GOLD CLOSED DOWN $28.00 TO $3,324.20

SILVER CLOSED UP $0.63 TO $36.01

GOLD ACCESS CLOSED $3313,00

Silver ACCESS CLOSED: $36.00

Bitcoin morning price:$103,365 UP 875 DOLLARS.

Bitcoin: afternoon price: $104,540 up 2050 DOLLARS

Platinum price closing UP $26.50 TO $1166.50

Palladium price; UP $40.95 TO $1050.00

END

*CANADIAN GOLD: $4,540.45 DOWN 54.17 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)

*BRITISH GOLD: 2449.58 DOWN 26.18 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025

*EURO GOLD: 2907.80 DOWN 27.38 Euros per oz //* (ALL TIME CLOSING HIGH: 3018.80 EUROS PER OZ/ APRIL 21 //2025)

DONATE

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: JUNE 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,350.700000000 USD
INTENT DATE: 06/05/2025 DELIVERY DATE: 06/09/2025
FIRM ORG FIRM NAME ISSUED STOPPED

---

099 H DEUTSCHE BANK AG 23
190 H BMO CAPITAL MARKETS 3
323 C HSBC 8
332 H STANDARD CHARTERED B 8
363 H WELLS FARGO SECURITI 10
435 H SCOTIA CAPITAL (USA) 1
555 C BNP PARIBAS SEC CORP 1
624 H BOFA SECURITIES 1
661 C JP MORGAN SECURITIES 19 43
709 C BARCLAYS 73
905 C ADM 6

---

TOTAL: 98 98
MONTH TO DATE: 21,509

JPMORGAN STOPPED 43/98

JUNE

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024: 98 CONTRACTs NOTICES FOR 9800 OZ  or 0.2098 TONNES

total notices so far: 21,509 contracts for 2,150,900 OR 66.902 tonnes)

FOR JUNE

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 5 NOTICE(S) FILED FOR 25,000 OZ/

total number of notices filed so far this month : 2420 CONTRACTS (NOTICES) for 12.100 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 $28.00 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 $0.63 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: //A DEPOSIT OF 3.803 MILLION OZ INTO THE SLV// THIS IS GOING TO BE A HUGE DERIVATIVE MESS

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 471.732 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A MEGA HUMONGOUS SIZED 5079 CONTRACTS TO 171,131 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 WITH OUR HUGE GAIN OF $1.14 IN SILVER PRICING AT THE COMEX WITH RESPECT TO THURSDAY’S TRADING AND THE PIERCING OF $34.40 TO 34.50 SILVER PRICE BARRIER.  WE HAD A MEGA HUGE SIZED GAIN OF 6881 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A 1605 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD SOME LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO THURSDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON THURSDAY WITH SILVER’S HUGE GAIN IN PRICE YESTERDAY, TODAY THE PRICE IS NOW MILES ABOVE THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE TRADING AT $36.14. . BUT THIS WAS COUPLED WITH ANOTHER HUGE T.A.S. ISSUANCE OF 811 CONTRACTS ISSUED BY THE CME AND THAT SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING WELL ABOVE THE 34.40 DOLLAR MARK!!. THE NEXT LINE IN THE SAND IS THE ORIGINAL HIGH POINT OF 50.00 DOLLAR SILVER. WE HAD A HUGE  1605 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE 811 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FRIDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A MEGA HUGE SIZED 6881 CONTRACTS ON OUR TWO EXCHANGES WITH OUR HUGE GAIN IN PRICE OF $1.14. 

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 LAST WEEK’S TRADING ON SILVER AND NOW TODAY AS SILVER PRICE ROCKETED PAST THE $34.40 BARRIER! . THE PRICE IS NOW $36.14 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 THURSDAY NIGHT/FRIDAY MORNING: A HUGE 811 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE  OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES

WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY  $1.14) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN OF 6881 CONTRACTS ON OUR TWO EXCHANGES.

WE HAD A 1605 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 9.90 MILLION OZ FOLLOWED BY TODAY’S 100,000 OZ QUEUE JUMP//NEW TOTAL STANDING ADVANCES TO 13.085 MILLION OZ!!

THUS:

INITIAL STANDING FOR JUNE: 9.90 MILLION OZ PLUS TODAY’S 100,000 OZ QUEUE JUMP = 13.085 MILLION OZ.

WE HAD:

/ HUGE COMEX OI GAIN+// A 1605 SIZED  EFP ISSUANCE (/ VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 811 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A SMALL 197 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 5 DAY(S), total 4675 contracts:   OR 23.375 MILLION OZ  (935 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  23.375 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: 23.375 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 5079 CONTRACTS WITH OUR HUGE GAIN IN PRICE OF $1.14 IN SILVER PRICING AT THE COMEX// WEDNESDAY.,.  . THE CME NOTIFIED US THAT WE HAD A 1605 CONTRACT EFP ISSUANCE  CONTRACTS: 1605 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 10,000 OZ QUEUE JUMP = 13.085 MILLION OZ

THE NEW TAS ISSUANCE THURSDAY NIGHT   (811 ) 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 5 NOTICE(S) FILED TODAY FOR 25,000 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 SMALL SIZED 812 OI CONTRACTS  TO 418,066 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 HUGE 1587 CONTRACTS //.

WE HAD A SMALL SIZED INCREASE  IN COMEX OI (812 CONTRACTS) . THIS OCCURRED DESPITE OUR HUGE LOSS OF $23.10 IN PRICE// THURSDAY///.

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  $23.10 LOSS IN PRICE  WITH RESPECT TO THURSDAY’S COMEX ///. WE HAD A FAIR SIZED GAIN OF 2932 OI CONTRACTS (9.119 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 ADD TODAY’S SMALL .2519 TONNES OF A QUEUE JUMP //NEW STANDING ADVANCES TO 72.964 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 2130 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 418,066/NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!

SILVER ALSO HAS A LOW COMEX OI OF 171,131 CONTRACTS BUT GAINING RAPIDLY!!

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2932 CONTRACTS  WITH 812 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 2120 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2932 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 426 CONTRACTS

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS 2120 CONTRACT) ACCOMPANYING THE SMALL SIZED INCREASE IN COMEX OI OF 812 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 2932 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 0.2519 TONNES QUEUE JUMPING //NEW STANDING ADVANCES TO 72.964 TONNES./

NEW STANDING FOR GOLD, JUNE CONTRACT AT 72.964 TONNES OF GOLD.

.

 / 3) CONSIDERABLE T.A.S. LIQUIDATION , AS WE HAD 1)A  $23.10 COMEX PRICE LOSS.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH THAT HUGE LOSS IN PRICE AS WE HAD A STRONG GAIN OF 4519 CONTRACTS ON OUR TWO EXCHANGES // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED THURSDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD FOR MAY BUT SMALLER FOR JUNE!

  4) FAIR SIZED COMEX OI GAIN// 5)  FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (2120 CONTRACTS)/// SMALL T.A.S.  ISSUANCE: 426 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: 10,713 CONTRACTS OR 1,071,300 OZ OR 33.32 TONNES IN 5 TRADING DAY(S) AND THUS AVERAGING: 2143 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5 TRADING DAY(S) IN  TONNES  33.32 TONNES

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

THUS EFP TRANSFERS REPRESENTS  33.32 TONNES DIVIDED BY 3550 x 100% TONNES = 0.938% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

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

MARCH:.   276.50 TONNES (STRONG AGAIN/

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

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

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

DEC.           175.62 TONNES//FINAL ISSUANCE//

TOTALS: 2,578.08 TONNES/2021

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

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

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247.44 TONNES FINAL//

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

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

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

DEC:  185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

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

FEB: 151.61 TONNES/FINAL

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

APRIL: 197.42 TONNES

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

JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY:  151.69 TONNES (WEAKER THAN LAST MONTH)

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

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

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

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

DEC. 213.704 TONNES. A STRONG MONTH//

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

2024 AND 2025:

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

FEB’24: 201.947 TONNES

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

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

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

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

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

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

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

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

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

DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE

TOTAL 2024 YEAR. 3,597.846 TONNES

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

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

MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.

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

MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH

JUNE: 33.32 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 5079 CONTRACTS OI  TO 171,131 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 1605 CONTRACTS

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

JULY 1605 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1605 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 5079 CONTRACTS AND ADD TO THE 1605 E.FP. ISSUED

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 6684  CONTRACTS WITH THE GAIN IN PRICE OF $1.14 THE RATS ARE FLEEING THE ARENA.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 33.42 MILLION PAPER OZ

 OCCURRED WITH OUR  $1.14 GAIN  IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS

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

END

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 812 CONTRACTS TO A STILL LOW NUMBER OF 418,066 OI DESPITE OUR STRONG LOSS IN PRICE OF $23.10 WITH RESPECT TO THURSDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2130 ). WE HAD CONSIDERABLE T.A.S. LIQUIDATION WHICH ACCOUNTS FOR THE PRICE LOSS.

THE CME ANNOUNCED THURSDAY 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:

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

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

IN APRIL:

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

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 2932 CONTRACTS DESPITE OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON TUESDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID VERY EARLY IN THE COMEX SESSION AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!

THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT LAST MONTH OF 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 426 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 0.2519 TONNES QUEUE JUMP = 72.964 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL QUEUE JUMPING FOR THE MONTH ADVANCES TO: 10.4328 TONNES.

NEW TOTAL TONNES STANDING JUNE: 72.964 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 2130 EFP CONTRACT WAS ISSUED: :  /AUGUST  2130 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2130 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

WE HAD :

1. CONSIDERABLE LIQUIDATION OF OUR T.A.S. SPREADERS
2. 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 FRIDAY MORNING//THURSDAY NIGHT WAS A SMALL SIZED, 426 CONTRACTS.  

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

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

MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH, APRIL 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 THURSDAY WITH THE LOSS IN PRICE!

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 PLUS .2519 TONNES QUEUE JUMP/TODAY = 72.934 TONNES (0 EX FOR RISK) TOTAL QUEUE JUMPS FOR THE MONTH OF JUNE EQUALS 10.4328 TONNES. THIS IS CENTRAL BANKS STANDING FOR PHYSICAL GOLD!!

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

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL  YEAR  2021 (JAN- DEC): 601.213 TONNES

YEAR 2022: STANDING FOR GOLD/COMEX

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL

Dec. 64.000 tonnes

(TOTAL  YEAR 656.076 TONNES)

2023:STANDING FOR GOLD/COMEX

JAN/2023:    20.559 tonnes

FEB 2023: 47.744 tonnes

MAR:  19.0637 TONNES

APRIL: 75.676  tonnes

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

JUNE: 64.354 TONNES

JULY: 10.2861 TONNES

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

SEPT: 15.281 TONNES FINAL

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

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

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

TOTAL 2023 YEAR : 436.546 TONNES

2024/STANDING FOR GOLD/COMEX

JAN ’24.      22.706 TONNES

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

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

APRIL: 2024: 53.673TONNES FINAL

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

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

JULY: 11.692 TONNES

AUGUST 69.602 TONNES//FINAL STANDING

SEPT. 13.164 TONNES.

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

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

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

total year 2024: 540.30 tonnes

COMEX GOLD TRADING/JUNE CONTRACT MONTH

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $23.10/ /) BUT 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 CONSIDERABLE T.A.S. SPREADER LIQUIDATION  ////THURSDAY AS THEY ARE STILL TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE THE MAGIC $3,400 BARRIER AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM EXPLODING

FRIDAY MORNING/THURSDAY NIGHT

THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING/FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /JUNE TRADING

EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY://FINISHES AT 4 ISSUANCES

THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TO THE BANK OF ENGLAND.THEN ,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WAS ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.

EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH

EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND WAS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.

MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK: TOTAL FOR THE MONTH FINISHED AT 3

TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.

APRIL, ISSUED ITS 7TH EXCHANGE FOR RISK: 187 CONTRACTS OR 18,700 OZ OR 0.5816 TONNES

SUMMARY EXCHANGE FOR RISK FOR THE MONTH OFAPRIL//TOTAL ISSUANCES 7 FOR 8.3571 TONNES OF GOLD!:

ISSUANCE FOR EXCHANGE FOR RISK ON FIRST DAY NOTICE//APRILL MONTH// WAS 700 CONTRACTS FOR 70,000 OZ OR 2.177 TONNES OF GOLD TO WHICH WE ADD (APRIL 4) : 250 CONTRACTS FOR 25,000 OZ OR .777 TONNES, APRIL 7 ISSUANCE OF 280 CONTRACTS FOR 28,000 OZ OR .8709 TONNES THEN APRIL 9 484 CONTRACTS FOR 48400 OZ OR 1.5054 TONNES AND FINALLY MONDAY MORNING APRIL 14 AT 200 CONTRACTS FOR 20,000 OZ OR .5816 TONNES AND NOW APRIL 24: 600 CONTRACTS FOR 60,000 OZ OR 1.866 TONNES AND NOW APRIL 25 187 CONTRACTS FOR 18700 OZ OR .5816 TONNES//NEW FINAL TOTAL ISSUANCE FOR APRIL: 8.3571 TONNES!!. APRIL ISSUANCE OF EXCHANGE FOR RISK MEANS WE NOW HAVE 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK ISSUANCE. THESE DELIVERIES WERE ADDED TO OUR NORMAL DELIVERY CYCLE.

MAY ISSUANCE OF EXCHANGE FOR RISK NOW TOTALS 3 ISSUANCES FOR 308,350 OZ. THIS TOTALS 9.591 TONNES OF GOLD WHICH WILL BE ADDED TO OUR REGULAR DELIVERY SCHEDULE. THE RECPIENT OF THIS LARGESS IS THE BANK OF ENGLAND.

JUNE ISSUANCE: SO FAR ZERO

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

WE HAVE GAINED A STRONG SIZED TOTAL OF 9.119 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 ADD THURSDAY NIGHT’S SMALL QUEUE JUMP OF 8100 OZ OR 0.2519 TONNES OF GOLD//NEW STANDING FOR JUNE GOLD ADVANCES TO 72.964.

ALL OF THIS QUITE SMALL STANDING FOR JUNE WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $23.10

WE HAD A STRONG 1587 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 2932 CONTRACTS OR 293,200 0Z (9.119 TONNES)

confirmed volume THURSDAY 237,681. contracts: fair volume////

//speculators have left the gold arena

END

JUNE 6

INITIAL

JUNE CONTRACT MONTH

JUNE 6/2025

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	4 ENTRIES i) Out of Ashai 44,282.355 oz ii) Out of Brinks 55,542.740 oz (1740 kilobars) iii) Out of Loomis: 80,731.161 z (2511 kilobars) iv) Out of Malca 1503.248 oz (48 kilobars) total weight 182,499.507 oz or 5.676 tonnes           .
Deposit to the Dealer Inventory in oz	0 ENTRIES
Deposits to the Customer Inventory, in oz	we have 0 customer entries xxxxxxxxxxxxxxxxI
No of oz served (contracts) today	98 notice(s) 9800 OZ 0.3048 TONNES
No of oz to be served (notices)	1949 contracts   194900 OZ 6.062 TONNES
Total monthly oz gold served (contracts) so far this month	21,509 notices 2,150900 oz 66.902 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

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DEPOSITS/CUSTOMER

we have 0 customer entries

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withdrawals: 4 entries

4 ENTRIES

i) Out of Ashai 44,282.355 oz
ii) Out of Brinks 55,542.740 oz (1740 kilobars)
iii) Out of Loomis: 80,731.161 z (2511 kilobars)
iv) Out of Malca 1503.248 oz (48 kilobars)

total weight 182,499.507 oz or 5.676 tonnes

adjustments: 1//

a) Loomis/dealer to customer acct 24.89 oz

AMOUNT OF GOLD STANDING FOR JUNE

THE FRONT MONTH OF JUNE STANDS AT 2047 CONTRACTS FOR A LOSS OF 2169 CONTRACTS. WE HAD 2250 CONTRACTS SERVED ON THURSDAY SO WE GAINED 81 CONTRACTS FOR 8100 OZ OR 0.2519 TONNES OF GOLD UNDERWENT A QUEUE JUMP WHERE THESE BOYS DECIDED TO TAKE DELIVERY ON THIS SIDE OF THE POND. THIS TOTAL WILL BE ADDED TO OUR INITIAL AMOUNT OF GOLD STANDING AT 62.534 TONNES//NEW STANDING ADVANCES TO 72.964 TONNES

JULY GAINED 37 CONTRACTS TO STAND AT 6836

AUGUST GAINED 1495 CONTRACTS UP TO 323,761

We had 98 contracts filed for today representing 9800 oz  

Today, 0 notice(s) were issued from J.P.Morgan dealer and 19 notices issued from their client or customer account. The total of all issuance by all participants equate to 98 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 43 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 (21,509 X 100 oz ) to which we add the difference between the open interest for the front month of  JUNE (2047 CONTRACTS)  minus the number of notices served upon today  (98 x 100 oz per contract) equals  2,345,800 OZ  OR 72.964 TONNES to which we add 0 tonnes of gold issued under exchange for risk// total standing 72.964 tonnes

thus the INITIAL standings for gold for the JUNE contract month:  No of notices filed so far (21,509 x 100 oz +we add the difference for front month of JUNE (2047 OI} minus the number of notices served upon today (98 x 100 oz) which equals  2,345,800 OZ OR 72.964 TONNES + 0 tonnes EX FOR RISK = 72.964 tonnes

TOTAL COMEX GOLD STANDING FOR JUNE.: 72.964 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!!

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COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

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

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,117,334.134 oz  

TOTAL REGISTERED GOLD 20,624,152.444: or 641.497 tonnes

TOTAL OF ALL ELIGIBLE GOLD 17,493,181.690 OZ  

END

REGISTERED GOLD THAT CAN BE SERVED UPON 18,430.937 oz (REG GOLD- PLEDGED GOLD)= 573.27 tonnes //

SILVER/COMEX

THE JUNE 2025  SILVER CONTRACT//INITIAL

JUNE 6

INITIAL

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	3 withdrawal entries 3 withdrawal entries i) Out of Ashai 1,114,614.310 oz ii) Out of HSBC 305,904.700 ooz iii) Out of Loomis 600,809.570 oz total weight of withdrawal: 2,021,328.570 oz
Deposits to the Dealer Inventory	0 entry
Deposits to the Customer Inventory	2 DEPOSIT ENTRIES i) Into Loomis 596,870.510 oz ii) Into Manfra 600,195.285 oz total deposit weight: 1,197,065.795 oz
No of oz served today (contracts)	5 CONTRACT(S)    (25,000 OZ
No of oz to be served (notices)	197 contract  (0.985 MILLION oz)
Total monthly oz silver served (contracts)	2425 Contracts  (12.100 million oz)
Total accumulative withdrawal of silver from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

0 deposits into dealer accounts

0 entry

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2 DEPOSIT ENTRIES


i) Into Loomis 596,870.510 oz

ii) Into Manfra 600,195.285 oz

total deposit weight: 1,197,065.795 oz

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withdrawals: customer side/eligible

3 withdrawal entries

i) Out of Ashai 1,114,614.310 oz
ii) Out of HSBC 305,904.700 ooz
iii) Out of Loomis 600,809.570 oz

total weight of withdrawal: 2,021,328.570 oz

ADJUSTMENTs 0

JPMorgan has a total silver weight: 214.825million oz/493.719 oz million  or 43.61%

TOTAL REGISTERED SILVER: 158.995 MILLION OZ//.TOTAL REG + ELIGIBLE. 494.719 Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE /2025 OI: 202 OPEN INTEREST CONTRACTS FOR A LOSS OF 100 CONTRACTS. WE HAD 120 CONTRACTS SERVED ON THURSDAY SO WE GAINED 20 CONTRACTS OR 100,000 OZ UNDERWENT A SMALL QUEUE JUMP IN ORDER TO TAKE DELIVERY OF PHYSICAL SILVER OVER ON THIS SIDE OF THE POND.

JULY GAINED 1152 CONTRACTS UP TO 118,668

AUGUST GAINED 103 CONTRACTS TO 585

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 5 or 25,000 oz

CONFIRMED volume; ON THURSDAY 129,653 huge//

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 2420 X5,000 oz = 12.100 MILLION oz 

to which we add the difference between the open interest for the front month of JUNE (202) AND the number of notices served upon today (5 )x (5000 oz)

Thus the  standings for silver for the JUNE 2025 contract month:  (2420) Notices served so far) x 5000 oz + OI for the front month of JUNE(202) minus number of notices served upon today (5)x 5000 oz equals silver standing for the JUNE contract month equating to 13.085 MILLION OZ .

 New total standing:  13.085 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 6  WITH GOLD DOWN $28.00 TODAY// NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 935.65 TONNES

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 6 WITH SILVER UP $0.63/HUGE CHANGES AT THE SLV:A DEPOSIT OF 3.863 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 471.732 MILLION OZ. (A TOTAL DEPOSIT OF 11.856 MILLION PHANTOM OZ IN THE LAST 4 DAYS)

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 471.732 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

MATHEW PIEPENBERG

2.ALASDAIR MACLEOD

Gold consolidates while silver soars

For some time, the behaviour of gold and silver prices has diverged, with silver’s underperformance since 2 April now correcting. This report looks at silver’s price drivers.

Alasdair MacleodJun 6∙Paid

READ IN APP

This week, silver broke out into 12-year high ground on huge Comex volume, while gold with a firm undertone continued its recent consolidation. In European morning trade, gold was $3360, up $70 from last Friday’s close. Silver was $36.10, up $3.15.

Gold and silver are behaving differently. Judging by Comex open interest, gold is oversold and silver overbought, shown in the charts below:

Note how gold is rising even as speculators have been selling. And it’s not just speculators: according to the World Gold Council, global gold ETF holdings declined by 19 tonnes in May, with only Europeans adding to their positions. North Americans and Asians were net sellers, presumably taking profits. Any technical analyst will tell you that this is a very bullish setup for gold, because the charts indicate that there are very few weak holders left.

Silver is different. Sharply rising Comex open interest tells us that silver has got quickly overbought and is due for a correction. A pullback to test the $34—$35 level seems reasonable; it is almost required to support further advances. However, the sheer strength in its advance is characteristic of a strong underlying bull market, pointing to higher levels. Illustrated next is silver’s technical chart:

Silver has just cleared a pennant pattern, defined by the two trend lines, signalling a price target of $48. This is what Edwards & Magee (Technical analysis of Stock Trends — the technical analysts’ vade mecum) says about pennants:

“These pretty little patterns of consolidation are justly regarded as among the most dependable of chart formations, both as to directional and measuring indications. They do fail occasionally but almost never without giving warning before the pattern itself is completed.”

As an indication of silver’s cheapness relative to gold, the gold silver ratio has fallen significantly this week, and appears likely to decline into the 75—80 region should the trend continue:

We must not ignore the fundamentals likely to have driven silver’s sudden breakout. Other than silver being undervalued as a monetary metal, here are the likely factors:

· For the last five years, silver has been in supply deficit. The evidence suggests that for decades China has been suppressing the price in order to accumulate significant reserves cheaply, and that its suppression scheme is ending. In recent years, China has been forced to sell some of her silver to keep a lid on prices, a policy which is no longer tenable.

