MAY 29/TOMORROW ENDS OPTIONS EXPIRY FOR OTC/LONDON LBMA OPTIONS//GOLD CLOSED TODAY UP $22.35 TO $3319.05 WITH SILVER UP 29 CENTS TO $33.31/PLAITNUM CLOSED DOWN $3.80 TO $1079.35 WITH PALLADIUM UP $9.35 TO 976.70//GOLD COMMENTARY TONIGHT FROM NICK GIAMBURNO/USA QUESTIONS THE POLISH ELECTION//ISRAEL VS HAMAS UPDATES: ISRAEL INTRODUCES LIGHT BEAM LASER WEAPON TO GREAT SUCCESS///ISRAEL VS IRAN UPDATES//COVID UPDATES/VACCINE INJURY REPORTS//RUSSIA VS UKRAINE UPDATES//NEWS ADDICTS//EVOL NEWS//MARK CRISPIN MILLER /DR PAUL ALEXANDER//RABOBANK COMMENTARY TONIGHT//TRADE COURT SO FAR BLOCKS TRUMP’S TARIFF INITATIONS//USA TO START REVOKING CHINESE STUDENT APPLICATIONS//NIPPON STEEL FROM JAPAN SUPPOSEDLY BUYS USA STEEL YET USA STILL HAS CONTROL IN THE USA//OTHER USA ECONOMIC DATA RELEASES //SWAMP STORIES FOR YOU TONIGHT//
323 C HSBC 144 363 H WELLS FARGO SECURITI 114 624 H BOFA SECURITIES 526 661 C JP MORGAN SECURITIES 268
TOTAL: 526 526 MONTH TO DATE: 25,927
JPMORGAN STOPPED 268/528
MAY
GOLD: NUMBER OF NOTICES FILED FOR MAY/2024: 526 CONTRACTs NOTICES FOR 52,600 OZ or 1.6360 TONNES
total notices so far: 25,917 contracts for 2,591,700 OR 80.643 tonnes)
FOR MAY
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 224 NOTICE(S) FILED FOR 1.120 MILLION OZ/
total number of notices filed so far this month : 15,122 CONTRACTS (NOTICES) for 75.60 million oz
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $22.35 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD
INVENTORY RESTS AT 925.61 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $.29 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 ROSE BY A STRONG SIZED 465 CONTRACTS TO 148,020 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS STRONG SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR LOSS OF $0.18 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A HUGE SIZED GAIN OF 840 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A 375 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO WEDNESDAY’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 SUCCEEDED ON WEDNESDAY WITH SILVER’S LOSS 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 375 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR SMALL 229 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN THURSDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A HUGE SIZED 840 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.18.
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 WEDNESDAY NIGHT/THURSDAY MORNING: A SMALL 229 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 $0.18) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH
WE HAD A 375 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 1 CONTRACT E.F.P. TRANSER OF 5,000 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 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ (EX FOR RISK) EQUALS 88.540 MILLION OZ./
WE HAD:
/ STRONG COMEX OI GAIN+// A 375 SIZED EFP ISSUANCE (/ VI) SMALL SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 229 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A SMALL 136 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 20 DAYS, total 5620 contracts: OR 28.100 MILLION OZ (235 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 28.100 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: 28.110 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 465 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.18 IN SILVER PRICING AT THE COMEX// WEDNESDAY.,. . THE CME NOTIFIED US THAT WE HAD A 375 CONTRACT EFP ISSUANCE CONTRACTS: 375 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 15.965 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND NOW MAY:
NEW STANDING FOR MAY REDUCES TO: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING LOWERS TO 88.540 MILLION OZ
THE NEW TAS ISSUANCE WEDNESDAY NIGHT (229 ) 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 224 NOTICE(S) FILED TODAY FOR 1.120 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 7996 OI CONTRACTS TO 429,542 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 1867 CONTRACTS //.
WE HAD A STRONG SIZED DECREASE IN COMEX OI (7996 CONTRACTS) . THIS OCCURRED DESPITE OUR LOSS OF $5.30 IN PRICE// WEDNESDAY///.
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 $5.30 LOSS IN PRICE WITH RESPECT TO WEDNESDAY’S COMEX ///. WE HAD A FAIR SIZED LOSS OF 1925 OI CONTRACTS (5.98 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 HUGE SIZED 7996 CONTRACT:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 429,542/NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!
SILVER ALSO HAS A LOW COMEX OI OF 148,020 CONTRACTS!!
IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1925 CONTRACTS WITH 7996 CONTRACTS DECREASED AT THE COMEX// AND A HUGE SIZED 6071 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 1925 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 955 CONTRACTS
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A HUGE SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS 6071 CONTRACT) ACCOMPANYING THE STRONG SIZED DECREASE IN COMEX OI OF 7996 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 1925 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 80.644 TONNES ( WHICH WHICH INCLUDES TODAY’S 0.000 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 DESPITE HAVING 1)A $5.30 COMEX PRICE LOSS.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED DESPITE THAT LOSS IN PRICE AS WE HAD A TINY LOSS OF 58 CONTRACTS ON OUR TWO EXCHANGES// /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY 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) HUGE SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (6071 CONTRACTS)/// SMALL T.A.S. ISSUANCE: 955 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: 33,636 CONTRACTS OR 3,363,600 OZ OR 104.622 TONNES IN 20 TRADING DAY(S) AND THUS AVERAGING: 1682 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN20 TRADING DAY(S) IN TONNES 104.622 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 104.622 TONNES DIVIDED BY 3550 x 100% TONNES = 2.95% OF GLOBAL ANNUAL PRODUCTION
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: 104.622 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 ROSE BY A STRONG SIZED 465 CONTRACTS OI TO 148,020 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 375 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 375 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 375 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 465 CONTRACTS AND ADD TO THE 375 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 840 CONTRACTS DESPITE THE LOSS IN PRICE OF $0.18 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 4.880 MILLION PAPER OZ
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 THURSDAY MORNING//WEDNESDAY NIGHT
SHANGHAI CLOSED UP 23.51 PTS OR 0.70%
//Hang Seng CLOSED UP 296.23 PTS OR 1.27%
// Nikkei CLOSED UP 710.58 PTS OR 1.88% //Australia’s all ordinaries CLOSED UP 0.15%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1906 OFFSHORE CLOSED UP AT 7.1911/ Oil UP TO 62.92 dollars per barrel for WTI and BRENT UP TO 65.98 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1906 AND STRONGER//OFF SHORE YUAN TRADING UP 7.1911 AGAINST US DOLLAR/ AND THUS STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 7996 CONTRACTS TO 429,542 WITH OUR LOSS IN PRICE OF $5.30 WITH RESPECT TO WEDNESDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A HUGE NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (6071 ).
THE CME ANNOUNCED WEDNESDAY 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 FAIR SIZED LOSS ON OUR TWO EXCHANGES OF 1925 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 SMALL 955 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 ZERO TONNES.
THE TONNAGE STANDING FOR GOLD FOR MAY IS NOW 80.644 TONNES (WHICH INCLUDES TODAY’S QUEUE JUMP OF 0.000 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 HUGE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A HUGE SIZED 6129 EFP CONTRACT WAS ISSUED: : /JUNE 6129 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 6129 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 THURSDAY MORNING/WEDNESDAY NIGHT WAS A SMALL SIZED, 955 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: WEDNESDAY’S AT 0.1275 + YESTERDAY AT .2606 TONNES + ZERO TODAY +EXCHANGE FOR RISK//9.591 TONNES = 90.235 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: 66.276TONNES (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 $5.30/ /) BUT THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A TINY SIZED LOSS IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD LITTLE IF ANY T.A.S. SPREADER LIQUIDATION WEDNESDAY 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)
THURSDAY MORNING/WEDNESDAY 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 WEDNESDAY EVENING/THURSDAY 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.
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 FAIR SIZED TOTAL OF 5.98 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 ZERO CONTRACT QUEUE JUMP FRIDAY, FOR NIL OZ OR 0.000 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 $5.35
WE HAD A MONSTER 1867 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 1925 CONTRACTS OR 192500 0Z (5.98 TONNES)
we have 1 customer entries i) Into malca 111,596.121 oz (3471 kilobars)
total deposit 111,596.121 oz
xxxxxxxxxxxxxxxxI
No of oz served (contracts) today
526 notice(s) 52,600 OZ 1.6360 TONNES
No of oz to be served (notices)
0 contracts 0 OZ 0 TONNES
Total monthly oz gold served (contracts) so far this month
25,827 notices 2,592,700 oz 80.643 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 malca 111,596.121 oz (3471 kilobars)
total deposit 111,596.121 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: 1
withdrawals: 1
i) Out of BRINKS: 137,048.798 oz
total withdrawal: 137,048.798 oz
adjustments: 2//dealer to customer
a) Asahi: 64,334.151 oz
b) Brinks 59,029.236 oz (1836 kilobars)
AMOUNT OF GOLD STANDING FOR MAY
THE FRONT MONTH OF MAY STANDS AT 526 CONTRACTS FOR A LOSS OF 110 CONTRACTS. WE HAD 110 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED 0 CONTRACTS AND THUS WE WITNESS A ZERO OZ QUEUE JUMP FOR 0.000 TONNES. THIS FOLLOWS LAST WEEK’S (MAY 15) RECORD BREAKING 9.987 TONNES. FOR THE PAST 12 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 39,465 CONTRACTS TO 34,779 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 1 MORE TRADING DAYS BEFORE OUR BIG FIRST DAY NOTICE FRIDAY MAY 30. PROBABLY WE WILL HAVE AROUND 90 TO 95 TONNES OF GOLD INITIALLY STAND.
JULY GAINED 526 CONTRACTS TO STAND AT 7036
AUGUST GAINED 29,047 CONTRACTS UP TO 310,961
We had 526 contracts filed for today representing 52,600 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 526 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 226 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 (25,927 X 100 oz ) to which we add the difference between the open interest for the front month of MAY (526 CONTRACTS) minus the number of notices served upon today (526 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 (25,927 x 100 oz +we add the difference for front month of MAY (526 OI} minus the number of notices served upon today (526 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..
i) Out of Brinks 1,450,430.840 ii) Out of CNT 7933.500 oz
total 1,458,364.340 oz
ADJUSTMENTs 5
i) Out of Asahi 1,114,614.300 oz dealer to customer acct
ii) Out of Brinks: 3,491,686.390 oz (leaves dealer)
and then 2,310,541.610 oz enter customer acct of Brinks
and then 1,181,144.740 oz total removed altogether
iii)JPMorgan 6870,761.990 oz dealer to customer
iv) Loomis: 390,458.140 oz dealer to customer
v) Manfra 135,311.382 oz dealer to customer
JPMorgan has a total silver weight: 214.127million oz/498.375 oz million or 42.97%
TOTAL REGISTERED SILVER: 156.572 MILLION OZ//.TOTAL REG + ELIGIBLE. 498.127Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR MAY
silver open interest data:
FRONT MONTH OF MAY /2025 OI: 224 OPEN INTEREST CONTRACTS FOR A LOSS OF 101 CONTRACTS. WE HAD 100 NOTICES FILED ON WEDNESDAY SO WE LOST AGAIN 1 CONTRACT WHICH UNDERWENT AN EFP TRANSER TO LONDON OF 5000 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 309 CONTRACTS DOWN TO 2216 CONTRACTS. JUNE OI REFUSES TO LIQUIDATE
WE WILL PROBABLY HAVE OVER 11 TO 12 MILLION OZ STAND FOR JUNE/AN OFF MONTH
AS IT IS NOW THE FRONT MONTH. WE HAVE 1 MORE TRADING DAYS BEFORE FIRST DAY NOTICE, FRIDAY MAY 30.
JULY LOST 384 CONTRACTS DOWN TO 110,346
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 224 or 1,120,000 oz
CONFIRMED volume; ON WEDNESDAY 45,860 pathetic//
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 15,122 X5,000 oz = 75.610 MILLION oz
to which we add the difference between the open interest for the front month of MAY (224) AND the number of notices served upon today (224 )x (5000 oz)
Thus the standings for silver for the MAY 2025 contract month: (15,122) Notices served so far) x 5000 oz + OI for the front month of MAY(224) minus number of notices served upon today (224)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: 88.540 MILLION OZ
New total standing: 88.540 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 156.572million 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 29 WITH GOLD UP $22.35 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 922.46 TONNES
MAY 28 WITH GOLD DOWN $5.30 TODAY// NO CHANGES IN GOLD AT THE GLD:/ ///INVENTORY RESTS AT 925.61 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
GLD INVENTORY: 925.61 TONNES, TONIGHTS TOTAL
SILVER
MAY 29 WITH SILVER UP $0.29/NO CHANGES AT THE SLV////INVENTORY RESTS AT 457.103 MILLION OZ.
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
CLOSING INVENTORY 457.103 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
PETER SCHIFF
MATHEW PIEPENBERG
NICK GIANMBRUNO
Trump’s Monetary Reset: Is A Gold-Backed Dollar On The Horizon?
“More and more people are asking if a gold standard will end the financial crisis in which we find ourselves. The question is not so much if it will help or if we will resort to gold, but when.
All great inflations end with the acceptance of real money—gold—and the rejection of political money—paper.”
– Ron Paul
Two powerful catalysts are driving the coming monetary reset.
First, the federal debt crisis has reached a breaking point, with skyrocketing interest payments now surpassing defense spending and on track to become the largest single budget item. This trajectory is unsustainable, signaling that a major financial reckoning is imminent.
Second, the Trump administration views the US dollar as severely overvalued, believing it is crippling the economy and that urgent intervention is necessary.
So, what’s the tried-and-true solution to both of these problems?
The answer is clear: a significant dollar devaluation.
Devaluing the dollar is a boon to debtors, especially the US government, allowing it to borrow in dollars and repay in dimes. Short of an outright default—which Washington is unlikely to do—a weaker dollar is the only practical way to address the spiraling debt crisis.
At the same time, devaluation directly addresses the Trump administration’s concern that the US dollar is dangerously overvalued, a problem they believe is crippling American industry and exports.
That’s why a significant dollar devaluation isn’t just possible—I believe it’s a near certainty.
The only question is how the Trump administration will do it. And if history is any guide, gold will once again be at the center of it all.
Before going further, it’s essential to understand Trump’s stance on gold.
It’s no secret that Trump has a deep appreciation for gold—a fact reflected in his buildings, branding, and personal style. From the towering gold letters on his properties to the lavish gold-themed decor of Trump Tower, his affinity for the yellow metal is unmistakable.
Trump’s fascination with gold goes back to the 1970s when he made big profits as a gold investor. After the US government legalized private gold ownership in 1975, he aggressively bought in at around $185 per ounce. Reflecting on the investment, he later remarked:
“We sold in the range of $780, $790. We did very well. It’s easier than the construction business.”
Then, in September 2011, Trump accepted gold bars as a security deposit from a commercial tenant—one of the largest precious metals dealers in the US, APMEX. Instead of cash, the company paid its deposit with three one-kilo gold bars, each 99.99% pure and collectively weighing about 96.5 troy ounces.
“The Trump Organization has always strived to be ‘the gold standard.’ We welcome APMEX as our tenant at 40 Wall, a prestigious and historical location. The legacy of gold as a precious commodity has transcended to become a viable currency and an accepted universal monetary standard. Central banks around the world are holding gold as a reserve asset. It is also a terrific, potentially lucrative diversifier in a portfolio, especially with such volatility in the stock market.”
In a 2015 GQ interview, Trump openly expressed his admiration for a gold-backed monetary system, stating:
“Bringing back the gold standard would be very hard to do, but boy, would it be wonderful. We’d have a standard on which to base our money.”
He echoed this sentiment in another interview when asked about the possibility of returning to a gold standard:
Interviewer: Can you envision a scenario in which this country ever goes back to the gold standard?
Trump: I like the gold standard. There’s something very nice about the gold standard. There’s something very nice about having something solid, you know we used to have a very very solid country because it was based on a gold standard. We don’t have that anymore. There is something very nice about the concept of that.
Trump’s Treasury Secretary, Scott Bessent, shares a similar enthusiasm for gold. In an interview last November, he made his stance clear:
“I think we’re in a long-term bull market in Gold. We’re seeing reserve accumulation by central banks. I follow it closely. It’s my biggest position.”
With both Trump and Bessent signaling a strong interest in gold, the idea of a gold-backed monetary shift is no longer just speculation—it may be part of the broader monetary realignment already in motion.
So, how might gold be involved in a monetary reset today?
A significant dollar devaluation is likely necessary to address the debt crisis and growing trade imbalances. In previous monetary resets, the solution was straightforward—the US government simply revalued gold at a higher price, effectively devaluing the dollar.
However, today’s situation is different. Since 1973, the US government no longer directly sets the price of gold—it now floats freely on the open market.
This raises an important question: How could the Trump administration use gold to weaken the dollar today?
While no one can say for sure, one potential method would be for the US government to print dollars to buy gold on the open market—driving the price of gold higher and, in turn, devaluing the dollar against it.
Remember, Trump has no interest in a minor tweak. He has made it clear that he wants a fundamental and permanent realignment to fix two existential problems: the debt crisis and the overvalued dollar hindering US industry.
Given the scale of these challenges, it’s reasonable to expect a materially higher gold price as part of the solution. A gold price of $10,000, $20,000, or even higher is within the realm of possibility.
Once this major dollar devaluation is achieved, a logical next step could be re-pegging the dollar to gold to ensure monetary stability and restore global confidence. This is where Fort Knox could become relevant again, as its gold reserves would potentially be used to back a new gold-linked dollar.
Pegging the dollar to gold at a much higher price post-devaluation would also drastically reduce the burden of US debt. If gold were revalued to $20,000 per ounce, the 261 million ounces that Washington claims to own would suddenly be worth around $5.2 trillion, significantly strengthening the asset side of the US government’s balance sheet.
The exact form this new gold standard might take is uncertain. The government could back 20%, 40%, or more of the money supply with gold or go to a fully gold-backed system, even allowing gold coins to circulate as legal tender, as they did before the 1933 confiscation.
When we connect the dots, the big picture emerges.
Trump has put Fort Knox’s gold holdings back in the national spotlight, calling for an audit for the first time in decades.
Central bank gold purchases are accelerating at record-breaking levels.
An unusually large influx of physical gold is flowing into the US, far beyond regular market activity—an intriguing development ahead of a potential Fort Knox audit.
The US debt crisis has reached an inflection point and is spiraling out of control, making a monetary reset practically inevitable.
The Trump administration sees the dollar as dangerously overvalued, blaming it for America’s worsening trade imbalances and economic stagnation.
The conditions today are ripe for a monetary reset.
The US has undergone numerous monetary resets in its history, and most have followed the same pattern: gold revaluation and dollar devaluation.
If the Trump administration were to reset the monetary system, it would likely involve devaluing the dollar, revaluing gold to a much higher price, and re-pegging the US dollar to gold. A gold-backed dollar would require an audit of Fort Knox’s reserves.
When you lay out all the facts, it becomes clear that a new monetary reset is likely on the horizon.
All signs point to a historic shift: Trump is eyeing a dollar reset, gold is quietly moving into US vaults, and the debt crisis is reaching a breaking point.
This isn’t speculation—it’s a playbook that’s been used before.
What does it all mean for your money—and how can you turn this shift into opportunity?
Our friend and colleague Jim Rickards has the energy and drive of a 20-year old. I try to read everything he writes, and watch all his media appearances. But sometimes a gem slips through the cracks.
Two months ago, Jim was featured on Daniela Cambone’s Youtube show. This was a gem, and luckily a reader alerted us to it.
The interview took place during the beginning of the trade war tensions, so the first 7:00 minutes of the discussion can be skipped (unless you want a recap).
At the 7:40 minute mark, Daniela and Jim get deep into the fundamentals of gold. How it’s priced, delivered, and traded internationally.
Jim explains that the vast majority of gold is traded as paper contracts.
Only about 1% of gold traded on futures exchanges like the COMEX is ever physically delivered.
Mr. Rickards goes on to explain that exchanges like the COMEX can change the rules whenever they please. For example, when the Hunt Brothers cornered the silver market in 1980, COMEX did not allow them to take physical delivery.
Tampering With The “Primal Forces”
When the topic of Fort Knox gold comes up, Jim says that the gold is all there. However, his concern is whether that gold has been leased (on paper, not physically) to the bullion banks.
“You can have a hundred tonnes of paper gold transactions supported by one physical tonne that got leased by the Treasury to JPMorganChase.”
