JUNE 5/SILVER FINALLY BREAKS OUT OF ITS SHACKLES RISING $1.14 AFTER FINALLY PIERCING THROUGH THE $34.40-$34.50 BARRIER//GOLD HOWEVER FALLS VICTIM TO ANOTHER ATTACK BY OUR BANKER FRIENDS SETTLING DOWN $23.10 TO $3352.20//PLATINUM CONTINUES TO HAVE STELLAR DAYS RISING ANOTHER $43.80 TO $1140.03 WHILE PALLADIUM ROSE ONLY %5.45 TO $1009.05//GOLD COMMENTARY TONIGHT FROM NICK GIAMBRUNO//TRUMP HAS A PHONE CALL FROM XI AND THAT IGNITES ALL MARKETS//CHINA CONTINUES TO BLOCK ALL EXPORTS OF RARE EARTHS TO EUROPE AND THE USA//GERMAN ECONOMY CONTINUES TO FALTER//ECB LOWERS ITS INTEREST RATE BY 25 BASIS POINTS///ISRAEL VS HAMAS UPDATES //RUSSIA VS UKRAINE UPDATES/COVID UPDATES/COVID VACCINE INJURY REPORTS//NEWS ADDICTS/EVOL NEWS/MARK CRISPIN MILLER/ PAUL ALEXANDER//USA DEFICIT SHRINKS BY THE GREATEST AMOUNT SINCE 2008 DUE TO LOWER IMPORTS//JOBLESS CLAIMS RISE//MUSK GOES BALLISTIC ON TRUMPS BBB BILL//OTHER IMPORTANT USA NEWS//SWAMP STORIES FOR YOU TONIGHT//
072 C GOLDMAN 4 099 H DEUTSCHE BANK AG 545 104 C MIZUHO SECURITIES US 2 118 C MACQUARIE FUTURES US 243 132 C SG AMERICAS 13 190 H BMO CAPITAL MARKETS 73 323 C HSBC 170 332 H STANDARD CHARTERED B 172 363 H WELLS FARGO SECURITI 151 435 H SCOTIA CAPITAL (USA) 32 555 C BNP PARIBAS SEC CORP 28 624 H BOFA SECURITIES 1565 661 C JP MORGAN SECURITIES 372 1037 690 C ABN AMRO CLR USA LLC 5 12 709 C BARCLAYS 41 905 C ADM 24 11
TOTAL: 2,250 2,250 MONTH TO DATE: 21,411
JPMORGAN STOPPED 1037//2250
JUNE
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024: 2250 CONTRACTs NOTICES FOR 225,000 OZ or 6.998 TONNES
total notices so far: 21,411 contracts for 2141,100 OR 66.597 tonnes)
FOR JUNE
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 120 NOTICE(S) FILED FOR 600,000 OZ/
total number of notices filed so far this month : 2415 CONTRACTS (NOTICES) for 12.075 million oz
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $23.10 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 935.65 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $1.14 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: //A DEPOSIT OF 4.364 MILLION OZ INTO THE SLV// THIS WILL BE A HUGE DERIVATIVE MESS
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 467.869 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUMONGOUS SIZED 2705 CONTRACTS TO 166,052 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 LOSS OF $0.01 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A MEGA HUGE SIZED GAIN OF 2,955 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A 250 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO WEDNESDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON WEDNESDAY WITH SILVER’S SLIGHT LOSS IN PRICE YESTERDAY, TODAY THE PRICE IS NOW MILES ABOVE THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE TRADING AT 35.68. . BUT THIS WAS COUPLED WITH ANOTHER HUGE T.A.S. ISSUANCE OF 684 CONTRACTS ISSUED BY THE CME AND THAT SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING WELL OVER THE 34.40 DOLLAR MARK!!. WE HAD A FAIR 250 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE 684 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN THURSDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A MEGA HUGE SIZED 2955 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.01.
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 WERE 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 AND FAILED . THE PRICE IS NOW $35.67 AS WE HEAD FOR THE ALL TIME HIGH OF $50.00
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT/THURSDAY MORNING: A HUGE 684 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.01) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN OF 3090 CONTRACTS ON OUR TWO EXCHANGES.
WE HAD A 250 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 9.90 MILLION OZ FOLLOWED BY TODAY’S 750,000 OZ QUEUE JUMP//NEW TOTAL STANDING 12.985 MILLION OZ!!
THUS:
INITIAL STANDING FOR JUNE: 9.90 MILLION OZ PLUS TODAY’S 750,000 OZ QUEUE JUMP = 12.985 MILLION OZ.
WE HAD:
/ HUGE COMEX OI GAIN+// A 250 SIZED EFP ISSUANCE (/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 684 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A SMALL 136 CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JUNE. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MAY
TOTAL CONTRACTS for 4 DAY(S), total 3070 contracts: OR 15.35 MILLION OZ (830 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 15.35 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)
JUNE: 15.35 MILLION OZ (NOTICE EFP ISSUANCE GETTING SMALLER AND SMALLER AS CENTRAL BANKS EXERCISE THESE AND TAKE DELIVERY)
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2955 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.01 IN SILVER PRICING AT THE COMEX// WEDNESDAY.,. . THE CME NOTIFIED US THAT WE HAD A 250 CONTRACT EFP ISSUANCE CONTRACTS: 250 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: INITIAL 9.90 MILLION OZ PLUS 750,000 OZ EFP TRANSFER TO LONDON = 12.985 MILLION OZ
THE NEW TAS ISSUANCE WEDNESDAY NIGHT (684 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE TODAY’S TRADING (THURSDAY TRADING) AND BEYOND.
WE HAD 120 NOTICE(S) FILED TODAY FOR 600,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 1313 OI CONTRACTS TO 417,254 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE AN EXTREMELY 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 3964 CONTRACTS //.
WE HAD A FAIR SIZED INCREASE IN COMEX OI (1313 CONTRACTS) . THIS OCCURRED WITH OUR HUGE GAIN OF $22.30 IN PRICE// WEDNESDAY///.
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL 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 $22.30 GAIN IN PRICE WITH RESPECT TO WEDNESDAY’S COMEX ///. WE HAD A FAIR SIZED GAIN OF 2443 OI CONTRACTS (7.98 PAPER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK. THE HORROR INTENSIFIED ONCE LONDON STARTED TO TRADE DURING THE FIRST THREE WEEKS OF MAY, AND THROUGHOUT EACH AND EVERY DAY MAJOR TENDERING FOR PHYSICAL VIA THE EXCHANGE FOR PHYSICAL ROUTE! THE RESULT: A SMALLER THAN EXPECTED INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY FOR THE JUNE CONTRACT MONTH….. A SMALLISH 62.534 TONNES TO WHICH WE SUBTRACT TODAY’S SMALL .1241 TONNES OF EFP TRANSFER TO LONDON //NEW STANDING LOWERS TO 72.712 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 FAIR SIZED 1130 CONTRACT:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 417,254/NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!
SILVER ALSO HAS A LOW COMEX OI OF 166,052 CONTRACTS BUT GAINING RAPIDLY!!
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2443 CONTRACTS WITH 1313 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1130 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2443 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 399 CONTRACTS
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS 1130 CONTRACT) ACCOMPANYING THE FAIR SIZED INCREASE IN COMEX OI OF 1313 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 2443 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) WEAK INITIAL STANDING FOR GOLD FOR JUNE AT 62.524TONNES FOLLOWED BY TODAY’S SMALL 0.1241 TONNES EXCHANGE FOR PHYSICAL JUMPING TO LONDON//NEW STANDING REDUCES TO 72.712 TONNES./
NEW STANDING FOR GOLD, JUNE CONTRACT AT 72.839 TONNES OF GOLD.
.
/ 3) LITTLE T.A.S. LIQUIDATION , AS WE HAD 1)A $22.30 COMEX PRICE GAIN.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH THAT HUGE GAIN IN PRICE AS WE HAD A STRONG GAIN OF 5937 CONTRACTS ON OUR TWO EXCHANGES // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD FOR MAY BUT SMALLER FOR JUNE!
4) FAIR SIZED COMEX OI GAIN// 5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (1130 CONTRACTS)/// SMALL T.A.S. ISSUANCE: 399 T.A.S.CONTRACTS//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2025 INCLUDING TODAY
JUNE INITIAL
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE :
TOTAL EFP CONTRACTS ISSUED: 8593 CONTRACTS OR 859,300 OZ OR 26.72 TONNES IN 4 TRADING DAY(S) AND THUS AVERAGING: 2148 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN4 TRADING DAY(S) IN TONNES 26.72 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 26.72 TONNES DIVIDED BY 3550 x 100% TONNES = 0.760% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.
APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.
JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS
JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III)
AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.
SEPT: 335 .104 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE. WE WILL PROBABLY END JUST SHORT OF THE 3RD HIGHEST ISSUANCE EVER RECORDED.
OCT. 277.71 TONNES (THIS WILL BE A GOOD ISSUANCE THIS MONTH)
NOV: 393.875 TONNES ( A HUGE MONTH////NOW SURPASSED THE PREVIOUS 3RD AND 2ND HIGHEST EVER RECORDED EX FOR PHYSICAL ISSUANCE TO BECOME THE 2ND HIGHEST EVER RECORDED
DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE
TOTAL 2024 YEAR. 3,597.846 TONNES
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STILL A SMALL TO FAIR ISSUANCE FOR THE MONTH.
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 26.72 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
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 2705 CONTRACTS OI TO 166,052 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 250 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 250 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 250 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 2841 CONTRACTS AND ADD TO THE 250 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2955 CONTRACTS DESPITE THE LOSS IN PRICE OF $0.01 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 15.45 MILLION PAPER OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS MORNING:
SHANGHAI CLOSED UP 7.90 PTS OR 0.23%
//Hang Seng CLOSED UP 252,94 PTS OR 1.07%
// Nikkei CLOSED DOWN 192.96 PTS OR 0.51% //Australia’s all ordinaries CLOSED DOWN 0.02%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1799 OFFSHORE CLOSED UP AT 7.1754/ Oil DOWN TO 63.02 dollars per barrel for WTI and BRENT UP TO 65,11 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1788 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1754 AGAINST US DOLLAR/ AND THUS STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 1313 CONTRACTS TO A STILL LOW NUMBER OF 417,254 OI WITH OUR STRONG GAIN IN PRICE OF $22.30 WITH RESPECT TO WEDNESDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1130 ). WE HAD CONSIDERABLE T.A.S. LIQUIDATION WHICH ACCOUNTS FOR THE PRICE LOSS.
THE CME ANNOUNCED WEDNESDAY NIGHT, A ZERO EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 0 OZ OR NIL TONNES. TOTAL ISSUANCE FOR MAY WAS RECORDED AT 9.591 TONNES OF GOLD AND THIS TOTAL WAS 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:
THE BANK OF ENGLAND
THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS)
THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 5TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.(DEC THROUGH APRIL)
IN APRIL:
WE CONCLUDED APRIL WITH 7 ISSUANCE OF EXCHANGE FOR RISK FOR A TOTAL TONNAGE OF 8.3571 TONNES.
IN MAY:
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!
IN JUNE
JUNE: ZERO ISSUED SO FAR!!
DETAILS ON JUNE COMEX MONTH//INITIAL
IN TOTAL WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 2445 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, AND JUNE 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 HOWEVER IS SMALL AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 339 T.A.S.
THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS(ALONG WITH MONTH END SPREADERS) 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 PLUS TODAY’S 0.1241 TONNES EXCHANGE FOR PHYSICAL TRANSFER TO LONDON = 72.712 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL QUEUE JUMPING FOR THE MONTH LOWERS TO: 10.1809 TONNES.
NEW TOTAL TONNES STANDING JUNE: 72.712 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 225 EPISODE. AS HE TACKLES THIS IMPORTANT TOPIC. THE FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST THREE MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF IT FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST (FED AND COMEX) MUST BE COMPLIANT BY JULY 1//2025.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH INCLUDING FIRST DAY NOTICE OF GOLD TONNAGE STANDING.
EXCHANGE FOR PHYSICAL ISSUANCE
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 1130 EFP CONTRACT WAS ISSUED: : /AUGUST 1130 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1130 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 :
CONSIDERABLE LIQUIDATION OF OUR T.A.S. SPREADERS
ZERO NET SPEC LIQUIDATION DESPITE OUR HUGE LOSS IN PRICE
T.A.S.SPREADER ISSUANCE
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY MORNING//WEDNESDAY NIGHT WAS A SMALL SIZED, 399 CONTRACTS.
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE TODAY, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH, APRIL MAY AND JUNE
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.THIS WAS SURELY IN EVIDENCE IN TRADING TUESDAY WITH THE LOSS IN OI
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 MINUS .1241 TONNES EFP TRANSFER TO LONDON/TODAY = 72.712 TONNES (0 EX FOR RISK) TOTAL QUEUE JUMPS FOR THE MONTH OF JUNE EQUALS 10.1809 TONNES. THIS IS CENTRAL BANKS STANDING FOR PHYSICAL GOLD!!
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING/JUNE CONTRACT MONTH
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $22.30/ /) AND THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED GAIN IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD LITTLE T.A.S. SPREADER LIQUIDATION ////WEDNESDAY AS THEY ARE STILL TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE THE MAGIC $3,400 BARRIER AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM EXPLODING
THURSDAY MORNING/WEDNESDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /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.
ANALYSIS JUNE DELIVERY MONTH GOING FROM FIRST DAY NOTICE// JUNE COMEX CONTRACT
WE HAVE GAINED A STRONG SIZED TOTAL OF 7.598 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. TO THIS WE SUBTRACT WEDNESDAY NIGHT’S SMALL EFP TRANSFER OF 4100 OZ OR 0.1275 TONNES OF GOLD//NEW STANDING FOR JUNE GOLD LOWERS TO 72.712.
ALL OF THIS QUITE SMALL STANDING FOR JUNE WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $22.30
WE HAD A MONSTER 3964 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET GAIN ON THE TWO EXCHANGES 2443 CONTRACTS OR 244300 0Z (7.598 TONNES)
confirmed volume WEDNESDAY 175,434. contracts: small volume////
Total monthly oz gold served (contracts) so far this month
21,411 notices 2,141,100 oz 66.597 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 entry
adjustments: 3//
a) Brinks 53,208.910 OZ (1655 kilobars) totally removed from brinks customer
b) Out of JPMorgan: 23,789.378 oz (dealer to customer)
c) out of Manfra: 45,332.330 oz 1410 kilobars (dealer to customer)
AMOUNT OF GOLD STANDING FOR JUNE
THE FRONT MONTH OF JUNE STANDS AT 4216 CONTRACTS FOR A LOSS OF 1018 CONTRACTS. WE HAD 977 CONTRACTS SERVED ON WEDNESDAY SO WE LOST 41 CONTRACTS FOR 4100 OZ OR 0.1275 TONNES OF GOLD UNDERWENT A EXCHANGE FOR PHYSICAL TRANSFER WHERE THESE BOYS DECIDED TO TAKE IMMEDIATE DELIVERY OVER IN LONDON THIS TOTAL WILL BE SUBTRACTED TO OUR INITIAL AMOUNT OF GOLD STANDING AT 62.534 TONNES//NEW STANDING LOWERS TO 72.712 TONNES
JULY LOST 13 CONTRACTS TO STAND AT 6799
AUGUST GAINED 1524 CONTRACTS UP TO 322,266
We had 2250 contracts filed for today representing 225,000 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 372 notices issued from their client or customer account. The total of all issuance by all participants equate to 2250 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1037 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 (21,411 X 100 oz ) to which we add the difference between the open interest for the front month of JUNE (4216 CONTRACTS) minus the number of notices served upon today (2250 x 100 oz per contract) equals 2,337,700 OZ OR 72.712 TONNES to which we add 0 tonnes of gold issued under exchange for risk// total standing 72.712 tonnes
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (21,411 x 100 oz +we add the difference for front month of JUNE (4216 OI} minus the number of notices served upon today (2250 x 100 oz) which equals 2,337,700 OZ OR 72.712 TONNES + 0 tonnes EX FOR RISK = 72.712 tonnes
TOTAL COMEX GOLD STANDING FOR JUNE.: 72.712 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!!
i) Out of CNT 59,957.366 oz ii) Out of HSBC 370,426.280 oz
total withdrawal 430,383.646 oz
ADJUSTMENTs 0
JPMorgan has a total silver weight: 214.825million oz/495.544 oz million or 43.23%
TOTAL REGISTERED SILVER: 158.995 MILLION OZ//.TOTAL REG + ELIGIBLE. 495.544 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE
silver open interest data:
FRONT MONTH OF JUNE /2025 OI: 302 OPEN INTEREST CONTRACTS FOR A GAIN OF 147 CONTRACTS. WE HAD 3 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED 150 CONTRACTS OR 750,000 OZ UNDERWENT A HUGE QUEUE JUMP IN ORDER TO TAKE DELIVERY OF PHYSICAL SILVER OVER ON THIS SIDE OF THE POND.
JULY LOST 711 CONTRACTS DOWN TO 117,515
AUGUST GAINED 37 CONTRACTS TO 482
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 120 or 600,000 oz
CONFIRMED volume; ON WEDNESDAY 59,710 good//
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 2415 X5,000 oz = 12.075 MILLION oz
to which we add the difference between the open interest for the front month of JUNE (302) AND the number of notices served upon today (120 )x (5000 oz)
Thus the standings for silver for the JUNE 2025 contract month: (2415) Notices served so far) x 5000 oz + OI for the front month of JUNE(302) minus number of notices served upon today (120)x 5000 oz equals silver standing for the JUNE contract month equating to 12.985 MILLION OZ .
New total standing: 12.985 million oz which is huge for this NON active delivery month of JUNE.
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 158.995million 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
JUNE 5 WITH GOLD DOWN $23.10 TODAY// NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 935.65 TONNES
JUNE 4 WITH GOLD UP $22.30 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 2.58 TONNES OF GOLD INTO THE GLD. /// ///INVENTORY RESTS AT 935.65 TONNES
JUNE 3 WITH GOLD DOWN $19.85 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 2.87 TONNES OF GOLD INTO THE GLD. /// ///INVENTORY RESTS AT 933.07 TONNES
JUNE 2 WITH GOLD UP $80.90 TODAY// NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 930.20 TONNES
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: 935.65 TONNES, TONIGHTS TOTAL
SILVER
JUNE 5 WITH SILVER UP $1.14/HUGE CHANGES AT THE SLV:A DEPOSIT OF 4.364 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 467.869 MILLION OZ.
JUNE 4 WITH SILVER DOWN $0.01/HUGE CHANGES AT THE SLV:A DEPOSIT OF 2.084 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 463.505 MILLION OZ.
JUNE 3 WITH SILVER DOWN $0.02/HUGE CHANGES AT THE SLV:A DEPOSIT OF 1.545 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 461.421 MILLION OZ.
JUNE 2 WITH SILVER UP $1.58/NO CHANGES AT THE SLV: ././///INVENTORY RESTS AT 459.876 MILLION OZ.
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 467.869 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
PETER SCHIFF
MATHEW PIEPENBERG
2.ALASDAIR MACLEOD
NICK GIAMBRUNO
The Next Gold Confiscation: What It Could Look Like… And How To Avoid It
On April 5, 1933, under the pretext of a national emergency, President Franklin D. Roosevelt issued Executive Order 6102, making it illegal for US citizens to own gold.
The decree forced Americans to sell their gold to the government at an artificially low “official price.” If they refused, they faced harsh penalties: a $10,000 fine (over $200,000 in today’s debased dollars) and/or up to 10 years in prison.
It was blatant theft—a sweeping confiscation of wealth from the American people.
Today, many fear the US government could resort to gold confiscation again if it becomes desperate enough.
And honestly, those fears aren’t misplaced.
The government’s financial situation is rapidly deteriorating.
But would it really attempt another 1933-style gold grab?
I don’t think so.
What’s More Likely Than Outright Confiscation
Here’s the reality: only a tiny fraction of Americans own gold today.
I’d wager most have never even seen a gold coin, let alone understand its value.
Back in 1933, things were different. The US was still operating under a version of the gold standard, and gold was much more widely held. Today, a repeat of that playbook just isn’t worth the effort.
If the government wants to steal wealth, it doesn’t need to knock on your door. It can do it quietly and continuously—by printing money and debasing the currency. It’s the stealthy way to confiscate from savers.
But gold owners shouldn’t feel too comfortable.
I believe the next threat will come in a new form—not outright confiscation, but through a punitive windfall-profits tax on gold. And that could be even more dangerous.
The Coming “Fair Share” Gold Tax
There’s precedent for this. In 1980, Congress passed the Crude Oil Windfall Profit Tax Act, which levied up to 70% on so-called “windfall profits” from domestic oil producers.
And what exactly is a “windfall profit”?
As far as I can tell, it’s whatever politicians say it is. There’s no real definition—just a politically convenient excuse for legalized plunder.
In essence, a windfall profit is simply a profit the government doesn’t like.
So imagine this: gold explodes in price due to a currency crisis. Congress rushes in to “protect the people” and passes something like the Fair Share Gold Windfall Profit Tax Act, slapping on a tax of 70% or more on any gold profits.
How to Protect Yourself
The good news? There are practical steps you can take to avoid this kind of expropriation.
Sure, you could renounce your US citizenship. But let’s be honest—that’s a drastic move and not realistic for most people.
Thankfully, there’s a far more practical solution. You can do it right from your living room.
Own gold in a Roth IRA.
A Roth IRA is a tax-free zone. You contribute with after-tax dollars, and any future capital gains or income from your investments grow tax-free. Best of all, withdrawals in retirement are tax-free, too.
And while there are no guarantees when it comes to future legislation, investments held in a Roth IRA are far less likely to be targeted by a windfall-profits tax—especially one aimed at gold.
It’s a simple move that makes you a hard target.
So how do you actually do this—and protect your gold from the threats ahead?
That’s exactly why I just released a brand-new video with legendary gold investor Doug Casey. In it, he reveals his time-tested strategies for safeguarding your gold from inflation, bank failures, capital controls—and even government confiscation. Doug Casey Reveals the Best Way to Store Your Gold Click here to watch it and protect your savings before it’s too late.
end
Precious Metals Go Vertical: Silver Leads, Platinum Awakens
Massive break out in the weekly silver chart. Do not forget to roll those SLV call spreads (outlined here) dynamically in order to capture max optionality.
Source: LSEG Workspace
Precious gap
As we pointed out earlier this week: imagine silver closes just a little part of that gap…
Source: LSEG Workspace
Room to chase
Silver net non commercials have missed the last move higher in silver. Chase set up is big.
Source: LSEG Workspace
CTAs in silver
Room to chase…
Source: Mentor Q
S(A)ilver
The AI narrative has made a strong comeback, and you need silver to run those AI machines…
Source: LSEG Workspace
Silver seasonality
Maybe silver is just front running the seasonality chart by a few weeks…
Source: Equity Clock
More precious
Beyond the silver break out…Platinum awakening big time. A close slightly higher and things could get very dynamic to the upside. Recall what GS pointed out in late May: “…slowing electric vehicle adoption could keep diesel car usage higher, spurring demand for Platinum in catalytic converters”.