· The Peoples Bank of China is the only central bank tasked with managing national silver reserves. China has a more recent history of silver standards, only abandoning the last one in 1935, which probably explains why the CCP leadership regarded it as a monetary metal when it delegated this function to the PBOC in 1983. Therefore, recent developments undermining the US dollar’s credibility are likely to have stopped silver exports being authorised by the PBOC.

· Supplies to Comex warehouses have peaked, which combined with accelerating stands-for-delivery is squeezing the physical outlook. This year, stands-for-delivery total 218,400,000 ounces so far versus warehouse stocks of 495,544, 188 ounces —a cover ratio of 2.27. With China appearing to be withdrawing from being the marginal physical supplier, this must be a concern for the bullion banks.

· Moderate profit-taking in gold ETFs suggests that public demand for ETFs, bar, and coin is switching to silver. The behaviour of Asian investors is particularly interesting in this respect.

Meanwhile, in an interview with Adam Taggart of Thoughtful Money Substack, Joanne Hsu Director of Consumer Surveys at the University of Michigan reported that US consumer sentiment is eroding rapidly “across almost every dimension”. There’s little doubt that this loss of consumer confidence will be reflected in future economic statistics. If so, it will be bad for the Federal Government’s debt trap and therefore for the dollar, whose trade-weighted index appears to be heading lower:

This is the underlying reason why gold and silver are rising. It is the dollar declining.

DOUG CASEY..

Doug Casey On Silver: Money, Markets, & The Metal’s Role In The Coming Chaos

Friday, Jun 06, 2025 – 06:30 AM

Via InternationalMan.com,

International Man: What is it about silver that makes it viable as a monetary metal—that is, something people actually use to store and exchange value?

Doug Casey: Let’s look at the definition of what makes a good money. There are basically six characteristics. A good money has to be durable, divisible, convenient, consistent, have use value, and some limit on supply. Using those six key characteristics, gold ranks first, silver second, and copper third. That’s why those three metals have been preferred money throughout history. They were superior to seashells, salt, cows, paper, and other commodities. In today’s world it makes sense to bring Bitcoin, which also satisfies those six characteristics into the mix.

So, to answer the question: Silver has always been a monetary metal, and it likely always will be.

International Man: Do you think gold functions better as money than silver—and if so, why? If not, why not?

Doug Casey: Gold is much scarcer than silver. It has an extremely high unit value. And its value relative to silver has increased throughout history. In the days of Ancient Egypt, gold traded at only three times the value of silver. In Rome, at the time of Caesar, the gold aureus was worth about 12 times more than the silver denarius. The US initially fixed the value of gold against silver at 17.5 to 1. Incidentally, fixing the value of any commodities—which fluctuate widely for many reasons—is always a bad idea. As of now, the ratio is about 100 to 1. The increase in gold’s value relative to silver is a trend that, with fits and starts, has been in motion for over 3,000 years.

It’s important to have an adequate quantity of money available for use in commerce. This was a problem in the early days of the US, when there was neither enough gold nor silver in circulation. Of course, the terms “adequate” and “enough” are rather arbitrary. That’s one reason why money itself should be strictly a function of the free market, not government. If there’s not “enough” gold or silver, more will be mined at a profit. When there’s too much, mining becomes unprofitable, and stops. Unlike government money, free market money is self-regulating.

Out of maybe 7 billion ounces of gold that have ever been mined, almost all is stored in vaults, safe deposit boxes, or worn as jewelry. Most is owned by governments and their central banks. It doesn’t circulate in any meaningful way.

Governments—including the US government—used to hold large amounts of silver in storage too. But now none do.

International Man: The long-term trend has been for silver to be demonetized and increasingly treated as an industrial metal. Do you see that continuing, and what are the implications?

Doug Casey: Let’s look at silver as an element. In the past, it was only used as jewelry. But out of the 92 elements, it’s the most reflective and the most conductive of both heat and electricity. There’s every reason to believe that silver is going to gain many more industrial uses over time because of these properties. It’s a high-tech metal.

A great deal of silver used to be consumed in photography and X-rays, until a generation ago, but it’s hardly used there at all anymore. Digital photography has nearly replaced it.

About 850 million ounces of silver are mined every year, and about another 150 million ounces are recycled. The available supply of bullion, therefore, is about a billion ounces—versus about 100 million ounces of gold. That’s roughly a ten-to-one ratio on the supply side, although most of the silver is “consumed,” whereas almost all the gold is added to inventory. Since 2019, silver has been in deficit. Roughly 150 million ounces a year have been taken from various stockpiles. That explains why its price has risen to a new base level in the $30 to $35 range, and done better than gold, percentage-wise.

And while we’re talking about silver’s unique qualities, it’s worth mentioning that gold also has unique metallic properties. It’s the most non-reactive of all metals; gold doesn’t oxidize. It’s the most ductile, meaning it can be drawn into the thinnest wire of any metal. It’s the most malleable, meaning it can be beaten into the thinnest sheet of all metals.

When people talk about gold and silver, they often treat them as if they were one metal. While they do share a lot of characteristics, they each have unique qualities. You’ll notice that, on the Periodic Table of Elements, copper (with 29 protons) is at the top of the file, above silver (with 47), and gold (79). The three metals are closely related atomically, as well as by their traditional use as money.

International Man: During times of monetary chaos and runaway inflation, people tend to rush into traditional forms of money—assets that hold value better than rapidly depreciating government paper.

Silver often sees a surge in demand during these moments, despite its limited monetary role today.

Do you see something like that happening again?

Doug Casey: I don’t think there’s any doubt that we’re heading into a massive monetary crisis. The dollar is going to lose value at an accelerating rate because of the US government’s profligate spending policies.

DOGE, which was an excellent idea, has failed; the deficits are going to rise from $2 trillion to $3 trillion. And when the economy takes a downward turn, the government’s tax revenues will fall, even while its obligations rise. I expect that within the next five years, we’ll see $5 to $6 trillion annual deficits.

That’s why bonds are in a world of trouble, for reasons we’ve discussed in the past. The stock market is grossly overpriced. Real estate is also in bubble territory, with large carrying costs aggravating the problem. The average guy is likely to rediscover gold, and especially silver.

International Man: Where do you see silver prices heading, and what do you think are the best ways to speculate on a rise?

Doug Casey: Both gold and silver are in major bull markets. Silver is the poor man’s gold. The average guy, who can’t lay his hands on $500 cash if he needs it, really can’t afford gold. But when he gets scared enough about what’s going on, silver will still be relatively affordable. The average guy will start accumulating silver as a place to hide.

I’ve accumulated silver for many years, just like gold. I’ve only bought it, never sold it. The problem with silver is that its unit value is so low, you’d need a vault like Uncle Scrooge to store a substantial amount. That’s not true with gold.

That said, everybody should have 100 ounces of silver coins. If you can, set aside a few thousand ounces as a savings vehicle. If the US government succeeds in destroying the dollar, many people are likely to prefer being paid, and buying and selling, with gold and silver coins. They’ll want something real and tangible, not a digital abstraction, or pieces of paper.

It really doesn’t matter how high the price of silver goes from a supply point of view. That’s because almost all new silver is a byproduct of mining other metals—gold, copper, lead, and zinc. To major mining companies, silver is only a nice bonus. Even at $100 it won’t have a material effect on their production plans.

Years ago, there was a Spokane Stock Exchange. It closed in 1991. Most people are unaware the US used to have a number of regional stock exchanges—Denver for oil, Salt Lake for uranium, and so forth. Scores of small silver stocks were traded in Spokane. From about 1960 to 1970, those little penny stocks went up by orders of magnitude. The boom was chronicled in a book called “Small Fortunes in Penny Gold Stocks.” The best one was Coeur d’Alene Mines, which went from 2 cents to $20. That kind of thing could happen again.

There are a few pure publicly traded silver companies now, and they’re generally very small-cap stocks. Institutions don’t own them, and few care about them. However, I think we’re going to see $100 or $200 silver in the next few years, and these stocks should catch fire. There used to be a whole class of investment advisors who published newsletters and made a living beating the drum about silver. They no longer exist. That tells me that silver is under-owned, nobody cares about it, and it’s going higher.

I consider silver stocks a superb speculation.

*  *  *

Doug Casey’s analysis lays bare the forces reshaping our financial future—and why silver may once again emerge as the “people’s money” during times of crisis. In a must-watch video, Doug pulls back the curtain on what the mainstream media won’t tell you about precious metals. Click here to watch it now.

4/On LFTV, Andrew Maguire LIVE FROM THE VAULT 226

go to youtube/live from the vault kinesis/226

Episode 226

Posted 6th June 2025

Sound Money Uprising Is Underway. Feat. Daniel Diaz

In this week’s Live from the Vault, Andrew Maguire welcomes Daniel Diaz, executive director of Citizens for Sound Money, whose family’s escape from communist Cuba inspired a lifelong fight for liberty, political sovereignty, and sound money.

Diaz shares how blockchain immutability, gold digitisation, and strategic US state legislation are converging into a global movement for financial self-determination – signalling a decisive shift away from centralised control towards economic freedom.

5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:ALUMINIUM AND STEEL

6 CRYPTOCURRENCY NEWS

ASIAN MARKETS THIS MORNING:

SHANGHAI CLOSED UP 1.26 PTS OR 0.04%

//Hang Seng CLOSED DOWN 84.53 PTS OR 0..35%

// Nikkei CLOSED UP 187,12 PTS OR 0.50% //Australia’s all ordinaries CLOSED DOWN 0.30%

//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1848 OFFSHORE CLOSED DOWN AT 7.1857/ Oil DOWN TO 62.96 dollars per barrel for WTI and BRENT DOWN TO 65,08 Stocks in Europe OPENED ALL MIXED

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN TRADING AT 7.1848 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1857 AGAINST US DOLLAR/ AND THUS WEAKER

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

ONSHORE YUAN:   CLOSED DOWN TO 7.1848 (CHINESE COMMUNIST PARTY MANIPULATED)

OFFSHORE YUAN: DOWN TO 7.1857 (CCP MANIPULATED)

SHANGHAI CLOSED UP 1.06 PTS OR 0.04%

HANG SENG CLOSED DOWN 84.53 PTS OR 0.35%

2. Nikkei closed UP 187.12 PTS OR 0.50%

3. Europe stocks   SO FAR:  ALL MIXED

USA dollar INDEX UP TO  98,89// EURO FALLS TO 1.1422 DOWN 32 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +1.458//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 143.32…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now  ABOVE 17,000

3d USA/Yen rate now well ABOVE the important 120 barrier this morning

3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN

3f Japan is to buy INFINITE  TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.

3g Oil DOWN for WTI and DOWN FOR UP FOR BRENT this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5390/Italian 10 Yr bond yield UP to 3.484 SPAIN 10 YR BOND YIELD UP TO 3.118%

3i Greek 10 year bond yield UP TO 3.271

3j Gold at $3364.30 Silver at: 36.20  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 2 AND 20 /100  roubles/dollar; ROUBLE AT 79.45

3m oil into the 62 dollar handle for WTI and  65 handle for Brent/

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

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 143.92// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.453% 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 0.8210 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9371 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 4.374 DOWN 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.866 DOWN 2 BASIS PTS/

USA 2 YR BOND YIELD:  3.905 DOWN 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 39.29

10 YR UK BOND YIELD: 4.5990 DOWN 3 PTS

10 YR CANADA BOND YIELD: 3.253 UP 2 BASIS PTS

5 YR CANADA BOND YIELD: 2.863 UP 0 PTS

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

2a New York OPENING REPORT

Futures Rise On Easing Trump-Musk Spat As Payrolls Loom

Friday, Jun 06, 2025 – 07:26 AM

S&P 500 futures rose 0.4% as Tesla shares rebounded 4% in premarket on signs that the spat between President Donald Trump and Elon Musk is cooling. Market gains had little conviction as traders brace for Friday’s main event: a pivotal payrolls report (full preview here) that’s likely to set the direction of travel for markets. Nasdaq futures also add 0.5% even as Broadcom shares fall 3% in premarket after giving a a lackluster revenue forecast for the current quarter. European stocks are little changed. Bond yields are 1-2bp lower; the USD is higher; the yen dropped after BBG reported that Bank of Japan officials are likely to discuss slowing their pullback from buying government bonds at a policy meeting later this month. Commodities are mostly higher: Gold climbs $6 to around $3,358/oz while silver tops $36/oz. WTI falls 0.6% to $63 a barrel. Bitcoin rises 3%. Macro headlines were largely muted overnight; All eyes on NFP today.

In premarket trading, Mag7 stocks are higher, led by Tesla, whose shares are set to rebound, rising 4.9% premarket, after plunging on Thursday as the feud between Elon Musk and President Donald Trump showed signs of de-escalation (Amazon +1%, Meta +0.8%, Apple +0.6%, Alphabet +0.6%, Nvidia +0.5%, Microsoft +0.4%). 

• Broadcom (AVGO) dropped 3% after the company gave a lackluster revenue forecast for the current quarter, suggesting that the AI spending frenzy isn’t as strong as some investors anticipated. Lululemon added to the gloom after its latest earnings report highlighted the risk posed by new tariffs and exacerbated concerns about slowing growth.
• Docusign (DOCU) shares are down 18% after the e-signature software company gave a second-quarter billings outlook that is weaker than expected.
• Lululemon (LULU) shares plunge 21% after the upscale athletic clothing company cut its earnings per share forecast for the full year.

Markets are still reveberating from the spat between Trump and Musk in which Trump proposed cutting off the billionaire’s government contracts. Musk, who sparked the public feud by criticizing Trump’s signature tax bill, later signaled that he’s keen to dial down the hostility. White House aides have reportedly scheduled a call with the world’s richest person for Friday in an effort to cool things down. Their public back-and-forth triggered the most spectacular real-time destruction of wealth ever, with $34 billion erased from Musk’s net worth. Tesla shares are rebounding in premarket, after tanking 14% Thursday.

“Futures are edging higher, perhaps as Musk has started to suggest on X that he would be open to a cooling-off period in his war of words with the President,” said Jim Reid, global head of macro research and thematic strategy at Deutsche Bank AG.

Moves in other asset clases were more muted as traders awaited Friday’s nonfarm payrolls report for fresh insight on how the Trump administration’s trade war is affecting the economy. Turning to today’s main event, economists see payrolls rising by 125,000 after job growth in March and April exceeded projections. The unemployment rate is seen holding at 4.2%.  Weak payrolls data would be bad news for markets, with a big miss potentially sending stocks down 1.5%, according to Goldman Sachs traders (full preview here). A softening labor market would support expectations that the Federal Reserve will cut interest rates at least twice this year.

“Investors are getting used to all the noise and are looking at concrete matters like the jobs report or budget,” said Mabrouk Chetouane, head of global market strategy at Natixis Investment Managers. “There is a cooling trend in the labor market, which I expect will show this afternoon. That should further reinforce our call for two or three cuts from the Fed this year.”

Meanwhile, BofA’s Michael Hartnett is warning that global stocks are close to triggering sell signals as both fund inflows and market breadth are running too hot. The strategist said inflows to stocks and high-yield bonds have totaled 0.9% of AUM in the past four weeks. The sell signal will be set off if that exceeds 1%. 

European equities are little changed as investors search for fresh catalysts on trade negotiations between the US and China and look ahead to a key US jobs report. The real estate and health care sectors outperform, while consumer shares are among the biggest laggards. Among individual movers, Adidas and Puma fall after Lululemon’s disappointing quarter fueled concerns over rising competition and tariffs. Here are the biggest European movers:

• Chemring gains for an 18th straight day, rising as much as 5.1% following an upgrade to buy at Berenberg which gives the UK defense firm a clean sweep of positive analyst ratings
• Galderma shares gain as much as 3.3%, to the highest level since February after Kepler Cheuvreux initiated coverage of the Swiss pure play dermatology group with a recommendation of buy and a new street high price target.
• Demant shares jump as much as 6.7% as the stock trades for the first time since being upgraded to buy at Citi.
• Huber + Suhner shares rise as much as 4.6% after Berenberg said the Swiss electrical products manufacturer is especially well-positioned for growth as it started coverage with a buy rating.
• Canal+ rises as much as 8.1%, reaching highest since mid December, after the media and entertainment company confirmed its full-year expectations and said it has reached an agreement with France’s cinema agency to settle a tax dispute.
• Recordati shares gain as much as 3.4% to a three-month high after JPMorgan lifted its price target on the stock, saying the Italian pharmaceutical company’s growth outlook is “strong and sustainable,” even before more M&A activity.
• Norwegian salmon stocks gaining after a broad cross-party agreement to delay any sweeping changes to the licensing system for several years, according to a statement from the parties after markets closed on Thursday.
• European athleisure stocks fall as US-listed Lululemon posted a second straight disappointing quarter, fueling concerns around the impact of rising competition and new tariffs.
• Allegro shares drop after two of its major holders — investment vehicles of Cinven and Permira Holdings, sold a 5.2% stake in the company.
• PostNL falls as much as 12.5% as Kepler Cheuvreux analyst Marc Zeck downgraded his recommendation from hold to reduce.
• Dassault Systemes shares decline as much as 2.5% after the company said it aims to double its non-IFRS diluted EPS by 2029, pushing out a more ambitious 2028 goal.
• Polish banking stocks fall after Szymon Holownia, the leader of junior coalition party Polska 2050, told Polsat News that he wants to include a windfall tax on lenders into a renegotiated coalition agreement.

Earlier in the session,  Asian stocks traded in a tight range as a much-anticipated call between Donald Trump and China’s Xi Jinping offered little details on how trade negotiations would progress. The MSCI Asia Pacific Index was little changed. Indian stocks rose after the central bank cut interest rates more than projected and unexpectedly reduced the cash reserve ratio for banks. Gauges in Hong Kong fell, while those in Japan rebounded. Markets in Indonesia, Philippines and South Korea were closed for holidays.

In rates, treasuries edge higher ahead of the jobs report, with US 10-year yields falling nearly 2 bps to 3.37%. Bunds outperform their US peers, pushing German 10-year borrowing costs down 5 bps to 2.54%.

In FX, the Bloomberg Dollar Spot Index rises 0.2%. The Japanese yen and Swedish krona are the weakest G-10 currencies, falling 0.4% each. The euro dips 0.3% with little reaction seen after euro-area GDP was revised up for the first quarter. ECB policymakers largely stuck to Thursday’s messaging after they cut rates by a quarter point. USDJPY rose 0.4% to 144.08 after BBG reported that Bank of Japan officials are likely to discuss slowing their pullback from buying government bonds at a policy meeting later this month.

In commodities, gold climbs $6 to around $3,360/oz while silver tops $36/oz. WTI falls 0.6% to $63 a barrel. Bitcoin rises 3%.

Looking at today’s calendar, the payrolls numbers are due at 8:30 a.m., while consumer credit data is due later in the day. The Fed’s Bowman is scheduled to give a speech on supervision and regulation.

Market Snapshot

• S&P 500 mini +0.5%
• Nasdaq 100 mini +0.5%
• Russell 2000 mini +0.6%
• Stoxx Europe 600 little changed
• DAX -0.2%, CAC 40 little changed
• 10-year Treasury yield -1 basis point at 4.38%
• VIX -0.3 points at 18.18
• Bloomberg Dollar Index +0.2% at 1210.26
• euro -0.3% at $1.1413
• WTI crude -0.5% at $63.03/barrel

Top Overnight News

• Elon Musk signaled he would move to cool tensions with US President Donald Trump, after differences between the two exploded Thursday into an all-out public feud.
• White House aides scheduled a call with Elon Musk today to take down the temperature after a public feud erupted with Donald Trump. Musk signaled he’s open to cooling tensions. Premarket, Tesla shares (+4.3%) pared some of yesterday’s plunge. Musk also backed off on a threat to decommission SpaceX’s Dragon spacecraft. BBG
• In the midst of the trade war and administration efforts to disentangle the U.S. and Chinese economies, US pharma companies have simultaneously supercharged their interest in China-based biotechs, announcing what are likely to be the biggest deals ever for the rights to experimental medicines invented by Chinese companies. Barron’s
• The US Treasury called on the BOJ to raise rates to strengthen the yen, making a remarkable policy recommendation in its semiannual currency report. Japan’s finance ministry said it doesn’t comment on the views of a foreign government. BBG
• Expectations in the market are intensifying that the Japanese government may adjust debt issuance as soon as next month by increasing sales of shorter maturity securities and trimming offerings of longer-dated ones to prevent a further rise in yields. BBG
• The European Central Bank is approaching the end of its interest-rate cuts, according to two Governing Council members, as others declared inflation has been vanquished.
• The Reserve Bank of India cut its key policy rate on Friday by an unexpectedly sharp 50 bps to 5.5%, its lowest level in nearly three years, as tepid inflation allowed the bank to focus on spurring economic growth. Nikkei
• Iran orders thousands of tons of ballistic missile material from China as Tehran looks to rebuild its arsenal and provide more weapons to proxies in the Middle East. WSJ
• We estimate nonfarm payrolls rose by 110k in May, below consensus of 125k and the three-month average of +155k. On the positive side, big data indicators suggested a healthy pace of job creation. On the negative side, trade policy uncertainty was very high across the survey period and we expect another 10k decline in federal government payrolls from workforce reductions. GIR
• The ECB is approaching the end of its interest-rate cycle, Madis Muller said. Fellow Governing Council member Yannis Stournaras told BTV that the bank should take a break to give officials a chance to assess recent shocks. BBG
• Trump told Senate Republicans he’s open to a SALT cap below the $40,000 in the House-passed tax bill. BBG

Tariffs/Trade

• German Chancellor Merz said Europe is looking for more independence from China and tariffs are having a “terrible” impact on German automakers, while the Chancellery and White House agreed to even closer cooperation on trade talks, according to CNN. Merz also commented that US tariffs are threatening our economy and we are looking for ways to bring them down, according to a Fox News interview. German Chancellor Merz said this US admin is open for discussions, and hearing other opinions; no doubts US will stick with NATO
• Canadian PM Carney spoke with Chinese Premier Li Qiang and exchanged views on bilateral relations, while they emphasised the importance of engagement and both leaders agreed to regularise communication channels between Canada and China. Furthermore, they also discussed trade between the two nations and Carney’s office stated that both governments committed to collaborating on addressing the fentanyl crisis.
• Chinese Premier Li held talks with Canadian PM Carney, according to Xinhua; China willing to safeguard multilaterals and free trade with Canada. There is ‘great potential’ for cooperation between China & Canada. Both should strengthen cooperation in clean energy, climate change, and innovation.
• Japan’s government said trade negotiator Akazawa met with US Commerce Secretary Lutnick and Akazawa strongly sought a review of US tariffs, while they discussed non-tariff barriers and trade expansion.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed following the subdued handover from the US where a stunning online bust-up between US President Trump and Elon Musk overshadowed the recent call between President Trump and Chinese President Xi in which the leaders agreed to start a new round of talks ASAP. ASX 200 saw two-way, rangebound trade as outperformance in the energy and utilities sectors was counterbalanced by losses in gold miners and the top-weighted financial industry, while a lack of pertinent data releases also contributed to the uneventful picture. Nikkei 225 gained with the index supported by recent currency weakness although further upside was capped following disappointing Household Spending data which showed a steeper-than-feared M/M decline and a surprise Y/Y  contraction. Hang Seng and Shanghai Comp were indecisive despite the recent phone call between US President Trump and Chinese President Xi which the White House had been touting throughout the week, while Xi reiterated calls for the US to handle the Taiwan issue with caution.

