GOLD CLOSED DOWN $27.10 TO $3,291.95

SILVER CLOSED DOWN $0.36 TO $32.95

 GOLD ACCESS CLOSED $3293.00

Silver ACCESS CLOSED: $32.97

TONIGHT FINISHES OPTION EXPIRY FOR THE COMEX//AND THUS THE REASON FOR THE RAID//FRIDAY IS OPTIONS EXPIRY FOR THE LONDON/OTC OPTIONS

Bitcoin morning price:$105,320 DOWN 620 DOLLARS.

Bitcoin: afternoon price: $104,760 DOWN 1180 DOLLARS

Platinum price closing DOWN $20.15 TO $1059.20

Palladium price; DOWN $7.20 TO $969.50

END

*CANADIAN GOLD: $4,519.76 DOWN 57.70 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)

*BRITISH GOLD: 2445.33 DOWN 10.66 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025

*EURO GOLD: 2901.40 DOWN 12.93 Euros per oz //* (ALL TIME CLOSING HIGH: 3018.80 EUROS PER OZ/ APRIL 21 //2025)

DONATE

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: JUNE 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,317.100000000 USD
INTENT DATE: 05/29/2025 DELIVERY DATE: 06/02/2025
FIRM ORG FIRM NAME ISSUED STOPPED

---

072 C GOLDMAN 257 8
072 H GOLDMAN 7
099 H DEUTSCHE BANK AG 3780
104 C MIZUHO SECURITIES US 87
118 C MACQUARIE FUTURES US 36
118 H MACQUARIE FUTURES US 1061
132 C SG AMERICAS 425
167 C MAREX 35
190 H BMO CAPITAL MARKETS 1182
285 C NANHUA USA-HK 38
323 C HSBC 320 676
332 H STANDARD CHARTERED B 428
357 C WEDBUSH SECURITIES 4
363 H WELLS FARGO SECURITI 141 11
555 C BNP PARIBAS SEC CORP 417
555 H BNP PARIBAS SEC CORP 942
624 H BOFA SECURITIES 713
657 C MORGAN STANLEY 947
657 H MORGAN STANLEY 333
661 C JP MORGAN SECURITIES 5586 8394
686 C STONEX FINANCIAL INC 333 2
690 C ABN AMRO CLR USA LLC 4
709 C BARCLAYS 1389
709 H BARCLAYS 113
732 C RBC CAP MARKETS 500
880 C CITIGROUP 50
880 H CITIGROUP 2315
905 C ADM 8 4

---

TOTAL: 15,273 15,273
MONTH TO DATE: 15,273

JPMORGAN STOPPED 8394/15,273

MAY

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024: 15,273 CONTRACTs NOTICES FOR 1,527,300 OZ  or 47.505 TONNES

total notices so far: 15,273 contracts for 1,527,300 OR 47.505 tonnes)

FOR JUNE

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 1817 NOTICE(S) FILED FOR 9.085 MILLION OZ/

total number of notices filed so far this month : 1817 CONTRACTS (NOTICES) for 9.085 million oz

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END

GLD/

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

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

WITH GOLD DOWN $27.10 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.59 TONNES OF GOLD INTO THE GLD

INVENTORY RESTS AT 930.20 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER DOWN $.36 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: //A DEPOSIT OF 2.773 MILLION OZ INTO THE SLV//

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 459.103 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A HUMONGOUS SIZED 1297 CONTRACTS TO 149,317 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS  HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GAIN OF $0.29 IN SILVER PRICING AT THE COMEX WITH RESPECT TO THURSDAY’S TRADING.  WE HAD A HUGE SIZED GAIN OF 1472 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A 175 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO THURSDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON THURSDAY WITH SILVER’S GAIN IN PRICE AS THE PRICE IS STILL WELL BELOW THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE. . BUT THIS WAS COUPLED WITH ANOTHER FAIR T.A.S. ISSUANCE OF 239 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  175 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR SMALL 239 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FRIDAY’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 1472 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.29. 

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 THURSDAY NIGHT/FRIDAY MORNING: A SMALL 239 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE  OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES

WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY  $0.29) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH

WE HAD A 175 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 9.90 MILLION OZ

THUS:

INITIAL STANDING FOR JUNE: 9.90 MILLION OZ

WE HAD:

/ HUGE COMEX OI GAIN+// A 175 SIZED  EFP ISSUANCE (/ VI)   SMALL SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 239 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A SMALL 120 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 21 DAYS, total 5795 contracts:   OR 28.975 MILLION OZ  (275 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  28.975 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: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1297 CONTRACTS WITH OUR GAIN IN PRICE OF $0.29 IN SILVER PRICING AT THE COMEX// THURSDAY.,.  . THE CME NOTIFIED US THAT WE HAD A 175 CONTRACT EFP ISSUANCE  CONTRACTS: 175 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 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 88.540 MILLION OZ

AND NOW JUNE: 9.90 MILLION OZ

THE NEW TAS ISSUANCE THURSDAY NIGHT   (239 ) 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 1817 NOTICE(S) FILED TODAY FOR 9.085 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 BY A STRONG SIZED 6937 OI CONTRACTS  TO 422,605 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 3966 CONTRACTS //.

WE HAD A STRONG SIZED DECREASE  IN COMEX OI (6937 CONTRACTS) . THIS OCCURRED DESPITE OUR GAIN OF $22.35 IN PRICE// THURSDAY///.

MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:

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

JUNE CONTRACT MONTH

/ WE HAD A  $22.35 GAIN IN PRICE  WITH RESPECT TO THURSDAY’S COMEX ///. WE HAD A STRONG SIZED LOSS OF 4083 OI CONTRACTS (12.69 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 SMALLER THAN EXPECTED AMOUNT OF GOLD STANDING FOR DELIVERY FOR THE JUNE CONTRACT MONTH….. A SMALLISH 62.534 TONNES. 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 STRONG SIZED 2854 CONTRACT:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 422,605/NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!

SILVER ALSO HAS A LOW COMEX OI OF 149,317 CONTRACTS!!

IN ESSENCE WE HAVE A STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4083 CONTRACTS  WITH 6937 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 2854 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 4083 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 418 CONTRACTS

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS 2854 CONTRACT) ACCOMPANYING THE STRONG SIZED DECREASE IN COMEX OI OF 6937 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 4083 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT  ,2.) WEAK STANDING FOR GOLD FOR JUNE AT 62.524TONNES

NEW STANDING FOR GOLD, JUNE CONTRACT INITIALLY AT 62.534 TONNES OF GOLD.

.

 / 3) ZERO T.A.S. LIQUIDATION , AS WE HAD 1)A  $22.35 COMEX PRICE GAIN.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH THAT GAIN IN PRICE AS WE HAD A TINY LOSS OF 117 CONTRACTS ON OUR TWO EXCHANGES// /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED THURSDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD FOR MAY.

  4) FAIR SIZED COMEX OI LOSS// 5)  STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (6071 CONTRACTS)/// SMALL T.A.S.  ISSUANCE: 418 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: 36,490 CONTRACTS OR 3,649,000 OZ OR 113.499 TONNES IN 21 TRADING DAY(S) AND THUS AVERAGING: 1737 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 21 TRADING DAY(S) IN  TONNES  113.499 TONNES

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

THUS EFP TRANSFERS REPRESENTS  113.499 TONNES DIVIDED BY 3550 x 100% TONNES = 3.21% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

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

MARCH:.   276.50 TONNES (STRONG AGAIN/

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

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV:           312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC.           175.62 TONNES//FINAL ISSUANCE//

TOTALS: 2,578.08 TONNES/2021

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH/2022:  409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247.44 TONNES FINAL//

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT:  177.57  TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV.  223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC:  185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

JAN 2023:    228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 197.42 TONNES

MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)

JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY:  151.69 TONNES (WEAKER THAN LAST MONTH)

AUGUST:  195.28 TONNES (A STRONGER MONTH)//FINAL

SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)

OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.

NOV.   239.16 TONNES//WILL BE STRONG THIS MONTH,

DEC. 213.704 TONNES. A STRONG MONTH//

TOTAL FOR YEAR 2023: 2,569.57 TONNES VS  2578 TONNES LAST YEAR

2024 AND 2025:

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

FEB’24: 201.947 TONNES

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

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

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

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

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

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

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

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

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

DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE

TOTAL 2024 YEAR. 3,597.846 TONNES

JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)

FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)

MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.

APRIL; 208.57 TONNES. STILL A SMALL TO FAIR ISSUANCE FOR THE MONTH.

MAY: 113.499 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 HUGE SIZED 1297 CONTRACTS OI  TO 149,317 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 175 CONTRACTS

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

JULY 175 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 175 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 1297 CONTRACTS AND ADD TO THE 175 E.FP. ISSUED

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1472  CONTRACTS WITH THE GAIN IN PRICE OF $0.29 THE RATS ARE FLEEING THE ARENA.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 7.360 MILLION PAPER OZ

 OCCURRED WITH OUR  $0.29 GAIN  IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS FRIDAY MORNING//THURSDAY  NIGHT

ASIAN MARKETS THIS MORNING:

SHANGHAI CLOSED DOWN 15.96 PTS OR 0.47%

//Hang Seng CLOSED DOWN 283.61 PTS OR 1.62%

// Nikkei CLOSED DOWN 467.88 PTS OR 1.22% //Australia’s all ordinaries CLOSED UP 0.26%

//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1960 OFFSHORE CLOSED DOWN AT 7.1990/ Oil DOWN TO 61.37 dollars per barrel for WTI and BRENT DOWN TO 63.71 Stocks in Europe OPENED ALL GREEN

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1960 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1990 AGAINST US DOLLAR/ AND THUS WEAKER

END

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 6937 CONTRACTS TO 422,605 DESPITE OUR GAIN IN PRICE OF $22.35 WITH RESPECT TO THURSDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2854 ).

THE CME ANNOUNCED THURSDAY 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 FIVE MONTH’S EXCHANGE FOR RISK

IN MARCH:

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

IN FEBRUARY:

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

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

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

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

IN APRIL:

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

MAY: 3 EX. FOR RISK ISSUED SO FAR FOR 3025 CONTRACTS OR 302,500 OZ OR 9.4054 TONNES. THIS WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US TOTAL STANDING FOR MAY!THIS IS THE 6TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK//NEW TOTAL EX FOR RISK IS 9.591 TONNES FOR THE 3 ISSUANCE!

JUNE: ZERO ISSUED SO FAR!!

DETAILS ON JUNE COMEX MONTH//INITIAL

IN TOTAL WE HAD A STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 4083 CONTRACTS WITH OUR GAIN 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 MAY, CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS SMALL AS THE CME NOTIFIES US THAT THEY HAVE ISSUED A SMALL 418 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 WITH FINAL STANDING AT 90.23 TONNES. HOWEVER JUNE WHICH IS NORMALLY A HUGE DELIVERY MONTH , INITIAL STANDING IS RECORDED AT 62.534 TONNES.

NEW TOTAL TONNES STANDING: 62.534 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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A STRONG SIZED 2854 EFP CONTRACT WAS ISSUED: :  /AUGUST  2854 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2854 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

WE HAD :

1. ZERO LIQUIDATION OF OUR T.A.S. SPREADERS
2. 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, 418 CONTRACTS.  

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

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

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

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

STANDING LAST 6 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: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.

JUNE: INITITAL STANDING 62.534 TONNES

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

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL  YEAR  2021 (JAN- DEC): 601.213 TONNES

YEAR 2022: STANDING FOR GOLD/COMEX

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL

Dec. 64.000 tonnes

(TOTAL  YEAR 656.076 TONNES)

2023:STANDING FOR GOLD/COMEX

JAN/2023:    20.559 tonnes

FEB 2023: 47.744 tonnes

MAR:  19.0637 TONNES

APRIL: 75.676  tonnes

MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk =  20.338

JUNE: 64.354 TONNES

JULY: 10.2861 TONNES

AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)

SEPT: 15.281 TONNES FINAL

OCT.    35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes

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

DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK =  51.707 TONNES

TOTAL 2023 YEAR : 436.546 TONNES

2024/STANDING FOR GOLD/COMEX

JAN ’24.      22.706 TONNES

FEB. ’24:  66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)

MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES

APRIL: 2024: 53.673TONNES FINAL

MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325

JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022

JULY: 11.692 TONNES

AUGUST 69.602 TONNES//FINAL STANDING

SEPT. 13.164 TONNES.

OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES

NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES

DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES  EQUALS 95.1066 TONNES

total year 2024: 540.30 tonnes

COMEX GOLD TRADING/JUNE CONTRACT MONTH

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $22.35/ /) AND 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 THURSDAY 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)

FRIDAY MORNING/THURSDAY 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 THURSDAY EVENING/FRIDAY 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 /JUNE 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.

JUNE ISSUANCE: SO FAR ZERO

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

WE HAVE LOST A STRONG SIZED TOTAL OF 12.69 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR JUNE FIRST RECORDED AT 62.534 TONNES ON FIRST DAY NOTICE/MAY 30. 

ALL OF THIS QUITE SMALL STANDING FOR JUNE AND THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $22.35

WE HAD A MONSTER 3966 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 4083 CONTRACTS OR 408,300 0Z (12.69 TONNES)

confirmed volume THURSDAY 264,492. contracts: fair volume////

//speculators have left the gold arena

END

MAY 30

INITIAL

JUNE CONTRACT MONTH

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	.
Deposit to the Dealer Inventory in oz	0 ENTRIES
Deposits to the Customer Inventory, in oz	NIL xxxxxxxxxxxxxxxxI
No of oz served (contracts) today	15,273 notice(s) 1,527,300 OZ 47.505 TONNES
No of oz to be served (notices)	4832 contracts   483,200 OZ 15.029 TONNES
Total monthly oz gold served (contracts) so far this month	15,273 notices 1,527,300 oz 47.505 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 0 customer entries

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

withdrawals: 0

adjustments: 4//

the first two are customer to dealer

a) Asahi: 32,015.018 oz

b) Brinks 32,118.849 oz (999 kilobars)

Next two//dealer to customer

c) Malca: 1543.248 oz 48 kilobars

d) 580.232 oz

AMOUNT OF GOLD STANDING FOR JUNE

THE FRONT MONTH OF JUNE STANDS AT 20,105 CONTRACTS FOR A LOSS OF 14,674 CONTRACTS.

THUS BY DEFINITION, THE INITAL AMOUNT OF GOLD STANDING FOR THIS STRONG DELIVERY MONTH OF JUNE IS AS FOLLOWS:

20,105 CONTRACTS X 100 OZ PER CONTRACT

EQUALS

2,010,500 OZ OR 62.534 TONNES

JULY GAINED 194 CONTRACTS TO STAND AT 7230

AUGUST GAINED 6154 CONTRACTS UP TO 317,115

We had 15,273 contracts filed for today representing 1,527,300 oz  

Today, 0 notice(s) were issued from J.P.Morgan dealer and5585 notices issued from their client or customer account. The total of all issuance by all participants equate to 15,273 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 8394 notice(s) was (were) stopped  (received) by J.P.Morgan//customer account 

To calculate the INITIAL total number of gold ounces standing for JUNE /2025. contract month, we take the total number of notices filed so far for the month (15,273 X 100 oz ) to which we add the difference between the open interest for the front month of  JUNE (20,105 CONTRACTS)  minus the number of notices served upon today  (15,273 x 100 oz per contract) equals  2,010,500 OZ  OR 62.534 TONNES to which we add 0 tonnes of gold issued under exchange for risk// totals 62.534 tonnes

thus the INITIAL standings for gold for the JUNE contract month:  No of notices filed so far (15,273 x 100 oz +we add the difference for front month of JUNE (20,105 OI} minus the number of notices served upon today (15,273 x 100 oz) which equals  2,010,500 OZ OR 62.534 TONNES + 0 tonnes EX FOR RISK = 62.534 tonnes

TOTAL COMEX GOLD STANDING FOR JUNE.: 62.534 TONNES WHICH IS SMALL FOR THIS NORMALLY ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND APRIL WAS SECOND..JUNE DID NOT FOLLOW FEB AND APRIL’S LEAD!!

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 2,193,240.283 oz 68.218 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,789,194.161 oz  

TOTAL REGISTERED GOLD 21,319,411.780: or 663.122 tonnes

TOTAL OF ALL ELIGIBLE GOLD 17,469,782.381 OZ  

END

REGISTERED GOLD THAT CAN BE SERVED UPON 19,126,171 oz (REG GOLD- PLEDGED GOLD)= 594.90 tonnes //

SILVER/COMEX

THE JUNE 2025  SILVER CONTRACT//INITIAL

MAY 30

INITIAL

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	3 withdrawal entries i) Out of Brinks 2,376,557.120 oz ii Out of Delaware 9739.712 oz iii) Out of HSBC 919,,783.910 oz total withdrawal 3,306,080.732 oz
Deposits to the Dealer Inventory	1 entry i) into Stonex: 580,254.700 oz total deposit: 580,254.700 oz
Deposits to the Customer Inventory	2 DEPOSIT ENTRIES i) Into CNT 4990.01 oz ii) Into Int. Delaware 600,962.720 oz total deposit 605,952.730 oz
No of oz served today (contracts)	1817 CONTRACT(S)    (9.095 OZ
No of oz to be served (notices)	163 contract  (0.815 MILLION oz)
Total monthly oz silver served (contracts)	1817 Contracts  (9.085 million oz)
Total accumulative withdrawal of silver from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

1 deposits into dealer accounts

1 entry


i) into Stonex: 580,254.700 oz

total deposit: 580,254.700 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

2 deposit entries//customer side/eligible

2 DEPOSIT ENTRIES

i) Into CNT 4990.01 oz

ii) Into Int. Delaware 600,962.720 oz

total deposit 605,952.730 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)

withdrawals: customer side/eligible

3 withdrawal entries

i) Out of Brinks 2,376,557.120 oz
ii Out of Delaware 9739.712 oz
iii) Out of HSBC 919,,783.910 oz

total withdrawal 3,306,080.732 oz

ADJUSTMENTs 2//customer to dealer

i) Out of CNT 765,818.38 oz

ii) Out of Delaware 182,117.879 oz

JPMorgan has a total silver weight: 214.825million oz/496.007 oz million  or 43.34%

TOTAL REGISTERED SILVER: 158.100 MILLION OZ//.TOTAL REG + ELIGIBLE. 496.007Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE /2025 OI: 1980 OPEN INTEREST CONTRACTS FOR A LOSS OF 236 CONTRACTS.

THUS BY DEFINITION, THE INITIAL AMOUNT OF SILVER STANDING FOR THIS NON ACTIVE DELIVERY MONTH OF JUNE IS AS FOLLOWS

1980 CONTRACTS STANDING X 5000 OZ PER CONTRACT

EQUALS

9.90 MILLION OZ

WHICH IS PRETTY GOOD !

JULY GAINED 810 CONTRACTS UP TO 111,156

AUGUST LOST 20 CONTRACTS TO 459

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1817 or 9.085 MILLION oz

CONFIRMED volume; ON THURSDAY 55,084 fair//

AND NOW MAY DELIVERIES:

To calculate the number of silver ounces that will stand for delivery in JUNE. we take the total number of notices filed for the month so far at 1817 X5,000 oz = 9.085 MILLION oz 

to which we add the difference between the open interest for the front month of JUNE (1980) AND the number of notices served upon today (1817 )x (5000 oz)

Thus the  standings for silver for the JUNE 2025 contract month:  (1817) Notices served so far) x 5000 oz + OI for the front month of JUNE(1980) minus number of notices served upon today (1817)x 5000 oz equals silver standing for the JUNE contract month equating to 9.900 MILLION OZ .

 New total standing:  9.900 million oz which is huge for this NON 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 30  WITH GOLD DOWN $27.10 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.59 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 930.20 TONNES

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 925.71 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: 930.20 TONNES, TONIGHTS TOTAL

SILVER

MAY 30 WITH SILVER DOWN $0.36/HUGE CHANGES AT THE SLV: A DEPOSIT OF 2.773 MILLION OZ INTO THE SLV././///INVENTORY RESTS AT 459.876 MILLION OZ.

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 459.876 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

Peter Schiff: Traders Are “Selling America”

Friday, May 30, 2025 – 02:25 PM

Via SchiffGold.com,

During his latest podcast, Peter dissects another rough stretch for American financial markets, spotlighting mounting selloffs across sectors and another breakout moment for gold. He breaks down why US treasuries are now riskier than ever, the structural problems with fiscal and monetary policy, and how tariffs are hitting American consumers harder than politicians care to admit. 

The week’s headlines were dominated by red ink, but Peter points out that there’s still one clear winner:

Anyway, it was a big week in the markets and it was a bad week for US financial markets across the board. It was another ‘sell America’ week, and I think we’re going to have a lot more weeks like this one. In fact, if you remember when Trump first won and everybody was talking about the Trump trade being ‘buy America,’ I was one of the few people that said, ‘No, the Trump trade was sell America’ because I understood the ramifications of the policies that Trump would be pursuing, and the markets are reacting exactly as I had expected them to react. The star of the week was gold. Gold rose more than 5% on the week.

Peter doesn’t mince words when discussing the supposed safety of US government bonds. He urges investors to stop pretending that treasuries are a safe haven, especially given America’s ballooning obligations:

Again, as far as I’m concerned, it’s all junk bonds. If you buy U.S. treasuries, you have no chance of making any money; you will lose for sure. The only question is how you’re going to lose. You’re either going to lose because the Treasury defaults and that is a real possibility. I’d say it’s a lower possibility, although if you happen to be in China and you own U.S. treasuries, I’d say it’s a pretty high possibility. … But either the government defaults and they don’t pay you, or they pay you by printing a lot of money. 

This shift in perception, from risk-free to risky, marks a fundamental change in global markets. Peter revisits how even after major geopolitical shocks, what used to be the “go-to” assets are looking shaky:

One of the most significant developments really this year is that treasuries have moved from a safe haven to a risk asset. That was evident after the Liberation Day announcement when treasuries got killed along with stocks. I’ve said this for a long time that eventually the only safe haven left standing was going to be gold. Gold is the only thing that really rallied during that initial week or so of collapse. Investors went into gold.

On the policy front, Peter calls out both major parties, arguing that regardless of who’s steering the ship, America’s debt trajectory is accelerating:

But so this big, beautiful bill not only doesn’t put us on a different course when it comes to the debt. We stay on the same course: we’ve just stepped on the gas. So we were on a path to a debt crisis and a dollar crisis. We’re staying on that path. We’re just driving faster, so we’re just going to get to that destination quicker because we elected Trump. Now, of course, had we elected Kamala Harris, I’m sure that whatever budget they’d have come up with– assuming the Democrats came in with her and she had both houses of Congress– I’m sure their deficits might have been even bigger.

