GOLD CLOSED UP $10.00 TO $3,334.20

SILVER CLOSED UP $0.69 TO $36.70

GOLD ACCESS CLOSED $3328/00

Silver ACCESS CLOSED: $36.70

Bitcoin morning price:$105,690 UP 1150 DOLLARS.

Bitcoin: afternoon price: $108,730 UP 4190 DOLLARS

Platinum price closing UP $46.75 TO $1213.25

Palladium price; UP $28.80 TO $1078.80

END

*CANADIAN GOLD: $4,554.5- UP 14.17 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)

*BRITISH GOLD: 2454.44 UP 6.95 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025

*EURO GOLD: 2913.40 UP 7.38 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: 3,322.700000000 USD
INTENT DATE: 06/06/2025 DELIVERY DATE: 06/10/2025
FIRM ORG FIRM NAME ISSUED STOPPED

099 H DEUTSCHE BANK AG 20
190 H BMO CAPITAL MARKETS 3
323 C HSBC 7
332 H STANDARD CHARTERED B 7
363 H WELLS FARGO SECURITI 9
435 H SCOTIA CAPITAL (USA) 1
624 H BOFA SECURITIES 1
661 C JP MORGAN SECURITIES 67 37
709 C BARCLAYS 13
905 C ADM 5

TOTAL: 85 85
MONTH TO DATE: 21,594

JPMORGAN STOPPED 37/85

JUNE

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024: 85 CONTRACTs NOTICES FOR 8500 OZ  or 0.2643 TONNES

total notices so far: 21,594 contracts for 2,159,400 OR 67.166 tonnes)

FOR JUNE

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SILVER NOTICES: 462 NOTICE(S) FILED FOR 2.310 OZ/

total number of notices filed so far this month : 2882 CONTRACTS (NOTICES) for 14.410 million oz

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation

END

GLD/

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

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

WITH GOLD UP $10.00 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES OF GOLD FROM THE GLD

INVENTORY RESTS AT 934.20 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $0.69 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: //A DEPOSIT OF 1.182 MILLION OZ INTO THE SLV// THIS IS GOING TO BE A HUGE DERIVATIVE MESS

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 472.914 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A MEGA HUMONGOUS SIZED 2256 CONTRACTS TO 173,387 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 $0.63 IN SILVER PRICING AT THE COMEX WITH RESPECT TO FRIDAY’S TRADING AND THE PIERCING OF $34.40 TO 34.50 SILVER PRICE BARRIER.  WE HAD A HUGE SIZED GAIN OF 2634 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A 378 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD LITTLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO FRIDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON FRIDAY WITH SILVER’S HUGE GAIN IN PRICE, FRIDAY THE PRICE FINISHED MILES ABOVE THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE CLOSING AT $36.02. . BUT THIS WAS COUPLED WITH ANOTHER MEGA MEGA HUGE T.A.S. ISSUANCE OF 5768 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 FAIR  378 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR MEGA MEGA HUGE 5768 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN MONDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A HUGE SIZED 2634 CONTRACTS ON OUR TWO EXCHANGES WITH OUR HUGE GAIN IN PRICE OF $0.63. 

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 OF SILVER FINISHED TRADING AT $36.02 AS WE WILL NOW 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 FRIDAY NIGHT/SATURDAY MORNING: A HUGE 5768 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE  OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES

WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY  $0.63) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN OF 2960 CONTRACTS ON OUR TWO EXCHANGES.

WE HAD A 378 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 378 SIZED  EFP ISSUANCE (/ VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 5768 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A SMALL 326 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 6 DAY(S), total 5053 contracts:   OR 25.265 MILLION OZ  (842 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  25.265 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: 25.265 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 2256 CONTRACTS WITH OUR HUGE GAIN IN PRICE OF $0.63 IN SILVER PRICING AT THE COMEX// FRIDAY.,.  . THE CME NOTIFIED US THAT WE HAD A 378 CONTRACT EFP ISSUANCE  CONTRACTS: 378 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX TO LONDON  AS FORWARDS. 

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WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF  15.965 MILLION  OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK

FINAL STANDING APRIL: 19.965 MILLION OZ

AND 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 1.8 MILLION OZ QUEUE JUMP = 14 MILLION OZ

THE NEW TAS ISSUANCE FRIDAY NIGHT   (5768 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE TODAY’S TRADING (MONDAY TRADING) AND BEYOND.

WE HAD 462 NOTICE(S) FILED TODAY FOR 2.310 OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 2104 OI CONTRACTS  TO 415,962 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,105  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE 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 1651 CONTRACTS //.

WE HAD A FAIR SIZED DECREASE  IN COMEX OI (2104 CONTRACTS) . THIS OCCURRED WITH OUR HUGE LOSS OF $28.00 IN PRICE// FRIDAY///.

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  $28.00 LOSS IN PRICE  WITH RESPECT TO FRIDAY’S COMEX ///. WE HAD A FAIR SIZED LOSS OF 1704 OI CONTRACTS (5.304 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 .034 TONNES OF A QUEUE JUMP //NEW STANDING ADVANCES TO 72.998 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 SMALL SIZED 300 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 415,962/NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!

SILVER ALSO HAS A LOW COMEX OI OF 173,387 CONTRACTS BUT GAINING RAPIDLY!!

IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1704 CONTRACTS  WITH 2104 CONTRACTS DECREASED AT THE COMEX// AND A SMALL SIZED 300 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 1704 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1112 CONTRACTS

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS 300 CONTRACT) ACCOMPANYING THE SMALL SIZED DECREASE IN COMEX OI OF 453 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 1704 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 0.034 TONNES QUEUE JUMPING //NEW STANDING ADVANCES TO 72.998 TONNES./

NEW STANDING FOR GOLD, JUNE CONTRACT AT 72.998 TONNES OF GOLD.

.

 / 3) CONSIDERABLE T.A.S. LIQUIDATION , AS WE HAD 1)A  $28.00 COMEX PRICE LOSS.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH THAT HUGE LOSS IN PRICE AS WE HAD A TINY LOSS OF 153 CONTRACTS ON OUR TWO EXCHANGES // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY 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 LOSS// 5)  SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (300 CONTRACTS)/// FAIR T.A.S.  ISSUANCE: 1112 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: 11,013 CONTRACTS OR 1,101,300 OZ OR 34.255 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 1833 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAY(S) IN  TONNES  34.255 TONNES

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

THUS EFP TRANSFERS REPRESENTS  33.233 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: 34.255 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 2256 CONTRACTS OI  TO 173,713 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 378 CONTRACTS

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

JULY 378 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 378 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 2256 CONTRACTS AND ADD TO THE 378 E.FP. ISSUED

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2634  CONTRACTS WITH THE GAIN IN PRICE OF $0.63 THE RATS ARE FLEEING THE ARENA.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 13.170 MILLION PAPER OZ

 OCCURRED WITH OUR  $0.63 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 14.41 PTS OR 0.43%

//Hang Seng CLOSED UP 388.83 PTS OR 0.89%

// Nikkei CLOSED UP 346.96 PTS OR 0.82% //Australia’s all ordinaries CLOSED DOWN 0.30%

//Chinese yuan (ONSHORE) CLOSED UP AT 7.1807 OFFSHORE CLOSED UP AT 7.1816/ Oil UP TO 64.81 dollars per barrel for WTI and BRENT UP TO 66.90 Stocks in Europe OPENED MOSTLY RED

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1807 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.18116 AGAINST US DOLLAR/ AND THUS STRONGER

END

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 2104 CONTRACTS TO A STILL LOW NUMBER OF 415,962 OI WITH OUR STRONG LOSS IN PRICE OF $28.00 WITH RESPECT TO FRIDAY’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 SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2130 ). WE HAD CONSIDERABLE T.A.S. LIQUIDATION WHICH ACCOUNTS FOR THE PRICE LOSS.

THE CME ANNOUNCED FRIDAY 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 LOSS ON OUR TWO EXCHANGES OF 1704 CONTRACTS WITH OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON FRIDAY 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 FAIR AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 1112 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 0.0340 TONNES QUEUE JUMP = 72.998 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL QUEUE JUMPING FOR THE MONTH ADVANCES TO: 10.4668 TONNES.

NEW TOTAL TONNES STANDING JUNE: 72.998 TONNES

THE FED IS THE OTHER MAJOR SHORT OF AROUND 32+ 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 SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A SMALL SIZED 300 EFP CONTRACT WAS ISSUED: :  /AUGUST  300 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 300 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 SATURDAY MORNING//FRIDAY NIGHT WAS A FAIR SIZED, 1112 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 .0340 TONNES QUEUE JUMP/TODAY = 72.998 TONNES (0 EX FOR RISK) TOTAL QUEUE JUMPS FOR THE MONTH OF JUNE EQUALS 10.4668 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 $28.00/ /) BUT THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED LOSS IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION  ////FRIDAY 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

SATURDAY MORNING/FRIDAY 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 FRIDAY EVENING/SATURDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /JUNE TRADING

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

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

EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH

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

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

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

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

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

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

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

JUNE ISSUANCE: SO FAR ZERO

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

WE HAVE LOST A FAIR SIZED TOTAL OF 5,30 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 FRIDAY NIGHT’S SMALL QUEUE JUMP OF 1100 OZ OR 0.0342 TONNES OF GOLD//NEW STANDING FOR JUNE GOLD ADVANCES TO 72.998.

ALL OF THIS QUITE SMALL STANDING FOR JUNE WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $28.00

WE HAD A STRONG 1651 CONTRACTS REMOVED TO THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.

NET LOSS ON THE TWO EXCHANGES 1704 CONTRACTS OR 170400 0Z (5.300 TONNES)

confirmed volume FRIDAY 198,733. contracts: fair volume////

//speculators have left the gold arena

END

JUNE 5

INITIAL

JUNE CONTRACT MONTH

JUNE 9/2025

dealer deposits: 0 entry

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DEPOSITS/CUSTOMER

we have 0 customer entries

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2 ENTRIES



i) Out of Brinks 16,975.730 oz (528 kilobars)
ii) Out of Loomis: 1929.730 Oz




total withdrawal weight 18,915.461 oz or 0.588 tonnes

adjustments: 0//

AMOUNT OF GOLD STANDING FOR JUNE

THE FRONT MONTH OF JUNE STANDS AT 1960 CONTRACTS FOR A LOSS OF 87 CONTRACTS. WE HAD 98 CONTRACTS SERVED ON FRIDAY SO WE GAINED 11 CONTRACTS FOR 1100 OZ OR 0.0340 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 72.998 TONNES

JULY LOST 162 CONTRACTS TO STAND AT 6674

AUGUST LOST 4309 CONTRACTS UP TO 319,452

We had 85 contracts filed for today representing 8500 oz  

Today, 0 notice(s) were issued from J.P.Morgan dealer and 67 notices issued from their client or customer account. The total of all issuance by all participants equate to 85 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 37 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 (21,594 X 100 oz ) to which we add the difference between the open interest for the front month of  JUNE (1960 CONTRACTS)  minus the number of notices served upon today  (85 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 (21,594 x 100 oz +we add the difference for front month of JUNE (1960 OI} minus the number of notices served upon today (85 x 100 oz) which equals  2,346,900 OZ OR 72.998 TONNES + 0 tonnes EX FOR RISK = 72.998 tonnes

TOTAL COMEX GOLD STANDING FOR JUNE.: 72.998 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: 2,183,594.983 oz 67.918 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,098,418.673 oz  

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

TOTAL OF ALL ELIGIBLE GOLD 17,474,266.229 OZ  

END

REGISTERED GOLD THAT CAN BE SERVED UPON 18,440.558 oz (REG GOLD- PLEDGED GOLD)= 573.57 tonnes //

SILVER/COMEX

THE JUNE 2025  SILVER CONTRACT//INITIAL

JUNE 9

INITIAL

1 deposits into dealer accounts

1 entry

i) Into Stonex: 748,749.330 oz

total deposit 748,749.330 oz

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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

4 withdrawal entries

i) Out of Brinks 229,377.100 oz
ii) Out of Delaware 2928.400 oz
iii) Out of HSBC 315,052.5000 oz
iv) Out of Loomis 1,201,056.210 oz



total weight of withdrawal: 1,748,414,200 oz

ADJUSTMENTs 2//CUSTOMER ACCOUNT TO THE DEALER:

a) CNT 1290,075.650 oz

b) Stonex 5778.420 oz

JPMorgan has a total silver weight: 214.825million oz/494.318 oz million  or 43.49%

TOTAL REGISTERED SILVER: 161,039 MILLION OZ//.TOTAL REG + ELIGIBLE. 494.318 Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE /2025 OI: 557 OPEN INTEREST CONTRACTS FOR A GAIN OF 355 CONTRACTS. WE HAD 5 CONTRACTS SERVED ON FRIDAY SO WE GAINED 360 CONTRACTS OR 1.80 MILLION OZ UNDERWENT A MAMMOTH QUEUE JUMP IN ORDER TO TAKE DELIVERY OF PHYSICAL SILVER OVER ON THIS SIDE OF THE POND.

JULY LOST 5016 CONTRACTS DOWN TO 113,652

AUGUST LOST 25 CONTRACTS TO 560

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 462 or 2.310 oz

CONFIRMED volume; ON FRIDAY 108,111 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 2882 X5,000 oz = 14.410 MILLION oz 

to which we add the difference between the open interest for the front month of JUNE (557) AND the number of notices served upon today (462 )x (5000 oz)

Thus the  standings for silver for the JUNE 2025 contract month:  (2882) Notices served so far) x 5000 oz + OI for the front month of JUNE(557) minus number of notices served upon today (462)x 5000 oz equals silver standing for the JUNE contract month equating to 14.885 MILLION OZ .