Congratulations, gold bugs, your long, painful wait is ending. The following chart shows the three-year rolling average annualized returns for stocks, bonds, and gold, with the latter now winning.
Gold is holding its gains even as it moves into its seasonally weakest stretch. No “sell and May and go away” so far.
This is great news for gold miners, which are seeing their revenues outpace their costs, dramatically widening their profit margins. Note that the next chart is a bit outdated. With gold at $3,300/oz, current margins are actually a lot wider.
Wider margins mean more cash flow, which in turn means higher capital spending. The miners underinvested during gold’s long doldrums, and now have to catch up by finding and/or buying more ounces in the ground.
A growing share of this capex will be in the form of M&A, as big miners buy smaller ones at ever-more-favorable premiums. Check out the recent gains seen by our Portfolio stocks.
What About Silver?
The gold/silver ratio (the number of silver ounces required to buy one ounce of gold) peaked recently at a historically crazy-high 105. Normally, a reading above 90 is a sign that silver is about to outperform gold (i.e., the gold/silver ratio declines). And that’s starting to happen, as silver tests resistance at $35/oz.
What’s Driving the Precious Metals Bull Market?
Central banks have been aggressive buyers of gold for the past few years, which accounts for the steady price increase.
Wall Street, meanwhile, has suddenly discovered precious metals. From Katusa Research:
Wall Street Just Placed a Massive Gold Bet—And Retail Has No Idea.
$75 BILLION just flooded into gold funds—that’s 3X higher than any crisis before. When institutional money moves this fast, this violently, they’re not speculating. They’re positioning.
This run, in short, compares favorably with the previous two precious metals bull markets (in the 1970s and 2000s), when the well-positioned made life-changing money.
end
4/On LFTV, Andrew Maguire LIVE FROM THE VAULT 225
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:ALUMINIUM AND STEEL
6 CRYPTOCURRENCY NEWS
ASIAN MARKETS THIS MORNING:
SHANGHAI CLOSED UP 7.90 PTS OR 0.23%
//Hang Seng CLOSED UP 252,94 PTS OR 1.07%
// Nikkei CLOSED DOWN 192.96 PTS OR 0.51% //Australia’s all ordinaries CLOSED DOWN 0.02%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1799 OFFSHORE CLOSED UP AT 7.1754/ Oil DOWN TO 63.02 dollars per barrel for WTI and BRENT UP TO 65,11 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1788 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1754 AGAINST US DOLLAR/ AND THUS STRONGER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1799 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: DOWN TO 7.1954 (CCP MANIPULATED)
SHANGHAI CLOSED UP 7.90 PTS OR 0.23%
HANG SENG CLOSED UP 252.94 PTS OR 1.07%
2. Nikkei closed DOWN 192.96 PTS OR 0.51%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 98,72// EURO RISES TO 1.1424 UP 4 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.472//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.15…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil 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 +2.4890/Italian 10 Yr bond yield DOWN to 3.456 SPAIN 10 YR BOND YIELD DOWN TO 3.083%
3i Greek 10 year bond yield DOWN TO 3.241
3j Gold at $3394.00 Silver at: 35.69 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 33 /100 roubles/dollar; ROUBLE AT 78.91
3m oil into the 63 dollar handle for WTI and 65 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 143.15// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.472% 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 0.8195 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9362 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: 4.351 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.863 DOWN 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.883 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 39.35
10 YR UK BOND YIELD: 4.5910 DOWN 7 PTS
10 YR CANADA BOND YIELD: 3.236 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.860 UP 1 PTS
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
2a New York OPENING REPORT
US Equity Futures Unchanged Ahead Of ECB As Jobs Data Looms
Thursday, Jun 05, 2025 – 08:15 AM
US equity futures are unchanged, as they struggle for direction ahead of Friday’s payrolls report, following a series of data releases that offered mixed signals on the health of the economy. As of 8:00am, S&P futures are flat, having traded on either side of the unchanged line during the overnight session and followed a slurry of weak macro data releases which saw Wednesday’s gains erase and recover, with the S&P ultimately ending the day flat. Nasdaq 100 futs are down 0.1% with Mag 7 stocks mostly higher except for TSLA (-1.6%). Stocks and bonds in Europe gained ahead of the ECB’s expected 8th consecutive interest rate cut. The yield on 10-year US Treasuries steadied as Wednesday’s bond rally faded. The dollar reversed earlier losses even as gold surged to briefly top $3400. Commodities are mostly mixed with notable outperformance in silver (+3.1%). News flow since yesterday’s close has been largely muted: headlines continue to focus on trade negotiation development, particularly implication on rare earth curbs (BBG and CNBC) and upcoming Trump-Xi call.
In premarket trading, the Mag 7 stocks are mixed (Alphabet +1.3%, Amazon +0.7%, Meta +0.2%, Microsoft 0%, Tesla -2.6%, Nvidia -0.5%, Apple -0.3%). Broadcom shares rise 1% in premarket ahead of earnings due after the bell. Chewy shares (CHWY) are down 2.4% premarket after Jefferies analyst Kaumil Gajrawala cut the recommendation on the online retailer of pet products to hold from buy, writing that valuation appears “primed” for a first-quarter beat and raise that’s unlikely to happen. Dollar Tree Inc. shares (DLTR) are up 1.6% in premarket trading, after JPMorgan upgraded the discount retailer to overweight from neutral. Here are some other notable movers:
Five Below (FIVE) gains 6% in premarket trading after the discount stores company reported first-quarter results that beat expectations and guided for net sales in the second quarter that are above estimates.
Nebius shares (NBIS) gain 5.6% in US premarket trading after the AI infrastructure software provider is initiated with a buy rating at Arete Research, while peer CoreWeave declines 2% after getting new neutral rating.
PVH shares (PVH) drop 7.9% in premarket trading after the Calvin Klein owner cut its full-year adjusted earnings guidance, and noted that the outlook reflects an estimated net negative impact in relation to tariffs placed on goods coming into the US.
Planet Labs shares (PL) jump 20% in premarket trading after first-quarter revenue beat estimates. Analysts at Citizens said the satellite data provider had a “stellar quarter” and the stock remains an opportunity for long-term capital appreciation.
Visa shares (V) rise 1% in premarket trading on Thursday as Mizuho Securities raises the stock to outperform from neutral, saying the cash-to-card runway in the US still has room to grow.
The wild swings in stocks that were sparked by the Trump administration’s tariff announcements in April — and subsequent rebound — have given way to more subdued daily moves in recent weeks. The US benchmark has remained largely flat since mid-May as traders assess the impact of the trade war on economic activity.
Friday’s jobs report is expected to show that growth in nonfarm payrolls slowed and the unemployment rate remained steady. While the figures would chime with Wednesday data that showed a contraction in US services and a deceleration in private hiring, separate data earlier in the week unexpectedly showed a fairly broad advance in US job openings.
“Consensus is for lower job creation,” said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg. “I think there must be a big surprise to the downside for volatility to increase.”
Some investors are warning that the current period of relative market calm could once again give way to volatility, as uncertainty lingers over the outcome of trade negotiations between the US and its biggest trading partners — and the full economic impact remains unclear.
“Our bias remains to sell any rallies” in US bonds, said Mohit Kumar, chief European strategist at Jefferies International. “We are concerned over the fiscal deficits and the willingness of the rest of the world to continue financing US fiscal deficits.”
The European Central Bank is set to cut rates for an eighth time later on Thursday. Another reduction is expected in September, when trade talks with the US should have concluded and fresh forecasts will reveal the full implications of the tariffs. And speaking of Europe, the Stoxx 600 is up 0.4%, rising for a third day ahead of a widely anticipated interest-rate cut by the European Central Bank. European stocks were on track for the highest close in more than two weeks. Technology, construction and health care stocks are leading gains while travel and retail provide a drag. Here are the biggest European movers:
Bayer shares rise as much as 5.1% after Goldman Sachs upgrades the German chemicals and pharmaceutical company to buy from neutral, saying it sees earnings as having bottomed out and thinks risks around litigation and pharma data are overdone.
Dr. Martens surges as much as 17%, the most since November, after the UK bootmaker releases its full-year results and outlines its new ‘Levers For Growth’ strategy update.
Redcare shares rise as much as 2.3%, paring some of Wednesday’s 14% drop that was spurred by a rating downgrade at Kepler Cheuvreux. Concerns about structural challenges related to the anticipated phaseout of the CardLink system are “unwarranted and lack concrete support,” according to Deutsche Bank analysts.
Wise shares rise as much as 9% to a record high after the money-transfer firm said it intends to seek a primary listing in the US to enhance visibility to the investment community and the stock’s trading.
Burckhardt shares gain as much as 6%, to the highest level since February, with Vontobel analysts saying the Swiss compressors manufacturer delivered significant margin progress compared to last year, driven by a good product mix.
Wizz Air shares fall as much as 27%, the steepest drop since the early days of the pandemic, after the airline’s cost guidance and fourth-quarter results disappointed analysts.
CMC Markets shares tank as much as 18% after reporting annual pretax profit below expectations after disappointing investors on costs, according to analysts at Shore Capital, while the dividend was also lower than hoped.
Akzo Nobel falls as much as 2.5% as UBS cuts the recommendation on the coatings and Dulux paint maker to neutral from buy.
Avolta shares drop as much as 7.9% after one of its investors sold shares at a discount to Wednesday’s close.
Hemnet falls as much as 8.4% to its lowest since Jan. 31 after Nordea double-downgraded its view on the Swedish real estate listings platform to sell from buy, saying recent monetization pushes for premium offerings “may have crossed a line where user price elasticity begins to invite disruption.”
Earlier in the session, Asian stocks edged higher, as South Korean shares extended a rally on hopes of improved corporate governance under the new president. The MSCI Asia Pacific Index rose as much as 0.4%, heading for its highest level in more than three years. Korea’s Kospi Index jumped 1.5% after the ruling party said it will propose a revision to Commercial Act again, a key step in improving corporate governance. Benchmarks in Hong Kong and Taiwan also gained, with US economic data starting to soften and supporting the case for an interest-rate cut by the Federal Reserve. Japanese shares fell. Demand at the country’s 30-year bond auction was weaker than the average over the past year. The regional benchmark’s gain in recent weeks is in tandem with global peers, which closed at a record high Wednesday on expectations that the worst of higher tariffs may be over. Still, uncertainty remains high around the progress of US-China trade talks, with Chinese leader Xi Jinping making clear that a phone call doesn’t come without a price. That’s even as Trump is seeking a personal discussion with Beijing to prevent further escalation in trade tensions.
In FX, the Bloomberg Dollar Spot Index is unchanged. The Japanese yen is the weakest of the G-10 currencies, falling 0.3% against the greenback. The kiwi tops the leader board with a 0.4% gain. The euro traded steady after advancing more than 10% against the dollar year-to-date.
In rates, treasuries are mixed with gains only seen at the longer end of the curve. US 30-year yields fall 2 bps to 4.86%. European government bonds advance across all maturities, with UK and German 10-year yields falling 3-4 bps each. Japanese government bonds rose after an auction of 30-year debt was better than many investors had feared. Still, a bid-to-cover ratio of 2.92 at the offering pointed to a general lack of appetite for longer-maturity debt. Markets
In commodities, oil prices are steady with WTI near $63 a barrel. Spot gold rises $12 to around $3,385/oz. Silver rises 3% and above $35/oz for the time since 2012.
Looking to the day ahead, and the main highlight will be the ECB’s latest policy decision and President Lagarde’s subsequent press conference. Otherwise, we’ll hear from the Fed’s Kugler, Harker and Schmid, BoE Deputy Governor Breeden, and the BoE’s Greene. Data releases from the UK include the weekly initial jobless claims and the April trade balance. Meanwhile in Europe, there’s German factory orders for April, and the May construction PMIs for Germany and the UK.
Market Snapshot
S&P 500 mini little changed
Nasdaq 100 mini little changed
Russell 2000 mini +0.1%
Stoxx Europe 600 +0.4%
DAX +0.4%
CAC 40 +0.4%
10-year Treasury yield -1 basis point at 4.35%
VIX little changed at 17.58
Bloomberg Dollar Index little changed at 1208.49
euro little changed at $1.142
WTI crude +0.1% at $62.94/barrel
Top Overnight News
White House official said Elon Musk’s opposition is one disagreement in an otherwise harmonious relationship and it will not consult every policy decision with Elon Musk, while the official added that President Trump is committed to getting the bill passed, despite opposition from Musk.
The ECB looks all but certain to cut rates by 25 bps to 2% today. Another reduction is expected in September, but constantly changing US trade threats will cloud new economic projections and President Christine Lagarde’s press conference. BBG
Donald Trump and Republican senators discussed ways to scale back the $40,000 state and local tax deduction cap in the House version of the president’s tax-cut bill, Senate Majority Leader John Thune said. BBG
Treasuries edged higher as traders got a boost from Japan, where government bonds rose after a 30-year auction was better than feared. BBG
“There’s no resolution yet on SALT, which Senate Republicans want to change significantly. We’re told Trump didn’t object when GOP senators reiterated their desire to water down the House’s USD 40,000 deduction cap.”: Punchbowl
Senate Republicans on Wednesday discussed the need to cut out waste, fraud and abuse in Medicare to achieve more deficit reduction in President Trump’s landmark bill to extend the 2017 tax cuts, provide new tax relief, secure the border and boost defense spending. The Hill
US Senate Majority Leader Thune said Senate Republicans had a positive budget bill talk with President Trump and feel good about where they are on the Trump tax bill, while GOP Senator Crapo said Republicans have very strong support and unity on the Trump tax bill.
OMB chief Vought said the White House doesn’t support the debt ceiling being removed from the reconciliation bill and that the Trump spending bill will improve the deficit, while he added they are having very good conversations with the Senate on the Trump spending bill and opposing views from outside aren’t hurting bill’s prospects.
Trump signed a proclamation to ban travel from certain countries whereby the proclamation fully restricts and limits the entry of nationals from 12 countries, including Afghanistan, Burma, Chad, Republic of Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen, while Trump said travel ban list is subject to revision and new countries could be added as threats emerge around the world. Furthermore, President Trump signed a proclamation to restrict foreign student visas at Harvard University.
Wall Street’s top regulator took a step toward toughening rules for foreign companies listed on American stock markets on Wednesday, saying many Chinese firms in particular unduly benefited from having to make fewer regular disclosures to investors. The regulator warned that foreign firms, especially ones from China, could face stricter disclosure rules. SCMP
US business optimism moved sharply lower, with only 27% of executives polled in May by the AICPA confident about the economic outlook for the 12 months ahead. BBG
A private gauge of China’s services sector signaled that activity picked up in May, despite a renewed fall in new export orders. The Caixin services purchasing managers index rose to 51.1 last month from 50.7 in April, Caixin Media and S&P Global said Thursday. That marked the 29th month above the 50-mark separating expansion from contraction. WSJ
China warned major EV makers including BYD, Geely and Xiaomi to stop unsustainable price wars, people familiar said. Officials urged self-regulation but gave no formal orders. They also raised concerns over unpaid supplier bills. BBG
German factory orders unexpectedly kept rising in April after Trump’s announcement of US reciprocal tariffs, defying expectations for a setback. BBG
Tariffs/Trade
US President Trump is to meet with German Chancellor Merz at 11:45EDT/16:45BST today.
US auto supplier group said immediate and decisive action is needed to prevent widespread disruption and economic fallout across the vehicle supplier sector on the Chinese rare earth issue.
Vietnam sent a document with replies to US requests on trade and the Trade Minister met with USTR Greer to discuss the main points in Vietnam’s replies to the US’s requests on trade.
Chinese Foreign Ministry says there is no information to share on a US President Trump/Chinese President Xi call, via Bloomberg.
EU Trade Commissioner Sefcovic says China’s “impressive” rise must not come at the expense of the European economy “Our objective is straightforward, to identify real and highest vulnerability across political areas. I am talking about advanced semiconductors, AI and quantum tech”.
EU Businesses are lobbying Beijing to set up a “special channel” to fast track Chinese approval of rare earth export licenses for “reliable” companies, according to FT sources; proposal was made at a meeting with European companies and MOFCOM officials.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mixed after the choppy performance in US where markets digested disappointing data and a drop in yields. ASX 200 struggled for direction following mixed data including the latest trade figures and household spending for Australia. Nikkei 225 retreated amid headwinds from recent currency strength and following softer-than-expected Labour Earnings. Hang Seng and Shanghai Comp were somewhat varied as tech and property names led the outperformance in Hong Kong, while the mainland was contained following mixed Caixin PMI data and as participants wait and see if a Trump-Xi call will materialise this week.
Top Asian News
China’s Commerce Minister met with the OECD Secretary General at the WTO meeting in France and said China is willing to share experience with the OECD in trade and investment, digital economy and green developments. China is willing to carry out personnel exchanges and promote practical cooperation with the OECD and hopes that the OECD will firmly stand on the side of international fairness and justice.
China warns BYD and rivals to self regulate as the price war heats up, according to Bloomberg.
European bourses (STOXX 600 +0.4%) opened on either side of the unchanged mark, but soon after the cash open, indices caught a bid to depict a mostly positive environment. Nothing behind the move higher, but it occurred alongside a pick-up in US equity futures. Indices are currently trading at highs. Focus now turns to the ECB, where a 25bps cut is widely expected. European sectors are mixed, with the breadth of the market fairly narrow today. Construction takes the top spot, joined closely by Tech and then Healthcare. Travel & Leisure sits at the foot of the pile, with the downside stemming from very poor FY results from Wizz Air (-22%).
Top European News
UK is to unveil pension reform aimed at boosting retirement savings with the parliamentary bill to be presented on Thursday set to include a reserve power that could force schemes to invest more in Britain, according to FT
Times Political Editor Swinford posts UK Chancellor Reeves will next week set out plans to restore winter fuel payments and then claw them back from millions of better-off pensioners through higher tax bills.
BoE Monthly Decision Maker Panel data – May 2025: Expectations for year-ahead CPI inflation remained unchanged at 3.2% in the three months to May. Expectations for three year-ahead CPI inflation remained unchanged at 2.8% in the three months to May. Expected year-ahead wage growth fell by 0.1 percentage points to 3.7% on a three-month moving-average basis in May. Across all questions on sales, prices and investment over 70% of firms reported that changes to US trade policy would have no material impact on their firms. US trade policy was reported to be one of the top three sources of uncertainty for 12% of businesses, significantly lower than the 22% who reported it to be a top-three source of uncertainty in April.
FX
DXY is a touch higher with the USD showing a mixed performance vs. peers (weaker vs. antipodeans, firmer vs. havens). This follows a session of losses on Wednesday which were triggered by soft outturns for US ADP and ISM services PMIs. Newsflow since has been on the quiet side, aside from President Trump calling for a scrapping of the debt limit; something that appears to be very unlikely to be implemented. As such, focus will remain on the labour market for now (pending any major trade updates) with weekly claims, Challenger Layoffs due on today’s docket, with Fed speak also due. DXY currently in a 99.68-94 range.
EUR flat vs. the USD as markets await the latest ECB policy announcement which is widely expected to see the GC deliver a 25bps cut in the Deposit Rate to 2.0%. With the decision itself nailed on, focus will be on any hints over future easing plans. Lagarde is unlikely to offer any explicit guidance on this front given the uncertainties presented by the trade war. EUR/USD briefly matched Wednesday’s best at 1.1435 before ebbing lower as a beat on German Industrial Output failed to support the currency.
JPY softer vs. the USD and at the bottom of the G10 leaderboard alongside the other notable haven, CHF. Losses were spurred alongside a pick-up in risk sentiment in early European trade as the pair attempted to atone for Wednesday’s USD-led losses. 143.39 is the high water mark thus far which is a point below Wednesday’s best.
GBP is a touch firmer vs. the USD with UK-specific newsflow remaining on the light side as has been the case throughout the week. From a fiscal standpoint, Times Political Editor Swinford posts UK Chancellor Reeves will next week set out plans to restore winter fuel payments and then claw them back from millions of better-off pensioners through higher tax bills. Cable is yet to test Wednesday’s best at 1.3580. If breached, the YTD peak from 26th May at 1.3593.
Antipodeans are holding onto recent spoils with both currencies underpinned by a pick up in sentiment in early European trade. AUD digested mixed Australian data overnight including the latest trade figures and household spending.
Fixed Income
JGBs were contained through much of the APAC session before selling off on the 30yr JGB auction. A sale that featured a softer cover than the prior and a wider price tail, pushing JGBs lower by around 20 ticks to a 139.01 base. Then move did mostly pare given the outing was not as bad-as-feared.
USTs are higher by a handful of ticks and within a 110-12 to 111-07 parameters. Specifics light in the European morning and no catalyst behind it but US equity futures, and European peers, saw a jump just after the European cash equity open. This weighed on USTs slightly to a 111-00+ base. From a US standpoint, Fed speak, Jobless Claims and Challenger Layoffs are all due.
Bunds are on a stronger footing, a small bout of pressure following German Industrial Orders, which was a little better than expected. Pressure which then accelerated around the cash open when stocks caught a bid but this was short lived. Thereafter, a strong set of auctions from both France and Spain has, alongside a pullback in the risk tone, fuelled the upside. Currently trading at the upper end of a 130.79 to 131.35 parameter, going into the ECB where the Bank is expected to deliver a 25bps cut.
Gilts are heading into the resumption of trade, the bias for Gilts was for a contained to slightly softer open. As the benchmark closed towards highs on Wednesday and while USTs were contained Bunds had come off slightly after Industrial Orders. However, an announcement from the ONS that the most recent inflation headline was being revised lower by 0.1pps offset this and provided modest bullish impetus for Gilts, causing them to open higher by eight ticks and then extend a few more.
France sells EUR 12bln vs exp. EUR 10-12bln 3.20% 2035, 1.25% 2036 & 3.75% 2056 OAT.
Japan sells JPY 604.8bln 30-yr JGBs; b/c 2.92x (prev. 3.07x), and average yield 2.904% (prev. 2.941%). Lowest accepted price 91.45 vs prev. 91.10; Average accepted price 91.94 vs prev. 91.40; Tail in price 0.49 vs prev. 0.30.
Commodities
Crude is slightly firmer and trading attempting to claw back Wednesday’s hefty energy specific losses, most notably the Bloomberg reports that Saudi Arabia wants more super size OPEC+ cuts. WTI and Brent reside within narrow USD 62.50-63.15 and 64.60-65.25/bbl bounds.
Spot gold is trading on a firmer footing but underperforming vs spot silver, which has caught a bid in recent trade. Nothing fundamental for the recent surge in silver prices, instead the move appears to be more of a technical breakout with perhaps some impetus coming from the risk tone easing from initial highs in recent trade. XAU/USD currently trades towards the upper end of a USD 3,361.27-3,390/oz parameter; Spot silver outperforms, just off a USD 35.80 peak.
