue in May… https://www.japantimes.co.jp/business/2025/05/27/economy/ueda-intention-rate-hike/ April US Durable Goods Orders -6.3% m/m, -7.8% expected, prior 7.6% from 9.2%Ex Transportation 0.2% m/m, 0.0% expected, -0.2% prior from 0.0%Cap Goods Orders Nondef Ex Air -1.3% m/m, -0.2% expected, prior 0.3% from 0.1%Cap Goods Ship Nondef EX Air -0.1% as expected, prior 0.5% from 0.2% March S&P CoreLogic 20-city house prices -0.12% m/m & 4.07% y/y; 0.3% m/m & 4.5% y/y expected. May Conference Board Consumer Confidence 98, 87.1 consensus, prior 85.7 from 86 Present Situation 135.0, prior 131.1 from 133.5; Expectations 72.8, prior 55.4 from 54.4 Despite widespread Trumpageddon warnings and threats by Dems, GOPe, media, and leftist Fed officials, no meaningful economic problems have appeared. So, consumers are adjusting. @opptrader1: On April 3, the percentage of respondents with bearish views hit the third-highest level ever. Bearish views stayed over 50% for 11 consecutive weeks. That’s the longest stretch ever. https://x.com/opptrader1/status/1924457516206854424 May Dallas Fed Mfg. Activity -15.3, -23.1 expected, -35.8 prior The latest Trump reversal on EU tariffs plus the big jump in Consumer Expectations emboldened equity bulls on Tuesday. Bonds rallied smartly; gold got hammered. Fangs led the rally and Nvidia led the Fangs. NVDA was +3.25% by 10:48 ET as traders got long for Nvidia’s results due after today’s close. ESMs opened sharply high (5890.50 at 18:00) on Monday night but quickly turned lower. They hit the daily low of 5813.00 at 23:46 ET. They then rallied robustly, hitting 5912.50 at 3:48 ET. ESMs then traded in a 14-handle range until they broke to a lower range near the 7 ET US repo market opening. After a slow rollover, ESMs broke lower at 9:24 ET. They quickly fell to 5868.25 at 9:34 ET. Traders then aggressively bought, ESMs soared, with only two minor interruptions, to a daily high of 5938.75 (+121.75) at 14:00 ET. ESMs did a slow rollover that ended at 15:50 ET and a 5923.75 print. A late rally pushed ESMs to 5941.75 at the NYSE close. Positive aspects of previous session USMs rallied as much as 1 11/32 and closed +1 8/32. Stocks rallied sharply; Nvidia led a robust Fang/Mag 7 rally. August Gold sank 66.20; Oil & gas declined sharply. Negative aspects of previous session Trump is losing credibility on tariffs and Russia-Ukraine peace talks due to his manic waffling. Ambiguous aspects of previous session Are stocks susceptible to a Nvidia disappointment? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5899.98 Previous session S&P 500 Index High/Low: 5924.33; 5854.07 NY Fed President Williams on Tuesday night (US) in Tokyo: ‘The levels of reserves in United States are clearly abundant.’ No kidding! That’s why gold and cryptos have been soaring. Today – After Tuesday’s explosive rally, stocks should quiet down today as traders and investors save resources for May performance gaming later this week. Rumors about Nvidia’s results, due after the close, could affect late trading. EPS of .88, GAAP EPS of .79 and revenue $43.313B (per BBG) are expected. NVDA rallied 4.21 points or 3.21% on Tuesday. ESMs are +1.50; NQMs are +5.50; and USMs are -11/32 at 20:48 ET. Expected Economic Data: Fed Minutes from May 7 14:00 ET; Minn Fed Pres Kashkari 4 ET S&P Index 50-day MA: 5590; 100-day MA: 5766; 150-day MA: 5825; 200-day MA: 5777 DJIA 50-day MA: 40,056; 100-day MA: 42,269; 150-day MA: 42,668; 200-day MA: 42,365 (Green is positive slope; Red is negative slope) S&P 500 Index (5921.54 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender is positive; MACD is negative – a close below 5447.29 triggers a buy signal Weekly: Trender is negative; MACD is positive – a close above 5987.57 triggers a buy signal Daily: Trender and MACD are positive – a close below 5758.34 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5829.51 triggers a sell signal Tapper book on Biden’s cognitive decline inadvertently reveals the ‘Original Sin’ began earlier A new book argues the “Original Sin” by Biden was his decision to run again in 2024. But details in the book let it slip that the real effort to hide Biden’s cognitive decline began as far back as 2020… https://justthenews.com/government/white-house/tapper-book-bidens-cognitive-decline-inadvertently-reveals-original-sin-was Protective ‘politburo’ hid Biden’s decline, Tapper and Thompson say Mike Donilon, Biden’s longtime political liaison, Steve Ricchetti, who was sort of the legislative liaison, plus like a friend, Bruce Reed, at times, depending on his situation with the Biden people, Ron Klain. And then there are some people outside the Politburo bureau that are closer to family, which would be obviously Jill Biden, Hunter Biden, but then Jill’s main chief of staff, Anthony Bernal, and sort of his sort of like deputy