Gold bugs have long suspected that bullion banks, such as JPMorganChase and Goldman Sachs, have “leased” gold from the U.S. Treasury. And it’s possible that gold has been “rehypothecated” many times, meaning that multiple individuals believe they own the same piece of gold.
Jim notes that when we ask questions about gold leasing, we are essentially “tampering with the primal forces”.
He goes on to explain the difference between allocated and unallocated gold, and how the rehypothecation process works.
This interview is a must-watch for all Jim Rickards fans.
And here is further reading on this fascinating and controversial topic:
Shanghai Futures Exchange to open wider for foreigners to challenge London
Submitted by admin on Tue, 2025-05-27 09:51 Section: Daily Dispatches
By Lewis Jackson Reuters lTuesday, May 27, 2025
BEIJING — The Shanghai Futures Exchange today released draft proposals to further open up domestic futures to overseas investors and brokers as part of an effort to help internationalize the renminbi.
China is the largest consumer of industrial metals by far, but much of the trade is priced by overseas benchmarks. The Shanghai exchange has long been working on plans to build its global presence and challenge the dominance of the rival London Metal Exchange.
The 34 different proposals, which stretch from options trading and hedging to tin futures, aim to “fully introduce overseas participants” and help internationalise the renminbi, the exchange said. …
Ultra-rich increasingly park gold in Singapore as global risks and Trump volatility rise
Submitted by admin on Tue, 2025-05-27 10:16 Section: Daily Dispatches
By Lee Ying Shan CNBC, New York Monday, May 26, 2025
The ultra-wealthy are increasingly moving their gold offshore as economic and geopolitical uncertainty roils markets — and Singapore is emerging as a favored destination.
Not far from the city-state’s airport sits a six-story facility covered in onyx and fortified by tight security. Tucked behind its steel doors are gold and silver bars amounting to about $1.5 billion.
.
Known as “The Reserve,” the storage facility features scores of private vaults and a towering storage chamber lined with thousands of safe deposit boxes reaching three stories high.
From the start of the year to April, the precious metals repository has received an 88% increase in orders to store gold and silver in the vault from the same period in 2024, said its founder, Gregor Gregersen.
The Reserve, which also sells gold and silver bars, saw sales for precious metals bars skyrocket 200% year on year in that time, data provided by The Reserve showed. …
Asia’s $7.5 trillion bet on U.S. assets is suddenly unravelling
Submitted by admin on Wed, 2025-05-28 10:08 Section: Daily Dispatches
By Ruth Carson, Masaki Kondo, Rebecca Choong Wilkins, and Diana Li Bloomberg News Tuesday, May 27, 2025
For decades, Asia’s export powerhouses had a simple financial strategy: Sell goods to the United States, then invest the proceeds in American assets.
That model is now facing its biggest threat since the 2008 global financial crisis as Donald Trump tries to remake global trade and the U.S. economy — upending the logic behind $7.5 trillion of investments from Asia. Some of the biggest money managers say an unwind is just getting started.
For those caught flat-footed by the shift, the pain has already been severe.
A selloff in the dollar after Trump slapped tariffs on most of the world had Taiwanese insurers reporting a $620 million loss in April alone. Then a surge of as much as 8.5% in the value of the Taiwan dollar over two days in early May raised the prospect of $18 billion in currency losses for their unhedged U.S. investments. …
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:STEEL
6 CRYPTOCURRENCY NEWS
ASIAN MARKETS THIS MORNING:
SHANGHAI CLOSED UP 23.51 PTS OR 0.70%
//Hang Seng CLOSED UP 296.23 PTS OR 1.27%
// Nikkei CLOSED UP 710.58 PTS OR 1.88% //Australia’s all ordinaries CLOSED UP 0.15%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1906 OFFSHORE CLOSED UP AT 7.1911/ Oil UP TO 62.92 dollars per barrel for WTI and BRENT UP TO 65.98 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1906 AND STRONGER//OFF SHORE YUAN TRADING UP 7.1911 AGAINST US DOLLAR/ AND THUS STRONGER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1906 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.1911 (CCP MANIPULATED)
SHANGHAI CLOSED UP 23.51 PTS OR 0.70%
HANG SENG CLOSED UP 296.23 PTS OR 1.27%
2. Nikkei closed UP 710.58 PTS OR 1.88%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 99.84// EURO RISES TO 1.1277 UP 38 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 145.36…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and DOWN FOR UP 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 +2.5800/Italian 10 Yr bond yield UP to 3.571 SPAIN 10 YR BOND YIELD UP TO 3.176%
3i Greek 10 year bond yield UP TO 3.343
3j Gold at $3285.50 Silver at: 33.34 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 1 AND 87 /100 roubles/dollar; ROUBLE AT 78.20
3m oil into the 62 dollar handle for WTI and 65 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 145.36// 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 0.8300 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9359 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.
US equity futures are higher, but well off session highs and rapidly losing altitude, after stronger NVDA earnings and a surprise legal block (for now) of Trump’s YTD tariffs, triggering a global risk-on rally. As of 8:00am, S&P futures are up 0.8% at 5,952, erasing half of the overnight post NVDA/tariff gains which briefly saw spoos rise above 6,000. Nasdaq 100 futures are up 1.4% boosted by NVDA which is +6% after delivering a solid sales forecast, and Jensen Huang saying the AI computing market is still poised for “exponential growth.” Mag7/Semis/Cyclicals are outperforming. Bond yields are higher pushing the 10Y yield to 4.52% but so far equities are mostly unbothered. USD is flat, also erasing all overnight gains, while commodities are higher led by energy. Today’s macro data focus is on the first revision to Q1 GDP, jobless claims, and pending home sales. The tariff rule, for now, has pushed the US back to global outperformance with EU the lagging.
In premarket trading, Mag 7 stocks are higher: Nvidia (NVDA) surges 5% after CEO Jensen Huang soothed investor fears about a China slowdown by delivering a solid sales forecast, saying that the AI computing market is still poised for “exponential growth.” Elsewhere Apple +2%, Amazon +2.5%, Tesla +2.3%, Alphabet +1.2%, Meta +1.4%, Microsoft +0.7%. Semiconductor stocks also rally after Nvidia delivered a solid sales forecast, soothing investor fears about a China slowdown. Here are some other notable premarket movers:
Agilent (A) rises 5% after the lab-technology company boosted its revenue forecast.
Burlington Stores (BURL) gains 9% after the clothing retailer reported adjusted earnings per share for the first quarter that beat the average estimate.
C3.ai (AI) jumps 13% after the software company reported fourth-quarter results that beat expectations and announced the renewal of its partnership with Baker Hughes.
Elf Beauty (ELF) rises 9% after the cosmetic company agreed to acquire Hailey Bieber’s beauty brand, Rhode, for $1 billion.
HP Inc. (HPQ) sinks 9% after giving a profit outlook for the current quarter that fell short of expectations and cutting its annual forecast due to a weaker economy and US tariffs on goods from China.
Intellia Therapeutics (NTLA) slumps 16% after the drug developer said a patient in a late-stage trial for a heart disease drug recently experienced a severe side effect, which appears to be resolving.
JD.com (JD) ADRs gain 4% after the company said it’s expanding a partnership with Xiaohongshu for users to access its shopping site via ads placed on the social media platform.
Kohl’s Corp. (KSS) climbs 4% after posting better-than-expected comparable sales, signaling that the retailer’s turnaround plan may be beginning to take hold.
SentinelOne (S) plunges 13% after the maker of security software cut its revenue guidance for the year.
Synopsys (SNPS) rises 4% after the software company reported adjusted second-quarter earnings that beat expectations.
Veeva Systems Inc. (VEEV) climbs 15% after the healthcare-software company boosted its year profit and revenue forecast as 1Q results topped estimates.
The ruling by the US trade court to block most of Trump’s Liberation Day tariffs heralded the latest twist for markets that have swung wildly since Trump announced his so-called reciprocal levies at the start of April. In the ruling, a panel of three judges at the US Court of International Trade in Manhattan sided with Democratic-led states and small businesses that accused Trump of wrongfully invoking an emergency law to justify the bulk of his levies. The order applies to Trump’s global flat tariff, elevated rates on China and others, and his fentanyl-related tariffs on China, Canada and Mexico. Other tariffs imposed under different powers, such as the levies on steel, aluminum and automobiles are unaffected.
“This is a reminder of what the end state is probably going to be — that we end up with a 10 percentage point tariff which, in a very long-term context, is an average number,” said Luke Hickmore, investment director at Aberdeen Group Plc. “Anything under the mid-teens the market will take positively.”
However, as we first reported overnight, many analysts cautioned that Thursday’s optimism could be short-lived, saying that Trump’s administration would find alternative ways to implement its policies. The final decision in the tariff case may also ultimately rest with higher courts, including the US Supreme Court.
“We are unlikely to see the end of the tariff chapter,” Benedicte Lowe, an equity derivatives strategist at BNP Paribas SA, told Bloomberg TV. “Trump is likely to fight for his tariff negotiations. It’s kind of too early to tell.”
Before the trade decision markets were already in a buoyant mood as Nvidia’s solid sales forecast reignited enthusiasm for artificial-intelligence products, despite a drag from China. Tech stocks led gains in premarket trading, with Marvell Technology, Super Micro Computer and ARM Holdings rising more than 3%.
“The AI story is still very much at the frontier of all global productivity for the next decade or two if not longer, so you still want to get exposure when you can,” Seema Shah, chief global strategist at Principal Asset Management, told Bloomberg TV.
“The uncertainty level, already high, has been notched up another step,” said Kit Juckes, head of FX strategy at Societe Generale SA. “More investing and spending decisions will be delayed and foreign holders of US assets will be slightly more uncomfortable than they were.”
European stocks are also higher, pushing the Stoxx 600 up 0.3% and tracking gains in their Asian counterparts. Cyclical sectors such as consumer products, miners and autos outperform, while defensive stocks including utilities and real estate are the biggest laggards. Among individual stocks, ASML rises after Nvidia’s strong sales forecast, while Auto Trader falls on analyst warnings about the outlook for automotive marketplace. Here are the most notable movers:
ASML and other European chip stocks advance on Thursday after Nvidia gave a robust forecast despite a loss of sales in China due to chip restrictions, a sign of continued strong demand for AI-related applications.
BP shares gain as much as 0.9% following reports that the oil giant’s Castrol lubricant business is attracting interest from energy companies and buyout firms.
De’ Longhi shares rise as much as 9.1% in Milan, the most since May 13, after Barclays analyst Gaurav Jain raised his recommendation and target price on the stock.
Atalaya Mining gains as much as 7.6%, climbing to the highest since July 2024, after reporting record quarterly Ebitda and the highest copper production since the second quarter of 2021.
Grenergy Renovables climbs as much as 10%, hitting a record and extending this year’s gains to more than 90%, after RBC makes huge upgrades to both its price target and estimates.
European stocks rise on optimism about a brighter trade outlook after a US court deemed the bulk of President Donald Trump’s global tariffs illegal.
CD Projekt gains as much as 5.1% after the Polish game videogame maker reported better-than-expected first-quarter earnings.
SES rises as much as 2.5% as its $3.1 billion acquisition of Intelsat SA was cleared by the UK’s competition regulator, in a move that will create a satellite giant to better compete with Elon Musk’s Starlink.
Auto Trader shares plummet as much as 12% in London after analysts warned the online automotive marketplace’s outlook is likely to lead to consensus cuts, causing the stock’s year-to-date gains to unravel.
Phoenix Group falls as much as 3.5% as Bank of America downgrades the UK life insurance and pension funds firm to neutral from buy following a rally this year.
Hollywood Bowl shares fall as much as 11%, the most since December, after the bowling center operator said warm spring weather had hurt its business, offsetting a broadly solid result.
DBV Technologies shares fall as much as 3.8% as Goldman Sachs reinstates coverage with a sell rating.
Earlier in the session, Asian equities climbed the most in two weeks, as a US court order against President Donald Trump’s tariffs lifted sentiment. The MSCI Asia Pacific Index rose as much as 1.1%, set for highest close since Sept. 27. Toyota, Sony and Meituan were among the biggest boosts to the regional benchmark. Semiconductor shares gained after Nvidia gave a bullish outlook. Most of Asia’s markets were in the green as worries over US tariffs eased slightly after a trade court deemed the bulk of Trump’s new levies illegal. Gauges in South Korea, Japan and Hong Kong rose more than 1%. Trump’s administration has filed a notice to appeal the ruling.
Asian stocks look set to end May with a second-straight monthly gain as a weaker dollar and Trump’s policies bolstered inflows into the region. Still, uncertainty remains over the outcome of Trump’s appeal and progress on individual countries’ trade deals with the US.
In FX, the Bloomberg Dollar Spot Index is little changed having surrendered most it’s early rally. The Swiss franc and Japanese yen are the weakest of the G-10 currencies, falling 0.2% each. The Dollar initially rallied across the board on the headlines but managed to retrace these gains by the time NY sat down while futures climbed higher. Such price action highlights that the USD can underperform as non-US investors increase their hedge ratios rather than meaningful changes in risk asset allocations. FX vols have remained stable as front-end gamma climbed higher, which our traders note (Costello) is justified by spot moves and a premium for further on/off headlines/appeals over the next month or so. The Euro complex is trading mostly flat, underperforming overnight relative to their typical beta to risk. CNH and CAD are marginally gaining on the Dollar and outperformed overnight which reflects the more direct relief for their domestic economies implied by a potential suspension of the current US tariffs.
In rates, treasuries are heading lower, pushing US 30-year yields up 3 bps to 5.01%, after a court ruling blocked some of Trump’s import tariffs, resulting in an annual funding shortfall of about $250BN which will have to be plugged with more debt. Downside pressure on Treasuries also seen after positive sentiment from Nvidia Corp. posting another set of strong results. US yields are cheaper by 3bp to 4.5bp across the curve with losses led by intermediates, cheapening belly of the curve vs. front and long-end. US 10-year yields trade around 4.515% with bunds and gilts both outperforming by around 2bp in the sector. US session focus includes $44 billion 7-year note sale, adding duration risk for the session, along with a bunch of Federal Reserve speakers and weekly jobless claims.
In commodities, oil is climbing, with WTI rising 1.2% to $62.60 a barrel, while Bitcoin is up 1% and above $108,000. Spot gold is down $4 to around $3,280/oz.
On today’s calendar US economic data includes 1Q second GDP estimate, initial jobless claims (8:30am) and April pending home sales (10am). Fed speaker slate includes Barkin (8:30am), Goolsbee (10:40am), Kugler (2pm), Daly (4pm) and Logan (8:25pm)
Market Snapshot
S&P 500 mini +1.0%
Nasdaq 100 mini +1.5%
Russell 2000 mini +1.2%
Stoxx Europe 600 +0.3%
DAX +0.5%, CAC 40 +0.8%
10-year Treasury yield +4 basis points at 4.52%
VIX -0.8 points at 18.53
Bloomberg Dollar Index little changed at 1220.68
euro -0.1% at $1.1278
WTI crude +1.3% at $62.63/barrel
Top Overnight News
US futures got a boost after most of Donald Trump’s tariffs were deemed illegal by the US trade court, blocking them for now. The panel of three judges — who ruled unanimously — gave the administration 10 days to “effectuate” its order; the White House is appealing. BBG
House Republicans’ tax package is now expected to cost nearly $4 trillion, thanks in part to a last-minute deal to further increase a cap on state and local tax deductions. Politico
Musk said his scheduled time as a special government employee is coming to an end, while a White House official said Elon Musk leaving the administration is accurate and his off-boarding would begin on Wednesday night.
White House plans to send a small package of DOGE spending cuts to Congress next week: Politico.
The US will start “aggressively” revoking visas for Chinese students with connections to the CCP or studying in critical fields, Marco Rubio said. Fox reported that the State Department will investigate all visa holders associated with Harvard. BBG
The Trump admin has suspended some sales to China of critical US technologies, including those related to jet engines, semiconductors, and certain chemicals and machinery. The move is a response to China’s recent restrictions on exports of critical minerals to the US. NYT
Japan’s top trade negotiator Ryosei Akazawa is headed to Washington for a fourth round of talks despite the US trade court ruling. He hopes to meet Treasury Secretary Scott Bessent before returning Sunday. BBG
South Korea’s central bank cut its policy rate by 25bp (as expected) and slashed its 2025 growth outlook, signaling more easing to come. WSJ
The UK plans to mandate pension funds to invest in private markets and the domestic economy. Industry leaders have argued it conflicts with their fiduciary duties. BBG
Nvidia (+5.8%) shares jumped premarket after it delivered an upbeat sales forecast. CEO Jensen Huang renewed his appeal to the Trump administration to allow it to produce chips for China again. BBG
Elon Musk said his “scheduled time” as a formal adviser to Trump is coming to a close. As for DOGE, Trump and Musk have previously declined to detail a succession plan for the effort, which the president originally gave a sunset date of July 4, 2026. BBG
NY Fed said it will start morning standing repo facility operations on June 26th with offerings to take place between 08:15-08:30ET and will maintain afternoon standing repo facility offerings.
Bank of America Total Card Spending (w/e May 24th) +0.2% (April average +1%); initial read suggestive of softer Memorial Day spending weekend likely due to colder weather.
Trade/Tariffs
Manhattan-based Court of International Trade blocked President Trump’s Liberation Day tariffs in a ruling related to a case brought on behalf of five small businesses that import goods from other countries. It was also reported that US President Trump’s administration filed an appeal following the ruling by the Court of International Trade and the White House stated it is not for unelected judges to decide how to properly address a national emergency.
Goldman Sachs noted that the ruling on Liberation Day tariffs gives the administration 10 days to halt tariff collection but does not affect sectoral tariffs and the admin can impose across-the-board tariff and country-specific tariffs under other legal authorities.
US President Trump ordered US chip designers to stop selling to China, according to FT. Trump administration told US companies that offer software used to design semiconductors to stop selling their services to Chinese groups, in the latest attempt to make it harder for China to develop advanced chips. Several people familiar with the move said the Commerce Department told Electronic Design Automation groups, which include Cadence, Synopsys and Siemens EDA, to stop supplying their technology to China and in some cases, the Commerce Department has suspended existing export licenses or imposed additional license requirements while the review is pending.
US Secretary of State Rubio said the US will begin revoking visas of Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields and it will also revise visa criteria to enhance scrutiny of all future visa applications from the People’s Republic of China and Hong Kong.
US halts exporting aircraft engine technology and chip software to China, according to NYT.
UK is seeking to accelerate the implementation of trade deals with the US when Business Secretary Reynolds meets with US Commerce Secretary Lutnick next week, according to FT.
Japanese PM Ishiba said to be arranging call with US President Trump on Thursday evening.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly higher with sentiment underpinned following NVIDIA’s earnings and after the Manhattan-based Court of International Trade blocked President Trump’s Liberation Day tariffs and deemed that the sweeping tariffs under the emergency powers law were unlawful. However, the Trump administration has since filed an appeal and has other tools it could apply to maintain such tariffs. ASX 200 was led higher by outperformance in energy, telecoms and tech although gains were capped with miners, real estate and defensives at the other end of the spectrum. Nikkei 225 outperformed and climbed back above the 38,000 level following the recent currency weakness and blow to Trump’s tariff agenda. Hang Seng and Shanghai Comp conformed to the constructive mood although US-China frictions lingered after the Trump administration ordered US chip designers to stop selling to China and US Secretary of State Rubio announced to ‘aggressively’ revoke visas of Chinese students.
Top Asian News
BoK cut the 7-day Repo Rate by 25bps to 2.50%, as expected, with the decision made unanimously. BoK said it will maintain its rate cut stance to mitigate downside risks to economic growth and will adjust the timing and pace of any further base rate cuts, while it is to closely monitor changes in domestic and external policy environments. The central bank also stated that South Korean exports are seen continuing to slow down and that a high degree of uncertainty in the trade environment is a risk to growth. Furthermore, BoK Governor Rhee said they see bigger room for further cuts given the downside risks to growth and noted that four board members saw room for further cuts for the next three months.
Japan’s Finance Minister Kato says will monitor financial markets moves including super-long bond trade. See large movement in super-long bond yield at the moment. Will conduct through communications with market players. Able to deepen discussions with US Treasury Secretary Bessent about a basic understanding of FX policy. Did not discuss about FX levels at all with the previous discussion with Bessent.