Copper looks to build on the prior session’s gains, despite mixed Caixin PMIs, which showed the composite slip into contractionary territory, and services remain afloat, ticking up moderately. 3M LME Copper trades in a USD 9,622.65-9,692.2/t range.
Peru’s government restored formal mining operations in violence-affected areas in northern Peru.
Geopolitics
US President Trump has told people he met with in recent days that the Ukraine drone attack likely would push Russian President Putin to retaliate very significantly, according to Axios sources.
US President Trump said he spoke with Russian President Putin in which the conversation lasted 15 minutes and they discussed Ukraine’s attack on Russia’s docked aeroplanes, as well as various other attacks that have been taking place by both sides. Trump added it was a good conversation, but not a conversation that will lead to immediate peace, while Trump noted that Putin said very strongly, that he will have to respond to the recent attack on the airfields.
US is redirecting critical anti-drone technology from Ukraine to US forces in a move that reflects the Pentagon’s waning commitment to Kyiv’s defence, according to WSJ.
Ukrainian drone attacks hit energy targets in Russian-held areas of Zaporizhzhia and the Kherson region, with tens of thousands without power, according to Russian-installed officials.
Ukraine’s Economy Minister said the first meeting of the Ukraine minerals fund is expected in July and Ukraine has discussed with the US about how to make the minerals fund operational by year-end.
China’s Guangzhou Public Security Bureau issued a bounty for cyber attack suspects that it said are linked to the Taiwan authorities.
US Event Calendar
7:30 am: May Challenger Job Cuts YoY, prior 62.7%
8:30 am: Apr Trade Balance, est. -66b, prior -140.5b
8:30 am: 1Q F Nonfarm Productivity, est. -0.8%, prior -0.8%
8:30 am: 1Q F Unit Labor Costs, est. 5.7%, prior 5.7%
8:30 am: May 31 Initial Jobless Claims, est. 235k, prior 240k
8:30 am: May 24 Continuing Claims, est. 1910k, prior 1919k
Central Banks:
12:00 pm: Fed’s Kugler Speaks on Economic Outlook, Policy
1:30 pm: Fed’s Harker Speaks on Economic Outlook
1:30 pm: Fed’s Schmid Speaks on Banking Policy
DB’s Jim Reid concludes the overnight wrap
Markets put in a strong performance yesterday, after a weak batch of US data led to a massive rally for US Treasuries, which in turn supported risk assets. So investors became a lot more confident that the Fed would still cut rates this year, and the 10yr Treasury yield fell -10.0bps on the day to 4.36%. That decline in yields had the double benefit of easing financial conditions, whilst also relaxing fears about the fiscal situation. So equities held up despite the underwhelming data, with the S&P 500 (+0.01%) narrowly reaching a 3-month high. Indeed, the index is now up +19.83% since its closing low after Liberation Day, leaving it just shy of the 20% mark that would mark the technical start of a bull market. Of course, even with the rally, the data still raised fears that the US economy lost steam into May. That started off with the ADP’s report of private payrolls, which was the softest in over two years, at just +37k (vs. +114k expected). And shortly after that, we had the ISM services index, which fell to 49.9 (vs. 52.0 expected), and the details from the report weren’t great either. For instance, the new orders component slumped to a two-year low of 46.4, whilst the prices paid indicator surged to 68.7, the highest since 2022.
Nevertheless, investors weren’t too alarmed by these data prints, as the numbers weren’t so bad as to revive fears about a recession. Indeed, it’s worth noting that the ISM services index had a big move lower back in December 2022, at a time when the Fed were aggressively hiking rates, which was then followed up by a strong recovery the following month. So in general, investors were reluctant to over-interpret one day’s data, not least given the big test is coming tomorrow with the US jobs report. Moreover, there was a more positive signal from the final US composite PMI for May, which was revised up from the flash reading to 53.0.
In terms of the market reaction, both the ADP and the ISM services prints led investors to price in more rate cuts this year, with clear moves in response to the two prints. In fact by the close, futures were pricing in 58bps of rate cuts by the Fed’s December meeting, up +8.0bps on the day, and the highest number in over three weeks. And there’s growing confidence that we’ll see the first rate cut by September, with futures now almost fully pricing (97%) one by that meeting. Given the additional rate cuts being priced, that triggered a major surge for US Treasuries yesterday. So at the front end, the 2yr yield was down -8.5bps on the day to 3.87%. And for the 30yr yield, the -10.3bps move was actually the biggest daily decline since February, pushing the yield down to 4.88%. Only a small amount of that rally has unwound this morning, with the 10yr yield up +0.6bps, and the 30yr yield up +0.5bps.
The large slide in Treasury yields had the added benefit of reassuring investors about the fiscal situation, which had been in growing focus as the 30yr yield hovered around the 5% mark. So even with the weak economic data, risk assets held up reasonably well with the S&P 500 (+0.01%) narrowly posting a 3-month high in a session that saw the lowest daily trading range for the index since mid-February. The S&P 500 now stands just -2.82% beneath its all-time high in February, although futures this morning aren’t suggesting much momentum, with those on the S&P 500 down -0.05%. Meanwhile in Europe, there were consistent gains, with the STOXX 600 (+0.47%) advancing for a second day. There was some support from the final PMI numbers, with the Euro Area composite revised up from the flash reading to 50.2 (vs. flash 49.5). So that meant it was no longer beneath the 50-mark pointing towards a contraction. Over in Germany, the DAX (+0.77%) even hit a fresh record, which came as the cabinet approved a new package of corporate tax breaks. For sovereign bonds, there was a steadier performance across the continent, with yields on 10yr bunds (+0.1bps), OATs (+1.3bps) and BTPs (-0.3bps) seeing modest movements.
Yesterday also brought headlines in the geopolitical sphere, although markets weren’t too reactive to the various stories. Before the European open, President Trump said that President Xi was “VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” So that led to a very modest slide in US equity futures. Meanwhile, Trump also posted about a conversation with Russian President Putin, which he said was “not a conversation that will lead to immediate Peace.” Otherwise on the trade front, there were positive noises from the US-EU trade negotiations. EU trade commissioner Maroš Šefčovič tweeted that “We’re advancing in the right direction at pace – and staying in close contact to maintain the momentum.” Similarly, US trade representative Jamieson Greer said that “I am pleased that negotiations are advancing quickly”.
Overnight in Asia we’ve seen a pretty mixed performance from the major equity indices. In Japan, the Nikkei is down -0.46%, which follows a weak auction of 30yr debt, where there was the weakest demand since 2023. However, bond markets haven’t reacted badly, with the 30yr yield coming down -6.6bps this morning. By contrast, South Korea’s KOSPI (+1.05%) has built on yesterday’s +2.66% gain, with the index currently on track to close at its highest level since mid-July. Otherwise, the Hang Seng (+0.42%) is on track for a third consecutive advance, whilst the CSI 300 (+0.07%) and the Shanghai Comp (+0.08%) have also posted modest gains this morning.
Looking forward, central banks will be in the spotlight today, as the ECB are announcing their latest policy decision at 13:15 London time. It’s widely expected that they’ll deliver another 25bp rate cut, taking their deposit rate down to 2%. However, after a succession of consecutive cuts, there’s more doubt on what happens after this meeting into year-end, as this cut would take them broadly into the middle of the neutral range. In their preview (link here), our European economists expect the ECB to keep the meeting-by-meeting, data-dependent approach to setting policy. However, they think getting the hawks to support a June cut might require a hint of conditional patience, including an implicit willingness to pause at the next meeting in July and wait until September.
Staying on central banks, the Bank of Canada left their policy rate on hold at 2.75% yesterday, in line with expectations. Afterwards, Governor Macklem said “there was a clear consensus to hold policy unchanged as we gain more information”. And in future, he said “members thought there could be a need for a reduction in the policy rate if the economy weakens in the face of continued US tariffs and uncertainty, and cost pressures on inflation are contained.” By the close, the Canadian dollar had strengthened +0.31% against the US Dollar to its strongest level since early October. However, that was mainly a function of US dollar weakness, with the US Dollar weakening against every other G10 currency yesterday after the weaker US data.
To the day ahead, and the main highlight will be the ECB’s latest policy decision and President Lagarde’s subsequent press conference. Otherwise, we’ll hear from the Fed’s Kugler, Harker and Schmid, BoE Deputy Governor Breeden, and the BoE’s Greene. Data releases from the UK include the weekly initial jobless claims and the April trade balance. Meanwhile in Europe, there’s German factory orders for April, and the May construction PMIs for Germany and the UK
2b European opening report
DXY lacklustre & US equity futures firmer but off best ahead of the ECB, US data and Trump-Merz – Newsquawk US Market Open
Thursday, Jun 05, 2025 – 05:24 AM
US President Trump is to meet with German Chancellor Merz at 11:45EDT/16:45BST today.
European bourses opened flat before climbing, which supported US futures, but are now off best.
FX markets broadly contained as EUR awaits the upcoming ECB rate announcement.
Bonds broadly trading near session highs, Bunds benefit after strong auctions from Spain/France.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 day
TARIFFS/TRADE
US President Trump is to meet with German Chancellor Merz at 11:45EDT/16:45BST today.
US auto supplier group said immediate and decisive action is needed to prevent widespread disruption and economic fallout across the vehicle supplier sector on the Chinese rare earth issue.
Vietnam sent a document with replies to US requests on trade and the Trade Minister met with USTR Greer to discuss the main points in Vietnam’s replies to the US’s requests on trade.
Chinese Foreign Ministry says there is no information to share on a US President Trump/Chinese President Xi call, via Bloomberg.
EU Trade Commissioner Sefcovic says China’s “impressive” rise must not come at the expense of the European economy “Our objective is straightforward, to identify real and highest vulnerability across political areas. I am talking about advanced semiconductors, AI and quantum tech”.
EU Businesses are lobbying Beijing to set up a “special channel” to fast track Chinese approval of rare earth export licenses for “reliable” companies, according to FT sources; proposal was made at a meeting with European companies and MOFCOM officials.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.4%) opened on either side of the unchanged mark, but soon after the cash open, indices caught a bid to depict a mostly positive environment. Nothing behind the move higher, but it occurred alongside a pick-up in US equity futures. Indices are currently trading at highs. Focus now turns to the ECB, where a 25bps cut is widely expected.
European sectors are mixed, with the breadth of the market fairly narrow today. Construction takes the top spot, joined closely by Tech and then Healthcare. Travel & Leisure sits at the foot of the pile, with the downside stemming from very poor FY results from Wizz Air (-22%).
US equity futures are modestly in the green, (ES +0.1%), with indices moving in tandem with the pick-up seen in Europe. Focus now turns to US Jobless Claims and Unit Labour Cost Revisions alongside a few Fed speakers.
Foxconn (2317 TT) May Revenue +11.92% Y/Y (prev. +25.54%); based on current visibility, operational outlook for Q2 anticipates Q/Q + Y/Y growth but impact of evolving political and economic conditions and FX changed will need continued close monitoring.
UMC (2303 TT) May (TWD): Revenue 19.48bln (prev. 19.51bln) , -0.15% Y/Y. January to May sales 97.79bln (prev. 93.88bln).
Procter & Gamble (PG) over the next two years will cut 7k jobs (or roughly 15% of its non-manufacturing workforce) globally, according to WSJ.
DXY is a touch higher with the USD showing a mixed performance vs. peers (weaker vs. antipodeans, firmer vs. havens). This follows a session of losses on Wednesday which were triggered by soft outturns for US ADP and ISM services PMIs. Newsflow since has been on the quiet side, aside from President Trump calling for a scrapping of the debt limit; something that appears to be very unlikely to be implemented. As such, focus will remain on the labour market for now (pending any major trade updates) with weekly claims, Challenger Layoffs due on today’s docket, with Fed speak also due. DXY currently in a 99.68-94 range.
EUR flat vs. the USD as markets await the latest ECB policy announcement which is widely expected to see the GC deliver a 25bps cut in the Deposit Rate to 2.0%. With the decision itself nailed on, focus will be on any hints over future easing plans. Lagarde is unlikely to offer any explicit guidance on this front given the uncertainties presented by the trade war. EUR/USD briefly matched Wednesday’s best at 1.1435 before ebbing lower as a beat on German Industrial Output failed to support the currency.
JPY softer vs. the USD and at the bottom of the G10 leaderboard alongside the other notable haven, CHF. Losses were spurred alongside a pick-up in risk sentiment in early European trade as the pair attempted to atone for Wednesday’s USD-led losses. 143.39 is the high water mark thus far which is a point below Wednesday’s best.
GBP is a touch firmer vs. the USD with UK-specific newsflow remaining on the light side as has been the case throughout the week. From a fiscal standpoint, Times Political Editor Swinford posts UK Chancellor Reeves will next week set out plans to restore winter fuel payments and then claw them back from millions of better-off pensioners through higher tax bills. Cable is yet to test Wednesday’s best at 1.3580. If breached, the YTD peak from 26th May at 1.3593.
Antipodeans are holding onto recent spoils with both currencies underpinned by a pick up in sentiment in early European trade. AUD digested mixed Australian data overnight including the latest trade figures and household spending.
PBoC set USD/CNY mid-point at 7.1865 vs exp. 7.1762 (Prev. 7.1866).
JGBs were contained through much of the APAC session before selling off on the 30yr JGB auction. A sale that featured a softer cover than the prior and a wider price tail, pushing JGBs lower by around 20 ticks to a 139.01 base. Then move did mostly pare given the outing was not as bad-as-feared.
USTs are higher by a handful of ticks and within a 110-12 to 111-07 parameters. Specifics light in the European morning and no catalyst behind it but US equity futures, and European peers, saw a jump just after the European cash equity open. This weighed on USTs slightly to a 111-00+ base. From a US standpoint, Fed speak, Jobless Claims and Challenger Layoffs are all due.
Bunds are on a stronger footing, a small bout of pressure following German Industrial Orders, which was a little better than expected. Pressure which then accelerated around the cash open when stocks caught a bid but this was short lived. Thereafter, a strong set of auctions from both France and Spain has, alongside a pullback in the risk tone, fuelled the upside. Currently trading at the upper end of a 130.79 to 131.35 parameter, going into the ECB where the Bank is expected to deliver a 25bps cut.
Gilts are heading into the resumption of trade, the bias for Gilts was for a contained to slightly softer open. As the benchmark closed towards highs on Wednesday and while USTs were contained Bunds had come off slightly after Industrial Orders. However, an announcement from the ONS that the most recent inflation headline was being revised lower by 0.1pps offset this and provided modest bullish impetus for Gilts, causing them to open higher by eight ticks and then extend a few more.
France sells EUR 12bln vs exp. EUR 10-12bln 3.20% 2035, 1.25% 2036 & 3.75% 2056 OAT.
Japan sells JPY 604.8bln 30-yr JGBs; b/c 2.92x (prev. 3.07x), and average yield 2.904% (prev. 2.941%). Lowest accepted price 91.45 vs prev. 91.10; Average accepted price 91.94 vs prev. 91.40; Tail in price 0.49 vs prev. 0.30.
Crude is slightly firmer and trading attempting to claw back Wednesday’s hefty energy specific losses, most notably the Bloomberg reports that Saudi Arabia wants more super size OPEC+ cuts. WTI and Brent reside within narrow USD 62.50-63.15 and 64.60-65.25/bbl bounds.
Spot gold is trading on a firmer footing but underperforming vs spot silver, which has caught a bid in recent trade. Nothing fundamental for the recent surge in silver prices, instead the move appears to be more of a technical breakout with perhaps some impetus coming from the risk tone easing from initial highs in recent trade. XAU/USD currently trades towards the upper end of a USD 3,361.27-3,390/oz parameter; Spot silver outperforms, just off a USD 35.80 peak.
Copper looks to build on the prior session’s gains, despite mixed Caixin PMIs, which showed the composite slip into contractionary territory, and services remain afloat, ticking up moderately. 3M LME Copper trades in a USD 9,622.65-9,692.2/t range.
Peru’s government restored formal mining operations in violence-affected areas in northern Peru.
Swedish CPIF Flash YY (May) 2.3% vs. Exp. 2.50% (Prev. 2.30%); Ex Energy Flash YY (May) 2.5% vs. Exp. 2.60% (Prev. 3.10%)
German Industrial Orders MM (Apr) 0.6% vs. Exp. -1.0% (Prev. 3.6%).
ONS says UK CPI was overstated by 0.1pp in April due to an error in the Vehicle Excise Duty (VED) data provided by the Department for Transport, meaning CPI was 3.4% not 3.5%.
EU Producer Prices YY (Apr) 0.7% vs. Exp. 1.2% (Prev. 1.9%); MM (Apr) -2.2% vs. Exp. -1.8% (Prev. -1.6%, Rev. -1.7%)
Italian Retail Sales NSA YY (Apr) 3.7% (Prev. -2.8%); MM (Apr) 0.7% (Prev. -0.5%)
EU HCOB Construction PMI (May) 45.6 (Prev. 46)
French HCOB Construction PMI (May) 43.1 (Prev. 43.6)
Italian HCOB Construction PMI (May) 50.5 (Prev. 50.1)
German HCOB Construction PMI (May) 44.4 (Prev. 45.1)
UK S&P Global Construction PMI (Ma]y) 47.9 vs. Exp. 47.2 (Prev. 46.6)
NOTABLE EUROPEAN HEADLINES
UK is to unveil pension reform aimed at boosting retirement savings with the parliamentary bill to be presented on Thursday set to include a reserve power that could force schemes to invest more in Britain, according to FT
Times Political Editor Swinford posts UK Chancellor Reeves will next week set out plans to restore winter fuel payments and then claw them back from millions of better-off pensioners through higher tax bills.
BoE Monthly Decision Maker Panel data – May 2025: Expectations for year-ahead CPI inflation remained unchanged at 3.2% in the three months to May. Expectations for three year-ahead CPI inflation remained unchanged at 2.8% in the three months to May. Expected year-ahead wage growth fell by 0.1 percentage points to 3.7% on a three-month moving-average basis in May. Across all questions on sales, prices and investment over 70% of firms reported that changes to US trade policy would have no material impact on their firms. US trade policy was reported to be one of the top three sources of uncertainty for 12% of businesses, significantly lower than the 22% who reported it to be a top-three source of uncertainty in April.
NOTABLE US HEADLINES
Punchbowl reports, citing sources: “There’s no resolution yet on SALT, which Senate Republicans want to change significantly. We’re told Trump didn’t object when GOP senators reiterated their desire to water down the House’s USD 40,000 deduction cap.”
US Senate Majority Leader Thune said Senate Republicans had a positive budget bill talk with President Trump and feel good about where they are on the Trump tax bill, while GOP Senator Crapo said Republicans have very strong support and unity on the Trump tax bill.
US President Trump signed a proclamation to ban travel from certain countries whereby the proclamation fully restricts and limits the entry of nationals from 12 countries, including Afghanistan, Burma, Chad, Republic of Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen, while Trump said travel ban list is subject to revision and new countries could be added as threats emerge around the world. Furthermore, President Trump signed a proclamation to restrict foreign student visas at Harvard University.
Fed’s Kashkari (2026 voter) said they are still not all the way back to the 2% inflation target and the labour market is showing some signs of slowing, while he added that the Fed must wait and see as the economy faces uncertainty, via a CNN interview.
US Senate confirmed that Fed’s Bowman is to serve as Federal Reserve Vice Chair for Supervision.
White House official said Elon Musk’s opposition is one disagreement in an otherwise harmonious relationship and it will not consult every policy decision with Elon Musk, while the official added that President Trump is committed to getting the bill passed, despite opposition from Musk.
OMB chief Vought said the White House doesn’t support the debt ceiling being removed from the reconciliation bill and that the Trump spending bill will improve the deficit, while he added they are having very good conversations with the Senate on the Trump spending bill and opposing views from outside aren’t hurting bill’s prospects.
GEOPOLITICS
RUSSIA-UKRAINE
US President Trump has told people he met with in recent days that the Ukraine drone attack likely would push Russian President Putin to retaliate very significantly, according to Axios sources.
US President Trump said he spoke with Russian President Putin in which the conversation lasted 15 minutes and they discussed Ukraine’s attack on Russia’s docked aeroplanes, as well as various other attacks that have been taking place by both sides. Trump added it was a good conversation, but not a conversation that will lead to immediate peace, while Trump noted that Putin said very strongly, that he will have to respond to the recent attack on the airfields.
US is redirecting critical anti-drone technology from Ukraine to US forces in a move that reflects the Pentagon’s waning commitment to Kyiv’s defence, according to WSJ.
Ukrainian drone attacks hit energy targets in Russian-held areas of Zaporizhzhia and the Kherson region, with tens of thousands without power, according to Russian-installed officials.
Ukraine’s Economy Minister said the first meeting of the Ukraine minerals fund is expected in July and Ukraine has discussed with the US about how to make the minerals fund operational by year-end.
OTHER
China’s Guangzhou Public Security Bureau issued a bounty for cyber attack suspects that it said are linked to the Taiwan authorities.
CRYPTO
Bitcoin is a little weaker and trades just shy of the USD 105k mark.
APAC TRADE
APAC stocks were mixed after the choppy performance in US where markets digested disappointing data and a drop in yields.
ASX 200 struggled for direction following mixed data including the latest trade figures and household spending for Australia.
Nikkei 225 retreated amid headwinds from recent currency strength and following softer-than-expected Labour Earnings.
Hang Seng and Shanghai Comp were somewhat varied as tech and property names led the outperformance in Hong Kong, while the mainland was contained following mixed Caixin PMI data and as participants wait and see if a Trump-Xi call will materialise this week.
NOTABLE ASIA-PAC HEADLINES
China’s Commerce Minister met with the OECD Secretary General at the WTO meeting in France and said China is willing to share experience with the OECD in trade and investment, digital economy and green developments. China is willing to carry out personnel exchanges and promote practical cooperation with the OECD and hopes that the OECD will firmly stand on the side of international fairness and justice.
China warns BYD and rivals to self regulate as the price war heats up, according to Bloomberg.
DATA RECAP
Chinese Caixin Services PMI (May) 51.1 vs. Exp. 51.0 (Prev. 50.7); Composite PMI (May) 49.6 (Prev. 51.1)
Japanese Overall Lab Cash Earnings (Apr) 2.3% vs. Exp. 2.6% (Prev. 2.1%)
Australian Household Spending MM (Apr) 0.1% vs Exp. 0.2% (Prev. -0.3%); YY (Apr) 3.7% vs Exp. 3.6% (Prev. 3.5%)
Australian Balance on Goods (Apr) 5413M vs. Exp. 5900M (Prev. 6900M)
EUR and European Equities lacklustre ahead of ECB and Trump-Merz meeting – Newsquawk Europe Market Open
Thursday, Jun 05, 2025 – 01:55 AM
US President Trump is to meet with German Chancellor Merz at 11:45EDT/16:45BST today.