 New total standing:  14.885 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 9  WITH GOLD UP $10.00 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.45 TONNEES OF GOLD FROM THE GLD//: /// ///INVENTORY RESTS AT 934.20 TONNES

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 9 WITH SILVER UP $0.69/HUGE CHANGES AT THE SLV:A DEPOSIT OF 1.182 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 472.914 MILLION OZ. (A TOTAL DEPOSIT OF 11.856 MILLION PHANTOM OZ IN THE LAST 4 DAYS

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

JOHN RUBINO

The Housing Bust Is Here: Sellers Outnumber Buyers by 500,000

Here, in very short form, is how housing busts normally happen:

• A “seller’s market” evolves, where buyers have to pay up to get their first choice. Prices rise gradually, and then quickly, as buyers start to panic and sellers are emboldened to hold out for more.
• This boom continues until the average buyer can’t afford anything close to the average house. Offers dry up, and the number of sales declines.
• The handful of homeowners who, for whatever reason, have to sell find that they have no choice but to cut their asking prices.
• Seeing this, the (much larger) group of homeowners who are on the fence about selling conclude that they’d better do so before prices fall even further. Inventory of homes for sale spikes, swamping the small number of qualified buyers and causing prices to plunge.
• The resulting housing bust pushes the broader economy into recession, which lowers the pool of credit-worthy homebuyers and pushes prices down to levels that are cheap relative to incomes. And the cycle begins again.

Where are we in this process? At the most exciting/terrifying part: the beginning of the bust

For most of the past decade, the US housing market was defined by a shortage of inventory. Very few homeowners wanted to sell, leaving would-be buyers with no choice but to pay increasingly ludicrous prices for whatever was available. The median US home price nearly tripled between 2011 and 2024, with prices in some hot markets rising even more.

Eventually, most buyers were priced out of the housing market and the number of sales cratered.

Then everything changed. In just the past few months, would-be sellers have concluded that it’s now or never, and have entered the market en masse. According to real estate analysis firm Redfin, there are now 1.9 million sellers versus just 1.4 million buyers. This 33% gap is up from just 6% one year ago.

From Shortage to glut

In April, the supply of homes for sale across the US (calculated as months of supply at current rate of sales) was the second highest for that month since 2017.

As Wolf Richter notes:

Inventory is piling up in all major markets in California, such as by +70% year-over-year in San Diego County, +68% in the San Jose-Sunnyvale-Santa Clara metro, +50% in Los Angeles County, +43% in the Fresno metro (Central Valley), +75% in Orange County, or +43% in the San Francisco-Oakland-Fremont metro.

In the previously red-hot Florida and Texas markets, the story is the same, with a massive inventory build-up meeting buyer reluctance:

No help from interest rates

Buyers are clearly uninterested in homes at today’s prices. But there are two components to “price,” one of which is the cost of a mortgage. If that rate falls, the cost of homeownership falls in tandem. So in theory, much lower interest rates could make homes more affordable and bring the market back into balance.

But that’s not happening. 30-year fixed-rate mortgages key off the 10-year Treasury note yield, and it’s going up, not down.

A 4.5% 10-year yield translates into a 7% mortgage rate, so homebuyers will get no help from that quarter.

Prices have to plunge

If mortgage rates are stable and homes are, let’s say, 40% overvalued relative to incomes (and incomes are falling as the next recession approaches), then home prices have to fall by at least 40%.

Now imagine the impact of this realization on three groups of potential panic sellers:

• Wall Street firms that are using cheap money to buy entire neighborhoods for conversion to rentals.
• Baby Boomers who are entering their 70s with McMansions they can’t maintain.
• Airbnb entrepreneurs who have stretched to buy as many apartments and/or houses as possible, on the assumption that they’ll always generate plentiful cash flow.

Between them, these three groups own tens of millions of housing units. And they’re watching current developments with rising anxiety. When they bail, the fun really begins.\

END

JAMES RICKARDS..

Rickards: The Truth About Fort Knox And Gold Leasing

Sunday, Jun 08, 2025 – 04:20 PM

Authored by James Rickards via DailyReckoning.com,

Whatever happened to the Donald Trump and Elon Musk visit to Fort Knox?

You’ll recall the buzz from earlier this year. Trump and Musk loudly announced they were going to visit the U.S. bullion depository at Fort Knox, Kentucky to make sure the U.S. gold was actually there. The press was invited to tag along. Musk claimed that his DOGE team was ready to “audit” the gold bars to see that there were none missing. I had my own views on the announcement (described below) but I certainly agreed this would be the mother of all photo ops.

For the record, the U.S. Treasury holds 8,133.5 metric tonnes of gold in the U.S. reserve position. Slightly less than half of this gold is stored in Fort Knox. The remainder is mostly stored in a secure vault at West Point, New York. The exact location of that vault is classified although I happen to know where it is. A small amount is held at the Denver Mint for coinage purposes. Legally the U.S. Treasury owns the gold reserve, but I point out that the U.S. Army actually controls it since almost all of the gold is stored on two Army bases – Fort Knox and West Point.

A Fort Knox Extravaganza

None of this nuance about storage and location deterred Trump and Musk. In the popular imagination, all of the gold is in Fort Knox. That’s where they were headed to prove once and for all that the gold was actually there. Elon Musk planned to livestream the entire visit using his Starlink satellite system. Trump vaguely threatened that if any gold were missing, there would be disastrous consequences for any wrongdoers who removed it. The plot was set. The drama seemed irresistible.

As an aside, I was hoping that Trump and Musk were each reasonably fit and had been lifting some free weights. Gold is heavy! In fact, it’s one of the most dense materials in the periodic table of the elements, leaving aside radioactive elements like uranium and some of the trace elements that only exist in minute atomic-level quantities. A standard 400-Troy Ounce bar weighs 27.4 pounds in the English system. I’ve lifted a few during my visits to secure gold vaults. I always smile for the camera, but inside it takes a lot of strength to keep the gold bar in the air. I was concerned that Trump or Musk might strain their backs putting on a show for the press.

Trump mentioned the proposed visit to Fort Knox in a meeting with French President Emmanuel Macron. He mentioned it to reporters aboard Air Force One. He mentioned his plan again in remarks before the National Governors Association Conference and at the Conservative Political Action Committee (CPAC) annual meeting.

Then suddenly the whole story went away. Trump never mentioned it again after February 26. Musk went radio silent on the topic after April 6. There was no visit to Fort Knox. There was no announcement about why there would be no visit. It was as if the whole story never happened. It just went away.

Now, Elon Musk is leaving his position as head of the Department of Government Efficiency (DOGE). That was always in the cards. Musk’s appointment was as a temporary government employee; he was always going to leave about now. But why not put on a memorable gold show during his time in office? It simply never happened.

The Question Is, Why?

Let’s answer that beginning with the obvious point that the gold is all there. There have been rumors of missing and stolen gold almost from the day the bullion depository was built. Some suggested that European bankers stole the gold in the 1930s. Others said the Rockefeller clan looted the gold. The 1964 James Bond film Goldfinger is built around a plot to steal the gold.

This speculation makes for good rumor-mongering but, in fact, the gold is all present and accounted for. The last public audit was conducted in 1974, but annual audits are done by the U.S. Treasury (although the results are not made public). Treasury Secretary Scott Bessent recently said, “I can tell the American people … all the gold is there.”

If the gold is there (and it is), then why not go ahead with the visit? It would be great PR in any event and would reassure a skeptical American public.

A Money Monopoly

There are two reasons why the visit did not proceed and why you won’t hear more about it.

The first one is that the U.S. government and the Federal Reserve (Fed) do not want to call attention to gold’s role as a monetary asset. The Fed (along with commercial banks) has a monopoly on the money printing press. The government has done everything possible to diminish and deny the role of gold as money, beginning with FDR’s confiscation of gold from U.S. citizens in 1933 and continuing through Nixon’s closing of the gold window for foreign trading partners in 1971. At this point, we have three generations of students since 1971 who know almost nothing about gold.

Gold is not taught in economics classes. Gold is not discussed in economic or Fed policy circles. Younger students don’t even know that the U.S. was ever on a gold standard or that gold once circulated freely as a form of money (usually in ¼-ounce or 8-gram coins). The government has eradicated any memory of gold as money. Why bring it back to life with a high-profile visit to Fort Knox? Better just to ignore gold if you want to maintain your money monopoly.

Of course, gold is a monetary asset. As noted, the U.S. has 8,133 metric tonnes (tonnes). Germany has 3,351 tonnes. Italy has 2,452 tonnes. France has 2,437 tonnes. Russia has 2,333 tonnes. And China reports that they have 2,292 tonnes although they are non-transparent and probably have much more. Among multilateral institutions, the European Central Bank has 506 tonnes and the IMF has 2,814 tonnes. If all of the members of the Euro area including the ECB combined their gold holdings, they would have 10,770 tonnes. All of these holdings should be put in the context of 36,118 tonnes, which is the amount of combined official gold holdings of every country in the world.

The Top 10 Gold Reserve Holdings By Country

Why have such large gold holdings persisted for a century or more in some cases and increase on a continual basis if gold is not money? The question answers itself. Gold is a form of money.

It’s simply the case that major countries don’t want to acknowledge it because they want to maintain their monopoly on paper money, or they are still acquiring it and don’t want to spike the price, at least until they complete their acquisition programs. One of the Marx Brothers’ classic punchlines was, “Who ya gonna believe … me or your own eyes?” When it comes to gold, I believe my own eyes. Official holdings of 36,118 metric tonnes of gold bullion tell me all I need to know.

The Leasing Scheme

There’s another even more insidious reason why Trump and Musk backed off from their Fort Knox visit. Even allowing for the fact that the gold is actually in Fort Knox the deeper question is whether that gold is leased?

Gold leasing is an established market but not well-understood by non-specialists. Even experts in stocks and bonds know little about gold leasing. Basically, it’s a way for a gold holder to earn a return. Gold does not pay dividends or interest like stocks and bonds. But you can lease it to a third party and make 2% or so annually in lease payments. The party leasing the gold does not back up a truck and take it away. The gold stays in the original vault. Gold leasing is a purely paper transaction.

The gold lessor gets the lease payment. The lessee gets what’s called a right of rehypothecation. That means the lessee can lease the same gold to another party. And that party can lease it to a fourth party and so on. With rehypothecation in play, one metric tonne of gold could support 100 metric tonnes of “paper gold” transactions.

At each step in the chain, a party acts like it owns the gold for its own purposes of further leases or sales of “unallocated” gold. Everyone has price exposure and can make money if the price of gold goes up or lose money if the price of gold goes down. The same principle applies to gold futures, gold options, gold swaps, gold ETFs and an entire world of gold derivative transactions. The point is that the paper gold world is leveraged about 100:1 to the physical gold world starting with the physical gold in Fort Knox.

The danger is obvious. It’s no different than any run on the bank when it comes to bank deposits. If a group of paper gold investors suddenly demands physical delivery, the counterparties have to buy gold in the spot market since the leased gold is not in their physical possession. The gold market is liquid, but not liquid enough to support delivery if there were demand for more physical than a small slice of the paper gold market. A full-scale gold panic could emerge quickly. The spot price of gold would go to $25,000 per ounce before an investor could yell “buy!”

I take it that someone (possibly Scott Bessent) sat down and patiently explained the paper gold reality to Trump and Musk.

Once you understand how the market actually works, you quickly back away from putting on a show at Fort Knox. For the masterminds of the paper gold market at JPMorgan and Goldman Sachs, the less said about gold the better. They need to keep the game going. And that’s why Trump and Musk won’t be showing up at Fort Knox anytime soon.

For the rest of us, the solution to this problem is simple – buy gold.

END

Will Gold Hit $4,000 This Year? The Case Is Building

by JM Bullion

For years, the gold bugs were dismissed. Not anymore. Gold recently hit $3,500/oz—and it might be just getting started.

For anyone who thought they missed the rally, the real fireworks may still be ahead. The setup for gold to hit $4,000 (or higher) in 2025 is stronger than it’s ever been.

The Drivers Are Clear

The world is grappling with a nasty combination: tariffs, inflation, slowing growth, and deep political instability.

• Trump’s sweeping tariffs have increased inflation and recession risks.
• Central banks are trapped. They can’t hike rates without crushing the economy, but they can’t cut rates without fueling more inflation. And for three straight years, they’ve added 1,000+ metric tons of gold. They’re not guessing. They’re preparing.  
• Sovereign debt is spiraling out of control. The U.S. is blowing past $36 trillion in debt, with $1 trillion in new Treasury issuance every 100 days, with fewer buyers lining up.
• Global trust in paper promises is fading. The Treasury market just suffered a “mini-flash crash.” The dollar is wobbling. And now economists are warning about a crisis of confidence.

Why $4,000/oz Isn’t Crazy

When inflation runs hot, real assets surge. If the dollar weakens further, Treasury demand collapses, or another shock rattles markets, gold could easily skyrocket from here. Not over decades—but within a cycle.

The Setup:

• A weakening Dollar losing its safe-haven status
• Inflationary pressure is reigniting.
• Ongoing debt monetization to cover massive deficits.
• Policy paralysis at the Fed
• Foreign buyers are exiting U.S. assets.

All the historical triggers that launched gold into the stratosphere in past crises are flashing now.

Get Physical. Get Real.

By the time $4,000/oz is a headline, the move will be over. Smart money is already loading up. Retail investors will be the last to the party—again.

You don’t have to be.

END

3. Chris Powell and GATA dispatches

THIS IS GREAT IF IT PASSES!

New gold audit legislation targets everything, including leases and swaps

Submitted by admin on Fri, 2025-06-06 11:04 Section: Daily Dispatches

Asking about gold swaps and leases, as Jim Rickards said in March, risks “tampering with the primal forces.” Well, “primal forces,” here we come again.

* * *

Members of Congress Introduce Comprehensive U.S. Gold Audit Legislation

By Jp Cortez
Sound Money Defense League
Friday, June 6, 2025

WASHINGTON — As U.S. debt soars and foreign central banks stockpile gold, four members of Congress today introduced a bill to require the first comprehensive audit of America’s gold reserves in decades.

Sponsored by Reps. Thomas Massie (R-KY), Troy Nehls (R-TX), Addison McDowell (R-NC), and Warren Davidson (R-OH), the Gold Reserve Transparency Act (H.R. 3795) would require a full assay, inventory, and audit of all United States gold holdings.

Importantly, H.R. 3795 will also require full disclosure of all transactions involving America’s gold, including any purchases, sales, loans, pledges, leases, swaps, and other encumbrances, dating back 50 years. Such activities have not been publicly disclosed.

“Americans deserve transparency and accountability from the institutions that underpin our currency,” said Rep. Thomas Massie.