European bourses (STOXX 600 +0.3%) opened with a strong positive bias with sentiment boosted following well received NVIDIA results and after the Manhattan-based Court of International Trade blocked President Trump’s Liberation Day tariffs. Sentiment has waned in recent trade, but with indices still broadly in the green. European sectors hold a positive bias, with the more cyclicals sectors topping the pile. Tech takes the top spot, with sentiment in the sector boosted after strong NVIDIA results afterhours; ASML +2.7%.
Top European News
Slovakian court says ECB’s Kazmir (Hawkish) has been found guilty of bribery, via Bloomberg; given a 200k fine, according to Reuters
FX
The dollar is extending recent gains, buoyed by Wednesday’s legal ruling that curtailed the scope of President Trump’s tariff powers, whilst the FOMC minutes did little to shift the dial. Broader market sentiment is also supported by NVIDIA earnings. DXY touched a high of 100.48 overnight before waning and returning back to 100 at the time of writing (vs low 99.98).
EUR/USD is softer following the US court ruling that limits Trump’s tariff powers – a development that marginally improves US growth prospects and supports the dollar by narrowing its risk premium. EUR/USD currently resides in a 1.1209-1.1297 range at the time of writing, with the 50 DMA seen at 1.1183.
JPY weakens amid an unwind in risk premium following the aforementioned US court ruling on US President Trump’s Liberation Day tariffs. Japan’s Finance Minister Kato overnight said they will monitor financial market moves including super-long bond trade. On FX, Kato said they are able to deepen discussions with US Treasury Secretary Bessent about a basic understanding of FX policy, and did not discuss FX. USD/JPY trades on either side of its 50 DMA (145.35) in a 144.73-146.28 intraday range.
GBP is more resilient to the dollar strength, potentially amid reports that the UK is seeking to accelerate the implementation of trade deals with the US when Business Secretary Reynolds meets with US Commerce Secretary Lutnick next week, according to FT. GBP/USD resides in a 1.3409-1.3474 range as attention now turns to BoE’s Breeden and Bailey.
Antipodeans are diverging with the AUD benefitting despite a miss in Capex data, but the currency is boosted by the aforementioned trade developments. The Kiwi is giving back some of the post-RBNZ upside.
PBoC set USD/CNY mid-point at 7.1907 vs exp. 7.2023 (Prev. 7.1894).
Fixed Income
USTs are softer with fixed losing out due to its usual haven properties amid the constructive risk tone. In brief, the tone is buoyed by well-received NVIDIA earnings and the US CIT ruling that Trump’s Liberation Day tariffs are unlawful. Across the morning, this has sent USTs to a 109-26+ base, taking out Wednesday’s trough but stalling just shy of the WTD base at 109-24+. The docket features weekly claims, Q1 PCE/GDP (2nd), 7yr supply and Fed speak. Fed speak includes Barkin and Daly, no text expected, in addition to Goolsbee and Kugler where a text is expected.
German paper also hold a bearish bias, which has pushed Bunds to a 130.39 base, which as is the case for USTs, has stopped just before the 130.15 WTD low. Specifics for the bloc are a little light so far, we await the first of a regular series of calls between EU Trade Commissioner Sefcovic, US Commerce Secretary Lutnick and USTR Greer later on today. A call which will perhaps draw even greater interest after the referenced CIT ruling. As the morning progresses the risk tone has faded a touch from best, more so in Europe than in US futures, and as such EGBs have lifted off worst by around 20 ticks for Bunds.
Gilts are falling the risk tone and are also in the red. Down to a 90.70 base but has since bounced off worst, the move is slightly more pronounced than the discussed one in EGBs, owing to the UK tone pulling back the hardest and particularly an easing in energy benchmarks from highs, of particular note for the FTSE 100 given its exposure to the sector.
HSBC has cut exposure to US Treasurys and extended its underweight in developed market sovereigns, warning yields above 4.7% could trigger broad risk-off moves, WSJ reports.
UK sells GBP 3.2bln 0.125% 2031 I/L, via tender: b/c 2.57x, real yield 0.827%.
Crude has been boosted amid the upbeat sentiment driven by the US Court Ruling on Trump’s tariffs and an NVIDIA earnings beat – crude benefits with the contracts higher by USD 0.75/bbl. Energy-specific updates have been light aside from Kazakhstan reiterating that it cannot cut oil production right now and hopes to increase output to above its current plan later this year. Brent sits in a USD 64.55-65.50/bbl parameter.
Spot gold is subdued amid haven outflows emanating from the aforementioned tariff updates, which unwinds some risk premium across havens. Spot gold trades in a USD 3,245.56-3,295.24/oz range at the time of writing, with the 50 DMA seen at USD 3,222.38/oz.
Copper is benefitting from the risk environment. Specifically, it trades within a USD 9,561.3-9,645.4/t range and is currently approaching session highs.
US Private Inventory Data (bbls): Crude -4.2mln (exp. +0.1mln), Distillate +1.3mln (exp. +0.5mln), Gasoline -0.5mln (exp. -0.5mln), Cushing -0.3mln.
Iraqi Oil Minister urged commitment to agreements reached in the OPEC+ meeting and affirmed that unity of stance is crucial for the stability of oil markets, according to a statement.
Libya’s eastern-based government may announce a force majeure on oil fields and ports citing repeated assaults on the National Oil Corporation.
Kazakhstan’s Energy Minister says he thinks oil price above USD 70-75/bbl is suitable for all countries; Kazakhstan is not the reason why oil price is declining, due to its relatively small output.
Geopolitics
Russia’s Kremlin says there are currently no plans for Russian President Putin to speak to US President Trump; have had no answer from Kyiv on June 2nd talks. Main thing right now is to continue the direct Russia-Ukraine talks Its not constructive to claim Russia is delaying the process.
US Event Calendar
8:30 am: 1Q S GDP Annualized QoQ, est. -0.3%, prior -0.3%
8:30 am: 1Q S Personal Consumption, est. 1.7%, prior 1.8%
8:30 am: 1Q S GDP Price Index, est. 3.7%, prior 3.7%
8:30 am: 1Q S Core PCE Price Index QoQ, est. 3.5%, prior 3.5%
8:30 am: May 24 Initial Jobless Claims, est. 230k, prior 227k
8:30 am: May 17 Continuing Claims, est. 1893k, prior 1903k
10:00 am: Apr Pending Home Sales MoM, est. -1%, prior 6.1%
DB’s Jim Reid concludes the overnight wrap
As we go to press this morning, there’s been another major development in US tariff policy overnight, as the US Court of International Trade has ruled that the Trump administration did not have the authority to impose most of the tariffs that have been announced. We should say at the outset that this is hardly the end of this story, as the administration are appealing this decision. But already, markets have seen a substantial rally in response, with futures on the S&P 500 up +1.60% overnight, whilst the US dollar index is up +0.37% as well. That’s echoed around the world too, with all the major equity indices advancing in Asia, whilst futures on the German DAX are up +0.96%.
In terms of the court ruling, they said that the administration had exceeded their legal authority, and that the International Emergency Economic Powers Act (IEEPA) “does not authorize the President to impose unbounded tariffs.” So this is a huge development, and the court gave the administration 10 days in order to “effectuate” the judgement. Bear in mind that this ruling covers the 10% baseline tariffs, the 25% tariffs on Canadian and Mexican products, the extra 20% on China, as well as all the reciprocal tariffs that have been paused until July 9. However, there are a few exceptions not covered by the ruling, including the tariffs on steel, aluminum and automobiles.
In response, the Justice Department have filed an appeal with the US Court of Appeals, and it’s possible that this case could go to the Supreme Court. But we haven’t heard directly from President Trump on the matter yet, so it’s unclear how the administration might respond going forward. This could also have broader revenue implications, as they had been hoping to use tariffs as a source of revenue to fund other tax cuts.
If the ruling did remain in place, preventing the use of tariffs under IEEPA, one option for the administration would be to expand the use of other tariff instruments, like the Section 232 on national security grounds, which have been used for autos, steel and aluminium tariffs. But this is clearly a setback for their tariff strategy, and it’s also going to complicate its current attempts to negotiate concessions from trading partners, given the possibility the tariffs might not come into force once the 90-day extension period is over.
The tariff developments have overshadowed the previous day’s news, but sentiment also got a boost from Nvidia’s results after the US close yesterday, as the company delivered upbeat sales guidance. There was only a modest revenue beat for Q1 ($44.1bn vs $43.3bn expected), but the chip giant projected revenue of $45bn for Q2, meeting analyst expectations even as the company projected that restrictions on shipments of AI chips to China would cost it $8bn in sales. Nvidia’s shares rose by nearly 5% in post-market trading after falling -0.51% in the regular session, and futures on the NASDAQ 100 are up +1.92% this morning. However, before Nvidia’s release, tech stocks had lost ground after the FT reported that the Trump administration had ordered US companies that offer chip design software to stop selling to China. Affected companies slumped on the news, including Cadence Design Systems (-10.67%) and Synopsys (-9.64%), while the Magnificent 7 fell -0.53%, having been near flat prior to the reporting.
With all that in hand, markets in Asia are performing very strongly this morning, with gains for the Nikkei (+1.56%), the KOSPI (+1.76%), the Hang Seng (+0.65%), the CSI 300 (+0.68%) and the Shanghai Comp (+0.72%). That outperformance in South Korea also comes after the Bank of Korea delivered a 25bp rate cut overnight, in line with expectations, taking the policy rate down to 2.5%. They also cut their growth forecast for this year to 0.8%.
Before all that, the main story of yesterday had come on the rates side, as bonds came under fresh pressure on both sides of the Atlantic. The main catalyst for that was the weak 40yr auction in Japan we mentioned yesterday, which in turn carried over into the European and US sessions. This saw the 30yr Treasury yield (+2.5bps) move back above 5% intraday, before closing just shy of that at 4.98%. Bonds did reverse some of their initial sell off following a solid 5yr auction that saw primary dealer takeup fall to its lowest in over two years. Still, Treasury yields were higher across the curve, with the 2yr yield up +0.8bps and 10yr yield rising +3.4bps. That move has continued overnight given the risk-on tone, with the 2yr up another +2.5bps to 4.01%, whilst the 10yr is up +2.6bps to 4.50%.
That rise in yields has come as markets continue to dial back their expectations for Fed rate cuts. Indeed, the amount priced in by December is now down to just 44bps, the fewest since February. Moreover, there were no hints of imminent easing in yesterday’s Fed minutes, which re-iterated that “the committee was well positioned to wait for more clarity on the outlooks for inflation and economic activity” and saw an increased focus on the risk of inflation expectations drifting upward. On the downside, the Fed “staff viewed the possibility that the economy would enter a recession to be almost as likely as the baseline forecast”, though one should note that the meeting was on May 7, shortly before the delay in US-China tariffs.
Back in Europe, sovereign bond yields also moved higher yesterday, which came amidst growing concern about inflation. In part, matters weren’t helped by higher oil prices, with Brent crude up +1.26% on the day to $64.90/bbl. But then we also had the ECB’s latest survey of consumer expectations, which found that 1yr inflation expectations were up to +3.1% in April, the highest in 14 months. So that added to fears that inflation could remain sticky above the ECB’s target, particularly with their next policy decision coming up in just a week.
All that meant yields rose across the continent, with those on 10yr bunds (+2.3bps), OATs (+2.0bps) and BTPs (+1.8bps) all moving higher. Yet despite the risk-off tone elsewhere, sovereign bond spreads tightened further, with the 10yr Italian spread over bunds down to just 98bps, the tightest since September 2021. Nevertheless, UK gilts continued to struggle, with the 10yr yield (+6.1bps) seeing a larger increase in yields to 4.73%.
With yields moving higher again, that meant it was a difficult backdrop for equities, which struggled on both sides of the Atlantic. For instance, the S&P 500 (-0.56%) fell back after the previous day’s +2.05% surge. And over in Europe it was much the same story, with the STOXX 600 (-0.61%), the DAX (-0.78%) and the FTSE 100 (-0.59%) all moving lower. However, one relative outperformer was Canada’s S&P/TSX Composite (+0.05%), which just about managed to eke out another record high, having now advanced for 15 of the last 16 sessions.
To the day ahead now, and US data releases include the weekly initial jobless claims, the second estimate of Q1 GDP, and pending home sales for April. Otherwise, Central bank speakers include the Fed’s Barkin, Goolsbee, Kugler, Daly and Logan, along with BoE Governor Bailey.
2b) European opening report
2c) Asian report
Risk-on following NVIDIA beat & court tariff ruling – Newsquawk Europe Market Open
Thursday, May 29, 2025 – 01:51 AM
APAC stocks were mostly higher with sentiment underpinned following NVIDIA’s earnings and after the Manhattan-based Court of International Trade blocked President Trump’s Liberation Day tariffs.
NVIDIA (NVDA) shares rose 4.9% after hours following earnings which beat on top and bottom lines despite incurring a USD 4.5bln charge in Q1; Q2 revenue outlook 45.0bln (exp. 46.4bln).
US President Trump ordered US chip designers to stop selling to China, according to FT; US halts exporting aircraft engine technology and chip software to China, according to NYT.
FOMC Minutes stated participants agreed they were well positioned to wait for more clarity on the outlook.
European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 1.4% after the cash market closed with losses of 0.7% on Wednesday.
Looking ahead, highlights include Spanish Retail Sales, Italian Industrial Sales, US GDP 2nd Estimate (Q1), Core PCE Prices (Q1), Jobless Claims, SARB Policy Announcement, Swiss & Scandinavian Holiday, Speakers including Fed’s Barkin, Goolsbee, Kugler & Daly, BoE’s Bailey & Breeden, Supply from Italy & US Earnings from Marvell, Costco, Dell, Gap, ULTA, Foot Locker, Best Buy & Kohl’s.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 day
US TRADE
EQUITIES
US stocks were mildly pressured and the major indices all finished lower to give back some of this week’s gains, while there were some headwinds from US-China frictions with pressure seen in the likes of Cadence Systems and Synopsys after it was reported that US President Trump ordered US chip designers to stop selling to China, while a US Commerce spokesperson said the US is reviewing exports of strategic significance to China and has suspended some export license while review takes place.
Nonetheless, futures pared some of the losses after-hours following NVIDIA’s earnings which beat on top and bottom lines despite incurring a USD 4.5bln charge in Q1.
FOMC Minutes stated participants agreed they were well positioned to wait for more clarity on the outlook and these participants noted that a durable shift in such correlations or a diminution of the perceived safe-haven status of US assets could have lasting implications for the economy. Participants saw uncertainty about their economic outlooks as unusually elevated and noted they may face difficult trade-offs if inflation proved more persistent while outlooks for growth and employment weakened.
Furthermore, almost all participants commented on the risk that inflation could prove more persistent than expected and participants agreed that uncertainty about the outlook had increased and it was appropriate to take a cautious approach to monetary policy.
TARIFFS/TRADE
Manhattan-based Court of International Trade blocked President Trump’s Liberation Day tariffs in a ruling related to a case brought on behalf of five small businesses that import goods from other countries. It was also reported that US President Trump’s administration filed an appeal following the ruling by the Court of International Trade and the White House stated it is not for unelected judges to decide how to properly address a national emergency.
Goldman Sachs noted that the ruling on Liberation Day tariffs gives the administration 10 days to halt tariff collection but does not affect sectoral tariffs and the admin can impose across-the-board tariff and country-specific tariffs under other legal authorities.
US President Trump ordered US chip designers to stop selling to China, according to FT. Trump administration told US companies that offer software used to design semiconductors to stop selling their services to Chinese groups, in the latest attempt to make it harder for China to develop advanced chips. Several people familiar with the move said the Commerce Department told Electronic Design Automation groups, which include Cadence, Synopsys and Siemens EDA, to stop supplying their technology to China and in some cases, the Commerce Department has suspended existing export licenses or imposed additional license requirements while the review is pending.
US Secretary of State Rubio said the US will begin revoking visas of Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields and it will also revise visa criteria to enhance scrutiny of all future visa applications from the People’s Republic of China and Hong Kong.
US Commerce Department spokesperson said the US is reviewing exports of strategic significance to China and has suspended some export licenses while the review takes place.
US halts exporting aircraft engine technology and chip software to China, according to NYT.
UK is seeking to accelerate the implementation of trade deals with the US when Business Secretary Reynolds meets with US Commerce Secretary Lutnick next week, according to FT.
NOTABLE HEADLINES
NY Fed said it will start morning standing repo facility operations on June 26th with offerings to take place between 08:15-08:30ET and will maintain afternoon standing repo facility offerings.
White House plans to send a small package of DOGE spending cuts to Congress next week, according to Politico.
Elon Musk said his scheduled time as a special government employee is coming to an end, while a White House official said Elon Musk leaving the administration is accurate and his off-boarding would begin on Wednesday night.
APAC TRADE
EQUITIES
APAC stocks were mostly higher with sentiment underpinned following NVIDIA’s earnings and after the Manhattan-based Court of International Trade blocked President Trump’s Liberation Day tariffs and deemed that the sweeping tariffs under the emergency powers law were unlawful. However, the Trump administration has since filed an appeal and has other tools it could apply to maintain such tariffs.
ASX 200 was led higher by outperformance in energy, telecoms and tech although gains were capped with miners, real estate and defensives at the other end of the spectrum.
Nikkei 225 outperformed and climbed back above the 38,000 level following the recent currency weakness and blow to Trump’s tariff agenda.
Hang Seng and Shanghai Comp conformed to the constructive mood although US-China frictions lingered after the Trump administration ordered US chip designers to stop selling to China and US Secretary of State Rubio announced to ‘aggressively’ revoke visas of Chinese students.
US equity futures gained with Nasdaq futures front-running the advances after NVIDIA reported better-than-expected earnings and with sentiment also lifted by the latest tariff-related developments.
European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 1.4% after the cash market closed with losses of 0.7% on Wednesday.
FX
DXY extended on recent gains and climbed back above the 100.00 level as the dollar was gradually lifted following news that the Manhattan-based Court of International Trade blocked President Trump’s Liberation Day tariffs, although the Trump administration has filed an appeal against the ruling. Conversely, US-China frictions lingered after the Trump administration ordered US chip designers to stop selling to China and US Secretary of State Rubio announced to ‘aggressively’ revoke visas of Chinese students, while there was a lack of fireworks from the FOMC Minutes which reinforced the wait-and-see message and noted that staff cited tariff policies as implying a larger drag on activity than policies they had assumed in their prior forecast.
EUR/USD gave way to the firmer buck and slipped further beneath the 1.1300 handle with tariff developments in the spotlight, while participants also await trade talks with EU Trade Commissioner Sefcovic to speak with US Commerce Secretary Lutnick and USTR Greer on Thursday and then on every other day.
GBP/USD remained lacklustre in the absence of any major fresh catalysts for the UK and ahead of comments from BoE’s Bailey and Breeden.
USD/JPY continued its recent advances and briefly reclaimed the 146.00 handle owing to the firmer buck and haven currency outflows.
Antipodeans traded somewhat mixed in which AUD/USD was rangebound and largely unaffected by the private capex data, while NZD/USD gradually pared the gains from the recent hawkish RBNZ rate cut with the currency not helped by weaker NAB Business Confidence survey.
PBoC set USD/CNY mid-point at 7.1907 vs exp. 7.2023 (Prev. 7.1894).
FIXED INCOME
10yr UST futures briefly dipped beneath the 110.00 level as risk sentiment was supported following the US court ruling on Trump’s tariffs, while FOMC minutes were also recently in the spotlight but proved to be a damp squib.
Bund futures gapped lower after hitting resistance at the 131.00 level and amid haven outflows.
10yr JGB futures clawed back opening losses and eked mild gains despite the lack of catalysts but follows the recent Japanese yield volatility.
COMMODITIES
Crude futures remained firmer after gaining throughout the prior US session where there was a lack of fresh developments from the OPEC+ meeting with markets focused on the Saturday meeting between the eight members conducting voluntary cuts. Nonetheless, there was further upside overnight with prices underpinned after private inventory data showed a surprise drawdown in headline crude stockpiles and as sentiment was underpinned by reports that a US federal court deemed US President Trump’s Liberation Day tariffs were unlawful.
US Private Inventory Data (bbls): Crude -4.2mln (exp. +0.1mln), Distillate +1.3mln (exp. +0.5mln), Gasoline -0.5mln (exp. -0.5mln), Cushing -0.3mln.
Iraqi Oil Minister urged commitment to agreements reached in the OPEC+ meeting and affirmed that unity of stance is crucial for the stability of oil markets, according to a statement.
Kuwaiti Oil Minister affirmed support for efforts for the stability of global oil markets, according to the state news agency.
Libya’s eastern-based government may announce a force majeure on oil fields and ports citing repeated assaults on the National Oil Corporation.