US President Trump said the “debt limit should be entirely scrapped…”; separately, he banned travel from certain nations
APAC trade was mixed, European futures point to a flat open
DXY saw a slight reprieve, EUR/USD took a breather and GBP was rangebound
Fixed benchmarks held onto recent gains, JGBs were briefly knocked by the 30yr auction
Crude lacklustre, and unreactive to Trump and Putin holding a conversation
Looking ahead, highlights include German Industrial Orders, Swedish CPI, Italian Retail Sales, EZ Producer Prices, US Jobless Claims, Challenger Layoffs, US International Trade, Canadian Trade, ECB Policy Announcement; BoE DMP, Danish Holiday, Speakers including ECB President Lagarde, BoE’s Greene, Fed’s Kugler, Harker, Schmid & BoC’s Kozicki, Supply from Spain & France, Earnings from Broadcom, DocuSign, Wise & CMC Markets.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 day
LOOKING AHEAD
Highlights include German Industrial Orders, Swedish CPI, Italian Retail Sales, EZ Producer Prices, US Jobless Claims, Challenger Layoffs, US International Trade, Canadian Trade, ECB Policy Announcement; BoE DMP, Danish Holiday, Speakers including ECB President Lagarde, BoE’s Greene, Fed’s Kugler, Harker, Schmid & BoC’s Kozicki, Supply from Spain & France, Earnings from Broadcom, DocuSign, Wise & CMC Markets.
US stocks finished mixed following a choppy performance throughout the session as participants digested weak data releases including the significantly lower-than-expected ADP job numbers and with ISM Services PMI slipping into contraction territory. The disappointing data spurred a drop in yields and constrained the major indices although there was slight outperformance in the Nasdaq amid firm gains in Meta (META) and as Alphabet (GOOGL) recouped some of the prior day’s losses.
SPX +0.01% at 5,970, NDQ +0.27% at 21,722, DJI -0.22% at 42,427, RUT -0.21% at 2,098.
US President Trump is to meet with German Chancellor Merz at 11:45EDT/16:45BST today.
Canadian PM Carney said Ottawa is preparing reprisals against the US if talks to remove tariffs do not succeed.
Canada’s Industry Minister said they are looking at different scenarios on how to react to the latest US tariffs and need a bit more time, while they have not removed from the table the idea of more counter-tariffs.
Alberta Premier Smith said Canada is optimistic about a near-term trade deal with the US.
US auto supplier group said immediate and decisive action is needed to prevent widespread disruption and economic fallout across the vehicle supplier sector on the Chinese rare earth issue.
Vietnam sent a document with replies to US requests on trade and the Trade Minister met with USTR Greer to discuss the main points in Vietnam’s replies to the US’s requests on trade.
NOTABLE HEADLINES
US President Trump commented “The Debt Limit should be entirely scrapped to prevent an Economic catastrophe”, while he added “It is too devastating to be put in the hands of political people that may want to use it despite the horrendous effect it could have on our Country and, indirectly, even the World”.
US Senate Majority Leader Thune said Senate Republicans had a positive budget bill talk with President Trump and feel good about where they are on the Trump tax bill, while GOP Senator Crapo said Republicans have very strong support and unity on the Trump tax bill.
US President Trump signed a proclamation to ban travel from certain countries whereby the proclamation fully restricts and limits the entry of nationals from 12 countries, including Afghanistan, Burma, Chad, Republic of Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen, while Trump said travel ban list is subject to revision and new countries could be added as threats emerge around the world. Furthermore, President Trump signed a proclamation to restrict foreign student visas at Harvard University.
Fed Beige Book noted reports across the twelve Federal Reserve Districts indicate that economic activity has declined slightly since the previous report, while half of the Districts reported slight to moderate declines in activity, three Districts reported no change, and three Districts reported slight growth.
Fed’s Kashkari (2026 voter) said they are still not all the way back to the 2% inflation target and the labour market is showing some signs of slowing, while he added that the Fed must wait and see as the economy faces uncertainty, via a CNN interview.
US Senate confirmed that Fed’s Bowman is to serve as Federal Reserve Vice Chair for Supervision.
White House official said Elon Musk’s opposition is one disagreement in an otherwise harmonious relationship and it will not consult every policy decision with Elon Musk, while the official added that President Trump is committed to getting the bill passed, despite opposition from Musk.
OMB chief Vought said the White House doesn’t support the debt ceiling being removed from the reconciliation bill and that the Trump spending bill will improve the deficit, while he added they are having very good conversations with the Senate on the Trump spending bill and opposing views from outside aren’t hurting bill’s prospects.
Non-partisan CBO said Trump tariffs on foreign goods could potentially reduce the budget deficit by USD 2.8tln over 10 years and noted that economic output is to fall as a result of Trump tariffs, according to Reuters citing a letter.
APAC TRADE
EQUITIES
APAC stocks were mixed after the choppy performance in US where markets digested disappointing data and a drop in yields.
ASX 200 struggled for direction following mixed data including the latest trade figures and household spending for Australia.
Nikkei 225 retreated amid headwinds from recent currency strength and following softer-than-expected Labour Earnings.
Hang Seng and Shanghai Comp were somewhat varied as tech and property names led the outperformance in Hong Kong, while the mainland was contained following mixed Caixin PMI data and as participants wait and see if a Trump-Xi call will materialise this week.
US equity futures proceeded sideways following the recent indecision and as participants looked ahead to further incoming data releases.
European equity futures indicate an uneventful open with Euro Stoxx 50 futures unchanged after the cash market closed with gains of 0.6% on Wednesday.
FX
DXY got some slight reprieve after declining yesterday as yields dropped in the aftermath of soft US data whereby the ADP employment report significantly missed expectations and ISM Services PMI unexpectedly slipped into a contraction. Nonetheless, participants await more data releases heading into Friday’s NFP report, as well as comments from Fed speakers and key talks, with President Trump to meet with German Chancellor Merz.
EUR/USD took a breather after benefitting yesterday from the dollar selling and EU PMIs, while focus now turns to the ECB.
GBP/USD lacked firm direction amid light UK-specific newsflow although it was reported that Chancellor Reeves ruled out increasing income tax, NI and VAT for ‘working people’ in the autumn Budget.
USD/JPY partially nursed losses after slipping to sub-143.00 territory as US-Japanese yield differentials narrowed following the dismal US data.
Antipodeans held on to recent spoils but with the upside capped by mixed data from Australia and the somewhat cautious sentiment overnight.
PBoC set USD/CNY mid-point at 7.1865 vs exp. 7.1762 (Prev. 7.1866).
FIXED INCOME
10yr UST futures held on to recent spoils after ascending on weak ISM Services and ADP jobs data.
Bund futures calmed down after yesterday’s fluctuations, with German Industrial Orders and the ECB meeting on the horizon.
10yr JGB futures played catch up to the advances in US counterparts following softer-than-expected Labour Cash Earnings from Japan, while prices briefly wobbled following mixed results from the latest 30yr JGB auction, before extending on gains.
Japan sells JPY 604.8bln 30-yr JGBs; b/c 2.92x (prev. 3.07x), and average yield 2.904% (prev. 2.941%). Lowest accepted price 91.45 vs prev. 91.10; Average accepted price 91.94 vs prev. 91.40; Tail in price 0.49 vs prev. 0.30
COMMODITIES
Crude futures remained lacklustre after declining yesterday owing to a source report that Saudi Arabia wants more super-sized OPEC+ hikes.
Spot gold traded little changed after yesterday’s choppy performance and as the dollar stabilised overnight.
Copper futures kept afloat but with upside capped amid the somewhat indecisive mood in Asia and after mixed Caixin PMIs.
Peru’s government restored formal mining operations in violence-affected areas in northern Peru.
CRYPTO
Bitcoin edged higher albeit in a choppy fashion and returned to above the USD 105k level.
NOTABLE ASIA-PAC HEADLINES
China’s Commerce Minister met with the OECD Secretary General at the WTO meeting in France and said China is willing to share experience with the OECD in trade and investment, digital economy and green developments. China is willing to carry out personnel exchanges and promote practical cooperation with the OECD and hopes that the OECD will firmly stand on the side of international fairness and justice.
US SEC called for public comment on potential rules requiring more US-listed Chinese and other foreign firms to provide more regular investor disclosures.
Apple (AAPL) and Alibaba’s (9988 HK) AI rollout in China has been delayed by US President Trump’s trade war, according to FT.
DATA RECAP
Chinese Caixin Services PMI (May) 51.1 vs. Exp. 51.0 (Prev. 50.7)
Chinese Caixin Composite PMI (May) 49.6 (Prev. 51.1)
Japanese Overall Lab Cash Earnings (Apr) 2.3% vs. Exp. 2.6% (Prev. 2.1%)
Australian Household Spending MM (Apr) 0.1% vs Exp. 0.2% (Prev. -0.3%)
Australian Household Spending YY (Apr) 3.7% vs Exp. 3.6% (Prev. 3.5%)
Australian Balance on Goods (Apr) 5413M vs. Exp. 5900M (Prev. 6900M)
Australian Goods/Services Exports (Apr) -2.4% (Prev. 7.6%)
Australian Goods/Services Imports (Apr) 1.1% (Prev. -2.2%)
GEOPOLITICS
RUSSIA-UKRAINE
US President Trump said he spoke with Russian President Putin in which the conversation lasted 15 minutes and they discussed Ukraine’s attack on Russia’s docked aeroplanes, as well as various other attacks that have been taking place by both sides. Trump added it was a good conversation, but not a conversation that will lead to immediate peace, while Trump noted that Putin said very strongly, that he will have to respond to the recent attack on the airfields.
US is redirecting critical anti-drone technology from Ukraine to US forces in a move that reflects the Pentagon’s waning commitment to Kyiv’s defence, according to WSJ.
Ukrainian drone attacks hit energy targets in Russian-held areas of Zaporizhzhia and the Kherson region, with tens of thousands without power, according to Russian-installed officials.
Ukraine’s Economy Minister said the first meeting of the Ukraine minerals fund is expected in July and Ukraine has discussed with the US about how to make the minerals fund operational by year-end.
OTHER
China’s Guangzhou Public Security Bureau issued a bounty for cyber attack suspects that it said are linked to the Taiwan authorities.
EU/UK
NOTABLE HEADLINES
UK is to unveil pension reform aimed at boosting retirement savings with the parliamentary bill to be presented on Thursday set to include a reserve power that could force schemes to invest more in Britain, according to FT
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN
3C CHINA
CHINA/EU
This will hurt hugely European industry as well as USA
(Kolbe)
European Industry Under Siege: China Deploys Rare Earths As Economic Weapon
Thursday, Jun 05, 2025 – 04:15 AM
Submitted by Thomas Kolbe
As U.S. tariffs tighten the screws on China’s export machine, Beijing is striking back—with strategic precision. Export restrictions on rare earths are now Beijing’s latest move to break down European trade barriers and push back against escalating pressure from Washington.
In today’s global trade standoff, the gloves are off. The U.S. is wielding its market clout—25% of global consumption originates from the American domestic market. Anyone in the export business must deal with the United States. China, meanwhile, holds an unchallenged monopoly on rare earths—and is making it clear it will not hesitate to weaponize that dominance. The stakes are rising, and national interests now override globalist courtesies.
No Friends—Only Alliances
Europe is learning the hard way: in geopolitics, there are no friends, only temporary alliances. China’s tightened export controls on rare earth elements risk plunging Germany’s industrial sector into a severe resource crisis. With nearly 85% of global rare earth refining under its control, Beijing is the chief supplier of key metals like dysprosium, terbium, and yttrium—critical for electric motors, medical tech, and defense systems.
Since April 2025, access to these raw materials has been restricted to licensed exporters only—a de facto embargo. The fallout is immediate: several German manufacturers have already been forced to scale back operations. Others face complete shutdowns. Industrial metal prices continue climbing, and the fragility of global supply chains is now exposed in brutal detail. Europe’s resource dependency is becoming a major liability—and a strategic weakness in the coming trade war negotiations.
Target: New Markets
China’s export curbs are a calculated pressure tactic in its standoff with both the U.S. and EU. Beijing is feeling the squeeze from the Trump administration’s hardline trade policy. If Washington fails to shrink its massive trade deficit and restore U.S. industrial capacity, Trump’s economic agenda is toast.
Beijing faces its own nightmare scenario. To appease U.S. demands and cut trade surpluses, it would need to let the yuan rise—risking domestic unrest. A more affluent middle class might start demanding political influence. That’s a nightmare for China’s authoritarian elite.
At the same time, the economic foundation of Communist Party rule is crumbling. China’s domestic economy is faltering, its real estate and industrial sectors flashing recession signals. The Party’s once-effective social contract—”stay out of politics and we’ll deliver prosperity”—is losing credibility amid youth unemployment and economic stagnation.
Last Resort or Final Strike?
Backed into a corner, Beijing is playing its most effective hand: rare earths. This isn’t just about economics—it’s a geopolitical chess move aimed at shielding internal stability. China’s message is clear: Europe must absorb the blow of lost access to the U.S. market. Beijing, like Brussels, has no intention of abandoning its mercantilist model. This is “beggar-thy-neighbor” economics—a raw attempt to offload domestic dysfunction via the global export channel.
The threat is explicit: comply or get cut off. Europe’s vulnerability lies in its dependence on critical raw materials—a strategic Achilles’ heel now fully exposed.
Mirror Images
In truth, the EU and China are ideological kin in economic matters. Both embrace protectionism, currency management, and top-down trade policies. The EU has long run a surplus with the U.S., enabled by regulatory barriers, currency rigging, and bureaucratic hurdles that obstruct non-European firms.
It’s hard to imagine Brussels tolerating a Chinese strategy of dumping U.S.-displaced goods into Europe. The consequences would be dire: flooded markets, collapsing industries, rising unemployment—all at a moment of fiscal and political fragility for Europe.
This is no ordinary trade dispute—it’s open economic warfare. At stake: sovereignty, economic survival, and Europe’s ability to remain viable in an age of geoeconomic confrontation.
Airbus: Trojan Horse Diplomacy
China is also dangling a carrot. Behind closed doors, Beijing is reportedly negotiating a multi-billion-dollar aircraft deal with Airbus—potentially for up to 300 planes, spanning short- and long-haul fleets, according to Bloomberg.
A signed deal would be a windfall for Airbus—but also a geopolitical statement. Beijing would cast it as diplomatic outreach, even as it tightens the noose with rare earth controls. Europe must now decide: chase short-term industrial gains, or guard against long-term strategic dependency?
The aircraft deal smells like a Trojan horse—wrapped in a threadbare cloak of cooperation, concealing a far more aggressive strategy beneath.
* * *
Thomas Kolbe, born in 1978 in Neuss/ Germany, is a graduate economist. For over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
END
CHINA/USA/PHONE CALL
“Very Positive Conclusion” – Trump Confirms ‘Very Good Phone Call’ With Xi
Thursday, Jun 05, 2025 – 10:50 AM
Update (1045ET): Chinese media is confirming that Chinese President Xi Jinping told US President Donald Trump on Thursday to remove “negative” measures that have roiled trade tensions between the world’s two largest economies and agreed to more talks.
The Chinese leader said Beijing had complied with the terms of the trade agreement struck by the two nations last month in Geneva, according to a readout published by CCTV, even as US officials have complained that export controls on critical rare earths have not been lifted quickly enough.
Xi also said the countries should work to reduce misunderstandings and that Trump was welcome to visit China, according to the readout.
President Trump issued a readout of his own via TruthSocial: (emphasis ours)
I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal.
The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries.
There should no longer be any questions respecting the complexity of Rare Earth products.
Our respective teams will be meeting shortly at a location to be determined. We will be represented by Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer. During the conversation, President Xi graciously invited the First Lady and me to visit China, and I reciprocated.
As Presidents of two Great Nations, this is something that we both look forward to doing. The conversation was focused almost entirely on TRADE.
Nothing was discussed concerning Russia/Ukraine, or Iran. We will inform the Media as to scheduling and location of the soon to be meeting. Thank you for your attention to this matter!
S&P futures surged back towards their highs on the news…
* * *
4..EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
ECB
ECB Cuts Rates by 25bps As Expected, Slashes 2026 Inflation Forecast
Thursday, Jun 05, 2025 – 08:35 AM
As expected by 52 out of 52 economists, and as fully priced in by the market, the ECB just cut deposits rates by 25bps to 2.00%, the 8th consecutive cut and one which will hardly make Trump any happier that the Fed still remains on hold.
According to UBS, the ECB statement set a hawkish tone in that the central bank seems content with the inflation outlook and doesn’t express any concerns about inflation undershooting.
The ECB said in the statement: “Most measures of underlying inflation suggest that inflation will settle at around the Governing Council’s 2% medium-term target on a sustained basis”. It also said inflation “is currently at around the Governing Council’s 2% medium-term target”.
It also said that wage growth is still elevated but continues to moderate visibly, and profits are partially buffering its impact on inflation. Meanwhile, “the concerns that increased uncertainty and a volatile market response to the trade tensions in April would have a tightening impact on financing conditions have eased”.
Taking a closer look at the ECB statement:
STANCE:
Repeats will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance
Repeats not pre-committing to a particular rate path
TRADE:
While the uncertainty surrounding trade policies is expected to weigh on business investment and exports, especially in the short term, rising government investment in defence and infrastructure will increasingly support growth over the medium term
LABOR MARKET:
Higher real incomes and a robust labor market will allow households to spend more.
Together with more favorable financing conditions, this should make the economy more resilient to global shocks.
In the context of high uncertainty, staff also assessed some of the mechanisms by which different trade policies could affect growth and inflation under some alternative illustrative scenarios
Under this scenario analysis, a further escalation of trade tensions over the coming months would result in growth and inflation being below the baseline projections.
By contrast, if trade tensions were resolved with a benign outcome, growth and, to a lesser extent, inflation would be higher than in the baseline projections.
HICP INFLATION:
2025: 2.0% (prev. 2.3%)
2026: 1.6% (prev. 1.9%)
2027: 2.0% (prev. 2.0%)
HICP CORE INFLATION (EX-ENERGY & FOOD):
2025: 2.4% (prev. 2.2%)
2026: 1.9% (prev. 2.0%)
2027: 1.9% (prev. 1.9%)
GDP:
2025: 0.9% (prev. 0.9%)
2026: 1.1% (prev. 1.2%)
2027:1.3% (prev. 1.3%)
To recap: the central bank revised down its headline CPI forecast for 2025 and 2026 by 0.3% to 2% and 1.6%, respectively, due to energy prices. 2027 headline inflation outlook is unchanged. Meanwhile, the central bank kept its core CPI forecasts unchanged. Core CPI is expected to be average 2.4% in 2025 and 1.9% in 2026 and 2027. Also, the central bank kept its GDP forecast unchanged. Staff see real GDP growth averaging 0.9% in 2025, 1.1% in 2026 and 1.3% in 2027.
Of the above, perhaps the most notable highlight is and the most important change was the sharp downward revision of the 2026 inflation forecast to 1.6% from 1.9%.
* * *
Earlier:
As UBS economist Paul Donovan writes this morning, a total of 52 out of 52 surveyed economists – not to mention markets – expect a quarter point ECB rate reduction today, the 8th in a row, adding rhetorically “How could so many economists possibly be wrong?” More to the point, he adds that President Trump is likely to become even more irate after criticizing the Federal Reserve for not cutting rates.
Rhetorical questions aside, here is what to expected, courtesy of Newsquawk
OVERVIEW: Given the uncertainties surrounding the trade outlook and progress on the inflation front, the ECB is expected to cut the deposit Rate by 25bps to 2.00%. With a rate reduction nailed on, focus will be on any hints over future easing plans. While Lagarde might not make any explicit mention of the future policy direction, any signs of dissent, whether via remarks by the President or sources after the meeting, could provide a guiding star for markets. Currently, markets see a total of 54bps of loosening by year-end (including the expected June cut).
PRIOR MEETING: Aprilʼs meeting saw a 25bps cut as expected and the old language around restrictiveness was removed. This took the ECB to the top end of its 1.75-2.25% neutral rate estimate. Accompanying forward guidance was unsurprisingly non-committal, though the statement did highlight increased uncertainty and an associated confidence impact that is “likely to have a tightening impact on financing conditions”; on this, participants were attentive to any hints around an offsetting policy response (i.e. dovish action). Just after the meeting, sources reported the decision to cut was unanimous. Lagarde didnʼt add too much, aside from stressing no argument was made for 50bps or other stimulus, though she made the point that they are viewing tariffs as a demand shock.
RECENT ECONOMIC DEVELOPMENTS : Flash inflation data for May saw Y/Y HICP decline to 1.9% from 2.2% (below target for the first time since September 2024). Core inflation declined to 2.4% from 2.7%, whilst services inflation saw a notable fall to 3.7% from 4.0%. The ECB Consumer Expectations Survey for April saw the 12-month ahead metric rise to 3.1% from 2.9%. In terms of market gauges, the EZ 5y5y inflation forward has ticked higher to 2.06% vs. circa 2.03% at the time of the prior meeting. On the growth front, Q1 GDP is currently estimated at 0.3% Q/Q vs. the Q4 print of 0.2%. More timely survey data from S&P Global showed manufacturing PMI for May climbed to 49.4 from 49.0, services slipped to 48.9 from 50.1, leaving the composite at 49.5 vs. prev. 50.4. The accompanying release noted “the eurozone economy just cannot seem to find its footing”. The unemployment rate remains at the historic low of 6.2%.
RECENT COMMUNICATIONS: Since the prior meeting, President Lagarde has remarked that levies are probably more disinflationary than inflationary. However, the net effect of tariffs is still uncertain. Chief Economist Lane is confident that the Bankʼs task to bring inflation back to 2% is “mostly completed”, however, services inflation is “still too high”. The influential Schnabel of Germany is of the view that tariffs could be disinflationary in the short run but result in upside risk over the medium term. France’s Villeroy has stated that interest rate normalisation within the EZ is probably incomplete. Typically-dovish, Panetta of Italy has remarked that there is reduced room to cut rates further, though the macro outlook is weak and trade tensions could weigh on this. Elsewhere, Cyprus’ Patsalides has noted that a 50bp cut would only be justified if recession risks intensified with stronger disinflation. At the hawkish end of the spectrum, Austriaʼs Holzmann thinks the Bank should not lower rates in June or July.
RATES: Consensus looks for the ECB to cut rates by 25bps with markets assigning a 95% chance of such an outcome. Since the prior meeting, whilst there has been an easing of tensions between the US and China, which led to an improvement in the global trade outlook, a deal between the EU and the US remains elusive. The lack of progress prompted US President Trump to recommend a 50% tariff on the EU as of June 1st. This threat has since been pushed back to July 9th and the EU is increasing efforts to get an agreement. However, large gaps between the two sides remain and the growth outlook remains uncertain. Furthermore, as detailed above, progress on the inflation front means that policymakers have the green light to ease policy (also aided by the stronger EUR and declining oil prices). Assuming the ECB cuts by 25bps this week, the focus will be on any clues as to what comes thereafter, given the apparent split of views on the GC. The accounts of the ECB meeting (albeit when trade tensions were higher) showed that some members would have been comfortable with a 50bps reduction. Some of the more hawkish members on the GC may opt to dissent to the decision with Holzmann of the view that the ECB should not cut rates in June or July. Currently, markets see a total of 54bps of loosening by year-end (including the expected June cut).