“It’s been literally decades since actual inventories and assays have been conducted with respect to U.S. gold reserves, and the Department of the Treasury has lost records as well as failed to account for many occasions when vault compartments were inexplicably opened and resealed without new audits,” said Stefan Gleason, CEO of Money Metals Depository.

“The lack of proper audits of America’s gold is highly alarming and totally unacceptable — such shoddy procedures would never pass muster in the private sector,” continued Gleason, whose company operates a maximum-security gold and silver vault in Idaho that is twice the size of the U.S. Bullion Depository at Fort Knox. “Even if a credible audit had been conducted several decades ago, auditing is never a ‘one and done’ affair.”

The gold audit bill comes in an environment where some nations are growing concerned about their gold stored in the United States or who prefer to hold their gold domestically. For example, leaders in Germany are calling for repatriation of its gold held in the custody of the Federal Reserve Bank of New York.

An inquiry into America’s sound money stockpile is more relevant than ever, given an inflationary environment where $37 trillion in U.S. federal debt looms large and given that many central banks have been accumulating gold at record rates over the last few years.

Jp Cortez, executive director of the Sound Money Defense League said, “Now is the time for transparency surrounding America’s gold. As gold is the ultimate form of money recognized the world over, safeguarding the U.S. Treasury Department’s holdings of the yellow metal is very much a national security issue.”

“Only a thorough audit, not a public-relations stunt such as the ‘live walkthrough’ as Elon Musk and others proposed, will suffice,” he concluded. “This situation requires far more than a fun one-day field trip by politicians to Fort Knox, West Point, and other U.S. Treasury vaults.”

To fulfill their obligations under the Gold Reserve Transparency Act, Government Accountability Office and external independent auditors would gain access to any depository or other public or private depositories where gold reserves are kept as well as related records. The process is expected to take up to a year to complete and would be repeated every five years.

Rep. Massie has frequently been a leader on issues related to sound money.

The full text of H.R. 3795 can be found here:

END

Canadians snap up gold bars and coins amid stock and bond market turmoil

Submitted by admin on Fri, 2025-06-06 10:25 Section: Daily Dispatches

By Meera Raman
The Globe and Mail, Toronto
Thursday, June 5, 2025

At first glance, a one-ounce gold bar doesn’t look like much — it’s about the size of a loonie. But pick it up and you’ll feel the difference. It’s heavy, about 19 times denser than water and nearly twice as dense as steel.

In uncertain times, that weight carries more than just physical heft. For many Canadians, it represents stability — something dollars or digital assets can’t always guarantee.

At Global Bullion Suppliers, a gold dealer in Toronto, owner Max Smirnov has seen one of the busiest seasons in recent memory. Sales are up 25 to 30% compared to last year, he said.

He’s noticed a pattern: Fear moves people. Whenever news stokes anxiety, people enter the store like clockwork, he said. The loonie drops in value? A flood of customers. “Liberation Day” tariffs? More gold purchases.

“People are looking at gold as a safe haven against the unknown future,” Mr. Smirnov said.

That instinct is being felt across the country. As economic uncertainty deepens and financial markets whip back and forth, demand for gold is surging. From bullion bars to Maple Leaf coins, many Canadians are seeking refuge in one of the oldest and most tangible forms of financial security.

And a growing share of them are younger. Gold dealers say they’re seeing more buyers in their 20s and 30s – people who might otherwise have considered real estate or cryptocurrencies but now see physical gold as a steadier, more emotionally reassuring store of value. …

For the remainder of the report:

END

Shuli Ren: Hong Kong has all but abandoned the dollar peg

Submitted by admin on Thu, 2025-06-05 07:49 Section: Daily Dispatches

By Shuli Ren
Bloomberg News
Wednesday, June 4, 2025

Interest rates in Hong Kong have been eerily low, raising the question of whether the city’s dollar peg is now in name only.

Hong Kong surrendered its monetary autonomy decades ago, thanks to a unique mechanism that restricts its currency fluctuation to a narrow band of 7.75 and 7.85 per dollar. That means the city’s borrowing costs move in lockstep with those in the United States, which are dictated by the Federal Reserve’s rate policies. 

Lately, though, currency traders have been staring at an anomaly. 

The one-month Hong Kong interbank offered rate, or Hibor, has collapsed since early May. The gap with the U.S. secured overnight financing rate, or SOFR, is at an unprecedented level of more than 3 percentage points. Investors are now asking what caused this divergence and whether Hibor will stay lower for longer. …

… For the remainder of the commentary:

END

Brien Lundin: A great new novel about gold market manipulation

Submitted by admin on Wed, 2025-06-04 18:13 Section: Daily Dispatches

Now if only mainstream financial news organizations, toadies of the government, would report the ordinary facts about it:

* * *

By Brien Lundin
Gold Newsletter / Golden Opportunities
Wednesday, June 4, 2025

I just finished reading a fascinating new novel based on a global manipulation of the gold market: “The Last Hamilton” by Jenn Bregman. 

Think “The Da Vinci Code” for gold bugs! 

As background, Jenn sent me a review copy of her book and wrote the following in the cover letter:

“I’ve followed you for over 10 years. The thought and research you put into your newsletters is astounding. So much so that this research formed the basis for my book.'”

I wrote Jenn back and complimented her on that marketing angle! 

Still, it was enough to get me to open her novel … and I can tell you that it’s a real page-turner. The plot line is detailed and credible with relatable characters, the story moves quickly, and there’s an unexpected twist at the end that I can’t believe I didn’t see coming. 

A thriller for sure, but taken to a new level for those of us with knowledge of the gold market and how it could be … and has been …manipulated.

As Jenn also wrote:

“I think you might really enjoy ‘The Last Hamilton,’ because while it is a thriller, the facts about the gold depository audits, repatriation by Germany, and the frenzied gold buying and stockpiling by China (and other BRICS nations) are true.”

I won’t reveal any spoilers here, but suffice to say that I highly recommend “The Last Hamilton” as a wonderful read, especially for gold bugs like us.

You can order it on Amazon here:

END

Silver is going up so get your GATA commemorative silver round while it’s still cheap

Submitted by admin on Sun, 2025-06-08 21:12 Section: Daily Dispatches

9:16p ET Sunday, June 8, 2025

Dear Friend of GATA and Gold:

If helping GATA defeat monetary metals price suppression isn’t quite enough of a reason for you to support us financially, there’s another one.

That is, silver shows signs of breaking out as gold already has done and donations of $250 or more entitle donors to a 1-ounce silver round commemorating GATA’s work. Bbefore long your GATA silver round may pay for itself.

Our friends at Money Metals Exchange in Eagle, Idaho, support our struggle so much that they have minted the beautiful 1-ounce silver round honoring GATA.

On the front of the round is an engraving copied from the GATA painting by Alain Despert, depicting GATA as a modern-day Don Quixote leading a march of gold and silver advocates on the U.S. Treasury Department building in Washington:

The back of the round shows the torch of liberty breaking the chains of price suppression and recognizing gold and silver as the crucial defenders of liberty:

You can purchase the GATA commemorative silver round directly from Money Metals Exchange for around $40 here:

But if you’d like to help GATA as well, please donate $250 or more and we’ll arrange to have your silver round shipped to you from Money Metals Exchange, which is now the operator of the largest precious metals depository in the United States west of New York, a depository larger than even Fort Knox.

Your gift will fuel GATA’s important work.

We just need to remind donors that the metal value of the silver round they receive as thanks for their donation must be subtracted from the federal tax-deductibility of their contribution to GATA. For example, with the silver round priced at $40, a $250 donation made to GATA would be federally tax-deductible for $210.

To donate, please mail a check payable to GATA to:

Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, Conn. 06043-7541 USA

Or visit GATA’s internet site here:

Please make sure to let us know your shipping address as well as your e-mail address so we can speed your silver round to you and thank you without incurring the time and expense of surface mail.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

END

Michael Lynch: Comex’s biggest silver short is suddenly absent … and silver breaks out

Submitted by admin on Sat, 2025-06-07 15:13 Section: Daily Dispatches

By Michael Lynch
Econanalytics.Substack.com
Saturday, June 7, 2025

In Comex silver trading this week 684 new contracts (3.4 million ounces) were written and 704 delivery notices were issued. News flash: NONE of those delivery notices were from the HSBC “customer” account that I have been calling out for more than a year.

This HSBC account issued 94 delivery notices (470,000 oz) on first notice day for the May contract (May 29). Since then they have not sold any silver. This is far below the average 5.5 million ounces per month they have issued over the prior 18 contracts.

This HSBC account has sold over 100 million ounces of physical at Comex since December 2023. That metal has accounted for nearly a quarter (23%) of all physical silver sold at Comex during that span. In some months HSBC’s metal accounted for more than half of all physical silver transactions.

Since a good portion of the total delivered silver is just bankers flipping metal back and forth to each other, the real impact of this HSBC account is much more than a quarter of the market. If bankers flipping metal account for half of Comex deliveries, then this HSBC metal would account for about half of the non-flip transactions.

Based on my tracking, all of the metal sold by HSBC was brought to Comex from outside the comex system. And all of that metal was brought in via 2 vaults — Asahi’s vault (79 million ounces) and MTB’s vault (22.6 million ounces). Furthermore, he Asahi vault appears to have been set up solely for this HSBC account,taking its first deposit in mid 2023. That is an indication of the depth of planning by this HSBC account. …

… For the remainder of the analysis:

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

go to youtube/live from the vault kinesis/226

Episode 226

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

6 CRYPTOCURRENCY NEWS

ASIAN MARKETS THIS MORNING:

SHANGHAI CLOSED UP 14.41 PTS OR 0.43%

//Hang Seng CLOSED UP 388.83 PTS OR 0.89%

// Nikkei CLOSED UP 346.96 PTS OR 0.82% //Australia’s all ordinaries CLOSED DOWN 0.30%

//Chinese yuan (ONSHORE) CLOSED UP AT 7.1807 OFFSHORE CLOSED UP AT 7.1816/ Oil UP TO 64.81 dollars per barrel for WTI and BRENT UP TO 66.90 Stocks in Europe OPENED MOSTLY RED

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1807 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.18116 AGAINST US DOLLAR/ AND THUS STRONGER

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

ONSHORE YUAN:   CLOSED UP TO 7.1807 (CHINESE COMMUNIST PARTY MANIPULATED)

OFFSHORE YUAN: DOWN TO 7.1816 (CCP MANIPULATED)

SHANGHAI CLOSED UP 14.41 PTS OR 0.43%

HANG SENG CLOSED UP 388.89 PTS OR 1.63%

2. Nikkei closed UP 346.96 PTS OR 0.92%

3. Europe stocks   SO FAR:  ALL MOSTLY RED

USA dollar INDEX UP TO  98,93// EURO RISES TO 1.1422 UP 30 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +1.476//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.26…… 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 UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5600/Italian 10 Yr bond yield UP to 3.484 SPAIN 10 YR BOND YIELD UP TO 3.130%

3i Greek 10 year bond yield UP TO 3.288

3j Gold at $3320.30 Silver at: 36.30  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 16 /100  roubles/dollar; ROUBLE AT 79.01

3m oil into the 64 dollar handle for WTI and  66 handle for Brent/

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

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 144.26// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.476% 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 0.8212 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9373 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: 4.500 DOWN 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.957 DOWN 1 BASIS PTS/

USA 2 YR BOND YIELD:  4.016 DOWN 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 39.23

10 YR UK BOND YIELD: 4.6550 DOWN 0 PTS

10 YR CANADA BOND YIELD: 3.346 UP 1 BASIS PTS

5 YR CANADA BOND YIELD: 2.962 UP 0 PTS

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

2a New York OPENING REPORT

Futures Rise Ahead Of US-China

Monday, Jun 09, 2025 – 08:16 AM

US equity futures reverse earlier losses and trade near session highs, with small cap/Russell outperformance pointing to a further potential squeeze in high-beta names as investors monitor talks between the US and China in London to defuse tensions over rare-earth minerals and advanced technology. As of 8:00AM, S&P futures rose 0.2% after the main gauge broke through the 6,000 level for the first time since February at the end of last week. Nasdaq 100 futs gained 0.1%, with Mag7 names mixed premarket, Semis are higher, and cyclicals poised to outperform Defensives. Chinese shares trading in Hong Kong entered a bull market. European stocks barely budged, while a gauge for emerging-market equities was set for its highest close in more than three years. Bond yields are lower, and USD is weaker as commodities are led by Energy and precious metals; silver continues to close the gap to gold, although today it is platinum and palladium’s turn to shine. Today’s focus is the US/China trade mtg in London: overnight, HK and HSTECH performed well into the summit. Macro data prints include NY Fed’s 1-year inflation expectations (3.63% prior print) which could affect the yield curve as the Fed is in its blackout window.

In premarket trading, Mag 7 were mostly higher with the exception of Tesla which isdown 2.3% after Baird downgraded the stock to neutral, noting that the recent share price rally followed a fundamentally poor quarter for the EV maker. Other names traded flat to up: Nvidia +0.4%, Apple +0.6%, Alphabet +0.6%, Amazon +0.4%, Meta Platforms +0.04%, Microsoft -0.1%. Warner Bros Discovery (WBD) rose 4% after saying it will separate the company into two publicly traded businesses, splitting its streaming and studios business and its TV networks operations by the middle of next year. Here are some other notable premarket movers: 

• Air mobility stocks are set to extend gains after President Donald Trump signed an executive action establishing an electric “Vertical Takeoff and Landing” integration pilot program, according to a White House fact sheet.
• Archer Aviation (ACHR) +9%, Joby Aviation (JOBY) +9%, Vertical Aerospace (EVTL) +7%
• EchoStar (SATS) falls 9% after the Wall Street Journal reported the company is weighing a potential chapter 11 bankruptcy filing amid a Federal Communications Commission review of certain of its wireless and satellite spectrum rights, citing people familiar with the matter.
• Etoro Group (ETOR) rises 3.3% after Mizuho, Jefferies and Citizens initiate the investment platform with a buy-equivalent rating, citing a growing retail-investor client base and potential for further growth in Europe and the US.
• Grab Holdings Ltd. (GRAB) inches 1% lower after the company said it isn’t in talks to acquire Southeast Asia internet peer GoTo Group “at this time,” signaling it’s halting or at least pausing a planned $7 billion acquisition of its Southeast Asia internet peer.
• Opendoor Technologies (OPEN) drops 13% after the company announced plans to seek holder permission for a reverse stock split between 1-for-10 and 1-for-50 at its special meeting on July 28.
• Robinhood (HOOD) falls 4% and AppLovin (APP) is down 4% after S&P Dow Jones Indices left the S&P 500 unchanged in its latest round of quarterly rebalancing on Friday.
• Sunnova Energy International Inc. (NOVA), one of the largest US rooftop solar companies, falls 33% after filing for bankruptcy in Texas following struggles with mounting debt and diminishing sales prospects.