Spot gold trickled lower as the dollar strengthened and havens were shunned after the US trade court’s tariff ruling.
Copper futures rebounded off this week’s trough amid the positive risk appetite but with the upside capped as US-China frictions lingered.
CRYPTO
Bitcoin was ultimately flat after oscillating back and forth of the USD 108k level.
NOTABLE ASIA-PAC HEADLINES
BoK cut the 7-day Repo Rate by 25bps to 2.50%, as expected, with the decision made unanimously. BoK said it will maintain its rate cut stance to mitigate downside risks to economic growth and will adjust the timing and pace of any further base rate cuts, while it is to closely monitor changes in domestic and external policy environments. The central bank also stated that South Korean exports are seen continuing to slow down and that a high degree of uncertainty in the trade environment is a risk to growth. Furthermore, BoK Governor Rhee said they see bigger room for further cuts given the downside risks to growth and noted that four board members saw room for further cuts for the next three months.
DATA RECAP
Australian Capital Expenditure (Q1) -0.1% vs. Exp. 0.5% (Prev. -0.2%)
Australian Private Capital Expenditure for 2024-25 (AUD)(Estimate 6) 187.6B (Prev. 183.4B)
Australian Private Capital Expenditure for 2025-26 (AUD)(Estimate 2) 155.9B (Prev. 148.0B)
New Zealand ANZ Business Outlook (May) 36.6% (Prev. 49.3%)
New Zealand ANZ Own Activity (May) 34.8% (Prev. 47.7%)
GEOPOLITICS
MIDDLE EAST
US President Trump said they are having good Iran talks and warned Israeli PM Netanyahu against Iran action which he said is not appropriate. Furthermore, he wants to go into Iran with inspectors and said Iran wants to make a deal, while he noted a deal could happen over the next few weeks and he told Netanyahu that they are close to a solution.
Iran may agree to pause nuclear enrichment work temporarily if the US recognises Tehran’s right to enrich Uranium for civilian uses, while any temporary halt to nuclear activity under a “political agreement” would also require the US to release frozen Iranian funds, according to Reuters citing sources. However, it was later reported that Tehran denied a Reuters report of halting uranium enrichment for a year and said the continuation of enrichment in Iran is a non-negotiable principle, according to Iran International.
RUSSIA-UKRAINE
US President Trump said “can’t tell you if Putin wants to end the war” and will find out soon, while he added that they will respond differently if Putin is playing them and it will take about a week to find out. Trump also stated he is disappointed in what happened in Ukraine and will sit down with Zelensky and Putin if necessary.
Ukraine’s Defence Minister said he handed over the Ukrainian version of the memorandum to the head of the Russian delegation and Russia continues to delay the delivery of their version, while Ukraine is not opposed to further meetings but waits for a memorandum from the Russian side.
Russian Foreign Minister Lavrov proposed that the next round of Russia-Ukraine talks take place on June 2nd in Istanbul, according to Interfax. It was separately reported that Lavrov informed US Secretary of State Rubio of the preparation of concrete proposals to resolve the Ukrainian conflict, while Lavrov told Rubio of the proposed new round of talks between Russia and Ukraine.
EU/UK
NOTABLE HEADLINES
ECB’s Knot said near-term growth and inflation risks are to the downside, while the medium-term inflation outlook is more ambiguous.
ECB’s Villeroy said he does not see inflation picking up in Europe.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN
3C CHINA
4..EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
POLAND/EU
US Lawmakers Demand Answers From Brussels Over Alleged Foreign Interference In Polish Election Campaign
Several senior members of the U.S. House of Representatives have written to European Commission President Ursula von der Leyen demanding answers over what they describe as possible foreign interference in Poland’s presidential election campaign.
The letter, led by Foreign Affairs Committee Chairman Brian Mast, calls on the European Commission to investigate a wave of political advertisements that allegedly violated Polish election law by promoting opposition candidate Rafał Trzaskowski and discrediting his rivals, PiS-backed Karol Nawrocki and Confederation-backed Sławomir Mentzen.
The letter was also signed by Keith Self, chairman of the House Subcommittee on Europe, and five other Republican lawmakers. The group cites investigative reporting by Wirtualna Polska, which linked the online ads to Estratos, an Austrian company reportedly backed by Americans with ties to the Democratic Party, as well as a Polish NGO that has received funding from “organizations funded by U.S. Democratic Party megadonor George Soros’ Open Society Foundations.”
“Estratos is the same organization that reportedly played a key role backing the anti-Viktor Orban opposition in Hungary’s 2022 elections,” the letter adds.
According to the Polish media outlet, the Facebook pages “Wiesz Jak Nie Jest” (You Know How It Is Not) and “Stół Dorosłych” (Adult Table) spent more on ads than any official election committee. These ads, appearing just before the second round of voting, encouraged support for Trzaskowski while attacking right-wing candidates Karol Nawrocki and Sławomir Mentzen.
The ads’ origin has raised alarm because, under Polish electoral law, only official committees and voters are allowed to conduct campaign activity — foreign-funded organizations and companies are strictly barred. Wirtualna Polska reports that 80 percent of Estratos is owned by “Higher Ground Labs, a U.S. fund operated by major Democratic Party operatives who helped run the U.S. presidential campaigns of Barack Obama, Hillary Clinton, and Kamala Harris.”
The remaining 20 percent is controlled by Hungarian liberals — a key figure in the company is Ádám Ficsor, who once served as Hungary’s minister for special services under former Prime Minister Gordon Bajnai.
The letter claims that “approximately 420,000 PLN ($105,000)” has been spent in “allegedly ‘illegal political ads’ posted by the Polish NGO on Facebook since April 10, 2025, in support of Trzaskowski.”
“The integrity of democratic processes may have been undermined,” it adds.
The congressmen also criticize what they see as political bias in the treatment of Poland’s governing Law and Justice (PiS) party.
“Equally disturbing are reports of the Tusk government’s monthslong refusal to release tens of millions of dollars in public campaign funding that PiS is legally entitled to receive, defying a ruling by the Supervisory Chamber of Poland’s Supreme Court, a payment demand from Poland’s National Electoral Commission, and an opinion by Poland’s Ombudsman (Human Rights Commissioner) Marcin Wiące to release the money,” it reads.
As a result, U.S. lawmakers are demanding answers to the following questions from the European Commission, which it claims is potentially guilty of “double standards” in its crackdown on alleged rule of law violations under the previous conservative government, yet turning a blind eye to those conducted by organizations favorable to the liberal Prime Minister Donald Tusk, a former president of the European Council and leader of the European People’s Party:
1. What entities provided the $105,000 (420,000 PLN) used for the Facebook advertisements promoting Rafał Trzaskowski, and did any of these funds originate from foreign sources in violation of Polish electoral law?
2. What role, if any, did Estratos Digital GmbH and its U.S.-based owner, Higher Ground Labs, play in coordinating or financing these advertisements, and to what extent were U.S. Democratic Party operatives directly involved?
3. How does the Commission justify its failure to address the Tusk government’s refusal to release millions of dollars in court-ordered funding to PiS, given its prior sanctions against the prior PiS government for rule-of-law violations?
4. Why has the Commission remained silent on Finance Minister Andrzej Domański’s defiance of Poland’s Supreme Court, National Electoral Commission, and Ombudsman rulings, given its previous vocal criticism and aggressive actions against the PiS government?
5. What oversight mechanisms, if any, has the Commission implemented to prevent foreign-funded NGOs, such as those linked to George Soros’ Open Society Foundations, from influencing Poland’s 2025 presidential election?
The signatories urged von der Leyen to launch a full investigation.
The second round of the Polish presidential election is scheduled to take place on June 1, with a run-off between the liberal Warsaw mayor Rafał Trzaskowski and conservative Karol Nawrocki.
The latest polling suggests the vote is on a knife-edge, with Trzaskowski ahead by one percentage point, but well within the margin of error.
Dutch right-wing leader Geert Wilders has issued a stark ultimatum to the country’s ruling coalition, threatening to withdraw support from the government within weeks if it does not impose a strict asylum freeze.
“Otherwise we will get out,” the Party for Freedom (PVV) leader declared at a press conference on Monday, during which he presented a hardline 10-point plan aimed at radically curbing migration and dismantling existing asylum policies.
Wilders’ proposals include closing the borders to all asylum seekers, deploying the military to enforce border controls, halting family reunification for recognized refugees, and deporting tens of thousands of Syrians with temporary protection status. He also called for the closure of asylum seekers’ centers, the fast repeal of the Dispersion Act, which distributes asylum seekers across municipalities, and the withdrawal of housing priority for status holders.
“Our patience has run out now,” said Wilders, claiming his party has been “very reasonable and very patient” over the past year while waiting for tougher migration policies. He invoked Article 72 of the Treaty on the Functioning of the European Union (TFEU), which allows member states to act unilaterally on matters of internal security, to justify a total border closure for asylum seekers.
“My limit, and the limit of a lot of Dutch people, has been reached,” he told journalists, as cited by TPO. “Holland must become Holland again. The PVV will wait no longer.”
One of the more radical proposals is the forced return of around 60,000 Syrians to what Wilders claims are now “safe” areas of Syria following the fall of deposed former Syrian president Bashar al-Assad. “The EU and the U.S. recently lifted the sanctions on Syria. So, it’s time to go back!” he said.
The plan further demands the immediate deportation of asylum seekers and dual nationals convicted of violent or sexual crimes. For dual citizens, Wilders proposes stripping them of Dutch nationality and removing them from the country, even if this means unilaterally exiting the European Convention on Nationality.
He also criticized Dutch police leadership and local authorities for what he sees as a failure to maintain order during public unrest. Citing riots in Scheveningen and pro-Palestinian demonstrations, Wilders demanded tougher police intervention and said mayors who stand in the way should be suspended. “If a mayor fails to let the police do their job, and when necessary use violence, they should pack their bags,” he said.
Wilders’ ultimatum puts further strain on the fragile four-party coalition government, led by independent Prime Minister Dick Schoof. Although the PVV achieved a historic victory in the 2023 parliamentary elections to become the largest party in the Netherlands, Wilders was blocked from becoming prime minister by New Social Contract (NSC) former leader Pieter Omtzigt and VVD leader Dilan Yeşilgöz.
“Omtzigt and Dilan did not allow me to become prime minister, so there was a Schoof I cabinet,” Wilders said. “But if that cabinet behaves like Rutte V, and does not change or does not change sufficiently, we are gone.”
The NSC, one of the coalition parties, downplayed Wilders’ threats and emphasized that the coalition agreement already contains robust migration measures awaiting implementation by parliament.
As reported by VRT, Opposition parties also dismissed Wilders’ plan, describing it as a “political show” and a “diversionary tactic.” The Dutch defense union VBM criticized the call to deploy the military at borders, stating this is the responsibility of the Royal Netherlands Marechaussee, which already lacks sufficient personnel to monitor all 840 border crossings.
Despite criticism, Wilders insists that the PVV is simply demanding that the government act on what voters mandated in the 2023 election. “The streetscape of our cities and neighborhoods has changed beyond recognition due to mass migration and Islamization,” he said. “We have too many foreigners, too much Islam, there is a lack of respect for our culture and our people.”
END
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL/GAZA/JERUSALEM
This will rial up the Arab world;
Smotrich Calls For ‘Rebuilding Temple’ During Jerusalem Day Celebrations
Far-right Israeli Finance Minister Bezalel Smotrich has called for the rebuilding of a Jewish temple on the site of Al-Aqsa Mosque and for the expansion of Israel’s borders and Jewish settlements in Gaza.
In speech addressing crowds at a Jerusalem Day rally on Monday, which celebrates Israel’s occupation of the old city of Jerusalem, Smotrich also called for “complete redemption” and reconstruction of “the Temple here,” referring to Al-Aqsa Mosque, which settlers had raided earlier.
“We are conquering the Land of Israel, liberating Gaza, settling Gaza and defeating the enemy,” Smotrich said to crowds that had chanted “death to Arabs” as they marched through Jerusalem’s Old City and attacked Palestinians.
“With God’s help, we will expand Israel’s borders, bring about complete redemption, and rebuild the Temple here,” he said.
Smotrich also reiterated his calls for Jewish settlement in Gaza, declaring that “Israel is not afraid of the word occupation”.
“Some people are afraid of victory. We are not afraid of victory,” he said. “Lets give strength to our brave and heroic fighters”.
Several attacks and brawls were caught on film during Jerusalem Day marches…
Right-wing Israelis storm Al-Aqsa compound in occupied East Jerusalem, attacking Palestinians and chanting anti-Muslim slogans on “Jerusalem Day,” which marks Israel’s 1967 occupation of the city. pic.twitter.com/XFNTjW2yEN
“Are we afraid of victory? Are we afraid of the word occupation?” Smotrich demanded, to which the crowd responded with a resounding “no”.
Smotrich has long advocated for extending Israeli sovereignty over the occupied West Bank and Gaza, and across the Middle East as part of his vision of a “Greater Israel”.
Earlier this month, Smotrich vowed that “Gaza will be entirely destroyed” and its Palestinian population will “leave in great numbers to third countries”.
He also declared that Israel would “apply sovereignty” in the occupied West Bank before the next Israeli general elections in October 2026.
On Jerusalem Day, Israeli women chanted ‘May your village burn!’ as they marched through the Armenian Quarter in the Old City of Jerusalem. pic.twitter.com/AtbTK6S9nv
“Within a few months, we will be able to declare that we have won. Gaza will be totally destroyed,” Smotrich said. “In another six months, Hamas won’t exist as a functioning entity.”
end
ISRAEL
Light beam laser an off shoot of iron beam performs perfectly in battle. It can take out drones and rockets. Later this year, the more powerful iron beam can knock out ballistic missiles
(Jerusalempost)
Historic breakthrough: IDF reveals Iron Beam-like laser defense shot down dozens of aerial threats
The Iron Beam is the most advanced, operational laser in the world, though England, the US, and others have relatively advanced lasers.
In a historic breakthrough, the IDF on Wednesday announced that an unnamed laser defense system similar to the much celebrated Iron Beam laser system has shot down dozens of aerial threats during the war.
Already in fall 2024, The Jerusalem Post had learned that the IDF had used laser defense systems in operational situations but was barred from reporting on that at the time.
According to the Defense Ministry, the Iron Beam and a related family of laser defense systems, produced by Rafael Advanced Defense Systems, are the most advanced and operational lasers in the world, though England, the US, and others also have relatively advanced laser platforms.
Sources have told the Post that what makes the Iron Beam the most advanced is its reliability in different kinds of weather, variable range, adaptability to different kinds of aerial threats, and the ability to place it in different contexts.
Other sources said that they could not reveal the name of the sister-laser system to the Iron Beam, whose progress was being publicly revealed on Wednesday.
The IDF announced that its Iron Beam-like laser defense system has shot down dozens of aerial threats during the war, May 28, 2025. (credit: IDF SPOKESPERSON’S UNIT)
In October 2024, Rafael announced that it was showcasing its latest defense capabilities at the AUSA defense exhibition October 14-16 in Washington, DC, including a new Lite Beam laser-based interception system integrated into the Trophy multitasking defense platform.
While not as much of a watershed moment as the Iron Beam, the Lite Beam is still a powerful example of Israel succeeding in using layers, at least for short-range defense. Defense sources told the Post that the Lite Beam’s operational capabilities have been proven, though they declined to disclose exactly when and how the IDF has used such capabilities in the field in Gaza or Lebanon.
Lite Beam’s operational capabilities have been proven
The implication was that the Lite Beam would be effective against drones and possibly against mortars but would not shoot down most rockets or long-range missiles, which Israel eventually hopes the Iron Beam will do.
In general, laser defense technologies are viewed as a major part of future air defense because they would end the arms cost race in which Israel and other wealthy countries constantly waste huge amounts of money to protect themselves from weaker adversaries using cheap, low attack forms of threats.
Currently, Israel spends $50,000-100,000 on Iron Dome interceptors. Before the war, Hamas spent an estimated $300-800 on its cheaper rockets, with costs less well-known regarding some of its better rockets.
The sources added that the Lite Beam has hard kill neutralization capabilities, which can be integrated on any vehicular platform and operational capabilities, and that it can also be a component of the drone dome, which utilizes both soft kill and jamming.
Rafael said that the Lite Beam “offers advantages such as engagement at the speed of light, an unlimited magazine, and negligible cost per interception.”
In February 2023, senior Defense Ministry official Brig.-Gen. (res.) Danny Gold said Israel’s air defense lasers, when fully deployed in the future, could shoot down the drones Iran has been sending to Ukraine.
Speaking at the Artificial Intelligence conference at Tel Aviv University, Gold, the director of MAFAT [Directorate of Defense Research & Development], said his ministry is working on developing “the next generation of using lasers.”
He talked about multiple successful tests destroying rockets “with a very sophisticated laser weapons system…We have done the same for mortars, rockets, and UAVs (unmanned aerial vehicles), like the Iranian UAVs they are sending to Ukraine. The same concept of UAV, we can shoot them down.”
On Wednesday, Gold said, “Our vision for deploying laser weapons was realized during the war with tremendous technological and operational success. IDF combat units displayed boldness in integrating and carrying out the first successful operational deployments of the systems, and the lessons learned will be applied as we deploy more operational laser systems.
“Laser interception systems will provide an additional layer within Israel’s multi-tiered air defense array, which has been meticulously developed through the tireless efforts of the defense industries and Israel’s exceptional human capital. We will continue to advance this technology and deliver world-leading systems and capabilities to the IDF, turning vision into security in air, sea, land, and across every dimension.”
Head of the Defense Ministry’s Directorate of Research and Development Brig.-Gen. Yehuda Elmakayes stated, “During the war, we deployed several high-power laser system prototypes, resulting in significant achievements, culminating in the world’s first successful high-power laser interceptions on the battlefield.
“Throughout this period, we gained substantial experience in optimizing and operating laser technologies in the field. We are currently integrating these insights into the systems under development while expanding the range of laser-based systems to protect Israeli civilians and IDF forces.”
Repeated top Israeli official statements have predicted that by the end of 2025, the Iron Beam will be more widely and publicly deployed.
Despite Wednesday’s success and other successes with Iron Beam expected later in 2025, laser defense will not replace the Iron Dome overnight. One thing this war has revealed is that there are diverse kinds of aerial threats and that the Iron Dome can be overwhelmed by swarms and mass simultaneous rocket or drone attacks.
In that case, it is more likely that there will be an extended era where lasers will serve alongside the Iron Dome as an additional option to save money and will only replace it if they become efficient enough and cost-saving enough to confront swarm and mass rocket attack scenarios.
In addition, lasers are generally, for now, thought of as defending against short- and medium-range threats, not ballistic missiles, which are generally shot down much farther away from a country’s defense line. For example, Israel’s Arrow 3 missile system shoots down ballistic missiles up in Earth’s atmosphere, a much greater distance to achieve for a laser to remain effective at destroying an object.
end
ISRAEL HAMAS/opinion piece
Fighting on a new front: Hamas’s online antisemitism must be countered – editorial
After October 7, online antisemitism has surged and puts diaspora Jews in harm’s way.
There is a quote that is often attributed to Mark Twain: “A lie can travel halfway around the world while the truth is still putting on its shoes.”
From early on after the October 7 massacre, leftist and left-leaning organizations have attempted to frame the conflict as an Israeli genocide of the Palestinian people. The Center for Constitutional Rights, a legal advocacy group co-founded by William Kunstler, declared the war a genocide within a week and a half of the instigating incident.
October 7 was a clear casus belli. To rape and pillage a people and to break a fragile period of relative peace and not expect retaliation is patently absurd. Hamas, in many respects, made a calculated, considered decision. They understood that there would be a massive backlash from Israel in the form of intense military action. They counted on it. The consideration wasn’t the welfare of the people, the innocents of Gaza, but doing as much damage as they could to puncture the enemy, consequences be damned.
And what did the Hamas attack exactly accomplish? They have come no closer to their stated intent of liberating the territory from Israeli control. On the contrary, it has led to the virtual annihilation of Gaza.
Palestinians receive meals from volunteers in Gaza City, May 21, 2025. (credit: Ali Hassan/Flash90)
Social media is a new battleground
But that is not the going narrative online. To express the culpability of Hamas online is to run into the keyboard warriors that dominate the air on many social media platforms, the public square of our time.
Many times, they are content with simply branding someone a “genocide supporter” or other denigrating phrases not suitable for publication.