MACRO PROJECTIONS: For the accompanying macro projections, Rabobank expects growth to be revised down a touch for both 2025 and 2026 while the inflation view is likely to be trimmed for 2025 to 2.0% (Mar. 2.3%) but increased for 2026 to 2.3% (Mar. 2.0%).
HICP INFLATION:
2025: 2.3%
2026: 1.9%
2027: 2.0%
HICP CORE INFLATION (EX-ENERGY & FOOD):
2025: 2.2%
2026: 2.0%
2027: 1.9%
GDP:
2025: 0.9%
2026: 1.2%
2027: 1.3%
end
UK
British Blasphemy Prosecution: London Man Convicted After Burning Qur’an
We recently discussed how the United Kingdom has continued its erosion of free speech by pushing an effective blasphemy law. Now, a London man has been convicted of a “religiously aggravated public order offence.” Hamit Coskun, 50, a Turkish-born Armenian-Kurdish atheist was arrested after burning a Qur’an.
Coskun was protesting the government of Recep Tayyip Erdoğan in Ankara over his embrace of radical Islamic principles. Exclaiming “f**k Islam” and “Islam is religion of terrorism,” he burned the Qur’an and was then slashed by a Muslim man with a knife. Critics were outraged that the man (who later pleaded guilty) was released while police continued to hold Coskun.
Despite arguing that his protest was protected speech, District Judge John McGarva convicted him and declared that his actions were “highly provocative” and that they were “motivated at least in part by a hatred of Muslims.” Judge McGarva made clear that his views of Islam would not be tolerated in the United Kingdom:
“After considering the evidence, I find you have a deep-seated hatred of Islam and its followers. That’s based on your experiences in Turkey and the experiences of your family. It’s not possible to separate your views about the religion to your views about the followers.
I do accept that the choice of location was in part that you wanted to protest what you see as the Islamification of Turkey. But you were also motivated by the hatred of Muslims and knew some would be at the location.”
Coskun later correctly condemned the decision as “an assault on free speech” and added:
“Christian blasphemy laws were repealed in this country more than 15 years ago, and it cannot be right to prosecute someone for blaspheming against Islam. Would I have been prosecuted if I’d set fire to a copy of the bible outside Westminster Abbey? I doubt it.”
Nicholas Brock, 52, was convicted of a thought crime in Maidenhead, Berkshire. The neo-Nazi was given a four-year sentence for what the court called his “toxic ideology” based on the contents of the home he shared with his mother in Maidenhead, Berkshire. Judge Peter Lodder QC dismissed free speech or free thought concerns with a truly Orwellian statement:
“I do not sentence you for your political views, but the extremity of those views informs the assessment of dangerousness.”
Lodder lambasted Brock for holding Nazi and other hateful values:
“[i]t is clear that you are a right-wing extremist, your enthusiasm for this repulsive and toxic ideology is demonstrated by the graphic and racist iconography which you have studied and appeared to share with others…”
The fear is that an expanded hate speech law that includes criticism of Islamophobia will operate like a British blasphemy law. In 2008, the common law offences of blasphemy and blasphemous libel were abolished in England. This new effort could constructively restore such prosecutions as they relate to Islam.
END
GERMANY
“Worse Than The 2008 Financial Crisis” – Germany Becomes A Nation Of Bankruptcy With No End In Sight
Germany is bracing for a continued surge in major insolvencies throughout 2025 and even 2026, according to a recent analysis by credit insurer Allianz Trade. This all comes after a disastrous 2024, which saw a record-breaking number of bankruptcies in the country.
Allianz Trade forecasts an overall increase of 11 percent in corporate insolvencies in Germany this year, reaching approximately 24,400 cases. A further 3 percent rise to 25,050 cases is anticipated for 2026. These insolvencies put an estimated 210,000 jobs at risk across Germany.
In the first quarter of this year, 16 large German companies—those with revenues of €50 million or more—filed for insolvency. While this is a slight decrease of three cases compared to the same period last year, it’s double the number recorded in the first quarter of 2023.
She predicted Germany's economic demise 3 years ago.
Now, the German economy, run by the left and Greens, is in shambles.
Milo Bogaerts, CEO of Allianz Trade in Germany, Austria, and Switzerland, expressed concern over the persistently high number of major insolvencies, attributing it partly to U.S. President Donald Trump’s tariff policy. He warned that no respite is expected, even after 2024, which was a record-breaking negative year for insolvencies.
“Given the bleak economic outlook both in Germany and in global trade, and the many uncertainties caused by the tariff storm, we expect many major insolvencies and thus significant losses to continue in 2025,” Bogaerts stated. He added that these large-scale insolvencies will likely have a ripple effect on supplier companies, potentially creating “particularly large holes in their coffers” and impacting supply chains.
However, alarm bells are ringing across the country. The Federal Association of German Industry (BDI) published a declaration by more than 100 associations at the beginning of April where they directly addressed the ruling CDU and SPD. At the time, they were still working on a coalition agreement.
The BDI stated: “In the past few weeks, the economic situation has deteriorated dramatically. The facts are undeniable. Germany is in a serious economic crisis. A comparison with other countries shows that this crisis is primarily homemade.”
The BDI is also apparently unhappy with the coalition’s details on tax policy.
“In terms of tax policy, the coalition lags behind what is necessary. In the future, every scope must be used to relieve companies in order for the tax burden to quickly become internationally competitive,” said Tanja Gönner, BDI’s general manager. “The contract rightly formulates an ambitious modernization agenda for the state and administration, which must now also be followed by a determined implementation…. The bottom line is that we will measure the federal government by whether it will make the state more efficient and modernized.”
🇩🇪🚨 Ford Germany plans to cut 4,000 jobs as Berlin's economic disaster continues to unfold.
"The entire automotive industry is in crisis all over the world, in Europe and especially in Germany. This transition to electro-mobility is hitting us very, very hard." pic.twitter.com/oeqkDg0TBi
Sectors particularly affected include textile-related retail, the automotive supply industry, and healthcare. In the first quarter of 2025 alone, three German hospitals and three large textile companies filed for insolvency, alongside two automotive suppliers and two chemical companies.
In 2024, Germany saw a negative record of 87 major insolvencies, a 36 percent increase from the previous year. The combined turnover of these affected companies reached €17.4 billion, marking a 55 percent jump compared to 2023.
In an article for Tagesschau, reporters spoke to Jürgen Philippi, a publicly appointed auctioneer who also writes court reports for bankruptcy advisors. He has been working in the business for 30 years.
“There was a lot going on in the 2008 financial crisis and subsequent years. But now it’s worse. More and more industries are affected. I haven’t seen that yet,” said Philippi, who is so overburdened with bankruptcies that he has turned many clients away.
He also says there are fewer and fewer buyers willing to try and turn companies around.
“I am increasingly observing that managing directors do not want to continue their battered companies, although there are still market opportunities. Their reasoning? Taxes that are too high, too much bureaucracy,” said Philippi.
“‘I don’t want to do that anymore,’ I hear that more and more,” he added.
The US has warned Britain and France against recognizing a Palestinian state at a UN conference later this month, Middle East Eye can reveal.
France and Saudi Arabia are set to co-host a major UN conference on the two-state solution beginning on June 17 in New York. France is reportedly gearing up to unilaterally recognize a Palestinian state at the conference. MEE understands that France has been lobbying Britain to do so as well.
French officials believe the British government is onboard with the plan, according to French media. But Washington privately begun to warn Britain and France against unilaterally recognizing Palestine, sources with knowledge of the matter in the British Foreign Office told MEE.
At the same time Arab states are urging them to proceed with the move, sources said. In late May, UN member states held consultations in preparation for the conference during which the Arab Group urged states to recognize Palestinian statehood.
The Arab Group said they would measure the success of the conference by whether significant states recognize Palestine, Foreign Office sources added.
‘No grounds for US interference’
Approached for comment, the Foreign Office pointed MEE to Foreign Secretary David Lammy’s statement on May 20 in which he reaffirmed UK support for a two-state solution.
Lammy has publicly opposed unilateral recognition, insisting earlier this year that the UK would only recognize a Palestinian state “when we know it’s going to happen and it’s in sight.”
But in late April, Lammy acknowledged for the first time that Britain was in discussion with France and Saudi Arabia on the topic.
Chris Doyle, director of the Council for Arab-British Understanding, told MEE: “There are no legitimate grounds for the US to interfere in a sovereign decision by Britain and France to recognize another state.”
“A Franco-British recognition would be to acknowledge the Palestinian right to nationhood and to be equal partners in any future negotiations with Israel.” Doyle added: “Based on precedent with this British government, US objection to recognition would be more likely to have an impact on Britain than on France.”
But the American president is unpredictable. “What really counts is what President Trump himself thinks,” Doyle said. “Opposing unilateral recognition is an existing American position.”
“But if I was in Downing Street, I would be asking what does the president himself believe – and how will he react?” If France and Britain go ahead with the move, they will become the first G7 nations to recognize a Palestinian state.
Alon Pinkas, who advised four Israeli foreign ministers, told MEE on Monday that French President Emmanuel Macron’s push to recognize Palestinian statehood “is serious and has the backing of most of the European Union and Saudi Arabia.”
The move would cause a political earthquake, since both France and Britain are among Israel’s most important historic allies. And Israel has signaled it would not take the move lying down.
Last week Ron Dermer, Israel’s strategic affairs minister, threatened Britain and France that Israel may annex parts of the West Bank if they recognize a Palestinian state, according to Israeli newspaper Haaretz.
MEE revealed earlier this month that Britain privately decided in 2014 it would consider recognizing a Palestinian state if Israel advanced with the contentious E1 settlement project. Israel is currently poised to move forward with the settlement plan, which would effectively split the occupied West Bank in two.
Meanwhile, domestic pressure is ramping up in Britain. “Starmer is facing significant levels of anger throughout the entirety of the Labour party and the British public,” Doyle said, “even in circles that would ordinarily support the Israeli government.”
Several MPs told MEE last month they believe the UK must recognize a Palestinian state immediately. Labour MP Uma Kumaran, a member of Britain’s Foreign Affairs Select Committee, said: “This government was elected on a manifesto that promised to recognize Palestine as a step towards a just and lasting peace. “I strongly support the recognition of a Palestinian state, and I have raised this repeatedly in parliament, on the Foreign Affairs Committee and with ministers.”
end
ISRAEL VS HAMAS
IDF retrieves bodies of hostages Judith Weinstein Haggai, husband Gadi Haggai from Khan Yunis
Nir Oz couple taken hostage on Oct. 7, bodies returned in Khan Yunis operations • Families: Hearts not whole until all hostages come home
The bodies of hostages Judith Weinstein Haggai and her husband, Gadi Haggai, were retrieved by the IDF in the early hours of Thursday morning in a special forces operation performed in collaboration with intelligence from the Shin Bet and the IDF, the military announced.
The Mujahideen Brigades kidnapped and held the bodies of the two in Gaza after they were murdered on October 7 in Kibbutz Nir Oz. Their deaths were determined in December 2023.
IDF forces carried out the rescue operation under the Southern Command. The information that allowed their retrieval into Israeli territory was learned during an interrogation of a captured terrorist.
After an identification process at the National Center of Forensic Medicine, together with the Israel Police, the Hostage and Missing Persons Team in the IDF’s Personnel Directorate notified the family and the Nir Oz community.
Weinstein Haggai, 70, and Haggai, 72, both held American citizenship, and Weinstein Haggai additionally held Canadian citizenship.
A toy lies in front of a house in Nir Oz ahead of the first demolition of a building since the October 7 massacre, to make way for the rebuilding and renewal of the kibbutz, in December (credit: STOYAN NENOV/REUTERS)
They left behind four children and seven grandchildren.
Weinstein Haggai was an English teacher specializing in children with special needs and worked with children with anxiety by using meditation and mindfulness methods. She was a poet and entrepreneur, and was dedicated to working for peace and brotherhood, the kibbutz said when her death was announced.
The kibbutz stated that Haggai was “a sharp person, a gifted musician from the age of three, a chef and a follower of a healthy vegan diet.”
Nir Oz welcomes closure of receiving bodies of hostages
“We welcome the closure that we have been granted and the return for burial of our loved ones, who went out for a walk on that Black Sabbath morning and never came back,” the Weinstein Haggai family said in a statement, according to Nir Oz.
The families thanked the IDF and security forces who carried out the complex rescue operation. They also thanked “everyone who supported, struggled, prayed, and fought for us and for all of Israel,” as well as the FBI, and the US and Israeli governments.
“However, our hearts will not be whole until all 12 hostages from Nir Oz and all 56 hostages in total are brought back,” the statement concluded.
The Hostages and Missing Families Forum said that the return of their bodies “reminds us all that it is the state’s duty to bring everyone home, so that we, the families, together with all the people of Israel, can begin the process of healing and recovery.
“Decision-makers must do everything necessary to reach an agreement that will return all 56 remaining hostages—the living for rehabilitation and the deceased for burial. There is no need to wait another 608 agonizing days for this. The mission can be completed as early as tomorrow morning. This is what the majority of the Israeli people want,” the forum said.
“A grave is not a privilege,” the forum stressed. “A grave is a basic human right, without which personal and national recovery is impossible.”
END
ISRAEL VS HAMAS
Netanyahu’s office does not deny Liberman’s claim that Israel is arming Hamas opponents in Gaza
Avigdor Liberman sat down with Kan’s Reshet B on Thursday in interview claimimg Netanyahu is arming militias in Gaza.
The Prime Minister’s Office did not deny Yisrael Beytenu chair Avigdor Liberman‘s claim that Israel is arming crime families and militias in Gaza to fight Hamas, which he made in an interview on Reshet Bet Thursday.
“Israel is working to defeat Hamas through various means, as recommended by all heads of the security establishment,” the Prime Minister‘s Office said in a statement.
In the interview, Liberman claimed, “The Israeli government is transferring weapons to a group of criminals and offenders who identify with ISIS, on the orders of the prime minister.”
Liberman then went on to say, “In my opinion, this did not pass cabinet approval. This was with the knowledge of the head of the Shin Bet, but I don’t know how much the chief of staff was privy to the matter.
KAN reported that weapons were given to different militia groups within the Gaza Strip that oppose the rule of Hamas. The report said this was done so the groups could defend themselves against the terrorist organization.
When asked to respond to the allegations, the Shin Bet refused, KAN reported.
end
What is the Mujahideen group that held Judith Weinstein, Gadi Haggai?
The Palestinian Mujahideen terrorist movement was the same group that took the Bibas family hostage.
On June 5, the IDF said they had retrieved the bodies of Judith Weinstein Haggai and her husband, Gadi Haggai. They were kidnapped from Kibbutz Nir Oz on October 7. Their bodies were held in Gaza for almost twenty months.
Judith was seventy years old and Gadi was seventy-two when they were murdered. The IDF said that the Palestinian Mujahideen terrorist organization murdered the two. They had Israeli and US citizenship.
This is the same terrorist group that is believed to have also kidnapped and killed Shiri Bibas and her two children, Ariel and Kfir. Yarden Bibas, Shiri’s husband and the father of the children was released on February 1, 2025. They were kidnapped from Nir Oz on October 7.
Nir Oz was overrun by terrorists on October 7. It is a community of 420 residents of whom 386 were at the community on October 7. Forty-seven people were killed at Nir Oz on October 7, according to a full investigation the IDF conducted. However, the IDF did not reach Nir Oz until the terrorists had left the kibbutz.
Terrorists attacked the Kibbutz around 6:50 am and held it until around noon, when the hundreds of terrorists began to leave. Several terrorist groups were involved in taking over the community and in massacre and kidnapping.
Pictures of Shiri Bibas and her children Kfir and Ariel who are held hostage in Hamas captivity hang outside the protest tent calling for the release of Israeli hostages in the Gaza Strip, outside the Prime Minister’s residence in Jerusalem, February 19, 2025. (credit: Chaim Goldberg/Flash90)
What is known about the Mujahideen group? First, it is worth knowing a bit about the crimes of the group and the other terrorists on October 7.
According to the investigation, seventy-six people were kidnapped from the community, sixty-seven of whom were alive. Thirteen of those 67 living hostages were killed in Gaza. By March 2025 a total of five hostages presumed to be alive were still held in Gaza and nine deceased hostages were held.
Today, with the return of the bodies of Gadi and Judith, it would appear that seven deceased hostages are believed to be held in Gaza from the community, along with the living hostages.
The Palestinian Mujahideen Movement is also known as the Palestinian Mujahideen Brigades. The group is believed to have been founded in 2006. The European Council on Foreign Relations says that “The Mujahideen Brigades are the armed wing of the Palestinian Mujahideen Movement.
The Mujahideen group operates in Gaza and the West Bank
They operate in both Gaza and the West Bank (including Jenin). The secretary general of the Palestinian Mujahideen Movement is Dr. As’ad Abu Shari’a. The Brigades have claimed responsibility for rocket fire against Israel and operate in cooperation with Islamic Jihad’s al-Quds Brigades.
The group also participated in the 7 October 2023 attacks against Israel alongside Hamas and several other Palestinian armed groups.”
An article by Joe Truzman at FDD’s Long War Journal in 2020 noted that the “Mujahideen Brigades’ military capability compares similarly to the other small militant groups in the Gaza Strip. Small arms, rocket-propelled grenades, locally-manufactured mortars, and short-range rockets make up the majority of the military capability the group possesses.”
Throughout the war that began with the Hamas attack on October 7, 2023, the Mujahideen have not played a major role. However, they have held the dead bodies of hostages, and they were involved in some fighting in Gaza.
On June 4 a man named Abu Bilal, who is the spokesperson for the Mujahideen, had claimed that the IDF’s casualties in Gaza are much larger than the IDF has said. He also said that the group has recruited many new members. This comes as Hamas continues to suffer losses. In general, the group does not put out many statements.
On February 25, 2025, the group released a video that was shown on Middle East Eye. It showed a “field commander” of the Mujahideen Brigades saying that Shiri Bibas was an “active Israeli soldier,” as an excuse to why the group kidnapped her.
The group claimed she and the children were killed in an airstrike and that the group also lost members who were guarding her. The group later took part in the handover ceremony of the corpses of Shiri and her two children on February 20.
In early April 2025, the IDF eliminated Mohammed Hassan Mohammed Awad, who is believed to have been a senior member of the Mujahideen group. Awad “commanded the kidnappings of Shiri, Kfir, and Ariel Bibas,” during the October 7, 2023, atrocities and was “probably personally involved” in their murders, the IDF said on April 4. He is also believed to have been involved in kidnapping Gadi and Judith, and also kidnapping Thai workers.
The Mujahideen terrorist group continues to play a role in Gaza. It both carries out attacks and tries to present itself as speaking on behalf of Palestinians. For instance, Middle East Eye said the group put out a statement in March condemning Israeli raids in the West Bank.
“This new aggression is part of the policy of siege and starvation that targets the foundations of our people’s steadfastness and aims to break their will,” the group said. It clearly wants to expand its influence in Gaza and the West Bank.
Related Tags
end
israel hamas
Gaza resident tells the truth on aid being stolen by Hamas
(JerusalemPost)
‘They’re criminals, like ISIS’: IDF reveals Gaza resident’s testimony to COGAT officer
The IDF has revealed a recorded call where a Gazan resident testifies that Hamas has attempted to disrupt aid deliveries to a COGAT officer.
Carrying food supplies provided at an aid distribution site run by the US-backed Gaza Humanitarian Foundation, in Rafah, May 27, 2025.(photo credit: Hatem Khaled/Reuters)
The people who fired at civilians attempting to disrupt the distribution of aid were members of Hamas, a Gaza resident told a Coordinator of Government Activities in the Territories (COGAT) officer in new recordings revealed by the IDF Thursday.
“They don’t want the people to receive aid, they want to foil the plan so that the aid will go to them, allowing them to steal it. They’ve gone completely bankrupt,” the Gazan resident said.
Residents further testified that Hamas has been “taking various actions to prevent Gazans from receiving humanitarian aid, including firing at IDF troops near distribution points and spreading false claims about mass casualties near those areas.”
“There were injured people, yes, seven, maybe eight dead. Not 30, and not 50,” the resident told the COGAT officer, adding that this was not the first time Hamas terrorists attempted to sabotage aid deliveries.
“They live on the aid… they want aid to come in through the United Nations and international organizations so they can steal it… I swear to you, they’re criminals, like ISIS.”
The US-based Gaza Humanitarian Foundation (GHF) said only two sites in southern Gaza’s Rafah area would operate on Thursday, after all sites were closed the day before for maintenance following a series of deadly shootings close to its operations.
The GHF, which has been fiercely criticized by humanitarian organizations including the United Nations for alleged lack of neutrality, began distributing aid last week. The UN has warned that most of Gaza’s 2.3 million population is at risk of famine.
end
ISRAEL VS HOUTHIS
WEST BANK
RUSSIA VS UKRAINE
ROBERT H`
Waiting for Missile strikes
“Fortunately, the Russians are tempered in deciding to call the strike of airports where planes were in plain view due to the Start Treaty with America an act of terrorism. They have taken the same attitude with the attack on Bridges causing many civilian deaths.
What is interesting is that America and Russia are talking about such terrorist actions being an effort to disrupt relationships between these two Nuclear powers. It is perhaps noteworthy to appreciate that by not having the US attend the NATO meetings suggests that NATO efforts are without US AIR support. However, the Russian mood is that the US is playing a deceptive game and is not reliable. This is clear that the call between Rubio and Lavrov is short and says nothing about the strike on the airports. Nothing is being said by the US on what was a military strike against the aircraft. This is what makes the Russians think that the Americans are not playing above board. However, the Russians have called it terrorism and not actual act of war.
No doubt, the Russians will ramp up their missiles strikes without going to Oreshnik or worse. They will continue to gain ground over the next several months and take the approach that the battlefield will bring parties to the negotiating table in time. However, we should have no illusions. Russians do not negotiate with terrorists. Ukraine will cease to exist. It is simply past its’ due date. Europe should concern itself with what they will do with all the AZOV characters who will leave Ukraine and head west.
However, it should be equally clear that the American authorities and officials do not want to trigger a Oreshnik moment. It really is an offer to the West that Trump may respond with active measures to stop supplying information and weapons to Ukraine. It is an olive branch to avoid a nuclear war. We should have no illusions where this will go if the West does not step back from the brink of real war. Another such incident will not be seen in this light.:
Time will tell.
end
RUSSIA/UKRAINE
Kremlin: No ‘Negotiations With Terrorists’ – We’ll Retaliate At ‘A Time Of Our Choosing’
Thursday, Jun 05, 2025 – 09:25 AM
Russia says that President Putin is preparing to retaliate at ‘a time of our choosing’ for all the latest drone and ‘terror attacks’ – including the targeting of trains and bridges with explosives.
“Russia will respond to Ukraine’s latest attacks as and when its military sees fit,” the Kremlin said Thursday. Spokesman Dmitry Peskov confirmed what President Trump revealed of the Putin phone call Wednesday – that the Russian leader made clear that Moscow is obliged to retaliate.