As if the past two months never happened, the S&P is nearing all-time highs after shaking off the volatility that followed President Donald Trump’s sweeping tariff announcements in early April. Still, traders are searching for catalysts for sustained advances, as the full economic impact of the trade war has yet to fully manifest and key trade-related questions remain unresolved.

“We will break to new highs eventually,” Keith Lerner, co-chief investment officer at Truist Advisory Services, told Bloomberg TV. “The market is dealing with uncertainty around tariffs, it matters but it’s not the only thing that matters. Technology is back at the forefront.”

At a time when global investors are pushing back against long-term government debt, a $22 billion auction of 30-year bonds on Thursday is bound to be one of Wall Street’s most anticipated events this week. Traders will also focus on Wednesday’s US inflation report for May. Consumers probably saw a slightly faster pace of price increases as companies gradually pass along higher import duties, according to a Bloomberg survey of economists. 

“In May, when the 30-year went above 5%, we have seen buyers buying the dip,” Vasiliki Pachatouridi, head of BlackRock’s iShares fixed-income product strategy for EMEA, told Bloomberg TV. “We are underweight the long end of the curve, but there are people out there that still see value in US Treasuries at the right price.”

In Europe, the Stoxx 600 is little changed as stocks tread water with gains in real estate, leisure and travel being offset by losses in technology and banks. The DAX falls 0.5% as SAP shares provide a notable drag on the index. Among individual movers, Alphawave advances after Qualcomm agreed to buy the semiconductor company for about $2.4 billion in cash. Markets in Denmark, Switzerland, Turkey, Hungary and Norway are closed for a holiday. Here are the most notable European movers:

• Alphawave shares gain as much as 23.3% to reach 183.9 pence, after the semiconductor firm said US chipmaker Qualcomm agreed to take over the company for a price equating to 183p per share.
• The Blockchain Group rises as much as 25% after the company launched a €300m capital increase in a deal with asset management firm TOBAM.
• M&G shares rises as much as 2.8% as UBS raises its recommendation to buy from neutral, saying it expects the company to continue to deliver growth within asset management.
• Ageas shares gain as much as 3.2% to the highest since October 2008 after BofA raised its rating on the life insurance firm to buy.
• Carel shares rise as much as 5.5% to the highest since February 2024 after UBS initiated coverage on the HVAC and humidification manufacturercndes with a buy rating.
• European defense stocks are losing ground on Monday, dropping for a second consecutive session, as they fall further from recent record highs.
• Trustpilot Group’s shares fall as much as 8.9%, their biggest drop in two months, after Panmure Liberum resumed coverage with a sell recommendation, noting the consumer-review site faces high execution risk amid a complex multi-year business transition.
• Gaztransport et Technigaz shares drop as much as 9.5% after being given a new underweight rating from Morgan Stanley, while SBM Offshore gains as much as 2.3% after being initiated at overweight.
• Dunelm drops as much as 6.3%, the most in almost three months, as RBC downgrades to sector perform and says the homeware retailer’s qualities now seem reflected in the stock.

In FX, the dollar dropped 0.3%, pushing the currency to fresh two-year lows. New Zealand, Australian dollars led G10 gains; NZD/USD rose 0.8% to 0.6063, AUD/USD rose 0.6% to 0.6532; Australian financial market was closed on holiday. GBP/USD rose 0.3% to 1.3572, EUR/USD rose 0.3% to 1.1426. USD/JPY fell 0.5% to 144.07 before recouping losses to rise back to 144.50.

In rates, treasury yields are slightly lower across the curve, unwinding a small portion of Friday’s steep losses caused by May jobs report, ahead of the sale of 3-, 10- and 30-year Treasuries later this week. US front-end yields are richer by about 2bp, outperforming longer maturities and steepening 5s30s curve by about 1bp; 10-year around 4.49% is about 1bp lower on the day, German counterpart about 2bp lower. Italian government bonds are leading gains in European debt, with Italian 10-year borrowing costs falling 6 bps and further narrowing the spread with Germany to around 92 bps. Treasury auctions include $58 billion 3-year new issue Tuesday and $39 billion 10-year and $22 billion 30-year reopenings Wednesday and Thursday. This week’s focal points include May CPI data on Wednesday and Treasury auction cycle starting Tuesday. Fed officials are in an external communications blackout ahead of the June 18 policy announcement. 

In commodities, spot gold rises $8 to around $3,318/oz, while platinum breaks out to multi-year highs. Oil prices are steady with WTI near $64.60 a barrel.

Looking at today’s calendar, we have April wholesale inventories (10am) and May NY Fed 1-year inflation expectations (11am). Also ahead this week are May CPI. PPI and the grotesquely laughable University of Michigan sentiment (of democrats).

Market Snapshot

• S&P 500 mini little changed
• Nasdaq 100 mini little changed
• Russell 2000 mini +0.8%
• Stoxx Europe 600 little changed
• DAX -0.5%, CAC 40 little changed
• 10-year Treasury yield -2 basis points at 4.48%
• VIX +0.8 points at 17.61
• Bloomberg Dollar Index -0.3% at 1207.96
• euro +0.4% at $1.1437
• WTI crude little changed at $64.64/barrel

Top Overnight News

• The US and China will resume trade talks today in London, with tariffs, rare-earth minerals and advanced technology at the top of the agenda. Each country has accused the other of reneging on a deal made in Geneva in May. BBG
• US President Trump thinks support has solidified for the tax bill over the last 24 hours and will take a look at Elon Musk’s government contracts, while he has no plans to speak to Musk and noted that DOGE helped a lot. Trump stated he is thinking about the next Fed Chair and it is coming out very soon, as well as suggested a good Fed Chair would lower rates.
• Trump warned Elon Musk of serious consequences if he backs Democrats who oppose the Republican tax bill. The president told NBC he’s “very confident” the bill will pass by July 4. BBG
• US Defense Secretary Hegseth said active-duty troops will be mobilised if violence continues in Los Angeles, while President Trump deployed the National Guard to LA immigration ‘riots’ after claiming state officials cannot do their jobs, according to Sky News. Furthermore, reports noted that as many as 500 Marines are “in a prepared-to-deploy status” should they be needed to protect federal property and personnel and US President Trump posted on Truth Social “Looking really bad in L.A. BRING IN THE TROOPS!!!”
• China’s trade numbers for May fall a bit short, including exports +4.8% (vs. the Street +6%) and imports -3.4% (vs. the Street -0.8%), w/exports to the US slumping by the most since the start of COVID. FT
• China’s producer deflation deepened to its worst level in almost two years in May while consumer prices extended declines, as the economy grappled with trade tensions and a prolonged housing downturn. PPI (-3.3% vs. the Street -3.2% and vs. -2.7% in Apr) and CPI (-0.1% vs. the Street -0.2% and vs. -0.1% in Apr). RTRS
• Japan is considering buying back some super-long government bonds issued in the past at low interest rates, two sources with direct knowledge of the plan said on Monday, underscoring its focus on reining in any abrupt rise in bond yields. The move would come on top of an expected government plan to trim issuance of super-long bonds — such as those with 20-, 30- or 40-year maturities — in the wake of sharp rises in their yields. RTRS
• A US trade team currently in India for trade discussions has extended its stay, a sign talks are progressing ahead of a July deadline. BBG
• Iran will send a counteroffer “in the coming days” via Oman in response to a US proposal on Tehran’s nuclear program, a Foreign Ministry spokesman said. BBG
• Canadian PM Carney is to announce Canada’s national defence spending will meet the 2% of GDP NATO goal: Globe & Mail.
• US state and local governments are selling municipal bonds at a record pace on fears that Congress could partially pay for President Trump’s “big beautiful bill” by cutting a tax break for airports, hospitals, and affordable housing projects. FT
• Apple’s WWDC gets underway today, with a focus on new software interfaces for the iPhone, iPad, Mac, Apple TV and Watch. But only minor AI changes are expected, offering little to investors worried it’s lagging behind in that space. BBG
• Citi expects the Fed to deliver 75bps of rate cuts this year, 25bps in September, October and December, comes after Friday’s NFP data; expects Fed to deliver 50bps in 2026, via 25bps in Jan and March.
• Fed’s Musalem (voter) said he sees a 50-50 chance that Trump tariffs could either boost inflation for a quarter or two, or cause sustained inflation, according to an FT interview. Musalem said this means the Fed will likely face uncertainty right through the summer and political interference could make it harder for the Fed to lower interest rates.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mostly higher following last Friday’s gains on Wall St, but with trade somewhat quietened amid the holiday closure in Australia and as participants digested mixed Chinese data. Nikkei 225 reclaimed the 38,000 level after last week’s currency weakness and with upward revisions to Japanese GDP data. Hang Seng and Shanghai Comp gained amid some trade-related optimism with officials from the US and China set to meet in London today, although the gains in the mainland are capped as participants also digested key data releases which showed a continued deflation and mostly softer trade data.

Top Asian News

• BoJ Deputy Governor Uchida said central banks are shrinking their balance sheet but many of them are unlikely to return to conventional monetary adjustment methods, while he added that many central banks are likely to use interest payment on reserves to guide short-term interest rates while maintaining the balance sheet size that meets market demand.
• China sold 1.96mln passenger cars in May, +13.9% Y/Y, according to China’s auto industry body CPCA.
• China to raise minimum wage standard and expand coverage of social insurance, via Xinhua.

European bourses (STOXX600 -0.1%) are broadly modestly lower across the board and with price action fairly muted, given parts of Europe are off today on account of Whit Monday. European sectors mixed and with the breadth of the market exceptionally narrow, given the holiday-thinned conditions for some parts of Europe. Real Estate leads given the relatively lower yield environment in Europe; Travel & Leisure follows closely behind.

Top European News

• NATO Secretary General Rutte will reportedly call for a 400% increase in air and missile defence in his London speech.
• UK Chancellor Reeves is to announce a transformative GBP 86bln in the Spending Review to turbo-charge the fastest growing sectors, from tech and life sciences to advanced manufacturing and defence, as part of the government’s plan to invest in Britain’s renewal through the Modern Industrial Strategy.
• BoE’s Greene said the disinflation process is ongoing and expects inflation to continue to come down to the target over the medium-term, while she noted their view is they can look through it but added there is a pretty big risk.
• ECB’s Kazimir says he thinks the bank is nearly done with, if not already at the end of the easing cycle; sees clear downside risks to growth but would be a mistake to ignore upside inflation risks. Need to keep all options open. Data over the summer will indicate whether additional fine-tuning is required.
• ECB President Lagarde reiterated that the central bank is in a good position on rates and to deal with uncertainties ahead.
• ECB’s Escriva said the path of monetary policy easing in the eurozone could require further adjustments if the current macroeconomic and inflation outlooks are confirmed, while he added the central scenario of GDP growth around 1% and inflation of 2% could require some fine-tuning, according to Reuters.
• ECB’s Nagel said the ECB can take its time on interest rates with monetary policy now set at a neutral level that is no longer restrictive and that the central bank has maximum flexibility on rates.
• ECB’s Schnabel said do not expect a sustained decoupling between the ECB and the Fed, while she expects the trade conflict to play out as a global shock that’s working through both lower demand and supply.
• ECB’s Vujcic said a small deviation on either side of the 2% inflation target is not a problem and the central bank should not overreact to inflation edging below the target, while he added the bar for QE will be higher in light of past experience.
• EU was urged to exempt more companies from supply chain law although rules on curbing environmental and rights abuses should not be scrapped, according to Swedish conservative MEP Warborn cited by FT.
• Fitch cut Austria’s sovereign rating from AA+ to AA; Outlook Stable, while it affirmed Hungary at BBB: Outlook Stable, while S&P raised Slovenia’s rating from AA- to AA; Outlook Stable.

FX

• DXY has kicked the week off on the backfoot after being boosted on Friday post-NFP. Focus at the start of the week has been on the trade front ahead of an anticipated meeting between US-China officials in London to discuss the trade situation; note, Chinese Foreign Ministry spokesman avoided a question on the matter at a briefing today. Elsewhere, whilst the Fed is in its blackout period, US President Trump has teased over a potential imminent decision on who will replace Fed Chair Powell when his term expires next year. DXY has delved as low as 98.81 but is holding above Friday’s trough at 98.65.
• EUR/USD has moved back onto a 1.14 handle following last Friday’s NFP-induced selling. Fresh macro drivers for the Eurozone are lacking following the hawkish reaction to last week’s ECB policy announcement. We have seen further commentary from Bank officials over the weekend with Nagel noting that the central bank has maximum flexibility on rates, whilst Schnabel stated we should not expect a sustained decoupling between the ECB and the Fed. EUR/USD has ventured as high as 1.1429 but is yet to approach Friday’s 1.1457 peak.
• JPY is firmer vs. the USD and towards the top of the G10 leaderboard after suffering in the wake of last Friday’s US jobs report. Newsflow out of Japan has been on the light side aside from an upwards revision to Q1 GDP and Japanese Economy Minister Akazawa continuing to urge the US again to reconsider tariff measures, whilst suggesting that further progress has been made in trade talks with the US. USD/JPY has crossed back below its 50DMA at 144.43 and is currently holding above the 144 mark.
• As is the case across G10 FX, GBP is firmer vs. the USD in a reversal of the price action seen post-NFP on Friday. Over the weekend, BoE’s Greene remarked that the disinflation process is ongoing and expects inflation to continue to come down to the target over the medium-term. Cable remains on a 1.35 handle but sub-Friday’s 1.3585 peak.
• Antipodeans are both firmer vs. the USD and towards the top of the G10 leaderboard. Newsflow for Australia and New Zealand has been light over the weekend, with the former away from market. Of note for both however, was the latest round of Chinese trade which saw both imports and exports fall short of expectations on account of the trade war.