The real-world impact hits consumers hardest, Peter explains, especially as tariffs bite and the dollar’s weakness amplifies the pain at the checkout counter:

Anyway, the bottom line is Walmart’s got to raise prices. Everybody’s got to raise prices. And as Trump realizes this, maybe that’s what’s happening; he realizes that it’s not external revenue. It’s internal revenue– that the people who pay the tariffs are the American consumers, especially with the weakness of the dollar. Because remember, one of the things that a lot of these so-called experts were saying was that the tariffs were going to strengthen the dollar and the stronger dollar was going to help offset the tariffs because we were going to import cheaper because of the strong dollar. Well, it has actually had the opposite effect.

For more of Peter’s analysis last week, check out the second episode of the revamped Friday Gold Wrap podcast!

MATHEW PIEPENBERG

2.ALASDAIR MACLEOD

Gold and silver remain firm

Wholesale market operators who rely on being able to roll leases on maturity face the prospect of having to buy back bullion which has simply vanished.

Alasdair MacleodMay 30∙Paid

READ IN APP

In a week when the US Court of International Trade ruled that the constitution gave Congress the power to levy tariffs and not the president, gold and silver sailed on more or less regardless. In European trade this morning, gold was $3,295, unchanged from last Friday’s close. Silver was $33.17, up 12 cents. Trade was quiet in a short week due to public holidays on Monday in London and the US.

Furthermore, this week Comex June contracts were running off the board, which together with option expiry is usually a time of price weakness as traders with long positions and call options sell or abandon them respectively, resulting in sell-offs. They didn’t happen.

Judging by Comex data, gold is actually oversold with open interest the lowest it has been since February 2024.

Attempts by the shorts to shake out weak longs were futile because there aren’t any. And the stands-for-delivery continue at pace at 640.5 tonnes this year so far, an annual rate of 1,540 tonnes. It is beginning to eat into Comex stocks which have declined by over 195 tonnes since the all-time peak on 3 April — the day after Trump’s so-called liberation day:

Recall that some of that gold was extracted from the Bank of England’s vault, whose bullion stocks since October declined by 437 tonnes to end-April. We can be certain that much of this gold was leased by bullion banks from BoE central bank customers. And that this gold has been delivered into unknown hands through Comex stand-for-deliveries.

This is a radical departure from the Bank’s ledger transfer system, whereby gold remains stored at the Bank irrespective of ownership. Central banks leasing gold are now aware that gold which they have leased out has effectively disappeared with no firm guarantee that it will be replaced by the lessors when leases end.

The scale of the problem, real or imagined, is enough to persuade central banks with earmarked gold in London and New York to withdraw from all gold leasing activities. This gives both forward and futures markets a problem, because gold leasing is a major source of market liquidity.

Instead, wholesale market operators who rely on being able to roll leases on maturity face the prospect of having to buy back bullion that has simply vanished.

Doubtless, when the super-premiums on Comex triggered an arbitrage flow of over 870 tonnes into Comex warehouses from last October to April from London, Switzerland, and elsewhere the arbitrageurs thought only of the profits without the final transaction of buying back gold for paper. It really was a sucker’s trade of “you have the paper and we have the gold” variety.

Meanwhile, with no flaky longs on Comex, if that’s any guide to other markets as leases expire and the scramble to buy bullion gets underway, the backstop must be to bail out the bullion banks. The chart below illustrates the technical background, which offers no comfort to the shorts:

The chart suggests a liquidity crisis that is ongoing. And with the gold/silver ratio at 99, speculators are likely to chase silver to maximise profits as a crisis in gold paper markets unfolds. Silver’s chart is below

:

3. CHRIS POWELL AND GATA DISPATCHES

end

4/On LFTV, Andrew Maguire LIVE FROM THE VAULT 225

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

China Drowning In Soaring Coal Inventories Amid Sinking Power Demand, Crashing Coal Pr

Thursday, May 29, 2025 – 08:30 PM

China’s overarching central planning model, meant to keep the economy from keeling over, has become so tangled up it is next to impossible to keep track of fake supply and even faker demand. It is also starting to dangerously resemble late stage USSR, when supply-side economics covered up the rot in the economy until the absolute end.

According to Reuters, with its economy slowing, if not contracting, China is pressing its coal-fired power plants to stockpile more of the fuel and import less in an effort to shore up domestic prices, but traders are skeptical the measures will help to stop the slide.

The coal industry in China faces rising coal stockpiles after a massive expansion of output following shortages and blackouts in 2021 is churning out more coal than even the world’s largest thermal power fleet can consume.

To support money-losing miners whose profits are under growing pressure, the state planner has asked power plants to prioritize domestic coal and increase thermal coal stockpiles by 10%, setting an overall target of 215 million metric tons by June 10, the sources said. However, with inventories piling up along the supply chain, the guidelines would be unlikely to spur much buying or support prices.

Mine stockpiles are up 42% from a year ago, while northern Bohai area port inventories are up 25% annually, the state-run China Energy Daily has said. Buyers are also being asked to procure coal from northern ports to chip away at high port stockpiles, three Reuters sources said.

The NDRC’s moves follow months of calls from industry groups and companies to curb coal imports and output. Chinese coal prices have marched steadily downwards, however. Prices for medium-grade coal with a heat value of 5,500 kilocalories per kilogram stood at 620 yuan ($86) per metric ton on Tuesday, the lowest since March 2021.

Prices have fallen so far that some buyers have tried to wiggle out of long-term contracts in favor of spot sales.

China imported a record 542.7 million tons of coal in 2024, but the total is expected to fall this year. Coal imports slid 16% in April on the year.

Chinese mine production continues to grow despite the collapse in prices, with a government haunted by the shortages and blackouts of 2021 and 2022 unlikely to consider output cuts.

“I think they’re very mindful to avoid a repeat of that,” said LSEG lead coal analyst Toby Hassall. “They will tolerate a period where some domestic production is really struggling.”

China’s coal production rose 6.6% on the year during the period from January to April, to stand at 1.58 billion tons.  At the same time, industry profits fell 48.9% year-on-year for the same period, official data showed on Tuesday.

end

6 CRYPTOCURRENCY NEWS

ASIAN MARKETS THIS MORNING:

SHANGHAI CLOSED DOWN 15.96 PTS OR 0.47%

//Hang Seng CLOSED DOWN 283.61 PTS OR 1.62%

// Nikkei CLOSED DOWN 467.88 PTS OR 1.22% //Australia’s all ordinaries CLOSED UP 0.26%

//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1960 OFFSHORE CLOSED DOWN AT 7.1990/ Oil DOWN TO 61.37 dollars per barrel for WTI and BRENT DOWN TO 63.71 Stocks in Europe OPENED ALL GREEN

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1960 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1990 AGAINST US DOLLAR/ AND THUS WEAKER

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

ONSHORE YUAN:   CLOSED DOWN TO 7.1960 (CHINESE COMMUNIST PARTY MANIPULATED)

OFFSHORE YUAN: DOWN TO 7.1990 (CCP MANIPULATED)

SHANGHAI CLOSED DOWN 15.86 PTS OR 0.47%

HANG SENG CLOSED UP 296.23 PTS OR 1.27%

2. Nikkei closed DOWN 467.88 PTS OR 1.22%

3. Europe stocks   SO FAR:  ALL GREEN

USA dollar INDEX UP TO  99.53// EURO RISES TO 1.1331 UP 38 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +1.500//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.09…… 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 DOWN for WTI and DOWN FOR UP FOR BRENT this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.5260/Italian 10 Yr bond yield DOWN to 3.519 SPAIN 10 YR BOND YIELD DOWN TO 3.125%

3i Greek 10 year bond yield DOWN TO 3.276

3j Gold at $3297.50 Silver at: 33.13  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 1 AND 76 /100  roubles/dollar; ROUBLE AT 78.66

3m oil into the 61 dollar handle for WTI and  63 handle for Brent/

3n Higher foreign deposits moving out of China//  huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 144.05// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.500% 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 0.8234 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9329 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 4.436 UP 1 BASIS PTS…

USA 30 YR BOND YIELD: 4.934 UP 1 BASIS PTS/

USA 2 YR BOND YIELD:  3.941 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 39.24

10 YR UK BOND YIELD: 4.663 DOWN 5 PTS

10 YR CANADA BOND YIELD: 3.205 DOWN 4 BASIS PTS

5 YR CANADA BOND YIELD: 2.816 DOWN 3 PTS

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2a New York OPENING REPORT

Futures Drop As Trade Pessimism Returns

Friday, May 30, 2025 – 08:22 AM

US equity futures are in the red but well off session lows, with tech leading and small caps lagging. As of 8:00am S&P futures are down -0.1% at 5,917 having earlier dropped as much as 0.5%; according to Goldman, US equities are “not reacting well” to i) “Plan B” article from the WSJ (which recaps what we said here) that “the administration is considering a stopgap effort to impose tariffs on swaths of the global economy under a never-before-used provision of the Trade Act of 1974, which includes language allowing for tariffs of up to 15% for 150 days to address trade imbalances with other countries”, and 2) a Reuters article quoting Bessent that US-China tariff talks are “a bit stalled.” Pre-market Mag 7 are mostly lower with TSLA -1.4%, NVDA -0.6% and META -0.4%. Bond yields are largely unchanged with the 10Y trading at 4.42%; the USD is modestly higher against G7 peers. Commodities are mixed with oil higher and metals lower. Today, macro focus will be on the April PCE and the final Michigan survey; tomorrow, OPEC+ will meet to decide on July output.

In premarket trading, Mag 7 stocks are flat to lower (Apple +0.1%, Alphabet +0.2%, Microsoft +0.07%, Amazon is flat, Meta -0.01%, Nvidia -0.2%, Tesla -0.8%). Gap sinks 15% after the company predicted a tariff impact of up to $300 million and revealed weakness at Banana Republic and Athleta. Here are some other notable premarket movers:

• Marvell Technology (MRVL) slips 3% after the chipmaker posted quarterly results and provided an outlook. While analysts are generally positive, they said more may have been expected given AI enthusiasm.
• NetApp (NTAP) falls 5% after the data storage provider forecast 1Q profit that missed the average analyst estimate. Bloomberg Intelligence writes that the “enterprise IT-spending environment for NetApp is proving more tepid than expected.”
• PagerDuty Inc. (PD) declines 6.2% after the software company cut its full-year revenue forecast and reported its first-quarter results. Analysts noted some execution issues in the quarter.
• Park Hotels & Resorts Inc. (PK) inches 1% lower after Truist cut its recommendation to hold, anticipating weaker tourism in Hawaii.
• UiPath (PATH) rises 13% after the automation software company provided a 2Q revenue outlook that beat estimates.
• Ulta Beauty (ULTA) jumps 8% after the cosmetics retailer boosted its earnings per share forecast for the full year.
• Zscaler (ZS) gains 3% after the software company reported third-quarter results that beat expectations and raised its full-year forecast.

Tariff headlines are once again shaping markets as unpredictability about the impact and scope of Trump’s trade agenda pushes investors to re-assess their appetite for risk. It follows a rebound in US stocks that had set the S&P 500 on track for its biggest monthly gain since 2023 before momentum began to fade on fiscal and growth concerns.

Late on Thursday, Treasury Secretary Scott Bessent said that trade talks with China were “a bit stalled.” Earlier, a federal appeals court offered Trump a temporary reprieve from a ruling that threatened to throw out the bulk of his agenda. Trump aides have insisted that the president will not be denied his tariff push and that the policies will remain, one way or another.

“The setup is quite pessimistic, whether you look at trade, fiscal outlooks, inflation, valuations, you name it,” said Dan Boardman-Weston, chief investment officer at BRI Wealth Management. “We’re keeping some cash on the sidelines as I expect volatility is here to stay for much longer.”

Later on Friday, traders’ focus will turn to the US core PCE, the Fed’s preferred infaltion gauge, for signals about the health of the economy and the outlook for interest-rate cuts. While the impact of Trump’s tariffs on April price data is expected to be modest, the trade-policy influence is likely to become more apparent as soon as next month. On Thursday, a report showed the US economy shrank at the start of the year due to weaker consumer spending and an even bigger impact from trade than initially reported.

Meanwhile, European stocks continued to benefit from weaker sentiment toward the US. The Stoxx 600 rose 0.6% and is on course for its best month since January as traders look past ongoing trade-related uncertainty. Financial services and utility shares are leading gains. Here are the most notable movers:

• M&G shares gain as much as 8.6% to reach the highest since June 2021, after Dai-ichi Life Holdings said it will acquire a 15% stake in the UK life insurer.
• Ovzon shares surge as much as 49% to their highest intraday level since February 2023, after the Swedish satellite communications services firm got a 1.04 billion Swedish Kroner (around €95.6 million) order from the country’s Defense Materiel Administration.
• Lindt rises as much as 1.7% as its price target was lifted to a street-high at Morgan Stanley, which says the Swiss chocolate maker’s premium valuation multiple can be supported at current levels.
• Beazley and Hiscox shares edge higher after Berenberg re-initiated coverage on the UK insurers with buy ratings and new Street-high price targets, describing the firms as a “compelling investment case.”
• Sanofi shares drop as much as 6.1%, after just one of two late-stage studies evaluating the experimental drug itepekimab in former smokers with inadequately controlled chronic obstructive pulmonary disease (COPD) met the primary endpoint.
• hVIVO shares plummet as much as 58%, slumping to a five-year low, after the company warned a significant contract has been canceled due to uncertainties in the pharmaceutical industry.
• Elekta shares fall as much as 5.3% after Morgan Stanley cut its price target on the Swedish medical equipment firm, noting that weak orders growth “cancelled out” better-than-expected earnings.

Earlier in the session, Asian stocks declined, though are still on track for its best month since November 2023, led by losses in Hong Kong after Donald Trump’s tariff agenda received a temporary reprieve. The MSCI Asia Pacific Index fell as much as 0.7%, paring its gain for May to 4.7%. Alibaba and Tencent were among the biggest drags Friday, as US Treasury Secretary Scott Bessent’s comment on “stalled” trade talks with China also weighed on the market. The measure is set for its first weekly loss since early April as the Trump administration’s back-and-forth moves fan uncertainty. Despite the weakness, the key Asian stock gauge was set to cap its first set of back-to-back monthly gains of the year on continued inflows from global funds as they trade on the “sell America” theme. 

In FX, the Bloomberg Dollar Spot Index rose 0.2% but remained on track for its longest streak of monthly losses in five years. Traders’ concern that Trump’s trade policies could undermine the economy is adding to the greenback’s weakness and eroding its appeal as a traditional haven. The yen is the best performing G-10 currency, rising 0.1% against the greenback after prices in Tokyo jumped the most in two years.

“No matter what happens, markets realize that we are facing a long period of uncertainty,” said Win Thin, global head of markets strategy at Brown Brothers Harriman & Co. “Allowing tariffs to remain in place raises risks of stagflation and is both dollar and equity negative.”

In rates, treasuries are steady, with futures trading within a narrow range over Asia, early London sessions while both bunds and gilts underperform. US yields cheaper by up to 1.5bp across long-end of the curve which underperforms so far, steepening 5s30s spread by around 1.5bp on the day with rest of the Treasury curve little change. US 10-year yields trade around 4.42% with bunds and gilts both lagging by 2.5bp in the sector. Session focus includes PCE price index, while month-end extension demand stands to support long-end of the curve.

In commodities, WTI futures drop on a Reuters headline that OPEC may discuss an output hike larger than 411kbpd during Saturday’s meeting. Spot gold falls $20 to around $3,298/oz. Bitcoin falls 0.8% toward $105,000. 

US economic data includes April personal income/spending, PCE price index, wholesale inventories (8:30am), May MNI Chicago PMI (9:45am) and University of Michigan sentiment (10am). Fed speaker slate includes Daly (4:45pm) and Goolsbee (7:30pm)

Market Snapshot

• S&P 500 mini little changed
• Nasdaq 100 mini -0.1%
• Russell 2000 mini -0.3%
• Stoxx Europe 600 +0.6%
• DAX +0.9%
• CAC 40 +0.3%
• 10-year Treasury yield +1 basis point at 4.43%
• VIX little changed at 19.21
• Bloomberg Dollar Index +0.2% at 1217.49
• euro -0.4% at $1.1328
• WTI crude +0.7% at $61.36/barrel

Top Overnight News

• Trade talks between the US and China are “a bit stalled” and may need to be reinvigorated with a call between Trump and Xi Jinping, said Bessent. Reuters
• Trump team considers plan B for tariffs that would see it utilize Section 122 (tariffs of up to 15% for 150 days) and then a series of Section 301 investigations. WSJ
• Section 899 of Trump’s budget bill that the House passed last week would allow the US to impose additional taxes on companies and investors from countries that it deems have punitive tax policies. Some worry this could upend markets and hit American industry. FT
• The United States plans to ramp up weapons sales to Taipei to a level exceeding President Donald Trump’s first term as part of an effort to deter China as it intensifies military pressure on the democratic island, according to two U.S. officials. RTRS
• DeepSeek releases data on its new model showing that it has surpassed ones from Alibaba, xAI, Meta, and Anthropic, and is on par with OpenAI and Google. SCMP
• Core PCE probably rose by a modest 0.1% in April as service components dragged. Consumer spending growth is expected to have slowed on the back of souring sentiment. BBG
• Prices in Tokyo jumped the most in two years in May on surging food costs. Consumer prices excluding fresh food rose 3.6%, more than expected. BBG
• Spain’s CPI for May cools by more than anticipated, coming in at +1.9% (down from +2.2% in Apr and below the Street’s +2% forecast)
• UK business confidence hit a nine-month high in May. The rebound from April’s drop suggests that firms may be in a stronger position for the next quarter. BBG
• Fed’s Logan (2026 voter) said risks to employment and inflation goals are roughly balanced, while she added monetary policy is in a good place for now and it could take quite some time to see a shift in the balance of risks, as well as noted that if the balance shifts, the Fed is well prepared to respond.
• Fed’s Daly (2027 voter) said the labor market is in solid shape and will not get to 2% inflation this year, while she added they are really making progress on inflation. Daly said workers are worried about inflation and the Fed is resolute to get the job on inflation done.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were subdued heading into month-end as participants digested a slew of data and amid trade uncertainty. ASX 200 traded rangebound amid a lack of conviction after soft data releases including a contraction in Retail Sales. Nikkei 225 underperformed with the index back beneath the 38,000 level amid recent currency strength and after the latest Tokyo CPI data mostly topped forecasts, while trade remained in focus following Japanese PM Ishiba’s call with US President Trump and as top trade negotiator Akazawa plans to meet with US Treasury Secretary Bessent for trade talks later today. Hang Seng and Shanghai Comp conformed to the downbeat mood ahead of an extended weekend and with PMI data scheduled on Saturday, while US Treasury Secretary Bessent commented that China talks are a bit stalled but believes they will have more talks in a few weeks.

Top Asian News

• Japan has growing doubts that its next generation fighter project with the UK and Italy will meet a 2035 rollout target; may look at plugging air defence gaps with new F-35 stealth planes, according to Reuters sources.
• China April Phone shipments +4.0% Y/Y at 25.04mln, via CAICT.

European bourses (STOXX 600 +0.5%) opened with very modest gains, with markets digesting the slew of trade-related updates on Thursday/overnight. In essence, US Officials generally pushed back against the severity of the latest ITC Court ruling, suggesting there are other ways to implement tariffs. As the session progressed, indices proceeded to trade with an upward bias and currently reside towards session highs. European sectors are mostly higher but with no clear theme aside from the day’s underperformer, Basic Resources. This is seemingly a factor of the aforementioned trade updates which seems to suggest that the US administration will implement tariffs irrespective of the ITC Court Ruling – as such, base metals are broadly in the red.

Top European News

• BoE Governor Bailey said the current challenge is that they don’t know what the outcome of the trade situation will be, while he added that they are taking a gradual and careful approach as the economy is hard to read. Bailey responded there is a lot of uncertainty around at the moment when asked about rate cuts and said labour market data is pretty much in line with what they thought, as well as noted that UK issues, not tariffs and trade, will be the main driver for UK rates.
• BoE’s Taylor said he is seeing more risk piling up on the downside scenario because of global developments, while he added the trade war is going to be negative for growth and he thought they needed to be on a lower monetary path, according to FT.
• ECB’s Panetta says there is reduced room to cut rates further, though the macro outlook is weak and trade tensions could weigh on this. Future policy decisions need to be assessed on a case-by-case basis, considering the data, inflation and growth outlook. Essential to retain a pragmatic and flexible approach. Disinflation has not taken too high a toll on the EZ. Tariff-exposed sectors are already showing signs of falling confidence.

FX

• DXY is on a firmer footing today as traders digest a slew of trade-related updates on Thursday/overnight; but in essence US Officials generally pushed back against the severity of the latest ITC Court ruling, suggesting there are other ways to implement tariffs. Elsewhere, a meeting between US President Trump and Fed Chair Powell seemed to discuss economic developments but Powell refrained from discussing his expectations on monetary policy. DXY currently trades at the upper end of a 99.12-61 range ahead of the much-anticipated US PCE.
• EUR is pressured and towards the bottom of the G10 performers list; pressure which seemingly stems from broader Dollar strength. There have been a number of key European data points today, but nothing that fundamentally changed the downward bias for the Single-Currency. For European-specific trade updates, Bessent suggested that the EU’s deal is in motion. Elsewhere, the FT reported that Germany is eyeing a 10% digital tax on global tech giants like Meta and Google. EUR/USD currently trades towards the lower end of a 1.1328-1.1389 range.
• JPY is currently the incrementally firmer vs the Dollar, largely thanks to the tepid risk tone and following a mostly firmer Tokyo inflation report overnight. To recap, headline Y/Y printed a little below expectations, but the core and super-core figures beat consensus. BoJ Governor Ueda spoke overnight, saying that “we are aware of firms’ aggressive price and wage setting behaviour continuing”, he also highlighted the uncertain nature of the economy. USD/JPY trades in a 143.45-144.21 range.
• GBP is modestly lower vs the broader Dollar strength but ultimately faring a little better vs peers. UK-specific updates today have been very light; focus on Thursday was on BoE’s Bailey who provided little by way of surprises – he reiterated a gradual monetary policy approach and highlighted the uncertainty surrounding the economy. Cable currently trading in a 1.3456-1.3510 range; further downside could see a test of Thursday’s low at 1.3415.
• Antipodeans are lower but with clear underperformance in the Aussie, with downside facilitated by broader losses in the metals complex. For AUD specifically, it is pressured after the region reported a contraction in Retail sales.
• PBoC set USD/CNY mid-point at 7.1848 vs exp. 7.1859 (Prev. 7.1907).