Last year, the Foundation to Combat Antisemitism found that posts related to antisemitism, Israel, and the Jewish experience increased by 51%, reaching over one billion mentions for the first time.
This also correlated with a massive spike in the promulgation of old conspiratorial tropes. “Conspiratorial content saw a notable rise, with mentions of phrases like ‘Jewish control’ increasing by 95%, ‘Jewish lobby’ by 334%, and ‘Jewish supremacy’ by 199%,” the report stated.
Propaganda has never been so widely and quickly disseminated. Social media is littered with Holocaust denial and inversion, a double insult of weaponizing our history against us and belittling what we went through. Antisemitism masked as anti-Zionism has run rampant in the streets. And there has been quite a consequential real-world impact.
Just last week, a pro-Palestinian activist killed two Israeli embassy staff members outside the Capitol Jewish Museum in Washington. The shooter held a red keffiyeh, yelling, “Free, free Palestine.” After he was arrested, he stated that he did it for Gaza. Yaron Lischinsky and Sarah Milgrim, the young couple that was murdered, had just come from an event aimed at bridge-building.
In a piece in the Atlantic, author and antisemitism scholar Dara Horn noted the proliferation of “fact-resistant slogans that demonize Jews” within the United States that have sprung up in the wake of October 7.
This type of rhetoric, which Horn says is “recycled from medieval blood libels and KGB talking points,” has echoed in our history many times before.
As Horn put it: “As we are repeatedly reminded, today’s chanting and targeting and harassing and ostracizing of American Jews is nothing at all like that, because we all agree that antisemitism is bad. The mobs pushing Jews out of public spaces in 2024 are in no way similar to the mobs pushing Jews out of public spaces in 1935, or 1919, or 1492, or 1096, or 135. This time, you see, the Jews deserve it.”
There is a wide gulf between what Israelis see and what others outside the country see. Our feeds polarize us. We live online in ideological bubbles, where the algorithms reward conflict. We have forgotten about the power of dialogue and discussion.
October 7 unleashed a groundswell of hatred and animosity towards Jews and Israelis online, on campuses, seemingly everywhere. Hamas might have achieved a Pyrrhic victory there, but it’s no achievement to be proud of.
Israel is at a perilous time in its history. Never has its image in the public consciousness been so maligned, its actions never more scrutinized. It is imperative that, as the Jewish state, the representatives of Israel recognize the dangers that Jews worldwide face.
end
ISRAEL HAMAS/USA/CEASEFIRE PROPOSAL
Hamas will never agree to this;
New US-Proposed Gaza Ceasefire Deal Revealed Amid Conflicting Reports
by Tyler Durde
Thursday, May 29, 2025 – 02:20 PM
There are reports in Saudi media saying that a new ceasefire deal between Israel and Hamas is imminent, and that the White House may be ready to announce it in the coming hours.
But these reports out of Al-Arabiya and Al-Hadath saying that a 60-day ceasefire has been agreed to are unconfirmed. But it follows on the heels of Hamas saying it was studying a new proposal from Steve Witkoff. The Trump envoy said he remains ‘optimistic’. The deal would reportedly see 10 live hostages freed in the truce period, with an ‘option’ to resume the war.
“The leadership of the Hamas movement has received Witkoff’s new proposal from the mediators and is currently studying it responsibly, in a manner that serves the interests of our people, provides relief, and achieves a permanent ceasefire in the Gaza Strip,” the Palestinian militant group said.
Israeli media cited Prime Minister Benjamin Netanyahu as telling families of hostages held in Gaza that Israel has accepted Witkoff’s ceasefire proposal.
Prime Minister Benjamin Netanyahu told hostage families earlier today that he is prepared to move forward with US special envoy Steve Witkoff’s latest temporary ceasefire and hostage deal proposal, the Axios news site reports.
An Israeli official tells The Times of Israel that an Al Arabiya report claiming that Israel and Hamas have reached a ceasefire agreement is false.
Citing unnamed sources, the report claimed that the temporary truce would last 60 days and that US President Donald Trump would announce it later today.
There are no indications that the report is accurate.
Hamas is still reportedly very unsatisfied with the US proposal, given it reportedly leaves room for Israel’s military to resume fighting after a temporary truce period.
Meanwhile, Israeli protests against the Netanyahu government have continued, at times breaking into Knesset proceedings, amid anger by victims’ families that the government is not entertaining a swap deal seriously enough.
RUSSIA/UKRAINE
Kremlin Issues Outline Of Putin’s Truce Demands, Warns “Peace Tomorrow Will Be Even More Painful”
Wednesday, May 28, 2025 – 01:00 PM
Russian Foreign Minister Sergey Lavrov started off the week by saying the Kremlin will announce the date of the next direct talks with Ukraine in the near future following the first ‘direct’ Istanbul meeting on May 16. Lavrov has in follow-up to his initial Monday remarks stated that work on a formal peace outline is at an “advanced stage.” On Wednesday he has announced that the next talks are set for June 2 in Istanbul.
But in the meantime, Russia and Ukraine have stepped up drone and missile attacks on each other’s territories in a massive way. This has led President Trump to warn of “very bad things” to come for Moscow, and he provocatively mused whether Putin has gone “crazy” in a Truth Social post.
Trump even said Putin is “playing with fire”. Moscow has largely shrugged off the hardline rhetoric out of the White House, instead warning that emotionalism shouldn’t thwart genuine efforts toward ending the conflict.
It’s been obvious to all honest observers of the war that Russia has the clear battlefield momentum and manpower to keep that momentum, amid more reports of slow but steady gains in the Donbass. Given this, Russia’s spy chief in fresh statements Wednesday has said that Moscow cannot afford to be ‘weak’ right now.
The country’s Foreign Intelligence Service (SVR), Sergey Naryshkin, said as follows:
“Russia has no right to be weak… and to abandon its own values and pursue the chimera of totalitarian liberalism and globalism.”
According to Naryshkin, “history teaches us that the security on the Eurasian continent and ultimately the whole world depends on Russia’s firm standing.”
Amid this backdrop, one senior Russian source has told Reuters in a Wednesday report that “Putin is ready to make peace but not at any price.”
Multiple Russian sources cited in the reaport said Putin wants a “written” pledge by major Western powers not to enlarge the NATO military alliance eastward. This is being taken to mean he’s asking to West to formal ruling out ever extending membership to Ukraine, Georgia and Moldova.
These written guarantees and other conditions have been spelled out in English-language Russian state media as follows:
Ukraine’s permanent neutrality
Partial sanctions relief for Russia
Return of frozen Russian assets
Protections for Ukraine’s Russian-speaking people
And then an or else was offered as part of the ultimatum. While not officially issued by the Kremlin, this appears some very intentional signaling by Putin officials. It was conveyed via the Reuters report:
The first source said that, if Putin realizes he is unable to reach a peace deal on his own terms, he will seek to show the Ukrainians and the Europeans through military strength that “peace tomorrow will be even more painful.”
Trump’s frustration with Putin boils over with no Ukraine peace deal in sight
— carin jodha fischer (@carin__fischer) May 28, 2025
But Ukraine’s President Zelensky has made clear of the Donbass and even Crimea, “this is our land” – and has repeatedly said he won’t make territorial concessions. While hawks in Europe are supporting this unbending stance, it’s as yet unclear whether Washington is brining the pressure on Kiev to at least offer Crimea.
Meanwhile, we highlighted earlier what one prominent conservative American commentator had this to say: “Sorry, but if you want to destroy your base and watch your presidency go down in flames, start something with Russia. It’s absolutely asinine.”
This could all spiral into WW3 in the blink of an eye…
Word in Moscow is if Merz uses German weapons to strike Moscow – and we all know that Kiev has no independent capacity to operate Tauruses or other long-range missiles – then Russia will have no choice but to strike Berlin directly.
This would be a major escalation and very worrisome
(zerohedge)
As Merz Teases Taurus Missiles For Ukraine, Russian Sources Warn Berlin Could Become Direct Target
Thursday, May 29, 2025 – 12:35 PM
“Of course, it is within the realms of possibility,” the new German chancellor, Friedrich Merz, told TV channel ZDF when asked if Germany would supply long-range weapons for Ukrainian troops. This is after he claimed that leading allies such as the US, UK, German, and France have lifted “absolutely” all restrictions on arms limits – something which Washington has yet to confirm or deny.
Merz hinted that Berlin might transfer its long-range Taurus missiles to Ukraine this year, but which would take a many months-long training program for Ukrainian military operators. This is also as he promised new military aid worth €5 billion (£4.2 billion), upon hosting President Zelensky in Germany on Wednesday.
“Ukraine will be able to fully defend itself, including against military targets outside its own territory,” said Merz. While leaving the question of Taurus transfer open, the German leader did promise to bankroll Ukrainian domestic development of long-range missile capability.
“We want to talk about production and we will not publicly discuss details,” Merz affirmed. And BBC added in the wake of the Zelensky-Merz meeting:
Germany’s defense ministry said in a statement that Berlin would finance the production of long-range weapons systems in Ukraine and that the “first of these systems could be deployed in the Ukrainian armed forces in just a few weeks”.
As expected the reaction from the Kremlin was immediate, given Merz is certainly testing Moscow’s red lines: “The Russian Federation will respond ‘harshly, asymmetrically, and decisively’ if Germany proceeds with supplying Taurus missiles to the Kiev regime,” a statement from the State Duma Defense Committee said.
Already over the last several days running Russia’s military has struck Kiev, and has long threatened to ramp up attacks on ‘command centers’ – including places where foreign troops and Western advisers might be located.
Russian state media has been more blunt in reaction to Merz’s comments, warning that Moscow could simply directly strike Berlin if German-made missiles begin raining down on Russian cities…
Word in Moscow is if Merz uses German weapons to strike Moscow – and we all know that Kiev has no independent capacity to operate Tauruses or other long-range missiles – then Russia will have no choice but to strike Berlin directly.
These threats were not made officially, but this is often how the Kremlin indirectly communicates its most dire warnings – either through a mid-level official or something like the outspoken editor-in-chief of RT.
President Trump has said this week that Putin is “playing with fire” with the continual aerial attacks on Kiev and other locations in Ukraine. But Russia has pointed to the literally thousands of drones launched on its territory from Ukraine this month, which have even reached Moscow, disrupting flights at several international airports.
On Wednesday FM Lavrov announced that the next round of peace talks are set for June 2 in Istanbul – but will the warring sides even make it to the negotiating table? The jingoist war of words and threats are ramping up hotter than ever, with the Kremlin warning that further delays (on key conditions like territorial concessions) mean “peace tomorrow will be even more painful”.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
THE CANCER-FIGHTING DRUG BIG PHARMA DOESN’T WANT YOU TO KNOW ABOUT?
by The Wellness Company
The COVID-19 pandemic, and the ensuing response by the medical establishment, was an eye-opening experience for tens of millions of Americans. We watched as the medical establishment put the biopharmaceutical complex’s bottom line above the health and well-being of the American people.
Sadly, greed in medicine isn’t new and it isn’t restricted just to pandemic responses. Indeed, greed is often the primary motivation for much of our medical establishment’s response to almost every single healthcare challenge we face.
A recent study in the journal Cancer takes a closer look at the impact of cancer drug prices on pharma revenues. Dr. Daniel Meyers at the University of Calgary and colleagues looked at the total revenue generated by ten large pharmaceutical companies from 2010 to 2019, and compared the revenue from cancer and non-cancer drugs.
They found that sales from cancer drugs are becoming an increasingly important part of pharmaceutical companies’ revenue. While the annual revenue generated by cancer drugs increased by 70% from 2010 to 2019, the revenue from non-cancer drugs decreased by 18%. In 2010, 14% of total revenue from these ten companies was from cancer drugs; in 2019, cancer drugs made up one quarter of revenue.
Even worse, there is little correlation between the amount of money charged for these drugs and treatments and health outcomes:
If we were getting vastly improved clinical outcomes for these expensive drugs, they might be worth the price. But in the US, the cost of cancer drugs is not correlated with clinical benefit, according to a study in The Lancet Oncology. And once the price of a drug goes above $100,000, it doesn’t matter how good the drug is — when people can’t afford it, they won’t take it.
It should come as no surprise then, that big pharma and the medical establishment have absolutely no interest in pursuing low-cost treatments.
Fortunately, medical professionals like Dr. Peter McCullough are committed to delivering healthcare solutions that are safe, effective AND affordable. This is exactly why Dr. McCullough and his team are digging in to the potential for ivermectin in combatting cancers.
Based on the most comprehensive systematic review of ivermectin use in cancer patients to date, ivermectin appears to be safe—even in individuals undergoing active chemotherapy. Its broad range of anticancer mechanisms demonstrated in preclinical models, combined with anecdotal reports of cancer-related improvements, support its candidacy for repurposing as an oncologic therapy. Well-designed, large-scale clinical trials should be launched as soon as possible to properly assess ivermectin’s potential against cancer.
Indeed, ivermectin in concert with mebendazole has shown even more promise in treating a wide variety of cancers.
Mebendazole, an anti-parasitic like ivermectin, has been prescribed for 100 years to help eradicate parasites – which over 60 million Americans have inside their body today, according to the CDC.
• Ivermectin and Mebendazole combine to effectively treat parasitic infections.
• 90 Oral Capsules, each containing 25mg Ivermectin + 250mg Mebendazole, a clinically effective dose.
• The Gold Standard of safety and efficacy; the only medication of its kind prescribed by a licensed doctor and compounded by a 50-state licensed pharmacy.
Medication You Can Trust from a Trusted Source in the USA
Now, The Wellness Company is the only company in the world to prescribe pure compounded Ivermectin + Mebendazole from a 50-state licensed pharmacy, in a high-dose 90-day supply.
The Wellness Company’s Ivermectin + Mebendazole Parasite Cleanse is in extreme demand, selling out 3 times – prompting The Wellness Company to build a stockpile of medication to serve customers through any potential supply chain disruptions.
With the threat of tariffs restricting international trade, many people have turned to shady overseas sources of medication or unlicensed pharmacies. The Wellness Company proudly remains the only legitimate producer of this compounded formula in the US.
Head over to The Wellness Company today to order a 90-day supply of the ultimate parasite cleanse – Ivermectin + Mebendazole. Simply fill out the 2-minute intake questionnaire after checkout to complete your prescription request.
I am grateful to have a medicine as potentially beneficial as ivermectin and mebendazole, but the most important thing for me is the faith I have in Dr. McCullough and The Wellness Company for making a safe product, in our country. I am grateful for them protecting us through the use of proven products and the peace in knowing that I’m taking something that is precisely what it states on the labels. – Jennifer W.
My daughter was diagnosed with uterine cancer and lung nodules that turned out to be cancerous. She started taking ivermectin/mebendazole 2 weeks ago. She had a PET scan last month and her lungs were littered with dime and pea sized nodules from the top to the bottom of her lungs. She had a biopsy on the 14th of April and the Physcian had to SEARCH for a nodule big enough to get a sample from, and the ONE that he found was at the bottom of her left lung that he said was only a few centimeters wide…. Thank All of you Doctors on this site for giving us HOPE and HEALING!!! – Helen
HHS Secretary Robert F. Kennedy Jr. just sat down with human biologist and biohacker Gary Brecka to outline his bold new plan to shift the medical system from one that serves Big Pharma to one that actually serves the people.
During the interview, Kennedy shared what some might call a “conspiracy theory”—but it offers a compelling explanation for why TV news suddenly stopped criticizing the pharmaceutical industry.
Twenty years ago, it wasn’t uncommon to see news segments questioning the safety or effectiveness of vaccines. But then it all went quiet. According to Kennedy, that silence was bought with pharmaceutical ad dollars.
Big Pharma doesn’t just advertise on TV news, he said. They want to “control the content.”
Kennedy revealed that Fox News founder Roger Ailes once told him 75% of his evening news ad revenue came from pharmaceutical companies.
So, when you see Jake Tapper on CNN? His paycheck may say CNN…
But the money comes from Pfizer and the other pharmaceutical giants flooding the airwaves with ads.
“And they know that,” Kennedy said.
“They know they’ve got to toe the line. They’ve got to frighten us all about infectious disease.”
“They’re not giving us the real news. They’re not asking the questions they ought to be asking. There’s no skepticism,” he added.
“Twenty years ago, they used to say, ‘Yeah, there’s problems with vaccines or other drugs.’ They will never do that today.”
@SecKennedy just sat down with human biologist @thegarybrecka to outline his bold new plan to shift the medical system from one that serves Big Pharma to one that actually serves the people.
During the interview, Kennedy shared what some might call a “conspiracy theory”—but it… pic.twitter.com/p7TJYvViqs
“The other thing about pharmaceutical ads is the company gets a tax deduction on them. We’re paying for the ads and we’re paying for the product,” Kennedy added.
What he means by that is that taxpayers are getting hit TWICE.
First, we’re footing the bill for the drugs themselves through Medicare, Medicaid, and other government programs.
Then, on top of that, the pharmaceutical companies write off the cost of their TV ads as a business expense, reducing their tax bill.
So, not only are taxpayers footing the bill for the products. They’re also subsidizing the ad campaigns that have hijacked the news industry, effectively silencing investigations and burying the truth about Big Pharma’s wrongdoing.
“The other thing about pharmaceutical ads is the company gets a tax deduction on them. We're paying for the ads and we're paying for the product,” Kennedy added.
What he means by that is that taxpayers are getting hit TWICE.
Then, RFK Jr. put every medical journal bought off by Big Pharma on notice—including The Lancet, New England Journal of Medicine, JAMA, and all “those other journals because they’re all corrupt.”
He made it clear: their reign as the premier voices in medical science is coming to an end.
Kennedy pointed to the warning from Dr. Marcia Angell, former editor-in-chief of the New England Journal of Medicine, who declared it is “no longer a science journal.”
Instead, she called it a “vessel for pharmaceutical propaganda.”
Now, Kennedy is shaking up the status quo, cutting ties with these captured publications and building something better.
“We’re going to stop NIH scientists from publishing there,” he said. “And we’re going to create our own journals in health in each of the institutions.”
He added that these new, government-backed journals will become the “preeminent journals” in the world because they’ll be grounded in real science, not corporate spin.
“If you get NIH funding,” Kennedy said, “it is anointing you as a good, legitimate scientist.”
Then, RFK Jr. put every medical journal bought off by Big Pharma on notice—including The Lancet, New England Journal of Medicine, JAMA, and all “those other journals because they’re all corrupt.”
He made it clear: their reign as the premier voices in medical science is coming to… pic.twitter.com/qSgaAttH8c
Kennedy believes Americans should have the right to try experimental drugs, and the government should respect their intelligence.
Because no American should have to leave the country to access healing. And no government should stand between the people and the treatments that could save their lives.
The full interview dives even deeper. To learn how the tobacco industry hijacked your food and how chemical flavorings rewire your brain, watch the full video below:
MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, May 22-26, 2025
Filmmaker Sacha Jenkins; TV personality Phil Robertson; porn star Colton Ford; broadcaster José Griñán; comics writer Peter David; footballer Tommy Reamon; TikToker Anna Grace Phelan (19, C); & more
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
Sacha Jenkins, Ego Trip Co-Founder and Documentary Filmmaker, Dies
May 24, 2025
Sacha Jenkins [53], the renowned hip-hop journalist and cultural historian who co-founded Ego Trip magazine and produced TV series and documentaries about Louis Armstrong and Wu-Tang Clan, has died. Variety has confirmed his death. Jenkins’ wife Raquel Cepeda, also a journalist and filmmaker, confirmed to The Hollywood Reporter that he died Friday morning at his home due to complications from multiple system atrophy.
Researcher’s Note – Jenkins worked on at least five Hollywood projects between 2021-2023: Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023:https://variety.com/2023/biz/news/covid-protocols-end-vaccine-mandate-hollywood-return-to-work-1235569515/
Multiple System Atrophy (MSA) is a rare, progressive neurodegenerative disorder that affects movement, balance, and involuntary bodily functions like blood pressure and digestion. It’s characterized by a combination of symptoms that can include parkinsonian features (like tremors and stiffness), ataxia (loss of coordination), and autonomic dysfunction: https://en.wikipedia.org/wiki/Multiple_system_atrophy#:~:text=Multiple%20system%20atrophy%20(MSA)%20is,and%20urinary%20retention%20and%20incontinence.