Fixed Income

• US paper is attempting to atone for Friday’s losses which were brought about by the firmer-than-expected US jobs report, which avoided the soft outcome that some in the market had been positioning for. Quiet schedule today, but focus will be on the US-China meeting in London today; time still not disclosed. Sep’25 UST contract has been as high as 110.05+ but is some way off Friday’s peak at 110.29+.
• Bunds have very much started the week off on the front foot and are leading global fixed income markets higher. From a fundamental perspective, fresh macro drivers for the Eurozone are lacking following the hawkish reaction to last week’s ECB policy announcement. We have seen further commentary from Bank officials over the weekend with Nagel noting that the central bank has maximum flexibility on rates, whilst Schnabel stated we should not expect a sustained decoupling between the ECB and the Fed. Sep’25 Bunds have eclipsed Friday’s best at 130.77 with focus on a test of 131.00.
• Gilts are higher, being dragged up by the moves in German paper with fresh UK drivers lacking. Over the weekend, BoE’s Greene remarked that the disinflation process is ongoing and expects inflation to continue to come down to the target over the medium-term. UK docket today is light, more focus on Wednesday’s UK spending review. Sep’25 Gilts have moved back onto a 92 handle but thus far are respecting Friday’s peak at 92.36.
• Japanese government is considering buying back some super-long JGBs issued in the past, according to Reuters sources.

Commodities

• Crude benchmarks are flat, with price action fairly muted in catalyst thin trade thus far. Some modest upticks on commentary out of Iran, which noted that Tehran will be proposing a counter offer to the US nuclear proposal by tomorrow (Tuesday). WTI and Brent reside within tight USD 64.20-64.86 and 66.07-66.69/bbl ranges respectively, and currently rest within the middle of these bounds.
• Spot gold is firmer, and benefitting from the softer dollar (DXY -0.3%), and subdued risk environment. The yellow-metal saw fleeting support on the aforementioned news from Iran, which pushed the metal towards session highs of USD 3,328/oz, before it faced resistance at this level.
• Copper is on the front foot, shrugging off mixed Chinese data, which showed Y/Y CPI remaining in deflationary territory. Elsewhere, LME data showed copper stocks fell 10k. The industrial metal was choppy on this update, though ultimately rose after ten minutes. 3M LME copper trades within a range of USD 9,670.75-9,738.1/t.
• Venezuela is planning to increase gasoline prices by 50% as it braces for a decline in oil revenue following the suspension of operations by Chevron (CVX) and other foreign energy firms, according to Bloomberg citing people familiar with the decision.

Geopolitics: Middle East

• Iran will reportedly propose a counter offer to the US nuclear proposal soon, according to state TV; will be sent by tomorrow.
• Israel’s military said it struck a Hamas member in southern Syria.
• US-based Gaza Humanitarian Foundation said it did not distribute aid on Saturday because Hamas made direct threats against its operations, while a Hamas official said he had no knowledge of alleged threats to the US-backed aid group in Gaza. Furthermore, Al Jazeera reported that Israeli attacks killed more than 40 in Gaza as aid seekers were shot dead.
• Israeli Defence Minister Katz threatened to “take all necessary measures” to prevent a humanitarian ship carrying climate campaigner Greta Thunberg from reaching Gaza, according to The Guardian. It was later reported that the Freedom Flotilla Coalition said it ship was ‘under assault’ and the Israeli Army had boarded the Gaza-bound ship.

Geopolitics: Ukraine

• Russian forces captured Zoria in Ukraine’s Donetsk region and reached the Dnipropetrovsk region in Ukraine, according to TASS and Interfax. However, it was later reported that Ukrainian General Staff spokesman Kovalev denied claims by the Russian Defence Ministry that its forces advanced into Ukraine’s eastern Dnipropetrovsk region for the first time since it launched its full-scale invasion.
• Head of the Russian delegation at talks with Ukraine in Istanbul said Russia handed over to Ukraine the first list of 640 POWs for exchange, according to TASS. Furthermore, the Russian Defence Ministry said Russia launched a large-scale humanitarian operation to repatriate more than 6,000 bodies of deceased Ukrainian military personnel and exchange prisoners of war, while Ukrainian officials rejected Russian claims that Ukraine was delaying the exchange of soldiers’ bodies.
• Ukrainian drone attack sparked a short-lived fire at the Azot chemical plant in Russia’s Tula region, although there was no threat to air quality near the plant, according to the regional governor.
• US believes Russian retaliation for Ukraine’s drone attack is not over yet and it expects a multi-pronged strike.
• Poland scrambled aircraft to ensure airspace security after Russia launches strikes on Ukraine.

Geopolitics: Other

• US expressed concern to the UK government about allowing China to build a large embassy in London that security officials believe would pose a risk to sensitive communications infrastructure serving the City, according to FT. It was also reported that the UK government promised to assess any security concerns related to the construction of a Chinese embassy near the City of London, which is an issue that could potentially complicate trade talks with the US, according to Bloomberg.
• Thai army said provocations by Cambodia and buildup of military forces show a clear intent to use force, and the Thai army is to control the opening and closing of all border checkpoints along the Thailand-Cambodia border, while it added that Cambodia enforced its military presence, equipment and constructed fortifications.

US Event Calendar

• 10:00 am: Apr F Wholesale Inventories MoM, est. 0%, prior 0%

DB’s Jim Reid concludes the overnight wrap

This morning we’ve just published our latest annual default study, a document I first published in 1999. Over the years, it has evolved into a framework for presenting our structural, multi-year view on the default outlook. For over a decade until 2022, that structural view held that—aside from cyclical spikes—we were living in an ultra-low default environment. This was driven by factors such as low nominal and real yields, aggressive monetary intervention (e.g., QE), and a persistent global savings glut.

However, our 2022 edition marked a turning point. We argued that the ultra-low default world was ending, as inflation and term premia were pushing nominal and real yields structurally higher. While we haven’t yet seen a cyclical spike in defaults—largely due to the avoidance of a US recession—there are clear signs that higher-for-longer funding costs, especially in the U.S., are taking a toll. Leveraged loan issuer-weighted default rates are not far off COVID-era levels, and issuer-weighted defaults in the B and CCC rating buckets are now running above their post-2004 averages, even after two years of solid economic growth. In short, regardless of the cyclical backdrop, we believe the ultra-low default era that characterised much of this study’s first 25 years is now behind us.

After leading this report since its inception, I’ve handed the reins to Steve Caprio and his team, who have compiled this year’s edition. While the authorship has changed, the structural conclusions remain consistent. Marrying these with a cyclical view, Steve’s team projects that US spec-grade default rates should decline modestly from 4.7% today to 4.4% by year-end 2025, before rising again to an above consensus 4.8% by Q2 2026—with potential upside risk toward 5–5.5%. While Europe’s outlook is more benign, the region will not be immune to the structural shift underway. See the full report here including all the usual charts and tables showing how credit spreads compare to that required to compensate for default risk.

The highlight this week will be US CPI on Wednesday and a resumption of trade talks between the US and China today in London. Bessent, Lutnick and Greer are set to meet Chinese representatives at the meeting today. So it’s all the big guns from the US administration. The monthly 30-yr UST auction on Thursday will also be a heavy focus with all the attention on the long-end in recent weeks. There’s a 10yr auction the day before as well. So a good test of demand as the fiscal bill meanders its way through Congress. Before we preview the CPI release the other main highlights this week are the NY Fed 1-yr inflation expectations today; US NFIB small business optimism, UK employment data and Danish and Norwegian CPI tomorrow; that CPI, the 10yr UST auction and the UK Spending Review on Wednesday; US PPI, US jobless claims, UK monthly GDP, the 30yr UST auction and my birthday on Thursday; and the UoM consumer sentiment (including inflation expectations) on Friday. A fuller day-by-day diary of events is at the end as usual.

With regards to US CPI, our US economists expect weak seasonally adjusted gas prices to again keep the headline rate (+0.20% forecast vs. +0.22% previous) gain below that of core (+0.31% vs. +0.24%). This should help the YoY rate for both headline and core to rise two-tenths to 2.5% and 3.0%, respectively. Shorter-term trends for core would be mixed with the three-month annualised rate rising by three-tenths to 2.4% while the six-month rate would remain steady at 3.0%. Our economists do expect tariffs to begin to impact core goods prices, especially in categories like household furnishings and supplies where we saw potential preliminary tariff impacts in the April data. On the services side, our economists will be most attuned to the volatile categories like lodging away and airline fares that have been a meaningful drag of late. For PPI the following day, our economists expect a +0.27% increase in May which would reduce the YoY rate by a couple of tenths. As ever, how the subcomponents that feed into core PCE come out will be the most interesting part of the release. Note that the Fed are now on media blackout ahead of next Wednesday’s (18th) FOMC.

It’s not clear that the Fed will have learnt too much more than they already knew from Friday’s payrolls data. May headline (+139k vs. 147k) and private (140k vs. 146k) payrolls were slightly above the 126k consensus but -95k of net revisions to the two previous months softened the beat. Our economists point out that we now have very stable private sector hiring trends over the past three (133k), six (146k) and twelve (122k) months. However they also point out the narrow breadth in job growth as health care / social assistance (+78k) and leisure / hospitality (+48k) continued to drive the majority of private sector job gains in May and have accounted for 75% of private job growth over the past twelve months. See our economists US employment chart book here that came out after the report on Friday for much more. Staying on employment there will be increased attention on claims this week given the recent tick up. It’s not clear whether its seasonals or evidence that there is some real time slipping in employment trends.

Asian equity markets are building on Friday’s gains on Wall Street driven by optimism surrounding high-level trade discussions between China and the United States scheduled for later today. The lack of major weakness in payrolls is also helping. Across the region, the KOSPI (+1.51%) is outpacing its regional peers, extending last week’s rally after the Liberal Party won the presidential election. The Nikkei (+1.05%) is also strong after a positive revision in Q1 GDP data. Elsewhere, the Hang Seng (+1.02%) is also trading noticeably higher, driven by gains in technology shares, particularly following Meta’s weekend announcement of plans to invest $10 billion in startup Scale AI, which focuses on data labeling to support the expansion of AI models as part of its broader AI development strategy. Elsewhere, Chinese stocks are more subdued after soft inflation data (more below), with the CSI (+0.22%) and the Shanghai Composite (+0.23%) both underperforming. S&P 500 (-0.22%) and NASDAQ 100 (-0.25%) futures are reversing some of Friday’s gains though.

Coming back to China, consumer prices have decreased for the fourth consecutive month in May, registering a decline of -0.1% y/y (compared to an expected -0.2% and -0.1% in April). This trend might suggest that Beijing’s stimulus measures have not yet been sufficient to enhance domestic consumption amid ongoing trade tensions. Furthermore, deflationary pressures are intensifying on some measures as the PPI fell by -3.3% year-on-year in May, surpassing the expected -3.2% and marking the most significant drop in nearly two years, exceeding April’s decline of -2.7%.

Interestingly Chinese exports to the US fell -34.4% in May whilst rising 11% to the RoW, showing that exports didn’t recover that well to the US after the trade truce and also that China are finding other avenues to export goods.
In FX, the Japanese yen (+0.25%) is strengthening, trading at 144.49 against the dollar, recovering after two days of losses in response to an upward revision of Japan’s Q1 GDP figures. 30yr JGBs are +4bps higher.

Recapping last week now and the risk-on move continued as the news of further US-China talks and a decent US jobs report boosted investor optimism. So that helped to outweigh the weak data from earlier in the week, and meant the S&P 500 rose +1.50% (+1.03% Friday), whilst Europe’s STOXX 600 was up +0.91% (+0.32% Friday). In fact, the Friday move took the S&P into technical bull market territory, having now gained +20.42% since its closing low on April 8. The jobs report contrasted with the ADP report on Wednesday, which hit a two-year low, as well as the contractionary ISM services print. And even though nonfarm payrolls saw downward revisions of -95k to the previous two months, those were mostly in March, before Liberation Day occurred.

The jobs report meant investors priced out the likelihood of Fed rate cuts this year, with just 44bps now priced in by December, down -10.6bps on the week (-9.4bps Friday). That’s the fewest cuts priced since February (we’d priced 60bps immediately after the weak claims data the day before), and it triggered a significant flattening in the US Treasury curve. For instance, the 2yr Treasury yield was up +13.9bps (+11.6bps Friday) to 4.04%, whilst the 30yr yield was only up +3.7bps (+9.0bps Friday) to 4.97%. The 10-year Treasury yield also rose +10.5bps (+11.5bps Friday) to 4.51%. Similar movements were echoed in Europe, as the 10-year Bund yield ended the week up +7.4bps (-0.6bps) at 2.57%. That also came as ECB President Lagarde indicated on Thursday that they were approaching the end of their easing cycle.

Elsewhere, oil prices performed strongly last week, as OPEC+ announced a production increase of 411,000 barrels per day, which was less than some had expected. This led to a rally in crude oil, with WTI posting its biggest weekly gain of 2025, up +6.23% (+1.91% Friday) to $64.58/bbl, whilst Brent crude was up +4.02% (+1.73% Friday) to $66.47/bbl.

Meanwhile, US credit spreads ended the week tighter, with IG tightening -3bps (-3bps Friday) to 85bps, its tightest in 3 months. And HY spreads tightened -15bps (-9bps Friday) to 300bps. European sovereign bond spreads also tightened, with the 10yr Italian-German spread down -5.4bps (-1.8bps Friday) to just 93bps, the tightest since February 2021.

2b European Opening report

Fixed bid, USD on the backfoot & RTY gains ahead of US-Iran and US-China updates – Newsquawk US Market Open

Monday, Jun 09, 2025 – 05:35 AM

• US President Trump said they are very far advanced on a China deal ahead of high-level talks in London on Monday.
• US President Trump said he is thinking about the next Fed Chair and it is coming out very soon.
• European bourses are modestly lower in holiday-thinned trade; ES/NQ trade around the unchanged mark whilst the RTY outperforms.
• USD is on the backfoot, giving back some of Friday’s NFP induced gains, Antipodeans lead.
• Bunds surge in early trade, dragging global fixed income higher.
• Crude is essentially flat with catalysts light, focus on Iran’s counter offer to the US nuclear proposal.
• Looking ahead, ECB’s Elderson, Holiday Closures in Switzerland, Norway, Hungary, Greece & Cyprus.