Fixed Income

• USTs are contained. Newsflow this morning has been virtually non-existent for USTs as we continue to digest the court-related trade updates and confirmation that Liberation Day measures will remain in place during the appeals process; timeline remains unknown. In a 110-19 to 110-25 band. A marginal new high for the week with USTs holding onto the gains that began mid-day on Thursday and then continued into the evening as the initial court-related pressure abated with the administration sticking to its plans. Focus now turns to US PCE (Apr).
• Bunds were initially contained, in-fitting with the above. Modest uptick to the 131.39 session high after cooler-than-expected Spanish Flash inflation, the series featured a marked cooling in the core figure. Thereafter, some choppiness following the German State CPI figures, which were a little mixed vs mainland implications; ultimately sending Bunds to a 131.02 trough.
• Gilts are directionally in-fitting with the above but holding at the unchanged mark given the lack of UK specifics. Handful of BoE speakers over the last 24 hours though nothing that has fundamentally shifted the narrative. Specifics for the UK have been very light, nothing of particular note on the docket so instead the benchmark will likely get dragged along by any move to German mainland CPI and then US PCE.

Commodities

• Crude benchmarks are in the green, having been supported by a bounce in the risk tone around the cash open. WTI Jul and Brent Aug have both gained around USD 0.30/bbl, to USD 61.27/bbl and 63.66/bbl respectively.
• Spot gold is underperforming within the precious metals complex, amid the weaker dollar, and subdued demand ahead of the weekend. The session so far has been absent of any fresh macro catalysts, and gold trades within narrow parameters of USD 3,287.54-3,322.64/oz, currently towards the session low.
• Base metals are broadly in negative territory, suffering from the stronger dollar and fading trade optimism.
• US EIA Weekly Crude Stocks w/e -2.795M vs. Exp. 0.118M (Prev. 1.328M)

Geopolitics: Middle East

• US plan for Gaza proposes a 60-day ceasefire and includes the release of 28 Israeli hostages, alive and dead, within the first week of the ceasefire, while remaining Israeli hostages are to be released after implementation of a permanent ceasefire and Israel is to release 125 Palestinian prisoners sentenced for life and 1,111 prisoners detained after October 7th within the first week of the agreement. The plan includes sending aid to Gaza as soon as Hamas signs off on the ceasefire agreement and the Israeli military operation will cease upon implementation of the ceasefire agreement with Israeli troops to redeploy after the release of hostages and ceasefire agreement to be guaranteed by US President Trump, according to Reuters.

Geopolitics: Ukraine

• US told the UN Security Council if Russia decides to continue the war in Ukraine, the US will have to consider stepping back from negotiation efforts to end the conflict, while it added the deal on offer now is Russia’s best possible outcome and the Russian President Putin should take the deal. Furthermore, it said additional sanctions on Russia are still on the table.

US Event Calendar

• 8:30 am: Apr Personal Income, est. 0.3%, prior 0.5%
• 8:30 am: Apr Personal Spending, est. 0.2%, prior 0.7%
• 8:30 am: Apr PCE Price Index MoM, est. 0.1%, prior 0%
• 8:30 am: Apr PCE Price Index YoY, est. 2.2%, prior 2.3%
• 8:30 am: Apr Core PCE Price Index MoM, est. 0.1%, prior 0%
• 8:30 am: Apr Core PCE Price Index YoY, est. 2.5%, prior 2.6%
• 8:30 am: Apr P Wholesale Inventories MoM, est. 0.4%, prior 0.4%
• 9:45 am: May MNI Chicago PMI, est. 45, prior 44.6
• 10:00 am: May F U. of Mich. Sentiment, est. 51.5, prior 50.8

DB’s Jim Reid concludes the overnight wrap

In less than a week we’ve had a 1-week forward 50% tariff imposed on the EU, the same tariff delayed by 5 weeks, the US Court of International Trade rule that a large swathe of the US Administration’s tariffs are illegal, the Court of Appeal yesterday granting a temporary stay that leaves the tariffs in force while it considers the case, as well as news that the Administration will turn to alternative powers if they lose their court appeal. It really is hard to keep up. Trading and analysing this market successfully requires a lot of luck. Unless of course I get it right and then its skill.

Risk assets initially surged yesterday after the surprise court ruling but they gave up those gains later in the day as markets digested several alternatives avenues they could pursue. At the extreme end, although things that seem extreme often materialise in 2025, DB’s George Saravelos discussed the prospect of using Section 899 of the “Big Beautiful Bill” that is working its way through the Senate. The risk here is that this provides the option to change tax treatment of foreign capital. So if the US wanted to they could pivot some of their attention from a trade to a capital war. Clearly no-one knows but a wounded animal is often a dangerous one. See George’s short blog here on it. Ultimately if they did pursue this route it would be an added disincentive for foreigners to hold as much US assets.

In all, markets have struggled for consistent direction over the last 24 hours but have generally given up the gains post the court ruling. So even though S&P 500 futures rose +1.78% in the European morning yesterday, the index gave up all of those gains at one point before ending the day with a modest +0.40% increase, supported by a +3.25% rise for Nvidia after its results the previous day. However, S&P and Nasdaq futures are -0.23% and -0.28% lower again overnight and Asian indices are losing ground, in part following comments by Treasury Secretary Bessent that trade talks with China are “a bit stalled”. The court ruling won’t help that either.

To give a full recap of the tariff court case, the US Court of International Trade ruled that the Trump administration didn’t have the authority to impose most of the announced tariffs that were implemented using emergency powers. So that would block tariffs including the 10% baseline, the 25% on Canadian and Mexican products, the extra 20% on China, and the paused reciprocal tariffs. There are other avenues the administration can use instead, such as the section 232 used for steel, aluminium and auto tariffs. The problem is these would take longer to implement and in the meantime it feels like the incentive for other countries to strike a deal with the US is low while the uncertainty takes over. There’s also Section 122 tariffs, which permit tariffs up to 15% for 150 days. The Wall Street Journal reported last night that Trump’s trade team was considering this as a stopgap option while it prepares Section 301 tariffs used to counter unfair trade practices. So even if the court ruling is upheld, it doesn’t look like the world is heading back to the pre-2025 tariff situation even if there is a pathway to a world with less tariffs after the ruling.

For now those alternative options are on the backburner, as last night the Court of Appeal allowed the tariffs to temporarily stay in place, giving a June 9 deadline for briefs on the administration’s request for a longer-term stay on the trade court’s tariff suspension. The exact timing of the appeal is unclear, and with further appeals to the Supreme Court appearing likely, the uncertainty may well linger beyond the current July 9 deadline on the reciprocal tariff pause. Trump broke his initial silence on the ruling in a lengthy post late last night, saying “Hopefully, the Supreme Court will reverse this horrible, Country threatening decision, QUICKLY and DECISIVELY”, adding that the decision “would completely destroy Presidential Power”.

Trade wasn’t the only game in town yesterday though with data moving markets as much as the trade headlines, and more so in the case of bonds. In particular, there was a notable bond rally after the weekly jobless claims were higher than expected, as that raised hopes that the Fed were still on track to cut rates this year. Initial claims rose to 240k in the week ending May 24 (vs. 230k expected), while continuing claims moved up to 1.919m (vs. 1.893m expected) for the week before that. Moreover, the updated Q1 GDP release saw the annualized pace of personal consumption growth revised to its lowest in seven quarters (+1.2% vs +1.7% initial), while pending home sales for April saw their biggest monthly fall since September 2022. So that immediately led investors to price in more rate cuts this year, with 50bps now priced in by the December meeting, up +5.2bps yesterday.

The bond rally was also supported by a solid 7-year Treasury auction that saw $44bn of notes issued -2.2bps below the pre-sale yield. By the close, Treasury yields were lower across the curve, with the 2yr yield down -5.1bps to 3.94%, whilst the 10yr yield fell -6.0bps to 4.42%. They were 10-12bps higher than this close earlier in the day as the court ruling seemed to lead to the belief that more of the deficit would go unfunded. The dollar index saw a similar round trip trading as much as +0.61% higher early on but closing -0.60% lower. How the narrative changed!

Yesterday also saw the first in-person meeting between Trump and Fed Chair Powell since the president’s inauguration. According to the White House, Trump told Powell he is making a mistake by not cutting rates. Meanwhile, in a short statement from the Fed they emphasised that the FOMC will make policy decisions “based solely on careful, objective, and non-political analysis”.

Over in Europe, yields on 10yr bunds (-4.7bps), OATs (-4.8bps) and BTPs (-4.6bps) all moved lower as well. That was supported by lower inflation expectations, with the 2yr US inflation swap falling -3.0bps on the day to 2.84%. In part, that was thanks to lower oil prices, with Brent crude down -1.16% to $64.15/bbl. But there was also a fresh boost from the latest US data revisions, as core PCE inflation for Q1 was revised down a tenth, to +3.4%. The growth picture also looked a bit less robust, as even though the GDP contraction was revised up a tenth to an annualised -0.2% rate, there was a half-point downward revision to real final sales to domestic private purchasers, to 2.5%. That’s often seen as a better measure of underlying demand, so the fact that came down suggests the underlying picture wasn’t quite as positive as thought going into Liberation Day.

For equities, the potential of tariff relief just about outweighed the more negative data, which ultimately saw the S&P 500 rise +0.40% with all but one of its eleven sector groups moving higher on the day. The Magnificent 7 (+0.61%) managed to reach a 3-month high, mostly thanks to the +3.25% gain for Nvidia. By contrast, in Europe the STOXX 600 (-0.19%) slipped back for a second day running, led by declines for the DAX (-0.44%) and FTSE MIB (-0.36%).

Overnight in Asia, stocks are selling off across the region where the Hang Seng (-1.47%) and the Nikkei 225 (-1.27%) are among the hardest-hit indices, with the KOSPI down -1.06% and the CSI 300 retreating by a milder -0.33%. In terms of local economic data releases, there was the Tokyo CPI for May in Japan overnight, which beat Bloomberg consensus on both the core measure (3.6% vs 3.5% expected) as well as core-core (3.3% vs 3.2%). April retail sales and industrial production for the economy also beat. The dollar is down -0.27% against the yen this morning and UST yields are up by +0.4bps on the 2yr and are flat on the 10yr. The Japanese 10yr yield is down by -1.5bps.

To the day ahead now, and data releases include the May CPI releases from Germany and Italy, along with US PCE inflation for April, the University of Michigan’s final consumer sentiment index for May, and Canada’s Q1 GDP. Otherwise from central banks, we’ll hear from the Fed’s Daly and Goolsbee, and the ECB’s Muller, Panetta and Vujcic.

2b European opening report

US equity futures in the red & USD gains ahead of PCE and Fed speak – Newsquawk US Market Open

Friday, May 30, 2025 – 06:02 AM

• US President Trump’s advisers are considering a stopgap tariff regime if the court appeal against the tariff block fails, while the effort that the Trump administration is considering would allow tariffs of up to 15% for 100 days, according to WSJ.
• US Treasury Secretary Bessent said a couple of large deals are close. Furthermore, he said China talks are a bit stalled but believes they will have more talks in a few weeks and noted the EU’s deal is in motion.
• European stocks opened with modest gains and have continued to build on that, whilst US equity futures are incrementally lower.
• DXY is firmer and towards session highs, JPY marginally benefits post-Tokyo CPI.
• USTs marginally lower/flat, two-way EGB action on prelim. inflation prints ahead of Germany’s figure and US PCE.
• Crude is trading with modest gains given the risk tone and into weekend OPEC events, base metals move lower.
• Looking ahead, German Inflation, US PCE (Apr), Canadian GDP, S&P Credit Review on France, DBRS on Germany & Spain, Speakers including Fed’s Logan, Bostic & Daly.

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TARIFFS/TRADE

• EU Trade Commissioner Sefcovic says he had another call with US Commerce Secretary Lutnick, “staying in permanent contact”.
• US President Trump’s advisers are considering a stopgap tariff regime if the court appeal against the tariff block fails, while the effort that the Trump administration is considering would allow tariffs of up to 15% for 100 days, according to WSJ.
• US Treasury Secretary Bessent said the President has the right to set the trade agenda for the US and trading partners are coming to us in good faith with no change seen in their attitudes in the past 48 hours, while a couple of large deals are close. Bessent said they may have a call between US President Trump and Chinese President Xi at some point and China talks are complex enough that will require both leaders to weigh in. Furthermore, he said China talks are a bit stalled but believes they will have more talks in a few weeks and noted the EU’s deal is in motion.
• White House Economic Adviser Hassett said he expects trade deals in the next week or two and has been briefed on three that are about to happen, while he had productive talks with India.
• White House Adviser Navarro said it can be assumed that even if they lose the tariff cases, they will do it another way.
• Japanese Economic Minister Akazawa said he plans to meet US Treasury Secretary Bessent and others for Japan-US tariff talks, while he said they will take appropriate actions while gathering necessary information when asked about US court blocking Trump tariffs.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 +0.5%) opened with very modest gains, with markets digesting the slew of trade-related updates on Thursday/overnight. In essence, US Officials generally pushed back against the severity of the latest ITC Court ruling, suggesting there are other ways to implement tariffs. As the session progressed, indices proceeded to trade with an upward bias and currently reside towards session highs.
• European sectors are mostly higher but with no clear theme aside from the day’s underperformer, Basic Resources. This is seemingly a factor of the aforementioned trade updates which seems to suggest that the US administration will implement tariffs irrespective of the ITC Court Ruling – as such, base metals are broadly in the red.
• US equity futures (ES -0.1% NQ -0.1% RTY -0.3%) are modestly lower across the board, continuing similar price action seen in the APAC session and as indices pare back some of Thursday’s advances.
• US President Trump has reportedly tapped Palantir (PLTR) to compile data on the US, via NY Times.
• Synopsys (SNPS) suspends sales and services in China, and stops taking new orders, according to a letter cited by Reuters; notes it will impact all customers.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• DXY is on a firmer footing today as traders digest a slew of trade-related updates on Thursday/overnight; but in essence US Officials generally pushed back against the severity of the latest ITC Court ruling, suggesting there are other ways to implement tariffs. Elsewhere, a meeting between US President Trump and Fed Chair Powell seemed to discuss economic developments but Powell refrained from discussing his expectations on monetary policy. DXY currently trades at the upper end of a 99.12-61 range ahead of the much-anticipated US PCE.
• EUR is pressured and towards the bottom of the G10 performers list; pressure which seemingly stems from broader Dollar strength. There have been a number of key European data points today, but nothing that fundamentally changed the downward bias for the Single-Currency. For European-specific trade updates, Bessent suggested that the EU’s deal is in motion. Elsewhere, the FT reported that Germany is eyeing a 10% digital tax on global tech giants like Meta and Google. EUR/USD currently trades towards the lower end of a 1.1328-1.1389 range.
• JPY is currently the incrementally firmer vs the Dollar, largely thanks to the tepid risk tone and following a mostly firmer Tokyo inflation report overnight. To recap, headline Y/Y printed a little below expectations, but the core and super-core figures beat consensus. BoJ Governor Ueda spoke overnight, saying that “we are aware of firms’ aggressive price and wage setting behaviour continuing”, he also highlighted the uncertain nature of the economy. USD/JPY trades in a 143.45-144.21 range.
• GBP is modestly lower vs the broader Dollar strength but ultimately faring a little better vs peers. UK-specific updates today have been very light; focus on Thursday was on BoE’s Bailey who provided little by way of surprises – he reiterated a gradual monetary policy approach and highlighted the uncertainty surrounding the economy. Cable currently trading in a 1.3456-1.3510 range; further downside could see a test of Thursday’s low at 1.3415.
• Antipodeans are lower but with clear underperformance in the Aussie, with downside facilitated by broader losses in the metals complex. For AUD specifically, it is pressured after the region reported a contraction in Retail sales.
• PBoC set USD/CNY mid-point at 7.1848 vs exp. 7.1859 (Prev. 7.1907).
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• USTs are contained. Newsflow this morning has been virtually non-existent for USTs as we continue to digest the court-related trade updates and confirmation that Liberation Day measures will remain in place during the appeals process; timeline remains unknown. In a 110-19 to 110-25 band. A marginal new high for the week with USTs holding onto the gains that began mid-day on Thursday and then continued into the evening as the initial court-related pressure abated with the administration sticking to its plans. Focus now turns to US PCE (Apr).
• Bunds were initially contained, in-fitting with the above. Modest uptick to the 131.39 session high after cooler-than-expected Spanish Flash inflation, the series featured a marked cooling in the core figure. Thereafter, some choppiness following the German State CPI figures, which were a little mixed vs mainland implications; ultimately sending Bunds to a 131.02 trough.
• Gilts are directionally in-fitting with the above but holding at the unchanged mark given the lack of UK specifics. Handful of BoE speakers over the last 24 hours though nothing that has fundamentally shifted the narrative. Specifics for the UK have been very light, nothing of particular note on the docket so instead the benchmark will likely get dragged along by any move to German mainland CPI and then US PCE.
• Click for a detailed summary

COMMODITIES

• Crude benchmarks are in the green, having been supported by a bounce in the risk tone around the cash open. WTI Jul and Brent Aug have both gained around USD 0.30/bbl, to USD 61.27/bbl and 63.66/bbl respectively.
• Spot gold is underperforming within the precious metals complex, amid the weaker dollar, and subdued demand ahead of the weekend. The session so far has been absent of any fresh macro catalysts, and gold trades within narrow parameters of USD 3,287.54-3,322.64/oz, currently towards the session low.
• Base metals are broadly in negative territory, suffering from the stronger dollar and fading trade optimism.
• US EIA Weekly Crude Stocks w/e -2.795M vs. Exp. 0.118M (Prev. 1.328M)
• Click for a detailed summary

NOTABLE DATA RECAP

• German State CPIs were mixed vs the mainland implications, which are due at 13:00 BST / 08:00 EST.
• German Retail Sales MM Real (Apr) -1.1% vs. Exp. 0.2% (Prev. -0.2%); YY Real (Apr) 2.3% vs. Exp. 1.8% (Prev. 2.2%)
• Spanish CPI YY Flash NSA (May) 1.9% vs. Exp. 2.00% (Prev. 2.20%); Core 2.1% (prev. 2.4%)
• Spanish HICP Flash YY (May) 1.9% vs. Exp. 2.0% (Prev. 2.2%); MM (May) -0.1% vs. Exp. 0.00% (Prev. 0.60%)
• Italian Consumer Price Prelim MM (May) 0.0% vs. Exp. 0.1% (Prev. 0.1%) 10:00; Consumer Price Prelim YY (May) 1.7% vs. Exp. 1.7% (Prev. 1.9%); CPI (EU Norm) Prelim YY (May) 1.9% vs. Exp. 1.9% (Prev. 2.0%); CPI (EU Norm) Prelim MM (May) 0.1% vs. Exp. 0.0% (Prev. 0.4%)
• EU Loans to Non-Fin (Apr) 2.6% (Prev. 2.3%); Loans to Households (Apr) 1.9% (Prev. 1.7%)
• Italian GDP Final YY (Q1) 0.7% vs. Exp. 0.6% (Prev. 0.6%); Final QQ (Q1) 0.3% vs. Exp. 0.3% (Prev. 0.3%)

NOTABLE EUROPEAN HEADLINES

• BoE Governor Bailey said the current challenge is that they don’t know what the outcome of the trade situation will be, while he added that they are taking a gradual and careful approach as the economy is hard to read. Bailey responded there is a lot of uncertainty around at the moment when asked about rate cuts and said labour market data is pretty much in line with what they thought, as well as noted that UK issues, not tariffs and trade, will be the main driver for UK rates.
• BoE’s Taylor said he is seeing more risk piling up on the downside scenario because of global developments, while he added the trade war is going to be negative for growth and he thought they needed to be on a lower monetary path, according to FT.
• ECB’s Panetta says there is reduced room to cut rates further, though the macro outlook is weak and trade tensions could weigh on this. Future policy decisions need to be assessed on a case-by-case basis, considering the data, inflation and growth outlook. Essential to retain a pragmatic and flexible approach. Disinflation has not taken too high a toll on the EZ. Tariff-exposed sectors are already showing signs of falling confidence.

NOTABLE US HEADLINES

• Fed’s Logan (2026 voter) said risks to employment and inflation goals are roughly balanced, while she added monetary policy is in a good place for now and it could take quite some time to see a shift in the balance of risks, as well as noted that if the balance shifts, the Fed is well prepared to respond.
• Fed’s Daly (2027 voter) said the labour market is in solid shape and will not get to 2% inflation this year, while she added they are really making progress on inflation. Daly said workers are worried about inflation and the Fed is resolute to get the job on inflation done. Furthermore, she said Fed policy and the US economy are in a good place with the Fed in “wait to see”, as well as stated that two rate cuts this year would make sense if the labour market stays solid and inflation falls, but the range of possible risks is large.
• Bank of America’s weekly flow data notes USD 19.3bln into bonds, USD 2.6bln into crypto, USD 1.8bln into gold, USD 9.5bln out of stocks, and USD 18.9bln out of cash.

GEOPOLITICS

MIDDLE EAST

• US plan for Gaza proposes a 60-day ceasefire and includes the release of 28 Israeli hostages, alive and dead, within the first week of the ceasefire, while remaining Israeli hostages are to be released after implementation of a permanent ceasefire and Israel is to release 125 Palestinian prisoners sentenced for life and 1,111 prisoners detained after October 7th within the first week of the agreement. The plan includes sending aid to Gaza as soon as Hamas signs off on the ceasefire agreement and the Israeli military operation will cease upon implementation of the ceasefire agreement with Israeli troops to redeploy after the release of hostages and ceasefire agreement to be guaranteed by US President Trump, according to Reuters.

RUSSIA-UKRAINE

• US told the UN Security Council if Russia decides to continue the war in Ukraine, the US will have to consider stepping back from negotiation efforts to end the conflict, while it added the deal on offer now is Russia’s best possible outcome and the Russian President Putin should take the deal. Furthermore, it said additional sanctions on Russia are still on the table.

CRYPTO

• Bitcoin continues to edge lower and trades just above the USD 105k mark.

APAC TRADE

• APAC stocks were subdued heading into month-end as participants digested a slew of data and amid trade uncertainty.
• ASX 200 traded rangebound amid a lack of conviction after soft data releases including a contraction in Retail Sales.
• Nikkei 225 underperformed with the index back beneath the 38,000 level amid recent currency strength and after the latest Tokyo CPI data mostly topped forecasts, while trade remained in focus following Japanese PM Ishiba’s call with US President Trump and as top trade negotiator Akazawa plans to meet with US Treasury Secretary Bessent for trade talks later today.
• Hang Seng and Shanghai Comp conformed to the downbeat mood ahead of an extended weekend and with PMI data scheduled on Saturday, while US Treasury Secretary Bessent commented that China talks are a bit stalled but believes they will have more talks in a few weeks.

NOTABLE ASIA-PAC HEADLINES

• Japan has growing doubts that its next generation fighter project with the UK and Italy will meet a 2035 rollout target; may look at plugging air defence gaps with new F-35 stealth planes, according to Reuters sources.
• China April Phone shipments +4.0% Y/Y at 25.04mln, via CAICT.