Peskov, speaking of Putin’s first televised address since the devastating Sunday drone attacks deep inside Russian territory said, “The president described the Kyiv regime as a terrorist regime, because it was the regime’s leadership that consciously gave the order, the command, the order to blow up a passenger train.”
“This is nothing other than terrorism at the state level. This is an important statement by the president,” he added.
Putin had accused Ukraine’s leadership of orchestrating a terrorist attack on trains carrying civilians in Russia’s Bryansk region, which left seven dead and dozens injured in the derailment of the train and collapse of the bridge due to planted explosives on Sunday. The operation appeared in parallel to the ‘Operation Spinder’s Web’ drone attacks.
Putin asserted that Ukrainian political leadership was directly behind the strike.
🚨 BREAKING: Putin accuses Ukraine's leadership of orchestrating a terrorist attack on trains carrying civilians in Russia’s Bryansk region.
He also made clear in the address that Ukraine’s offer of a summit with Zelensky and an immediate ceasefire has been rejected. It marked a clear rhetorical escalation when compared to prior comments when he said:
“Who has negotiations with terrorists?”
As we reported earlier, the US Embassy in Kyiv has issued an updated security alert, warning all Americans who remain in Ukraine to be prepared to seek shelter and take emergency preparedness measures as major aerial attack could be imminent.
A senior NATO official who spoke to The Moscow Times agrees that significant retaliation is coming. “There will certainly be retaliatory actions that Russia will take. And there will be defensive things that Russia will do,” the official said.
Ukraine says it destroyed one and damaged two Iskander launchers that were preparing to fire ballistic missiles at Kyiv from Klintsy, Russia. pic.twitter.com/Gyh8VlP70Z
“Russia hasn’t seemed to need much excuse for pretty severe strikes so far. But I think Russia will use this to cover and justify additional, heavier strikes and stalling negotiations,” the NATO source added. Mostly likely Russia will go after ‘command HQ centers’ – and important cities like Kiev and Odessa could see shock and awe level of bombings.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
20 STUDIES SHOW THE CANCER-FIGHTING POTENTIAL OF THIS LOW COST DRUG
by The Wellness Company
Greed in medicine isn’t new but since the COVID-19 pandemic, more and more Americans are waking up to the sad reality that much of the medical establishment is more interested in the bottom line than the health outcomes of patients.
It should come as no surprise then, that big pharma and the medical establishment have absolutely no interest in pursuing low-cost treatments, especially when it comes to diseases such as cancer that are a cash cow for big pharma.
Fortunately, we have a growing number of medical professionals who are committed to restoring faith in our healthcare system and making affordable and effective treatments available to all Americans.
Dr. William Makis, one of the most well-known critics of the failed response to the COVID-19 pandemic, has been an enthusiastic advocate for the use of Ivermectin and mebendazole in treating a wide array of cancers.
Here are recent studies on IVERMECTIN use in certain types of cancer:
BLADDER CANCER – (2024 Fan et al) – Ivermectin Inhibits Bladder Cancer Cell Growth and Induces Oxidative Stress and DNA Damage
LUNG CANCER – (2024 Man-Yuan Li et al) – Ivermectin induces nonprotective autophagy by downregulating PAK1 and apoptosis in lung adenocarcinoma cells
GLIOMA – (2024 Xing Hu et al) – Ivermectin as a potential therapeutic strategy for glioma
MULTIPLE MYELOMA – (2024 Yang Song et al) – Gene signatures to therapeutics: Assessing the potential of ivermectin against t(4;14) multiple myeloma
OVARIAN CANCER – (2023 Jawad et al) – Ivermectin augments the anti-cancer activity of pitavastatin in ovarian cancer cells
PROSTATE CANCER – (2022 Lu et al) – Integrated analysis reveals FOXA1 and Ku70/Ku80 as targets of ivermectin in prostate cancer
COLON CANCER – (2022, Alghamdi et al) – Efficacy of ivermectin against colon cancer induced by dimethylhydrazine in male wistar rats
PANCREATIC CANCER – (2022 Lee et al) – Ivermectin and gemcitabine combination treatment induces apoptosis of pancreatic cancer cells viamitochondrial dysfunction
MELANOMA – (2022 Zhang et al) – Drug repurposing of ivermectin abrogates neutrophil extracellular traps and prevents melanoma metastasis
CERVICAL CANCER – (2022, Qabbus et al) – Ivermectin-induced cell death of cervical cancer cells in vitro a consequence of precipitate formation in culture media
HEPATOCELLULAR CARCINOMA – (2022 Lu et al) – Ivermectin synergizes sorafenib in hepatocellular carcinoma via targeting multiple oncogenic pathways
OSTEOSARCOMA – (2022 Hu et al) – Repurposing Ivermectin to augment chemotherapy’s efficacy in osteosarcoma
GASTRIC CANCER – (2021 Rabben et al) – Computational drug repositioning and experimental validation of ivermectin in treatment of gastric cancer
LEUKEMIA – (2020, de Castro et al) – Continuous high-dose ivermectin appears to be safe in patients with acute myelogenous leukemia and could inform clinical repurposing for COVID-19 infection
ESOPHAGEAL SCC – (2020, Chen et al) – Ivermectin suppresses tumour growth and metastasis through degradation of PAK1 in oesophageal squamous cell carcinoma
CHOLANGIOCARCINOMA – (2019 Intyuod et al) – Anti-parasitic drug ivermectin exhibits potent anticancer activity against gemcitabine-resistant cholangiocarcinoma in vitro
BREAST CANCER STEM CELLS – (2018 Dominguez-Gomez et al) – Ivermectin as an inhibitor of cancer stem-like cells
CML (CHRONIC MYELOID LEUKEMIA) – (2018 Wang et al) – Antibiotic ivermectin selectively induces apoptosis in chronic myeloid leukemia through inducing mitochondrial dysfunction and oxidative stress
RENAL CELL CARCINOMA – (2017 Zhu et al) – Antibiotic ivermectin preferentially targets renal cancer through inducing mitochondrial dysfunction and oxidative damage
GLIOBLASTOMA – (2016 Liu et al) – Anthelmintic drug ivermectin inhibits angiogenesis, growth and survival of glioblastoma through inducing mitochondrial dysfunction and oxidative stress
IVERMECTIN has proven anti-cancer activity against some 20 cancer types, although these are pre-clinical studies. We will never see clinical studies because Ivermectin is off patent and cheap.
Merck, which used to have a patent on Ivermectin, has partnered with Moderna on mRNA Cancer Vaccines, estimated to cost 400,000 GBP per treatment.
Ivermectin studies on mice include: Breast cancer, Colon cancer, glioblastoma, glioma and leukemia.
I have not seen IVERMECTIN studies on Lymphoma, Testicular Cancer, Sarcomas.
IVERMECTIN acts on Cancer mainly by inhibiting signaling pathways involved in cancer proliferation (Akt, Wnt, mTOR) and by inhibiting CANCER STEM CELLS.
Dr. Makis is the only trusted medical professional talking about the potential of Ivermectin. According to the McCullough Foundation a new study confirms the early returns on Ivermectin are positive:
Based on the most comprehensive systematic review of ivermectin use in cancer patients to date, ivermectin appears to be safe—even in individuals undergoing active chemotherapy. Its broad range of anticancer mechanisms demonstrated in preclinical models, combined with anecdotal reports of cancer-related improvements, support its candidacy for repurposing as an oncologic therapy. Well-designed, large-scale clinical trials should be launched as soon as possible to properly assess ivermectin’s potential against cancer.
Indeed, ivermectin in concert with mebendazole has shown even more promise in treating a wide variety of cancers.
Mebendazole, an anti-parasitic like ivermectin, has been prescribed for 100 years to help eradicate parasites – which over 60 million Americans have inside their body today, according to the CDC.
• Ivermectin and Mebendazole combine to effectively treat parasitic infections.
• 90 Oral Capsules, each containing 25mg Ivermectin + 250mg Mebendazole, a clinically effective dose.
• The Gold Standard of safety and efficacy; the only medication of its kind prescribed by a licensed doctor and compounded by a 50-state licensed pharmacy.
Medication You Can Trust from a Trusted Source in the USA
Now, The Wellness Company is the only company in the world to prescribe pure compounded Ivermectin + Mebendazole from a 50-state licensed pharmacy, in a high-dose 90-day supply.
The Wellness Company’s Ivermectin + Mebendazole Parasite Cleanse is in extreme demand, selling out 3 times – prompting The Wellness Company to build a stockpile of medication to serve customers through any potential supply chain disruptions.
With the threat of tariffs restricting international trade, many people have turned to shady overseas sources of medication or unlicensed pharmacies. The Wellness Company proudly remains the only legitimate producer of this compounded formula in the US.
Head over to The Wellness Company today to order a 90-day supply of the ultimate parasite cleanse – Ivermectin + Mebendazole. Simply fill out the 2-minute intake questionnaire after checkout to complete your prescription request.
I am grateful to have a medicine as potentially beneficial as ivermectin and mebendazole, but the most important thing for me is the faith I have in Dr. McCullough and The Wellness Company for making a safe product, in our country. I am grateful for them protecting us through the use of proven products and the peace in knowing that I’m taking something that is precisely what it states on the labels. – Jennifer W.
My daughter was diagnosed with uterine cancer and lung nodules that turned out to be cancerous. She started taking ivermectin/mebendazole 2 weeks ago. She had a PET scan last month and her lungs were littered with dime and pea sized nodules from the top to the bottom of her lungs. She had a biopsy on the 14th of April and the Physcian had to SEARCH for a nodule big enough to get a sample from, and the ONE that he found was at the bottom of her left lung that he said was only a few centimeters wide…. Thank All of you Doctors on this site for giving us HOPE and HEALING!!! – Helen
Sometimes one does wonder if not many health issues are not due to fungus. Just the other day I found out from an acquaintance that his pneumonia is due to fungus. Next week, he will have a procedure to determine what kind of fungus is causing the problem.
END
This says a mouthful
FDA Not Recommending Newly Approved COVID-19 Vaccine: Official
The Food and Drug Administration (FDA) approved a new COVID-19 vaccine but is not recommending people receive it, the agency’s top vaccine officials said on June 4.
“There’s another misconception I want to clarify, which is, people have said, ‘You at FDA are recommending the shots to high risk people and older people.’ I want to be very clear, the FDA is not your doctor. We are not, we don’t recommend shots to people,” Dr. Vinay Prasad, head of the FDA’s Center for Biologics Evaluation and Research, said in a video released by the agency.
“What we do is we make them available for patients to have a conversation with their doctor. But I can understand a 66-year-old who goes to see their doctor and they may decide to do it or not do it, that’s their medical decision. FDA is granting a marketing authorization for that, but we are not in the business of making recommendations.”
Dr. Marty Makary, the FDA commissioner, said on the social media platform X that the FDA’s job “is to review data and decide whether products are safe and effective.”
Officials with the Center for Biologics Evaluation and Research on May 31 approved a new COVID-19 vaccine from Moderna.
The FDA cleared the shot for two groups who have previously received a COVID-19 vaccine: people 65 and older, and those 12 to 64 with at least one condition the Centers for Disease Control and Prevention says increases their risk of severe COVID-19.
The CDC recently stopped recommending COVID-19 vaccines for healthy children and pregnant women.
The FDA typically authorizes and approves vaccines, while the CDC issues vaccine recommendations.
Prasad’s predecessor at the FDA, Dr. Peter Marks, who resigned earlier this year, repeatedly recommended COVID-19 vaccination during the COVID-19 pandemic.
“You should get a COVID-19 booster,” Marks said in one video, published on Dec. 21, 2021.
He said that a booster, or an additional shot on top of a previous vaccination, “will increase the level of your immunity and will provide strong protection from the serious complications of COVID-19, including hospitalization and death.”
The COVID-19 vaccines were originally marketed as one- or two-dose regimens, with no mention of potential boosting. When evidence emerged showing the effects of the vaccines waned over time, the FDA cleared boosters.
The agency later authorized or approved updated formulations of the vaccines in a bid to better target newer variants. They relied primarily on animal and immunogenicity data.
Prasad and Makary announced in May that the FDA would not approve COVID-19 vaccines for Americans who are neither elderly nor have one of the risk conditions, such as obesity, as defined by the CDC, unless manufacturers produced trial data showing the vaccines were effective against clinical endpoints such as symptomatic COVID-19 among the healthy.
“The FDA can only approve products if it concludes, based on scientific evidence, the benefit-to-harm balance is favorable. And we simply need more data to have that confidence for younger individuals at low-risk of severe disease,” Prasad said at the time.
The FDA’s approval of Moderna’s new COVID-19 vaccine was based on data from a trial in which participants received either the new vaccine or Moderna’s already-available COVID-19 shot. The trial showed the new vaccine triggered non-inferior immune responses, according to data Moderna provided to the FDA.
“We at FDA felt that that was sufficient to allow this product to be available to the vulnerable people, older people and high-risk people,” Prasad said on Wednesday, or that the benefits of the vaccine outweigh the risks for those populations.
Moderna has committed to running a placebo-controlled trial of the new shot among healthy people aged 50 to 64. The FDA “will scrutinize every aspect of the trial,” Health Secretary Robert F. Kennedy Jr. said this week.
“They’re not going to go up against another Moderna product in this study. It’s Moderna vaccine against a saline placebo,” Prasad said. “We’re going to see all the adverse events in this study. We’re going to see whether or not it helps people, and what it does, and whether or not it’s working like we think it might be in 2025.”
END
this is really good
special thanks to Robert H for sending this to us
New stroke device with spinning tech hits 90% clot removal success This is major breakthrough!
Corporate officer Caroline Klein has cancer all over, 1 to 9 years to live; UK: singing coach Yvie Burnett breaks spine in collapse at home, footie Sam Hutchinson collapses 6 minutes into game; more
The grim logjam that’s been getting ever bigger has now forced us to break the news of celebrity illnesses in two separate posts. Just below is last week’s post. This week’s is coming soon.
Further indications of the global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers.
Fear for Miley Cyrus: “Hospitalized in intensive care after an infection”
May 26, 2025
Miley Cyrus [32] revealed during an interview on “Jimmy Kymmel Live!“ that she contracted a serious infection after shooting some scenes of her new film on the famous Hollywood Walk of Fame. This is a project linked to the release of her ninth studio album, “Something Beautiful”, on May 30. The Grammy-winning singer shot some footage on the sidewalk of the stars at night to avoid crowds and save on the budget. “We shot the video in October, and in November, on Thanksgiving Day, I ended up in intensive care”, Cyrus said. “It wasn’t that bad to begin with, but the hospital was full and they put me there. My leg started to disintegrate… right around the knee,” she said. “The doctor asked me if I had any idea how I could have gotten such a brutal infection, and immediately I had this image of myself rolling on the Walk of Fame. To be told ‘how disgusting’ by someone who opens up cadavers for a living… it was absurd. These guys do brain surgery, and they looked at my knee and said it was disgusting,” the “Flowers” singer explained.
Miley Cyrus reveals she suffered ‘traumatic’ medical emergency: ‘Excruciating’
May 22, 2025
Miley Cyrus has opened up about a terrifying health scare. The “Flowers” singer, 32, appeared on “The Zane Lowe Show” this week and revealed that she suffered an ovarian cyst rupture when she co-hosted a New Year’s Eve special with Dolly Parton to ring in 2023. “I had a pretty traumatic experience on a show that I was doing with Lorne [Michaels] when I was doing my New Year’s show,” Cyrus recalled. “I had a medical emergency. I had an ovarian cyst rupture, which we didn’t know exactly what was going on, but it was pretty traumatic, cause it was extremely excruciating.” But Cyrus said that she “did show anyway” even though “it was really, really hard on me.”
Researcher's Note – Miley Cyrus says getting the COVID-19 vaccine [sic] is even 'cooler' than Led Zeppelin as she proudly shows off her post-shot arm on Instagram
Miley Cyrus to perform free concert for vaccinated [sic] Nashvillians
Miley Cyrus Urges Everyone to Get Vaccinated [sic] for COVID: 'Each of Us Can Help Stop the Pandemic'
Cancer has limited Caroline Klein’s tomorrows. Here’s what she’s doing about it
May 24, 2025
UtSitting in her kitchen nook in her Salt Lake City home on a May morning, Caroline Klein describes her cancer diagnosis as ironic. Before it, she had always lived a healthy life and never had a cold or needed to use her health insurance. That all changed in September 2022, six weeks after Klein moved to Utah to start a new, high-profile job as Smith Entertainment Group’s chief communications officer. First, one of her high heels began slipping off. Three days later, she couldn’t pick up her foot. She started tripping constantly as her foot would drag. An avid hiker and trail runner, Klein was confused. Then she began feeling a “very intense pain” from her right knee to the top of her foot. She decided to see a doctor. Klein ultimately visited four doctors over the course of nine months. Finally, in June 2023, she met Dr. Mark Mahan at the University of Utah‘s Huntsman Cancer Institute. He suggested an MRI of her thigh, though her thigh wasn’t in pain. That MRI led to the discovery of a small tumor on Klein’s sciatic nerve. Klein was told there was a 95% chance it was benign. But two months later, she went ahead with surgery to remove it — and all of her back and leg pain went with it. But two weeks after the surgery, on Sept. 6, 2023, Klein received another call from Dr. Mahan. He told her the tumor had come back positive for proximal-type epithelioid sarcoma. Despite the clean scans, Klein, then 38, was told she only had a 50% chance to make it another two years. After she went in for the first of those scans in February 2024, her doctor told her the cancer had spread to her lungs and was now terminal. She had one to nine years to live. Klein’s cancer journey has coincided with her career reaching new heights. She’s ushered SEG through one of its busiest chapters, helping it celebrate the Utah Jazz’s 50th season and welcome an NHL team to Utah, the Utah Mammoth.
Researcher's Note – Smith Entertainment Group (SEG), which owns the Utah Jazz and the Delta Center (formerly Vivint Arena), initially implemented a COVID-19 vaccine [sic] policy during the pandemic but later adjusted it. Here's a breakdown of their approach: During the 2021-2022 NBA season, SEG required all guests aged 12 and older attending events at the Delta Center to show either proof of full COVID-19 vaccination [sic] or a negative COVID-19 test taken within 72 hours of the event. This policy was implemented in response to the ongoing COVID-19 pandemic and aimed to create a safer environment for fans, employees, and players. The Utah Jazz also required all full-time and part-time employees to be fully vaccinated [sic] , with "fully vaccinated" [sic] defined as two weeks after the final dose
Singing coach Yvie Burnett left with a spinal fracture after collapsing at home following a brain health scare
May 26, 2025
As she woke up on the floor of her home in severe pain and with no memory of how she had got there, Yvie Burnett [56] feared something was drastically wrong with her brain. However, following weeks of nerve-wracking tests and scans, the Scots singing coach to the stars has now spoken of her relief after she was given the all clear by a leading neurosurgeon. Ms Burnett – known for her work on The X Factor, Britain’s Got Talent and The Voice – was rushed to her local hospital in Bedford at the start of April after collapsing at home. The mezzo soprano had been suffering from stomach pains for a week when she suddenly found herself on the floor of her spare room with severe back pain after passing out. At hospital, doctors discovered she had fractured her spine in the fall but were unsure as to what had caused her to lose consciousness. This led to weeks of tests, including a CT and MRI scan and an appointment with Kevin O’Neill – the celebrated neurosurgeon credited with saving Davina McCall’s life after he removed a benign tumour from her brain. Speaking to the Mail after she was given the good news, Ms Burnett said: ‘He told me there is no damage done to my head or brain and also that it was not caused by something in my brain. I’m just grateful to know there’snothing terrible going on. It’s good to know you’ve come out the other side.’ Ms Burnett, from Aberdeen, said she will have some more health assessments to rule other potential causes for her collapse.
Researcher's Note – Burnett: This week started with quite a bit of excitement. Finally, my area has got round to vaccinating [sic] the over-50s, so my letter came through the door and I headed down to join the queue of arms waiting to be injected. A few hours later I started to shiver then sweat and had 24 hours of proper flu symptoms and aches, but I’m very happy to do it all again in 12 weeks because compared to coronavirus it’s a small price to pay. I must admit though that it’s hard not to have a slight concern about this whole blood clot debate
Molly-Mae Hague rushed to hospital after fearing she had a blood clot
May 26, 2025
Molly-Mae Hague has told fans she was rushed to hospital last week after “severe pain” in her leg made her fear she had a blood clot. The influencer, 25, had just returned to the UK after a trip to Dubai with her partner Tommy Fury – who she recently got back together with after a very public split – and their two-year-old daughter Bambi. Speaking in a YouTube video posted on Saturday, about the discomfort she had felt in her leg after the long-haul flight, the Maebe founder said: “Basically yesterday I thought I had a blood clot and half of today I thought I had a blood clot in my leg.” Hague urged her fans to take blood clot symptoms seriously, even though doctors could find no cause for concern. “It needs to be taken so much more seriously because it can happen to anyone at any age,” she said. “Maybe I had one, maybe I didn’t. I read that blood clots can disperse by themselves and it’s not always going to be sinister. I was convinced I had one but the doctors fully checked me over and said I was fine.”
Feargal Sharkey: Singer and environmental campaigner reveals prostate cancer diagnosis as he urges men to get tested
May 24, 2025
The former lead singer of The Undertones revealed to the Daily Express that he received the diagnosis after visiting his doctor for a sore throat. Sharkey, 66, told the newspaper: “About a year and a half ago, I randomly went to see my GP with a sore throat. Now I’ve known him long enough but he goes, ‘No no, you’re that bloke that used to sing. So if you’re telling me you’ve got a sore throat, there’s something going on’. So my doctor, being the beautiful, wonderful, awkward, cantankerous old man that is went, ‘Oh Feargal, by the way, you’re 65 now, I’m going to run the full battery of tests’.” Sharkey said that two days later he received news that he had been diagnosed with prostate cancer, adding that it has “all now been resolved a year ago”.
Footballer suffered heart attack before scoring match winner to send team into play-offs
May 21, 2025
AFC Wimbledon midfielder Sam Hutchinson played a full 90 minutes and scored the winning goal in a crucial League Two match, despite suffering a heart attack just six minutes into the game. The 35-year-old veteran, whose career began at Chelsea, helped secure his team’s play-off position with a 1-0 victory against Grimsby Town on May 2nd. Hutchinson’s 53rd-minute goal proved decisive, but his post-match celebration was short-lived. During the journey home from Blundell Park, Hutchinson’s condition deteriorated, revealing the seriousness of his earlier discomfort. Subsequent medical examination confirmed he had suffered a heart attack during the match. Hutchinson has since undergone surgery to insert a stent into a blocked artery and is now recovering.
Mayo manager Kevin McStay reportedly recovering in hospital after medical scare
May 25, 2025
Mayo manager Kevin McStay is recovering in hospital after experiencing a medical episode during a training session on Saturday. According to the Irish Examiner, McStay is under medical observation following the incident, which occurred at Hastings Insurance MacHale Park. The 63-year-old had been managing preparations for Mayo’s upcoming All-Ireland Group 1 match against Tyrone in Omagh next Saturday.