Top Asian News

• RBI cut the Repurchase Rate by 50bps to 5.50% (exp. 25bps cut) and changed its stance to neutral from accommodative, while it cut the Standing Deposit Facility Rate and Marginal Standing Facility Rate by 50bps each to 5.25% and 5.75%, respectively. RBI Governor Malhotra said growth remains lower than aspirations and it is important to stimulate growth, as well as noted that front-loading rate cuts to support growth was felt necessary. Malhotra also stated that inflation has softened significantly over the last six months and inflation is likely to undershoot the full-year target at the margin, while he noted that monetary policy has limited space left to support growth and they retained the FY26 Real GDP growth forecast at 6.5%. Furthermore, the RBI Governor announced to cut the Cash Reserve Ratio by 100bps in four equal tranches, which will release INR 2.5tln, as well as noted that they will continue to monitor and take measures as necessary and that the CRR cut is to reduce the cost of funding of banks and help accelerate policy transmission.
• PBoC set USD/CNY mid-point at 7.1845 vs exp. 7.1935 (Prev. 7.1865).
• Japan’s former top FX diplomat says narrowing US-Japan rate gap will likely support the yen at around 135-140 against USD by year-end.

European bourses – Flat/lower trade across Europe following the fallout of the dramatic Trump-Musk spat, but with traders setting their sights on the US jobs report due 13:30 BST/08:30 EDT. On the week, futures of the broad Stoxx 600 and Euro Stoxx 50 indices are currently poised for a second week of gains, though not by much at this stage, and will depend on how the aforementioned data comes in. European sectors – Sectors display a mixed picture with the breadth of the market also narrow, with no real bias. Top gainers at the time of writing include Health Care (+0.6%), Energy (+0.5%), and Retail (+0.3%); losers include Basic Resources (-0.9%), Industrial Goods and Services (-0.4%), and Media (-0.3%). European movers – HSBC (+0.3%) chairman Mark Tucker will step down on September 30th. Adidas (-1.3%), JD Sports (-0.5%), and Puma (-1.6%) are all slipping after US apparel maker Lululemon (LULU) saw its shares tumble by over 20% in extended trading. Airbus (-0.9%) confirmed that it delivered 51 jets in May (-4% Y/Y),

Top European News

• UK government unveiled new concessions to private equity firms regarding its tax break crackdown in which it proposed changes to tax treatment of carried interest that will make the regime less onerous, according to FT.
• ECB’s Holzmann says “I dissented” at the rate decision on Thursday (as expected)Lowering rates at a time of high savings and low investments ha no effect except a monetary effectCurrently expansive in monetary policyLagarde said we are at the end of the cycle, wanted to discuss whether that is the caseCurrent nominal neutral rate is around 3%
• ECB’s Muller said ECB can be happy with inflation where it is; and he agrees with ECB President Lagarde that cycle almost finished. Hard to say what’s coming next on rates.
• ECB’s Villeroy said the ECB has won the battle against inflation in Europe, and we will not again see the low rates we saw a few years ago, and added that French inflation is now under control but debt remains a serious issue, “France cannot continue like this”, according to Bloomberg.
• ECB’s Simkus said interest rates are now at neutral; its important to keep full flexibility, according to Reuters. Stournaras said the best thing for the ECB is to wait and see, ECB rate cutting is nearly done, ECB has achieved a soft landing, and ECB may cut if the economy weakens and inflation falls. Stournaras noted of downside risks to growth, and the bank is “quite” confident in its forecasts, and said he’s afraid the Dollar may lose some of its status.
• Bundesbank semi-annual report: German recovery delayed further; economy to tread water in 2025; German GDP to stagnate in 2025, grow by 0.7% in 2026. Increased defence, infrastructure spending to significantly increase growth by the end of 2027. German exports will decline significantly in 2025, increase only slightly next year.
• Italian Stats Bureau ISTAT cut Italy’s 2025 GDP growth to 0.6% from 0.8% forecast in December.
• SNB noted that it does not engage in any manipulation of the CHF; does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy. In addition, the use of FX market interventions may be necessary under certain circumstances to ensure appropriate monetary conditions. SNB monetary policy is geared towards the needs of Switzerland.

FX

• USD – USD is slightly firmer in what has ultimately been a week of losses for DXY. Attention now is firmly fixated on today’s NFP report which is set to see payroll growth slow to 130k from 177k and unemployment rate hold steady @ 4.2%. As it stands, the next 25bps cut is not fully priced until September with 54bps of loosening seen by year-end. DXY is towards the top end of yesterday’s 98.35-98.94 range.
• EUR – EUR is trivially softer vs. the USD after gaining yesterday on account of the ECB rate decision which saw policymakers pull the trigger on a 25bps rate cut, whilst noting that policy is “well-positioned”; suggesting that the ECB could be nearing or at the end of its cutting cycle. ECB speak this morning hasn’t shifted the dial with policymakers signalling flexibility going forward, whilst acknowledging progress on inflation. EUR/USD is contained within yesterday’s 1.1404-1.1495 range.
• JPY – JPY is the laggard across the majors following disappointing Household Spending data. Subsequently, USD/JPY briefly made its way back onto a 144 handle with a current session peak @ 144.13, stopping shy of the WTD high @ 144.39. On the trade front, Japan’s government said trade negotiator Akazawa met with US Commerce Secretary Lutnick and Akazawa strongly sought a review of US tariffs. Elsewhere, Japan’s former top FX diplomat says narrowing US-Japan rate gap will likely support the yen at around 135-140 against USD by year-end.
• GBP – GBP is softer vs. the broadly firmer USD with UK-specific newsflow on the light side ahead of next week’s UK spending review. On which, UK Chancellor Reeves reaffirmed she will not have a UK budget like October’s again, but can’t rule out any tax changes over the next four years. For today’s agenda, BoE Chief Economist Pill is due to speak @ 13:00BST, but given the subject matter of “AI and Households”, it is unclear how much he will touch on monetary policy. After printing a multi-year high yesterday @ 1.3616, Cable has since retreated and moved back below the 1.3550 mark.
• Antipodeans – Antipodeans are steady vs. the USD following a light data docket and relevant newsflow overnight. Both continue to keep an eye on US-Sino relations following the Xi-Trump call yesterday given their trade exposure. However, the readout had little follow-through into either currency. AUD/USD has moved back onto a 0.64 handle and pulled back from yesterday’s YTD peak @ 0.6538. NZD/USD has also retreated from yesterday’s YTD high @ 0.6080 but is still holding above the 0.60 mark.
• NBP’s Litwiniuk said they need to be cautious regarding the disinflation path; MPC can return to the subject of cuts in July or September; rates can still be cut by 100-125bps this year.

Treasuries

• USTs – USTs are a touch higher ahead of the US jobs report and following yesterday’s ECB-led losses which outmuscled a spike higher in weekly claims metrics. As it stands, the next 25bps cut is not fully priced until September with 54bps of loosening seen by year-end. Sep’25 USTs are currently within yesterday’s 110.23+ to 111.14+ range. From a yield perspective, the US curve is fractionally in bull flattening mode, whilst the 10yr yield has moved back to the 4.37% after venturing as low as 4.318% yesterday.
• Bunds – Bunds are attempting to atone for yesterday’s losses which were seen in the wake of the ECB rate decision. Sep’25 Bunds have been as high as 130.72 but are still some way away from yesterday’s peak @ 131.47. The 10yr yield is back below the 2.55% mark after climbing as high as 2.581% yesterday.
• Gilts – Gilts are currently being led by the upside in German paper as UK-specific newsflow remains light ahead of next week’s UK spending review. Sep’25 Gilts have been as high as 92.31 but still have some ground to cover before approaching yesterday’s best @ 92.63. The 10yr yield currently sits just above the 4.6% mark and within yesterday’s 4.557-4.648% range.

Commodities

• Crude Futures – Subdued trade amid a firmer Dollar and overall cautious risk tone heading into the US jobs report before the weekend. Contracts saw a leg lower likely on technicals as WTI dipped under USD 63.00/bbl at the same time as Brent fell under USD 65.00/bbl, although prices thereafter stabilised. News flow has been light for the complex, with nothing major to report in geopolitics either.
• Precious Metals – Spot gold and silver are largely treading water amid a lack of catalysts during the European morning in the run-up to the US jobs report. Spot gold currently resides in a current USD 3,351.49-3,375.29/oz range, well within yesterday’s USD 3,338.29-3,403.15/oz parameter.
• Base Metals – Mixed trade across base metals, in fitting with the cautious risk tone ahead of the US jobs report, with the Trump-Xi phone call doing little to keep broader prices underpinned during this session. 3M LME copper dipped back under USD 9,700/t to trade in a USD 9,659.00-9,768.00/t range at the time of writing. Dalian iron ore futures rose to a one-week peak overnight with traders citing strong Chinese demand coupled with some optimism following the Trump-Xi call, with the front-month contract ending daytime trade +0.9%.
• HSBC expects OPEC+ to accelerate supply hikes in August and September; weaker fundamentals after the summer, raise downside risks to the Bank’s USD 65/bbl brent forecast from Q425.
• LME has intervened to make Mercuria roll its “huge” position in aluminium, according to Bloomberg.
• India’s Mines Minister said exploring critical mineral assets in Australia, Argentina and Chile.
• EU Ags Commissioner said EU-Ukraine trade has reverted to conditions of pre-war trade deal, after the expiry of wartime exemptions; could conclude a longer-term trade arrangement by summer. New EU-Ukraine trade arrangement will be in between the quotas under pre-war trade deal and war-time exemptions

Geopolitics: Middle East

• Israel assured the US it won’t strike Iran unless talks fail, according to Axios.
• Iran is said to have ordered material from China that could make hundreds of ballistic missiles, according to Wall Street Journal.
• “Lebanese Army: Israel’s continued violation of the agreement may push us to freeze cooperation with the monitoring committee regarding site inspection”, via Al Hadath.

Geopolitics: Ukraine

• Ukraine said Russia launched a drone and missile attack with explosions and air defence activity heard over Kyiv.
• Russian Deputy Minister of Foreign Affairs Ryabkov said returning to the arms control agreement with the US is becoming less and less realistic amid the US’ Golden Dome project.
• EU is weighing adding Russia to its money laundering ‘grey list’, according to FT.
• French Minister for Europe and Foreign Affairs hopes the European Commission will put new Russian sanctions package before the end of June, according to Reuters.

US Event Calendar

• 8:30 am: May Change in Nonfarm Payrolls, est. 126k, prior 177k
• 8:30 am: May Change in Private Payrolls, est. 120k, prior 167k
• 8:30 am: May Change in Manufact. Payrolls, est. -4.5k, prior -1k
• 8:30 am: May Unemployment Rate, est. 4.2%, prior 4.2%
• 8:30 am: May Average Hourly Earnings MoM, est. 0.3%, prior 0.2%
• 8:30 am: May Average Hourly Earnings YoY, est. 3.7%, prior 3.8%
• 3:00 pm: Apr Consumer Credit, est. 10b, prior 10.17b

Central Banks 

• 10:00 am: Fed’s Bowman Gives Speech on Supervision, Regulation

DB’s Jim Reid concludes the overnight wrap

Markets had a volatile session yesterday, as they grappled with a barrage of news that each pushed in different directions. Those included positive US-China headlines amid a call between Trump and Xi, a hawkish ECB decision and more weak data from the US. But the most remarkable was an extraordinary war of words between Trump and Elon Musk that ultimately left risks assets losing ground. Tesla’s shares plunged by -14.26%, while the S&P 500 fell -0.53% despite earlier briefly moving into technical bull market territory as it climbed just over +20% since its recent low on April 8.

The dramatic feud between the US President and the world’s richest man emerged after Trump said during a meeting with Germany’s chancellor Merz that he was “disappointed” and “surprised” in Musk’s recent criticism of the Republicans’ budget bill, with Musk responding on X by suggesting that Trump would have lost the election without his support. The war of words then escalated on social media, with Trump posting that “The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts”, while Musk posted that Trump’s tariffs “will cause a recession in the second half of this year” and responded “yes” to a suggestion that Trump should be impeached.

Following the Trump-Musk spat, Tesla’s shares slumped -14.26%, which together with a -3.55% decline on Wednesday marked its worst two-day decline (-17.30%) since 2020. The feud also weighed on US risk assets more broadly, with the S&P 500 (-0.53%) seeing ten of its eleven sector groups move lower on the day. Meanwhile, the VIX volatility index rose +0.87pts to 18.48, having been earlier on course to fall to its lowest level since late March. The tech mood has stayed subdued overnight as Broadcom’s results delivered a lackluster revenue forecast. The chipmaker, which is now the 7th largest company in the S&P 500 and around $300bn of market cap ahead of Tesla, saw its shares slide by more than -4% after-hours. However S&P 500 (+0.25%) and NASDAQ 100 (+0.14%) futures are edging higher, perhaps as Musk has started to suggest on X that he would be open to a cooling-off period in his war of words with the President.

Earlier on in the session we had seen a clear risk-on move on both sides of the Atlantic as a surprise Trump-Xi call raised the prospect of fresh US-China talks, leading to growing optimism that trade tensions would ease. The news of a call by Chinese state media led to an immediate jump in US equity futures. Shortly after, the rally got a further boost after Trump posted that it was “a very good phone call” which “resulted in a very positive conclusion for both Countries.” In the post, it said that their respective teams would soon meet, and also that “There should no longer be any questions respecting the complexity of Rare Earth products.” So that helped to boost market optimism, particularly after Trump had posted the previous day that Xi was “VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!”.

The trade headlines outweighed an initial negative reaction to the latest weekly US jobless claims, which added to fears that the US labour market was finally deteriorating after Liberation Day. Initial jobless claims (one of the most timely indicators we get) moved up to 247k in the week ending May 31 (vs. 235k expected), reaching their highest level since October. Moreover, that followed the very soft ADP report the previous day, which had private payrolls up by just +37k in May. The one caveat to the claims data is that seasonals tend to boost the number a bit at this time of the year. However it’s not the only evidence of a slightly weakening labour market. So that’s really heightened the focus on today’s jobs report for May, as any softness there would really magnify those fears. In terms of what to expect, our US economists forecast nonfarm payrolls to come in at +125k, dipping down from the +177k in March, with the unemployment rate remaining at 4.2%.

Those competing factors drove a big turnaround for US Treasuries yesterday. They initially fell back, with the 10yr yield hitting an intraday low of 4.31% just after the claims data. But the hawkish ECB decision and the Trump-Xi call led to a significant turnaround, with the 10yr yield ultimately closing up +3.7bps at 4.39%. The moves were even larger at the front-end of the curve, with the 2yr yield up +5.4bps to 3.92% as investors dialled back the likelihood of Fed rate cuts.
Meanwhile in Europe, the ECB was the biggest market driver yesterday. They cut rates by 25bps as expected, taking the deposit rate down to 2%. But significantly, President Lagarde signalled that they had “nearly concluded” the easing cycle, suggesting that policy rates weren’t likely to go much lower from here. She also signalled little urgency to cut rates, saying that the current level left them “in a good position to navigate the uncertain conditions that will be coming up.” As such, the ECB appears to be saying that it may have now reached the appropriate level of rates, a stronger message than a soft signal of a pause our European economists had expected. That said, our economists see expected soft growth in H2 and more significant disinflation than projected by the ECB as still favouring some further easing. See their full reaction here.

Lagarde’s comments immediately drove a clear market reaction, with another 25bp ECB cut now being less than fully priced, the 2yr German yield surging +7.8bps on the day and the euro itself strengthening +0.25%. Several other details also fed into the hawkish narrative, with the policy statement saying that although trade uncertainty would be a short-term drag, “rising government investment in defence and infrastructure will increasingly support growth over the medium term.” Later in the day, Bloomberg also reported that ECB officials thought a pause at the next meeting in July was the most likely scenario, with mixed views on whether another rate cut was likely after that. By the close, yields on 10yr bunds (+5.2bps), OATs (+4.7bps) and BTPs (+3.5bps) had all moved higher. Otherwise, equities ended the day higher with the STOXX 600 up +0.16%, but that was mainly thanks to the Trump-Xi call, as the index had been in negative territory after the hawkish ECB news.

In Asia markets are relatively subdued this morning. The Nikkei (+0.24%) has risen a little on weak Japanese economic data that might delay further rate hikes by the BOJ (more below). Meanwhile, the CSI (-0.12%) and the Shanghai Composite (-0.06%) are struggling to gain traction while the Hang Seng (-0.21%) and the S&P/ASX 200 (-0.19%) are seeing minor losses.

Coming back to Japan household spending (-0.1% y/y) unexpectedly fell in April, attributed to consumers curbing spending due to rising prices. This contrasted sharply with market expectations of a +1.5% gain following the previous month’s +2.1% increase.

Elsewhere yesterday, data showed the US trade deficit narrowed sharply to $61.6bn in April, reflecting the impact of the new tariffs. That was the smallest monthly deficit since September 2023, and a huge decline from the prior month’s $138.3bn trade deficit. Given that lower imports mechanically add to GDP, this is expected to lead to a strong bounceback in GDP for Q2 after the Q1 contraction. Indeed, the Atlanta Fed’s latest GDPNow estimate is pointing to annualised growth of +3.8% in Q2.

To the day ahead now, and the main highlight will be the US jobs report for May. Over in Europe, there’s also Euro Area retail sales for April, and German and French industrial production for April. Otherwise, central bank speakers include ECB President Lagarde, and the ECB’s Holzmann, Simkus and Centeno

2B European opening report

DXY, USTs and US futures gain ground ahead of US Jobs – Newsquawk US Market Open

Friday, Jun 06, 2025 – 05:05 AM

• European bourses trade flat/lower following the fallout of the dramatic Trump-Musk spat, but with traders setting their sights on the US jobs report.
• USD is slightly firmer in what has ultimately been a week of losses for DXY. EUR is trivially softer vs. the USD. JPY is the laggard across the majors.
• USTs are a touch higher ahead of the US jobs report and following yesterday’s ECB-led losses. Bunds are attempting to atone for yesterday’s downside. Gilts are being led by the upside in German paper.
• Crude Futures are subdued amid a firmer Dollar and overall cautious risk tone heading into the US job. Spot gold and silver are largely treading water. Base metals are mixed.
• Looking head, highlights include US NFP, Canadian Jobs, Speakers include BoE’s Pill.

SNAPSHOT

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TARIFFS/TRADE

• German Chancellor Merz said Europe is looking for more independence from China and tariffs are having a “terrible” impact on German automakers, while the Chancellery and White House agreed to even closer cooperation on trade talks, according to CNN. Merz also commented that US tariffs are threatening our economy and we are looking for ways to bring them down, according to a Fox News interview. German Chancellor Merz said this US admin is open for discussions, and hearing other opinions; no doubts US will stick with NATO
• Canadian PM Carney spoke with Chinese Premier Li Qiang and exchanged views on bilateral relations, while they emphasised the importance of engagement and both leaders agreed to regularise communication channels between Canada and China. Furthermore, they also discussed trade between the two nations and Carney’s office stated that both governments committed to collaborating on addressing the fentanyl crisis.
• Chinese Premier Li held talks with Canadian PM Carney, according to Xinhua; China willing to safeguard multilaterals and free trade with Canada. There is ‘great potential’ for cooperation between China & Canada. Both should strengthen cooperation in clean energy, climate change, and innovation.
• Japan’s government said trade negotiator Akazawa met with US Commerce Secretary Lutnick and Akazawa strongly sought a review of US tariffs, while they discussed non-tariff barriers and trade expansion.

NOTABLE US HEADLINES

• Top White House aides held multiple meetings to discuss the fallout from Elon Musk’s tweets, according to a source with knowledge of the matter cited by Reuters.
• BofA Flow Show: Cash biggest inflow since Jan, Gold a record inflow year, European equities see inflows & US sees outflows. Cash saw largest inflow since Jan of almost USD 95bln in the latest week. Gold is having a record inflow year, worth USD 75bln in YTD. US equities seen outflows in past three weeks, European equites see inflows for eight weeks. EM Equities & Debt strongest inflow in eight weeks

EUROPEAN TRADE

EQUITIES

• European bourses – Flat/lower trade across Europe following the fallout of the dramatic Trump-Musk spat, but with traders setting their sights on the US jobs report due 13:30 BST/08:30 EDT. On the week, futures of the broad Stoxx 600 and Euro Stoxx 50 indices are currently poised for a second week of gains, though not by much at this stage, and will depend on how the aforementioned data comes in.
• European sectors – Sectors display a mixed picture with the breadth of the market also narrow, with no real bias. Top gainers at the time of writing include Health Care (+0.6%), Energy (+0.5%), and Retail (+0.3%); losers include Basic Resources (-0.9%), Industrial Goods and Services (-0.4%), and Media (-0.3%).
• European movers – HSBC (+0.3%) chairman Mark Tucker will step down on September 30th. Adidas (-1.3%), JD Sports (-0.5%), and Puma (-1.6%) are all slipping after US apparel maker Lululemon (LULU) saw its shares tumble by over 20% in extended trading. Airbus (-0.9%) confirmed that it delivered 51 jets in May (-4% Y/Y),
• US equity futures – Firmer intraday (ES +0.4%, NQ +0.4%, YM +0.1%, RTY +0.6%) and rebounding following yesterday’s Trump-Musk-induced downside as traders await the latest US jobs report Elsewhere, Tesla shares are rebounding pre-market (+4.8%) after slumping some 14.3% yesterday, with traders attributing the bounce to Politico reports that White House aides scheduled a call with Elon Musk.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• USD – USD is slightly firmer in what has ultimately been a week of losses for DXY. Attention now is firmly fixated on today’s NFP report which is set to see payroll growth slow to 130k from 177k and unemployment rate hold steady @ 4.2%. As it stands, the next 25bps cut is not fully priced until September with 54bps of loosening seen by year-end. DXY is towards the top end of yesterday’s 98.35-98.94 range.
• EUR – EUR is trivially softer vs. the USD after gaining yesterday on account of the ECB rate decision which saw policymakers pull the trigger on a 25bps rate cut, whilst noting that policy is “well-positioned”; suggesting that the ECB could be nearing or at the end of its cutting cycle. ECB speak this morning hasn’t shifted the dial with policymakers signalling flexibility going forward, whilst acknowledging progress on inflation. EUR/USD is contained within yesterday’s 1.1404-1.1495 range.
• JPY – JPY is the laggard across the majors following disappointing Household Spending data. Subsequently, USD/JPY briefly made its way back onto a 144 handle with a current session peak @ 144.13, stopping shy of the WTD high @ 144.39. On the trade front, Japan’s government said trade negotiator Akazawa met with US Commerce Secretary Lutnick and Akazawa strongly sought a review of US tariffs. Elsewhere, Japan’s former top FX diplomat says narrowing US-Japan rate gap will likely support the yen at around 135-140 against USD by year-end.
• GBP – GBP is softer vs. the broadly firmer USD with UK-specific newsflow on the light side ahead of next week’s UK spending review. On which, UK Chancellor Reeves reaffirmed she will not have a UK budget like October’s again, but can’t rule out any tax changes over the next four years. For today’s agenda, BoE Chief Economist Pill is due to speak @ 13:00BST, but given the subject matter of “AI and Households”, it is unclear how much he will touch on monetary policy. After printing a multi-year high yesterday @ 1.3616, Cable has since retreated and moved back below the 1.3550 mark.
• Antipodeans – Antipodeans are steady vs. the USD following a light data docket and relevant newsflow overnight. Both continue to keep an eye on US-Sino relations following the Xi-Trump call yesterday given their trade exposure. However, the readout had little follow-through into either currency. AUD/USD has moved back onto a 0.64 handle and pulled back from yesterday’s YTD peak @ 0.6538. NZD/USD has also retreated from yesterday’s YTD high @ 0.6080 but is still holding above the 0.60 mark.
• NBP’s Litwiniuk said they need to be cautious regarding the disinflation path; MPC can return to the subject of cuts in July or September; rates can still be cut by 100-125bps this year.
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• USTs – USTs are a touch higher ahead of the US jobs report and following yesterday’s ECB-led losses which outmuscled a spike higher in weekly claims metrics. As it stands, the next 25bps cut is not fully priced until September with 54bps of loosening seen by year-end. Sep’25 USTs are currently within yesterday’s 110.23+ to 111.14+ range. From a yield perspective, the US curve is fractionally in bull flattening mode, whilst the 10yr yield has moved back to the 4.37% after venturing as low as 4.318% yesterday.
• Bunds – Bunds are attempting to atone for yesterday’s losses which were seen in the wake of the ECB rate decision. Sep’25 Bunds have been as high as 130.72 but are still some way away from yesterday’s peak @ 131.47. The 10yr yield is back below the 2.55% mark after climbing as high as 2.581% yesterday.
• Gilts – Gilts are currently being led by the upside in German paper as UK-specific newsflow remains light ahead of next week’s UK spending review. Sep’25 Gilts have been as high as 92.31 but still have some ground to cover before approaching yesterday’s best @ 92.63. The 10yr yield currently sits just above the 4.6% mark and within yesterday’s 4.557-4.648% range.
• Click for a detailed summary