DATA RECAP

• Tokyo CPI YY (May) 3.4% vs Exp. 3.5% (Prev. 3.5%); Ex. Fresh Food YY (May) 3.6% vs Exp. 3.5% (Prev. 3.4%)
• Tokyo CPI Ex. Fresh Food & Energy YY (May) 3.3% vs Exp. 3.2% (Prev. 3.1%)
• Japanese Industrial Production MM (Apr P) -0.9% vs. Exp. -1.4% (Prev. 0.2%)
• Japanese Retail Sales YY (Apr) 3.3% vs. Exp. 3.1% (Prev. 3.1%)
• Australian Building Approvals (Apr) -5.7% (Prev. -8.8%)
• Australian Retail Sales MM Final (Apr) -0.1% (Prev. 0.3%)

2c Asian report

Stocks reverse gains as Trump tariffs reinstated during appeal, DXY unreactive to Trump-Powell meeting – Newsquawk Europe Market Open

Friday, May 30, 2025 – 01:59 AM

• APAC stocks were subdued heading into month-end as participants digested a slew of data and amid trade uncertainty; Euro Stoxx 50 futures indicate a flat open.
• DXY little moved after US President Trump-Fed Chair Powell meeting, JPY benefits after mostly-firmer than expected Tokyo CPI.
• US appeals court temporarily reinstated US President Trump’s tariffs during the appeal and said it needs time to consider filings.
• US President Trump’s advisers are considering a stopgap tariff regime if the court appeal against the tariff block fails, while the effort that the Trump administration is considering would allow tariffs of up to 15% for 100 days, according to WSJ.
• US Treasury Secretary Bessent said the China talks are a bit stalled but believes they will have more talks in a few weeks and noted the EU’s deal is in motion.
• Germany is reportedly eyeing a 10% digital tax on global tech giants like Meta (META) and Google (GOOGL), according to FT.
• Looking ahead, German Retail Sales, Spanish, German & Italian Inflation, US PCE (Apr), Canadian GDP, S&P Credit Review on France, DBRS on Germany & Spain, Speakers including Fed’s Logan, Bostic & Daly.

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LOOKING AHEAD

• Highlights include German Retail Sales, Spanish, German & Italian Inflation, US PCE (Apr), Canadian GDP, S&P Credit Review on France, DBRS on Germany & Spain, Speakers including Fed’s Logan, Bostic & Daly.
• Click for the Newsquawk Week Ahead.

US TRADE

EQUITIES

• US stocks finished marginally higher and futures wiped out most of the initial gains that were spurred by the US Court of International Trade’s ruling that President Trump’s tariffs were illegal, with pressure seen after soft US data releases and as White House officials voiced optimism regarding appealing against the court ruling, while it was also later reported that the US Court of Appeals for the Federal Circuit temporarily reinstated US President Trump’s tariffs “until further notice” during the appeal.
• SPX +0.40% at 5,912, NDX +0.21% at 21,364, DJI +0.28% at 21,216, RUT +0.34% at 2,075.
• Click here for a detailed summary.

TARIFFS/TRADE

• US appeals court temporarily reinstated US President Trump tariffs during appeal and said it needs time to consider filings, while it was earlier reported that a second US court blocked Trump tariffs in a case filed by a toy company and the US said it may ask the Supreme Court on Friday to keep tariffs intact.
• US President Trump’s advisers are considering a stopgap tariff regime if the court appeal against the tariff block fails, while the effort that the Trump administration is considering would allow tariffs of up to 15% for 100 days, according to WSJ.
• White House said countries intend to continue trade talks despite the ruling and US trade policy will continue, while it added that the President has other authorities for tariffs and they are reviewing other avenues for trade policies. White House also said Treasury Secretary Bessent and USTR Greer have been in touch with counterparts on tariffs after the court ruling. Furthermore, it said they will win the trade battle in court and called the trade court ruling judicial overreach and said the court should have no role in tariffs.
• US Treasury Secretary Bessent said the President has the right to set the trade agenda for the US and trading partners are coming to us in good faith with no change seen in their attitudes in the past 48 hours, while a couple of large deals are close. Bessent said they may have a call between US President Trump and Chinese President Xi at some point and China talks are complex enough that will require both leaders to weigh in. Furthermore, he said China talks are a bit stalled but believes they will have more talks in a few weeks and noted the EU’s deal is in motion.
• White House Economic Adviser Hassett said he expects trade deals in the next week or two and has been briefed on three that are about to happen, while he had productive talks with India.
• White House Adviser Navarro said it can be assumed that even if they lose the tariff cases, they will do it another way.
• Japanese Economic Minister Akazawa said he plans to meet US Treasury Secretary Bessent and others for Japan-US tariff talks, while he said they will take appropriate actions while gathering necessary information when asked about US court blocking Trump tariffs.
• Germany is reportedly eyeing a 10% digital tax on global tech giants like Meta (META) and Google (GOOGL), according to FT.

NOTABLE HEADLINES

• Fed Chair Powell met with US President Trump at the White House to discuss economic developments including growth, employment, and inflation, while Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook. Powell also said that he and his colleagues on the FOMC will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis. Furthermore, the White House said US President Trump told Fed Chair Powell that it is a mistake not to lower interest rates and WSJ’s Timiraos wrote “A White House official said the purpose of Trump’s meeting with Powell was “simply to say hello and catch up”.
• Fed’s Kugler (voter) said watching to better understand the link between trade and market vulnerability, while she is monitoring shifts in possible lower demand for US assets and said needs to better understand US assets’ safe haven status.
• Fed’s Goolsbee (2025 voter) said if tariffs are avoided by a deal or otherwise, could return to a situation where rates can come down. Goolsbee separately commented that if the court ruling on tariffs leads to further extension of uncertainty that would be more negative, according to WJR radio.
• Fed’s Logan (2026 voter) said risks to employment and inflation goals are roughly balanced, while she added monetary policy is in a good place for now and it could take quite some time to see a shift in the balance of risks, as well as noted that if the balance shifts, the Fed is well prepared to respond.
• Fed’s Daly (2027 voter) said the labour market is in solid shape and will not get to 2% inflation this year, while she added they are really making progress on inflation. Daly said workers are worried about inflation and the Fed is resolute to get the job on inflation done. Furthermore, she said Fed policy and the US economy are in a good place with the Fed in “wait to see”, as well as stated that two rate cuts this year would make sense if the labour market stays solid and inflation falls, but the range of possible risks is large.
• US House Speaker Johnson said the House will codify cuts made by DOGE and the tax bill will reduce the deficit if you do the maths right, according to Fox.

APAC TRADE

EQUITIES

• APAC stocks were subdued heading into month-end as participants digested a slew of data and amid trade uncertainty.
• ASX 200 traded rangebound amid a lack of conviction after soft data releases including a contraction in Retail Sales.
• Nikkei 225 underperformed with the index back beneath the 38,000 level amid recent currency strength and after the latest Tokyo CPI data mostly topped forecasts, while trade remained in focus following Japanese PM Ishiba’s call with US President Trump and as top trade negotiator Akazawa plans to meet with US Treasury Secretary Bessent for trade talks later today.
• Hang Seng and Shanghai Comp conformed to the downbeat mood ahead of an extended weekend and with PMI data scheduled on Saturday, while US Treasury Secretary Bessent commented that China talks are a bit stalled but believes they will have more talks in a few weeks.
• US equity futures lacked demand after wiping out the entire gains from the United States Court of International Trade ruling, with Trump officials suggesting optimism regarding their appeal and are said to be reviewing other avenues for trade policies.
• European equity futures indicate a flat cash market open after the cash market closed with losses of 0.1%.

FX

• DXY nursed some of its recent losses but remained below the 100.00 level after retreating on Thursday following soft data releases and amid trade-related uncertainty after the CIT ruling to block Trump’s Liberation Day tariffs, although the administration has appealed and the Appeals Court has since paused the ruling, while Trump’s advisers are considering a stopgap tariff regime effort that would allow tariffs of up to 15% for 100 days should the court appeal fail. Furthermore, there were several comments from Fed officials, and it was also reported that Fed Chair Powell met with US President Trump, although there was little to influence the currency, with participants now looking ahead to the monthly Core PCE data later today.
• EUR/USD marginally eased back after outperforming yesterday alongside the dollar pressure, but with the pullback in the single currency limited ahead of a slew of data releases from across the bloc including the latest Spanish, German and Italian inflation figures.
• GBP/USD slightly softened after hitting resistance again around the 1.3500 level, while comments from BoE Governor Bailey did little to shift the dial in which he noted there is currently a lot of uncertainty and that UK issues, not tariffs and trade, will be the main driver for UK rates.
• USD/JPY continued to trickle lower amid the downbeat risk tone and recent soft US data releases, while participants also digested the latest Tokyo inflation report which printed mostly firmer-than-expected and is seen as a leading indicator for national price trends.
• Antipodeans were constrained as the dollar regained some composure and amid the lacklustre risk appetite.
• PBoC set USD/CNY mid-point at 7.1848 vs exp. 7.1859 (Prev. 7.1907).

FIXED INCOME

• 10yr UST futures plateaued overnight after rallying yesterday on weak data and as the White House sounded optimistic it can appeal the court tariff decision, while it was also reported that the US Appeals Court temporarily reinstated US President Trump’s tariffs.
• Bund futures held on to recent spoils after returning to above the 131.00 level but with further upside capped amid a busy data calendar for Europe including German Retail Sales and CPI figures.
• 10yr JGB futures remained afloat but were off recent peaks as participants digested a slew of data releases including the mostly firmer-than-expected Tokyo CPI, while the latest two-year auction results showed higher demand and higher accepted prices but had little market impact.

COMMODITIES

• Crude futures remained subdued after the prior day’s declines as risk appetite dwindled and with prices not helped by the looming meeting of eight OPEC+ members on Saturday where another output hike is widely anticipated.
• US EIA Weekly Crude Stocks w/e -2.795M vs. Exp. 0.118M (Prev. 1.328M)
• White House is weighing a plan to deal with a record backlog of requests for refiner exemptions from US biofuel laws, while the plan is to give immediate relief on 2025 biofuel exemption requests and delay decisions on older ones, according to Reuters citing sources.
• Spot gold pulled back after its recent advances with prices constrained as the dollar regained some composure overnight.
• Copper futures remained lacklustre following the soft data releases stateside and amid ongoing trade uncertainty.

CRYPTO

• Bitcoin recovered from an early dip as support held at the USD 105k level before gradually climbing to around USD 106k.

NOTABLE ASIA-PAC HEADLINES

• Chinese tech groups reportedly prepare for an AI future without NVIDIA (NVDA) as tougher US export controls on advanced chips increase the urgency to test domestic alternatives, according to FT.

DATA RECAP

• Tokyo CPI YY (May) 3.4% vs Exp. 3.5% (Prev. 3.5%)
• Tokyo CPI Ex. Fresh Food YY (May) 3.6% vs Exp. 3.5% (Prev. 3.4%)
• Tokyo CPI Ex. Fresh Food & Energy YY (May) 3.3% vs Exp. 3.2% (Prev. 3.1%)
• Japanese Industrial Production MM (Apr P) -0.9% vs. Exp. -1.4% (Prev. 0.2%)
• Japanese Retail Sales YY (Apr) 3.3% vs. Exp. 3.1% (Prev. 3.1%)
• Australian Building Approvals (Apr) -5.7% (Prev. -8.8%)
• Australian Retail Sales MM Final (Apr) -0.1% (Prev. 0.3%)

GEOPOLITICS

MIDDLE EAST

• White House said Israel signed off on the ceasefire proposal and talks are continuing but Hamas has not accepted it yet.
• US plan for Gaza proposes a 60-day ceasefire and includes the release of 28 Israeli hostages, alive and dead, within the first week of the ceasefire, while remaining Israeli hostages are to be released after implementation of a permanent ceasefire and Israel is to release 125 Palestinian prisoners sentenced for life and 1,111 prisoners detained after October 7th within the first week of the agreement. The plan includes sending aid to Gaza as soon as Hamas signs off on the ceasefire agreement and the Israeli military operation will cease upon implementation of the ceasefire agreement with Israeli troops to redeploy after the release of hostages and ceasefire agreement to be guaranteed by US President Trump, according to Reuters.

RUSSIA-UKRAINE

• US told the UN Security Council if Russia decides to continue the war in Ukraine, the US will have to consider stepping back from negotiation efforts to end the conflict, while it added the deal on offer now is Russia’s best possible outcome and the Russian President Putin should take the deal. Furthermore, it said additional sanctions on Russia are still on the table.
• Russian Foreign Ministry said the composition of the Russian delegation for the second round of Russia-Ukraine talks in Istanbul will be the same, according to TASS.

EU/UK

NOTABLE HEADLINES

• BoE Governor Bailey said the current challenge is that they don’t know what the outcome of the trade situation will be, while he added that they are taking a gradual and careful approach as the economy is hard to read. Bailey responded there is a lot of uncertainty around at the moment when asked about rate cuts and said labour market data is pretty much in line with what they thought, as well as noted that UK issues, not tariffs and trade, will be the main driver for UK rates.
• BoE’s Taylor said he is seeing more risk piling up on the downside scenario because of global developments, while he added the trade war is going to be negative for growth and he thought they needed to be on a lower monetary path, according to FT.

DATA RECAP

• UK Lloyds Business Barometer (May) 50 (Prev. 39)

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

first: early this morning!

Bessent: U.S.-China Trade Talks “Stalled,” Might Require Trump-Xi Call 

Friday, May 30, 2025 – 07:45 AM

Treasury Secretary Scott Bessent said President Trump and Chinese President Xi Jinping may need to hold a direct phone call to overcome stalled trade talks between the two global economic powers. The talks hit new obstacles late this week, just as the U.S. tightened screws on Beijing by suspending exports of jet engine parts and advanced semiconductor technologies. 

“I would say that they are a bit stalled,” Bessent told Fox News’s Bret Baier, referring to U.S.-China trade talks, adding, “I believe we’ll be having more discussions with them in the next few weeks, and I think we may, at some point, see a call between the president and [Communist] Party Chair Xi Jinping.” 

Bessent continued, “I think that given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other.”

He said both leaders “have a very good relationship, and I am confident that the Chinese will come to the table when President Trump makes his preferences known.” 

https://twitter.com/i/status/1928216492102815750

Stalled trade talks with China come as the U.S. Court of International Trade ruled that the majority of President Trump’s tariffs imposed under emergency power were illegal. However, an appellate court swiftly issued a stay, allowing the tariffs to remain in effect for now. The Supreme Court may ultimately hear the case, and it adds to the growing wave of lawfare waged by activist judges seeking to derail the president’s ‘America First’ agenda ahead of the 2026 midterms. 

The first signs of stalled US-China trade talks materialized on Thursday …

https://twitter.com/zerohedge/status/1928048715312353525?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1928048715312353525%7Ctwgr%5E30b1045af7cde1bb2dddc2903775f091f4f63d5

end

then later this morning:

Stocks Tumble On Trump China Trade Talks Comments

Friday, May 30, 2025 – 08:24 AM

Following earlier comments by TsySec Bessent that trade talks with China had “stalled”, President Trump took to social media to explain his position:

Two weeks ago China was in grave economic danger!

The very high Tariffs I set made it virtually impossible for China to TRADE into the United States marketplace which is, by far, number one in the World.

We went, in effect, COLD TURKEY with China, and it was devastating for them.

Many factories closed and there was, to put it mildly, “civil unrest.”

I saw what was happening and didn’t like it, for them, not for us. I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen.

Because of this deal, everything quickly stabilized and China got back to business as usual.

Everybody was happy! That is the good news!!!

The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!

The reaction was swift – US equity futures dumped…

And crude crashed…

So much for ‘TACO’! No more Mr Nice Guy does not sound like “chickening out”.

Will PCE rescue the markets?

end

4..EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

SLOVAKIA/EU

Slovak PM Fico Warns EU’s “Mandatory Political Opinion” Spells End Of Common European Project

Friday, May 30, 2025 – 02:00 AM

Authored by Thomas Brooke via Remix News,

Slovak Prime Minister Robert Fico delivered a stark warning to fellow European leaders during his speech at CPAC Hungary in Budapest on Thursday, declaring that the European Union’s attempt to impose a “mandatory political opinion” on its member states signals the collapse of the European project and a departure from democratic values.

“The imposition of a mandatory political opinion, the abolition of the veto, the punishment of the sovereign and the brave, the new Iron Curtain, the preference for war over peace. This is the end of the common European project. This is a departure from democracy. This is the precursor of a huge military conflict,” he warned.

Fico’s remarks came as he revealed both he and Hungarian Prime Minister Viktor Orbán had received threats from “a particularly nervous new German chancellor,” who warned them that if they did not fall in line with Brussels’ uniform view on military support for Ukraine and sanctioning Russia, “‘You will be punished.’”

“No one in a peaceful and democratic project should have the right to treat other EU member states in this way, regardless of their size and economic strength,” he said.

https://twitter.com/i/status/1928099786021896578

Fico, a veteran of Slovak politics who survived an assassination attempt last year, framed his overall remarks as a defense of national sovereignty in the face of what he described as increasing aggression from Brussels and major EU powers.

“I do not want to see our sovereignty and the national identity melt away in the generalist supranational, international structures, especially those in Brussels,” he said.

While acknowledging his left-wing roots, Fico distanced himself from what he called the “Brussels kind” of social democracy, instead describing himself as a “rural socialist” focused on defending Slovakia’s traditions, Christian heritage, and national interests. “As a strong leftist, I have no problem spending the night with the people on the production line to support higher night shift allowances or wage increases,” he said.

Fico’s appearance at CPAC Hungary — and his warm praise for host Viktor Orbán — highlighted the growing alignment between parts of Europe’s left-wing populism and the nationalist right in opposition to Brussels orthodoxy.

The Slovak prime minister repeatedly returned to the idea that the EU is moving away from its founding principles. He warned against abolishing the veto rights of member states and moving toward qualified majority voting on key issues such as foreign policy and defense, which he said would further erode national sovereignty.

“We may have to expect unprecedented decisions such as, for example, the abolition of the right of veto of EU member states,” he said.

“The time may indeed come when there will be punishments for having a sovereign opinion.”

On Ukraine, Fico reiterated his government’s refusal to send military aid, criticizing the European Commission’s strategy of isolating Russia as economically self-defeating and geopolitically reckless. “If they have no realistic response to the war in Ukraine today… they cannot continue in their nervousness by suppressing the sovereignty of individual member states on legitimate issues.”

He ended his speech with a call to preserve diversity and sovereign decision-making within the EU. “Let our diversity, sovereignty, and national identity be our strength and not weakness,” he said.

Read more here…

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/GAZA/ET AL

Israeli Foreign Minister Says Arms Embargoes Will Lead To ‘Second Holocaust’ & End Of Israel

Thursday, May 29, 2025 – 08:05 PM

Via Middle East Eye

Israel’s foreign minister has said that an arms embargo on his country would lead to the elimination of the Israeli state and “a second Holocaust”. 

Gideon Saar was speaking on Tuesday at an international conference on antisemitism in Jerusalem.  “If, God forbid, the calls and actions of countries and politicians for an arms embargo on Israel succeed, the result will be the destruction of Israel and a second Holocaust,” he said. 

The comments came as Spain this week called on European countries to suspend arms shipments amid Israel’s ongoing siege on Gaza. 

At a meeting of the “Madrid Group”, Spain’s foreign minister called for an immediate suspension of Europe’s cooperation deal with Israel and an embargo on arms shipments. 

Germany, France, the UK, Italy, Egypt, Jordan, Saudi Arabia, Turkey, Morocco and Brazil were among those present at the meeting.

“What is the meaning of actions or statements – by politicians or countries – to impose an arms embargo on Israel?” said Saar, in response. “If such moves succeed, Israel will simply be destroyed. There will be another Holocaust – on the soil of the land of Israel.”

“This is essentially a way to deprive the Jewish people of the means to defend themselves. Means that they so lacked during the long years of exile and during the Holocaust.”

The largest suppliers of weapons to Israel are the United States, Germany and Italy. Several nations, including France, Spain and the UK, have either paused the supply of some weapons, or have suspended export licenses. 

A report earlier this month found that the UK continued to send a wide range of arms to Israel even after the government suspended 30 arms export licenses in September. 

The UK, France and Canada have threatened Israel with sanctions if it fails to stop its military operations in Gaza and immediately allow humanitarian aid to enter.

“We will not stand by while the Netanyahu government pursues these egregious actions,” the countries said jointly on 20 May. “If Israel does not cease the renewed military offensive and lift its restrictions on humanitarian aid, we will take further concrete actions in response.”

Opinions on the Gaza war have begun to drastically shift even in Conservative circles…

https://twitter.com/i/status/1927814588327661596

The three countries also urged Israel to halt settlements in the occupied West Bank, saying they are “illegal and undermine the viability of a Palestinian state and the security of both Israelis and Palestinians”.  

In response, Prime Minister Benjamin Netanyahu accused the three governments of emboldening Hamas and being “on the wrong side of justice”.  Israeli attacks on Gaza have reportedly killed more than 54,000 Palestinians and wounded more than 120,000 since October 2023. 

end

ISRAEL HAMAS

Breaking Hamas’s grip: Israel and US bypass terrorist group to deliver aid

DIPLOMATIC AFFAIRS: A new Israel – and US-backed – aid model bypasses Hamas and delivers food directly to Gazans, shifting dynamics on the ground and triggering strong criticism abroad.

By HERB KEINONMAY 30, 2025 11:01Updated: MAY 30, 2025 14:2

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The images emerging from Gaza this week were both familiar and unprecedented.

Familiar, in that they showed thousands of desperate Palestinians lining up for food. Unprecedented, in that those crowds weren’t swarming UNRWA trucks or local aid convoys but distribution centers run by a little-known Swiss-based NGO operating with quiet Israeli and American support.

What initially unfolded on Tuesday was chaotic.

There were delays, rumors, threats, and even violence. But also, something new and promising: Gazans bypassing Hamas’s orders to accept food from a group unaffiliated with it.

For many in Israel, this is a long-overdue correction – perhaps even a game changer. For critics of the new system in the international community, it’s a troubling shift in how humanitarian assistance is delivered.

The Gaza Humanitarian Foundation (GHF), a previously unknown Swiss-registered nonprofit backed by American private contractors and facilitated by Israel, began distributing food directly to Gazans on Tuesday under a new model. As of Thursday, around 14,500 food boxes – each containing basic staples able to feed between five and six people for 3.5 days – had been distributed at two locations, with a third distribution point opened that day.

But the story here is not only about the food staples – though they will undoubtedly alleviate hunger in the enclave. The real issue at hand is control. And Hamas knows it, which is why the terrorist group’s reaction was furious.