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TARIFFS/TRADE

• Chinese Foreign Ministry spokesman Lin avoids a question on the reported US-China meeting in London today, according to Bloomberg.
• US President Trump said they are very far advanced on a China deal ahead of high-level talks in London on Monday and a China deal is complex but will bring in a lot of money, while he added Chinese President Xi agreed to restart exporting rare earth minerals.
• China’s Foreign Ministry said Vice Premier He Lifeng will visit the UK from June 8th-13th and the first meeting of the China-US economic and trade consultation mechanism will be held with the US during this visit.
• China’s Commerce Ministry said it approved a certain number of compliant rare earth applications and will continue to strengthen the examination and approvals, while it added that China is ready to further strengthen communication and dialogue with relevant countries on export controls.
• China’s Commerce Ministry said negotiations over the price commitment between China and the EU on electric vehicles have entered the final stage and it noted that French companies and relevant associations have voluntarily submitted an application for a price undertaking to China regarding brandy, while Chinese investigators reached an agreement with the Chinese side on the core terms of the price pledge and plan to issue a final announcement by July 5th. Furthermore, China is willing to establish a green channel for eligible applications from European firms to speed up examination and approval on rare earths and China hopes the EU will take effective measures to facilitate, guarantee and promote the trade of high-tech products with China.
• Japanese Economy Minister Akazawa said he urged the US again to reconsider tariff measures and believes they have made further progress in trade talks with the US, while he noted tariffs are having a major impact on Japan’s economy and it was also reported that Akazawa is arranging a sixth visit to the US for tariff talks.
• Japan and the EU are to launch a competitive alliance to deepen trade and economic security ties, according to diplomatic sources.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX600 -0.1%) are broadly modestly lower across the board and with price action fairly muted, given parts of Europe are off today on account of Whit Monday.
• European sectors mixed and with the breadth of the market exceptionally narrow, given the holiday-thinned conditions for some parts of Europe. Real Estate leads given the relatively lower yield environment in Europe; Travel & Leisure follows closely behind.
• US equity futures are mixed with the ES/NQ ultimately trading on either side of the unchanged mark, ahead of what is a very quiet day in terms of scheduled events. The RTY is the clear outperformer today, building on the post-NFP upside seen in the prior session.
• Citi raises S&P 500 Y/E price target to 6300 (prev. exp. 5800) (prev. close 6000).
• Tesla (TSLA) exported 23,074 (prev. 29,728) Chinese-made vehicles in May, according to China’s CPCA
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FX

• DXY has kicked the week off on the backfoot after being boosted on Friday post-NFP. Focus at the start of the week has been on the trade front ahead of an anticipated meeting between US-China officials in London to discuss the trade situation; note, Chinese Foreign Ministry spokesman avoided a question on the matter at a briefing today. Elsewhere, whilst the Fed is in its blackout period, US President Trump has teased over a potential imminent decision on who will replace Fed Chair Powell when his term expires next year. DXY has delved as low as 98.81 but is holding above Friday’s trough at 98.65.
• EUR/USD has moved back onto a 1.14 handle following last Friday’s NFP-induced selling. Fresh macro drivers for the Eurozone are lacking following the hawkish reaction to last week’s ECB policy announcement. We have seen further commentary from Bank officials over the weekend with Nagel noting that the central bank has maximum flexibility on rates, whilst Schnabel stated we should not expect a sustained decoupling between the ECB and the Fed. EUR/USD has ventured as high as 1.1429 but is yet to approach Friday’s 1.1457 peak.
• JPY is firmer vs. the USD and towards the top of the G10 leaderboard after suffering in the wake of last Friday’s US jobs report. Newsflow out of Japan has been on the light side aside from an upwards revision to Q1 GDP and Japanese Economy Minister Akazawa continuing to urge the US again to reconsider tariff measures, whilst suggesting that further progress has been made in trade talks with the US. USD/JPY has crossed back below its 50DMA at 144.43 and is currently holding above the 144 mark.
• As is the case across G10 FX, GBP is firmer vs. the USD in a reversal of the price action seen post-NFP on Friday. Over the weekend, BoE’s Greene remarked that the disinflation process is ongoing and expects inflation to continue to come down to the target over the medium-term. Cable remains on a 1.35 handle but sub-Friday’s 1.3585 peak.
• Antipodeans are both firmer vs. the USD and towards the top of the G10 leaderboard. Newsflow for Australia and New Zealand has been light over the weekend, with the former away from market. Of note for both however, was the latest round of Chinese trade which saw both imports and exports fall short of expectations on account of the trade war.
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• Click for NY OpEx Details

FIXED INCOME

• US paper is attempting to atone for Friday’s losses which were brought about by the firmer-than-expected US jobs report, which avoided the soft outcome that some in the market had been positioning for. Quiet schedule today, but focus will be on the US-China meeting in London today; time still not disclosed. Sep’25 UST contract has been as high as 110.05+ but is some way off Friday’s peak at 110.29+.
• Bunds have very much started the week off on the front foot and are leading global fixed income markets higher. From a fundamental perspective, fresh macro drivers for the Eurozone are lacking following the hawkish reaction to last week’s ECB policy announcement. We have seen further commentary from Bank officials over the weekend with Nagel noting that the central bank has maximum flexibility on rates, whilst Schnabel stated we should not expect a sustained decoupling between the ECB and the Fed. Sep’25 Bunds have eclipsed Friday’s best at 130.77 with focus on a test of 131.00.
• Gilts are higher, being dragged up by the moves in German paper with fresh UK drivers lacking. Over the weekend, BoE’s Greene remarked that the disinflation process is ongoing and expects inflation to continue to come down to the target over the medium-term. UK docket today is light, more focus on Wednesday’s UK spending review. Sep’25 Gilts have moved back onto a 92 handle but thus far are respecting Friday’s peak at 92.36.
• Japanese government is considering buying back some super-long JGBs issued in the past, according to Reuters sources.
• Click for a detailed summary

COMMODITIES

• Crude benchmarks are flat, with price action fairly muted in catalyst thin trade thus far. Some modest upticks on commentary out of Iran, which noted that Tehran will be proposing a counter offer to the US nuclear proposal by tomorrow (Tuesday). WTI and Brent reside within tight USD 64.20-64.86 and 66.07-66.69/bbl ranges respectively, and currently rest within the middle of these bounds.
• Spot gold is firmer, and benefitting from the softer dollar (DXY -0.3%), and subdued risk environment. The yellow-metal saw fleeting support on the aforementioned news from Iran, which pushed the metal towards session highs of USD 3,328/oz, before it faced resistance at this level.
• Copper is on the front foot, shrugging off mixed Chinese data, which showed Y/Y CPI remaining in deflationary territory. Elsewhere, LME data showed copper stocks fell 10k. The industrial metal was choppy on this update, though ultimately rose after ten minutes. 3M LME copper trades within a range of USD 9,670.75-9,738.1/t.
• Venezuela is planning to increase gasoline prices by 50% as it braces for a decline in oil revenue following the suspension of operations by Chevron (CVX) and other foreign energy firms, according to Bloomberg citing people familiar with the decision.
• Click for a detailed summary

NOTABLE EUROPEAN HEADLINES

• NATO Secretary General Rutte will reportedly call for a 400% increase in air and missile defence in his London speech.
  • UK Chancellor Reeves is to announce a transformative GBP 86bln in the Spending Review to turbo-charge the fastest growing sectors, from tech and life sciences to advanced manufacturing and defence, as part of the government’s plan to invest in Britain’s renewal through the Modern Industrial Strategy.
  • BoE’s Greene said the disinflation process is ongoing and expects inflation to continue to come down to the target over the medium-term, while she noted their view is they can look through it but added there is a pretty big risk.
  • ECB’s Kazimir says he thinks the bank is nearly done with, if not already at the end of the easing cycle; sees clear downside risks to growth but would be a mistake to ignore upside inflation risks. Need to keep all options open. Data over the summer will indicate whether additional fine-tuning is required.
  • ECB President Lagarde reiterated that the central bank is in a good position on rates and to deal with uncertainties ahead.
  • ECB’s Escriva said the path of monetary policy easing in the eurozone could require further adjustments if the current macroeconomic and inflation outlooks are confirmed, while he added the central scenario of GDP growth around 1% and inflation of 2% could require some fine-tuning, according to Reuters.
  • ECB’s Nagel said the ECB can take its time on interest rates with monetary policy now set at a neutral level that is no longer restrictive and that the central bank has maximum flexibility on rates.
  • ECB’s Schnabel said do not expect a sustained decoupling between the ECB and the Fed, while she expects the trade conflict to play out as a global shock that’s working through both lower demand and supply.
  • ECB’s Vujcic said a small deviation on either side of the 2% inflation target is not a problem and the central bank should not overreact to inflation edging below the target, while he added the bar for QE will be higher in light of past experience.
  • EU was urged to exempt more companies from supply chain law although rules on curbing environmental and rights abuses should not be scrapped, according to Swedish conservative MEP Warborn cited by FT.
  • Fitch cut Austria’s sovereign rating from AA+ to AA; Outlook Stable, while it affirmed Hungary at BBB: Outlook Stable, while S&P raised Slovenia’s rating from AA- to AA; Outlook Stable.

NOTABLE US HEADLINES

• Citi expects the Fed to deliver 75bps of rate cuts this year, 25bps in September, October and December, comes after Friday’s NFP data; expects Fed to deliver 50bps in 2026, via 25bps in Jan and March.
• Fed’s Musalem (voter) said he sees a 50-50 chance that Trump tariffs could either boost inflation for a quarter or two, or cause sustained inflation, according to an FT interview. Musalem said this means the Fed will likely face uncertainty right through the summer and political interference could make it harder for the Fed to lower interest rates.
• US President Trump thinks support has solidified for the tax bill over the last 24 hours and will take a look at Elon Musk’s government contracts, while he has no plans to speak to Musk and noted that DOGE helped a lot. Trump stated he is thinking about the next Fed Chair and it is coming out very soon, as well as suggested a good Fed Chair would lower rates.
• US President Trump said Elon Musk will face ‘very serious consequences’ if he decides to fund Democratic candidates, while Trump replied “I would assume so, yeah” when asked if his relationship with Musk is over.
• US Defense Secretary Hegseth said active-duty troops will be mobilised if violence continues in Los Angeles, while President Trump deployed the National Guard to LA immigration ‘riots’ after claiming state officials cannot do their jobs, according to Sky News. Furthermore, reports noted that as many as 500 Marines are “in a prepared-to-deploy status” should they be needed to protect federal property and personnel and US President Trump posted on Truth Social “Looking really bad in L.A. BRING IN THE TROOPS!!!”
• Canadian PM Carney is to announce Canada’s national defence spending will meet the 2% of GDP NATO goal, according to the Globe & Mail.

GEOPOLITICS

MIDDLE EAST

• Iran will reportedly propose a counter offer to the US nuclear proposal soon, according to state TV; will be sent by tomorrow.
• Israel’s military said it struck a Hamas member in southern Syria.
• US-based Gaza Humanitarian Foundation said it did not distribute aid on Saturday because Hamas made direct threats against its operations, while a Hamas official said he had no knowledge of alleged threats to the US-backed aid group in Gaza. Furthermore, Al Jazeera reported that Israeli attacks killed more than 40 in Gaza as aid seekers were shot dead.
• Israeli Defence Minister Katz threatened to “take all necessary measures” to prevent a humanitarian ship carrying climate campaigner Greta Thunberg from reaching Gaza, according to The Guardian. It was later reported that the Freedom Flotilla Coalition said it ship was ‘under assault’ and the Israeli Army had boarded the Gaza-bound ship.

RUSSIA-UKRAINE

• Russian forces captured Zoria in Ukraine’s Donetsk region and reached the Dnipropetrovsk region in Ukraine, according to TASS and Interfax. However, it was later reported that Ukrainian General Staff spokesman Kovalev denied claims by the Russian Defence Ministry that its forces advanced into Ukraine’s eastern Dnipropetrovsk region for the first time since it launched its full-scale invasion.
• Head of the Russian delegation at talks with Ukraine in Istanbul said Russia handed over to Ukraine the first list of 640 POWs for exchange, according to TASS. Furthermore, the Russian Defence Ministry said Russia launched a large-scale humanitarian operation to repatriate more than 6,000 bodies of deceased Ukrainian military personnel and exchange prisoners of war, while Ukrainian officials rejected Russian claims that Ukraine was delaying the exchange of soldiers’ bodies.
• Ukrainian drone attack sparked a short-lived fire at the Azot chemical plant in Russia’s Tula region, although there was no threat to air quality near the plant, according to the regional governor.
• US believes Russian retaliation for Ukraine’s drone attack is not over yet and it expects a multi-pronged strike.
• Poland scrambled aircraft to ensure airspace security after Russia launches strikes on Ukraine.

OTHER

• US expressed concern to the UK government about allowing China to build a large embassy in London that security officials believe would pose a risk to sensitive communications infrastructure serving the City, according to FT. It was also reported that the UK government promised to assess any security concerns related to the construction of a Chinese embassy near the City of London, which is an issue that could potentially complicate trade talks with the US, according to Bloomberg.
• Thai army said provocations by Cambodia and buildup of military forces show a clear intent to use force, and the Thai army is to control the opening and closing of all border checkpoints along the Thailand-Cambodia border, while it added that Cambodia enforced its military presence, equipment and constructed fortifications.

CRYPTO

• Bitcoin is a little firmer and trades just below the USD 106k mark; Ethereum moves lower and just shy of the USD 2.5k.

APAC TRADE

• APAC stocks traded mostly higher following last Friday’s gains on Wall St, but with trade somewhat quietened amid the holiday closure in Australia and as participants digested mixed Chinese data.
• Nikkei 225 reclaimed the 38,000 level after last week’s currency weakness and with upward revisions to Japanese GDP data.
• Hang Seng and Shanghai Comp gained amid some trade-related optimism with officials from the US and China set to meet in London today, although the gains in the mainland are capped as participants also digested key data releases which showed a continued deflation and mostly softer trade data.