in some ways, Annie Tomasini, who is often Biden’s traveling chief of staff… Anita Dunn, who is kind of the — she was the czar of communications in the Biden White House… https://www.pbs.org/weta/washingtonweek/video/2025/05/protective-politburo-hid-bidens-decline-tapper-and-thompson-say Tapper admits Democratic cover-up of Biden’s cognitive decline may be ‘worse than Watergate’ https://nypost.com/2025/05/26/us-news/jake-tapper-admits-democratic-cover-up-of-bidens-cognitive-decline-may-be-worse-than-watergate/ The FBI has renewed the investigation into who leaked the Dobbs Decision. @C_3C_3: Sheldon Snook likely leaked the Dobbs decision. Husband of Mary McCord who’s the center of every op to get Trump. Snook was on John Roberts’s staff. Roberts protected Snook because he wanted to damage Trump. Just like Roberts protected the Ukraine impeachment whistleblower. If true, Roberts should resign or be impeached ASAP. @susancrabtree: BREAKING AND EXCLUSIVE: @RCPolitics has obtained video of the fight between two women Secret Service Uniformed Division Officers outside former President Obama’s residence last week after one officer called a supervisor to come before “I whoop this girl’s ass.” The skirmish is raising new questions about whether DEI is still plaguing the USSS despite Trump’s directive to abolish it… https://x.com/susancrabtree/status/1927394294949671141 One of the women showed up late for a shift change. Star Harvard business professor stripped of tenure, fired for manipulating data in studies on dishonesty https://trib.al/nboa0pI @Real_RobN: Tim Walz, the Democrats’ choice for the 2024 vice presidency, on camera says he suffers from PTSD after serving in Afghanistan — while speaking to a Gold Star family. The only problem with that is, the son of bitch never served in Afghanistan, let alone fought in Afghanistan. He should be barred and excommunicated from ever holding public office for desecrating the memory of those who served. https://x.com/Real_RobN/status/1927046014046753177 | |
SWAMP STORIES FOR YOU TONIGHT
‘Politburo’ Secretly Ran Biden White House As Aides Were Willing To Do ‘Undemocratic Things’ To Stop Trump
Wednesday, May 28, 2025 – 06:11 AM
Alex Thompson, co-author of the provocative new book Original Sin: President Biden’s Decline, Its Cover-Up, and His Disastrous Choice to Run Again, has ignited a firestorm across Democrat Party circles, asserting that a secretive cadre of aides ran the White House like a shadowy “politburo” to conceal President Joe Biden’s failing mental health.
Thompson told The Atlantic’s Jeffrey Goldberg that he began questioning the White House’s narrative about Biden’s mental fitness in April 2023, after hearing concerns from administration insiders about Biden’s capacity to endure a reelection campaign or another term. Despite repeated denials from the White House, which labeled such claims false, Thompson’s reporting uncovered a different reality, eroding his trust in their statements. He described a tight-knit group of aides – referred to by some within the administration as the “Politburo” – effectively steering the White House. This inner circle, Thompson noted, included longtime Biden aides like Mike Donilon, Steve Ricchetti, Bruce Reed, and Ron Klain, alongside key figures close to the Biden family, such as First Lady Jill Biden, Hunter Biden, Jill’s chief of staff Anthony Bernal, and deputy Annie Tomasini, who often serves as Biden’s traveling chief of staff.
The term “politburo” refers to the elite inner circle of a communist regime, wielding unchecked power at the top.
We note that Former Secretary of State Antony Blinken and DHS Secretary Alejandro Mayorkas are conspicuously absent from this list.
In an interview, Thompson claimed Biden’s inner circle was prepared to take “undemocratic” measures to hide the former president’s mental decline, desperately clinging to power for another four years while blocking President Donald Trump’s triumphant return to the White House.
“If you believe — and I think a lot of these people do sincerely believe that Donald Trump was and is an existential threat to democracy — you can rationalize anything, including sometimes doing undemocratic things, which I think is what this person is talking about,” Thompson told Fox News host Shannon Bream.
A Biden staffer also reportedly told Thompson that the then-president “just had to win, and then he could disappear for four years.”
“He’d only have to show proof of life every once in a while,” the author said the aide relayed to him. “His aides could pick up the slack.”
“When you’re voting for president, you’re voting for the aides around him,” the aide reportedly said.
Thompson told CNN on Saturday that multiple Biden cabinet members expressed doubts about the president’s ability to handle a critical “2:00 a.m. crisis call.”