Hamas warned and threatened people not to participate in the program, circulated false reports that the distribution had been disrupted or suspended, and even set up barriers to make the distribution points in the south – where the IDF has been urging Gazans to move – difficult to access.

All to no avail.

Thousands of Gazans arrived despite the hardships, walking many kilometers to reach the food and trampling Hamas’s barricades to get to the distribution spots. One viral video captured a Gazan father thanking “everyone who helped us – Muslims, infidels, Americans,” while children around him carried the food packages on their shoulders. The message from the ground was unmistakable: Hamas’s monopoly over aid distribution was fraying, and with it, the possibility that its grip on Gazan civilians was also slipping.

THE AID distribution began on the 599th day of the war, a war whose goals include – among others – destroying Hamas militarily and ending its governance over Gaza.

Though the IDF is well on its way to dismantling Hamas’s military capabilities, the terrorist organization has been able to retain its civilian control. According to Israeli officials, this is largely because it hijacked and then controlled the distribution of the aid that has been allowed into Gaza.

“We prepared for far worse scenarios,” a senior IDF officer told Yediot Aharonot after the initial scenes of unrest on Tuesday. “The barrier of fear has been broken. Hamas is at its lowest point in terms of governance.”

The symbolism was striking: hungry Palestinians trampling Hamas-erected fences to reach Americans – guarded along the perimeter by Israeli soldiers – distributing boxes of food.

Israeli officials are framing the new distribution model as both a humanitarian necessity and a strategic tool. In a speech on Tuesday, Prime Minister Benjamin Netanyahu said that Hamas looted the aid that flowed into Gaza before Israel blocked it on March 2.

“They [Hamas] took a good chunk for themselves, and the remainder they sold to the civilian population at exorbitant prices,” he said. “And thereby, they funded new recruits because we were able to kill a lot of terrorists. They have to replenish their war machine, their terrorist machine, their terrorist army. So they used the aid to continue the war. And we said, that has to stop.”

Foreign Minister Gideon Sa’ar echoed that sentiment, recently stating that aid “must go directly to the people,” and “Hamas must not be allowed to get their hands on it.”

From this perspective, the new system is a form of disruption – breaking the link between aid and Hamas, undermining its governance, and showing Gazans that there are alternatives.

As former National Security Council head Yaakov Amidror put it in a Galei Yisrael radio interview: “We are trying to sever the ties between Hamas and food distribution…. If we succeed in doing that, it will be a very, very big achievement on the way to building an alternative to Hamas on ‘the day after.’”

But not everyone sees this as a solution. Critics argue that what is happening is not just a logistical shift but a fundamental reframing of humanitarian aid – with all the ethical and legal questions that entails.

A day before the plan went into effect, Jake Wood, the former US Marine who founded GHF, resigned, stating that the group could not function under the humanitarian principles of neutrality, independence, and impartiality. His resignation fueled criticism from the UN and major international aid organizations, which argued that placing the distribution of aid under the de facto control of Israel undermines decades of humanitarian norms not to put the aid in the hands of one of the warring parties.

Predictably, this new model sparked an uproar among international organizations. UN Secretary-General Antonio Guterres condemned the arrangement, saying it violates humanitarian principles. The UN and many of its donor countries – including Canada, Australia, the UK, and most of Europe – claimed this is politicized aid designed not to help civilians but to advance Israeli war aims.

That’s rich.

For years, the world was content to look the other way as Hamas turned humanitarian assistance into a tool of repression. While UN agencies and NGOs handed over aid with little oversight, Hamas hijacked it – taxing, reselling, diverting, and using the proceeds to recruit fighters, dig tunnels, and fund its war machine.

This modus operandi continued throughout the war, and there was no uproar in the humanitarian aid community about how this was a “weaponization of assistance.” But now that Israel and the US are attempting to bypass Hamas and deliver food directly to families – through secured, monitored, militarily protected centers – that’s suddenly beyond the pale?

Amidror said that while international organizations, such as UNRWA, were distributing aid, “it was connected to Hamas. Hamas decided what they will and will not do. They took tax from the population and controlled the distribution.” By taking it away, Hamas is weakened substantially.

Or, as Netanyahu said this week, “It leaves the fish without the water.”

The logic runs like this: Hamas is weaker than ever. Militarily, the IDF continues to dismantle its capabilities. Politically, the loss of control over aid distribution hits at the heart of Hamas’s remaining claim to authority. Every family that receives food without Hamas’s blessing is a small act of rebellion. And every day the new model continues is one more crack in the wall of Hamas control.

Still, few in the IDF or the political echelon are declaring victory just yet. “The real test is determination and persistence,” Yediot quoted defense officials as saying. “This effort must not be halted. It is no less strategic than the military campaign.”

The new model is still in its infancy. GHF plans to expand operations to four hubs, with the goal of delivering up to 300 million meals within 90 days. But security concerns remain. The organization’s leadership is in flux. And the international pressure is only growing.

Moreover, this is Gaza, and Hamas is fighting for survival, so what works one day can unravel the next.

But the very fact that tens of thousands of Gazans defied Hamas to obtain food, that Israel was able to help facilitate this without losing control, and that the first distribution didn’t end in total collapse – these are developments that are not only worth noting but also promising.

Still, while Israel and the US see this as a targeted, tactical move designed to serve both humanitarian and strategic goals, much of the world views it as a dangerous precedent. Aid organizations worry that the new model may exclude those unable to travel, punish those in areas outside the “sterile zone” where the aid is distributed, and embed military aims within a humanitarian infrastructure.

Some academics have gone even further. Thea Hilhorst, a professor of humanitarian studies at Erasmus University in Rotterdam, told the German broadcaster Deutsche Welle that the new approach was tantamount to “the instrumentalization of aid for war purposes” and warned it could amount to “ethnic cleansing.”

Other international critics see it as using aid as a lever of coercion, not compassion.

The UN’s emergency relief coordinator, Tom Fletcher, told the UN Security Council on May 13 that this tactic appeared to prioritize “placing the objective of depopulating Gaza over the lives of civilians.”

But Fletcher’s assessments are suspect. On May 20, he told the BBC that about 14,000 babies would die in Gaza in two days if aid did not flow – an inflammatory and baseless accusation that undermines his, and his agency’s, credibility.

Israel argues that there is no choice but to set up this alternative method of distribution, and that it cannot simply return to a situation where aid is looted and sold on the black market to fund salaries for more Hamas recruits.

The new distribution method – backed, funded, and protected by Israel and the US – is designed to break that cycle.

If it succeeds, it will do more than just feed people. It will chip away at Hamas’s claim to authority. It will empower Gazans to look elsewhere for leadership. And it will help answer the question Israel has been grappling with for 600 days: How do you defeat not just Hamas’s army but also its grip on society?

end

ISRAEL HAMAS

‘Irrelevant’ ceasefire proposal may be exactly what Israel needs, military expert says

Lt. Col. (res.) Amit Yagur argued that so long as the Witkoff proposal doesn’t interfere with the civilian campaign against Hamas, it may be worth accepting.

By PELED ARBELIMAY 30, 2025

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The new Witkoff Proposal‘s “apparent irrelevance” may actually be the reason Israel should accept it, Lt. Col. (res.) Amit Yagur, former deputy head of the Palestinian Arena in the IDF Planning Directorate, suggested in an interview with Maariv on Friday.

“Yesterday, we opened with headlines that the US and Hamas are close to agreeing on the Witkoff Framework, which includes a new proposal. Without delving into the specifics, it involves a ceasefire, the release of about half the hostages, the release of prisoners in exchange, and guarantees for continued negotiations,” Yagur said.

“However, a framework that was appropriate and useful a month or two ago, focused on the military-security aspect, now operates within a completely different strategic context in Gaza—a civilian one.”

“The new food distribution mechanism that began operating this week in the Gaza Strip is a major strategic turning point. For the first time, it strips Hamas of its main elements of sovereignty and begins to liberate the population from its grip, while preparations are underway for the implementation of a voluntary emigration plan,” Yagur explained.

“This is a process which, if not stopped now, is irreversible—and it’s putting Hamas under extreme pressure. The breach of Hamas flour warehouses by Gaza civilians, among other things, shows Hamas that even what remains of its military power is irrelevant here. The language has changed. This pressure may intensify to the point where Hamas will agree to release hostages just to halt the erosion—and ultimately even agree to exile its members and disarm,” Yagur continued.

Despite appearances suggesting that the current situation demands rejection of the Witkoff Proposal, Yagur believed otherwise. “At first glance, there are plenty of reasons to reject the Witkoff Framework, now that Hamas is with its back against the wall. Under the claim that we must ‘finish the job’ and dismantle Hamas—a goal we all share and want realized as soon as possible.”

“But,” he added, “if we dig a little deeper, we find that Israel, despite numerous threats in recent months, has not yet carried out full-scale, irreversible military operations to conquer Gaza. This could be in order to enable the release of more hostages, or perhaps due to a lack of political will, inability to act without incurring heavy costs for the hostages and our forces, or due to American requests in the background.”

“Thus, the so-called ‘completion of the mission’ through total military effort has not occurred, despite our ability to do so long ago. It’s an empty concept at this stage,” he explained.

The civilian mechanism is what fatally wounds Hamas

“We need to look at the issue from a different angle—the strategic shift. The backbone of the campaign against Hamas today is mostly civilian (with military support). So, if the Witkoff Proposal primarily addresses the military-security dimension—an effort that has not significantly advanced on the ground—and does not interfere with the civilian campaign, then it actually serves three goals,” Yagur explained:

1. Free additional hostages (since concessions like prisoner releases no longer impress the Gaza public and won’t help Hamas maintain power).
2. Temporarily relieve Israel of the need for ongoing military pressure that has not escalated, allowing focus on the more effective civilian campaign against Hamas, with the military dimension providing security backing.
3. Align with US policy, particularly with Trump’s vision of ending military conflicts in the Middle East to make room for regional rehabilitation and a new order.

According to Yagur, any move that weakens the civilian mechanism is a strategic error:

“The continued need to provide security coverage for the civilian mechanism in the Gaza Strip and for border communities dictates a continued IDF presence in those areas. Israel must oppose any full withdrawal that could significantly harm the only mechanism currently dealing a severe blow to Hamas—the civilian one.”

A “seemingly irrelevant” proposal that might be just right

“In light of the above,” Yagur argued, “it’s precisely the irrelevance of the Witkoff Proposal to the current context that may make it worth accepting. Hostages will be released alive, while the process of Hamas’s civilian erosion will continue at an accelerated pace, and there will be no agreement to end the war.”

The security dimension (which the Witkoff Proposal focuses on) would provide security backing and control, while the actual military campaign could be paused. After 60 days, Yagur promises, “we’ll be dealing with a different Hamas—one willing to make very significant concessions, even to the point of disarmament and exile.”

However, Yagur emphasized one condition:

“The Witkoff Proposal will only be relevant if it does not halt the civilian process in Gaza. If, on the contrary, it calls for freezing the current aid mechanism, or seeks to revert to old frameworks like the UN or UNRWA and abandon the American-led system, then Israel must reject it outright, as that would not be the right format for dismantling Hamas via the civilian axis.”

end

ISRAEL/HAMAS

Aid distribution threatens Hamas control, UN trying to undermine efforts, IDF sources say

Hamas fears losing control over vital humanitarian supplies, demanding that distribution returns to the UN.

By YONAH JEREMY BOB, JACOB LAZNIKMAY 30, 2025 16:00Updated: MAY 30, 2025 16:0

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The early success of the American-backed Gaza Humanitarian Foundation-run aid centers has the ability to significantly dent Hamas’s control over food distribution in the coastal enclave, The Jerusalem Post learned Friday.

However, distribution of aid through the GHF has become a tumultuous point in current ceasefire negotiations and has raised many questions.

IDF sources have confirmed that at least four food distribution centers have already begun partial operations — three in the south and one in central Gaza — providing over 1.2 million meals through an estimated 3,550 to 5,000 boxes. Each package can feed a family of five for five to seven days.

This initiative, carried out largely through convoys of more than 30 trucks each carrying at least 1,000 packages, is seen by some as a potential blow to Hamas’s longstanding control over food supplies. Analysts suggest that while Hamas remains the dominant armed presence in Gaza, its political grip, especially in controlling vital resources, could be significantly undermined.

A source said the IDF currently inspects around 60,000 aid packages every day to ensure proper distribution. It is expected to take about two weeks before all four centers reach full operational capacity. Plans are also underway for at least four more centers to open in the future.

A US-backed hostage deal is currently in limbo as Israel has agreed to the terms, while Hamas has currently rejected them without fully walking away from negotiations. The current deal proposal includes returning the distribution of the humanitarian aid in Gaza to the UN.

Analysts believe that the fact that Hamas included a stipulation of removing aid distribution from the GHF further shows that the terror group fears that the initiative will undermine its control in Gaza.

Meanwhile, organized crime and local gangs, separate from Hamas, have reportedly hijacked food shipments. “Sometimes it’s Hamas, sometimes it’s just desperate people,” one official explained. “Sometimes it’s local gangs not connected to Hamas at all.”

The humanitarian crisis has been worsened by the movement of nearly 900,000 Palestinians from northern Gaza into the densely populated Gaza City following the latest wave of fighting.

This concentration of displaced residents is placing enormous strain on aid efforts, with only a single food center currently operating in the central region.

IDF debunks UN accusations of halting, impeding aid delivery

Adding to the tension are strong accusations from the IDF that the UN has acted as if it lacks the capacity to move food to northern Gaza, thereby stalling hundreds of aid trucks at the Kerem Shalom crossing point. Earlier this week, Coordination of Government Activities in the Territories (COGAT) said that the UN is reducing cooperation with Israel’s food initiative, complicating the distribution of aid and effectively playing into Hamas’s hands.

On Monday, Tom Fletcher, the UN under-secretary-general for humanitarian affairs, said there are 10,000 aid trucks on the Gaza border, cleared and ready to go.

“We’ve got 10,000 trucks on the border right now, cleared [and] ready to go, and we’ll do everything to get them in and save lives,” Fletcher told CNN’s Christine Amanpour on Monday.

When she repeated the number back to him incredulously, Fletcher nodded and replied, “Full of food.”

COGAT posted a clip of the interview on X/Twitter, saying, “Look, it’s @UNReliefChief with another libelous lie.”

“There are no 10,000 trucks waiting to go into Gaza. What there are, are hundreds of trucks’ worth of aid the UN hasn’t picked up from the Gazan side over the last few days, after we gave you plenty of routes you can use to safely distribute the aid throughout Gaza.”

On Thursday, COGAT accused UN Spokesperson Stephane Dujarric of lying about Fletcher’s recent visits to Gaza and the UN’s framing of the Gaza humanitarian aid issue. 

COGAT noted that while Dujarric claimed Fletcher had seen Gaza “with his own eyes a few weeks ago,” the UN official had actually not visited the enclave since February.

“Let’s stop focusing on aid that might be in the pipeline, and start collecting the content of the 550 trucks already waiting for you inside Gaza,” COGAT wrote. “For a full week now, we’ve been offering you alternative routes to facilitate pickup. These are areas with active military activities, and coordination is for your own safety.

Mathilda Heller contributed to this report.

END

Hamas official tells BBC group will reject Witkoff’s new Gaza ceasefire proposal, demand changes

A source close to Hamas said that group claimed the new proposal is more biased in favor of Israel than previous proposals.

By JERUSALEM POST STAFF, AMICHAI STEINMAY 29, 2025 17:32Updated: MAY 30, 2025 09:26

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An unnamed Hamas official told the BBC on Friday that the terror group is expected to reject the latest hostage deal-ceasefire proposal by US Middle East Envoy Steve Witkoff.

Hamas said Thursday it does not accept the outline of US envoy Steve Witkoff’s proposed ceasefire and hostage deal at face value and demands certain changes, according to people familiar with the matter.

Hamas feels deceived by the US administration, believing it has been “screwed over” with a pro-Israel proposal that does not guarantee an end to the war, an informed source familiar told The Jerusalem Post.

The information provided by the sources conflicts with reports published in Saudi newspaper Al-Hadath, which indicated that Hamas will shortly agree to a 60-day ceasefire in exchange for the release of 10 living hostages and the bodies of 18. As part of the proposal, the report claimed that 125 Palestinian prisoners serving life sentences and 1,111 prisoners arrested after October 7, would also be released, and aid would be increased to the Gaza Strip.

The proposal also requires all hostages to be returned to Israel within a week, leaving Hamas without further leverage, the source said.

Ben-Gvir spoke out against the deal

“Mr. Prime Minister, after Hamas rejected the deal proposal again, there is no longer any excuse, for anyone, to continue with this shuffling in Gaza,”  National Security Minister Itamar Ben-Gvir wrote on X/Twitter.

“We have already missed enough opportunities. It is time to go in with all our might, to destroy, kill and defeat Hamas.”

Hamas said the new proposal was more biased in favor of Israel than previous proposals, and that Witkoff accepted most of the demands presented by Ron Dermer in a meeting with him on Tuesday, a source close to Hamas told Walla.

Furthermore, the new proposal does not provide a clear American guarantee that the temporary ceasefire will lead to a permanent one, the source said. The proposal does not specify that if negotiations extend beyond 60 days, the ceasefire will also continue, and Israel will not be able to unilaterally violate it as it did in March, Walla quoted the source as saying.

According to a senior Israeli official, “Contrary to reports, the Witkoff agreement proposed in recent days did not determine the new deployment line of the IDF, nor the manner in which aid would be distributed within the framework of a ceasefire.”

Hamas said in a statement: “The Hamas Movement’s leadership has received the new Witkoff proposal from the mediators and is reviewing it responsibly to serve the interests of our people, provide them relief, and achieve a permanent ceasefire in the Gaza Strip.”

Hamas political bureau member Basem Naim later added, “The agreement that Israel agreed to does not meet our demands. The Hamas leadership is responsibly considering its response to Wittkoff’s proposal.”

Witkoff’s new proposal

The new proposal would include the release of 10 living hostages along with 18 deceased. The hostage release would take place in two rounds, a source told the Post.

Additionally, both sides would agree to a 60-day ceasefire that can be extended after the deadline if Hamas and Israel agree.

Lastly, the IDF would withdraw from areas in Gaza, and the United Nations would take over the distribution of humanitarian aid, the source said.

The Israeli response to the Gaza ceasefire offer presented by US President Donald Trump’s Middle East envoy Steve Witkoff has failed to meet Hamas’ demands, the group’s senior official Basim Naim told Reuters on Thursday.

“The Witkoff proposal was still under discussion,” he added.

END

Two laser systems developed by Israel. The lower energy laser has already been in use. The much bigger Iron beam will be ready by the end of the year and many countries want the technology. The Iron beam can now be used in all typesof weather

(JerusalemPost)

Israel’s billion-dollar laser weapon could dominate global defense – or be killed by politics

Israel’s laser weapons debut in combat as NATO eyes next-gen defenses. Low-cost, battlefield-proven tech—but geopolitics may block export deals.

By UDI ETSIONMAY 30, 2025 01:01Updated: MAY 30, 202

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The Defense Ministry’s confirmation that Rafael’s laser interception systems were used during the ongoing Swords of Iron war comes at a pivotal moment. NATO countries are preparing to raise their defense spending to 5% of gross domestic product (GDP), a shift expected to generate some €800 billion in procurement.

With Israeli companies Rafael Advanced Defense Systems and Elbit Systems already embedded in NATO supply chains, their next-generation laser systems could become Israel’s next multi-billion-dollar defense export—if diplomatic friction doesn’t block the path.

Despite more than 10,000 successful interceptions since 2011, Israel’s Iron Dome air-defense system—developed by Rafael—has never been sold as a full system to any foreign country. While the United Kingdom purchased its battle management center and the United States Marine Corps acquired its interceptors, no nation to date has received the complete platform.

This contrasts with the international success of other Israeli air-defense systems. The Arrow 3, developed by Israel Aerospace Industries (IAI), was sold to Germany in a $3.5 billion deal. David’s Sling, another Rafael system, was sold to Finland for €317 million. Rafael’s Barak MX system has racked up roughly $10 billion in global sales. Despite Iron Dome’s strong brand recognition, it has lagged behind these systems in terms of foreign adoption.

Meanwhile, other Israeli-made weapons have already become NATO standards. Rafael’s Spike anti-tank guided missiles have been sold in the billions of dollars and are produced in Germany, with previous manufacturing in Poland.

In recent years, Elbit’s PULS rocket artillery system has gained momentum, with confirmed sales to Germany, the Netherlands, and Denmark—alongside several undisclosed NATO members. Ukraine’s successful use of comparable systems against Russian targets has only added to the demand.

Israel’s hopes for its defense technologies 

Israel now hopes its laser-based interception technology will be next in line for global adoption—and it’s betting billions on it.

The Defense Ministry recently disclosed the existence of two laser systems: Magen Or (Iron Beam), a high-powered 100-kilowatt laser developed jointly by Rafael and Elbit Systems, and Lahav Barzel (Iron Sting), a smaller 30-kilowatt system designed by Rafael. Magen Or has intercepted short-range rockets at distances of up to 10 kilometers in tests. The IDF is expected to deploy an operational version by the end of the year.

Lahav Barzel, which was used in combat for the first time during Swords of Iron, is more compact and energy-efficient. Rafael and Israeli vehicle manufacturer Plasan have already developed a mobile version mounted on Plasan’s SandCat armored vehicle, enabling rapid redeployment between combat zones.

Footage released by the Defense Ministry showed Lahav Barzel successfully intercepting unmanned aerial vehicles (UAVs) launched by Hezbollah. The laser doesn’t obliterate the drones in dramatic fashion—rather, it focuses heat on the drone’s wing or fuselage until the structural integrity fails and the UAV crashes. The cost per interception is just a few dollars, limited to the electricity required to power the laser.

By contrast, using interceptor missiles or air-to-air munitions can cost hundreds of thousands of dollars per engagement. For American readers, that cost-efficiency could resonate strongly, particularly given current U.S. debates over defense budgets and aid allocations.

As warfare becomes increasingly reliant on drone technology—seen most visibly in Ukraine and Russia’s tit-for-tat strikes involving hundreds of UAVs each week—Israel’s laser defense systems offer something rare: proven battlefield results at a fraction of the price.

The case for Israel’s laser technology is not only tactical but financial. However, Rafael CEO Yoav Turgeman acknowledged that export success also depends on geopolitical considerations—particularly growing European criticism of Israeli operations in Gaza.

France, for example, reportedly attempted to dissuade Germany from purchasing the Arrow 3 system, and other European countries have downplayed their acquisitions of Israeli-made systems in response to domestic political concerns. While some European defense ministries are eager to procure Israeli technologies, officials are increasingly constrained by the political environment.

Nevertheless, the security rationale remains persuasive. NATO states such as Finland, Sweden, Poland, and Germany—countries increasingly concerned about potential Russian aggression—view laser interception systems as a vital new layer of defense. While the United States has deployed 60-kilowatt laser systems on naval vessels, Israel appears poised to be the first country to field a land-based laser system in operational service.