Phil Robertson, ‘Duck Dynasty’ patriarch, dies at 79 after Alzheimer’s diagnosis
May 25, 2025
Professional hunter and TV personality Phil Robertson, best known for his role on the series “Duck Dynasty,” has died. He was 79. In an emotional May 25 Instagram post, Robertson’s son, Willie Robertson, and daughter-in-law, Korie Robertson, confirmed Phil died after being diagnosed with Alzheimer’sdisease. Robertson’s other son, Jase Robertson, confirmed in December 2024 that the TV personality and Duck Commander founder was in the “early stages” of Alzheimer’sdisease, adding that the brain condition joined a series of other health issues that were “causing problems with his entire body.” “Phil’s not doing well,” said Jase at the time on the “Unashamed with the Robertson Family” podcast. “We were trying to figure out the diagnosis, but according to the doctors, they are sure that he has some sort of blooddisease that’s causing all kinds of problems.”
Beloved adult star Colton Ford, 62, dies in mysterious hiking trail accident
May 23, 2025
Beloved gay adult entertainer Colton Ford has died at the age of 62 in a mysterious hiking trail accident, according to his friends. The star, whose real name was Glenn Soukesian, was found dead on Monday night on the Goat Trails in Palm Springs. His remains were discovered after police revived a report of a missing hiker hours before. Authorities say they have ruled out any foul play Colton’s death. Palm Springs Police spokesperson Lieutenant Mike Villegas also said they do not have any information on the cause of death.
HOUSTON, TX – Former FOX 26 Houston anchor José Griñán has passed away at 72 years old. José was a beloved and familiar face in Houston – leaving an indelible mark on the city and on its broadcasting landscape, spending 30 years here at FOX 26. Before Houston came to know and love José’s inviting presence on air, he had already built a remarkable career. José’s journey began as a cinematographer, filming documentaries for the U.S. Army, which ignited his passion for storytelling.
Researcher’s Note – VA urging veterans, staff to get latest COVID-19 vaccine [sic] booster: https://www.militarytimes.com/veterans/2023/09/18/va-urging-veterans-staff-to-get-latest-covid-19-vaccine-booster/
Comics industry titan Peter David has passed away at age 68 following a years-long battle with a series of health complications, including kidneydisease. Peter David is best known in the comics world for his legendary 12-year run on Incredible Hulk in the 1980s that fundamentally transformed the character. He is also synonymous with Spider-Man, and has penned other major heroes for both Marvel and DC, including Captain Marvel and Aquaman.
Researcher's note - Update - The comic book writer didn’t provide many updates on his health for years until November 2022, when a GoFundMe was launched to provide him with financial assistance for multiple health complications. The fundraiser campaign page revealed that PAD had suffered kidney failure, multiple strokes, and a mild heart attack. From 2022 until his death, he struggled with declining health while also facing financial troubles. Another GoFundMe was launched in March after Peter David was rejected for Medicaid while still hospitalized. PAD’s health declined in his final days, with him being on a ventilator before his passing on Saturday night. https://share.newsbreak.com/d9je0wkx
The renowned Cuban guitarist Jorge Luis Fernández Pita, “Pepino,” has passed away
May 25, 2025
The renowned guitarist Jorge Luis Fernández Pita, “Pepino” [71], who played with the groups Los Jets, Los Walkers, Los Barba, Los Dada, and Almas Vertiginosas, as well as with Pedro Luis Ferrer and Felipe Dulzaides, passed away this Sunday, May 25, in Miami. Pepino was a key figure in the Cuban rock scene during the 70s. He was known for not just copying solos, but for creating long improvisations influenced by jazz-rock, which gave him a unique and progressive style for that time.
Virginia lost one of its football giants this week. Tommy Reamon—former NFL running back, high school coaching icon, and passionate HBCU advocate—has passed away at the age of 73. To many, Reamon was more than a coach. He was a visionary.
Controversial Ex Bucs and Dolphins Standout Dead at 72
May 22, 2025
Controversial former Tampa Bay Buccaneers star Randy Crowder has died at 72, with the announcement of his passing this week. Crowder was selected in the sixth round of the 1974 NFL Draft by the Miami Dolphins and played for that team for two years before moving on to Tampa Bay, where he played for two more seasons through 1980. No immediate cause of death was given for Crowder. Crowder made an unfortunate exit from the NFL for a season in between his time with the Dolphins and Buccaneers as he was arrested and jailed for a year for selling cocaine in May 1977.
Longtime Indianapolis [IN] Colts owner Jim Irsay has died at the age of 65, the team announced on Wednesday. The Colts shared a statement via social media on Wednesday that left the sports world shocked. The team said that Irsay “passed away peacefully in his sleep” on Wednesday afternoon. Irsay’s X account was active prior to his death. Earlier in the day Wednesday, he had sent a note of encouragement wishing the Indiana Pacers well in Game 1 of the Eastern Conference finals against the Knicks. Irsay was absent from the public in late 2023 amid a health issue. He denied that he had been hospitalized for an overdose, and the team said then that he was dealing with a severe respiratory illness.
TikToker Anna Grace Phelan Dies at 19, Less Than a Year After Brain Cancer Diagnosis
May 25, 2025
TikToker Anna Grace Phelan has died, less than one year after being diagnosed with braincancer. She was 19 years old. Phelan’s family announced her death in a post shared on her account on Saturday, May 24. According to her obituary, she died on Friday, May 23. Since graduating from high school in Jefferson, Ga., Phelan had worked as a receptionist at a medical practice, and was very involved with her local Christian church. Phelan, originally from Florida, documented her cancer journey on social media since she began experiencing symptoms last summer — just days before she was set to begin college. According to a GoFundMe page set up in her name, Phelan was eventually diagnosed with a grade 4 malignant braintumor that was categorized as a glioma — a growth of cells that starts in the brain or spinal cord, according to the Mayo Clinic. In a TikTok, Phelan shared that her initial symptoms included numbness on one side of her face and in one of her legs. She received an MRI scan, which showed a lesion on her brain, and eventually had a brain biopsy, which showed her cancer. “This is definitely the hardest news I’ve ever received,” she said in another TikTok video announcing her cancerdiagnosis in September 2024.
Syracuse, NY – Ryan Wrekkless [28], an independent talent who previously worked for Ground Zero Wrestling, 1UP Wrestling and more has passed away. Ground Zero announced on Facebook on Saturday that the family of Wrekkless (real name Ryan Abu-Alia) informed them that he had passed.
Long-time USA Wrestling referee and coach Jerry Kuntz, 69, has passed away
May 22, 2025
Respected USA Wrestling referee and Jerry Koontz of Yukon, Okla., 69, passed away on Monday. Kuntz was honored as Meritorious Official by the National Wrestling Hall of Fame in 2014 and received the Lifetime Service to Wrestling award from the Oklahoma Chapter of the National Wrestling Hall of Fame in 2008. Kuntz served as an executive board member for the U.S. Wrestling Officials Association from 2002-2024, including being chairman of the ethics committee.
Horse trainer Christophe Clement dies at 59 from rare eye cancer
May 25, 2025
Christophe Clement, who trained longshot Tonalist to victory in the 2014 Belmont Stakes and won a Breeders’ Cup race in 2021, has died. He was 59. Clement announced his own death in a prepared statement that was posted to his stable’s X account on Sunday. “Unfortunately, if you are reading this, it means I was unable to beat mycancer,” it said. “As many of you know, I have been fighting an incurabledisease, metastatic uveal melanoma.” It’s a type of cancer that affects the uvea, the middle layer of the eye. It accounts for just 5% of all melanoma cases in the U.S., however, it can be aggressive and spread to other parts of the body in up to 50% of cases, according to the Melanoma Research Alliance’s website. The Paris-born Clement had been one of the top trainers in the U.S. over the last 34 years.
Journals contacted by Justice are New England Journal of Medicine, CHEST, JAMA. Letters raised serious issues around bias & a lack of transparency; journals in effect being shills for pharma, vaccines
RFK Jr: “We are probably going to have to stop publishing in the journals Lancet, New England Journal of Medicine, and JAMA and the other journals because they are all corrupt.’
BOOM! IMO no medical journal today is worth time to read, all are fraudulent, the scientific publication industry is a racket fraud! run by pharma and lobbyists. The entire clinical practice guidelines is a major problem too for these are based on the underlying studies in the journals that are fraud. CMS has its work cut out for it…paging Dr. Oz.
‘HHS Secretary Robert F. Kennedy Jr. threatened to stop government scientists from publishing their work in major medical journals on a podcast Tuesday as part of his escalating war on institutions he says are influenced by pharmaceutical companies.
Speaking on the “Ultimate Human” podcast, Kennedy said the New England Journal of Medicine, the Journal of the American Medical Association and The Lancet, three of the most influential medical journals in the world, were “corrupt” and publish studies funded and approved by pharmaceutical companies.’
‘RFK Jr. threatens to bar government scientists from publishing in leading medical journals
The health secretary said the New England Journal of Medicine, the Journal of the American Medical Association and The Lancet are in bed with pharma.’
‘Over the past half-century, these paradigms have increasingly reflected the growing commercial influence of the pharmaceutical industry. Dominant narratives are closely tied to groupthink, to which medical journals are often subject. In addition, more “prestigious” medical journals tend to have further financial conflicts of interest with the pharmaceutical industry. These dynamics limit scientific progress by suppressing awareness of the iatrogenic aspects of industry products and the benefits of alternative non-patentable and unpatentable medical products and therapeutic interventions. Journals need to adopt a more open policy to manuscripts that encompass contrarian perspectives to dominant narratives while still adhering to time-tested scientific values and methods.’
NEWS ADDICTS
Trump Responds to Elon Musk’s Criticism of Big Beautiful BillPresident Trump on Wednesday responded to Department of Government Efficiency (DOGE) head Elon Musk’s disappointment with the One Big Beautiful Bill act, which passed in the House last week and is now being negotiated in the Senate.Musk said he was “disappointed” in the Big Beautiful Bill in a recent interview, saying it “undermines the work the DOGE team is doing.”“I …READ THE FULL REPORTFederal Court Blocks Trump’s Sweeping ‘Liberation Day’ TariffsA U.S. federal court blocked President Donald Trump’s “Liberation Day” tariffs that slapped steep hikes on goods from dozens of foreign countries.The New York-based Court of International Trade ruled on Wednesday that the president overstepped his authority in issuing the wide-ranging tariffs under emergency authority. The court said that the Constitution gives Congress the authority to regulate commerce with foreign …READ THE FULL REPORTWatch: Trump Explodes at Reporter Who Called Him a Chicken at Heated WH Press ConferenceLeftist reporters have been coming after President Trump for years in various ways, but trying to call him a coward is undoubtedly a new approach. Not surprisingly, the president responded brilliantly to one who attempted this tactic today.Trump on Wednesday attended the swearing in of former New York prosecutor, judge, and television personality Jeanine Pirro as Interim US Attorney for …READ THE FULL REPORTSoros Group Behind Court Order Blocking Trump’s Deportation of Violent IllegalsA group funded by Alexander and George Soros’s far-left non-governmental organizations (NGOs) has been pulling the strings behind a major lawsuit blocking President Donald Trump’s efforts to deport criminal illegal immigrants to South Sudan.Earlier this year, a lawsuit was filed against the Trump administration on behalf of illegal aliens with final deportation orders.The groups behind the suit include Human Rights …READ THE FULL REPORTTrump Admin Set to ‘Supercharge’ Illegal Alien Arrests and DeportationsTop Trump administration officials are putting on pressure to increase deportations.Trump aide Stephen Miller and Homeland Security Secretary Kristi Noem are calling for immigration agents to arrest 3,000 people a day, according to Axios, which cited people at the meeting it did not name as its sources. Axios said in its headline of the report that Miller and Noem want …READ THE FULL REPORT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
Rabobank: Trump’s 90-Day Tariff Pause Is Not A Peace But A Ceasefire To Rearm
Thursday, May 29, 2025 – 12:15 PM
By Jane Foley, head of FX strategy at Rabobank
On Whose Authority
If the on/off nature of President Trump’s tariff policy wasn’t confusing enough, the latest twist in the tale has taken trade related uncertainty into another dimension. Yesterday the US Court of International Trade ruled that Trump does not have the authority to impose sweeping tariffs as he has done under the International Emergency Economics Powers Act, 1977. Over many years Congress has delegated many powers regarding tariffs to the president, but yesterday’s ruling says that “an unlimited delegation of tariffs authority would constitute an improper abdication of legislative power to another branch of government”. In addition, while Trump has declared that the US trade deficit created a national emergency, the court has stated that the deficit did not fit the definition of an unusual and extraordinary threat for which the 1977 Act was designed to address. Unsurprisingly, it did not take long for the White House to push back, with spokesperson Desai declaring that “it is not for unelected judges to properly address a national emergency”.
It is unclear how long an appeal will take or whether it will go all the way to the Supreme Court. It is also uncertain how many other legal judgments on Trump’s policies will emerge in the coming weeks and months, since Trump’s tariffs have led to many challenges in courts around the country. It is also very likely that Trump will look for other legal frameworks that would enable his levies and allow him to push ahead with his tariff related agenda. For now the markets are displaying a measured amount of relief on the news. After a lower close yesterday, US stock market futures are trading higher, though a 5% surge in Nvidia in post market trading also boosted the tone. The USD is also trading higher this morning against all other G10 currencies. That said, investors will know better than expect Trump to capitulate and will continue to watch closely the news regarding the progress of trade deals.
Yesterday, the U.S. told software makers in the semiconductor industry to stop selling to China. This suggests that Trump’s 90-day tariff pause is not a peace but a ceasefire to rearm. In Europe, the tone from EU trade negotiators has been sombre despite Trump’s decision earlier in the week to extend the deadline before 50% tariffs come into effect. Reports suggest that Trump’s fixation on addressing the US goods trade deficit with the EU means his administration is making requests beyond what the EU could agree to. These are likely to refer to European regulations and standards. That said, reports that Brussels has asked leading EU companies for their US investment plans suggests that FDI is featuring in the talks. Japan’s stance as the largest provider of FDI into the US has previously been cited by its officials as a reason why US tariffs on Japanese exports should be rolled back – to no avail, yet. That said, Japan/US trade talks have appeared to stumble forward on the news that Nippon Steel’s bid for US Steel has been approved with certain key caveats. The timing of Japan’s Upper House elections in July is a complicating factor for the talks given there is already press speculation as to who could take over from PM Ishiba. Meanwhile, the market is continuing to give the Japanese bond market an unusual amount of attention.
A day after the BoJ signalled it may consider trimming issuance of super long dated JGBs in response to a clear shortfall of demand for the paper, Governor Ueda was in parliament yesterday answering questions from lawmakers on the issue. He stated that the BoJ will bear in mind that fluctuations on longer-term rates could affect shorter dated maturities, since these could have a more direct impact on economic activity. The BoJ is due to review its bond purchases at next month’s policy meeting. Given that this week’s price action has proved that sharp movements in JGB yields can influence long-term interest rates on the other side of the globe, the market will be watching. Encouragingly, yesterday’s auction of 5-year US treasuries was very well received which offered some respite to ongoing concerns about the outlook for the US fiscal deficit. Elon Musk’s views on US government spending are widely known and he has walked away from the White House having criticised Trump’s “big, beautiful” budget bill. Yesterday’s release of the minutes of the May 7 FOMC meeting showed that officials deemed that the previous week’s bond market volatility “warranted monitoring” as a potential risk to financial stability. They also noted that a change in the USD’s safe-haven status, along with rising Treasury yields “could have long-lasting implications for the economy”.
In geopolitics, Reuters is reporting that President Putin’s demands for ending the war in Ukraine are a “written” pledge not to expand NATO eastwards and a lifting of some sanctions. Reports also suggest Putin is demanding a resolution of frozen Russian FX reserves, Ukrainian neutrality and protection for Russian speakers in Ukraine – presumably on top of keeping the territory he’s taken. Russia currently controls 20% of the country. Brussels has announced plans to upgrade Black Sea infrastructure to handle military equipment as Germany will produce long-range weapons with Ukraine allowing it to strike deep inside Russia.
A Slovak Court has found the ECB’s Kazmir as guilty of bribery. If he fails to pay a EUR200,000 fine, a prison sentence is reportedly possible. For now, he will remain in his post. Yesterday, the FT reported that Lagarde considered stepping down for her role at ECB President early in order to head the WEF. There have reportedly also been rumours that Lagarde could return to French politics for the French presidential election in 2027. Keen to underpin its credibility, the ECB has stated that Lagarde is determined to complete her eight year term and deliver on her mission.
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 THURSDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1277 UP 0.0046 PTS OR 46 BASIS POINTS
USA/ YEN 145.36 DOWN 0.355 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 1.3466 UP .0038 OR 38 BASIS PTS
USA/CAN DOLLAR: 1.3821 UP 0.0012 (CDN DOLLAR DOWN 12 BASIS PTS)
Last night Shanghai COMPOSITE UP 23.51 PTS OR 0.70%
Hang Seng CLOSED UP 296.23 PTS OR 1.27%
AUSTRALIA CLOSED UP .15%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 296.23 PTS OR 1.27%
/SHANGHAI CLOSED UP 23.51 PTS OR 0.70%
AUSTRALIA BOURSE CLOSED UP 0.15 %
(Nikkei (Japan) CLOSED UP 710.59 PTS OR 1.88%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3279.00
silver:$33.21
USA dollar index early THURSDAY morning: 99.94 UP .15 BASIS POINTS FROM WEDNESDAY’s CLOSE.
TURKISH LIRA: 39.12 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.519
Your closing 10 yr US bond yield UP 2 in basis points from THURSDAY at 4.500% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.9920 UP 1 in basis points /11:00 AM
USA 2 YR BOND YIELD: 4.013 UP 2 BASIS PTS.
GOLD AT 11;00 AM 3303,95
SILVER AT 11;00: 33.42
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: THURSDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 9.56 PTS OR 0.41%
GERMAN DAX: CLOSED DOWN 104.96 pts or 0.44%
FRANCE: CLOSED DOWN 8.38 pts or 0.11%
Spain IBEX CLOSED up 16.00 pts or 0.11%
Italian MIB: CLOSED DOWN 114.76 or 0.36%
WTI Oil price 62.08 11 EST/
Brent Oil: 65.04 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 78.55 ROUBLE UP 1 AND 31/ 100
UK 10 YR YIELD: 4.7210 UP 2 BASIS POINTS
CDN 10 YEAR RATE: 3.283 UP 4 BASIS PTS.
CDN 5 YEAR RATE: 2.8850 UP 4 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1373 up 0.01438 OR 144 BASIS POINTS//
British Pound: 1.3497 up .0069 OR 69 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.6520 DOWN 6 FULL BASIS PTS//
JAPAN 10 YR YIELD: 1.519
USA dollar vs Japanese Yen: 144.07 DOWN 1.652 BASIS PTS
USA dollar vs Canadian dollar: 1.3802 DOWN 0.0053 BASIS PTS CDN DOLLAR UP 53 BASIS PTS
West Texas intermediate oil: 60.97
Brent OIL: 64.16
USA 10 yr bond yield DOWN 5 BASIS pts to 4.423
USA 30 yr bond yield DOWN 5 PTS to 4.926%
USA 2 YR BOND: DOWN 5 PTS AT 3.943%
CDN 10 YR RATE 3.216 DOWN 3 BASIS PTS
CDN 5 YEAR RATE: 2.824 DOWN 3 BASIS PTS
USA dollar index: 99.23 UP 56 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 39.11 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 76.80 UP 2 AND 97/100 roubles
GOLD $3317.65 (3:30 PM)
SILVER: 33.34 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 117.07 OR 0.28%
NASDAQ 100 UP 41.79 PTS OR 0.20%
VOLATILITY INDEX: 18.88 DOWN 0.43 PTS OR 2.23%
GLD: $ 305.61 UP 1.80 PTS OR 0.59%
SLV/ $30.03 UP .32 PTS OR OR 1.07%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 50.57 OR 0.19%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS
Bonds & Bullion Bid As Tech, Tariffs, & Troubling-Data Spark Pump’n’Dump In Stocks & The Dollar
Thursday, May 29, 2025 – 08:00 PM
Overnight gains on the back of strong NVDA earnings (ex-China), and a federal court blocking Trump’s tariffs were quickly erased as Goldman (among others) explained why the tariff block was a nothingburger. The macro front didn’t help with ‘hard’ data taking a hit (jobless claims worse than expected, pending home sales puked, and GDP consumption was revised significantly lower).