NOTABLE ASIA-PAC HEADLINES

• BoJ Deputy Governor Uchida said central banks are shrinking their balance sheet but many of them are unlikely to return to conventional monetary adjustment methods, while he added that many central banks are likely to use interest payment on reserves to guide short-term interest rates while maintaining the balance sheet size that meets market demand.
• China sold 1.96mln passenger cars in May, +13.9% Y/Y, according to China’s auto industry body CPCA.
• China to raise minimum wage standard and expand coverage of social insurance, via Xinhua.

DATA RECAP

• Chinese Trade Balance (USD)(May) 103.22B vs. Exp. 101.3B (Prev. 96.18B)
• Chinese Exports YY (USD)(May) 4.8% vs. Exp. 5.0% (Prev. 8.1%)
• Chinese Imports YY (USD)(May) -3.4% vs. Exp. -0.9% (Prev. -0.2%)
• Chinese Trade Balance (CNY)(May) 750B (Prev. 690B)
• Chinese Exports YY (CNY)(May) 6.3% (Prev. 9.3%)
• Chinese Imports YY (CNY)(May) -2.1% (Prev. 0.8%)
• Chinese CPI MM (May) -0.2% vs. Exp. -0.2% (Prev. 0.1%)
• Chinese PPI YY (May) -3.3% vs. Exp. -3.2% (Prev. -2.7%)
• Chinese CPI YY (May) -0.1% vs. Exp. -0.2% (Prev. -0.1%)
• Chinese FX Reserves (USD)(May) 3.285tln vs. Exp. 3.292tln (Prev. 3.282tln)
• Japanese GDP Revised QQ (Q1) 0.0% vs. Exp. -0.2% (Prev. -0.2%)
• Japanese GDP Rev QQ Annualised (Q1) -0.2% vs. Exp. -0.7% (Prev. -0.7%)

2c) Asian opening report

Chinese Y/Y CPI remains in deflationary territory & Equity futures steady ahead of US-China talks – Newsquawk Europe Market Open

Monday, Jun 09, 2025 – 01:52 AM

• APAC stocks traded mostly higher following last Friday’s gains on Wall St; participants also digested mixed Chinese data.
• Chinese Y/Y CPI remained in deflationary territory, trade data saw imports and exports fall short of expectations.
• US President Trump said they are very far advanced on a China deal ahead of high-level talks in London on Monday.
• US President Trump said he is thinking about the next Fed Chair and it is coming out very soon.
• European equity futures indicate a slightly lower cash market open with Euro Stoxx 50 future down 0.2% after the cash market finished with gains of 0.4% on Friday.
• DXY has pulled back a touch after gaining on Friday, antipodeans lead, EUR/USD has returned to a 1.14 handle.
• Looking ahead, highlights include ECB’s Elderson, Holiday Closures in Switzerland, Norway, Hungary, Greece & Cyprus.

SNAPSHOT

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1. Subscribe to the free premarket movers reports

2. Listen to this report in the market open podcast (available on Apple and Spotify)

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days

US TRADE

EQUITIES

• US stocks gained on Friday and Treasuries sold off in the wake of the US jobs report in which the headline Non-Farm Payrolls topped expectations and the unemployment rate remained at 4.2%, as expected, albeit with a revision lower to the headline NFP print. Nonetheless, the metrics indicated that the labour market was still healthy and helped offset some of the economic fear seen in the wake of Trump’s tariffs.
• SPX +1.03% at 6,000, NDX +0.99% at 21,761, DJI +1.05% at 42,763, RUT +1.66% at 2,132.
• Click here for a detailed summary.

TARIFFS/TRADE

• US President Trump said they are very far advanced on a China deal ahead of high-level talks in London on Monday and a China deal is complex but will bring in a lot of money, while he added Chinese President Xi agreed to restart exporting rare earth minerals.
• China’s Foreign Ministry said Vice Premier He Lifeng will visit the UK from June 8th-13th and the first meeting of the China-US economic and trade consultation mechanism will be held with the US during this visit.
• China’s Commerce Ministry said it approved a certain number of compliant rare earth applications and will continue to strengthen the examination and approvals, while it added that China is ready to further strengthen communication and dialogue with relevant countries on export controls.
• China’s Commerce Ministry said negotiations over the price commitment between China and the EU on electric vehicles have entered the final stage and it noted that French companies and relevant associations have voluntarily submitted an application for a price undertaking to China regarding brandy, while Chinese investigators reached an agreement with the Chinese side on the core terms of the price pledge and plan to issue a final announcement by July 5th. Furthermore, China is willing to establish a green channel for eligible applications from European firms to speed up examination and approval on rare earths and China hopes the EU will take effective measures to facilitate, guarantee and promote the trade of high-tech products with China.
• Japanese Economy Minister Akazawa said he urged the US again to reconsider tariff measures and believes they have made further progress in trade talks with the US, while he noted tariffs are having a major impact on Japan’s economy and it was also reported that Akazawa is arranging a sixth visit to the US for tariff talks.
• Japan and the EU are to launch a competitive alliance to deepen trade and economic security ties, according to diplomatic sources.

NOTABLE HEADLINES

• Fed’s Musalem (voter) said he sees a 50-50 chance that Trump tariffs could either boost inflation for a quarter or two, or cause sustained inflation, according to an FT interview. Musalem said this means the Fed will likely face uncertainty right through the summer and political interference could make it harder for the Fed to lower interest rates.
• US President Trump thinks support has solidified for the tax bill over the last 24 hours and will take a look at Elon Musk’s government contracts, while he has no plans to speak to Musk and noted that DOGE helped a lot. Trump stated he is thinking about the next Fed Chair and it is coming out very soon, as well as suggested a good Fed Chair would lower rates.
• US President Trump said Elon Musk will face ‘very serious consequences’ if he decides to fund Democratic candidates, while Trump replied “I would assume so, yeah” when asked if his relationship with Musk is over.
• US Defense Secretary Hegseth said active-duty troops will be mobilised if violence continues in Los Angeles, while President Trump deployed the National Guard to LA immigration ‘riots’ after claiming state officials cannot do their jobs, according to Sky News. Furthermore, reports noted that as many as 500 Marines are “in a prepared-to-deploy status” should they be needed to protect federal property and personnel and US President Trump posted on Truth Social “Looking really bad in L.A. BRING IN THE TROOPS!!!”

APAC TRADE

EQUITIES

• APAC stocks traded mostly higher following last Friday’s gains on Wall St, but with trade somewhat quietened amid the holiday closure in Australia and as participants digested mixed Chinese data.
• Nikkei 225 reclaimed the 38,000 level after last week’s currency weakness and with upward revisions to Japanese GDP data.
• Hang Seng and Shanghai Comp gained amid some trade-related optimism with officials from the US and China set to meet in London today, although the gains in the mainland are capped as participants also digested key data releases which showed a continued deflation and mostly softer trade data.
• US equity futures (ES -0.2%, NQ -0.3%) pared some of last week’s post-NFP gains.
• European equity futures indicate a slightly lower cash market open with Euro Stoxx 50 future down 0.2% after the cash market finished with gains of 0.4% on Friday.

FX

• DXY marginally pulled back after gaining on Friday due to the better-than-expected NFP report, with demand contained to start the week owing to the lack of fresh major catalysts and with the Fed in a blackout period.
• EUR/USD recouped some of its lost ground and reverted to the 1.1400 territory as the greenback softened, while there were several ECB comments from over the weekend but had little sway on price action as Lagarde reiterated that the central bank is in a good position on rates and Nagel said the ECB can take its time on interest rates.
• GBP/USD continued its gradual rebound from Friday’s trough amid light-UK specific newsflow, aside from reports that Chancellor Reeves is to announce a transformative GBP 86bln in the Spending Review to boost the fastest growing sectors.
• USD/JPY faded some of Friday’s advances after hitting resistance near the 145.00 level, and with Japan’s Q1 GDP data revised upwards.
• Antipodeans benefitted from the slightly softer dollar and the mostly constructive mood but with price action restricted amid the extended weekend in Australia.
• PBoC set USD/CNY mid-point at 7.1855 vs exp. 7.2010 (Prev. 7.1845).

FIXED INCOME

• 10yr UST futures regained some composure and just about reclaimed the 110.00 level after sliding last Friday in the aftermath of the NFP data.
• Bund futures were uneventful following the prior week’s choppy performance and as the slew of ECB rhetoric from over the weekend did little to shift the dial.
• 10yr JGB futures tracked the recent declines in US counterparts with demand also constrained following upward GDP revisions.

COMMODITIES

• Crude futures were rangebound amid a lack of fresh energy-specific catalysts but remained near last week’s best levels after climbing on the back of the better-than-expected US jobs data.
• Venezuela is planning to increase gasoline prices by 50% as it braces for a decline in oil revenue following the suspension of operations by Chevron (CVX) and other foreign energy firms, according to Bloomberg citing people familiar with the decision.
• Spot gold lacked firm demand following Friday’s selling pressure and tested the USD 3,300/oz level to the downside.
• Copper futures struggled for direction after last week’s choppy performance and as participants digested the latest Chinese inflation data which was mixed but continued to show a deflation for both CPI and PPI Y/Y, while Chinese Exports and Imports also missed forecasts.

CRYPTO

• Bitcoin traded indecisively with upward momentum thwarted by resistance at the USD 106k level.

NOTABLE ASIA-PAC HEADLINES

• BoJ Deputy Governor Uchida said central banks are shrinking their balance sheet but many of them are unlikely to return to conventional monetary adjustment methods, while he added that many central banks are likely to use interest payment on reserves to guide short-term interest rates while maintaining the balance sheet size that meets market demand.

DATA RECAP

• Chinese Trade Balance (USD)(May) 103.22B vs. Exp. 101.3B (Prev. 96.18B)
• Chinese Exports YY (USD)(May) 4.8% vs. Exp. 5.0% (Prev. 8.1%)
• Chinese Imports YY (USD)(May) -3.4% vs. Exp. -0.9% (Prev. -0.2%)
• Chinese Trade Balance (CNY)(May) 750B (Prev. 690B)
• Chinese Exports YY (CNY)(May) 6.3% (Prev. 9.3%)
• Chinese Imports YY (CNY)(May) -2.1% (Prev. 0.8%)
• Chinese CPI MM (May) -0.2% vs. Exp. -0.2% (Prev. 0.1%)
• Chinese PPI YY (May) -3.3% vs. Exp. -3.2% (Prev. -2.7%)
• Chinese CPI YY (May) -0.1% vs. Exp. -0.2% (Prev. -0.1%)
• Chinese FX Reserves (USD)(May) 3.285tln vs. Exp. 3.292tln (Prev. 3.282tln)
• Japanese GDP Revised QQ (Q1) 0.0% vs. Exp. -0.2% (Prev. -0.2%)
• Japanese GDP Rev QQ Annualised (Q1) -0.2% vs. Exp. -0.7% (Prev. -0.7%)

GEOPOLITICS

MIDDLE EAST

• Israel’s military said it struck a Hamas member in southern Syria.
• US-based Gaza Humanitarian Foundation said it did not distribute aid on Saturday because Hamas made direct threats against its operations, while a Hamas official said he had no knowledge of alleged threats to the US-backed aid group in Gaza. Furthermore, Al Jazeera reported that Israeli attacks killed more than 40 in Gaza as aid seekers were shot dead.
• Israeli Defence Minister Katz threatened to “take all necessary measures” to prevent a humanitarian ship carrying climate campaigner Greta Thunberg from reaching Gaza, according to The Guardian. It was later reported that the Freedom Flotilla Coalition said it ship was ‘under assault’ and the Israeli Army had boarded the Gaza-bound ship.

RUSSIA-UKRAINE

• Russian forces captured Zoria in Ukraine’s Donetsk region and reached the Dnipropetrovsk region in Ukraine, according to TASS and Interfax. However, it was later reported that Ukrainian General Staff spokesman Kovalev denied claims by the Russian Defence Ministry that its forces advanced into Ukraine’s eastern Dnipropetrovsk region for the first time since it launched its full-scale invasion.
• Head of the Russian delegation at talks with Ukraine in Istanbul said Russia handed over to Ukraine the first list of 640 POWs for exchange, according to TASS. Furthermore, the Russian Defence Ministry said Russia launched a large-scale humanitarian operation to repatriate more than 6,000 bodies of deceased Ukrainian military personnel and exchange prisoners of war, while Ukrainian officials rejected Russian claims that Ukraine was delaying the exchange of soldiers’ bodies.
• Ukrainian drone attack sparked a short-lived fire at the Azot chemical plant in Russia’s Tula region, although there was no threat to air quality near the plant, according to the regional governor.
• US believes Russian retaliation for Ukraine’s drone attack is not over yet and it expects a multi-pronged strike.
• Poland scrambled aircraft to ensure airspace security after Russia launches strikes on Ukraine.

OTHER

• US expressed concern to the UK government about allowing China to build a large embassy in London that security officials believe would pose a risk to sensitive communications infrastructure serving the City, according to FT. It was also reported that the UK government promised to assess any security concerns related to the construction of a Chinese embassy near the City of London, which is an issue that could potentially complicate trade talks with the US, according to Bloomberg.
• Thai army said provocations by Cambodia and buildup of military forces show a clear intent to use force, and the Thai army is to control the opening and closing of all border checkpoints along the Thailand-Cambodia border, while it added that Cambodia enforced its military presence, equipment and constructed fortifications.