SYRIA

Stars & Stripes Raised Over US Embassy Damascus, Now With Syrian Al-Qaeda Founder As Country’s President

Thursday, May 29, 2025 – 09:20 PM

In a first since 2012, an American flag has been raised over the long shuttered US embassy in Damascus, Syria.

The US ambassador to Turkey, Tom Barrack – along with some US Marines – were on hand for the flag raising ceremony for the re-opening of the ambassador’s residence, which marks another huge milestone in the wake of Bashar al-Assad’s December 8 overthrow as Al-Qaeda linked Hayat Tahrir al-Sham (HTS) took over the country.

With regime change accomplished, Saudi and other Gulf and American money is quickly pouring in, and in the wake of President Trump having lifted the long in place sanctions during his Gulf tour this month.

Ambassador Barrack “met with Syrian President Ahmad al-Sharaa and attended the signing of an agreement for a consortium of Qatari, Turkish and U.S. companies for development of a 5,000-megawatt energy project to revitalize much of Syria’s war-battered electricity grid.”

WaPo details further, “Under the deal signed Thursday, a consortium led by Qatar’s UCC Concession Investments — along with Power International USA and Turkey’s Kalyon GES Enerji Yatirimlari, Cengiz Enerji — will develop four combined-cycle gas turbines with a total generating capacity estimated at approximately 4,000 megawatts and a 1,000-megawatt solar power plant.”

The US-led sanctions ultimately served the punish the Syrian population, even as Western officials feigned humanitarian concern for the suffering of the masses. But all along the Western and Gulf capitals poured billions in arms, munitions, and training into hardened jihadi groups – including HTS – led by one-time ISIS emissary Abu Mohammad al-Jolani (President Sharaa), which helped fragment and burn the country.

Syrian-Armenian Christian and geopolitical analyst Kevork Almassian explores an interesting theory and reporting of what happened in the immediate lead-up to Assad fleeing the country on a Russia-bound plane in early December:

https://twitter.com/i/status/1927809672896975317

The US Embassy closed up all operations in Damascus in protest of the Assad government in 2012, as the proxy war ramped up. The embassy still kept up its online presence and operations from neighboring Jordan, and also often referred people to consult the US Embassy in Beirut.

At the time US Ambassador to Syria Robert Ford had actually traveled to various cities in Syria, fomenting street protests and ‘revolution’ against Assad – and all the while the CIA was pumping weapons into the insurgency, and many of these Islamist fighters had ironically just come from Iraq, where they had spent years been blowing up Americans and Iraqi civilians.

Meanwhile, the jihadis now in control of the Syrian state have been engaged in ethno-religious cleansing ‘score settling’ especially in coastal areas near Tartus and Latakia. This has involved mass killings targeting Alawites, Christians, and Druze – and sectarian fighting which has at times entered the environs of Damascus.

Middle East Christian lobby groups which work on Capitol Hill have meanwhile complained that President Trump should have more firmly linked the lifting of sanctions with firm demonstration that the HTS government would protect Christians and other Syrian ‘minority’ communities. The country has been rife with foreign jihadist fighters ever since the height of the US/Gulf backed proxy war for regime change, and the blood-letting of innocents is likely to continue. Washington has largely been silent.

end

RUSSIA VS UKRAINE

Kellogg Calls Russia’s NATO Concerns ‘Fair’ – Warns Ukraine It Better Show Up In Istanb

Friday, May 30, 2025 – 12:45 PM

US presidential envoy Keith Kellogg told ABC News in a Thursday interview that Russia’s concerns over NATO expansion are “fair”. 

Moscow this week demanded of the West a written commitment to stop further enlargement, especially when it comes to the potential for Ukraine, Moldova and Georgia one day entering the NATO alliance. “It’s a fair concern and we’ve said that repeatedly… that to us Ukraine coming into NATO is not on the table,“ Kellogg said.

“And they’re not just talking Ukraine – they’re talking the country of Georgia, they’re talking Moldova, they’re talking, obviously, Ukraine,” the top Trump envoy stated.

“We’re saying: okay, comprehensively we can stop the expansion of NATO coming close to your border,” Kellogg added, noting that such a move would ultimately require a presidential-level decision.

This appears a clear affirmation that Washington is ready to do this as part of ongoing negotiations – but the big question will be whether other powerful members of the alliance are ready to sign off. After all, there is currently a ‘coalition of the willing’ led by the UK, France, and Germany which has somewhat broken with the US on these matters.

This week, the written guarantees and other conditions Moscow has requested 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 an ultimatum. While not officially issued by the Kremlin, this appears some very intentional signaling by Putin officials. It was conveyed via a Wednesday 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.”

https://x.com/MikeStoko/status/1882487473714130962?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1882487473714130962%7Ctwgr%5E10d02b7af1aa166501195cd5eca1ed1ca03ccddc%7Ctwcon%5Es1_&ref_url=https%3A%2F%2F

The next, or second, round of direct Russia-Ukraine talks are set to happen Monday in Istanbul. Both sides are expected to exchange their versions of draft ceasefire plans. However, Kiev has complained it has not received an advanced draft, which puts the whole meeting into question.

Kellogg had some words for the Ukrainian side in the ABC interview, as he said, “I always caution [Kiev’s chief negotiator Rustem Umerov]: don’t say things like that.” He pointed out, “Part of life is showing up, and you need to show you’re serious.”

As for Kellogg calling Russia’s demand of no more NATO expansion fair, this is consistent with President Trump’s own stance articulated from the beginning of his presidency:

https://twitter.com/i/status/1894806718715949489

And of course, history fully supports the notion that the tragic war is rooted in constant NATO expansion right up to Russia’s doorstep, which Putin himself had loudly warned against going back to the mid-2000s.

In September of last year, then NATO Secretary-General Jens Stoltenberg had a very candid moment wherein he laid out the recent history, admitting at one point that Putin invaded Ukraine to prevent more NATO” expansion.

https://twitter.com/i/status/1701195071922815058

But that ‘smoking gun’ public admission didn’t gain much traction in American media, where it was downplayed and even ignored. The majority of Americans still likely don’t even know this was openly said by the head of NATO, or that the clip exists.

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

MARK CRISPIN MILLER

DR PAUL ALEXANDER

BREAKING: The hunger games continue! US appeals court responds says Trump can keep collecting tariffs — for now! Decision temporarily halts the federal trade court ruling that found the levies illegal

The Court of Appeals for the Federal Circuit granted the emergency motion from the Trump administration that argued the pause is “critical for the country’s national security.” A Win for Trump!!!!!!

Dr. Paul AlexanderMay 30

READ IN APP

‘A U.S. federal appeals court on Thursday allowed U.S. President Donald Trump to continue collecting tariffs under an emergency powers law for now, as his administration fights an order striking down the bulk of his signature set of economic policies.

The Court of Appeals for the Federal Circuit granted the emergency motion from the Trump administration that argued the pause is “critical for the country’s national security.”

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

Upgrade to paid

The appeals court temporarily halted the order from a federal trade court issued a day before.’

In a post on social media on Thursday evening, Trump slammed the trade court’s ruling as “so wrong, and so political!’

He further expressed hope that the U.S. Supreme Court “will reverse this horrible, Country threatening decision, QUICKLY and DECISIVELY.”

Continued uncertainty

Even before the Court of Appeals for the Federal Circuit stepped in, business owners and the U.S. National Retail Federation had said that without a definitive, final ruling, the trade court decision only created more uncertainty and made it harder to budget and plan.’

___

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

Enter the Wellness Company as a solution and a willing participant in the health care conversation. The Wellness Company, launched in 2022, offers health care, prescriptions, and supplements, all backed by research

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From telemedicine, prescriptions, memberships, and supplements, TWC is leading America with alternative choices to the traditional health care model.

Please consider support of a good PATRIOT company (in this PATRIOT economy) Drs. McCullough, Risch, Thorp, myself support (they are our sponsors), The Wellness Company; see the emergency preparation kit (key component being antibiotics you were denied by doctors, pharmacists, governments during the fraud COVID), first aid kit, travel emergency kit, contagion control kit etc. Please consider the SPIKE SUPPORT (spike protein DETOX dissolving spike from mRNA vaccine, this is critical to remove spike form the mRNA vaccine/and DNA viral vector) formula with NATTOKINASE as well as the triple formula (SPIKE SUPPORT, BROMELAIN, CIRCUMIN)

END

THIS OCCURS RIGHT AFTER THIS:

BREAKING! Second federal court blocks Trump’s tariffs; The decision comes less than 24 hours after another court ruled against the president’s use of an emergency law to justify tariffs on dozens of

the United States’ largest trading partners. Trump asks FED Chair to lower interest rates & he is mistaken not to

Dr. Paul AlexanderMay 29

READ IN APP

‘A second federal court has ruled against President Donald Trump’s emergency tariffs on imports from around the world, dealing another blow to his trade agenda and efforts to strike new deals with dozens of countries.

“The International Economic Emergency Powers Act does not authorize the President to impose the tariffs set forth” in four executive orders Trump issued earlier this year, D.C. District Court Judge Rudolph Contreras said in a decision ordering a preliminary injunction on the collection of the duties on the two plaintiffs who brought the case.’

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIESICE Thwarts Illegal Alien’s Plot to Assassinate TrumpU.S. Immigration and Customs Enforcement (ICE) arrested an illegal alien who allegedly threatened to assassinate President Donald Trump in Wisconsin. Ramon Morales-Reyes, 54, allegedly made the threat when responding to the Trump Administration’s offer to help him self-deport.Morales-Reyes, a Mexican national, entered the United States illegally on nine separate occasions between 1999 and 2005.He accumulated a lengthy criminal record over …READ THE FULL REPORTTrump Scores Big League Win in Tariff Fight with the CourtsTwo courts ruled against the tariff policy enacted by President Donald J. Trump. On Wednesday, the U.S. Court of International Trade ruled that Trump’s tariff policy was unlawful, blocking a central tenet of the president’s agenda on the economy and trade.The Liberation Day reciprocal tariffs led to scores of nations lining up to renegotiate their deals. We’ve already inked our …READ THE FULL REPORTAnti-Trump Intel Official Arrested for Leaking Top Secret Info to Foreign NationNathan Vilas Laatsch, a 28-year-old IT specialist with Top Secret clearance for his role at the Defense Intelligence Agency (DIA), has been arrested for attempting to turn over classified military intelligence to a foreign nation.The reason he was willing to commit such an alleged crime is pure TDS – He finds the current administration to be “extremely disturbing.”It’s something when …READ THE FULL REPORT‘Treason’: Trump Orders Probes Into Former Staffers Who Led ‘Resistance’President Donald Trump revoked the security clearances of former CISA Director Chris Krebs and former DHS official Miles Taylor, while also ordering investigations into their work during his first term.As part of a series of executive orders and directives signed in the Oval Office, Trump issued a Presidential Memorandum concerning Krebs, stating that it “addresses his access to existing government …READ THE FULL REPORTTeen Arrested for Breaking Into 121 Cars Released Quickly — Police Slam ‘Broken System’A Maryland teen who allegedly broke into 121 cars in a single night was released within five hours of his arrest and local authorities say they are furious because the state considers the crimes to be “lower level,” so consequences are not expected.The unidentified 16-year-old boy was arrested last week by the Laurel Police Department after it received multiple reports …READ THE FULL REPORTVIEW MORE NEWS

LATEST NEWS:

South Africa President Resists Trump’s Demand to Arrest Politician Leading Calls to Murder White Farmers – EVOL

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Federal Court Blocks Trump’s Sweeping ‘Liberation Day’ Tariffs – EVOL

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EVOL NEWS

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

Libya At Risk Of Declaring Force Majeure On Oil Production After Militia Attacks

Thursday, May 29, 2025 – 07:40 PM

Libya’s eastern government has warned of potential disruptions to oil production and exports following an attack by a Tripoli-based militia on the state-owned National Oil Corporation’s (NOC) headquarters. The threat of a force majeure declaration reintroduces the possibility of a geopolitical risk premium in Brent crude markets already contending with oversupply concerns. 

“Repeated attacks” on the NOC and its affiliates may prompt “precautionary measures, including declaring force majeure on oil fields and terminals,” or relocating the company’s headquarters to a “safer city,” Libya’s eastern government said in a statement quoted by Bloomberg.

The crisis reflects deepening tensions between Libya’s rival governments—one in the west led by Prime Minister Abdul Hamid Dbeibah and another in the east backed by military commander Khalifa Haftar.

Libya produces 1.3 million barrels per day, most of which is exported across the Mediterranean and European markets. Any curtailment of exports could immediately tighten global supply in the region. 

Libya’s fragile political situation reminds us of the August 2024 oil shutdown (courtesy of The Libya Observer):

The incident revives fears of renewed oil shutdowns in Libya, which has struggled to stabilise production amid political turmoil. In August 2024, the country lost more than 700,000 barrels per day (bpd) in output as rival factions clashed over central bank control, disrupting exports for over a month.

NOC has tried to maintain neutrality amid Libya’s civil conflict but is often caught between the East and West governments, each seeking control over oil revenues.

NOC rejected the eastern government’s allegations of an assault on its headquarters as fake news. 

“The corporation continues its vital operations without interruption,” NOC stated, describing the recent incident as a “limited personal dispute” that was swiftly resolved.

“Prime Minister Dabaiba is fighting for his political survival amidst protests in Tripoli, a fractured government, and the constant risk of renewed clashes with rival forces,” Fernando Ferreira, Rapidan Energy Group’s director of geopolitical risk, told Zero Hedge.

Ferreira said, “Libyan National Army commander Haftar smells blood in the water and is adding another element of pressure by threatening to disrupt oil exports, hoping that it will prompt the US and others to push Dabaiba to step down. The threat is real, but the LNA is still weighing whether to move past the rhetoric and take barrels offline.”

Traders did not price in a geopolitical risk premium when the report hit the wires earlier this morning. In fact, Brent crude remains under pressure as investors weigh progress in U.S.–Iran negotiations, which could eventually bring additional barrels to market, alongside expectations that OPEC+ may proceed with another output increase in July. 

The situation in Libya is certainly something to watch, while the market focus now shifts to the upcoming OPEC+ decision in the days ahead.

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE

CANADA/

Liberals Embrace Islamic Extremism In Canada

Thursday, May 29, 2025 – 08:55 PM

Authored by William Barclay via RealClearPolitics,

When FBI director Kash Patel condemned Canada allowing Islamic terrorists to gain a foothold in North America, Canadian politicians and pundits, including new Prime Minister Mark Carney, dismissed Patel’s assertions as baseless fearmongering.

Unfortunately, it is clear that the Trump administration is correct: Radical Islamic ideology has become endemic in Canada over the past decade.

The Canadian Security Intelligence Service itself has confirmed that, since 2015, radical Islamic ideology has become commonplace throughout Canadian society, as a result of the porous borders and the Liberal government’s unwillingness to effectively regulate the influx of international migration into Canada. Numerous terrorist leaders and those with intimate connections to terrorist organizations such as Samidoun and the Popular Front for the Liberation of Palestine have been permitted to migrate within the Canadian state and promote their own nihilistic ideology over the past decade.

Islamic schools in Canada are not compelled to abide by a standardized curriculum and, consequently, covertly promote radical Islamic ideology and extremism to vulnerable children in Canada. At one prominent Islamic school in Canada, the East End Madrassah, administrators were recently pressured to issue a public apology after it was exposed for “… teaching children that treacherous Jews conspired to kill the Islamic Prophet Mohammed.”

Since 2015, explicit Islamic terrorist acts have become increasingly prevalent in Canada.

According to data from the Royal Canadian Mounted Police, “[N]early a dozen terrorism-related incidents [have occurred] in Canada or abroad involving Canadians” since Oct. 7, 2023, alone. In addition), “The number of terrorism charges laid in Canada jumped 488% last year” and “Canadian police have foiled six terrorist plots in the last 12 months alone, with arrests spanning from Edmonton to Ottawa to Toronto.” The Liberal government recently publicly downplayed a report from the United Kingdom’s Foreign, Commonwealth, & Development Office that a “terror attack attempt in Canada is very likely.”

The globally renowned Counter Extremism Project has recently reported that “within the past few decades, several hundred Canadian civilians have been killed or injured in incidents related to violent extremism,” and that, in spite of the glib posturing and “apparent policy shifts in the Trudeau government, Canada has historically viewed violent Islamist extremism as one of the leading threats to its national security.”

In addition, the Integrated Terrorism Assessment Centre recently warned the Canadian government that Canada will likely “experience a lone-wolf terror attack soon … and antisemitism is overwhelmingly the motivating factor.”

And to Kash Patel’s point, over the past decade Canada’s porous borders and the Liberal government’s tolerance of Islamic extremism have functioned in concert to enable various terrorists to transgress from Canada into America to commit crimes and even mass murder.

In 2024, Muhammad Shahzeb Khan, a longtime resident of Canada, attempted to carry out a mass shooting in support of ISIS in New York City, and Shamsud-Din Jabbar, the ISIS terrorist who committed the horrific “Bourbon Street Attack” in New Orleans, was also previously permitted to travel freely between Canada and the U.S. Furthermore, the Canadian Security Intelligence Service itself has long recognized Canada’s modern transformation into an exporter of Islamic terrorism and for years has attempted to “monitor and respond to the threat of Canadian extremist travellers (CETs).”

According to Director Patel and the FBI, “over 300 known or suspected terrorists crossed into this country last year illegally … 85% of them came through [Canada and] the northern border,” and “This year, 100 known or suspected terrorists have crossed into this country illegally, 64 or so from the north.” Even Justin Trudeau, Canada’s previous prime minister, was recently forced to admit that “bad actors … have been exploiting [Canada’s] immigration system for their own interests.”

Despite all this, the Canadian political establishment and the media have stubbornly denied any suggestion that Islamic extremism has successfully entrenched itself within Canada.

More importantly, it is readily apparent that until the Liberal government starts to earnestly secure Canada’s borders and begins to excise Islamic extremism from within Canadian society, Canada will continue to serve as a womb for Islamic extremism in North America and a constant source of terrorism in the U.S.

William Barclay is a political theorist and private consultant, as well as a Contributor for Young Voices. William’s work has been published by the Macdonald-Laurier Institute, Palgrave-Macmillan, The Hill Times, and the Journal of Liberty and International Affairs, among others. Follow William on Twitter/X @WillBarclayBBC.

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

EURO/USA: 1.1331 DOWN 0.0046 PTS OR 46 BASIS POINTS

USA/ YEN 144.09 UP 0.334 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 1.3472 DOWN .0027 OR 27 BASIS PTS

USA/CAN DOLLAR:  1.3816 DOWN 0.0009 (CDN DOLLAR UP 9 BASIS PTS)

 Last night Shanghai COMPOSITE DOWN 15.96 PTS OR 0.47%

 Hang Seng CLOSED DOWN 283.61 PTS OR 1.62%

AUSTRALIA CLOSED UP .26%

 // EUROPEAN BOURSE:    ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 283.61 PTS OR 1.62%

/SHANGHAI CLOSED DOWN 15.96 PTS OR 0.47%

AUSTRALIA BOURSE CLOSED UP 0.26 %

(Nikkei (Japan) CLOSED DOWN 467.88 PTS OR 1.22%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 3295.75

silver:$33.17

USA dollar index early FRIDAY  morning: 99.53 UP .32 BASIS POINTS FROM THURSDAY’s CLOSE.

FRIDAY  MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.000% DOWN 4 in basis point(s) yield

JAPANESE BOND YIELD: +1.494% DOWN 2 FULL POINTS AND 0/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.111 DOWN 3 in basis points yield

ITALIAN 10 YR BOND YIELD 3.509 DOWN 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5160 DOWN 3 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY FRIDAY

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

Euro/USA 1.1320 DOWN 0.0056 OR 56 basis points

USA/Japan: 143.98 UP .224 OR YEN IS DOWN 22 BASIS PTS//

Great Britain 10 YR RATE 4.5480 DOWN 8 BASIS POINTS //

Canadian dollar UP .0014 OR 14 BASIS pts  to 1.3793

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The USA/Yuan CNY DOWN AT 7.2000,  CNY ON SHORE ..

THE USA/YUAN OFFSHORE DOWN TO 7.20033

TURKISH LIRA:  39.24 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.494

Your closing 10 yr US bond yield DOWN 2 in basis points from THURSDAY at  4.406% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.924 DOWN 1 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.933 DOWN 4 BASIS PTS.

GOLD AT 11;00 AM 3279.70

SILVER AT 11;00: 32.03

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

London: CLOSED UP 55.98 PTS OR 0.64%

GERMAN DAX: CLOSED UP 64.25 pts or 0.27%

FRANCE: CLOSED DOWN 27.83 pts or 0.36%

Spain IBEX CLOSED UP 35,.60 pts or 0.25%

Italian MIB: CLOSED UP 104.43 or 0.26%

WTI Oil price  60.27 11 EST/

Brent Oil:  62.65 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  78.63 ROUBLE DOWN 1 AND  72/ 100      

UK 10 YR YIELD: 4.6480 DOWN 6 BASIS POINTS

CDN 10 YEAR RATE: 3.209 DOWN 1 BASIS PTS.

CDN 5 YEAR RATE: 2.820 DOWN 1 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1358 DOWN 0.0019 OR 19 BASIS POINTS//

British Pound: 1.3474 DOWN .0026 OR 26 basis pts/

BRITISH 10 YR GILT BOND YIELD:  4.6390 DOWN 2 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.500

USA dollar vs Japanese Yen: 143.96 UP 0.209 BASIS PTS

USA dollar vs Canadian dollar: 1.3719 DOWN 0.0087 BASIS PTS CDN DOLLAR UP 87 BASIS PTS

West Texas intermediate oil: 60.66

Brent OIL:  62.72

USA 10 yr bond yield DOWN 2 BASIS pts to 4.408

USA 30 yr bond yield DOWN 0 PTS to 4.926%

USA 2 YR BOND: DOWN 3 PTS AT  3.908%

CDN 10 YR RATE 3.207 DOWN 1 BASIS PTS

CDN 5 YEAR RATE: 2.814 DOWN 1 BASIS PTS

USA dollar index: 99.29 UP 8 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 39.20 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  77.50 DOWN 0 AND  60/100 roubles

GOLD  $3392.95 (3:30 PM)

SILVER: 32.99 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: UP 54.34 OR 0.13%

NASDAQ 100 DOWN 22.96 PTS OR 0.11%

VOLATILITY INDEX: 18.76 DOWN .42 PTS OR 2.14%

GLD: $ 303.60 DOWN 2.01 PTS OR 0.62%

SLV/ $30.00 DOWN 0.30 PTS OR OR 0.99%

TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 35.51 OR 0.14%

end

TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING TODAY

Stocks Soar To Best May Since ’90; Gold Gains As Dollar Dumps To Three-Year-Low

by Tyler Durden

Friday, May 30, 2025 – 08:00 PM

So much for “sell in May”…

So much for ‘uncertainty’…

The post-pause April surge continue through May with trade policy uncertainty plunging (albeit with a turn up in the lats couple of days as Trump fights back against TACO meme)…

Source: Bloomberg

So much for the TACO trade…

In the last few days: 

• The Trump administration announced Friday afternoon it’s broadening restrictions on China’s tech sector with tougher licensing requirements on deals where the majority stakeholders are already sanctioned firms.
• Trade Representative Jamieson Greer accused China of “slow-rolling” rare earth export approvals Friday morning.
• Treasury Secretary Scott Bessent also said Friday morning talks with China have stalled.
• Trump accused China of “totally violating” a trade agreement signed in Switzerland two weeks prior later Friday morning.
• The Commerce Department’s Bureau of Industry and Security restricted the sale of chip design software and some jet engine parts to China earlier this week.
• Secretary of State Marco Rubio announced that the US would start revoking Chinese student visas.