“We talked to two cabinet members that believed that he wasn’t up to that. If the 2:00 a.m. crisis phone call, they said like maybe he could have done it, but they did not have confidence that he was at every single day capable of responding to a national security crisis at 2:00 a.m.,” the author told the network. “And just because that 2:00 a.m. crisis did not happen doesn’t mean that it was not irresponsible in the views of these senior members of his own administration.”
“We have Senator Mark Warner in the book Democrat of Virginia saying that he, during a foreign policy national security conversation, they believe that Biden was not really up to snuff on all the issues,” he added. “We also have Senator Michael Bennet of Colorado, a Democrat, also probably running for governor, believing that Biden’s age made him unable to handle the immigration portfolio and all the factions of the Democratic Party which led to such incoherence with the border and immigration policies of this country.”
Last week, Biden’s office announced that the former president was diagnosed with an aggressive form of prostate cancer.
“On Friday he was diagnosed with prostate cancer, characterized by a Gleason score of 9 (Grade Group 5) with metastasis to the bone,” the statement said. “While this represents a more aggressive form of the disease, the cancer appears to be hormone-sensitive which allows for effective management. The President and his family are reviewing treatment options with his physicians.”
Meanwhile, these two seem to have escaped the list unscathed…
GREG HUNTER INTWEVIEWING DR SANSONE
President Trump: Enforce the Bioweapons Act, Pull the CV19 Vax – Dr. Sansone
By Greg Hunter On May 27, 2025 In Political AnalysisNo Comments
By Greg Hunter’s USAWatchdog.com
Dr. Joe Sansone is a Florida psychotherapist that has been a one-man wrecking ball against the CV19 bioweapon vax. He has lawsuits in Florida and a bill pending in the Minnesota Legislature. Dr. Sansone is lining up other bills at state legislatures to get the mRNA vaccines and other mRNA products pulled off the market. Even though the CV19 vax has a huge track record of death and disability, the shots are still on the market. Why? Dr. Sansone says, “I think with politicians, it comes down to one of three things: cowards, corrupt or out of touch. The bottom line is you can’t be America first and look the other way while biological warfare is being carried out against American citizens. It’s really that simple. President Trump should issue an executive order immediately stopping these shots. They violate 18 USC 175 Chapter 10 Biological Weapons. Why do I know that? I have an affidavit right here from Dr. Francis Boyle, the law professor who wrote the 1989 Biological Weapons and Terrorism Act, stating so, and I am using his affidavit in my case in Florida to get the shots off the market. These shots are associated with a 1,238% increase in cardiac arrests, 112,000% increase of brain strokes compared to the regular flu shots. Birth rates are going down, and infant mortality is going up. Lifespans are shortened as much as 37%. This means a kid getting the CV19 shot will be lucky to live into their 50’s. . . . These CV19 vax injections need to come off the market immediately. President Trump does not hesitate to do an executive order. He needs to do an executive order and enforce the US bioweapons law. That’s his job as President of the United States. I get it, Kamala Harris would have been worse. I don’t have Stockholm Syndrome. I see what’s happening to people we know and love, and we have to stop this. We have to stop this.”
Dr. Sansone contends everybody, whether CV19 vaxed or not, should be paying attention to this issue because it affects everybody. Dr, Sansone explains, “The reality is the people you know and love have been targeted with biological and technological weapons of mass destruction. Let me address the phony ‘choice’ argument with these shots. Saying someone has a choice in getting these CV19 shots is like saying you have a right to drink coffee that nobody told you was laced with cyanide, and the guy standing next to you gets sick and dies from the smell. I am talking about the vax shedding. There is no choice here.”
Dr. Sansone’s legislation is very simple, “If you are going to have a law, just have a law recognizing that the CV19 shots are already illegal. That’s what my bill does. . .. there is only one state in the union (Minnesota) recognizing these shots are bioweapons.”
Dr. Sansone has nine affidavits from top experts and doctors backing up his case of pulling the CV19 bioweapons off the market. Dr. Sansone says, “These people knew these CV19 shots were harmful and deadly. People need to go to jail. . . this was sadistic and Satanic. . .. They took pleasure in controlling us, humiliating us. . .. They didn’t just kill people, they created a thing that is going to cause a painful process, creating chronic illness.”
There is much more in the 43-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Dr. Joe Sansone, whose one mission in life is to stop all death and disease-causing mRNA products, which include first and foremost the CV19 bioweapon vax for 5.27.25.
(To Donate to USAWatchdog.com Click Here)
usawatchdog.com/president-trump-enforce-the-bioweapons-act-pull-the-cv19-vax-dr-sansone/
After the Interview:
There is lots of free information at josephsansone.substack.com.
You can get more CV19 mRNA bioweapon news by subscribing, clicking here.
If you want to donate to Dr. Sansone to keep fighting the CV19 vax, click here.
You and also contribute by snail mail below:
Dr. Sansone
END
SEE YOU TOMORROW
H
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