COMMODITIES

• Crude Futures – Subdued trade amid a firmer Dollar and overall cautious risk tone heading into the US jobs report before the weekend. Contracts saw a leg lower likely on technicals as WTI dipped under USD 63.00/bbl at the same time as Brent fell under USD 65.00/bbl, although prices thereafter stabilised. News flow has been light for the complex, with nothing major to report in geopolitics either.
• Precious Metals – Spot gold and silver are largely treading water amid a lack of catalysts during the European morning in the run-up to the US jobs report. Spot gold currently resides in a current USD 3,351.49-3,375.29/oz range, well within yesterday’s USD 3,338.29-3,403.15/oz parameter.
• Base Metals – Mixed trade across base metals, in fitting with the cautious risk tone ahead of the US jobs report, with the Trump-Xi phone call doing little to keep broader prices underpinned during this session. 3M LME copper dipped back under USD 9,700/t to trade in a USD 9,659.00-9,768.00/t range at the time of writing. Dalian iron ore futures rose to a one-week peak overnight with traders citing strong Chinese demand coupled with some optimism following the Trump-Xi call, with the front-month contract ending daytime trade +0.9%.
• HSBC expects OPEC+ to accelerate supply hikes in August and September; weaker fundamentals after the summer, raise downside risks to the Bank’s USD 65/bbl brent forecast from Q425.
• LME has intervened to make Mercuria roll its “huge” position in aluminium, according to Bloomberg.
• India’s Mines Minister said exploring critical mineral assets in Australia, Argentina and Chile.
• EU Ags Commissioner said EU-Ukraine trade has reverted to conditions of pre-war trade deal, after the expiry of wartime exemptions; could conclude a longer-term trade arrangement by summer. New EU-Ukraine trade arrangement will be in between the quotas under pre-war trade deal and war-time exemptions
• Click for a detailed summary

NOTABLE DATA RECAP

• EU Retail Sales YY (Apr) 2.3% vs. Exp. 1.3% (Prev. 1.5%, Rev. 1.9%)
• EU Employment Final YY (Q1) 0.7% vs. Exp. 0.8% (Prev. 0.8%, Rev. 0.8%)
• EU Employment Final QQ (Q1) 0.2% vs. Exp. 0.3% (Prev. 0.3%)
• EU Retail Sales MM (Apr) 0.1% vs. Exp. 0.1% (Prev. -0.1%, Rev. 0.4%)
• EU GDP Revised YY (Q1) 1.5% vs. Exp. 1.2% (Prev. 1.2%)
• EU GDP Revised QQ (Q1) 0.6% vs. Exp. 0.4% (Prev. 0.3%)
• German Exports MM SA (Apr) -1.7% vs. Exp. -0.7% (Prev. 1.1%)
• German Trade Balance, EUR, SA (Apr) 14.6B vs. Exp. 20.0B (Prev. 21.1B)
• German Industrial Output MM (Apr) -1.4% vs. Exp. -1.0% (Prev. 3.0%)
• German Imports MM SA (Apr) 3.9% vs. Exp. 0.5% (Prev. -1.4%)
• UK Halifax House Prices MM (May) -0.4% vs. Exp. -0.1% (Prev. 0.3%)
• UK BBA Mortgage Rate (May) 7.09% (Prev. 7.21%, Rev. 7.19%).
• French Industrial Output MM (Apr) -1.4% vs. Exp. 0.2% (Prev. 0.2%, Rev. 0.1%)
• French Trade Balance, EUR, SA (Apr) -7.968B (Prev. -6.248B, Rev. -6.272B)
• French Imports, EUR (Apr) 57.225B (Prev. 58.799B, Rev. 58.639B)
• French Exports, EUR (Apr) 49.256B (Prev. 52.551B, Rev. 52.367B)
• French Current Account (Apr) -4.1B (Prev. 1.4B, Rev. 1B)
• Norwegian Manufacturing Output MM (Apr) 2.8%

NOTABLE EUROPEAN HEADLINES

• UK government unveiled new concessions to private equity firms regarding its tax break crackdown in which it proposed changes to tax treatment of carried interest that will make the regime less onerous, according to FT.
• ECB’s Holzmann says “I dissented” at the rate decision on Thursday (as expected)Lowering rates at a time of high savings and low investments ha no effect except a monetary effectCurrently expansive in monetary policyLagarde said we are at the end of the cycle, wanted to discuss whether that is the caseCurrent nominal neutral rate is around 3%
• ECB’s Muller said ECB can be happy with inflation where it is; and he agrees with ECB President Lagarde that cycle almost finished. Hard to say what’s coming next on rates.
• ECB’s Villeroy said the ECB has won the battle against inflation in Europe, and we will not again see the low rates we saw a few years ago, and added that French inflation is now under control but debt remains a serious issue, “France cannot continue like this”, according to Bloomberg.
• ECB’s Simkus said interest rates are now at neutral; its important to keep full flexibility, according to Reuters. Stournaras said the best thing for the ECB is to wait and see, ECB rate cutting is nearly done, ECB has achieved a soft landing, and ECB may cut if the economy weakens and inflation falls. Stournaras noted of downside risks to growth, and the bank is “quite” confident in its forecasts, and said he’s afraid the Dollar may lose some of its status.
• Bundesbank semi-annual report: German recovery delayed further; economy to tread water in 2025; German GDP to stagnate in 2025, grow by 0.7% in 2026. Increased defence, infrastructure spending to significantly increase growth by the end of 2027. German exports will decline significantly in 2025, increase only slightly next year.
• Italian Stats Bureau ISTAT cut Italy’s 2025 GDP growth to 0.6% from 0.8% forecast in December.
• SNB noted that it does not engage in any manipulation of the CHF; does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy. In addition, the use of FX market interventions may be necessary under certain circumstances to ensure appropriate monetary conditions. SNB monetary policy is geared towards the needs of Switzerland.

GEOPOLITICS

MIDDLE EAST

• Israel assured the US it won’t strike Iran unless talks fail, according to Axios.
• Iran is said to have ordered material from China that could make hundreds of ballistic missiles, according to Wall Street Journal.
• “Lebanese Army: Israel’s continued violation of the agreement may push us to freeze cooperation with the monitoring committee regarding site inspection”, via Al Hadath.

RUSSIA-UKRAINE

• Ukraine said Russia launched a drone and missile attack with explosions and air defence activity heard over Kyiv.
• Russian Deputy Minister of Foreign Affairs Ryabkov said returning to the arms control agreement with the US is becoming less and less realistic amid the US’ Golden Dome project.
• EU is weighing adding Russia to its money laundering ‘grey list’, according to FT.
• French Minister for Europe and Foreign Affairs hopes the European Commission will put new Russian sanctions package before the end of June, according to Reuters.

CRYPTO

• Bitcoin gradually climbed higher overnight and breached back above the USD 102k level.

APAC TRADE

• APAC stocks traded mixed following the subdued handover from the US where a stunning online bust-up between US President Trump and Elon Musk overshadowed the recent call between President Trump and Chinese President Xi in which the leaders agreed to start a new round of talks ASAP.
• ASX 200 saw two-way, rangebound trade as outperformance in the energy and utilities sectors was counterbalanced by losses in gold miners and the top-weighted financial industry, while a lack of pertinent data releases also contributed to the uneventful picture.
• Nikkei 225 gained with the index supported by recent currency weakness although further upside was capped following disappointing Household Spending data which showed a steeper-than-feared M/M decline and a surprise Y/Y contraction.
• Hang Seng and Shanghai Comp were indecisive despite the recent phone call between US President Trump and Chinese President Xi which the White House had been touting throughout the week, while Xi reiterated calls for the US to handle the Taiwan issue with caution.

NOTABLE ASIA-PAC HEADLINES

• RBI cut the Repurchase Rate by 50bps to 5.50% (exp. 25bps cut) and changed its stance to neutral from accommodative, while it cut the Standing Deposit Facility Rate and Marginal Standing Facility Rate by 50bps each to 5.25% and 5.75%, respectively. RBI Governor Malhotra said growth remains lower than aspirations and it is important to stimulate growth, as well as noted that front-loading rate cuts to support growth was felt necessary. Malhotra also stated that inflation has softened significantly over the last six months and inflation is likely to undershoot the full-year target at the margin, while he noted that monetary policy has limited space left to support growth and they retained the FY26 Real GDP growth forecast at 6.5%. Furthermore, the RBI Governor announced to cut the Cash Reserve Ratio by 100bps in four equal tranches, which will release INR 2.5tln, as well as noted that they will continue to monitor and take measures as necessary and that the CRR cut is to reduce the cost of funding of banks and help accelerate policy transmission.
• PBoC set USD/CNY mid-point at 7.1845 vs exp. 7.1935 (Prev. 7.1865).
• Japan’s former top FX diplomat says narrowing US-Japan rate gap will likely support the yen at around 135-140 against USD by year-end.

DATA RECAP

• Japanese All Household Spending MM (Apr) -1.8% vs. Exp. -0.8% (Prev. 0.4%)
• Japanese All Household Spending YY (Apr) -0.1% vs. Exp. 1.4% (Prev. 2.1%)

2c Asian opening report

US Stocks finish lower ahead of NFP, with Trump-Xi call overshadowed by dramatic Musk-Trump bust-up – Newsquawk Europe Market Open

Friday, Jun 06, 2025 – 01:30 AM

• APAC stocks traded mixed following the subdued handover from the US amid a stunning online bust-up between US President Trump and Elon Musk.
• US President Trump said that trade talks with China have never been off track and straightened out the complexity.
• European equity futures indicate a slightly lower cash market open with Euro Stoxx 50 future down 0.1% after the cash market finished with gains of 0.1% on Thursday.
• DXY is a touch higher, EUR/USD ran out of steam ahead of 1.15, JPY marginally lags with FX markets otherwise steady.
• RBI cut the Repurchase Rate by 50bps to 5.50% (exp. 25bps cut) and changed its stance to neutral from accommodative.
• Looking ahead, highlights include German Industrial Output & Trade Balance, French Trade Balance, EZ Employment, GDP & Retail Sales, US NFP, Canadian Jobs, Bundesbank Semi-Annual Forecasts, ECB President Lagarde & BoE’s Pill.

SNAPSHOT

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US TRADE

EQUITIES

• US stocks were choppy and ended the session lower with risk sentiment pressured following a stunning escalation in the public feud between US President Trump and Elon Musk in which they exchanged a war of words over social media after President Trump threatened to terminate Musk’s government contracts, while Musk even claimed that President Trump “is in the Epstein files” and that this was the reason why they have not been made public. The public spat overshadowed an earlier Trump-Xi phone call and hit Tesla shares which suffered a near-15% drop and resulted in the underperformance of the Consumer Discretionary sector.
• SPX -0.53% at 5,939, NDX -0.80% at 21,547, DJI -0.25% at 42,320, RUT -0.05% at 2,097.
• Click here for a detailed summary.

TARIFFS/TRADE

• US President Trump said regarding talks with Chinese President Xi that trade talks have never been off track and straightened out complexity, while he added they’ll meet with their top people and are in good shape regarding a China trade deal and are straightening out rare earths. Furthermore, he said they have a deal with China and want to make sure all understand it, as well as stated he will be going to China at some point and that Xi will be going to the US.
• US President Trump said they will have a great relationship with Germany and that Chancellor Merz is a good man to deal with, but difficult. Trump said they will have a good German trade deal and it will be determined by the EU, while German Chancellor Merz said they have a good basis for cooperation.
• German Chancellor Merz said Europe is looking for more independence from China and tariffs are having a “terrible” impact on German automakers, while the Chancellery and White House agreed to even closer cooperation on trade talks, according to CNN. Merz also commented that US tariffs are threatening our economy and we are looking for ways to bring them down, according to a Fox News interview.
• US President Trump and Canadian PM Carney reportedly held secret talks on trade and security, according to the Globe and Mail citing the US Special Envoy.
• Canadian PM Carney spoke with Chinese Premier Li Qiang and exchanged views on bilateral relations, while they emphasised the importance of engagement and both leaders agreed to regularise communication channels between Canada and China. Furthermore, they also discussed trade between the two nations and Carney’s office stated that both governments committed to collaborating on addressing the fentanyl crisis.
• US Commerce Secretary Lutnick reiterated the July 9th deadline for a trade deal and the need for market access for farmers, while he added expect no tariffs on things we can’t make in the US. Lutnick also commented that they are trying to get to 5mln wafers during the Trump admin and that Trump wants a full chip supply chain in the US, as well as noted the US will train 5mln US workers for chip factories.
• Japan’s government said trade negotiator Akazawa met with US Commerce Secretary Lutnick and Akazawa strongly sought a review of US tariffs, while they discussed non-tariff barriers and trade expansion.

NOTABLE HEADLINES

• Fed’s Kugler (voter) said she continues to support maintaining the policy rate at the current setting if upside risks to inflation remain and noted monetary policy is well-positioned for any changes in the macroeconomic environment. Furthermore, Kugler said she views inflation as a bigger risk right now than weaker employment and has not seen the full extent of the impact of tariffs on prices, while she added inflation will be the first-order effect with other effects down the road, as well as noted it is not clear that inflation effects from tariffs will be one-time.
• Fed’s Schmid (2025 voter) said he is uncomfortable with the look-through policy approach to tariff-driven price increases and policy needs to be ‘nimble’ to balance two sides of the mandate, while he is focused on maintaining the Fed’s credibility on inflation.
• Fed’s Harker (2026 voter) said the Fed must wait and see on the next policy steps amid uncertainty, while it is entirely possible the Fed may face climbing inflation and unemployment at the same time. Furthermore, he said slow disinflation by itself justified the Fed holding steady on interest rates.
• US President Trump said regarding Elon Musk that the bill is incredible and Musk is upset because they took away the EV mandate, while Trump added he does not know if they will have a great relationship anymore and said Musk hasn’t said a bad about him but that’ll be next.
• US President Trump commented “Elon was “wearing thin,” I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!”
• US President Trump said he does not mind Elon Musk turning against him but noted that “This is one of the Greatest Bills ever presented to Congress”, while he wants the tax bill passed “without delay”.
• US President Trump replied “Oh it’s okay” when asked about the public breakup with Elon Musk and said “It’s going very well, never done better”, while White House aides scheduled a call with Musk on Friday to broker a peace, according to Politico.
• Elon Musk posted on X “Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate”. Musk later posted that President Trump “is in the Epstein files” which is the reason why they have not been made public, while he also commented “Yes” to a post saying President Trump should be impeached. Furthermore, Musk said Trump tariffs will cause a recession in the second half of this year and in light of Trump’s statement about cancellation of his government contracts, SpaceX will begin decommissioning its Dragon Spacecraft immediately but later backtracked and said they won’t decommission Dragon.
• Top White House aides held multiple meetings to discuss the fallout from Elon Musk’s tweets, according to a source with knowledge of the matter cited by Reuters.
• US Senate Republicans are eyeing possible Medicare provisions to help offset the cost of their mega bill as they try to appease budget hawks who want more spending cuts embedded in the legislation.

APAC TRADE

EQUITIES

• APAC stocks traded mixed following the subdued handover from the US where a stunning online bust-up between US President Trump and Elon Musk overshadowed the recent call between President Trump and Chinese President Xi in which the leaders agreed to start a new round of talks ASAP.
• ASX 200 saw two-way, rangebound trade as outperformance in the energy and utilities sectors was counterbalanced by losses in gold miners and the top-weighted financial industry, while a lack of pertinent data releases also contributed to the uneventful picture.
• Nikkei 225 gained with the index supported by recent currency weakness although further upside was capped following disappointing Household Spending data which showed a steeper-than-feared M/M decline and a surprise Y/Y contraction.
• Hang Seng and Shanghai Comp were indecisive despite the recent phone call between US President Trump and Chinese President Xi which the White House had been touting throughout the week, while Xi reiterated calls for the US to handle the Taiwan issue with caution.
• US equity futures (ES +0.4%, NQ +0.3%) were kept afloat in rangebound trade as participants awaited the latest key jobs data from the US.
• European equity futures indicate a slightly lower cash market open with Euro Stoxx 50 future down 0.1% after the cash market finished with gains of 0.1% on Thursday.

FX

• DXY eked marginal gains in rangebound trade after yesterday’s fluctuations as participants reacted to the Trump-Xi phone call and US data, while there were several Fed speakers, but had little sway on the dollar, as the attention centred on the Trump-Musk war of words and with the key NFP report on the horizon.
• EUR/USD traded rangebound after it stalled just shy of the 1.1500 handle and pulled back from the highs seen following the ECB’s hawkish cut, while recent source reports noted a visible majority in the ECB meeting expressed preference for holding rates unchanged in July. Furthermore, there was little groundbreaking information from the meeting between German Chancellor Merz and US President Trump, which the former stated was a very good discussion.
• GBP/USD price action was little changed amid light UK-specific catalysts and after recently failing to sustain a brief return to 1.3600 territory.
• USD/JPY edged higher following disappointing Household Spending data but remained beneath resistance near the 144.00 level alongside the mixed risk tone.
• Antipodeans marginally softened as the greenback remained afloat and alongside a quiet overnight calendar.
• PBoC set USD/CNY mid-point at 7.1845 vs exp. 7.1935 (Prev. 7.1865).
• US Treasury Currency Report stated no major US trading partners manipulated currency to gain an unfair trade advantage in the four quarters through December 2024.

FIXED INCOME

• 10yr UST futures lingered near the prior day’s lows after retreating as participants digested the Trump-Xi call readouts, Fed speak and the Trump-Musk war of words.
• Bund futures attempted to nurse some of its losses after slumping in the aftermath of the ECB’s hawkish cut.
• 10-year JGB futures took a breather from the recent whipsawing and were off worst levels following disappointing Household Spending data.

COMMODITIES

• Crude futures traded rangebound after the prior day’s fluctuations which were largely at the whim of risk sentiment following the Trump-Xi call and Trump-Musk feud.
• Spot gold continued its gradual recovery from yesterday’s trough but with the rebound limited as the dollar steadies heading into the key US jobs data.
• Copper futures struggled for direction after recent fluctuations and amid the lack of conviction across Asia-Pac bourses.

CRYPTO

• Bitcoin gradually climbed higher overnight and breached back above the USD 102k level.

NOTABLE ASIA-PAC HEADLINES

• RBI cut the Repurchase Rate by 50bps to 5.50% (exp. 25bps cut) and changed its stance to neutral from accommodative, while it cut the Standing Deposit Facility Rate and Marginal Standing Facility Rate by 50bps each to 5.25% and 5.75%, respectively. RBI Governor Malhotra said growth remains lower than aspirations and it is important to stimulate growth, as well as noted that front-loading rate cuts to support growth was felt necessary. Malhotra also stated that inflation has softened significantly over the last six months and inflation is likely to undershoot the full-year target at the margin, while he noted that monetary policy has limited space left to support growth and they retained the FY26 Real GDP growth forecast at 6.5%. Furthermore, the RBI Governor announced to cut the Cash Reserve Ratio by 100bps in four equal tranches, which will release INR 2.5tln, as well as noted that they will continue to monitor and take measures as necessary and that the CRR cut is to reduce the cost of funding of banks and help accelerate policy transmission.

DATA RECAP

• Japanese All Household Spending MM (Apr) -1.8% vs. Exp. -0.8% (Prev. 0.4%)
• Japanese All Household Spending YY (Apr) -0.1% vs. Exp. 1.4% (Prev. 2.1%)

GEOPOLITICS

MIDDLE EAST

• Israeli military said it will soon attack several underground infrastructures for the production of UAVs that were established in Beirut’s southern suburbs.
• Israel assured the US it won’t strike Iran unless talks fail, according to Axios.
• Iran is said to have ordered material from China that could make hundreds of ballistic missiles, according to Wall Street Journal.
• Hamas chief said the group did not reject Witkoff’s Gaza ceasefire proposal but demanded some changes and improvement to secure the end to the war, while they are ready to engage in a new round of ceasefire talks and noted that ceasefire talks with the mediators are ongoing.

RUSSIA-UKRAINE

• Ukraine said Russia launched a drone and missile attack with explosions and air defence activity heard over Kyiv.
• US President Trump said he will be very tough on Russia when he sees the moment when the war will not stop and could also be tough on Ukraine, while he does not think that Russia and Ukraine will sign a deal. Trump also commented that Congress is waiting for him to decide on Russian sanctions and that the Russia sanctions bill is harsh.
• German Chancellor Merz said the US is in a strong position to help end the Ukraine war. Merz also commented that he invited President Trump to Germany and noted it was a very good discussion in which both agreed Russia started the war in Ukraine, while he added that he set the foundation today for good talks with Trump at the G7 and NATO.
• EU is weighing adding Russia to its money laundering ‘grey list’, according to FT.

EU/UK

NOTABLE HEADLINES

• UK Chancellor Reeves reaffirmed she will not have a UK budget like October’s again but can’t rule out any tax changes over the next four years.
• UK government unveiled new concessions to private equity firms regarding its tax break crackdown in which it proposed changes to tax treatment of carried interest that will make the regime less onerous, according to FT.
• A visible majority in the ECB meeting expressed preference for holding rates unchanged in July and some argued for a longer pause, according to Reuters sources. A separate report also noted that ECB officials expect rate cuts to be paused at the July meeting, according to Bloomberg.
• ECB’s Muller says ECB can be happy with inflation where it is; and he agrees with ECB President Lagarde that cycle almost finished. Hard to say what’s coming next on rates.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

Ghost Of Ghosn? New Nissan CEO Pitches Massive Restructuring That Will Slash 15% Of Global Workforce

Thursday, Jun 05, 2025 – 08:30 PM

Nissan’s newly minted CEO Ivan Espinosa wasted no time making waves, bluntly admitting at a recent press conference: “The reality is clear. We have a very high cost structure.” He’s not sugar-coating the company’s woes either: “We see that our company is really struggling.”