So much for ‘sentiment’ being real…

At the same as uncertainty plunged, so ‘soft’ survey data surged higher, catching up towards ‘hard’ data’s strength…

Source: Bloomberg

So much for the recession!!!

Atlanta Fed Q2 GDP tracker soars to 3.8% from 2.2% on May 27. pic.twitter.com/2KF4bm4DTl

— zerohedge (@zerohedge) May 30, 2025

A chaotic day to end the bullish month with Trump China comments (and tech sanctions threats) hitting the market early followed by optimistic commenst by President Trump that “Xi and I will work it out” sent stocks back to their highs…

If it’s not clear by now – this market is VERY sensitive to any and all China tariff developments.

Two for the price of one https://t.co/srpOsZkO1P

— zerohedge (@zerohedge) May 30, 2025

By the end of the month, all the US majors were up bigly with Nasdaq outperforming…

The S&P 500 just rallied to its best May since 1990…

If you’re wondering why, Goldman’s Brian Garrett notes that if it’s felt like market-on-close imbalances have been consistently better to buy, it’s because they have…May will be the largest monthly sum of MOC buys in 2.5 years.

In total ~$30B of net buy imbalances (20 trading sessions, $1.5B per session avg)

But as Goldman’s Chloe Garber noted, as a reminder, seasonals get a bit tougher moving forward, June the 2nd worst performance month for SPX over the last two decades

Treasury yields fell on the week…

Source: Bloomberg

…but surged higher in May (the biggest increase in yields since December) but are well off the highs…

Source: Bloomberg

The reversal in bonds this week came after the 30Y topped 5.00% and buying began…

Source: Bloomberg

Jamie Dimon warned that a crack in the bond market is “going to happen” after the US government and Fed “massively overdid” spending and quantitative easing.

“I just don’t know if it’s going to be a crisis in six months or six years, and I’m hoping that we change both the trajectory of the debt and the ability of market makers to make markets,” the JPM CEO said Friday at the Reagan National Economic Forum. 

“Unfortunately, it may be that we need that to wake us up.”

A glimpse at swap spreads tells you that all is not well under the hood in the Treasury market…

Source: Bloomberg

“I tell this to my regulators,” Dimon said Friday. 

“I’m telling you it’s going to happen, and you’re going to panic. I’m not going to panic, we’ll be fine. We’ll probably make more money and then some of my friends will tell me that we like crises because it’s good for JPMorgan Chase — not really.” 

Rate cut expectations fell on the month with 2025 expectations tumbling as 2026 saw a dovish advance…

Source: Bloomberg

The dollar fell for the fifth straight month, testing down to support at three-year-lows

Source: Bloomberg

Interestingly, the decoupling between the USD (down) and stocks (up) reminds us of the Aug/Sept decoupling that ended with significant USD strength…

Source: Bloomberg

Gold rallied (admittedly very marginally) for the 4th straight month, but did not make a higher high intra month…

Source: Bloomberg

Oil rallied almost 4% on the month – its best month of the year so far…

Source: Bloomberg

Bitcoin rallied for the second month in a row, making new record highs, with a solid 11% gain following April’s big surge…

Source: Bloomberg

BTC ETF inflows soared in May (except yesterday!!)…

Source: Bloomberg

Ethereum had its best month of the year (its first actual positive month since November/election), ripping 45% higher in May…

Source: Bloomberg

ETH found yuuuge support and soared relative to bitcoin in May…

Source: Bloomberg

Finally, back to where we started, despite the plunge in trade policy uncertainty, the market’s perception of the sovereign risk of the US remains significantly elevated…

Source: Bloomberg

…has the market moved on from tariff fears to focus back on fiscal fragility?

END

BIG MORNING NEWS OF THE DAY

WE knew that this was coming!

Stocks Puke On US Plan To Widen China Tech Sanctions

Friday, May 30, 2025 – 12:35 PM

Update (1230ET): So much for the TACO trade…

Trump came out swinging early (as we detailed below) and has now followed up with an upper cut as Bloomberg reports, the Trump administration plans to broaden restrictions on China’s tech sector with new regulations to capture subsidiaries of companies under US curbs.

Officials are drafting a rule that would impose US government licensing requirements on transactions with companies that are majority-owned by already-sanctioned firms, according to people familiar with the matter.

The subsidiary rule — which applies a 50% ownership threshold in relation to companies on the Entity List, Military End-User list and Specially Designated Nationals list — could be unveiled as soon as June, said the people, who asked not to be named to discuss private deliberations.

The people emphasized that the contents and timing of the rule and related sanctions are not yet finalized and could still change.

After the rule is published, the US is likely to move forward with new sanctions on major Chinese companies, the people said.

So trade policy uncertainty is about to skyrocket again

The reaction in stocks was immediate… and lower…

NVDA has erased all of its post-earnings gains

*  *  *

Following earlier comments by TsySec Bessent that trade talks with China had “stalled”, President Trump took to social media to explain his position:

Two weeks ago China was in grave economic danger!

The very high Tariffs I set made it virtually impossible for China to TRADE into the United States marketplace which is, by far, number one in the World.

We went, in effect, COLD TURKEY with China, and it was devastating for them.

Many factories closed and there was, to put it mildly, “civil unrest.”

I saw what was happening and didn’t like it, for them, not for us. I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen.

Because of this deal, everything quickly stabilized and China got back to business as usual.

Everybody was happy! That is the good news!!!

The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!

The reaction was swift – US equity futures dumped…

And crude crashed…

So much for ‘TACO’! No more Mr Nice Guy does not sound like “chickening out”.

Will PCE rescue the markets?

BIG AFTERNOON NEWS

USA DATA

Despite Tariff-flation Fearmongering, Fed’s Favorite Inflation Indicator Tumbles To Four-Year Low

Friday, May 30, 2025 – 08:40 AM

The Fed’s favorite inflation indicator – Core PCE – fell once again in April to its lowest since April 2021 at +2.5% YoY…

Source: Bloomberg

Services inflation is slowing rapidly…

Source: Bloomberg

Headline PCE fell to +2.1%…

Source: Bloomberg

The downturn was triggered by a large deflationary impulse in non-durable goods…

SuperCore PCE also tumbled to four year lows with its first MoM decline since April 2020…

Source: Bloomberg

SuperCore PCE was driven down by a big drop in Financial Services & Insurance costs…

Source: Bloomberg

Finally, for all the terror of tariffs in the soft survey data, spending continues to increase and incomes are growing strongly…

Source: Bloomberg

…it’s gonna be hard for Powell to justify the ‘pause’ now.

END

US New Home Sales Surged In April Despite Slump In Homebuilder Confidence

Friday, May 23, 2025 – 10:18 AM

Despite the plunge in homebuilder confidence, US New Home Sales soared in April to 743k SAAR…

The 10.9% MoM surge in sales in April (versus a 4.0% MoM expected decline) was bolstered by a big downward revision in March from +7.4% MoM to just +2.6%…

This is the biggest beat since August 2022… and the second big downward revision in a row…

Meanwhile, the median new home sales price decreased 2% from a year ago to $407,200 (on an annual basis, prices have largely been retreating over the past 12 months) and is now back below existing home sale prices…

This month, 34% of builders reporting cutting prices, the largest share since December 2023, according to recent data from the National Association of Home Builders.

The surge in new home sales comes as mortgage rates tumbled…

So, don’t hold your breath for a recovery – rates are rising once again!

USA ECONOMIC NEWS

this is huge: this is how Trump can fight the tariffs through taxation of capital

(zerohedge)

Ignore The Court Challenge: When It Comes To Trump’s Trade War, Here’s The One Thing That Really Matters

Thursday, May 29, 2025 – 07:45 PM

The US Court of International Trade has ordered the Trump administration to suspend tariffs imposed under IEEPA authority. How this ruling is ultimately settled remains to be seen – according to both Goldman and the White House it will have little impact – but either way there is plenty of executive authority for a tariff agenda to be enacted via other tools. 

Which is why what Deutsche Bank’s policy team are most focused on is not this court ruling – which inevitably could delay trade negotiations even more – but something else: Section 899 of the “Big Beautiful Bill” that is currently making its way through the US Senate.

There remains a lot of uncertainty on the exact applicability of this new legislation, but overall our interpretation is that if it is voted through, it effectively introduces the most wide-ranging adverse changes to the tax treatment on foreign capital in the US since the Deficit Reduction Act of 1984 and the Foreign Investors Tax Act of 1966.

As DB’s George Saravelos explains, this legislation creates the scope for the US administration to transform a trade war into a capital war if it so wishes, a development that is highly relevant in the context of today’s court decision constraining President Trump on trade policy.

Saravelos makes a few broad points below:

1. Weaponization of US capital markets in to law. Section 899 challenges the open nature of US capital markets by explicitly using taxation on foreign holdings of US assets as leverage to further US economic goals. The parallels with the trade war over the last few months are clear. Numerous issues that are being referenced in the current trade war (eg. Digital Services Taxation) are also part of this legislation.
    
2. Low bar to activate. Preliminary analysis suggests that the majority of developed market countries could fall under scope of the new retaliatory taxation. Furthermore, the bar to activate retaliatory taxation is low, triggered by the Secretary of Treasury publishing a list of foreign “discriminatory countries”, though there is still uncertainty on this point.
    
3. A problem for the twin deficit. The legislation provides scope to tax US-sourced foreign income at 20% under certain conditions. Especially notable is that the foreign government exception put in place under Reagan (think central bank reserve ownership of USTs) would be suspended. Put simply, the de facto yield on US Treasuries would drop by nearly 100bps. The adverse impact on demand for USTs and funding the US twin deficit at a time when this is most needed is clear.

While some may argue that carve-outs in the legislation leave the ultimate impact more constrained, DB counters that precisely by introducing further uncertainty and complexity on the returns on US capital, the legislation undermines the attractiveness of dollar inflows at a time when this is already put in to question. It is notable that the new potential legislation is already a topic of conversation among large real money investors. It is not unreasonable for the market to conclude that if the President is constrained on using trade policy, taxing foreign capital could be a new mean of leverage.

Meanwhile, the US dollar has fully reversed its gains since the tariff news overnight. 

From Saravelos’ perspective, the market has moved on from the specifics of the trade shock to the broader question of dollar asset allocations. 

Indeed, should the new Section 899 authority be voted in to law, it will do little to ease concerns that these asset allocations are under structural reconsideration… at least until the weak dollar forces all major trading counterparts to engage in aggressive currency debasement of their own, at which point it will be a global race to the FX bottom, similar to what we saw for much of the post-Lehman decade.

More in the full note from DB’s Saravelos available to pro subs.

END

Trump’s Plan B For Trade Takes Center Stage As Section 899 Gains Media Tracti

Friday, May 30, 2025 – 04:25 PM

To close out the week, corporate media is finally catching up to a theme we flagged for readers on Wednesday: President Trump’s “Plan B” trade war options.

• Wednesday evening: Goldman Responds To Trade Court Block Of Trump Tariffs: Nothingburger, White House Can Sidestep

This follows a move by Biden-appointed activist judges at the U.S. Court of International Trade who attempted to derail Trump’s trade agenda ahead of the 2026 midterms, only to be overruled by the U.S. Court of Appeals for the Federal Circuit on Thursday. 

• Thursday afternoon: Appeals Court Reinstates Trump Tariffs

With lawfare intensifying in the courts by leftist activist judges, the Trump administration must now press forward with its ‘America First’ trade strategy on a firmer legal footing.

This takes us to our note late Thursday, citing Deutsche Bank’s policy team focused not on the court circus but instead on Section 899 of the “Big Beautiful Bill” that is currently circulating through the U.S. Senate.

As DB’s George Saravelos explained, this legislation creates the scope for the U.S. administration to transform a trade war into a capital war if it so wishes, a development that is highly relevant in the context of this week’s court circus surrounding Trump’s trade policies.

• Ignore The Tariff Court Challenge: Here’s The Obscure “Nuclear Option” Hidden In The Big, Beautiful Bill

Fast forward to Friday morning, UBS analyst Simon Penn told clients about the growing chatter around Section 899 in President Trump’s new tariff framework—already earning the nickname “the revenge tax.”

There’s an increasing amount of conversation about the “899” provision in President Trump’s tariff documentation. It’s been dubbed the “revenge tax”. There’s lots of noise on Friday because it hit the front pages of the Financial Times and Bloomberg.

In very brief, the provision allows the administration to take actions against anything it considers to be a “discriminatory tax”. It leaves the door wide open on the definition and interpretation. Reading through the document and the various opinions that have been given, it looks like its aim is two-fold. It’s a last line of defence to cover anything not caught by the tariffs already in place; it’s another leverage tool to deal with issues such as double taxation and withholding taxes. The provision signals that the administration could step into services, and in particular, financial services. In that case, the administration has designed a powerful negotiating tool and has also built in a technique to deal with any country that attempts to fight back with services-based levies.

UBS analyst George Redman also flagged the increasing traction of Section 899 in corporate media coverage, suggesting that the Trump administration may be preparing to deploy non-tariff measures against serial trade offenders, such as China, to bring Beijing back to the negotiating table. 

Redman noted:

The front page of the Financial Times is focusing on Section 899 of the “big beautiful bill,” which will likely draw attention on Friday. The provision allows the government to raise taxes on foreign investments in the U.S. from companies and investors based in countries it deems to have punitive tax policies. As such, it could include US-based companies with foreign owners and international firms with American branches. Expect a micro focus on companies most exposed to this risk, which are likely to underperform on Friday.

This week’s developments with circus courts show only a temporary blow to Trump’s emergency tariff powers, and the administration appears poised to shift toward a more legal, concrete, and flexible framework, centered around Section 899.

Investors “Spooked” After Gap Tariff Warning

Friday, May 30, 2025 – 09:15 AM

Gap Inc. shares plunged in premarket trading after the retailer warned in its earnings release of a potential $300 million hit from tariffs.

The retailer sources much of its clothing from third-party manufacturers, primarily located across Asia—regions heavily impacted by the trade war—while selling the majority of its merchandise through U.S. stores. The warning comes amid a 90-day pause in the US-China trade war as both countries engage in bilateral talks to craft a trade deal. 

“If these tariff rates remain, they could result in a gross estimated incremental cost of approximately $250 million to $300 million,” Gap wrote in an earnings release. It based its guidance on tariffs of 30% on most imports from China and 10% on most other countries. 

Gap maintained its guidance from the previous quarter, noting that it has strategies to mitigate more than half of that cost: 

“The company currently has strategies to mitigate more than half of that amount. After considering these mitigation strategies, the company estimates a remaining net impact of about $100 million to $150 million to fiscal 2025 operating income, primarily weighted to the back half of the year.” 

Neil Saunders, managing director of GlobalData, told Bloomberg that the tariff warning “spooked investors.”

Shares tumbled as much as 16% in premarket trading in New York, nearly wiping out all year-to-date gains of 18% as of the close Thursday. 

The tariff issue aside, Gap reported a solid first quarter across its brands, except for Athleta and Banana Republic:

1. Total comparable sales +2%, Bloomberg estimate +1.59%
2. Gap and Old Navy both grew market share across all income groups, marking their 8th and 9th straight quarters of gains, respectively.
3. Old Navy posted +3% comps, driven by strong full-price sell-through and a successful relaunch of its activewear line.
4. Gap brand delivered +5% comps, with strong demand in core categories (fleece, sweaters, sleepwear) and solid traction from new collaborations.
5. Banana Republic comps were roughly flat, with stabilization continuing as turnaround efforts in product and pricing gain traction.
6. Athleta remains challenged, with comps down 8% due to weak product engagement and a longer recovery timeline.
7. Operating margins expanded, supported by ROD (reduction of discounting) leverage and tight cost control, while merchandise margins remained flat year-over-year.

For the second quarter, Gap expects sales to remain flat compared to the year-ago period, in line with Wall Street analysts’ expectations. The company expects minimal tariff-related impacts in the current quarter. 

Wall Street analysts weighed in on Gap with their first takes… 

Citi analyst Paul Lejuez, who maintains a “Buy” rating on Gap, lowered his target to $30 from $33 due to the retailer’s higher tariff burden. 

Bloomberg Intelligence analyst Mary Ross Gilbert commented, “Gap’s cautious 2Q outlook and tariff-driven margin pressure may leave room for upside,” adding, “The expected $100-$150 million profit impact from tariffs (about 65-102 bps after mitigation and $250-$300 million before) appears manageable and could be offset further.” 

JPMorgan analyst Matthew Boss, who has an “Overweight” rating and a $29 price target, called this morning’s stock selloff a “buying opportunity,” emphasizing that strong brands “can win in any market.” 

Goldman analyst Brooke Roach raised her 12-month price target to $28 from $25. 

END

Supreme Court Lets Trump Strip 500,000 Migrants Of Legal Status

Friday, May 30, 2025 – 10:36 AM

The Supreme Court on Friday sided with the Trump administration – allowing them to revoke temporary legal status granted to over 500,000 immigrants by the Biden administration.

In a 7-2 vote, the court granted an emergency application filed by DHS Secretary Kristi Noem that ends the Biden program which granted 532,000 people from Cuba, Venezuela, Haiti and Nicaragua permission to temporarily live and work in the United States. 

https://x.com/bykatiebuehler/status/1928456903031488983?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1928456903031488983%7Ctwgr%5Ecd39e9fa4b8441595fd2bff10eb8a9b565e46613%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fpo

And of course, liberal justices Ketanji Brown Jackson and Sonia Sotomayor dissented – with Jackson writing that the court had failed to take into account “the devastating consequences of allowing the government to precipitously upend the lives and livelihoods of nearly half a million noncitizens while their legal claims are pending.”

DHS was contesting a ruling by Massachusetts-based US District Judge Indira Talwani – who ruled that the administration could not cancel each person’s status without an individualized determination.

The Biden-era rule known as CHNV began in 2022, when former DHS Secretary Alejandro Mayorkas granted ‘parole’ for two years to people from the aforementioned countries in order to deal with the flood of migrants crossing illegally into the United States. The program allowed migrants who passed a security check and had a sponsor in the USA who could provide housing, to enter the country and remain.

In court papers reported by NBC News, Solicitor General D. John Sauer said that Talwani did not have authority to rule on the issue – as Noem’s authority stems from the federal Immigration and Nationality Act.

The Apprentice President – by Julian Macfarlane

ROBERT H

‘This is most likely accurate. Why? Because in the modern world we are taught to accept the advice of others with assumption that people tell like it is. Unfortunately, these days more often than not this is not the case. 

CEO’s run little, but are run by many desiring hands seek to influence the mantle of power. 

With position comes privilege of power. And with that comes the planes, cars and many hands willing to serve in layers of position. It is called administration. You do not get your own coffee or lunch. It is chosen and brought to you by staff. They see often what you never see and are conditioned not to tell the truth, only the color of truth. 

At some point most of us had such exposure. And it is dangerous. The trappings of power are often deceptively elegant and deadly in their absence of real information. 

For decades CEO’s have been the most isolated people within a company regulated to guess what is truth and what is a lie. And yes, they are fed shit to grow like mushrooms in the dark. It is why consultancy has grown over decades to provide the insights not delivered by organizational hierarchy. It is also why rarely does any decision get made on facts only perceptions of truth delivered by willing staff. It is when and only when a CEO gets the truth, the raw truth does change occur. Because most CEO’s want to do the right thing but fail because truth and fact does not find their eyes. 

Having a CEO cocooned is the worse thing for organizational success. It matters not whether it is politics or business. Having the ability to see what is not provided often only comes with trusted hands or information that comes from outside a company regulated staff. It is only then that the true color of truth is seen in the light of day. And lies are exposed as is incompetence or worse. 

Sadly, the legacy of every CEO and Business Unit Executive is measured having the courage and determination to be able to pierce the veil of position to discover the truth to make decisions that make the difference.”

An Unreality Show?

Julian Macfarlane

Alastair Crooke is getting a lot of attention after his discussion with the Judge about Trump’s recent off-the-wall comments with reference to Russia strikes in Kiev in which the President angrily claimed that Putin is going crazy and killing women and children— and no, he hadn’t heard about the drone strikes which appeared to be targeting Putin’s helicopter.

Crooke pretty much echoes what I have been saying for a long time now, that since the US and its Europeans’ hegemonic, Russophobic goals are incompatible with Russian security and its accelerated growth as a super-state, the Russians have no choice to take not just four oblasts but all of Ukraine up to the Polish border and establish a new European balance of power.

Only then can there be a guarantee of peace. That is, without enforceable agreements, the Russians have to ensure peace through force of arms. In 2014, they were not strong enough to achieve such a goal. Now things are different.

As the Russian strategist Svechin, whom I have referred to before, points out in his book Strategies, political goals must be commensurate with military capability and vice versa.

Svechin, interestingly based much of his theory on his reading of the American Civil War, where the North’s political goals evolved as their forces grew stronger and success looked imminent.

Success is now similarly imminent for Russia, so it is natural that it’s political goals have evolved too.

But the West is in the thrall of the Stupidity Paradox I talked about last time. Nobody gets it. Not governments or the media– nor even half the Alt Media, like the Duran.

They all assume intelligent agency where there is none, only faithful observance of time-honored political heuristics.

Larry Johnson, among others ,has suggested Trump is being misinformed by his advisors, Rubio, Gabbard and all the rest. He is a mushroom— keep in the dark and fed shit.

This would make Trump as badly out of touch with the real world as Biden.

But Biden had an excuse – dementia.

Are we to assume that Trump doesn’t have a smart phone, and doesn’t know how to use the Internet – despite Truth Social? That he is as dependent on others as a five year old is on Mom or Dear Old Dad?

Are we to assume that his intelligence briefings are curated without any kind of professional opinion, by intelligence professionals whose sole source of information is CNN?