Singer Fabienne Louves was diagnosed with breast cancer
May 22, 2025
According to Blick, Swiss singer Fabienne Louves has breast cancer. Last fall, she was diagnosed with an aggressive form of the cancer, according to the newspaper. The 39-year-old began treatment immediately after the diagnosis. She underwent chemotherapy and had her first radiotherapy treatment on the day of the interview with “Blick”. “I’m doing well so far. I haven’t had any side effects so far,” she says. Louves is now ready to talk about the disease. She wants to encourage others and show them how crucial regular check-ups are. She has had regular check-ups and was still unprepared for the news. Especially as her mother had received the same diagnosis years earlier. The singer successfully survived chemotherapy and an operation. According to Blick, the radiotherapy will also soon be completed. The tumor has completely disappeared and Louves is officially cancer-free.
Ex-Arsenal midfielder Rosický hospitalized due to heart problems
May 26, 2025
Worrying news has come from Prague, where former Arsenal midfielder Tomáš Rosický [44] is currently working as sporting director at local club Sparta. Last Tuesday, Rosický was admitted to the hospital due to heart issues. Until recently, only certain people within the club and his family were aware of the situation. However, after realizing the seriousness of the matter, Sparta decided to release an official statement. He is currently in stable condition and did not require surgery, but Rosický will need time to recover, during which he will not fulfill his duties as the club’s sporting director.
Viktor Krum actor from ‘Harry Potter’ undergoes surgery after losing ability to breathe
May 23, 2025
“Harry Potter” actor Stanislav Yanevski was hospitalized after suddenly not being able to breathe after celebrating his 39th birthday. Yanevski, who starred as quidditch player Viktor Krum in “Harry Potter and the Goblet of Fire,” took to Instagram Friday to share a photo of himself lying in a hospital bed. Yanevski had a bandage across his nose and shared why he was hospitalized. “Soon after my birthday I was hospitalized due to inability to breathe. I was taken into surgery and the photo was taken right after I had come out of the surgical room. As always and those who know me closer, I went through this in silence as I didn’t want to scare or worry anybody,” his caption said. The actor said he is still in recovery but is expected to breathe clearly again soon and “experience all scents of life, which was something I had lost over the past months.” He added, “I will be able to sleep without struggles, recover properly with peaceful sleep and be at my full powers very soon. I still have a few pieces planted in my nose, so I’m not able to talk freely.”
Sissy Spacek Sparks Health Concern As Video Of Her Cannes Film Festival Appearance Surfaces
May 30, 2025
Sissy Spacek, best known for her iconic roles in movies such as Carrie, Coal Miner’s Daughter, and The Help, was recently spotted attending the 2025 Cannes Film Festival to lend her support for the new film, Die, My Love, directed by Lynne Ramsay where she portrayed the character Pam. Despite her graceful demeanor and carriage during the event, a video clip circulating online has raised concerns among her fans about her health. In the video, which has garnered lots of views, Spacek was captured walking toward the event in her usual calm and composed manner, flanked by two individuals who appeared to be guiding or supporting her on either side. As if to cover up, the camera quickly panned on Spacek’s Die My Love co-star, Jennifer Lawrence, who had initially been walking directly behind the 77-year-old. Lawrence, in what appeared to be a seemingly calculated move, stepped forward, breaking away from the group, as she waved to the crowd and photographers. Despite the swift move and the video’s caption, which only mentioned Lawrence’s presence, fans were quick to notice the movement of the actress, who had previously spoken about how she maintains her youthful glow, leading to several speculations about her well-being. While some concerns centered on the health status of the actress, Spacek’s behavior in the video, most especially her gait and the discomfort she seemed to be experiencing, was the focal point for others. The fans while reacting to the video voiced their unease, expressing genuine concern over Spacek’s mobility and her overall health status. Others, while observing the apparent difficulty she had with her movement, reasoned that the actress might be dealing with an underlying medical challenge.
Researcher's Note – Sissy Spacek was featured in at least two Hollywood projects in 2022: Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023
Kathy Griffin ‘Pushing Through Huge Obstacles’ to Perform Onstage After Hysterectomy and Cancer
May 26, 2025
Kathy Griffin has never been one to shy away from a challenge, but her struggle over the past few years has been tough even by her standards. She’s been busy sharing details of her latest medical emergency and a source exclusively tells In Touch she’s feeling humbled yet determined to stay on track following a series of setbacks. The iconic personality, 64, announced with her standard comedic candor in April she underwent a hysterectomy for a precancerous condition. “Happy Monday!” she posted on Instagram. “I had a hysterectomy on Friday, that’s right they took out the uterus, the fallopian tubes & the ovaries. Pre-cancerous, blah blah blah.” Though, the source notes that behind the scenes, Kathy isn’t taking the procedure lightly and the constant health battles have begun to wear her down. “The last six years have been absolutely brutal,” the insider shares. “It’s been one health thing after another.” Kathy revealed she was diagnosed with stage 1 lung cancer in December 2021, which required extensive treatment and horribly invasive surgeries to beat back. She also added her voice had been altered due to an intubation tube damaging her vocal chords. That particular complication required another surgery altogether, which she underwent in May 2023. “The thing that’s been really crazy and kind of like, a mindf–k, is that when I had cancer, I had no symptoms, then I got the surgery where they took out half my left lung. And now it’s like, I sound and feel like I have cancer,” she said. “The thing that’s frustrating is I actually sound like I’m in pain, but I’m not.”
Researcher's Note – October 5, 2021: Kathy Griffin Gets COVID Vaccine [sic] Booster Shot 2 Months After Lung Cancer Surgery
March 25, 2022: 4th booster [sic] f**kers. Oh, and CVS gave us EIGHT free Covid tests for getting boosted!
Actor Lauren Weedman Was Diagnosed With Bell’s Palsy. Then, Hollywood Showed Up In The Most Unexpected Way
May 27, 2025
Actor Lauren Weedman has depended on her lovely, expressive face to make a living in Hollywood for more than three decades. Weedman cracked audiences up in projects including “Date Night,” “Looking,” “Will & Grace,” “Arrested Development,” “Euphoria,” “Special” and “Mom.” Recently, she’s had recurring roles on Emmy-winning comedies “Abbott Elementary” and “Hacks.” Then, last August, the 56-year-old actor experienced severe facial paralysis. Weedman had developed Bell’s palsy, which temporarily paralyzes the muscles on one side of the face. The exact cause of the condition is unknown, but Bell’s palsy often stems from a viral infection that inflames the facial nerve. Stress can be a contributor. Her symptoms included complete freezing of the right side of her face, an inability to align her lips and smile normally, an inability to close her right eye, headache and general malaise. The paralysis began at the start of a three-week break from work. Weedman wasn’t auditioning for new gigs. She was already employed, having shot two episodes of the new hourlong dark comedy “Sirens,” which premiered May 22 on Netflix. This wasn’t Weedman’s first bout with Bell’s palsy. She’d had a mild case while pregnant with her son, Leo, now 15, but it resolved relatively swiftly. This felt dreadfully different. Weedman’s face has visibly improved since shooting “Sirens,” “Abbott” and “Hacks,” but her neurologist recently cautioned it might take a full year for her to recover completely.
Researcher's Note – Lauren Weedman was featured in at least seven Hollywood projects between 2021-2023: Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023
RHOA’s Monyetta Shaw-Carter Reveals Private Breast Cancer Diagnosis Last Year
May 31, 2025
Monyetta Shaw-Carter quietly faced one of her life’s toughest battles: breast cancer. Last September, the “Real Housewives of Atlanta” friend-of-the-show felt a strange sensation in her left breast. “It was literally like my body was alerting me that something was wrong.” A mammogram a month later confirmed it: stage 1 invasive ductal carcinoma. After a lumpectomy in January and 16 rounds of radiation, she rang the bell on May 2nd. “Because I caught the cancer early, I will be here for my kids,” she told People. “Our health is irreplaceable.” To mark her recovery, her 45th birthday party requires everyone to wear pink.
Researcher's Note – Monyetta Shaw-Carter was featured in at least seven Hollywood projects between 2021-2023: Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023
‘Real Housewives of Atlanta’ star Dwight Eubanks diagnosed with stage 4 prostate cancer
June 2, 2025
“Real Housewives of Atlanta” star Dwight Eubanks [66] revealed on Monday that he has been diagnosed with stage 4 prostate cancer. The celebrity stylist says he wants to raise awareness about the risks, particularly the ones that Black men face, when it comes to prostate cancer. Eubanks told People Magazine that he was first diagnosed in January after he got bloodwork done at a church health fair. Further testing confirmed his stage 4 diagnosis in April. “I was shocked. I was angry,” he told People. “I was just emotionally a wreck.”
Deion Sanders Reveals He’s Been Battling Health Issues During Offseason
May 31, 2025
Former NFL All-Pro cornerback Asante Samuel recently sparked debate after declaring on social media that he belongs in the same all-time tier as Hall-of-Famer Deion Sanders [57]. The online back-and-forth led to Sanders joining Samuel on the ‘Say What Needs to Be Said’ podcast on Friday night. The two former stars tackled rumors of a rift and shared insights on cornerback play in today’s game. However, the tone of the hour-long episode shifted at the end when Sanders opened up about ongoing health concerns. He revealed unexpected weight loss and hinted at a health issue, calling it “on another level.” When Samuel asked if fasting was involved, Sanders replied by saying it was more serious. He noted this was his first public appearance since a press conference on April 22, adding that he needed to go on the podcast for a boost. “I’ve done no media. I’ve done nothing for a minute,” Sanders admitted. “So coming on with you is something. I ain’t been in front of nobody for a minute. I lost about 14 pounds. I’m coming back, but I needed this.” Sanders’ health challenges have been widely reported. He previously underwent multiple surgeries [in 2021] related to blood clots, resulting in the amputation of two toes on his left foot while at Jackson State. In late 2024, Sanders said doctors advised removing the remaining toes, which he declined. Despite the concerns, Sanders recently signed a five-year, $54 million extension with Colorado. He became the highest-paid coach in the Big 12 conference.
during President Biden; they are all over USA, Homeland/law-enforcement does not know their names & where they are; terror cells, it is a huge problem! I agree with Homan, we have to find them fast!
“It’s coming,” he said. “These 2 million known gotaways scares the hell out of me”, adding some could be terrorists.
“This scares the hell out of me and I’ve been doing this for 40 years,” he repeated.’ A Bataclan and similar terror style attack is coming, Homan is telling us and he knows.
“I’m convinced something’s coming unless we can find them.”
A “gotaway” means an unlawful border crosser, who is directly or indirectly observed making an unlawful entry into the United States; is not apprehended; and is not a turn back – according to the US government.”
Top US border chief warns new terror attack ‘worse than 9/11’ is imminent
‘Donald Trump’s Border Czar dropped a bombshell terror warning, claiming a “9/11 or worse” is imminent. Tom Homan blamed the immigration and border policies of the previous White House administration under Joe Biden for his terrifying prediction.
Appearing on Fox News, he was asked by host Sean Hannity whether America was at risk of a “9/11” style attack. Homan pointed to what he claimed were nearly two million migrants that entered the country illegally during President Biden’s tenure.’
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL AND NATURAL GAS//GLOBAL/ENERGY/
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE
CANADA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1424 UP 0.0004 PTS OR 4 BASIS POINTS
USA/ YEN 143.15 UP 0.428 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 1.3577 UP .0027 OR 27 BASIS PTS
USA/CAN DOLLAR: 1.3655 DOWN 0.0027 (CDN DOLLAR UP 27 BASIS PTS)
Last night Shanghai COMPOSITE UP 7.90 PTS OR 0.23%
Hang Seng CLOSED UP 252.94 PTS OR 1.07%
AUSTRALIA CLOSED DOWN .02%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 252.94 PTS OR 1.07%
/SHANGHAI CLOSED UP 7.90 PTS OR 0.23%
AUSTRALIA BOURSE CLOSED DOWN 0.02 %
(Nikkei (Japan) CLOSED DOWN 192.96 PTS OR 1.07%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3390.50
silver:$35.55
USA dollar index early THURSDAY morning: 98.72 DOWN .01 BASIS POINTS FROM WEDNESDAY’s CLOSE.
First things first, the Trump vs Musk death-match went to ’11’ today and it was not pretty (here are all the details)…
…sending TSLA stock reeling (down over 17% – a market cap loss of over $150 billion). As the most bought stocks among retail investors, who have been buying all the dips recently, TSLA’s tumble is more than idiosyncratic…
Additionally, ahead of tomorrow’s ‘most anticipated ever’ payrolls print, this week has finally seen US labor market data react to the weak sentiment we have seen for months…
Source: Bloomberg
And all of that weighed down tech stocks overall as Nasdaq lagged (as one veteran trader MSG’d us: “…what a shitshow.”) erasing early gains on the back of Trump-Xi call optimism…
Mag7 stocks lagged the S&P 493, legging down as every tweet from Trump or Musk escalated the situation…
Source: Bloomberg
It’s hard to say WTF was driving price action today – Trump-Xi call, weak jobs, crazy trade balance swings, Trump-Musk war… but it sparked selling in pretty much everything ahead of tomorrow’s payrolls print.
Bonds, stocks, crypto, and gold were all dumped as the dollar ended unchanged as ‘uncertainty’ soars again.
Trying to trade stocks while the richest man in the world and POTUS are in a massive cat fight on @Xpic.twitter.com/JqmNUNMkaW
The dollar puked intraday but came back as chaos struck and ended unch…
Source: Bloomberg
Bitcoin was also dumped today – back at three week lows…
Source: Bloomberg
Stablecoin company Circle (CRCL) IPO’d today at $31, opened at $69, and topped $100 intraday before selling pressure from the broad market wiped some lipstick off…
Oil prices managed gains on the day, holding at recent highs…
Source: Bloomberg
Finally, the market is actually pricing in only a modest reaction in stocks tomorrow…
Source: Goldman Sachs
Consensus is +125k, but whisper number is +80k.
BIG MORNING NEWS OF THE DAY
“Our Clients Keep Asking One Question”: What’s Going On With Dollar Hedges?
Thursday, Jun 05, 2025 – 03:23 AM
Amid the persistent dollar weakness that has emerged since Liberation Day, where stocks are almost back at all time highs while the dollar is at multi-year lows and can’t catch a bid…
… there is one question that DB’s head of FX strategy, George Saravelos, keeps getting asked from clients: what are foreign investors doing with their dollar hedge ratios? Yesterday, the strategist provided an answer for Danish pension funds, showing that as of April, they had started to materially reduce their dollar exposure.
In a report published today (and available to pro subs) Saravelos addresses a separate question: what are money managers doing with their hedge ratios? This is a notoriously difficult question to answer given that asset managers are less concentrated and discretionary FX decisions are rarely publicly disclosed.
Given the above, the DB FX guru goes down a different route: he uses the methodology in academic work outlined here to back out hedge ratios from investment returns. To do that, he obtained return data for nearly 3,000 fixed income and equity funds that are domiciled outside of the US but that invest in US markets. Non-US domicile ensures the capture of activity by foreign investors. Dollar exposure is then backed out by calculating funds’ return sensitivity to FX movements.
The results are presented below, with three overarching observations.
Estimated dollar exposure for both fixed income and equity managers was close to or at record highs in the run-up to escalating trade tensions. Crucially, elevated dollar exposure is not a structural phenomenon but a cyclical one that built up over the preceding two years. This suggests that the bar for this to be reduced is lower than is commonly assumed.
Equity hedge ratios appear more passive compared to fixed income. DB metrics of dollar exposure for equity investors tend to track the relative US – rest of world interest differential fairly well. So when the cost of hedging goes up, USD exposure rises because it becomes too expensive to hedge. In contrast, our hedge ratio proxies for fixed income appear more correlated to directional moves in FX and therefore more discretionary.
It is very hard to understand the shift in hedging dynamics in recent weeks. The DB methodology is based on statistical inference. It is not fool-proof and highly sensitive to underlying structural breaks in cross-market correlations. The last few weeks have seen a very unusual breakdown in the dollar – equity/bond relationship as well as between manager returns and their respective benchmarks. This most likely biases the last few weeks’ beta estimates higher and DB would play down the spike in implied dollar exposures of recent weeks. More data is needed to understand how hedge ratios are currently evolving.
Saravelos concludes with the caveat that it’s important to remember that the metrics above cover only part of the broad dollar flow picture. As emphasized elsewhere, the dollar requires fresh capital inflow each day to fund its external deficits, and DB’s analysis relies on its high-frequency capital inflow metrics to gauge this. Still, hedge ratios are an important dynamic to follow as they impact the stock rather than the flow of US assets.
A similar, if less nuanced analysis comes from JPMorgan’s Nick Panigirtzoglou who in his latest Flows And Liquidity report (also available to pro subs) writes that he is skeptical of the hypothesis that unwinding of previous cross border borrowing in euros or in yen played a significant role in this year’s dollar weakness. Some more excerpts from the JPM analyst note:
There has been little indication of either increased demand for hedging dollar exposures in cross-currency basis swaps (beyond ongoing wide levels in Taiwan) or selling of US assets by foreign investors. And despite the rather large figures often mentioned in dollar terms for the stock of US assets held by the rest of the world, relative to the total financial assets of households in the rest of the world, the allocations to US assets typically stand at around 10%-20% or so, a level that does not look high compared to the 50%-60% US share in global equities and bonds.
If this assessment is correct, it leaves currency traders, such as macro hedge funds as the most likely culprits for the past months’ dollar weakness. Indeed, our spec positioning metrics suggest that spec investors continue to hold elevated long euro and long yen positions. However, another explanation for the dollar weakness has been raised in our client conversations: could previous cross border borrowing in euros or in yen be backfiring this year, forcing borrowers to repay previous euro or yen liabilities, thus inducing euro/yen strengthening?
After laying out some hypotheses, Panigirtzoglou says that he is skeptical of the hypothesis that unwinding of previous cross border borrowing in euros or in yen played a significant role in this year’s dollar weakness: “In terms of the yen carry trade, our assessment suggests that of the three components of the yen carry trade we identified in the past, none got unwound this year and only one (purchases of Japanese equities by foreign investors on a currency hedged basis) got unwound last year during August/September 2024. And while euro area residents sold foreign equities in both February and March, there has been no sign of retrenchment in terms of their purchases of foreign bonds.”
In short, if you want someone to blame for the persistent dollar weakness, don’t blame structural changes like cross-border FX hedges, but instead blame the usual suspect: piling on by macro hedge funds, who are now all short the USD and long various countercarry currencies like the yen and euro. Of course, this trade will only last as long as the biggest spec bails and the rest scatter, sending the USD soaring. The question is what will catalyze such a move.
S&P Futures Spike Above 6,000 After Chinese Media Reports Trump, Xi Held Phone Call
Thursday, Jun 05, 2025 – 09:00 AM
In keeping with China’s now default lying and obfuscation about anything trade war related, just hours after Bloomberg reported that according to the Chinese Foreign Ministry there was no information to share on a US President Trump/Chinese President Xi call, moments ago China’s state media Xinhua reported that the two world leaders had in fact just held a phone call, and engaged in discussions reflecting ongoing diplomatic communication amidst tensions.
Here are all the headlines on BBG and Reuters
XI, TRUMP HOLD PHONE TALKS: XINHUA
XI, TRUMP HOLD PHONE TALKS AT TRUMP’S REQUEST: XINHUA
CHINESE STATE MEDIA REPORTS ON A CALL BETWEEN PRESIDENT TRUMP AND XI JINPING THE LEADERS ENGAGED IN DISCUSSIONS, REFLECTING ONGOING DIPLOMATIC COMMUNICATION AMIDST TENSIONS
And while we now await Trump to comment on his Truth Social account what all that was about, futures aren’t waiting and spoos quickly spiked above 6,000, rising as high as 6016 and on the verge of pushing the S&P into a bull market.
Safe haven gold (and bonds) were sold…
But Bitcoin was bid…
Along with oil prices…
Developing…
USA DATA
US Trade Deficit Shrinks By Most On Record In April As Imports Plunged
Thursday, Jun 05, 2025 – 08:49 AM
As the front-running of tariffs abruptly ended, so imports to the US collapsed in April – by the most on record – shrinking the trade deficit by the most on record…
Source: Bloomberg
The gap in goods and services trade shrank 55.5% from the prior month, to $61.6 billion, the smallest since 2023 and more than completely reversing the sharp widening that occurred in the first quarter.
Imports of goods and services declined a record 16.3% in April, while exports increased 3%.
Source: Bloomberg
The April trade report showed imports of consumer goods slumped $33 billion, largely due to a sharp decline in inbound shipments of pharmaceutical preparations.
Imports from China plunged to their lowest since March 2020…
Source: Bloomberg
…shrinking the trade deficit with China to its smallest since March 2020…
Source: Bloomberg
Canadian exports plunged by the most in nearly 17 years outside of the pandemic, widening the country’s merchandise trade deficit to the largest on record. The deficit far exceeded even the most pessimistic projection in a Bloomberg survey of economists.
Source: Bloomberg
The sharp narrowing in April puts trade on track for a large contribution to US GDP in Q2 after being largely responsible for a 0.2% annualized decline in first-quarter GDP. We look forward to The Atlanta Fed ‘adjusting’ their GDPNOW model again…
end
US Jobless Claims Surge To 8 Month Hig
Thursday, Jun 05, 2025 – 08:38 AM
The number of Americans filing for jobless benefits for the first time jumped to 247k last week (above the 239k expected) – the highest since October 2024…
Source: Bloomberg
A breakdown of weekly claims changes finds the biggest increases in Kentucky and Minnesota, and the biggest drops in Michigan and Florida.
Continuing claims remain above the 1.9 million Americans level for the second week in a row…
Source: Bloomberg
…with the DOGE-inspired ‘Deep Tristate’ region seeing claims surge to their highest since Dec 2021…
Source: Bloomberg
Despite Musk’s obvious disappointment at the One Big Beautiful Bill’s lack of spending cuts, he can be proud that he did his part to shrink the workforce of the leviathan…
USA ECONOMIC NEWS
Kill (The) Bill: Musk Goes Ballistic Against GOP Tax And Spending Package
Wednesday, Jun 04, 2025 – 04:20 PM
Let’s be honest, Elon Musk has been made a fool of by the GOP. After assembling the DOGE team and spending months finding egregious levels of waste, fraud and abuse within the US government – i.e. what Trump supporters voted for – House and Senate Republicans gave Musk a little pat on the head, then proceeded to roll out President Trump’s ‘Big Beautiful Bill’ – that codified exactly zero of DOGE’s findings, raises the debt ceiling by $5 trillion, and relies on ambitious economic projections to achieve what the White House insists is $1.4 trillion in savings (while the Congressional Budget Office projects deficits of $1.7 – $2.3 trillion over the next decade).
Needless to say, Musk is livid.
On Tuesday, Musk posted to X, “I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.”
His post was immediately met with support from Sen. Rand Paul (R-KY), who said “We can and must do better.”