Since taking the reins in April, Espinosa has rolled out a massive restructuring plan, “Re: Nissan,” that slashes 20,000 jobs—15% of its global workforce—and cuts its production capacity by nearly a third, according to Nikkei.

“The urgency for us is now to bring stability back into the company,” he insisted. “We are doing [the reform] because it is truly necessary and it is something that is truly painful for us to do, but unfortunately, it is one of the only ways to save our company.”

His plan smacks of déjà vu: Carlos Ghosn’s 1999 turnaround saw similar layoffs and plant closures. But Espinosa insists it’s not a Ghosn rip-off: “I think they didn’t imitate or were not conscious of Ghosn’s plan,” said Takaki Nakanishi, a top analyst, adding, “It’s just that their KPIs ended up being similar.”

Nikkei writes that unlike Ghosn’s days of a “treasure trove” of competitive products and a helpful yen, Nissan now faces Chinese EV juggernauts, a battered product lineup, and a messy divorce from Renault. “Renault no longer wants Nissan,” Nakanishi deadpanned.

Analysts say Espinosa’s plan looks good on paper—Kota Yuzawa of Goldman Sachs calls it “significant progress on structural reforms”—but Nakanishi warns that Espinosa might need an unconventional partner, even musing: “Nissan could even use Toyota’s [software] platform.” Everything, it seems, is on the table—except an easy road ahead.

Nissan swung from a 148.2 billion yen surplus to a 217.5 billion yen ($1.5 billion) cash outflow in fiscal 2024, mainly due to its struggling auto business. Back in 1999, it actually had a positive cash flow of 111.6 billion yen.

END

Japan’s iSpace Spacecraft Crashes On Moon, Shares Crater Back On Earth

by Tyler Durden

Friday, Jun 06, 2025 – 06:55 AM

Tokyo-based ispace Inc.’s second uncrewed lunar landing attempt ended in failure on Friday, as its Resilience lander crashed during the final descent phase. The lunar mishap marks another setback for the Japanese firm.

“As of 8:00 a.m. on June 6, 2025, mission controllers have determined that it is unlikely that communication with the lander will be restored and therefore completing Success 9 is not achievable. It has been decided to conclude the mission,” ispace wrote on X. 

As of 8:00 a.m. on June 6, 2025, mission controllers have determined that it is unlikely that communication with the lander will be restored and therefore completing Success 9 is not achievable. It has been decided to conclude the mission.

“Given that there is currently no… pic.twitter.com/IoRUfggoiQ

— ispace (@ispace_inc) June 6, 2025

The mission, which was positioned as a pivotal moment for Japan’s entry into lunar exploration and a cornerstone for its commercial space ambitions, has sidelined moon missions from the company for now. The loss follows a failed 2023 mission due to a software error.

Meanwhile, Texas-based rivals Intuitive Machines Inc. and Firefly Aerospace Inc. have already achieved lunar landings. Firefly became the first private company to successfully land a functioning spacecraft on the moon in March, while Intuitive Machines managed a hard touchdown—but its lander lost functionality just hours later.

Ispace provided color on the sequence of events that led to the failed landing:

ispace engineers at the HAKUTO-R Mission Control Center in Nihonbashi, Tokyo, transmitted commands to execute the landing sequence at 3:13 a.m. on June 6, 2025. The RESILIENCE lander then began the descent phase. The lander descended from an altitude of approximately 100 km to approximately 20 km, and then successfully fired its main engine as planned to begin deceleration. While the lander’s attitude was confirmed to be nearly vertical, telemetry was lost thereafter, and no data indicating a successful landing was received, even after the scheduled landing time had passed.

Based on the currently available data, the Mission Control Center has been able to confirm the following: The laser rangefinder used to measure the distance to the lunar surface experienced delays in obtaining valid measurement values. As a result, the lander was unable to decelerate sufficiently to reach the required speed for the planned lunar landing. Based on these circumstances, it is currently assumed that the lander likely performed a hard landing on the lunar surface.

After communication with the lander was lost, a command was sent to reboot the lander, but communication was unable to be re-established.

In markets, iSpace shares in Tokyo crashed on Friday, closing down nearly 29%… What goes up must come down.

Earlier, Ispace CEO Takeshi Hakamada held a news conference following news of the failed landing attempt. He compared iSpace to SpaceX: “SpaceX has also failed several times, but now SpaceX occupies the launching market.”

Ispace CFO Jumpei Nozaki recently told CNN that the company has already secured funds for a third attempt at landing a craft on the lunar surface.  

3C CHINA

CHINA/EU

4. EUROPEAN AFFAIRS

SWEDEN

Sweden Urged To Halt International Adoptions After Decades Of Child Trafficking Uncovered

Friday, Jun 06, 2025 – 03:30 AM

Authored by Owen Evans via The Epoch Times (emphasis ours),

A Swedish government commission has recommended halting all international adoptions after an investigation found that decades of illegal adoptions amounted to child trafficking involving state authorities and adoption agencies.

At a news conference in Stockholm, Swedish Social Services Minister Camilla Waltersson Gronvall told the Swedish language Epoch Times on June 2: “[There are] appalling cases of deficient background information, and even children simply being stolen from their parents.

“There has been an unreasonable level of trust in the governments of the countries of origin for the children adopted to Sweden.”

According to Human Rights Watch, roughly 60,000 people have been adopted into Sweden. It started with children from South Korea in the 1950s, and then began to include children from China, Chile, Ethiopia, India, Sri Lanka, and Thailand, peaking in the mid-1970s to 1980s. By the early 2000s, the numbers began to steadily decline.

Amid growing concerns that adopted children may have been taken from their biological parents illegally, the commission found confirmed cases of child trafficking spanning every decade from the 1970s to the 2000s.

Head of the inquiry Anna Singer, professor of civil law, told The Epoch Times that this practice is “winding down by itself.”

“Last year, 54 children were adopted to Sweden [from abroad]. … Many countries have ceased putting children up for intercountry adoption,” she said.

“Adoption agencies are not a sustainable solution for meeting the needs of these children. It’s better to try to improve conditions in their countries of origin. Intercountry adoption may have worked to slow down such efforts.”

China in the Spotlight

The final two-volume report released on June 2, the result of a probe that started in 2021, states that Swedish adoption organizations “have taken great risks by operating in China, which has been a closed country with very limited opportunities for transparency throughout the period.”

It states that all children adopted from China were described as abandoned and lacked any background history, making it difficult, or impossible, to assess whether the adoptions were in the children’s best interests.

“Chinese authorities have confirmed that four adoptions to Sweden were linked to the systematic child trafficking in Hunan [Province] that was exposed in 2005,“ the report reads. ”However, it cannot be ruled out that more Swedish adoptions are affected by the child trafficking in China.”

Financial incentives were created, as orphanages in China were compensated with $3,000 to $5,000 per child placed for international adoption. The Swedish supervisory authority found that the orphanages were dependent on these fees.

In total, almost 4,300 adoptions from China have been carried out to date, making China the fourth-largest country of origin for adoptions to Sweden in terms of total numbers.

Most adoptions occurred during the period 2000 to 2010, when more than 3,200 children were adopted from China to Sweden.

China is one of the few countries that approved adoption of young children to single adoptive parents.

The report also states that Swedish adoption companies failed to ensure that children were made available for adoption through proper channels or that the process was in the children’s best interests.

In many cases, signed documentation from biological parents was missing, even when those parents were known. Files also often lacked critical details needed for adoptees to understand their origins.

“Ultimately, it is the Swedish State that has failed to protect the rights of children in intercountry adoption activities,“ the report reads. ”This means that the State must take responsibility for what has happened and take measures to ensure that it does not happen again.”

It recommends an official apology to adopted people and their families as well as financial aid to help those who have been adopted to travel to their country of origin.

The Netherlands said in December 2024 that it would phase out international adoptions over the next six years, after an official 2021 report found that children had been stolen or bought from their birth parents in cases going back to the 1960s.

Switzerland said in January that it also plans to end international adoptions, amid similar concerns of abuse.

Roger Sahlstrom and Reuters contributed to this report.

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/

US sanctions ICC judges over Netanyahu warrants, IDF strikes Hezbollah’s Aerial Unit

By JERUSALEM POST STAFF

Trump administration imposes sanctions on ICC judges, US Treasury says

Washington designated Solomy Balungi Bossa of Uganda, Luz del Carmen Ibanez Carranza of Peru, Reine Adelaide Sophie Alapini Gansou of Benin, and Beti Hohler of Slovenia.

By REUTERS, DANIELLE GREYMAN-KENNARDJUNE 5, 2025 23:01Updated: JUNE 6, 2025 04:49

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-856766&contentHash=df8f7fd2e3967b6a91a488ac80d77d71748ca97d1583ee5f6cc42de3b6d4b39f&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250602_a90f39a5d276b1095b05b18cc353025d33a04e15&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

US President Donald Trump’s administration on Thursday imposed sanctions on four judges at the International Criminal Court, an unprecedented retaliation over the war tribunal’s investigation into alleged war crimes by US troops in Afghanistan and over the court’s issuance of an arrest warrant for Prime Minister Benjamin Netanyahu.

Washington designated Solomy Balungi Bossa of Uganda, Luz del Carmen Ibanez Carranza of Peru, Reine Adelaide Sophie Alapini Gansou of Benin, and Beti Hohler of Slovenia, according to a statement from US Secretary of State Marco Rubio.

“As ICC judges, these four individuals have actively engaged in the ICC’s illegitimate and baseless actions targeting America or our close ally, Israel,” Rubio said. “The ICC is politicized and falsely claims unfettered discretion to investigate, charge, and prosecute nationals of the United States and our allies. This dangerous assertion and abuse of power infringes upon the sovereignty and national security of the United States and our allies, including Israel.”

JPost Videos

Prime Minister Benjamin Netanyahu said on X/Twitter in response,”Thank you President Trump and Secretary of State Rubio for imposing sanctions against the politicized judges of the ICC. You have justly stood up for the right of Israel, The United States and all democracies to defend themselves against savage terror.”

Israel’s ambassador to the UN, Danny Danon added, “I send my deepest gratitude to President @realDonaldTrump, Secretary of State @SecRubio and the broader U.S. administration for their unwavering support in standing against the ICC’s politically motivated actions. Your decisive measures affirm the strength of our alliance and the shared commitment to universal justice.”

The ICC said in a statement that it “deplores the additional designations for sanctions which were announced today..These measures are a clear attempt to undermine the independence of an international judicial institution which operates under the mandate from 125 States Parties from all corners of the globe. The ICC provides justice and hope to millions of victims of unimaginable atrocities, in strict adherence to the Rome Statute, and maintains the highest standards in protecting the rights of suspects and the victims. 

“Targeting those working for accountability does nothing to help civilians trapped in conflict. It only emboldens those who believe they can act with impunity. These sanctions are not only directed at designated individuals, they also target all those who support the Court, including nationals and corporate entities of States Parties. They are aimed against innocent victims in all Situations before the Court, as well as the rule of law, peace, security and the prevention of the gravest crimes that shock the conscience of humanity. 

“The ICC stands fully behind its personnel, and will continue its work undeterred, in strict accordance with the Rome Statute and the principles of fairness and due process, with a view to bringing justice to victims of war crimes, crimes against humanity, genocide and the crime of aggression.”

The sanctions will result in all property and interests of the judges being in the United States being blocked or reported to the Department of the Treasury’s Office of Foreign Assets Control. The move also blocks US citizens and persons within the US from involving themselves with the judges’ interests or property unless they receive an exemption or arre granted a license by the OAFC.

Trump issued an executive order imposing sanctions against the ICC and the ICC Office of the Prosecutor for issuing arrest warrants against Prime Minister Benjamin Netanyahu and former defense minister Yoav Gallant on November 21 as part of its war-crimes probe into the Israel-Hamas War.

Trump said the ICC abused its power by issuing “baseless arrest warrants” targeting Netanyahu and former Defense Minister Yoav Gallant, according to a February order. 

International Criminal Court’s Karim Khan

It was previously confirmed that ICC prosecutor Karim Khan would be the first targeted by US sanctions. 

Khan has since stepped down from his role following allegations of sexual misconduct and an ongoing probe. The Wall Street Journal found his case against Netanyahu and Gallant came only after he came under investigation.

The move is unprecedented, and there is no clear procedure for replacing Khan. The situation creates added uncertainty for the ICC, which is already facing an existential crisis due to US sanctions over its arrest warrants for Israeli officials.

Khan’s office said the prosecutor had taken leave until the end of the probe by the UN Office of Internal Oversight Services.

Yonah Jeremy Bob, Hannah Sarisohn and Jerusalem Post Staff contributed to this report.

ISRAEL VS HEZBOLLAH/LEBANON

IDF strikes Hezbollah’s Aerial Unit, drone production sites in Dahiyeh, Beirut

Prior to the strike, the IDF issued an evacuation warning to Lebanese residents. 

By JERUSALEM POST STAFFJUNE 5, 2025 20:47Updated: JUNE 6, 2025 04:23

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-856749&contentHash=1837e924172a19700b985dc4f1e046e9adfed16f95e4d6bf311febb5b369f48e&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250602_a90f39a5d276b1095b05b18cc353025d33a04e15&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

The IDF on Thursday attacked terror targets from Hezbollah’s Aerial Unit, including drone production sites and storage facilities, the military said. 

Prior to the strike, the IDF issued an evacuation warning to Lebanese residents. 

The IDF specifically targeted Al-Hadath, Haret Hreik, Burj Al-Barajneh, in the Hezbollah stronghold of Dahiyeh, and several specific buildings, IDF Arabic Spokesperson Avichay Adraee said in a post on Twitter/X.

#عاجل ‼️ إنذار عاجل للمتواجدين في الضاحية الجنوبية في بيروت وخاصة في الاحياء التالية: الحدث، حارة حريك، برج البراجنة في المباني المحددة بالأحمر وفق ما يُعرض في الخرائط المرفقة والمباني المجاورة لها pic.twitter.com/cZfmj64ZXm

— افيخاي ادرعي (@AvichayAdraee) June 5, 2025

“You are located near facilities belonging to the terrorist group Hezbollah. For your safety and the safety of your families, you are required to evacuate these buildings immediately and move away from them at a distance of no less than 300 meters,” he wrote.

The military explained that the sites were “deliberately established in the heart of the civilian population in the Dahiyeh area in Beirut.”

“Despite the understandings between Israel and Lebanon, the IDF has identified that the Hezbollah aerial unit is operating to produce thousands of drones, with the direction and funding of Iranian terrorists,” the military said in a statement.

Iran recently vowed to help rebuild Lebanon

Iran’s Foreign Minister Abbas Araghchi met with his Lebanese counterpart, Youssef Rajji, in Beirut this week. 

During the meeting, he slammed Israel for “occupying” part of Lebanon and said that it gives “support for all efforts by Lebanon’s government and people to end the occupation through diplomatic or other means.”

END

ISRAEL VS HAMAS/HAMAS RESISTANCE/PALESTINIANS

Ex-top Shin Bet official to ‘Post’: Palestinian groups fighting Hamas in Israel’s interest

“What are ‘criminal groups’ when it comes to Hamas-run Gaza?” the official said.

By YONAH JEREMY BOBJUNE 5, 2025 21:06Updated: JUNE6

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Fdefense-news%2Farticle-856752&contentHash=07f971db850280ce81bad16a9fbfdd2f84b43bea80beec3165661c1d4e45231c&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250602_a90f39a5d276b1095b05b18cc353025d33a04e15&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Palestinian tribal gangs in Gaza fighting against Hamas is in Israel’s interest, former top Shin Bet (Israel Security Agency) official Shalom Ben Hanan told The Jerusalem Post on Thursday.

He was responding to the controversy about the agency providing weapons to such groups under orders from Prime Minister Benjamin Netanyahu.

Ben Hanan retired in 2022 after 27 years in the agency at the equivalent rank of a major-general in charge of a whole division in comparison to IDF ranks, and was on Netanyahu’s shortlist in the running for the agency’s chief this spring.

“According to reports, the phenomenon of arming Palestinian tribal gangs to harm Hamas is a positive development – this is saving the lives of our soldiers,” in various cases, he said.

In other words, if Gazan Palestinians can fight Hamas and push it out of certain areas, IDF soldiers will not need to do that fighting and will be at lower risk of Hamas guerrilla ambushes in those Gazan sectors.

He noted that foreign reports have reflected on past potential instances where Israel might have assisted tribal gangs in the Sinai to fight off ISIS terrorists as a potential model for what might be going on now in Gaza.

Tribal gangs versus Hamas

Moreover, he stated that the idea of “tribal gangs rising up against Hamas should be of positive interest to Israel,” in its goals and future plans for Gaza.

Responding to Yisrael Beytenu head Avigdor Liberman’s framing of Netanyahu as having sidestepped the cabinet to provide weapons to “Gaza criminals,” Ben Hanan responded, asking rhetorically, “What are ‘criminal’ groups’ in the context of Gaza?”

Essentially, Ben Hanan was arguing that many people who might be considered “criminal” by Hamas might not be criminal at all.

Alternatively, even if some of the Gazan groups receiving weapons from Israel are, in fact, criminals, they still might be preferable as interlocutors in Gaza if they conclude that their local non-ideological and calculated interests are to forge a stable relationship with Israel – as opposed to Hamas, which is religiously and ideologically committed to Israel’s destruction.

The Shin Bet and IDF intelligence did not deny their involvement in providing weapons to the Gaza tribal gangs, but the Shin Bet did not provide a detailed response, and IDF intelligence did not respond.

However, the Post was told by top defense sources, even in early 2024, that there were certain efforts to recruit Gaza tribal gangs to fight against or counter Hamas on both the military and political fronts.

It is likely that the Shin Bet originated the idea based on requests from Netanyahu and then-defense minister Yoav Gallant to try to find a way to circumvent Hamas and the Palestinian Authority, and given that the agency has the most long-term experts on Gazan groups.

For a period of weeks, there were hopes in early 2024 that such tribal gangs, unaffiliated with Hamas or the PA, could be alternative rulers of Gaza to both of those groups “the day after” the war would end.

Meanwhile, although there is a history for external spy services like the Mossad and CIA arming foreign groups, the Mossad does not and did not have any security responsibility for Gaza, so it would not be involved in this arming tribal Gaza gangs issue.

Also, late Thursday, sources close to Netanyahu himself proudly admitted his involvement in the issue, signaling they thought Liberman’s attack was off-base.

Further, some leaks suggested that the weapons given by Israel to these gangs were not Israeli weapons, but Hamas weapons that Israel had confiscated.

These leaks would try to defend against accusations of Israel “funding” these Gazan tribal gangs, since, if true, giving them only Hamas weapons that were confiscated does not implicate Israeli funds.

In the broader narrative, Liberman is likely laying the ground for his biggest attacks on Netanyahu whenever the next election comes out: Netanyahu paid Qatar to pay Hamas to keep them “deterred,” is now paying directly or indirectly for the Palestinians food aid, and provided weapons to dangerous Palestinian gangs in Gaza who will likely at some later point turn their weapons on Israel.

END

ISRAEL VS HAMAS

IDF reservists demand: Win the war or let us return home

Despite remaining highly motivated, many IDF reservists have demanded that the military take more decisive action to end the war with Hamas.

By AMIR BOHBOTJUNE 6, 2025 09:

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The IDF is attempting to address criticism from reservists regarding the stagnation in the Gaza Strip, as reservists have begun demanding to “decisively win the war,” and if not, “to be released home to return to routine life,” Walla reported on Friday.

“The maneuver we are conducting is part of what created the foundation for us to be more accurate. This is evident in locating tunnels. We reached the main arteries relatively quickly,” A senior officer in Division 98 told Walla.

“When you understand the entire system, you don’t need to find every tunnel. There are several focal points. There are three systems that the division has taken care of.”

Regarding the readiness of the tanks and ammunition supplies, he added, “The big problem with the tanks is really the spare parts. We entered very strongly and with sufficient ammunition.”

A senior officer in Brigade 7 said that the forces captured significant areas in Khan Yunis. 

“We broke through a divisional corridor that allowed additional forces to enter and capture areas that are very important, to enable a deep attack, meet our targets, and take significant assets from Hamas, both above ground and underground,” he said.

The officer did not hide the fatigue among the regular soldiers, saying, “They have been fighting for a long time. They entered very strongly into the maneuver, and soon they will go home to refresh. It’s very important to take care of the fighters; we value them highly.”

Regarding the main objective of the operations, the senior officer said, “The goal is unequivocally to bring back the hostages. And in the long run, to defeat Hamas. The hostages didn’t come home because Hamas volunteered; they arrived because we created the conditions for that.”

“We advocate for security at the expense of speed, to protect our soldiers, and that’s why it takes time. I think the fighters see and understand this. There is the mission, and there is the security of our forces, which always clash,” he said, regarding criticism of the maneuver’s pace and stagnation.

Two hostage bodies were recovered from Gaza

On the recovery of two hostages’ bodies early Thursday morning from the area where they were operating, he added, “In the end, two hostage bodies were returned. That’s a lot, it’s not little. Some are here in tunnels, some are in the hands of dozens of terrorists. It takes time. If in three weeks we release one hostage, we will release more and more.”

“I am willing to stay here for another hundred years until everyone returns. Is this good for us? No. But relatively, we are working at a fast pace, keeping our forces’ security in a very good way, and accomplishing the mission within the timelines set for us,” he said.

“The fact is, people here are still highly motivated, just like in the first days. You can go to the fighters and see it. Behind me are 500 fighters, half of them reservists. At least in Battalion 77, we’ve seen 120% attendance since the first day of the war. They asked to come. They’re at the forefront of every battalion attack I conduct.”

end

ISRAEL

Most Israelis doubt Gaza ops. will return hostages or defeat Hamas – Survey

According to the survey, only 37% of Israelis believe the operation will bring the hostages home, while only 38.5% think Hamas will be defeated in Gaza.

By JERUSALEM POST STAFFJUNE 6, 2025 13:23

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As the IDF progresses in the Gaza Strip as part of Operation Gideon’s Chariots, a survey by the Israel Democracy Institute (IDI), published on Friday, shows that most Israelis are skeptical the campaign will achieve its two main objectives: Bringing home the hostages and defeating Hamas.

According to the May 2025 Israeli Voice Index, conducted by the Viterbi Family Center for Public Opinion and Policy Research, only 37% of Israelis believe the operation will succeed in bringing the hostages back, and just 38.5% think it will defeat Hamas and end its rule in Gaza.

Arab Israelis are even more skeptical: only 27.5% believe the hostages will return, compared with 39% of Jewish Israelis; and 31% believe the operation will defeat Hamas, compared with 40% of Jewish Israelis.

Voter affiliation significantly influences these views. Among supporters of parties in the current coalition, 65% of Religious Zionist Party voters believe the fighting will bring the hostages home, and 64% believe it will defeat Hamas. By contrast, among voters for the opposition Labor Party — now called The Democrats, only 7% believe either goal will be achieved.