Source: Bloomberg
The US equity market is perhaps the best example of the day’s wild swings as it ramped up over 2% following the tariff headlines building on NVDA, then faded as humans started to look for ways around the trade court’s decision and data disappointed. Things then escalated a little more late on as the federal appeals court paused the order to halt (and repay) Trump’s tariffs:
*TRUMP TARIFF RULING TEMPORARILY PAUSED BY APPEALS COURT
*APPEALS COURT ALLOWS TRUMP TARIFFS TO STAY IN EFFECT FOR NOW
*FEDERAL CIRCUIT COURT SAYS IT NEEDS TIME TO CONSIDER FILINGS
The lack of immediate market reaction to an appeals court ruling allowing Trump’s tariffs to remain in effect for now is in itself revealing. Traders expected an appeal (the logical expectation is that it ends up in the Supreme Court), which is why the reaction was so muted across the board.
By the close, all the majors were basically unchanged (up very modestly) on the day…
UBS trading desk noted that the short squeeze is close to being over given:
1) Cumulative Excess Sell Flow was all covered and switched to Net Buy for the first time on May 27;
2) ‘Most Shorted’ stocks are up 36% since April 8 – only 6% below the most extreme short squeeze since 2022;
Source: Bloomberg
3) UBS PB L/S Short Leverage is low at the 13th percentile vs. 1Y;
4) Current low SPY P/C ratio of 14th percentile vs 1Y suggests the market is under-hedged.
NVDA gave back more than half of its immediate post-earnings gains (but ended up 3% still)…
The S&P 493 was basically unchanged on the day while Mag7 stocks surged 2% at the open only to give most of it back…
Source: Bloomberg
A very strong 7Y auction combined with the weaker data sent yields careening lower today (down around 5-6bps across the curve with no tilt). The long-end continues to outperform on the week…
Source: Bloomberg
The 7Y yield dropped to two-week lows…
Source: Bloomberg
Inflation swaps tumbled on the tariff court ruling (and came back a bit on the appeals ruling)…
Source: Bloomberg
Rate-cut expectations rose (dovishly) for 2025 today as 2026 expectations fell…
Source: Bloomberg
The equity market roller-coaster was evident in the dollar too today…
Source: Bloomberg
…and gold mirrored the dollar, rallying back above $3300…
Source: Bloomberg
And oil prices followed the path of stocks – rallying on the ‘end of tariffs’ (growth) then retracing as weaker data and risk-off weighed down the market…
Source: Bloomberg
Bitcoin tracked tech up and down and ended up tumbling back to a $106k handle today…
Source: Bloomberg
…despite the ongoing surge in BTC ETF inflows…
Source: Bloomberg
Finally, the vol market is more than ready for tomorrow’s big PCE print…
Source: Bloomberg
…but after that the summer doldrums are starting (according to the vol market)… we shall see! With Trump (the human VVIX), nothing is off the table.
BIG MORNING NEWS OF THE DAY
Futures Soar After Trade Court Blocks Trump’s Global Tariffs; White House To Appeal
Wednesday, May 28, 2025 – 08:45 PM
The heretofore unkown US Court Of International Trade just ruled President Trump does not have the authority under economic emergency legislation to impose sweeping global tariffs.
“The challenged Tariff Orders will be vacated and their operation permanently enjoined,” the court said, and also ordered that the tariffs which the Trump administration has already collected must be “vacated”meaning that tens of billions in tariffs and excise taxes, and which have already been spent to fund Congressional grift and corruption, now have to – somehow – be refunded! You can’t make this up, but a some liberal judges in some court nobody has ever heard of, just did.
The ruling from a three-judge panel came after several lawsuits arguing Trump has exceeded his authority, left U.S. trade policy dependent on his whims and unleashed economic chaos.
In its decision, the court, which is based in Manhattan and comprised of a panel of three judges, sided with Democratic-led states and a coalition of small businesses that had sued the Trump administration.
“The decision halts the existing IEEPA tariffs. It also stops President Trump from increasing tariffs, including the threatened 145% tariffs on imports from China and 50% tariffs on imports from the European Union,” said Arizona Attorney General Kris Mayes, who led the lawsuit along with the state of Oregon and several other Democratic states.
At least seven lawsuits are challenging the tariffs, the centerpiece of Trump’s trade policy.
The decision marks one of the biggest setbacks for Trump by unelected activist judges amid a wave of lawsuits over executive orders in which he is testing the limits of presidential power. Others are challenging Trump’s mass firings of federal workers, restrictions on birthright citizenship and efforts to slash federal spending already approved by Congress.
“Foreign countries’ nonreciprocal treatment of the Unites States has fueled America’s historic and persistent trade deficits. These deficits have created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base — facts that the court did not dispute. It is not for unelected judges to decide how to properly address a national emergency. President Trump pledged to put America First, and the Administration is committed to using every lever of executive power to address this crisis and restore American Greatness,” said White House Spokesman Kush Desai.
And while this decision is almost certain to be overturned at the Supreme Court, one wonders in the odd chance it is not: how will Congress refund the tens of billions in tariffs already spent on who knows what… and how will the 10Y respond when it learns that there is now a gaping $250BN hole that must be plugged with new debt.
For now, markets – which clearly have no idea what is going on or how this decision will actually be funded – are soaring on the news (extending the post-NVDA euphoria)…
The dollar is surging and gold falling…
… as the market is blissfully unaware that all Trump needed to quadruple down on his market-crushing Liberation Day strategy… was an event just like this.
This seems to be a good summary of what occurred (from Bloomberg.com)
In a ruling issued late Wednesday, a three-judge panel for the US Court of International Trade declared that the Trump administration had wrongly invoked a 1977 law in imposing his “Liberation Day” tariffs on dozens of countries and they were therefore illegal. It also extended that ruling to previous tariffs levied on Canada, Mexico and China over the security of the US border and trafficking in fentanyl.
In the coming hours and days, we will likely see this challenged, while we try and figure out what it means.
As a starting point:
The T-Report was skeptical but somewhat comfortable with “true” reciprocal tariffs (average trade weighted tariffs with most countries, we under 10% and 5% was probably a reasonable guestimate).
We were, quite frankly, horrified by the Liberation Day tariffs (which the market followed suit on over time).
The pauses and deals have been a pivot in the right direction, but left a lot of room for negative surprises, if the President chooses to double back down.
So, in theory we should be “celebrating” this ruling which could mean that tariffs can no longer be used in the way they have been? It has seemed strange so that so much power was concentrated in the hands of the President on this particular issue (the ability to cause massive disruptions in global trade, without any of the usual checks and balances, seemed odd). We’ve argued that we would prefer much more to be done via Congress than via Executive Order (primarily for the staying power those policies would have, versus EO’s which can easily be reversed).
But maybe it is just the inherent contrarian in me, but I’m not overly excited about the news.
The tariff revenue was being used to help push the Big Beautiful Bill towards becoming law. Whether tariff revenue was a convenient tool, that would disappear after the bill passes, or a more permanent fixture of U.S. tax, spending and income policy is still up for debate.
The tariff revenue, did not play a major role in our recent bullish view on treasuries, but it did play a part.
While we have been skeptical on the “dealz” this has to be problematic for the administration’s negotiations. For all the hype about deals, and countries lining up, we had a decent one with the U.K. and struck some agreements in the Middle East, but haven’t really seen anything emerge on this front. Japan, South Korea, India, etc. were all touted as early deals and it has all gone relatively radio silent. While we haven’t liked the strategy used (damage to the American Brand), this ruling makes this strategy even more difficult to pursue. How can counterparties take any threats seriously? Again, I wouldn’t have recommended going down the path oof threats (so called “maximum leverage”), but taking the threat away (or causing doubts about if efficacy) does not help.
Then, and maybe this is more cynical, or just a deeper concern, but I cannot help but think about Nobody Puts Baby in a Corner.
Maybe not the first thing that came to mind, when the ruling hit the tape, but Nobody Puts Baby in a Corner is competing for space with Taco, Taco Man, I gotta be a Taco Man (in regards to chatter about the Trump Always Chickens Out trade).
This makes me nervous:
Lawfare has become almost ubiquitous in other parts of the Trump agenda, but so far, the finance side had been generally immune. Look for that to ramp up, which doesn’t seem like a positive thing for the agenda, nor the country.
Had Congress taken the reins, that would be something to be cheered (the process of checks and balancing working extremely). Using a “backdoor” to upend policy seems a little devious. Also, who knows what role China’s “army” of lawyers might have played in this. The legal system (especially anything tied to international organizations) might be an effective way for other nations (particularly China) to thwart U.S. policy.
If this tool has been blunted (at the very least, it has to have been blunted while appeals are done), and the President is getting asked about the TACO trade (not something that fits the image he curates), does he lash out?
While dealing with this apparent setback to their existing strategy, do they look for new ways to achieve their goals? Do they come up with something new (which might also get challenged) to take back the narrative?
Or, is this the ruling they secretly were looking for to complete the pivot away from tariffs? That would be ideal. They go along and fight this in the courts, as they have, but use this to fully turn their attention from tariffs and “great deals” that weren’t materializing rapidly, to things in their control?
The 2025 Budget.
Deregulation.
National Production for National Security.
One can only hope it is the latter (and the pivot is in full swing), but the stock market enthusiasm for the ruling may be short lived, as the ruling may have just backed a fighter into a corner, and you can say or think whatever you want about Donald Trump, but he is one heck of a fighter!
To be perfectly honest, it scares me that we haven’t seen a response on Truth Social already. A knee jerk reaction, however aggressive, would almost be the “norm”, which makes me think a much bigger storm is brewing. Ironically, that would be better for rates – what a crazy, topsy turvy world we live in.
In theory, given the T-reports evolving views on tariffs, this is something we should be viewing as a positive, but are really, really struggling to get to that interpretation for the reasons listed above.
* * *
This month’s Around the World with Academy Securities was published yesterday. We cover the Middle East, Iran’s Nuclear Negotiations, Russia/Ukraine Ceasefire, tensions with China, and Fighting in the Congo.
END
BIG NEWS!!
US To Start Revoking Visas Of Chinese Students: Rubio
Secretary of State Marco Rubio announced on May 28 that the United States would begin revoking visas of Chinese students, including those with connections to the Chinese Communist Party (CCP).
“The U.S. will begin revoking visas of Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields,” Rubio wrote on X.
The State Department confirmed the action in a short press release, stating that it will work with the Department of Homeland Security to “aggressively revoke” the visas. It will also revise the visa criteria and “enhance scrutiny of all future visa applications” from China and Hong Kong.
The Epoch Times reached out to the State Department for further comment on the matter.
According to the State Department, the Chinese regime monitors Chinese students, mobilizing them through the Chinese Students and Scholars Association (CSSA). Some CSSA branches in the United States have openly admitted that they are directed, supported, or financed by Chinese consulates. These students have been known to attempt forced cancellation of events or speeches hosted by overseas dissident groups at U.S. schools.
The FBI warns on its website that the CCP uses its post-graduate students and post-doctorate researchers in fields like engineering, science, and mathematics to “operate as non-traditional collectors of intellectual property.”
“China is the world’s principal infringer of intellectual property. The annual cost to the U.S. economy of counterfeit goods, pirated software, and theft of trade secrets is between $225 billion and $600 billion,” the FBI states.
Rubio’s announcement comes two months after House Republicans raised the issue of Chinese student visas on March 14.
Introduced, in part, by Rep. Riley Moore (R-W. Va.), the “Stop Chinese Communist Prying by Vindicating Intellectual Safeguards in Academia Act of 2025,” or “Stop CCP VISAs Act of 2025,” would ban Chinese citizens from obtaining student visas, citing CCP-related national security concerns.
“Every year we allow nearly 300,000 Chinese nationals to come to the U.S. on student visas. We’ve literally invited the CCP to spy on our military, steal our intellectual property, and threaten national security,” Moore said in a statement to The Epoch Times.
The bill was co-sponsored by Reps. Brandon Gill (R-Texas), Scott Perry (R-Pa.), Addison McDowell (R-N.C.), Andrew Ogles (R-Tenn.), Troy Nehls (R-Texas), Owens Burgess (R-Utah), and Mary Miller (R-Ill.)
“The Chinese Communist Party is fundamentally opposed to our American values, and yet we have handed out hundreds of thousands of student visas to Chinese nationals, many of whom are state-sponsored spies,” Gill said in a statement to The Epoch Times.
Recent Cases
Some Chinese nationals who have gained access to the United States under student visas have also been at the center of legal matters concerning national security.
In 2020, Ye Yanqin, a lieutenant in the People’s Liberation Army, who attended Boston University from October 2017 to April 2019 on an exchange program, was charged by federal prosecutors with allegedly concealing her continued military service on her visa application. She allegedly completed “numerous assignments” for the Chinese military, including sending U.S. documents to China and retrieving U.S. military intelligence.
In October 2024, five Chinese nationals who were students at the University of Michigan as part of a joint program with the China-based Shanghai Jiao Tong University were indicted after being accused of misleading investigators about their trip to a remote military site in-state and conspiring to delete photo evidence from their cell phones.
In December 2024, Wen Shenghua, a Chinese national, was arrested in California for allegedly making military shipments to North Korea. Shengua had also overstayed his student visa.
More Visa Changes
The news also comes one day after a senior State Department official confirmed to The Epoch Times that an internal cable was sent to American embassies around the world, pausing student visa interviews effective May 27.
That suspension, according to the cable, which prohibits consular sections from adding any appointment slots for student and exchange visitor visas “until further guidance is issued,” was part of an effort to strengthen the vetting process of visa applicants, specifically regarding social media screenings.
“There is no right to a student visa,” Rubio told reporters in March. “We can cancel a student visa under the law just the same way that we can deny a student visa under the law. And we will do so in cases we find appropriate.”
This announcement also comes hours after Rubio announced new visa restrictions for foreign nationals found to be involved with censoring the free speech of U.S. citizens.
“For too long, Americans have been fined, harassed, and even charged by foreign authorities for exercising their free speech rights,” Rubio announced in a post on X.
“Today, I am announcing a new visa restriction policy that will apply to foreign officials and persons who are complicit in censoring Americans. Free speech is essential to the American way of life—a birthright over which foreign governments have no authority.”
Ryan Morgan, Emel Aken, Frank Fang, and Eva Fu contributed to this report.
END
BIG AFTERNOON NEWS
USA DATA
US Pending Home Sales Plunge Most In 30 Months, Back Near Record Low
Thursday, May 29, 2025 – 10:09 AM
US Pending Home Sales plunged 6.3% MoM in April – far more than the 1.0% MoM decline expected (below all estimates) – and the biggest MoM drop since September 2022…
Source: Bloomberg
Dragging the Index of Pending Home Sales back down near record lows…
Source: Bloomberg
Sales fell in all four regions with the West experiencing the biggest drop of 8.9%.
“At this critical stage of the housing market, it is all about mortgage rates,” said NAR Chief Economist Lawrence Yun.
“Despite an increase in housing inventory, we are not seeing higher home sales. Lower mortgage rates are essential to bring home buyers back into the housing market.”
As a reminder, pending home sales are often looked to as a leading indicator of existing-home purchases given properties typically go under contract a month or two before they’re sold.
END
Q1 GDP Revision Reveals Big Deterioration In Personal Spending In “Kitchen Sink” Report
Thursday, May 29, 2025 – 09:09 AM
Of all the economic reports, the BEA’s periodic update of US GDP is the most useless because not only is it politically motivated, but it gets constantly revised so much that by the time we get a somewhat accurate description of how strong the economy is, it is already one – if not two quarters – later. Today’s second estimate of Q1 GDP – a quarter which ended almost two months ago – is just such an example.
Moments ago the BEA reported that in Q1, US GDP shrank at a 0.2% annualized pace, a modest improvement from the -0.3% initial print which was also the median consensus.
According to the BEA, GDP was revised up 0.1% from the advance estimate, reflecting an upward revision to investment that was partly offset by a downward revision to consumer spending.
While there were few notable changes between the initial report and the revision, the most notable revision was in personal consumption which was cut by a third from 1.7% increase in the first print to just 1.2% in the latest, making this the weakest quarter for personal spending since Q2 2023.
Here are some other notable changes:
Personal consumption contributed just 0.8% to the bottom line GDP print, down from 1.21% in the first estimate and down sharply from 1.21% in Q4.
Fixed Investment came at 1.34%, unchanged from the preliminary print, and largely driven by major data center investments
The change in private inventories largely offset the drop in personal consumption, adding 2.64% to the final GDP print – the largest contribution by far – from 2.25% initially.
Trade or net exports (exports less imports), was generally in line, subtracting a whopping 4.9% from the GDP number, a modest deterioration from the 4.84% original print.
Finally, government subtracted 0.12% from the GDP number, an improvement from the -0.25% original decline.
And visually:
The sharp revision in personal consumption meant that Real final sales to private domestic purchasers, the sum of consumer spending and gross private fixed investment, often viewed as a much more accurate indicator of actual growth, increased 2.5% in the first quarter, revised down 0.5% point from the previous estimate.
While the GDP data was stale, the inflation data was especially so, even if there were even fewer changes here:
GDP price index rose 3.7%, unchanged from the original number and in line with estimates
Core PCE (ex food and energy) was 3.4%, a fractional drop from the 3.5% originally reported.
Overall, the report painted an uglier picture of the US economy in Q1, although it is likely a “kitchen sink” because in Q2 we expect that the bullwhip from the jump in imports (a boost to GDP) coupled with the deferred surge in personal consumption to propell Q2 GDP to 3% if not higher.
USA ECONOMIC NEWS
US To Have ‘Golden Share’ In Nippon Steel Partnership With US Steel: Sen. McCorm
The United States will have a “golden share” in Japan-owned Nippon Steel’s acquisition of U.S. Steel, giving it veto power over some key decisions, Sen. Dave McCormick (R-Pa.) said on May 27.
Speaking to CNBC, the Pennsylvania lawmaker said the details of the deal are laid out in a national security agreement that the companies are expected to sign with the government.
“The control structure is going to be somewhat unique,” McCormick said.
“It’ll be a U.S. CEO, a U.S.-majority board, and then there will be a golden share, which will essentially require U.S. government approval of a number of the board members, and that will allow the United States to ensure production levels aren’t cut and things like that.”
McCormick added that Nippon has agreed to invest $14 billion into U.S. Steel as part of the deal.
“That’s going to be $2.4 billion, at least, in the Mon Valley right outside of Pittsburgh,” he said.
U.S. Steel is headquartered in Pennsylvania.
“In the case of Pennsylvania, this saves about 10,000 jobs, 4,000 steelworkers in the surrounding jobs, but beyond that, it adds another 10,000 jobs in the building trades to build a new arc furnace. That’s part of the plan, so this is being extremely well received in Pennsylvania,” McCormick said.
McCormick’s comments come just days after President Donald Trump said he had approved a “planned partnership” that would allow the Japanese company’s nearly $15 billion planned acquisition of the American steelmaker to move forward while ensuring the latter keeps its headquarters in Pittsburgh.
The partnership, which followed “much consideration and negotiation,” will create at least 70,000 jobs, Trump wrote in a May 23 post on social media platform Truth Social.
“This is the largest Investment in the History of the Commonwealth of Pennsylvania. My Tariff Policies will ensure that Steel will once again be, forever, MADE IN AMERICA. From Pennsylvania to Arkansas, and from Minnesota to Indiana, AMERICAN MADE is BACK,” Trump said.
The bulk of Nippon Steel’s investment “will occur in the next 14 months,” the president added.
Following his post on Truth Social, Trump told reporters on May 25 that U.S. Steel will be “controlled by the United States, otherwise, I wouldn’t make the deal,” and that it’s “an investment, and it’s a partial ownership, but it will be controlled by the USA.”
Biden Opposed Deal Amid National Security Concerns
Nippon Steel first announced its plan to acquire the 122-year-old steelmaker in December 2023, with the Tokyo-based company saying it expected to close the deal in the second or third quarter of 2024.
The move was blocked by President Joe Biden because of national security concerns.
In a statement announcing his decision, Biden said a committee of national security and trade experts across the executive branch had determined the acquisition would “place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains.”
Trump had also opposed the acquisition during his 2024 presidential campaign. He later changed his stance on the deal. In April, he directed the Committee on Foreign Investment in the United States to conduct a new review of the transaction and evaluate any potential national security risks.
Following his May 25 post regarding the “planned partnership,” U.S. Steel’s share price increased by more than 20 percent.
Nippon Steel has not said whether it is willing to accept the deal described by Trump and McCormick.
When asked whether the Japanese steel giant is aware of what it has agreed to as part of the deal, McCormick said Nippon Steel will continue to have members of the board as “part of their overall corporate structure.”
He said the deal will also allow Nippon Steel to gain access to the U.S. market as well as the economic benefits that come with that access, something he said the company had sought.