This sent the White House scrambling to do damage control – with Budget Director Russ Vought sending Congress a request for a $9.4 billion clawback for unspent foreign aid funding – which if you’re Musk, after what DOGE has uncovered, is a huge slap in the face.
Kill (the) Bill
On Wednesday, Musk continued to rage on X – posting: “Call your Senator, Call your Congressman, Bankrupting America is NOT ok! Kill the Bill.” – followed by a ‘Kill Bill’ movie poster featuring Uma Thurman.
With benefits, the effective wage is $38.35. This is inflationary…
New Minimum Wage AI Overview
Los Angeles is moving towards a $30 minimum wage for hotel and airport workers by 2028, a move supported by unions and some council members who believe it will benefit the local economy. The city council passed an ordinance to implement this wage increase, and the law is expected to take effect in stages, reaching $30 per hour by 2028. This increase will impact hotels with over 60 rooms and businesses at LAX, including airlines and concessionaires.
The 2028 Summer Olympics are three years away, but host city Los Angeles is already on track to miss the podium.
The law requires not only a $30 minimum wage by 2028, but also $8.35 hourly in required benefits spending—for an effective wage of nearly $40 an hour. An Oxford Economics study on the mandate found that 15,000 hospitality and construction jobs would be eliminated, with $342 million in construction spending halted and nearly $170 million in tax revenue lost.
Los Angeles’s Olympic bid was contingent in part on having enough hotel rooms for athletes, spectators and officials. Hotels signed agreements guaranteeing a certain number of rooms at a given rate during the Games.
Those agreements are now at risk: Eight hotels have said they will pull out of the room plan, citing the unworkable economics of the new minimum-wage law. A hotel development that would have created 395 rooms for the Olympics was canceled. More-severe consequences are expected.
Los Angeles relies on the transient occupancy tax revenue it receives each time a hotel room is booked. Fewer visitors mean less city revenue, which comes at a precarious time as Los Angeles has cut constituent services and 600 city jobs to close a $1 billion budget deficit.
Don’t tell that to the hotel union, whose co-president Kurt Petersen has dismissed the evident consequences of the wage mandate as a “Chicken Little” mentality. His own members might feel differently: The union shed almost 10,000 members last year, perhaps in part to earlier wage hikes he championed.
Mr. Petersen is looking to 2028, threatening a potential strike when current contracts expire months before the Olympics. Many hoteliers aren’t waiting around to find out. “Frankly, the market, from a broad-based buyer perspective, has been crossed off the map by investors,” one hotel executive told the Los Angeles Times.
The state has asked Congress for $40 billion to help Los Angeles recover from the fires. Legislators should consider conditioning that aid on a moratorium on any mandates, including the $30 minimum wage, that would put recovery and taxpayer dollars at risk.
Give the Cities Nothing
The last paragraph above is ridiculous. Congress should give cities nothing because all they will do with the money is waste it.
And then once they waste it, they will continue their union and DEI pandering anyway.
Soaring Minimum Wages
Does anyone recall the fight for $15?
It’s now a fight for $30 plus another $8 in benefits.
Rising wages for hotels will increase the pressure for rising wages elsewhere.
And if wages rise, so will prices at hotels and restaurants.
So far, this madness is local to LA, but don’t expect it to stay there.
END
“Devastating Attack”: Wall Street Dramatically Responds To Trump’s Proposed Tariffs On Foreign Films
Monday, May 05, 2025 – 10:35 AM
Update (1035ET):
Media stocks slumped in the early US cash session in New York after President Trump announced Sunday that he plans to slap 100% tariffs on films produced overseas.
Among the movers:
Netflix -2.5%
Warner Bros Discovery -2.7%
Walt Disney -1%
Paramount Global -2%
Roku -2.25%
FuboTV -3%
Here’s Wall Street’s response (courtesy of Bloomberg):
Barclays
“There are literally no details available at this point other than a social media post from President Trump and therefore it is not clear how this will be implemented”
However, “if this is deployed on a wide scale, it may end up harming the very industry it is supposed to help, especially given that the US exports 3x the amount of content that it imports”
Media stocks like Netflix “had been seen as defensive due to lack of exposure to tariff-related threats”
Benchmark Co.
This “would be devastating attack on the U.S. entertainment industry,” and the headlines “injects further noise into sentiment for essentially every entertainment stock”
Trump has “a clear desire for vengeance against many participants” in the entertainment industry
Wedbush
“Tariffs on foreign-produced content could cause pressure on shares across the media landscape in the near term,” but details are sparse and “ultimately, we think the theaters will be somewhat insulated, as major studios producing the bulk of major exhibitor-bound content can move production back to the US”
National Bank Financial
The news was unanticipated, and “it’s not clear if this tariff would hit all movies produced abroad or just non-U.S. productions”; it also “remains to be seen if such a tariff would be immediately imposed on product coming to the multiplex in 2025 or yet to be made”
The firm expects “a pushback from Hollywood and lawsuits”
Coming To America: Syrian Islamist Leader Sharaa Will Speak At UN
Wednesday, Jun 04, 2025 – 08:05 PM
The Islamist group which rules Syria from Damascus, Hayat Tahrir al-Sham (HTS), has long been designated as a terrorist organization by the UN, US and UK. But once the hardline group toppled Assad, things changed rapidly.
The group’s leader and self-declared interim president Ahmed al-Sharaa (Abu Mohammed al-Jolani) until very recently had a $10 million bounty on his head. In May, President Trump met with Sharaa in Saudi Arabia, praising his “very strong past” – after which US sanctions on Syria were dropped. That ‘strong past’ was terrorism plain and simple, including attacks on civilians and overseeing Sharia executions in AQ-held Idlib provice.
A week before the Gulf meeting with Trump, Sharaa had suggested the idea of building a Trump Tower in Damascus. Since then, Sharaa has engaged with several US delegations, pushing for positive relations amid an effort to present a ‘moderated’ and ‘reformed’ leadership, despite that Jolani had even been part of ISIS early in the Syrian proxy war.
This is why a headline which emerged Tuesday is absurd and shocking: the man who founded the Syrian al-Qaeda group Al-Nusra Front is coming to America.
Syrian President Ahmed al-Sharaa will visit New York in September to participate in the United Nations General Assembly, according to Sky News Arabic.
Reports of Sharaa’s intention to address the UN have emerged in Arabic-language media in recent weeks.
This would mark the first time a Syrian president has addressed the UN since June 1967, when Nureddin al-Atassi did so after Israel’s victory in the Six Day War.
Earlier this week, the US endorsed Sharaa’s controversial proposal to integrate thousands of foreign jihadists from his group, HTS, into the Syrian military. This is tantamount to Washington nodding in agreement with a plan to regularize global jihadists in the heart of the Middle East.
However, Sharaa has certainly not been universally welcomed even in the region. In April, Iraq invited him to the Arab League summit in Baghdad, but his past as a senior member of al-Qaeda in Iraq (AQI) led to strong opposition, given AQI is responsible for thousands of brutal killings of Iraqi civilians.
Sharaa chose not to attend the Arab League amid the pressure, and his reported upcoming visit to the UN in New York City could provoke similar resistance. The legal loop hole in all this is that despite his terrorism past, US law allows for sitting heads of state to attend UN headquarters in NY City. And this question is somewhat moot anyway, given that President Trump has already full embraced him, during last month’s Riyadh visit.
END
Trump Bans Citizens Of 12 Countries From Traveling To The US
Wednesday, Jun 04, 2025 – 11:00 PM
Having previously hinted he might crack down on foreign visitors, late on Wednesday President Trump signed a proclamation banning nationals from 12 countries from traveling to the US, and introduced travel restrictions on seven others, reintroducing a controversial immigration policy that came to define the early days of his first term.
The ban will completely bar travel to the U.S. by citizens of the following countries: Afghanistan, Myanmar (formerly Burma), Chad, The Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. Citizens from an additional list of countries will be barred from permanently immigrating to the U.S., along with applying for tourist or student visas; those countries are Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan, and Venezuela. Citizens from these seven countries will still be eligible for other temporary visas, such as the H-1B or other temporary work visas.
The ban only applies to people currently outside the U.S., though anyone currently in the U.S. who leaves could get stuck abroad as a result of it. It also excludes any nationals of these countries who hold green cards, along with anyone traveling to the US for coming major sporting events, including the World Cup in 2026 and the Olympics in 2028. Afghans who receive special immigrant visas, a special visa reserved for Afghans who worked alongside the U.S. military during its two-decade presence in Afghanistan, are also exempt.
The administration justified the restrictions in a number of ways. Several of the countries, it said, had unacceptably high temporary visa overstay rates, necessitating a ban. Others, it said, couldn’t be relied upon to issue valid passports to verify a person’s identity. Haiti, the only country in the Western Hemisphere to face a complete ban, was included because “hundreds of thousands of illegal Haitian aliens flooded into the U.S. during the Biden administration,” the White House said.
That said, today’s decision is hardly a surprise: Trump repeatedly promised during the campaign that, if re-elected, he would bring back an expanded version of his first travel ban, though the issuance of the ban took months longer than expected. In anticipation, numerous universities and businesses advised their students and employees to remain in the country after Trump’s inauguration to avoid being ensnared.
Citizens of many of the countries on the final list have been on high alert for months, after earlier lists circulated in several media reports. It isn’t likely, then, that the new ban would create scenes of chaos at airports across the country, as the first travel ban did when Trump signed it in a surprise move a week after taking office.
After several years of litigation, the Supreme Court in 2018 upheld the legality of Trump’s travel ban, so long as the administration could articulate a rationale for why countries are included. That will make it tougher for immigration advocates to challenge this new ban. Still, it isn’t clear how the administration included certain countries when others that meet similar criteria were left off the list.
END
THIS SHOULD TELL YOU EVERYTHING!!
P & G
Procter & Gamble To Axe 7,000 Jobs Amid “Challenging Environment”
Thursday, Jun 05, 2025 – 07:45 AM
The maker of Bounty paper towels, Dawn dish soap, Pampers diapers, Tide detergent, and Gillette razors—Procter & Gamble—announced a restructuring plan at a Paris-based conference earlier today, revealing plans to slash upwards of 7,000 jobs, or about 15% of its global non-manufacturing workforce over the next two years. The move comes amid uneven consumer demand and a challenging macro environment, exacerbated by ongoing tariff uncertainty.
P&G executives, speaking at the Deutsche Bank Consumer Conference in Paris, announced plans to reduce the company’s non-manufacturing workforce by 15% while also unveiling efforts to streamline its product portfolio by exiting certain categories and divesting in smaller brands, according to a Financial Times report.
After the two-year restructuring plan is completed, Bloomberg data show that P&G’s total workforce levels will return to 2018 levels, around 100,000.
“This is not a new approach, rather an intentional acceleration of the current strategy…to win in the increasingly challenging environment in which we compete,” executives told the audience at the conference.
CFO Andre Schulten stated that the restructuring will begin in the second half of the year, involving the streamlining of management teams and the adoption of more AI and automation.
The restructuring plan follows P&G’s April earnings report, which showed a decline in quarterly sales and a lowered full-year forecast, as the company cited growing consumer uncertainty and ongoing tariff pressures.
RBC Capital Markets analyst Nik Modi told clients after P&G’s April earnings that “the majority of consumer staples companies to cut their earnings forecasts significantly … investors are looking for visibility and can’t find it in the most visible of sectors like consumer staples.”
In markets, P&G shares are -1% year-to-date in New York. Zooming out to a five-year timeframe reveals choppy trading, with the stock oscillating between a $160 floor and a $180 ceiling since mid-2024.
If some of P&G’s brands hadn’t alienated their core male customer base with years of toxic woke advertising, the company likely wouldn’t be shedding thousands of jobs.
VICTOR DAVIS HANSON/
USA NEWS/ANTISEMITISM..
KING NEWS
The King Report June 5, 2025 Issue 7507
Independent View of the News
The ADP Employment Change for May is a 37k. 114k was consensus. Leisure & Hospitality +37k; Financial Activities +20k, Information +8k, Construction +6k; Professional and Business Services -17k; Education & Health -13k; Trade, Transportation, & Utilities -4k, Mfg. -3k https://adpemploymentreport.com/
@realDonaldTrump: ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!
May S&P Global US Services PMI 53.7; 52.3 expected and prior
May ISM Services Index 49.9, 52.0 expected, 52.1 prior; Prices Paid 68.7, 65.1 expected & prior. New Orders fell 5.9 percentage points to 46.4.
The ISM: The Employment Index returned to expansion after two months in contraction; the reading of 50.7 percent is 1.7 percentage points higher than the 49 percent recorded in April and is the second straight month-over-month gain… The Prices Index registered 68.7 percent in May, a 3.6-percentage point increase from April’s reading of 65.1 percent; the index has elevated 7.8 percentage points in the last two months to reach its highest level since November 2022 (69.4 percent). This is the first time the index has recorded this high of a two-month increase since a 9.2-percentage point gain in February and March 2021. The May reading is also its sixth in a row above 60 percent… https://www.prnewswire.com/news-releases/services-pmi-at-49-9-may-2025-services-ism-report-on-business-302472478.html
Meta rallied as much as 3% because JPM hiked its price target to 735 from 675. JPM also hiked its price target on Amazon, to 240 from 225. AMZN hit 207.24, +1.29 points at 9:32 ET but quickly fell into negative territory.
The ugly ADP Employment Change for May and recessionary May ISM Services Index sent bonds and precious metals higher while stocks were mixed in early NYSE trading. Gasoline declined sharply.
@elonmusk: This immense level of overspending will drive America into debt slavery! Interest payments already consume 25% of all government revenue. If the massive deficit spending continues, there will only be money for interest payments and nothing else! No social security, no medical, no defense …
@zerohedge: As a reminder, Big Beautiful Bill has tax cuts front-loaded, spending cuts back-loaded (after 2029), so next president is stuck with the fiscal drag. https://x.com/zerohedge/status/1930272712183726392
Japan Ministry of Finance to repurchase bonds on June 5, 2025 – BBG
Japan’s births in 2024 drop below 700,000 for 1st time The number of births in Japan in 2024 fell below 700,000 for the first time since statistics were first compiled in 1899, marking a decline for the ninth straight year, government data showed Wednesday. https://english.news.cn/20250604/aad91f1be41944a1a5bb28d28f94f034/c.html
ESMs vacillated between tiny losses and modest gains from the Nikkei opening on Wednesday until they broke down at 21:40 ET. ESMS then vacillated between small and modest losses until they commenced a rally after the 2:00 ET Chinese close. After jumping to 5996.00 at 4:16 ET, +14.50 for the day, ESMs then waffled in a 9-handle range until they broke down at 8:14 ET.
ESMs hit a daily low of 5974.00 at 8:24 ET but jumped to a daily high of 5998.75 at 9:38 ET. ESMs then vacillated in large range until they hit a new minor high of 5990.00 at 14:06 ET. It was all downhill thereafter. ESMs sank to 5975.75 at 16:00 ET.
Positive aspects of previous session Gasoline sank 2.2% and USMs rallied as much as 1 22/32; but it was due recession angst. Defensive asset allocation did NOT kill stocks. Equity indices were mixed.
Negative aspects of previous session Recession fears up ticked significantly. The dollar sank; precious metals rallied smartly.
Ambiguous aspects of previous session Have we seen peak Trump?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5975.80 Previous session S&P 500 Index High/Low: 5990.48; 5966.11
Nationwide coordinated retail crime crackdown results in hundreds of arrests, authorities say The blitz, led by Illinois’ Cook County regional organized crime task force, involved more than 100 jurisdictions and over 30 retailers including Home Depot, Macy’s, Target, Ulta Beauty, Walgreens, Kroger and Meijer… Organized retail crime — a type of shoplifting where groups of thieves work together in targeted operations to turn stolen goods into cash — has grown in scale and scope in recent years… https://www.cnbc.com/2025/06/04/retail-crime-crackdown-hundreds-of-arrests.html
WSJ: Economists Raise Questions About Quality of U.S. Inflation Data Labor Department says staffing shortages reduced its ability to conduct its massive monthly survey The lack of survey workers forced the BLS to rely more heavily on estimates… n April, nearly 29% of price data was estimated this way—twice the typical rate… https://www.wsj.com/economy/cpi-inflation-data-accuracy-8bd2a8ae
We’ve been raising questions about US economic data for over 30 years! BLS: Notice of CPI collection reductions June 4, 2025 BLS is reducing sample in areas across the country. In April, BLS suspended CPI data collection entirely in Lincoln, NE, and Provo, UT. In June, BLS suspended collection entirely in Buffalo, NY. Sample reduction and collection suspension affect both the commodity and services survey and the housing survey. These actions have minimal impact on the overall all-items CPI-U index, but they may increase the volatility of subnational or item-specific indexes. The number of imputed items and the response rates increased in April due to these actions. BLS makes reductions when current resources can no longer support the collection effort. BLS will continue to evaluate survey operations. https://www.bls.gov/cpi/notices/2025/collection-reduction.htm
@realDonaldTrump: I just finished speaking, by telephone, with President Vladimir Putin, of Russia. The call lasted approximately one hour and 15 minutes. We discussed the attack on Russia’s docked airplanes, by Ukraine, and also various other attacks that have been taking place by both sides. It was a good conversation, but not a conversation that will lead to immediate Peace. President Putin did say, and very strongly, that he will have to respond to the recent attack on the airfields. We also discussed Iran, and the fact that time is running out on Iran’s decision pertaining to nuclear weapons, which must be made quickly! I stated to President Putin that Iran cannot have a nuclear weapon and, on this, I believe that we were in agreement. President Putin suggested that he will participate in the discussions with Iran and that he could, perhaps, be helpful in getting this brought to a rapid conclusion. It is my opinion that Iran has been slowwalking their decision on this very important matter, and we will need a definitive answer in a very short period of time!
@CharlieK_news: Donald Trump confirms he is prepared to declare a national emergency and use the military assets to reverse the Biden invasion.
Today – To reiterate what we wrote yesterday: “Stocks are grossly overbought on an intermediate-term basis. However, the usual suspects keep buying stocks and equity options – despite almost any negative news that appears.”
We are at a point in the equity cycle that stocks are overvalued on fundamentals and are grossly overbought on an intermediate term basis. So, it is extremely dangerous to be long stocks.
However, the masses keep buying stocks and underlying options despite whatever bad news appears. So, it is too early to short stocks. The prudent course for investors is to be disciplined, which means to wait and watch while adhering to one’s investment principles.
Traders can keep playing the game. Professional investors, however, are likely to reduce position size due to the possibility of sudden volatile movements.
ESMs are -1.75; NQMs are -5.75; and USMs are +1/32 at 20:30 ET.
Expected Econ Data: April Trade Balance -$66.1B; Q1 Nonfarm Productivity -0.8%, Unit Labor Costs 5.7%; Initial Jobless Claims 235k, Continuing Claims 1.91m; Fed Gov Kugler 12:00 ET, Phil Fed Pres Harker, and KC Fed Pres Schmid 13:30 ET
S&P Index 50-day MA: 5621; 100-day MA: 5767; 150-day MA: 5829; 200-day MA: 5792 DJIA 50-day MA: 41,095 100-day MA: 42,252; 150-day MA: 42,652; 200-day MA: 42,440 (Green is positive slope; Red is negative slope)
S&P 500 Index (5970.81 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 is positive; MACD is negative – a close below 5834.58 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5958.53 triggers a sell signal
Trump signed a full travel ban on nationals from 12 countries: Afghanistan, Burma, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen. Partial bans apply to citizens from Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan, and Venezuela.
Trump ordered AG Pam Bondi to investigate “whether certain individuals conspired to deceive the public about Biden’s mental state and unconstitutionally exercise the authorities and responsibilities of the President… and autopen(use)… ” https://x.com/jenvanlaar/status/1930413710507663713/photo/1
GOP @RepJamesComer: I gave Joe Biden’s doctor (Kevin O’Connor) a simple choice: cooperate or be subpoenaed. I’m now sending a subpoena. The American people demand answers and @GOPoversight is working swiftly to get them.
@charliekirk11: Biden press secretary Karine Jean-Pierre has joined the pile-on of tell-all books about the Biden Administration, but she’s gone the extra mile by also announcing that she is leaving the Democrat Party entirely to become an independent. Her book is subtitle “A Look Inside a Broken White House, Outside the Party Lines,” as though this will trick everybody into forgetting the central role she played in perpetuating the Biden cover-up…
Democrats See No Evil as Jews Burn in America – John Kass President Joe Biden and his See-No-Evil Democrats allowed between 12 million and 20 million illegal immigrants—many single men of military age–to cross the borders into the US. And that includes people on the terrorism watch list. Democrats and their allies in the federal judiciary are now trying to stop all deportation efforts… Various leftist tiktokers are defending the Boulder terrorist and spewing out their predictably partisan hate of Israel. And what we called “mainstream Democrats” say nothing, afraid lest they anger their progressive wing, complaining about a lack of leadership… https://johnkassnews.com/democrats-close-their-mouths-and-eyes-as-jews-burn-in-america/
Hakeem Jeffries Threatens ICE Agents, Compares Them to Nazis (media mum; ‘silence is consent!’) Democrats in Washington are openly threatening to dox ICE personnel themselves, effectively aiding and abetting those who want to intimidate, endanger, and silence federal law enforcement… “Every single ICE agent who’s engaged in this aggressive overreach and are trying to hide their identities from the American people will be unsuccessful in doing that,” House Minority Leader Hakeem Jeffries (D-N.Y.) said at a press conference Tuesday. “This is America. This is not the Soviet Union. We’re not behind the Iron Curtain. This is not the 1930s. And every single one of them, no matter what it takes, no matter how long it takes, will, of course, be identified.”… Jeffries knows exactly what he’s doing by invoking the 1930s and the Iron Curtain: He’s deliberately smearing these agents to justify their public targeting and harassment… And it speaks volumes about the radical, unhinged direction of today’s Democrat Party… https://pjmedia.com/matt-margolis/2025/06/04/hakeem-jeffries-compares-ice-agents-to-nazis-n4940431
There is only one reason to dox Ice agents: To have someone intimidate them with violence!
Democrat savaged for saying Trump must allow in migrants or there will be ‘no one to wipe our a**es’ – Rep. Becca Balint (D-Vt.) made the remarks during a constituent town hall in Newport, Vermont, that took place on May 28…The openly lesbian lawmaker said if Trump continues to crack down on illegals, ‘we’re not gonna have anybody around to wipe our a**es.’… https://www.dailymail.co.uk/news/article-14781765/Democrat-savaged-saying-Trump-allow-migrants-no-one-wipe-es.html
@BillMelugin_: Colorado federal judge Gordon Gallagher, a Biden appointee, has issued an order blocking the Trump administration from deporting the wife and five children of Boulder terror suspect Mohamed Soliman.
@RonDeSantis: The only constitutionally-required court is the Supreme Court. Congress has the authority to establish — and to abolish — courts at the district and appellate level. If Congress wanted to abolish the federal district court in DC, for example, it has the authority to do so.
harveyorganblog.com 