Even among voters for Prime Minister Benjamin Netanyahu’s Likud Party, there is significant doubt: only 27% believe the hostages will return, and 31% believe the operation will defeat Hamas.

Divided views on Trump’s commitment to Israel’s security

The survey also asked about US President Donald Trump’s commitment to Israel’s security. When asked, “To what extent do you think Israel’s security is one of President Trump’s central considerations?” the public was divided: 47% believe that Israel’s security is a central consideration to a fairly large or very large extent, while 46% say it is a central consideration only to a fairly small or very small extent.

This marks a notable shift from immediately before and after Trump’s election, when a larger proportion of Israelis believed that Israel’s security would be a guiding light for his policy decisions. For example, in November 2024, 63% of respondents held that view.

Mixed opinions on Gaza humanitarian aid

The survey also revealed mixed opinions on humanitarian aid to Gaza. When asked whether Israel should increase the flow of humanitarian aid into the Gaza Strip, 54% said it should not, while 38% said it should.

Significant differences emerged between Jewish and Arab respondents: more than three-quarters of Arab Israelis believe aid should be increased, while less than a third of Jewish Israelis agree. Among Jewish Israelis, support for increased aid is highest on the Left (75%), compared with 42% in the Center and just 17% on the Right.

About half of the respondents said responsibility for transferring and distributing humanitarian aid should lie with an international force. Approximately a quarter believe the responsibility should fall to the IDF or another Israeli agency. Smaller percentages favor the Palestinian Authority (9%) or private companies (8%).

Similar patterns were found among both Jewish and Arab samples, though Jewish respondents were more likely to support Israeli or international responsibility, while Arab respondents more often favored giving this task to the Palestinian Authority or private companies.

Flight cancellations attributed to security concerns

The survey also asked about the recent wave of flight cancellations to Israel by foreign airlines. Approximately 60% of both Jewish and Arab respondents believe the cancellations are due to the objective security situation, while just over a quarter attribute them to disagreement with Israel’s conduct in Gaza.

Among Jewish respondents, political orientation again played a role: a majority in all camps attributed the cancellations to the security situation, with the highest proportion on the Left (69%), compared with 62% in the Center and 58% on the Right.

The May 2025 Israeli Voice Index was prepared by the Viterbi Family Center for Public Opinion and Policy Research at the Israel Democracy Institute. The survey was conducted via the internet and by telephone between May 26 and 29, 2025, with 601 Hebrew-speaking and 150 Arabic-speaking adults, constituting a nationally representative sample of the Israeli adult population aged 18 and over. The maximum sampling error was ±3.58% at a 95% confidence level. Fieldwork was carried out by Shiluv I2R. 

Related Tags

IRAN

Iran orders thousands of tons of ballistic missile ingredients from China – WSJ

Sources estimated that if delivered, the materials could produce around 800 missiles.

By JERUSALEM POST STAFFJUNE 6, 2025 03:12Updated: JUNE 6, 2025 08:23

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Iran has ordered thousands of tons of ballistic missile ingredients from China as part of an effort to rebuild its military capabilities while navigating ongoing nuclear talks with the United States, according to a Wall Street Journal report on Thursday, citing sources familiar with the transactions.

The shipments, which are expected to reach Iran in the coming months, include ammonium perchlorate, a key component in the solid propellant used for ballistic missiles. Sources indicated that these materials could potentially fuel hundreds of missiles.

Some of the ammonium perchlorate is expected to be sent to militias aligned with Iran, including the Houthis in Yemen, one of the sources revealed. This move aligns with Iran’s broader strategy to strengthen its regional influence and rebuild its missile arsenal while continuing to negotiate with the Trump administration over the future of its nuclear program.

Iran has been expanding its stockpiles of uranium enriched to just below weapons-grade levels, despite calls from the US to curb its nuclear activities. At the same time, Iran has made it clear that it has no intention of negotiating limits on its missile program, a point that has remained a major sticking point in international discussions.

According to sources, the order for the missile ingredients was placed in recent months by an Iranian entity, Pishgaman Tejarat Rafi Novin Co.. The material was sourced from Hong Kong-based Lion Commodities Holdings Ltd., a company that did not respond to requests for comment. The Iranian mission to the United Nations also declined to comment on the matter.

In a statement, a Chinese Foreign Ministry spokesperson denied knowledge of the deal, asserting that China has “always exercised strict control over dual-use items in accordance with China’s export control laws and regulations and its international obligations.”

Part of rebuilding Iran’s ‘Axis of Resistance’

The shipment of ammonium perchlorate is part of Iran’s broader efforts to rebuild its so-called “Axis of Resistance” network, which includes a number of terror proxies across the region.

These groups have faced significant setbacks over recent years, as well as the ongoing war. These setbacks include  Israeli strikes on Hezbollah in Lebanon and the assassination of key leaders such as Iranian General Qassem Soleimani, former Hezbollah secretary general Sayyed Hassan Nasrallah, and multiple Hamas leaders.

While US and Israeli strikes have damaged the Houthis’ capabilities in Yemen, they continue to periodically launch missiles at Israel.

Beyond supporting regional militias, Iran has also reportedly transferred ballistic missiles to Shia militia groups in Iraq, which have previously targeted both US and Israeli forces in the region. 

Earlier shipments of missile ingredients

Earlier this year, Iranian ships docked in China to load over 1,000 tons of sodium perchlorate, a precursor for ammonium perchlorate. The material was delivered to Iranian ports in mid-February and late March, according to shipping trackers. This quantity of sodium perchlorate is said to be enough to fuel around 260 short-range missiles.

The new order for ammonium perchlorate, which was placed months before President Trump’s proposed nuclear talks with Iran’s Supreme Leader, Ayatollah Ali Khamenei, in early March, could supply Iran with enough material to produce approximately 800 missiles, one official estimated.

In response to Iran’s missile activities, the US Treasury Department sanctioned six individuals and six entities from both Iran and China on April 29 for their involvement in procuring ballistic missile propellant ingredients.

Two weeks later, the Treasury expanded these sanctions to include additional Chinese and Hong Kong entities. The US Department of the Treasury also added sodium perchlorate to the list of materials it believes are being used in Iran’s military, nuclear, or ballistic missile programs.

Iran’s reliance on foreign material for missile production is due, in part, to domestic production bottlenecks. Fabian Hinz, a military analyst at the International Institute for Strategic Studies, noted that Iran’s defense industry struggles to meet its needs without the continued importation of missile propellant materials.

The storage and handling of these materials, however, come with significant risks. A deadly explosion at the Shahid Rajaee port in April, which killed dozens, was reportedly caused by the mishandling of explosive materials by a unit of Iran’s Islamic Revolutionary Guard Corps. Some of the sodium perchlorate imported earlier this year was lost in that explosion, an official confirmed.

“These substances are a major fire and explosive hazard,” said Hinz. “Iran’s defense industrial complex does not have a strong track record in ensuring safety standards.”

END

IRAN/USA

US issues new Iran-related sanctions targeting 10 individuals, 27 entities

By REUTERSJUNE 6, 2025 17:27Updated: JUNE 6,

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The United States has issued a new round of Iran-related sanctions targeting 10 individuals and 27 entities, according to a post on the US Treasury Department website on Friday.

The sanctions, which also target some entities in the United Arab Emirates and Hong Kong, come as US President Donald Trump’s administration is working to get a new nuclear deal with Tehran.

END

SYRIA

RUSSIA VS UKRAINE

Ukrainian Capital Burning After Heavy Russian Cruise Missile Strikes

Thursday, Jun 05, 2025 – 07:32 PM

Update(1932ET): Overnight in Kyiv, emergency air sirens are ringing out, and there are reports of sections of the capital burning, after cruise missile strikes.

There are further unverified reports of a combined attack underway, resulting in powerful explosions, and keeping the city’s population awake.

Meanwhile there have also been powerful explosions observed near Russia’s Bryansk airport. 

Kyiv is burning right now, heavy fires all over the city pic.twitter.com/QOvW90Ok51

— VolgaLad (@cym27s) June 5, 2025

Below: things blowing up at Bryansk airfield in southern Russia:

Stuff blowing up on the Bryansk airfield in Russia. It’s been closed to civilian traffic since 2022. pic.twitter.com/DOo2EqF48Q

— Yaroslav Trofimov (@yarotrof) June 5, 2025

And earlier in the day – after repeat strikes on Kherson…

Repeated strikes by Russians destroyed the building of the Kherson Regional State Administration. pic.twitter.com/uYdX4tiLME

— Oleksandr Prokudin (@Prokudin__) June 5, 2025

Did the big expected Russian retaliation for Ukraine’s Sunday major drone strikes begin?

* * * 

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.

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.

“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.

END

RUSSIA/UKRAINE

This afternoon

Ukraine Scores More Hits On Airbase, Defense Factories Deep Inside Russia

Friday, Jun 06, 2025 – 11:05 AM

Ukraine overnight targeted key Russian sites with more drone attacks, while simultaneously Russian cruise missiles were fired against Kiev and other regions of Ukraine, killing at least four and wounding twenty in the Ukrainian capital.

“Kyiv came under another attack involving drones and ballistic missiles. Rescuers are responding to the aftermath at several locations across the city,” the State Emergency Service of Ukraine announced on Telegram. Russia allegedly fired over 400 projectiles into Ukraine, though most were said to be downed by air defenses. On the other side, two airbases, a fuel depot and aviation were reportedly struck deep in Russia overnight.

“A successful strike was carried out on the Engels airfield in the Saratov region, a place where enemy aircraft are concentrated,” Ukraine’s General Staff said in a statement, in reference to the Engels-2 base which lies roughly 500 kilometers (300 miles) east of the Ukrainian border,

Several fuel tanks at the base were set ablaze, which dramatic images appeared to show following “multiple hits” on the site, per Ukrainian military statements.

Additionally, in the Ryazan Region, Ukraine said it targeted the Dyagilevo airbase, which supports Russian missile operations. The regional governor said the incoming drones were downed by anti-air defense systems.

And in the Tambov Region, drones reportedly targeted a high-tech aviation and missile control systems plant in Michurinsk. Ukrainian sources allege the plant is a military-industrial site, producing components for Russian missile and artillery systems.

One Ukrainian analyst describes the Tambov plant as follows: “Through facilities like this, Russia maintains serial production of Hyacinth, Msta, Tornado, and even components for Iskander missiles.”

The analyst further says “the Progress plant is one of the key enterprises in Russia’s military-industrial complex, and its destruction represents a significant blow to the country’s defense production. This involves the loss of key components that power the military’s missile and artillery systems.”

BREAKING:

Ukraine launches huge drone swarm attack against military targets across Russia:

– Fuel depot of the Engels Air Base hit
– Dyagilevo Air Base hit
– Military electronics plant in Tambov hit
– Bryansk Airport hit

+ Podolsk near Moscow & Crimea pic.twitter.com/bC15Tgop94

— Visegrád 24 (@visegrad24) June 6, 2025

Clearly Russia’s anti-air defense systems have been struggling to thwart these now nightly waves of drone swarms. Likely Russia will continue stepping up its major aerial assaults on Ukraine in retaliation.

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

Peter Daszak’s Smokescreen Attack on Dr. Bhattacharya

Thursday, Jun 05, 2025 – 10:35 PM

Authored by Randall Bock via The Brownstone Institute,

Peter Daszak’s recent X posts (June 2, 2025) labeling Dr. Jay Bhattacharya, the new NIH Director, an “anti-science Luddite” who is “destroying public health” are a masterclass in projection.

Daszak, former head of EcoHealth Alliance (facilitator and co-conspirator of that recent pandemic, what was it called? Oh yes, SARS CoV-2 Covid-19), accuses Bhattacharya of having a “vendetta against the NIH” and claims his policies will cost lives, while pointing fingers at organizations like Brownstone Institute for being part of a right-wing conspiracy (how original!) to dismantle science. Let’s cut through the noise.

Calling Bhattacharya anti-science is absurd. Erstwhile Stanford professor and co-author of the Great Barrington Declaration, Bhattacharya has consistently championed evidence-based public health, advocating for open scientific debate over dogmatic policies. His focus on data-driven approaches—like considering natural immunity and the harms of lockdowns—earned him censorship under the previous administration. His leadership at the NIH promises transparency and rigor, both of which seem to terrify Daszak—operating without (his previous sponsor) Dr. Fauci’s golden parachute of a Biden/autopen pardon.

Now, let’s talk about Daszak’s version of “science.” EcoHealth Alliance, under his watch, funneled US. taxpayer dollars to the Wuhan Institute of Virology (WIV) for gain-of-function research on bat coronaviruses—research that may have contributed to the unleashing of the novel coronavirus in Wuhan. 

As I detailed in my Brownstone articles, Daszak’s collaboration with WIV’s “Bat Woman” Zhengli-Li Shi involved modifying coronaviruses to make them more infectious to humans, fitting the NIH’s own definition of gain-of-function despite his denials. That second article of mine only came about after EcoHealth Alliance’s bullying. When I had pointed out EcoHealth’s complicity in my original Dr. Anthony Fauci’s Own Gain-of-Function, Daszak’s minions tried to bully Brownstone into retracting the reference. 

When that failed, he blocked me on X to dodge accountability.

How “science-y” is that? Blocking someone for raising legitimate questions about your role in a global pandemic isn’t the mark of a scientist—it’s the mark of someone with something to hide.

Daszak’s attacks on Bhattacharya are a distraction from his own failures. Why were US funds sent to a CCP-controlled lab with poor oversight instead of trusted allies? Why the lack of transparency? These questions remain unanswered, and his attempts to silence critics—like me—only deepen the suspicion around EcoHealth’s actions.

Science thrives on open debate, not censorship. Bhattacharya represents a return to that principle at the NIH, while Daszak’s behavior—blocking dissenters and evading tough questions—shows what anti-science really looks like. The public deserves better, and with Bhattacharya leading the NIH, we might finally get it.

NEVER FORGET: Peter Daszak’s EcoHealth Alliance tried to quash and have Brownstone retract my: Dr. Anthony Fauci’s Own “Gain-of-Function”—October 9, 2023.

Instead, I researched further, doubled down, and produced this: “EcoHealth Alliance’s Wuhan-Virus Dalliances” October 22, 2023.

After which, crickets…Peter Daszak blocked me on X.com. The essence of bullies is cowardice.

Please see also my Fauci’s ‘DNA of Caring’ By Randall Bock, August 9, 2024, Brownstone.org.

Republished from the author’s Substack

END

MARK CRISPIN MILLER

PAUL ALEXANDER

What? Musk calls for Trump’s impeachment, referring to Epstein list? Trump says he would cancel Musk’s government contracts? What the hell is going on? Musk called BBB pork & devastating & Trump

has exploded on Musk and Musk has hit back…what is happening? Musk threatens to primary Republican senators who vote for the pork grift theft BBB…it is getting bad bad bad…

Dr. Paul AlexanderJun 6

READ IN APP

GOING NUCLEAR

Musk calls for Trump to be IMPEACHED & goes on wild Epstein rant after Don branded Elon ‘crazy’ as feud explodes

The president also threatened to cancel all of Musk’s federal contracts as the public falling out escalated

PRESIDENT Donald Trump and Elon Musk’s relationship has publicly crashed and burned as the two former allies exchanged blows on social media on Thursday.

The feud erupted after Trump addressed Musk’s criticism of the president’s “big beautiful bill” in the Oval Office.

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Heartbreaking Discovery Rocks Blue State as 3 Sisters Vanish on VisitA devastating tragedy has gripped a Washington community after the bodies of three young sisters were found near a remote campground, believed to have been suffocated. The heartbreaking case has prompted an intense manhunt for their father, Travis Decker, who remains at large and faces multiple charges in connection with their deaths.Paityn, 9, Evelyn, 8 and Olivia Decker, 5, disappeared following …READ MORE

DOJ and FBI Team Up in Sweeping New Enforcement EffortFederal law enforcement is intensifying efforts to enforce a national ban on s*x change surgeries for minors. The FBI issued a public appeal this week, encouraging Americans to report healthcare facilities or professionals suspected of performing such procedures as part of a broader strategy to crack down on what the administration now deems illegal medical practices.“Help the FBI protect children,” the …READ MORE

EVOL NEWS

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

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE

INDIA

India Central Bank Shocks With Biggest Rate Cut Since Covid As Growth, Inflation Stall

Friday, Jun 06, 2025 – 01:05 PM

India’s central bank shocked markets this morning when it slashing interest rates (in a 5:1 vote) by a deeper-than-expected half a percent – the third cut in a row – and the largest rate cut since the covid crash, amid falling inflation and lower growth in Asia’s third largest economy. It also spiked the amount of liquidity available in the system to kickstart moribund lending. 

The repo rate – the level at which the central bank lends money to commercial banks, influencing borrowing costs for home and car loans – now stands at 5.5%, the lowest in three years, following two previous 25bps reductions in April and February.

Explaining the rationale for the cut, RBI governor Sanjay Malhotra said growth is “lower than our aspirations” and the bank felt it was “imperative to stimulate domestic consumption and investment” amid rising global uncertainties.

Data released last week showed that India’s economy grew by 6.5% in the previous financial year ending March. The world’s (newly) most populous country remains the world’s fastest expanding major economy, although growth has sharply dropped from the 9.2% high recorded in financial year 2023-24. Meanwhile, retail prices in India have slowed faster than expected to 3.16% in April – the lowest in six years – and below the RBI’s 4% target, driven down by falling food prices.

RBI has now forecast lower inflation than earlier projected for the year ahead. Inflation for Fiscal Year 2026 has been revised down to 3.7% from 4%, with Q1 (April- June) projected at just 2.9%. Growth forecast remains unchanged at 6.5%. This growth is well below the 8% growth the RBI aspires for.

There was another big surprise in today’s announcement: alongside the greater than expected cut, the central bank changed its monetary policy stance from “accommodative” to “neutral”, indicating that further rate cuts will depend on how India’s growth-inflation dynamic evolves, a move which was viewed as hawkish, and sparking a sharp curve steepening. 

The change in stance suggests the bar for further rate cuts is now higher. As the RBI noted, after 100bps of cuts since February, policy space is now limited.

However, fuller granaries due to a better-than-expected monsoon, weaker prices of commodities like oil – of which India is a net importer – as well as a strong currency are likely to help keep India’s inflation in check in the months ahead, allowing the RBI to keep rates low.

The RBI also unexpectedly cut the Cash Reserve Ratio (CRR) rate starting September 2025 , which is set to release INR2.5tn into the banking system. With liquidity already in surplus, overnight rates may now move closer to the SDF, 25bps below the repo rate.

Credit growth remains weak at 9.8% YoY (vs 19.5% a year ago). The CRR cut, to be implemented in four 25bps tranches starting September, aims to improve credit transmission. The Governor noted that announcing the schedule in advance is meant to reassure banks of the RBI’s commitment to supporting liquidity

Some more details from Goldman Sachs:

• Policy rate – lowered by 50bp with a 5:1 vote: The RBI MPC voted 5:1 to lower the policy repo rate by 50bp to 5.50% at the June meeting, vs. an expectation of a 25bp repo rate cut. External Member Bhattacharya voted for a 25bp repo rate cut. Consequently, both the marginal standing facility (MSF) rate and the standing deposit facility (SDF) rate were lowered by 50bp each to 5.75% and 5.25%, respectively.
• Policy stance changed to ‘neutral’: The MPC changed its policy stance back to ‘neutral’ from ‘accommodative’. The Governor clarified that “after having reduced the policy repo rate by 100 bps in quick succession since February 2025, under the current circumstances, monetary policy is left with very limited space to support growth”. We interpret this as the end of the current rate easing cycle with repo rate at 5.50% — implying ~1% real policy rate on a one-year forward inflation forecast. The RBI may not want the ex-ante real rate below 1%, in our view, especially when the growth outlook is balanced. We had been forecasting a 5.50% repo rate marking the end of the cycle, with 25bp rate cuts each in June and August meetings, but the RBI got there a meeting faster than we expected.
• Growth forecast retained at 6.5% yoy for FY26: The RBI retained their growth forecast at 6.5% yoy for FY26 (GSe: 6.2% yoy), noting strong agricultural sector growth and rural demand, and a resilient services sector underpinning a recovery in urban demand. However, the Governor highlighted downside risks to growth from US “reciprocal” tariff-related uncertainty and prolonged geopolitical tensions.
• Inflation forecast lowered by 30bp to 3.7% yoy for FY26: The RBI lowered its inflation forecast by 30bp to 3.7% yoy (GSe: 3.6% yoy) (Exhibit 1). The Governor highlighted that there is “greater confidence of headline inflation remaining below the target of 4% over the course of the year”. Food inflation is likely to remain benign given higher wheat and pulses (legumes) production. Additionally, Indian Meteorological Department’s expectations of an above-normal monsoon bode well for the production of summer crops. However, the Governor also highlighted upside risks to the inflation outlook from weather and US “reciprocal” tariff-related uncertainty.

• Banking system liquidity:  The RBI announced a cut in the cash reserve ratio (CRR) of 100bp to 3.0% of net demand and time liabilities (NDTL) in four tranches from September to November to ease banking system liquidity further. As per the RBI’s estimate, this measure is expected to release durable liquidity of INR 2.5tn (0.7% of GDP) into the banking system.
• The Governor said that the RBI “remains committed to provide sufficient liquidity to the banking system”. With durable liquidity already in surplus in recent months, overnight rates have traded on an average ~20bp below the repo rate from April to June (Exhibit 2), resulting in a significant easing in financial conditions. As a result, overnight rates have come off by more than 150bp from mid-January to now.

India’s lower borrowing costs will have a positive growth impact due to improved purchasing power for households, lower input costs for companies and lower debt servicing costs for the government. They will also help homebuyers and a struggling real estate sector.

“This effectively lowers the cost of borrowing, making home loan EMIs [mortgage payments] easier on the pocket and thereby directly improving affordability for buyers. This can potentially boost demand in the Indian real estate sector, especially in affordable and mid-income segments. Affordable housing faced the sharpest pandemic fallout, with sales and new launches shrinking in the top 7 cities,” Anuj Puri, chairman of ANAROCK Group, said.

Predictably, Indian markets rallied sharply post the rate cut announcement. 

Looking ahead, Goldman expects the RBI to stay on hold for the rest of the year unless growth slows sharply. The front end of the IGB curve should remain supported by strong liquidity and favorable demand-supply dynamics. The bank favors 2Y IGB and expect the IGB curve to steepen.

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

EURO/USA: 1.1422 DOWN 0.0032 PTS OR 32 BASIS POINTS

USA/ YEN 143.92 UP 0.359 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 1.3543 DOWN .0036 OR 36 BASIS PTS

USA/CAN DOLLAR:  1.3672 UP 0.0005 (CDN DOLLAR DOWN 5 BASIS PTS)

 Last night Shanghai COMPOSITE UP 1.26 PTS OR 0.04%

 Hang Seng CLOSED DOWN 84.53 PTS OR 0/35%

AUSTRALIA CLOSED DOWN .30%

 // EUROPEAN BOURSE:    ALL MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL MIXED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 84.63 PTS OR 0.35%

/SHANGHAI CLOSED UP 1.26 PTS OR 0.04%

AUSTRALIA BOURSE CLOSED DOWN 0.30 %

(Nikkei (Japan) CLOSED UP 187.12 PTS OR 0.50%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 3359.00

silver:$36.08

USA dollar index early FRIDAY  morning: 98.89 UP .13 BASIS POINTS FROM THURSDAY’s CLOSE.

FRIDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.052% UP 1 in basis point(s) yield

JAPANESE BOND YIELD: +1.480% UP 0 FULL POINTS AND 40/100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.149 UP 0 in basis points yield

ITALIAN 10 YR BOND YIELD 3.505 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5701 DOWN 2 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY FRIDAY

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

Euro/USA 1.1385 DOWN 0.0068 OR 68 basis points

USA/Japan: 144.92 UP 1.354 OR YEN IS DOWN 135 BASIS PTS//

Great Britain 10 YR RATE 4.6450 UP 7 BASIS POINTS //

Canadian dollar DOWN .0016 OR 16 BASIS pts  to 1.3684

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan CNY DOWN AT 7.1894,  CNY ON SHORE ..

THE USA/YUAN OFFSHORE DOWN TO 7.1990

TURKISH LIRA:  39.23 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.480

Your closing 10 yr US bond yield UP 8 in basis points from THURSDAY at  4.470% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.934 UP 5 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 4.016 UP 9 BASIS PTS.

GOLD AT 11;00 AM 3347.00

SILVER AT 11;00: 36.19

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

London: CLOSED UP 26.87 PTS OR 0.31%

GERMAN DAX: CLOSED DOWN 22.55 pts or 0.18%

FRANCE: CLOSED UP 14.60 pts or 0.19%

Spain IBEX CLOSED UP 43.90 pts or 0.31%

Italian MIB: CLOSED UP 292.65 or 0.55%

WTI Oil price  63.90 11 EST/

Brent Oil:  66.47 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  79.09 ROUBLE DOWN 1 AND  84/ 100      

UK 10 YR YIELD: 4.6450 UP 6 BASIS POINTS

CDN 10 YEAR RATE: 3.316 UP 6 BASIS PTS.

CDN 5 YEAR RATE: 2.929 UP 6 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1400 DOWN 0.0053 OR 53 BASIS POINTS//

British Pound: 1.3532 DOWN .0047 OR 47 basis pts/

BRITISH 10 YR GILT BOND YIELD:  4.6410 UP 2 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.461 DOWN 1 FULL BASIS PTS

USA dollar vs Japanese Yen: 144.89 UP 1.230 BASIS PTS

USA dollar vs Canadian dollar: 1.3697 UP 0.0029 BASIS PTS CDN DOLLAR DOWN 29 BASIS PTS

West Texas intermediate oil: 64.75

Brent OIL:  66.54

USA 10 yr bond yield UP 13 BASIS pts to 4.520

USA 30 yr bond yield UP 8 PTS to 4.968%

USA 2 YR BOND: UP 12 PTS AT  4.039%

CDN 10 YR RATE 3.3497 UP 9 BASIS PTS

CDN 5 YEAR RATE: 2.966 UP 10 BASIS PTS

USA dollar index: 99.12 UP 41 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 39.22 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  77.48 UP 1 AND 753/100 roubles

GOLD  $3317.25 (3:30 PM)

SILVER: 36.02 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: UP 442.88 OR 1.05%

NASDAQ 100 UP 214.36 PTS OR 0.99%

VOLATILITY INDEX: 16.59 UP 1.59 PTS OR 8.60%

GLD: $ 305.18 DOWN 4.15 PTS OR 1.34%

SLV/ $32695 UP 0.24 PTS OR OR 0.74%

TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 66.69 OR 0.25%

end

TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING

Stocks & Bond Yields Jump On Week As Easing Uncertainty Trumps DC Turmoil

Friday, Jun 06, 2025 – 08:00 PM

Overall, policy ‘uncertainty’ fell this week (despite the DC noise)…

Source: Bloomberg

But all eyes were really on today’s data and payrolls were a goldilocks print, with a headline beat but downward revisions & softer household details – giving what Goldman’s trading desk described as a a “something for everyone” vibe… as overall hard data remains solid while soft data starts to catch up…

Source: Bloomberg

Trump wasted no time with his feedback calling for Powell to cut a full point.  But the market knows better – July rate cut probability now down to 16% with just a total of 1.8x cuts priced thru year-end…

Source: Bloomberg

As Goldman Sachs trading desk noted, the whole week had a ‘squeezy px action’-feel with HF VIP vs Most Short basket is having its worst day in almost a year led by the short leg squeezing higher…

Source: Bloomberg

Bitcoin Stocks, Low Momentum, Energy Shorts and Non-Profitable Tech are all driving this lower quality bounce in stocks…

Source: Bloomberg

But Mag7 stocks still outperformed the S&P 493 on the week (mainly thanks to today’s opening panic bid as TSLA rebounded)…

Source: Bloomberg

Overall, all the majors were higher on the week led by Small Caps (squeezy) and Nasdaq (Mega-Cap safe haven) with help from today’s payrolls data and some positive headlines and about US-China trade talks on Monday…

With yesterday’s Musk-Trump tantrum and today’s payrolls print out of the way, VIX tumbled to a 16 handle for the first time since February…

Treasury yields soared today after the better than expected headline payrolls print, lifting all yields higher on the week, led by the belly of the curve (and the long-end outperforming, but still higher)…

Source: Bloomberg

Notably flattening the yield curve (5s30s) on the week (with the 30Y holding below 5.00% for now)…

Source: Bloomberg

The dollar was down this week to its lowest weekly close since July 2023 (even with today’s small bounce)…

Source: Bloomberg

Gold managed modest gains on the week, erasing much of it today…

Source: Bloomberg

Oil prices rallied strongly on the week, hitting a six week high…

Source: Bloomberg

Bitcoin was slightly lower on the week, but the last 24 hours saw a huge dump and dump rollercoaster testing down to $101k before bouncing back above $105k…

Source: Bloomberg

Finally, both growth and inflation macro surprise indices are down – growth at the lows from Aug 2024 and inflation at the lowest since Aug 2020…

Source: Bloomberg

…after today’s payrolls print, what is stopping The Fed from cutting rates? It cut the last time ‘growth’ was this low and inflation was even higher?

And is that what stocks are pricing in?

Source: Bloomberg

…a massive reflation of central bank balance sheets?

BIG MORNING NEWS OF THE DAY

Détente? Musk Hints At Path Forward On BBB; Trump Team Schedules Friday Ca

Thursday, Jun 05, 2025 – 11:58 PM

Update (2358ET):  The optics of what happened this week between Elon Musk and President Donald Trump are wild – with Musk standing up for MAGA ideals that Trump campaigned on, and Trump peddling a bill that came from the swamp. Musk’s key issues are that it raises the debt ceiling another $5 trillion, while – and this part is in contention – the bill either raises the deficit by $2.4 trillion, or lowers it by $1.4 trillion – depending on who you believe. We note that it also makes little to no effort to actually do anything about the waste, fraud, or abuse found by DOGE. 

So, following a rollercoaster of a day (scroll down if you just emerged from a coma), on top of a rollercoaster week, Musk struck a different tone Thursday night on X after a long 12 hours which saw Trump threaten to pull federal funding from Musk’s companies for opposing the BBB, which was met Musk calling his bluff and declaring he would decommission the SpaceX Dragon (the only operational US spacecraft capable of transporting astronauts to and from the International Space Station), proposing a new political party “that actually represents the 80% in the middle,” implying Trump is a pedophile, and endorsing Trump’s impeachment. 

Now that the dust has settled, Musk appears to have struck somewhat of a conciliatory tone Thursday night – first posting that he would not in fact decommission Dragon. 

This is a shame this back and forth. You are both better than this. Cool off and take a step back for a couple days.

— Alaska (@Fab25june) June 6, 2025

He also reposted several things on X hinting at a path forward if Republicans fix the bill. 

Musk also reposted Senator Rand Paul suggesting that he would vote for the BBB “if we got real spending cuts” instead of “the largest debt increase in US history.” 

He also replied “You’re not wrong” to Bill Ackman’s suggestion that Trump and Musk “should make peace for the benefit of our great country.” 

I support @realDonaldTrump and @elonmusk and they should make peace for the benefit of our great country.

We are much stronger together than apart.

— Bill Ackman (@BillAckman) June 5, 2025

And then he made fun of himself.

https://x.com/elonmusk/status/1930803957301154058?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1930803957301154058%7Ctwgr%5E7b9fb741e7b766cee4d4d18f248d67ef19bd8d9a%7Ctwcon%5Es1_&ref_url=https%

Meanwhile, when contacted for comment by Politico, Trump said “Oh it’s okay,” adding “It’s going very well, never done better.” 

Earlier Thursday — as Musk raged about the cost of legislation that is projected to add $2.4 trillion to the deficit — Trump tempered some of his commentary on his own social media platform at the urging of White House aides.

The aides advised him to focus on the bill and getting it through the Senate instead of the conflict with Musk, according to one person close to the White House who was granted anonymity to discuss private exchanges. -Politico

According to the report, White House aides have scheduled a all on Friday with Musk to broker a peace.

In short, Trump and Republicans need to “Drop the tax cuts, cut some pork, and get the bill through” so it aligns with MAGA and DOGE priorities (what you were elected to do), kith and make up, and make sure JD doesn’t have to spend Christmas at two houses this year. 

w-w-well does this mean i get two quissmassess~? pic.twitter.com/gGMGOlv57N

— OSCAR (@now_thats_oscar) June 5, 2025

Overnight shares of Tesla were higher on the news.

*  *  *

Like a vendor at a ballgame parking lot, we sold a ton of these waxed canvas hats today amid the drama. Thank you for your support. 

Update (1725ET): As the Trump-Musk feud continues to escalate, Musk endorsed the notion that ‘Trump should be impeached and JD Vance should replace him,’ floated by Malaysian US political commentator Ian Miles Cheong.

Yes https://t.co/rqRsX8B4Hg

— Elon Musk (@elonmusk) June 5, 2025

Earlier…

Aaaand Musk just announced he’ll begin decommissioning the SpaceX Dragon spacecraft ‘immediately’

In light of the President’s statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately pic.twitter.com/NG9sijjkgW

— Elon Musk (@elonmusk) June 5, 2025

He also doubled down on the Epstein claim…

https://x.com/elonmusk/status/1930719794267124128?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1930719794267124128%7Ctwgr%5E7b9fb741e7b766cee4d4d18f248d67ef19bd8d9a%7Ctwcon%5Es1_&ref_url=https

While Trump defenders such as Laura Loomer pushed back:

At least there's one reasonable person on here. https://t.co/wh0ihbzTOh

— Ben Smith (@semaforben) June 5, 2025

Trump, meanwhile, posted what could be considered somewhat of an attempt to de-escalate – that he ‘doesn’t mind Elon turning against me, but he should have done so months ago,” adding “This is one of the Greatest Bills ever presented to Congress. It’s a Record Cut in Expenses, $1.6 Trillion Dollars, and the Biggest Tax Cut ever given.”

Update (1615ET): Just as the spat between Elon Musk and President Trump seemed to have reached cruising altitude, Musk hit the afterburners – claiming on X that President Trump is “in the Epstein files,” adding “That is the real reason they have not been made public…

Time to drop the really big bomb:@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public.

Have a nice day, DJT!

— Elon Musk (@elonmusk) June 5, 2025

Meanwhile, shares in TSLA are down 16% as the market cascades lower. Fun fact, Tesla was the most bought retail stock over the last week. 

END

THEN:

The Day After: Trump ‘Not Interested’ In Talking As Musk Continues To Make Case Against BBB

Friday, Jun 06, 2025 – 10:25 AM

After Thursday’s grand meltdown between Elon Musk and President Donald Trump over the Big Beautiful Bill, it looked like things were set to simmer down – with Musk posting several things on X that suggested he was open to a path forward, while the Trump White House had scheduled a call with Musk, Politico reported. 

On Friday morning, however, it was clear that Trump isn’t ready to mend fences – he doesn’t want to talk to Musk, and is looking to sell his Tesla – while Musk spent the morning (so far) making clear that Congress needs to fix government spending or America is going to be in a world of hurt. 

To recap:

• Earlier in the week, Musk came out against the ‘Big Beautiful Bill’ – which raises the debt ceiling by $5 trillion, and either raises the deficit by $2.4 trillion, or lowers it by $1.4 trillion – depending on who you believe, and fails to address any of the waste, fraud and abuse found by DOGE. 
• Thursday morning, Trump was asked about Musk’s opposition to the bill, telling reporters on Thursday that he’s ‘very disappointed in Elon,’ and that Musk only opposes the bill because they eliminated electric vehicle tax credits from it.
• Trump then suggested he might pull government funding from Musk’s companies such as SpaceX, which owns the only operational US spacecraft capable of transporting astronauts to and from the International Space Station. 

“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!” -President Donald Trump via Truth Social

• Musk went ballistic – announcing he would ‘immediately‘ decommission the Dragon program (which he later walked back Thursday night), proposed a new political party (that’s still his pinned post on X), endorsed another Trump impeachment, and said Trump is ‘in the Epstein files,’ which is why they haven’t been released. 

Peacemakers emerged – such as former State Department official Mike Benz, who defended Musk and called for the two to patch things up…

Elon Was Always The Secret Weapon Behind Trump 2.0 pic.twitter.com/ii1HBqTKza

— Mike Benz (@MikeBenzCyber) June 6, 2025

While two attorneys associated with the Epstein case(s) flatly denied Trump had anything to do with Epstein’s sex-trafficking operation.  

Just confirming what we already knew. pic.twitter.com/ooZNVwHsjn

— C3 (@C_3C_3) June 6, 2025

“The only thing that I can say about President Trump is that he is the only person who, in 2009… is the only person who picked up the phone and said, let’s just talk."

"[Trump] was very helpful… and gave no indication whatsoever that he was involved in anything untoward… pic.twitter.com/u0FKJrWKej

— Kyle Becker (@kylenabecker) June 6, 2025

On Friday, Musk re-posted the following posts and clips making his case; 

"The Federal Government today pays more in interest on the debt than we do in budget for the Department of Defense. We pay $1.2B a year in JUST interest on debt. Total government spending is about $7T. Interest payments are $1.2T. DOD is $800B a year. Total debt is $35T and it… pic.twitter.com/fPg3Xo5dkZ

— Tesla Owners Silicon Valley (@teslaownersSV) June 6, 2025

While Trump (as noted above) isn’t ready to have a phone call with Musk to hash things out.

Meanwhile, DOGE chief architect Joel Fishback slammed Musk and said he’s stepping away from the effort following Musk’s comments, Politico reports.

“The truth is that Elon set expectations that he relayed to the president, me, and the country that he did not come close to fulfilling. That’s disappointing, but okay,” said Fishback. “What’s not okay is his baseless personal attacks against President Trump.”

To be continued…

BIG JOBS REPORT FOR MAY

May Payrolls Rise By 139K, Beating Estimates, But Report Shows Sweeping Labor Market Weakness

Friday, Jun 06, 2025 – 09:04 AM

With the jobs whisper number of 110K flirting dangerously close with a sub 100K print, one which both JPM and Goldman said could spark a waterfall selloff in stocks, moments ago the BLS reported that in May the worst case scenario was averted, with the US adding a modest 139K, which while below last month’s print, was above the median consensus of 126K, and well inside the estimated range of 75K to 190K.

That was the good news; the bad news is virtually all historical data points during the Trump admin were revised lower, with April revised 30K lower from 177K to 147K, and March revised 65K lower from 185K to 120K. Worse, every single month under the Trump admin has been revised lower. 

Turning to the unemployment rate, there were no surprises here: consensus expected an unchanged 4.2% print from April, and got just that. The unemployment rate has so far held at 4.2 percent in May and has remained in a narrow range of 4.0% to 4.2% since May 2024. The number of unemployed people, at 7.2 million, changed little over the month.

Among the major worker groups, the unemployment rates for adult men (3.9 percent), adult women (3.9 percent), teenagers (13.4 percent), Whites (3.8 percent), Blacks (6.0 percent), Asians (3.6 percent), and Hispanics (5.1 percent) showed little or no change over the month. 

The unemployment rate was the result of a modest increase in the number of unemployed people (from 7.166 million to 7.237 million) while the labor force declined by ~600K, from 171.135 million to 170.510 million. More importantly, the disconnect between the Household survey and Establishment survey is back, as the number of employed workers plunged tumbled by 696K, even as payrolls reportedly rose.

Some more qualitative details from the report:

• The number of people jobless less than 5 weeks increased by 264,000 to 2.5 million in May. The number of long-term unemployed (those jobless for 27 weeks or more) decreased over the month by 218,000 to 1.5 million. Both measures were little changed over the year. The long-term unemployed accounted for 20.4 percent of all unemployed people in May. 
• In May, the employment-population ratio declined by 0.3 percentage point to 59.7 percent. The labor force participation rate decreased by 0.2 percentage point to 62.4 percent. 
• The number of people employed part time for economic reasons, at 4.6 million, changed little in May. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs. 
• In May, the number of people not in the labor force who currently want a job was little changed at 6.0 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. 
• Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force, at 1.6 million, changed little in May. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were

Next, turning to earnings, we find that May average hourly earnings actually printed stronger than expected, rising 0.4% MoM, double the 0.2% expected, and up from the 0.2% in April. On an annual basis, earnings rose 3.9%, also above the 3.7% consensus, and unchanged from the upward revised April print of 3.9%. 

Average hourly earnings for all employees on private nonfarm payrolls rose by 15 cents, or 0.4 percent, to $36.24 in May. Over the past 12 months, average hourly earnings have increased by 3.9 percent. In May, average hourly earnings of private-sector production and nonsupervisory employees rose by 12 cents, or 0.4 percent, to $31.18. 

There were also no surprises in the number of hours worked: In May, the average workweek for all employees on private nonfarm payrolls was 34.3 hours for the third month in a row. In manufacturing, the average workweek was little changed at 40.1 hours, and overtime was unchanged at 2.9 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained at 33.7 hours in May. 

Here is the breakdown of jobs by industry: 

• Health care added 62,000 jobs in May, higher than the average monthly gain of 44,000 over the prior 12 months. In May, job gains occurred in hospitals (+30,000), ambulatory health care services (+29,000), and skilled nursing care facilities (+6,000).
• Employment in leisure and hospitality continued to trend up in May (+48,000), largely in food services and drinking places (+30,000). Over the prior 12 months, leisure and hospitality had added an average of 20,000 jobs per month.
• In May, social assistance employment continued to trend up (+16,000), reflecting continued growth in individual and family services (+16,000).
• Federal government employment continued to decline in May (-22,000) and is down by 59,000 since January. (Employees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey.)

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; retail trade; transportation and warehousing; information; financial activities; professional and business services; and other services.

Last but not least, there was acute softness in both the breakdown between full and part-time workers, where the former tumbled by 623K and the latter increased by 33K

Finally, the number of native-born workers tumbled by 444K, while foreign-born workers also dropped by 224K, and easing back from the record set two months ago.

Overall, this was a poor jobs report if one ignores the headline which will surely be revised to a sub-100K print in the next month or two.

USA DATA

USA ECONOMIC NEWS

Goldman Slashes Tesla Delivery Estimates On Weak Monthly Trends

Friday, Jun 06, 2025 – 08:05 AM

Goldman Sachs analysts cut Tesla’s delivery forecasts, slashed earnings estimates, and scaled back expectations for brand momentum across key markets. The message is clear: demand is weakening, competition is accelerating, and consumer enthusiasm is fading. This sentiment is also shared with UBS. 

“We’re lowering our Tesla vehicle delivery assumptions and EPS estimates to better reflect weaker monthly datapoints in key regions (e.g. China, the US, and Europe), and also consumer survey data on Tesla (per HundredX and Morning Consult),” analysts Mark Delaney, Dan Duggan, and others wrote in a note to clients on Thursday. 

The analysts revised their outlook and now expect 2Q25 deliveries to come in at just 365,000 units, a sharp downgrade from the prior 410,000 estimate—and well below Visible Alpha Consensus data of 417,000.

Industry and registration data through May show continued year-over-year declines across key global markets, including the US, China, and Europe. 

Full-year delivery estimates were also slashed:

• 2025: cut from 1.70 million to 1.575 million
• 2026: cut from 1.95 million to 1.865 million
• 2027: cut from 2.20 million to 2.15 million

The analysts also cut their earnings estimates, citing softer sales volumes as a key drag on profitability:

• 2025: $1.10 (was $1.25)
• 2026: $2.05 (was $2.15)
• 2027: $3.00 (was $3.10)

Translation so far from the analysts: “We remain Neutral rated on TSLA shares. We lower our 12-month price target to $285 from $295 prior.” 

To gauge consumer sentiment, analysts cited data from HundredX and Morning Consult, which showed declines in Tesla’s brand buzz and purchase intent across North America and Europe. Sentiment remains particularly weak in Canada, France, Germany, and the UK, while China stands out as the lone bright spot.

Goldman’s outlook echoes UBS’ take from last week, which warned that global enthusiasm for the Tesla brand is waning. Both firms maintained a cautious stance on the stock.

“Overall, we remain cautious on Tesla stock,” UBS analyst Joseph Spak said in the note. UBS maintains a Sell rating with a 12-month price target of $190. 

Meanwhile, Daniel Ives of Wedbush Securities recently raised his 12-month price target on Tesla to a Street-high $500 from $350, citing the near-term launch of Tesla’s autonomous ride-hailing Cybercabs as a major catalyst to spark the “golden age of autonomy.” 

END

Trump Nominates Slew Of New Generals To Command Europe, Mideast & Africa

Friday, Jun 06, 2025 – 07:45 AM

The Trump administration has just nominated a slew of new generals to head up top US military commands in the Middle East, Africa, and Europe.

Importantly, Air Force General Alex Grynkewich has been nominated as NATO’s new Supreme Allied Commander in Europe (SACEUR) and head of U.S. European Command (EUCOM).

This comes amid reports that the US under the Trump administration is growing frustrated enough to ‘step back’ from NATO leadership, with lack of collective defense spending out of Europe.

For example, Defense News last month acknowledged, :The nomination to head European Command, which is not yet final, comes at a moment of uncertainty for America’s military commitment to Europe, potentially including cuts to U.S. forces on the continent and a lesser role in the NATO alliance.”

Brussels is meanwhile pushing plans for NATO buildup plans in connection with a new spending goal, also at a moment Washington has told the UK that it should reach a target of 5% of GDP spending on defense, according to The Telegraph.

Grynkewich currently serves as Joint Staff Director for Operations and was formerly the top US Air Force commander in the Middle East, which means he oversaw the aerial response to CENTCOM’s prior bombing raids against the Houthis of Yemen, as well as previously ‘counter-ISIS’ ops in northern Syria.

According to his official Air Force bio:

Lt. Gen. Grynkewich received his commission in 1993 after graduating from the U.S. Air Force Academy. He has served as an instructor pilot, weapons officer and operational test pilot in the F-16 Fighting Falcon and F-22 Raptor. Lt. Gen. Grynkewich has commanded at the squadron, wing and Air Expeditionary Task Force levels. His staff assignments include service at Air Combat Command, U.S. European Command, U.S. Central Command, Headquarters Air Force, and the Joint Staff. Prior to his current assignment, he served as the 9th Air Force (Air Forces Central), Shaw Air Force Base, South Carolina, and the Combined Forces Air Component Commander for U.S. Central Command, Southwest Asia.