The partnership will also allow the Japanese company to benefit from the policies that Trump has put in place with steel tariffs, the lawmaker said.
“So, I think, they looked at this structure, they know what they’re getting into,” McCormick stated.
“They’ve negotiated it. It was their proposal, and I think they saw it as a great strategic move for them and one that’s great for the United States.”
The Epoch Times contacted Nippon Steel for comment but did not receive a response by publication time.
END
THE LOWER COURTS ARE NUTS AND NOT GOING TO THE CONSTITUTION
White House To Appeal Federal Trade Court Decision To Block Trump’s Global Tariffs
Wednesday, May 28, 2025 – 08:45 PM
A US federal court has just ruled President Trump does not have the authority under economic emergency legislation to impose sweeping global tariffs.
“The challenged Tariff Orders will be vacated and their operation permanently enjoined,” the court said.
The ruling from a three-judge panel came after several lawsuits arguing Trump has exceeded his authority, left U.S. trade policy dependent on his whims and unleashed economic chaos.
In its decision, the court, which is based in Manhattan and comprised of a panel of three judges, sided with Democratic-led states and a coalition of small businesses that had sued the Trump administration.
“The decision halts the existing IEEPA tariffs. It also stops President Trump from increasing tariffs, including the threatened 145% tariffs on imports from China and 50% tariffs on imports from the European Union,” said Arizona Attorney General Kris Mayes, who led the lawsuit along with the state of Oregon and several other Democratic states.
At least seven lawsuits are challenging the tariffs, the centerpiece of Trump’s trade policy.
The ruling can now be appealed by the Trump administration in federal court.
“Foreign countries’ nonreciprocal treatment of the Unites States has fueled America’s historic and persistent trade deficits. These deficits have created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base — facts that the court did not dispute. It is not for unelected judges to decide how to properly address a national emergency. President Trump pledged to put America First, and the Administration is committed to using every lever of executive power to address this crisis and restore American Greatness,” said White House Spokesman Kush Desai.
The White House has filed a notice of appeal with the US trade court.
Futures soared higher on the news (extending the post-NVDA euphoria)…
The dollar is surging and gold falling…
Just remind us again, what is it that the President can actually do?
Americans are taught in school that the Smoot-Hawley tariff legislation of 1930 greatly exacerbated the Great Depression and sent the world spinning off into a decade of debt deflation and economic contraction.
This seems to make sense until we remember that the history of the United States over the past century was written largely by progressives. In fact, the Great Depression began in 1920 with a decade of falling prices for farm products, a deflationary wave that eventually engulfed the real estate sector and the entire US economy.
What is missed by many discussions of Smoot-Hawley during and after that period, is the fact that the economic collapse of the 1930s was already a given with or without the new tariff law. The impetus behind the political decision to raise tariffs was a misguided reaction to the collapse of agricultural prices, but the force behind this deflationary wave was primarily “positive” factors such as new technology and innovation. The deflation that began after WWI decimated farm communities and eventually led to the collapse of real estate prices, particularly Florida real estate.
Support for protectionism was the consistent refrain from the corporate and farm lobbies in Washington in the nineteenth and early twentieth centuries and was supported by members of both political parties. But the real underlying cause of the powerful political push to raise the existing tariffs even higher at the end of 1929 may be found in the substantial changes that were occurring in the American economy.
Many historians and economists blame the level of tariffs after World War I and particularly during the Great Depression for making more severe the economic contraction and unemployment following the 1929 market crash. The passage of the Fordney-McCumber Tarif Act in 1922 symbolized the unique Republican penchant for trade protectionism — and currency inflation — that stretched decades back in time to the party’s inception in the 1850s.
In his 2005 book, “Making Sense of Smoot Hawley,” Bernard Beaudreau argues that the imposition of tariff protection for U.S. industry in 1930 was simply a continuation of the policies implemented by the Republican Party after they returned to power in 1920. Beaudreau cites the rising productivity of U.S. factories, the spread of electrification throughout America, and the continued influx of cheap foreign-produced food and manufactured goods as the chief cause of the deflation during this period. Bread production, for example, became automated in the 1920s, contributing to a decline in bread prices.
Imports were still perceived to be a threat by the American manufacturers of that day, despite already high tariff levels. Underemployment was the result of the lack of demand and thus falling product prices that resulted in the 1930s. American industry became too efficient too quickly, resulting in a global surplus of goods and an equally dangerous lack of demand. Air-conditioning and improved transport helped to leverage the future value of Florida swamp land into a towering speculative bubble that collapsed two years before the Great Crash of 1929.
A century before the invention of such things as “artificial intelligence” or AI, American workers worried about technology taking their livelihoods. Senator Reed Smoot (1862-1941), Republican of Utah, said of Smoot-Hawley: “To hold the American tariff policy, or any other policy of our government, responsible for this gigantic deflationary move is only to display one’s ignorance of its universal character. The world is paying for its ruthless destruction of life and property in the World War and for its failure to adjust purchasing power to productive capacity during the industrial revolution of the decade following the war.”
The onset of the Great Depression from the summer of 1929 on brought the unemployment rate from 4.6 percent in 1929 to 8.9 percent in 1930. Congress sought to correct this imbalance by limiting imports via the Smoot-Hawley tariff. While there is little doubt that higher tariffs made the Great Depression worse, higher levies on imports may not have been the primary factor. Indeed, the introduction of electricity and other innovations drove strong growth in many sectors of the economy, but not on the farm.
This alternative view of the role of Smoot-Hawley in turning the market crash of 1929 into the Great Depression of the 1930s is important to understanding the narrative of the 1920s. Following the Great Depression and World War II, the U.S. position regarding tariffs changed dramatically, in part because much of the industrial capacity of Europe and Asia was destroyed by the conflict.
Under the rubric of rebuilding the postwar world, America embraced a policy of open markets and free trade. This policy created enormous wealth and prosperity in the first several decades after the end of the Second World War. Later it sacrificed American jobs and industrial capacity to other nations. With the election of President Donald Trump in 2024, the US has embarked upon an explicit policy of rebalancing America’s trade relationship with the world by using the threat of tariffs to compel negotiations.
Far from being a detriment to Americans, the threat of tariffs wielded by President Trump is a mechanism for ensuring that other nations embrace reciprocity – “fair dealing” in classical American terms – to ensure that predatory behavior by modern mercantilist superstates such as China does not injure American workers and industries. In this sense, President Trump is inheriting the traditional, pro-labor political mantle of the Democratic Party following World War II.
Mainstream histories of this period make it seem that the Smoot-Hawley tariff was a prime factor behind the worsening economy, but the currency devaluation by Roosevelt and his refusal to lower tariffs that were already in place after decades of enlightened Republican rule were more significant. Progressive researchers pretend that the devaluation of the dollar and gold-backed securities somehow led to increased income and demand, but these assertions ignore the massive liquidation of debt and equity that occurred in the 1930s. It is closer to the mark to say that tariffs did not help, but the seizure of gold and devaluation of the dollar were systemic events manufactured by Roosevelt and his New Dealers that seem to have been the larger negative factor for the economy.
In his memoirs, President Herbert Hoover noted that the dollar devaluation by FDR was effectively an increase in the tariff from the perspective of the cost to American buyers: “The Democrats have made a great issue out of the disasters they predicted would flow from the modest increases in the Smoot-Hawley tariff (mostly agricultural products). The fact was that 65 percent of the imported goods under the tariff were free of duty, and that legislation increased tariffs on the 35 percent dutiable goods by somewhere around 10 percent. But the greatest tariff boost in all our history came from Roosevelt’s devaluation.” Hoover goes on to illustrate that both imports and exports per capita declined in the United States between 1935 and 1938 due to the regressive, anti-business policies of the New Deal.
* * *
If you enjoyed this article, Christopher just released a new version of his best-selling book, Inflated: Money, Debt and the American Dream. Here’s what the legendary James Grant, founder of Grant’s Interest Rate Observer, has to say about it:
“Who says that the sequel never stacks up with the original? The new edition of Inflated brings Christopher Whalen’s marvelously accessible history of American finance right down to the present day. Securities analyst, central banker, investor, deal-doer and author, Whalen is no mere recounter of the past but also an informed and provocative critic of the present. His ideas about the future will likely save his readers some large multiple of the price of his book.”
This highly anticipated new version of Inflated is hot off the presses and can be ordered on Amazon.
VICTOR DAVIS HANSON/
KING NEWS
The King Report May 29, 2025 Issue 7502
Independent View of the News
@CBSSunday: “I think a bill can be big or it could be beautiful. But I don’t know if it could be both.” Tech billionaire Elon Musk tells CBS Sunday Morning’s @Pogue he was “disappointed” to see the Trump-backed “big beautiful” spending bill, which passed in the House last week. Musk said he believes the legislation “increases the budget deficit” and “undermines the work that the DOGE team is doing.” Musk’s full exclusive interview on Sunday, June 1 on CBS Sunday Morning. https://cbsn.ws/43tJGgM
Musk has suffered financially, reputationally, and emotionally from trying to reduce profligate US spending. He is now upset and frustrated by Trump’s Big, Beautiful, and Bullschiff bill.
WH Deputy COS @StephenM: DOGE cuts are to discretionary spending… Under senate budget rules, you cannot cut discretionary spending (only mandatory) in a reconciliation bill. So DOGE cuts would have to be done through what is known as a rescissions package or an appropriations bill. The Big Beautiful Bill is NOT an annual budget bill and does not fund the departments of government… Instead, it includes the single largest welfare reform in American history. Along with the largest tax cut and reform in American history. The most aggressive energy exploration in American history. And the strongest border bill in American history. All while reducing the deficit.
@grok: The Big Beautiful Bill likely increases the federal deficit, despite claims otherwise. Independent analyses from the CRFB and Tax Foundation estimate it adds $2.5-$5.1 trillion to deficits over 10 years, mainly due to $3.8 trillion in tax cuts and new spending. The White House claims $1.6 trillion in savings from growth and cuts, but evidence for this is weak. Bond market reactions and CBO estimates support a deficit increase. More scrutiny is needed as the Senate reviews the bill. The “Big Beautiful Bill” analyses, like those from CRFB and Tax Foundation, include tariff income (e.g., $116B from Foreign Corporate Retaliation Tax) and spending cuts (e.g., $700B Medicaid, $267B SNAP). These offset some costs, but tax cuts of ~$4T still drive a projected $2.5T-$4T deficit increase over 10 years. White House claims of $1.6T savings rely on uncertain tariff revenue and growth effects not fully supported by evidence…. the net impact leans toward higher deficits. Historically, projected post-tax cut revenue estimates often overestimate actual outcomes. Evidence from Reagan, Bush, and Trump tax cuts shows revenues typically fall short of projections, especially when adjusted for inflation. For example, the 2017 TCJA led to revenues $680 billion below CBO projections from 2018-2024. While some cases, like 2022, show nominal revenues exceeding forecasts due to temporary factors like inflation, real-term shortfalls are more common. This suggests caution with claims that tax cuts, like the proposed “Big Beautiful Bill,” will reduce deficits, as historical trends point to increased deficits instead.
Trump Downplays Musk Tax Bill Criticism, Says Need to Win Votes – BBG “We can’t be cutting – you know, we need, we need to get a lot of support.”
The media hyped the ’TACO Trade’ (Trump Always Chickens Out) Tuesday rally – and it got to DJT.
@QuantusInsights: Goldman Sachs forecasts a modest inflation rebound, with tariffs adding ~2.5% to core PCE. Inflation expected to peak around 3.6% in late 2025, then ease in 2026. They call it temporary, with inflation easing back toward 2% in 2026. Not the 4%+ doom some were pushing.https://t.co/alfBEhTvEA
BYD just fired another shot in China’s EV price war — and investors are worried The Tesla rival cut prices on 22 models last week, including its entry-level Seagull EV… The company is on track to sell more than 5 million cars this year, and sold more electric vehicles than Tesla in Europe for the first time in April… https://www.businessinsider.com/byd-price-cuts-chinese-ev-makers-stock-prices-geely-tesla-2025-5
Chinese EV Stocks Tumble After BYD Slashes Prices as Much as 34% Revisions by BYD include paring the price of its Seagull hatchback to 55,800 yuan ($7,780), a 20% reduction to a model that was already the carmaker’s cheapest and one that had garnered global attention for its sub-$10,000 price tag. The Seal dual-motor hybrid sedan saw the biggest price cut at 34%, or by 53,000 yuan to 102,800 yuan. https://finance.yahoo.com/news/chinese-ev-stocks-tumble-byd-053223229.html
ESMs vacillated between tiny losses and modest gains until they broke lower after 23:32 ET. ESMs stair stepped lower until they fell to 5918.50 at 5:29 ET. ESMs then soared to 5944.00 at 7:00 ET. Then then chopped sideways until they soared just before the NYSE opening. The frantic NYSE opening buying pushed ESMs to a daily high of 5952.50 at 9:38 ET. The dump then commenced; ESMs sank to a daily low of 5913.75 at 11:58 ET. ESMs then plodded to 5930.50 at 13:19 ET. After a retreat to 5918.50 at 13:43 ET, ESMs traded sideways as most traders went into ‘wait for Nvidia’s results’ mode. At 14:49 ET, ESMs begin to fall and hit 5903.25 at 14:52 ET. They then jumped to 5932.75 at 15:08 ET. ESMs then sank to 5894.50 at 15:55 ET as Nvidia fell to a 0.51% loss.
After the NYSE close, Nvidia reported Adj EPS of .96, .93 expected; GAAP EPS of .81, .79 expected, and revenue of $44.1B, $43.313B expected. Data Center Revenue $39.1B, $39.22B expected. Sees Q2 Revenue $45B +/ 2%, $45.9B expected, reflects $8B lost China sales. NVDA sank to 133.25 (134.81 close) but quickly soared to 138.21 on the upbeat Q2 revenue projection despite the lost China sales.
Positive aspects of previous session Precious metals declined modestly as the dollar rallied smartly.
Negative aspects of previous session Stocks peaked at 9:38 ET and then declined smartly. ESMs had another late decline. Oil and gasoline rallied sharply. USMs declined as much as 30/32.
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: Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5903.45 Previous session S&P 500 Index High/Low: 5939.92; 5881.88
20 tons vanished into thin air — Scientists may have just teleported hydrogen With the use of LOHC (Liquid Organic Hydrogen Carrier), the illusion which was created was that the hydrogen simply vanished, leaving behind no trace. However, LOHC does not cause hydrogen to vanish but rather to be chemically bonded into a liquid compoundthat can be transported and released again upon arrival at its desired destination… Hydrogen gets added to a carrier liquid such as toluene, which, when amalgamated, forms methylcyclohexane (MCH). Such an exothermic reaction makes it possible for hydrogen to be sealed into a stable, liquid state. When hydrogen arrives at its destination, an endothermic reaction is relied on to absorb the same amount of energy that it had released earlier. Such a method enables hydrogen to be stored and transported effortlessly at room temperature and standard pressure. Initially processing hydrogen required hydrogen to get liquefied at -253°C or to be combined with ammonia was logistically a challenge and financially burdensome… https://www.ecoticias.com/en/20-tons-vanished-teleported-hydrogen/15375/
Russia President @MedvedevRussiaE: Regarding Trump’s words about Putin “playing with fire” and “really bad things” happening to Russia. I only know of one REALLY BAD thing — WWIII. I hope Trump understands this! (The titular President of Russia is prone to issuing empty threats.)
@SecRubio: For too long, Americans have been fined, harassed, and even charged by foreign authorities for exercising their free speech rights. Today, I am announcing a new visa restriction policy that will apply to foreign officials and persons who are complicit in censoring Americans. Free speech is essential to the American way of life – a birthright over which foreign governments have no authority.
Rasmussen poll finds US in ‘uncharted territory’ after 48% of Americans believe US on right track The numbers are a boost from the Biden administration, where only 32% of respondents believed the country was heading in the right direction last year, and 63% said it was heading in the wrong direction. The numbers mark the highest rating for the country since Rasmussen Reports began conducting its “right track, wrong track” surveys nearly 20 years ago… https://justthenews.com/politics-policy/polling/less-half-americans-believe-country-heading-right-direction-poll
The US International Trade Court, headed by an Obama judge, blocked ALL of Trump’s tariffs. ESMs jumped 64 handles on the news. Trump filed an appeal.
Google AI: The authority to impose tariffs in the United States rests with Congress. Specifically, Article I, Section 8 of the Constitution grants Congress the power to “lay and collect taxes, duties, imposts, and excises,” which includes tariffs. While Congress has the primary power to set tariffs, it can delegate certain tariff-related powers to the President, especially when it comes to national security or international economic emergencies. For example, the Trade Expansion Act of 1962 allows the President to raise tariffs on imports that pose a threat to national security. Additionally, Congress has created other tariff-related authorities for the President to use in specific situations, such as Section 301 of the Trade Act of 1974, which allows the President to impose tariffs in response to unfair trade practices.
Today – Stocks will start higher due to Nvidia euphoria and the latest instance of judicial activism. If NVDA cannot top its after-hour high of 143.17, traders could become sad. The First Hour Indicator could be very useful. If the first-hour low or high is breached later, a move in that direction could develop. A key dynamic: Can NVDA pull the general equity market with it? If not, there could be another last-hour decline.
Stocks Fall Ahead of Nvidia’s Messy Results – Mott Capital In terms of Nvidia, it was a messy quarter with plenty of “could-haves” and “would-haves.”Only in the stock market does one get rewarded for that, because in real life, when we say we could have done this or that, it’s usually because we didn’t… If there were no export exemptions in China, we could have had more revenue in the second quarter… the critical point is whether the bulls can hold the $140 level, which is the call wall… https://mottcapitalmanagement.com/stocks-fall-ahead-of-nvidias-messy-results/
As we have been harping, beaucoup big-time traders, hedge funds, and investors missed the huge equity rally because they bought the Cassandra songs of DJT haters at the Fed, in the media, in Congress, and on the Street. Now, they must chase performance and cover shorts; May ends on Friday.
ESMs are +85.50; NQMs are +377.50; and USMs are -6/32 at 20:00 ET.
Expected Economic Data: Q1 GDP -0.3% q/q, Consumption 1.7%, GDP Price Index 3.7%, Core PCE Price Index 3.5% q/q; Initial Jobless Claims 230k, Continuing Claims 1.89m; April Pending Home Sales -1.0% m/m; Richmond Fed Pres Barkin 8:30 ET, Chicago Fed Pres & DJT-hater Goolsbee 10:40 ET; Fed Gov Kugler 14:00 ET
S&P Index 50-day MA: 5595; 100-day MA: 5767; 150-day MA: 5825; 200-day MA: 5780 DJIA 50-day MA: 40,061; 100-day MA: 42,265; 150-day MA: 42,660; 200-day MA: 42,378 (Green is positive slope; Red is negative slope)
S&P 500 Index (5888.55 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 5844.30 triggers a sell signal
@CrainsChicago: Fitch downgrades Chicago’s credit outlook to ‘negative’ – citing a lack of meaningful progress in closing a $1.12 billion structural budget gap…
Has King Charles gone doolally on his Canada trip? ‘I would like to acknowledge that we are gathered on the unceded territory of the Algonquin Anishinaabeg people. This land acknowledgement is a recognition of shared history as a nation,’ he declared from the throne… And would he have dared to utter similarly empty words in the Mother of Parliaments, given that his own family directly profited from taxes, tributes, and trade monopolies in colonies?… And if land is ‘stolen,’ as land acknowledgments imply, why do institutions continue to occupy it?… With due respect, let me clue Charles in. He was used by Carney in his salvo against Donald Trump.The notion that Trump is going to annex Canada is deranged. Why would the US President want to take over a country that is already falling apart?… Canada is a nation in name only. It is impossible to overstate the contempt of western Canada for the Liberal party, which believes that taxes on carbon will change the weather and that boys can be girls. The uber-woke Liberals got back into power harvesting votes in Quebec and Ontario that they bought with western Canada’s money. And we have a lot of money… Woke doesn’t cut it in the west. We like guns and pickup trucks… In the east, Ontario is… a lost cause, a province completely captured by pointy-headed progressives… Quebec is nothing but trouble, obsessed with Francophonie… British Columbia on the west coast is overrun with Chinese money and looks like a cadet version of Hong Kong. Downtown Vancouver is the fentanyl capital of North America and it looks west not south. The second language is Chinese… https://www.spectator.co.uk/article/the-kings-ridiculous-land-acknowledgement/
harveyorganblog.com 