Trump is not a Bubble Boy. He is President of the United States. His success in office depends on having accurate information and using it properly so he has incredible access to information of all kinds that you and I do not.

If he’s in the dark, he’s the one who turns off the lights. If he’s eating shit, he likes the taste.

Sarcasm aside, there’s only two explanations for his outbursts to the press.

The first is that he really doesn’t know what’s going on, thanks to relying on stupid or corrupt advisors — which makes him unfit for office.

The second is that he does know and he is pretending not to know to suck up to his American audience– especially the political class, which makes him not only dishonest but politically naïve.

In either case, he is stupid.

It’s the Stupidity Paradox – going with the flow, to fit in. Thinking “inside the box”. It “sorta works” – if we look at the Alt Media except for the always astute Alastair Crooke – but at some point you will need to flush.

Let’s face it, Trump is not really a president – he is an apprentice, just as Biden was a stand-in, Biden needed to be fired. So does Trump.

Trump was a reality show host. But keep in mind the reality shows are not “reality”— they are just unscripted, and the fun comes from people’s mistakes. Trump’s presidency is like that — not “real”—- just unscripted—and the mistakes would be humorous except for their potential to start WWIII.

So, Trump is very, very stupid.

On the one hand, he squanders political capital, stands to alienate his base, and sets himself up to lose support in the midterm elections.

He is a one-term President. What will his legacy be? Overseeing the collapse of the United States of America?

The Russians of course are outside the box. They can see the reality of things.

The Kremlin recognizes that Trump is as they say “unpredictable”– and nothing he says can be trusted.

On the other hand, the longer he talks, the more mired he gets in his own contradictions, and the weaker the Western position, now the third most powerful military power in the world after China and Russia

Yes, I know, Google says American is still #1. But check out the numbers. They don’t lie. The war is accelerating the growth of US rivals

If Trump had really wanted to end the war he could have just cut off support for Ukraine when he took office, including Biden’s aid package. If the Europeans had then wanted to continue the war, they could have tried– but Trump would also have made it clear that since this was Washington’s war in the beginning, he wouldn’t support them if the Russians retaliated with for example strikes on their territory.

Congress would’ve been upset —but would’ve been Trump’s prerogative as President, according to Article II of the US Constitution. Once all was said and done, they would move on to other things.

Now Trump is all over the place, trying to find a role in a narrative established 50 years ago.

The Russians however are winning steadily positioning their forces strategically, dismantling what I’ve called the “Maginot Grid”– that web of fortified towns and villages that are the Donbas. Soon, all that will be left is the Black Sea coast, which will be cut off from supply and also areas west of the Dnieper, which are less densely populated and difficult to fortify, except for the cities, As I have explained in previous posts ,those cities are now tactically vulnerable due to advances in drone technologies.

Western Ukraine could fall faster than you might imagine, with ultra nationalists fleeing to Poland or Germany, where they would not be very welcome.

Recently, no mention has been made of Oreshnik missiles. The previous estimates were up to 100 stockpiled by June. Some analysts say that taking out the Taurus factory in Germany might be a good demonstration of Russian capability if the Germans become co-belligerents by supplying weapons for long-range strikes on Russia.

Putin however is unlikely to do attack Europe. It would just be easier and more effective to occupy all of Ukraine, right up to the Polish border, which would insulate Russia from further aggression. The best offense is a good defense sometimes.

https://julianmacfarlane.substack.com/p/the-apprentice-president?utm_source=substack&publication_id=837411&post_id=164712733&utm_medium=email&utm_content=share&utm_campaign=email-share&triggerShare=true&isFreemail=true&r=mf1&triedRedirect=true

VICTOR DAVIS HANSON/

KING NEWS

The King Report May 30, 2025 Issue 7503

Independent View of the News

@GuntherEagleman: Senator John Kennedy on the judges: “You mean a federal judge has intervened with the other two branches ability to make policy? I’m shocked. That hasn’t happened since yesterday.” “I think it’s pretty clear that the president has tariff authority. Congress gave it to him.” https://x.com/GuntherEagleman/status/1927873271183155399   The titanic surge in judicial activism on rabid TDS will soon catalyze a severe reaction that should arrest and reverse the prolific increase in judicial activism that blossomed in the Sixties.   Whether the remedy comes from Congress, the SCOTUS, or a direct (me or them) challenge by DJT, something big is coming.   Fox News on Wed.: White House says Elon Musk to begin process of ending DOGE role tonight   @elonmusk: As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending.  The @DOGE  mission will only strengthen over time as it becomes a way of life throughout the government.   Nvidia’s Huang Says Trump China Curbs Risk Leadership Loss – BBGG   Is Jensen Huang eager to sell China the rope that the CCP will use to hang the USA?   GOP Sen. @SenTomCotton: Keeping advanced AI chips out of the hands of the Chinese Communists isn’t about business, it’s a national security issue. A word of warning to companies like @nvidia, anyone who breaks the law and circumvents export controls will be held accountable.   Nvidia hit a high of 143.49 (+6.45%) at 9:34 ET but fell to 139.29 at 10:11 ET.  NVDA eventually sank to 137.91 at 14:24 ET.  After a point and change rally, Nvidia traded sideways and closed at 139.19.   ESMs soared in overnight trading on Nvidia’s hype and excuse-laden results plus the US International Trade Court’s halt of all Trump’s tariffs.  After hitting a high of 6008.00 at 3:58 ET, ESMs headed south.   By 10:20 ET, ESMs had fallen 100 handles from the high and were only +5.75 for the day.  Traders and investors that ‘did the work’ realized that the court’s ruling applies only to Trump’s global flat tariff and elevated tariffs on China plus fentanyl-related tariffs.   Goldman, Morgan Stanley Say Trump Can Deploy Other Tariff Tools “The tariff levels that we had yesterday are probably going to be the tariff levels that we have tomorrow, because there are so many different authorities the administration can reach into to put it back together,” Michael Zezas, Morgan Stanley’s global head of fixed income and thematic research, said on Bloomberg TV Thursday… https://finance.yahoo.com/news/goldman-says-trump-offset-tariff-083904704.html   Goldman Sachs and Morgan Stanley warned that US International Trade Court in New York’s ruling may be limited.  Trump could invoke Section 232 tariffs (national security grounds).   Goldie’s Phillips: “For now, we expect the Trump administration will find other ways to impose tariffs.”   The WH, which already appealed the decision, said it could implement Section 122 tariffs that include levies of up to 15% for 150 days.   The Judicial Coup Heats Up Three judges on the U.S. Court of International Trade just tried to seize the nation’s trade desk. In V.O.S. Selections v. United States (May 28, 2025) Judges Timothy Stanceu, Gary Katzmann and Jane Restani permanently blocked President Donald Trump’s “Liberation Day” tariffs, declaring that the International Emergency Economic Powers Act does not let a president raise duties beyond the narrow caps of the 1974 Trade Act. With one opinion they proclaimed themselves de facto secretaries of Commerce and Treasury, rewrote 90 years of constitutional precedent, and signaled to every future president that customs policy now runs through their chambers.     The ruling misreads the statutes and ignores the Constitution’s foreign-affairs framework affirmed by the Supreme Court since United States v. Curtiss-Wright Export Corp. (1936). It is less a judgment than a power grab—an attempt to turn a specialty court created to settle duty disputes into a super-agency that can veto national-security trade tools whenever it dislikes the occupant of the Oval Office.     The judges tried to shoehorn Trump’s action into Section 122 of the 1974 Trade Act, which caps tariffs at 15% for 150 days. Anything beyond that, they said, exceeds statutory and constitutional bounds…     The opinion also defies Curtiss-Wright, which calls the president “the sole organ of the nation in its external relations.” Foreign commerce is diplomacy; therefore Congress may vest wide discretion in the executive. Later high-court rulings—Dames & Moore, Zivotofsky, Trump v. Hawaii—reaffirmed that logic. The trade judges mention those cases only to wave them away, an extraordinary stance for a lower court… The Justice Department has appealed to the Federal Circuit and will seek an emergency stay. Given the stakes—national security, billions in customs revenue, separation of powers—Chief Judge Kimberly Moore is likely to grant it. From there the case heads to the Supreme Court, where the panel’s disregard for Curtiss-Wright will face a chilly reception…     The Court of International Trade exists to adjudicate classifications and duty rates, not to set grand strategy… https://townhall.com/columnists/walter-curt/2025/05/29/the-judicial-coup-heats-up-n2657821   After a rebound to 5934.75 at 10:58 ET, ESMs sank to a low of 5884.00 (-18.75 for the day) at 12:00 ET.  ESMs bounced a report that Trump summoned Powell for a meeting on Thursday morning.    Fed: Statement on Chair Powell’s meeting with the President At the President’s invitation, Chair Powell met with the President today at the White House to discuss economic developments including for growth, employment, and inflation.     Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.     Finally, Chair Powell said that he and his colleagues on the FOMC will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis. (Everyone knows the Fed is abjectly political!) https://x.com/BrendanPedersen/status/1928131440882917584/photo/1   Also abetting the rally: U.S. District Judge Rudolph Contreras (Obama judge) has blocked President Trump’s tariffs on China   WH Press Sec Karoline Leavitt excoriated the courts.  She said the US filed an emergency motion for stay; the Supreme Court must put an end to this; and the courts should have NO role in tariffs.   Leavitt: “Last night, the Trump administration faced another example of judicial overreach… 3 judges of the U.S. Court of International Trade disagreed and brazenly abused their judicial power to usurp the authority of Pres. Trump to stop him from carrying out the mandate that the American people gave him… the courts should have no role here…”  https://x.com/townhallcom/status/1928140843090624592   ESMs bounced to 5925.75 at 13:01 ET and then stalled.  Here’s why:   Politico’s @vtg2: WH press secretary says the Fed’s readout of this meeting is “correct, however the president did say that he believes the Fed chair is making a mistake by not lowering interest rates.”   Fed’s Goolsbee: US trade court ruling may extend tariff uncertainty (Undermines DJT at every chance!)  https://finance.yahoo.com/news/feds-goolsbee-us-trade-court-173812538.html   Fox’s Peter Doocy to WH Press Sec: “If the courts are going to be the ones shaping policy, does the President wish he would have just become a judge instead?”  https://x.com/alx/status/1928147422221414540   ESMs eased lower until they hit 5899.50 at 14:22 ET.  It was time for the manipulation to game May performance and the afternoon rally.   ESMs labored up to 5918.50 at 14:56 ET and rolled over.    Appeals Court Temporarily Halts Ruling Against Trump Tariffs – BBG 15:07 ET   After easing down to 5906.25 at 15:15 ET ESMs turned higher and hit 5930.75 at 15:50 ET.  ESMs eased down to 5926.25 at 16:00 ET.   US Economic Data released on ThursdayQ1 GDP -0.2% q/q, -0.3% exp.; Consumption 1.2%, 1.7% exp.GDP Price Index 3.7% as expected; Core PCE Price Index 3.4% q/q, 3.5% exp.Initial Jobless Claims 240k, 230k exp.; Continuing Claims 1.919m, 1.89m exp., 1.893 priorApril Pending Home Sales -6.3% m/m & -3.5% y/y, -1.0% m/m & +2.7% y/y expected  NAR US Pending Home Sales April 2025 Report https://t.co/nXIZ3vkoyb   For decades, Street analysts extolled Walmart for squeezing its suppliers.  Now, WMT warns that DJT’s China tariffs will force it to hike prices.  What happened to squeezing suppliers for the privilege of procuring WMT shelf space?  PS – Walmart’s ex-CEO said there is no reason for Walmart to hike prices.   Walmart’s former U.S. CEO Bill Simon thinks retailer can easily absorb tariff costs, criticizes its ‘doom and gloom’ commentary https://www.cnbc.com/2025/05/15/walmart-can-absorb-tariffs-fmr-us-ceo-simon-questions-price-hikes.html   Wal-Mart puts the squeeze on suppliers to share its pain as earnings sag  October 19, 20151 Suppliers of everything from groceries to sports equipment are already being squeezed for price cuts and cost sharing by Wal-Mart Stores . Now they are bracing for the pressure to ratchet up even more after a shock earnings warning from the retailer last week.    The discount store behemoth has always had a reputation for demanding lower prices from vendors but Reuters has learned from interviews with suppliers and consultants, as well as reviewing some contracts, that even by its standards Wal-Mart has been turning up the heat on them this year. https://www.reuters.com/article/world/wal-mart-puts-the-squeeze-on-suppliers-to-share-its-pain-as-earnings-sag-idUSKCN0SD0CY/   Is WMT eager to sell China the rope that the CCP will use to hang the USA?  Does WMT have TDS?   Positive aspects of previous session Stocks rallied modestly after a severe morning decline. USMs rallied 1 24/32 (+31/32 for day) from its 111 18/32 low (-25/32 at 6:15 ET).   Negative aspects of previous session The S&P 500 Index peaked on the NYSE opening; ESMs peaked at 3:58 ET. Precious metals rallied moderately.   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: Up   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5909.70 Previous session S&P 500 Index High/Low: 5943.13; 5873.80   The Fed: Survey of Household Economics and Decisionmaking Results from the 2024 Survey of Household Economics and Decisionmaking (SHED), which was fielded in October, indicate that people’s financial well-being was similar to the previous two years but below the high reached in 2021… A majority of adults also said that changes in the prices they paid over the prior year had made their finances worse, but the share saying so declined from 2023… https://www.federalreserve.gov/consumerscommunities/shed.htm   Wesbury: “We’re Paying Private Banks $200 Billion Per Year to Hold All the Cash the Fed Printed” – “Because if they didn’t pay them, it would turn into hyperinflation.”… https://www.realclearpolitics.com/video/2025/05/27/wesbury_were_paying_private_banks_200_billion_per_year_to_hold_all_the_cash_the_fed_printed.html   @andrewcuomo: To meet the affordability crisis in NYC, we need to raise wages so hardworking families can afford to stay here. I plan to increase the minimum wage to $20 an hour because no one working full time should be struggling to make ends meet.   Only a political scion nurtured inside a protective bubble with taxpayer money would propose this.   Fed Balance Sheet: -$15.482B to $6.673T on MBS -$13.135B; Reserves -$ 18.808B to $3.27T   Bessent Says US-China Talks ‘Stalled,’ Pushes for Trump-Xi Call – BBG 19:50 ET.   Today – Thursday was a bad day for equity bulls.  ESMs soared to 6008.00 in early European trading but tumbled to 5884.00 by noon ET.  Usually, the penultimate day of a marking period contains the peak intensity of the manipulation to game performance.  That did NOT occur yesterday.   The usual suspects want to game May performance; but the China-US talk impasse is a big negative.  This is why ESMs are -25.50; NQMs are -121.50; and USMs are +2/32 at 21:20 ET.   Expected Economic Data: April Personal Income 0.3% m/m, Spending 0.2%, PCE Priced Index 0.1% m/m & 2.2% y/y; Core PCE o.1% m/m & 2.5% y/y; April Advance Goods Trade Balance -$143.0B; April Wholesale Inventories 0.4% m/m, Retail Inventories -0.2% m/m; May Chicago PMI 45.1; May UM Sentiment 51.5, Current Conditions 58.5, Expectations 47.5, 1-year Inflation 7.1%, 5-10-year Inflation 4.5% (Why should anyone heed this invalid survey that greatly oversampled Dems?)   S&P Index 50-day MA: 5601; 100-day MA: 5767; 150-day MA: 5826; 200-day MA: 5782 DJIA 50-day MA: 40,074; 100-day MA: 42,263; 150-day MA: 42,655; 200-day MA: 42,392 (Green is positive slope; Red is negative slope)   S&P 500 Index (5912.17 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 is positive; MACD is negative – a close below 5864.29 triggers a sell signal   Obama Judge Blocks Trump Admin from Suspending Biden-Era Migrant Parole Programs https://www.zerohedge.com/political/judge-blocks-trump-admin-suspending-biden-era-migrant-parole-programs#google_vignette   @nicksortor: (FBI Dept Dir) Dan Bongino says they’ve discovered an entire ROOM full of intentionally mishandled and hidden evidence from Comey’s FBI.  “We found it in bags, hiding under Jim Comey’s FBI, you’re going to be stunned.” Comey’s days as a free man are numbered. https://x.com/nicksortor/status/1928071656561426620   Biden admin failed to probe more than 7,300 reports of migrant child trafficking, startling HHS findings show https://trib.al/GLQDTWn   @nicksortor: FBI have just arrested an anti-Trump Defense Intelligence Agency employee who was offering to give classified information to foreign governments.  Nathan Laatsch, 28, blatantly told these foreigners he doesn’t “agree or align with the values of this admin,” so he was willing to divulge secrets. These deep state crooks RIDDLE the intel community.  GREAT JOB to FBI for weeding this traitor out.   @realDonaldTrump: The U.S. Court of International Trade incredibly ruled against the United States of America on desperately needed Tariffs but, fortunately, the full 11 Judge Panel on the U.S. Court of Appeals for the Federal Circuit Court has just stayed the order by the Manhattan-based Court of International Trade. Where do these initial three Judges come from? How is it possible for them to have potentially done such damage to the United States of America? Is it purely a hatred of “TRUMP?” What other reason could it be? I was new to Washington, and it was suggested that I use The Federalist Society as a recommending source on Judges. I did so, openly and freely, but then realized that they were under the thumb of a real “sleazebag” named Leonard Leo, a bad person who, in his own way, probably hates America, and obviously has his own separate ambitions. He openly brags how he controls Judges, and even Justices of the United States Supreme Court — I hope that is not so…     The ruling by the U.S. Court of International Trade is so wrong, and so political! Hopefully, the Supreme Court will reverse this horrible, Country threatening decision, QUICKLY and DECISIVELY. Backroom “hustlers” must not be allowed to destroy our Nation… If allowed to stand, this would completely destroy Presidential Power — The Presidency would never be the same!     Radical Left Judges, together with some very bad people, are destroying America… The President of the United States must be allowed to protect America against those that are doing it Economic and Financial harm. Thank you for your attention to this matter!   Justice Department tells American Bar Association it will no longer comply with ratings for judicial nominees – Sen. Mike Lee, R-Utah, previously blasted the ABA as a “radical left-wing advocacy group.” https://www.foxnews.com/politics/justice-department-tells-american-bar-association-no-longer-comply-ratings-judicial-nominees   Russian commander behind Mariupol strikes that claimed 8,000 lives is killed in ‘suicide attack’ https://www.dailymail.co.uk/news/article-14763411/Russian-commander-Mariupol-killed-suicide-attack.html   (Illinois) State board of education recommends lowering student proficiency standards Illinois students are struggling to meet proficiency standards on state assessments. Instead of working to improve student learning, the state wants to lower standards to hide the crisis…     Only 41% of students in third through eighth grade could read at grade level in 2024 and just 31% in 11th grade. In math, 28% of third through eighth graders were proficient and 26% of 11th graders… https://www.illinoispolicy.org/state-board-of-education-recommends-lowering-student-proficiency-standards/

SWAMP STORIES FOR YOU TONIGHT

Senator Chuck Grassley Declassifies FBI Files On Nellie Ohr, Including Lies Told To Congr

Thursday, May 29, 2025 – 04:20 PM

Via the Conservative Treehouse,

Eight years ago, I created a simple graphic to help readers and researchers understand how Nellie Ohr was connected to the construct of the Steele Dossier, the core source material that underpinned the Title-1 FISA surveillance warrant used against the Donald Trump 2016 campaign and President Trump administration.

In addition to outlining how Nellie Ohr took Ham radio operator classes (May 2016) during her employment with Fusion GPS (began Dec 2015), the graphic shows the circular process of how the Steele Dossier (technically Nellie Ohr’s dossier) was constructed.  Additionally, the graphic is also a timeline showing how Nellie Ohr interacted with the overall ‘Crossfire Hurricane’ investigation, which eventually evolved to the Mueller investigation.

A CTH review of the Nellie Ohr research activity proved Nellie Ohr’s work aligned with the content of the Dossier, and the Nellie research was used as verification of the dossier. [See the release of verification documents (SEE HERE)] In essence the source information for the Dossier was used to validate the dossier conclusions because it’s the same damn material. That’s why Nellie Ohr took the Fusion-GPS header off the top of the material she provided to congress. NOTE: This graphic is almost eight years old.

Nellie Ohr was far more important than Chris Steele.

It was Nellie Ohr’s work product that Steele used in his dossier assembly.

In addition to publicly publishing all of the research material on Nellie Ohr, including how she falsified her testimony to congress, I have personally hand-delivered all of the Nellie Ohr research files to Washington DC, repeatedly, including the FCC License which contradicted her testimony.

Today, Senator Chuck Grassley declassified and released the FBI research files into Nellie Ohr [SEE FILE HERE], proving everything CTH previously asserted in our research. Chuck Grassley’s press release IS HERE.

Notice the Ham radio license (May 2016) corresponds to the timeline when the Clinton campaign officially hired Fusion-GPS as for the Trump “Dossier” research (Ohr training March-April 2016).  Notice also this is immediately after the time when NSA Director Mike Rogers discovered FISA abuse and shut down contractor access to the NSA database (April 2016).

Today, Chuck Grassley notes:

• In direct contradiction to her congressional testimony, Nellie Ohr took six ham radio classes and an exam during her time as a Fusion GPS employee (pg. 37). Ham radios can facilitate international communication without the use of a cell signal. 
  • Nellie Ohr claimed her ham radio training occurred before she was employed by Fusion GPS. However, per records from the Fairfax Fire and Rescue Department and Federal Communications Commission, Nellie Ohr’s entire ham radio training occurred between March to May 2016, while working at Fusion GPS.  [LINK]

When you overlay the timeline with the demonstrable activity, it becomes transparently easy to see exactly what was taking place.

Daniel Jones left the SSCI as Dianne Fienstein’s lead staffer and began working with Glenn Simpson at Fusion-GPS.  Fusion-GPS contracted with Nellie Ohr in “late 2015”.  This is the exact same time when thousands of unauthorized “contractor searches” were taking place within the NSA/FBI database.  This is where the Ham radio comes in handy to transmit “international communication.”

Nellie Ohr then sends her research outcomes to Chris Steele for the dossier assembly; and the dossier is then laundered back to Bruce Ohr and FBI for use in their operation against the Trump campaign.   Meanwhile Glenn Simpson and Dan Jones are leaking to the media who are writing articles.  Nellie Ohr then captures those articles to validate material in the dossier, puts the citations on a thumb-drive and gives it to Bruce.  Again, it’s the same damn origin.

All of this activity originates back in late 2015 when the FBI was allowing “contractors,” many of whom were likely in contact with journalists -via Dan Jones and Glenn Simpson- to have access to the databases within the NSA.

This is not conspiracy theory, this is a factual conspiracy.

All of the key details are outlined in the newly released 43-PAGE FBI Report on Nellie Ohr.

Grassley Press Release Here

GREG HUNTER..