President Trump also nominated Navy Vice Admiral Brad Cooper, currently CENTCOM’s deputy commander, to lead CENTCOM. Additionally, Dagvin Anderson, director for Joint Force Development, has been tapped to lead US Africa Command (AFRICOM).

The Pentagon announces U.S. Air Force Lieutenant General Alexus Grynkewich as NATO's new Supreme Allied Commander and head of U.S. European Command. pic.twitter.com/IIofVrs7W3

— Clash Report (@clashreport) June 5, 2025

This fresh crop of commanders are likely being tapped for their loyalty to Trump’s vision of ‘make deals, not chaos’ for the Middle East and Eastern Europe.

While there’s no peace on the horizon as yet when it comes to Ukraine, Gaza, or Yemen – there’s been noticeably quiet from the White House these past few days as both conflict theatres heat up. This could be a good thing, given Trump is not issuing threats, but could be patiently waiting for how Russia’s retaliation on Ukraine – for example – plays out.

END

Rate-Cut Odds Plunge After Payrolls Beat; Trump Demands “Full Point Cut” From Powell

Friday, Jun 06, 2025 – 09:55 AM

A better than expected headline payrolls print has sparked a surge in stocks and bond yields this morning as the long-await (and hoped for by some) recessionary collapse in the labor market remains elusive.

Even if below the surface things are not so healthy, rate-cut expectations for 2025 have plunged to less than two total cuts (2026 expectations up marginally)…

Never one to miss an opportunity – even on a day when he should probably take a break from social media – President Trump dropped some more advice for Fed Chair Powell:

Strong unemployment, falling inflation, and no signs (except in partisan survey responses) of economic weakness from Trump’s tariff-nado. One has to wonder what it is that Powell is waiting for… unlike in September of last year?

Finally, one thought – is this Trump pivoting his rage from Musk to Powell – a far easier, and less wealthy, opposition.

VICTOR DAVIS HANSON/

USA NEWS/ANTISEMITISM..

KING NEWS

The King Report June 6, 2025 Issue 7508

Independent View of the News

@ChineseEmbinUS: Chinese President Xi Jinping on Thursday held phone talks with U.S. President Donald Trump at the latter’s request   @realDonaldTrump: 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!   Trump Says He Will Be Going to China – BBG 11:53 ET   Germany/s Merz meets Trump at White House with Ukraine war high on agendaGermany’s Chancellor Friedrich Merz, elected last month, is meeting with… Trump in WashingtonIt’s his first time meeting Trump since becoming leader of Europe’s biggest economyTariffs, defence spending and the war in Ukraine are high on the agendahttps://au.news.yahoo.com/germany-merz-meet-trump-ukraine-143530952.html   Trump Says German Chancellor Merz is ‘Difficult’ – BBG 11:54 ET   US trade deficit narrows sharply in April; imports post record drop The trade gap contracted by a record 55.5% to $61.6 billion, the lowest level since September 2023… Data for March was revised to show the trade deficit having widened to an all-time high of $138.3 billion rather than the previously reported $140.5 billion…     Imports decreased by a record 16.3% to $351.0 billion in April. Goods imports slumped by a record 19.9% to $277.9 billion. They were held down by a $33.0 billion decline in imports of consumer goods, mostly pharmaceutical preparations from Ireland. Imports of cellphones and other household goods fell $3.5 billion… https://finance.yahoo.com/news/us-trade-deficit-narrows-sharply-141620233.html   European Central Bank @ecb: We cut our key interest rates by 0.25 percentage points (as expected). Inflation is currently around our 2% target. Read today’s monetary policy decisions:     Inflation is currently at around the Governing Council’s 2% medium-term target. In the baseline of the new Eurosystem staff projections, headline inflation is set to average 2.0% in 2025, 1.6% in 2026 and 2.0% in 2027. The downward revisions compared with the March projections, by 0.3 percentage points for both 2025 and 2026, mainly reflect lower assumptions for energy prices and a stronger euro. Staff expect inflation excluding energy and food to average 2.4% in 2025 and 1.9% in 2026 and 2027, broadly unchanged since March.  Staff see real GDP growth averaging 0.9% in 2025, 1.1% in 2026 and 1.3% in 2027. The unrevised growth projection for 2025 reflects a stronger than expected first quarter combined with weaker prospects for the remainder of the year. https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp250605~3b5f67d007.en.html   ECB’s Lagarde says she’s determined to complete her term https://t.co/1dfHmGuTod   ECB Officials Expect Rate Cuts to Be Paused at July (23-24) Meeting – BBG   @business: Traders pared bets on future interest rate cuts by the ECB and are no longer fully pricing another quarter-point reduction this year   Donald J. Trump Truth Social 11:32 AM EST: Shockingly, the Democrat controlled CBO just announced that the Tariffs will be reducing the Deficit by at least $2.8 Trillion Dollars. Too bad this information couldn’t have been released earlier, it would have kept people from knowingly saying untruths.   Elon Musk posted this: @realDonaldTrump: I cannot believe the Republicans are extending the debt ceiling—I am a Republican & I am embarrassed! 8:50 AM · Jan 23, 2013   Trump: I can understand why he is upset… Elon and I had a great relationship… I don’t know if I will anymore… Would’ve won without him.  I am very disappointed with Elon Musk.      Elon is upset because we took the EV mandate, which was a lot of money for electric vehicles. They’re having a hard time the electric vehicles, and they want us to pay billions of dollars in subsidy… It’s sort of Trump derangement syndrome…  https://x.com/joshdcaplan/status/1930659032429208045   @elonmusk: Whatever.  Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill. In the entire history of civilization, there has never been legislation that both big and beautiful. Everyone knows this! Either you get a big and ugly bill or a slim and beautiful bill. Slim and beautiful is the way.   TRUMP: “I’m very disappointed with Elon. I’ve helped him a lot. He knew the inner workings of the bill better than anybody sitting here. He had no problem with it. All of a sudden he had a problem & he only developed the problem when he found out we’re going to cut EV mandate”      @elonmusk: False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!  Not even those in Congress who had to vote on the Big Ugly Spending Bill had time to read it!…      GOP @RepThomasMassie: The house has a 72-hour rule which requires the bill to be posted 72 hours before passage.  BUT the Speaker circumvented this rule with a “managers amendment” that re-wrote and added substantial portions of the bill as it went through the rules committee the night the bill was passed…. Elon is right, members of congress didn’t even know what was in this bill until the night it passed. A few other members have also made this clear.   @elonmusk: Such ingratitude.  Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.   @realDonaldTrump: I would have won Pennsylvania regardless of Elon… Elon was “wearing thin,” I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!  The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!  Jun 05, 2025, 2:37 PM     @SciGuySpace: This would both end the International Space Station and simultaneously provide no way to safely deorbit it.     @elonmusk: This just gets better and better.  Go ahead, make my day … Such an obvious lie. So sad.   @realDonaldTrump: I don’t mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress. It’s a Record Cut in Expenses, $1.6 Trillion Dollars, and the Biggest Tax Cut ever given. If this Bill doesn’t pass, there will be a 68% Tax Increase, and things far worse than that. I didn’t create this mess, I’m just here to FIX IT. This puts our Country on a Path of Greatness. MAKE AMERICA GREAT AGAIN!  Jun 05, 2025, 4:06 PM   ELON: GET RID OF ALL SUBSIDIES – “We don’t need the $7,500 [EV] tax credit…. I mean, do we need support for gas stations?  We don’t.   So, there’s no need for support for a charging network.  Delete it.   Delete.   I’m literally saying get rid of all subsidies.  But also for oil and gas.”  Source: Interview with WSJ, December 2021  https://x.com/MarioNawfal/status/1922041501510488221      @elonmusk: This is me in 2021!   Trump: Elon recommended somebody he knew very well to run NASA, but to run NASA I didn’t think it was appropriate, and he happened to be a Democrat, like totally Democrat…     Musk: The Big Ugly Bill will INCREASE the deficit to $2.5 trillion!   @wildbarestepf: FOX News comments is a great place to understand conservative views since they get so much traffic—I was curious what the people were saying about Elon s#**-talking the BBB and I’m shocked almost every comment is in agreement with Elon—to see so many vehemently disagreeing with Trump is wild.  GOP better be reeeeaaal careful.  https://x.com/wildbarestepf/status/1930295930848456983   The Scorpion and the Frog is a fable about a scorpion that stings and kills a frog that was trying to help it and dies in the process. The fable teaches that vicious people cannot resist hurting others even when it is not in their own interests…  Wikipedia   The dying frog asks the scorpion, ‘Why did you sting me knowing it would kill you too?’  The scorpion replies: “I am sorry, but I couldn’t help myself. It’s my character.” (Petty, little man indeed!)   @elonmusk: Is it time to create a new political party in America that actually represents the 80% in the middle?   (Over 1.7 million votes at 16:43 ET, 82.1% YES)   Hedge fund titan Ken Griffin rips White House over ‘big, beautiful’ tax bill: ‘Fiscal house is not in order’ (Ex huge DJT supporter!  More will flee the madman!) https://t.co/A4uxxxGVEO   @RealEJAntoni: Revised report on productivity and costs shows inflation-adjusted compensation grew much faster in Q1 than previously estimated, but the labor productivity numbers remain lousy, driving unit labor costs up at a rapid pace: https://t.co/WSRZV6B7Lx   @mrddmia: Big win for American consumers and app developers as Ninth District rejects Apple’s request for an emergency stay. Apple required to allow developers to link to 3rd party payment systems and bans Apple from charging any commission on those purchases.  https://t.co/yA7uOn0VRq   ESMs traded in a negative 9-handle range from the Nikkei opening until they rallied after the 3 ET European opening on expectations of the ECB rate cut.  After hitting 5996.60 at 4:33 ET, ESMs stair stepped lower until they hit a low of 5971.00 at 8:28 ET.  ESMs then soared to a daily high of 6016.50 at 8:49 ET on reports of Trump’s phone call with Xi.   Alas, aggressively selling appeared, ESMs sank to a daily low of 5957.50 at 9:55 ET.  But it was time for algos to buy ESMs and options ahead of the guppy buying that usually appears at or just after 10:00 ET.   ESMs soared, with a few sharp drops, to 6009.00 at 11:54 ET.   Then, Musk-DJT happened!  ESMs tumbled to a daily low of 5928.75 at 15:19 ET.  There were two moderate rallies during the decline that failed miserably.  The late manipulation pushed ESMs to 5965.25 at 15:38 ET.  But there is now new negative in the market.  ESMs fell to 5939.35 at 16:00 ET.   Positive aspects of previous session Microsoft rallied as much as 1.05% and hit a record high (468.749). Fangs rallied sharply; the DJIA rallied moderately; the DJTA rallied modestly until Musk-DJT.   Negative aspects of previous session Stocks declined despite the early rally on Trump’s latest trade talk hype. Gold declined smartly but copper, platinum, and silver rallied sharply. Oil and gasoline rallied sharply; USMs fell modestly. Tesla plunged as much as 17.7% (273.21 low) on the DJT-Musk feud.   Ambiguous aspects of previous session What will be the fallout from the acrimonious Trump-Musk divorce?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5953.40 Previous session S&P 500 Index High/Low: 5999.70; 5921.20   Trump receives grandfather’s 1869 German birth certificate from Merz in Oval Office meeting https://trib.al/B9OjEay   Watch German Chancellor Friedrich Merz’s reaction after President Trump remarks that D-Day ‘was not a pleasant day for you.’ (Only a petty, little man would say this!) https://t.co/PcsZWUcwqv   Federal money trail leads to Chinese scientists charged in shocking pathogen plot, memos show The pair indicted this week worked with a University of Michigan laboratory…  Two Chinese scientists charged in a shocking plot to smuggle a toxic pathogen into the United States worked at an American laboratory led by more senior Chinese scientists funded by the U.S. government…     According to NIH records, Libo Shan and Ping He received more than $7.6 million in total funding between two sponsored projects, awarded one to each scientist… https://justthenews.com/government/security/chinese-researchers-caught-smuggling-toxic-fungus-worked-scientists-receiving   Dark Irony: 75th Anniversary Edition of Orwell’s 1984 Comes With Trigger Warnings According to the report, the introduction, authorised by the Orwell estate, makes note that “there are no Black characters at all” in the novel.  What? Why is this relevant to the book?… When Orwell wrote the novel in the late 1940s, black people made up less than 1% of the English population…     The material in 1984 is supposed to be traumatising, that’s the entire point of the book. Putting trigger warnings on it is ludicrous and only proves Orwell was prescient… https://modernity.news/2025/06/05/dark-irony-75th-anniversary-edition-of-orwells-1984-comes-with-trigger-warnings/   Fed Balance Sheet: -$359 million; Reserves: +$23.72 billion   Musk after the NYSE close: The Trump tariffs will cause a recession in the second half of this year.  In light of the President’s statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately. (only US means of transport to Space Station)   @VigilantFox: Elon Musk drops another raised eyebrow emoji—this time on a post by @chesschick01 that reads: “In 1992 Trump partied with Jeffrey Epstein. Just gonna leave this here:” https://x.com/VigilantFox/status/1930735430506344829   Musk: Time to drop the really big bomb.  Donald Trump is in the Epstein Files.  This is the real reason they have not been made public.  Have a nice day, DJT!  Mark this post for the future.  The truth will come out!  (WH Press Sec Leavitt and AG Bondi will now have to address questions about DJT-Epstein!) Until Musk’s late afternoon posts, DJT Kool-Aid drinkers opined it was a fake feud for some means.  Facts: Musk criticized DJT’s BBB; the childish DJT then made it personal; Musk then ‘went to the mats.’   Today – The S&P 500 high on Thursday is 5999.70.  The market vehemently rejected advancing above 6000.  This is significant resistance for today and next week.  Traders want to play for the Friday Rally.  However, stocks are grossly overbought, and Thursday’s action shows stocks, even Fangs, are very tired.  Plus, the acrimonious Musk-Trump divorcee will have some degree of political fallout – and it might torpedo Trump’s Big Beautiful BS Bill – and undermine trade deal negotiations.   The May Employment Report should have little or impact – except politically if it is disappointing.   Trump is a habitual bully.  When someone punches back at a bully, those intimidated by the bully find courage and voice.  Plus, Musk has superior resources and intellect – even with his daffy gene!   The best part of waking up will be Trump vs Musk.  Musk is smarter than DJT, just as vicious rhetorically and childish; but Elon controls and uses the biggest mass media vehicle in the known world.  Will Musk hit DJT on the blatant conflict of interest in his crypto hawking?  Remember, one person is the POTUS and should comport himself as an august head of state.  The other is an odd private citizen.   ESMs are +9.50; NQMs are -1.25; and USMs are -1/32 at 20:15 ET.   Expected Econ Data: May NFP 126k, Mfg. -4k, Unemployment Rate 4.2%, Hourly Wages 0.3% m/m & 3.7% y/y, Workweek 34.3, Labor Force Participation Rate 62.6%; April Consumer Credit $10.0B   S&P Index 50-day MA: 5624; 100-day MA: 5769; 150-day MA: 5830; 200-day MA: 5794 DJIA 50-day MA: 41,089; 100-day MA: 42,256; 150-day MA: 42,652; 200-day MA: 42,449 (Green is positive slope; Red is negative slope)   S&P 500 Index (5939.30 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 5845.31 triggers a sell signal Hourly: Trender and MACD are negative – a close above 6009.08 triggers a buy signal   Wisconsin unconstitutionally discriminated against Christian charity, Supreme Court rules A case centered on unemployment tax credits for religious institutions – delivering a victory for faith-based institutions, who had argued the state’s decision had violated the religious clauses under the First Amendment… https://www.foxnews.com/politics/supreme-court-sides-catholic-charities-case-involving-religious-tax-exemptions   DOJ moves to pull federal election funding from Wisconsin for failing to comply with integrity laws Assistant Attorney General for Civil Rights Harmeet Dhillon formally notified the Wisconsin Election Commission that it was not in compliance with the Helping Americans Vote Act (HAVA)… specifically for failing to set up a system to field and resolve voter complaints about election integrity… https://justthenews.com/politics-policy/elections/doj-moves-pull-federal-election-funding-wisconsin-failing-comply   @ABC: The Supreme Court has unanimously ruled in favor of a straight Ohio woman who wanted to bring an employment discrimination claim against the state, alleging she was passed over for a job on the basis of her heterosexual orientation. https://abcnews.link/znr9rD3   @amuse: As part of the Democrat’s $20 million effort to appeal to young men, California Democrat legislators are doing TikTok dances. Is it working guys? (Why do so many people believe that posting their awkward and cringe dancing is cool?) https://x.com/amuse/status/1930601068750135398

SWAMP STORIES FOR YOU TONIGHT

Watch: GOP Rep. Told That Reading Porn Book Found In School Library Is ‘Inappropriate’

Friday, Jun 06, 2025 – 12:05 PM

Authored by Steve Watson via Modernity.news,

A Connecticut lawmaker was admonished for reading aloud from a pornographic book that is available to children in school libraries in the state.

During a hearing, Republican Rep. Anne Dauphinais of Danielson read graphic sexual references from the book, titled Me and Earl and the Dying Girl.

“Are you going to eat her pussy?,” Dauphinais read from the book. “Yeah, Earl, I am going to eat her pussy,” she continued before being interrupted by Rep. Juan Candelaria, a New Haven Democrat and deputy House Speaker who started manically banging his gavel.

🚨WATCH: Connecticut GOP lawmaker quotes book found in public schools: "Are you gonna eat her p*ssy?"

She is then SCOLDED for her use of the phrase.

She replies: "You're telling me that this language is inappropriate in this chamber, this is in elementary school libraries." pic.twitter.com/xYJErag0pe

— Daily Caller (@DailyCaller) June 3, 2025

“Madam, I would ask that we not try to use that type of language in the chamber and try to keep some decorum,” said Candelaria, not recognising the irony.

“I know you were talking of specific books, but if we could refrain from those type of words because there are also people and children watching this debate.”

That’s the whole point, dude.

Dauphinais had already warned parents to remove any children present from the room before she began reading.

“I would ask kindly if we could just use either a different word or something different just out of respect for others that might get offended. Thank you,” Candelaria added.

Dauphinais responded, “Mr. Speaker, I stand here to share with the chamber the books that are available in our public school libraries to the very children you’re telling me that this language isn’t appropriate in this chamber.”

“This is in elementary school libraries, approved by the very individuals that are supposed to be the experts,” she further urged.

Another Democrat, House Speaker Matt Ritter, then argued that the Republicans just want to make this a “cultural issue,” that “they want the response, like children,” and that “it really hurts their brand.”

Or maybe they have actual concerns about the porn in kids’ libraries?

🚨WATCH: Connecticut GOP lawmaker quotes book found in public schools: "Are you gonna eat her p*ssy?"

She is then SCOLDED for her use of the phrase.

She replies: "You're telling me that this language is inappropriate in this chamber, this is in elementary school libraries." pic.twitter.com/xYJErag0pe

— Daily Caller (@DailyCaller) June 3, 2025

https://x.com/i/status/1930031101147300137

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This issue has been ongoing for years at this point.

As we highlighted earlier this week, leftists are now suggesting that if overt sexualised  and pornographic LGBTQ material is being ‘banished’ in school libraries then they should just make classic kids book “queer friendly,” and encourage queer readings of them.

New Yorker Pushes ‘Queering’ Classic Kids’ Books to Skirt LGBTQ ‘Banishment’

Why are they so obsessed with pushing this on children?

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Feds Say California Bullet Train Has ‘No Viable Path’, Threaten To Pull $4 Billion

Friday, Jun 06, 2025 – 10:45 AM

Authored by Chase Smith via The Epoch Times (emphasis ours),

California’s long-delayed high-speed rail project is in default of federal grant agreements and may soon lose more than $4 billion in funding, the U.S. Department of Transportation said on June 4.

A report released by the department accuses the California High-Speed Rail Authority (CHSRA) of chronic mismanagement, unrealistic projections, and failure to meet key obligations, despite receiving billions in taxpayer money.

The Federal Railroad Administration (FRA) concluded that the bullet train has “no viable path” to finish the project’s first operational segment by 2033, the deadline outlined in federal agreements.

In a letter to Ian Choudri, CHSRA’s CEO, the FRA stated that the agency intends to terminate two grants totaling roughly $4 billion unless California responds with a satisfactory corrective plan. CHSRA has up to 37 days to avoid a final termination.

The letter outlines nine key findings from a 310-page compliance review, including a $7 billion funding gap, missed procurement deadlines, and what the FRA referred to as “substantially overrepresented” ridership forecasts.

The FRA letter called the rail project “a story of broken promises and of waste of Federal taxpayer dollars.” It noted that what began as a proposed 800-mile system was “first reduced to 500 miles, then became a 171-mile segment, and is now very likely ended as a 119-mile track to nowhere.”

Transportation Secretary Sean Duffy said the report justifies reprogramming the funds to other projects.

“This report exposes a cold, hard truth: CHSRA has no viable path to complete this project on time or on budget,” Duffy said in a statement.

“CHSRA is on notice—If they can’t deliver on their end of the deal, it could soon be time for these funds to flow to other projects that can achieve President Trump’s vision of building great, big, beautiful things again. Our country deserves high-speed rail that makes us proud—not boondoggle trains to nowhere.”

The FRA report found that CHSRA has not yet laid a single mile of high-speed rail track, despite more than $6.9 billion in total federal funding since 2009. It also said that CHSRA continues to rely on unstable funding sources, such as California’s cap-and-trade auction revenues, to fill budget gaps.

According to the FRA, CHSRA has already spent about $1.6 billion on change orders over the past two years and still faces legal disputes and procurement delays and hasn’t started construction on key segments.

The state originally promised an 800-mile rail line connecting San Francisco and Los Angeles by 2020 for $33 billion. Estimates now range from $89 billion to $128 billion.

In a statement last month, CHSRA said construction is active on 119 miles in the Central Valley and has created more than 15,000 jobs. The agency also said it was making progress on a 171-mile segment from Merced to Bakersfield.

But FRA officials say even that scaled-back version may be unreachable. The agency noted that CHSRA’s internal inspector general found no credible plan to close the current $7 billion gap for the Merced-Bakersfield stretch.

A CHSRA Authority spokesperson told The Epoch Times in an email that they “strongly disagree” with the FRA’s conclusions, which they said are “misguided and do not reflect the substantial progress made to deliver high-speed rail in California.”

“We remain firmly committed to completing the nation’s first true high-speed rail system connecting the major population centers in the state,” the spokesperson said. “While continued federal partnership is important to the project, the majority of our funding has been provided by the state. To that end, the Governor’s budget proposal, which is currently before the Legislature, extends at least $1 billion per year in funding for the next 20 years, providing the necessary resources to complete the project’s initial operating segment. The Authority will fully address and correct the record in our formal response to the FRA’s notice.”

The compliance review concluded that continued federal support would not achieve the goals of the High-Speed Intercity Passenger Rail Program. The FRA said it may redirect unspent funds from the grants to other infrastructure projects and is not currently seeking repayment of the funds already used.

Reuters contributed to this report. 

GREG HUNTER..