EU/UK

NOTABLE HEADLINES

• UK Chancellor Reeves is to announce a transformative GBP 86bln in the Spending Review to turbo-charge the fastest growing sectors, from tech and life sciences to advanced manufacturing and defence, as part of the government’s plan to invest in Britain’s renewal through the Modern Industrial Strategy.
• BoE’s Greene said the disinflation process is ongoing and expects inflation to continue to come down to the target over the medium-term, while she noted their view is they can look through it but added there is a pretty big risk.
• ECB President Lagarde reiterated that the central bank is in a good position on rates and to deal with uncertainties ahead.
• ECB’s Escriva said the path of monetary policy easing in the eurozone could require further adjustments if the current macroeconomic and inflation outlooks are confirmed, while he added the central scenario of GDP growth around 1% and inflation of 2% could require some fine-tuning, according to Reuters.
• ECB’s Nagel said the ECB can take its time on interest rates with monetary policy now set at a neutral level that is no longer restrictive and that the central bank has maximum flexibility on rates.
• ECB’s Schnabel said do not expect a sustained decoupling between the ECB and the Fed, while she expects the trade conflict to play out as a global shock that’s working through both lower demand and supply.
• ECB’s Vujcic said a small deviation on either side of the 2% inflation target is not a problem and the central bank should not overreact to inflation edging below the target, while he added the bar for QE will be higher in light of past experience.
• EU was urged to exempt more companies from supply chain law although rules on curbing environmental and rights abuses should not be scrapped, according to Swedish conservative MEP Warborn cited by FT.
• Fitch cut Austria’s sovereign rating from AA+ to AA; Outlook Stable, while it affirmed Hungary at BBB: Outlook Stable, while S&P raised Slovenia’s rating from AA- to AA; Outlook Stable.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

CHINA USA

Chinese owned batter plant halts production because of Trump’s attack on Chinese owned firms in the USA

(zerohedge)

Chinese-Owned Firm Halts Construction On Battery Plant In America’s EV Heartland

Sunday, Jun 08, 2025 – 12:15 PM

Chinese-owned AESC has halted construction of its $1.6 billion battery plant in America’s emerging “Battery Belt,” citing economic uncertainty tied to President Trump’s trade war and tariffs and the potential early termination of federal clean energy subsidies.

Construction of AESC’s electric-vehicle battery plant in Florence, South Carolina, began in 2023 after securing a deal with BMW to make battery cells. 

On Thursday, the company sent a letter to employees regarding the construction halt, as obtained by The Wall Street Journal. The letter laid out:

• Tariffs on Chinese-made machinery, steel, and aluminum, which significantly raise costs.
• A proposed tax bill in Congress that would end EV battery production subsidies early and restrict eligibility for China-linked companies.
• Broader industry pressure as automakers slow or cancel EV rollouts.

“Our intent is to finish construction of the facility once stability and predictability have returned to the market,” Knudt Flor, AESC’s chief executive for the U.S. and Europe, wrote in the memo.

Current and former employees told WSJ that construction of the building has been completed, but all work on installing equipment and battery cell assembly lines has been halted.

Sources noted that AESC would face steep tariffs on EV battery machinery imported from China and said that recent steel and aluminum tariffs imposed by the Trump administration have further compounded the company’s cost challenges.

In recent years, Biden-era green energy policies fueled a surge in battery factory construction across parts of the Midwest and Southeast, driven by cheap land, proximity to major automotive hubs, and generous state-level incentives. This region—stretching from Tennessee and Alabama to the Carolinas, Ohio, and Michigan—has become known as America’s “Battery Belt.”

Some major projects across the belt include:

• Ford and SK On: $11.4B battery and EV campuses in Tennessee and Kentucky
• LG Energy Solution: Multiple joint ventures with GM, Stellantis, and Honda in Michigan, Ohio, and Indiana
• Hyundai and SK: $5B EV battery plant in Georgia
• Toyota: Expanding EV battery production in North Carolina

“Now many of those subsidies are being targeted by Republicans at the same time regulations and tax credits aimed at driving EV sales are also at risk,” WSJ noted, adding, “The current version of a tax bill before Congress would end EV battery production subsidies a year early and make them unavailable to companies with ties to certain countries, including China.”

END

CHINA/USA MEETINGS IN LONDON

US, China Gear Up For High-Stakes Meeting In London

Monday, Jun 09, 2025 – 07:45 AM

U.S. and Chinese delegations have arrived in the U.K. for talks aimed at patching up a fraying truce in an ongoing trade war between the world’s two biggest economies. The US team led by The U.S. team led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer are due to meet with a Chinese delegation led by Vice Premier He Lifeng in London in a renewed effort to break the deadlock after last month’s Geneva talks failed to produce meaningful results.

The high-stakes meeting follows President Donald Trump’s call with Chinese leader Xi Jinping on June 5, after which Trump announced that the dispute over China’s rare earth export restrictions—a key obstacle in trade talks—had been resolved.

“There should no longer be any questions respecting the complexity of Rare Earth products,” Trump said on Truth Social following the call. “Our respective teams will be meeting shortly at a location to be determined.”

The hour-and-a-half-long conversation came after Trump publicly expressed frustration over Beijing’s negotiating tactics, calling Xi “very tough” and “extremely hard to make a deal with” in a Truth Social post the day before.

As Emel Akan reports for The Epoch Times, according to White House press secretary Karoline Leavitt, the U.S. trade officials will press their Chinese counterparts to fully comply with the terms of the May 12 trade agreement reached in Geneva, which included reciprocal tariff reductions. Under the deal, both countries agreed to reduce tariffs by 115 percent while maintaining an additional 10 percent levy.

“The administration has been monitoring China’s compliance with the deal, and we hope that this will move forward to have more comprehensive trade talks,” Leavitt told Fox News on June 8.

Treasury Secretary Scott Bessent, Secretary of Commerce Howard Lutnick, and U.S. Trade Representative Jamieson Greer will lead the American delegation in London.

Rare Earths Still in Focus

Despite Trump’s declaration that the rare earths dispute has been resolved, his officials remain cautious.

According to National Economic Council Director Kevin Hassett, while rare earth exports have resumed, they are still below the levels previously agreed upon.

“Those exports of critical minerals have been getting released at a rate that is higher than it was but not as high as we believe we agreed to in Geneva,” he told CBS’ “Face the Nation” on June 8.

“We want the rare earths, the magnets that are crucial for cell phones and everything else, to flow just as they did before the week of April, and we don’t want any technical details to slow that down, and that’s clear to them.”

In response to Trump’s Liberation Day tariffs, Beijing introduced export restrictions on critical rare earth elements, metals, and magnets effective April 4. Beijing has tightened export controls on seven rare earth elements—samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium—straining supply chains critical to America’s defense, aerospace, and automotive sectors.

The latest restrictions follow a December 2024 export ban on three key minerals—antimony, gallium, and germanium—imposed in retaliation for former President Joe Biden’s technology curbs targeting the Chinese communist regime.

China dominates global rare earths supply chains, accounting for nearly 60 percent of worldwide production and almost 85 percent of processing capacity. The Chinese regime has turned that dominance into a strategic weapon against other countries in recent years.

While the terms of the deal are still being worked out, Hassett expressed optimism about the London meeting.

“I’m very comfortable that this deal is about to be closed,” he said.

Deeper trade issues continue to loom over the talks.

China’s Longstanding Trade Violations

In May, the U.S. Commerce Department issued a new rule banning the use of Huawei Technologies’ Ascend computer chips worldwide, arguing they were developed in violation of American export controls.

The move drew backlash from Beijing, which urged the U.S. government to undo the action.

The recent dispute reflected broader U.S. concerns over Beijing’s long-standing abusive trade practices that disadvantage American businesses and workers.

Communist China’s rise since joining the World Trade Organization in 2001 has been mainly fueled by such controversial trade policies, which include stealing intellectual property, attacking foreign firms operating in the country, manipulating its currency, and massively subsidizing domestic companies.

Some China hawks in Washington believe that Beijing is determined to maintain these mercantilist trade practices.

Even if Beijing comes to the negotiation table, it’s unwilling to bargain on these core problems that the United States wants resolved, according to Robert Atkinson, president of the Information Technology and Innovation Foundation, a science and technology think tank.

“They’ve never been willing to even acknowledge that these are problems,” he told The Epoch Times in an April interview.

It remains unclear to what extent Beijing’s unfair trade practices will be addressed or resolved during the London talks.

Beijing initially denied having violated the Geneva trade agreement on May 30. The regime escalated its rhetoric on June 2, when a spokesperson for the Chinese Commerce Ministry issued a statement through state media attacking Washington’s decision to revoke visas for Chinese students with ties to the Chinese Communist Party.

“The United States and China have strategic interests in one another’s markets, and the President is always going to put American workers and industries first,” Leavitt said during the Fox News interview. “And the talks in Geneva really set the table for that, but we need China to comply with their side of the deal. And so that’s what the trade team will be discussing tomorrow.”

The U.S. team will issue a readout after the meeting, she said.

end

CHINA USA /SOUTH EAST ASIA

China Exports To US Tumble As Transshipments To Evade Trump Tariffs Soar

Monday, Jun 09, 2025 – 12:25 PM

Overnight China published its latest inflation/trade data dump. It showed that, as expected, China is still unable to kickstart its economy as it remains mired in deflation, with May CPI printing -0.1% (the last time CPI was positive was in January) while PPI is going from bad to worse, printing -3.3% YoY, and negative since February 2023! 

Meanwhile, China’s trade growth moderated in May – after the April surge – despite the substantial tariff rollback between the US and China, and came in below consensus expectations (exports: +4.8% yoy, imports: -3.4% yoy).

The moderation in headline export growth reflects the continued fall in China’s exports to the US with another 17% sequential decline after seasonal adjustment.  Meanwhile, the decline in imports appears widespread, consistent with fewer working days in May compared with a year ago.

By product, export value of housing-related products fell in May, while exports of automobile and tech-related products rose. The imports of energy products and metal ores declined notably, partly due to falling prices. Overall, the trade surplus was US$103.2bn in May, higher than in April.

By region, while China’s exports to the US plunged further in May, exports to other economies picked up.

As shown in the next chart, while normally Chinese exports to the US would be around $50BN, they have since dropped to $30 billion.  And as Brad Setser notes, “the trailing 12m of exports to the US isn’t tracking exports to Europe.”

https://x.com/Brad_Setser/status/1932055159388959036?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1932055540101783951%7Ctwgr%5E193c6c7bf2a51d97cfcafb0e7f6f3688bd586dea%7Ctwcon%5Es2_&ref_url=https%3A%2F%2

Import values from most trading partners declined in May, except for those from the EU and LatAm.

The broader collapse in Chinese exports to the US, as reported by China, and US imports from China, as reported by the US (both are used to the rather gaping data divergences in the past), can be seen in the next chart.

Among major DM countries, exports to the US dropped by 34.5% yoy in May (vs. -21.0% yoy in April). China’s imports from the US declined by 18.1% yoy in May (vs. -13.8% yoy in April). China’s exports to the EU rose by 12.0% yoy in May (vs. +8.3% yoy in April), while imports from the EU were roughly unchanged from a year ago in May (vs. -16.5% yoy in April). Among major EM countries, exports to ASEAN rose by 14.8% yoy in May (vs. 20.8% yoy in April). Exports to Africa rose by 33.3% in May (vs. 26.3% yoy in April), however, imports from EM countries mostly moderated from April to May.

So how has China’s economy not yet collapse if it has lost about 40% of its US export markets? Simple: transshipments. To fill the hole from exports lost to the US, China is ramping up exports to other countries… that then go on to re-export to the US!

And to make it abudnantly clear that all the trade war has so far achieved is boosted transshipments is the following Setser chart showing that whatever export volume has been given up by China, has been more than made up by ASEAN (mostly Vietnam) + Taiwan, i.e. filling the hole with transshipments.

https://x.com/Brad_Setser/status/1932055159388959036?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1932055540101783951%7Ctwgr%5Ebab613fb0279a2a0c902a49b1872a4e923936b5d%7Ctwcon%5Es2_&ref_url=https

The bottom line, as everyone who is familiar with China’s economy knows, and as Brad Setser repeats this morning, is that “net exports are still driving China’s economy”, and is why not just the US – but also Europe – is expressing  outrage with Beijing’s relentless mercantilist model, which exports deflation – and economic pain – to every market targeted by China’s sweatshops.

END

4. EUROPEAN AFFAIRS

NATO/BRANDON SMITH A MUST READ!!

Globalists Go Radio Silent As NATO Flirts With World War III

Friday, Jun 06, 2025 – 11:25 PM

Authored by Brandon Smith via Alt-Market.us

Where have all the globalists gone? Yes, unfortunately they’re still out there free when they should be rotting in a frozen gulag or fertilizing an unmarked field somewhere.  I get that.  However, if you’ve been tracking the elitist cabal as long as I have you might have noticed a sudden and abrupt shift in public activity among the most prominent globalist institutions.

From at least 2019 onward the mask had come completely off. The elites were flooding western media with woke propaganda through their NGO operations. You couldn’t go anywhere without being bombarded with multiculturalism, DEI and LGBT nonsense. There was a clear attempt to engineer a massive cultural shift in the western world; an expedited progressive coup.

Conservatives were relentlessly targeted as “insurrectionists” and a “threat to democracy”. Pandemic hysteria opened the door to an array of mandates as well as legislation designed to erase constitutional protections in the name of “health safety”. The plan was openly admitted: An endless cycle of covid lockdowns and vaccine passports. A perpetual loop of medical tyranny. Globalists were ecstatic, reveling in the fear and calling for the implementation of forced vaccinations, covid tracking apps and even covid camps for people who refused to comply.

In the midst of the frenzy the WEF and other organizations pushed their economic agenda, asserting that the world needed to go cashless, that carbon controls and “climate lockdowns” needed to become normalized.  They wanted what they called a “Great Reset” of the global financial framework. Everything was admitted, they barely tried to hide their intentions. It was the New World Order we “conspiracy” analysts had been warning about for decades.

In the past they would mention details of the plan in obscure white papers or in moments of unguarded discussion. Over the past five years the globalists were essentially dancing in the streets and advertising the NWO for all too see. Why? Because they thought they had already won.

Fast forward to 2025 – The covid mandates and lockdowns are defeated and abandoned. The multicultural invasion is being reversed with a majority of the American population in support of secure borders and deportations. Bans on the transing of kids are being established across the US and LGBT propaganda is being removed from schools. DOGE and Trump instituted cuts which have greatly damaged the government-to-NGO revolving door (which is why many DEI programs are disappearing).

BLM is dead. Pride Month is a dud (so far). Covid is being exposed as the nothingburger it always was. The climate change agenda is fading. The masses are generally suspicious of organizations like the WEF and no one supports a cashless CBDC based system. The globalist ideal has been relegated to the garbage heap and we didn’t even need to fire a shot. Is this what winning looks like?

Not quite.

We have won the information war in the US (for the most part). Europe is taking longer, but conservatives movements are gaining ground; so much ground, in fact, that the elites are arresting people for speech, not to mention arresting their political opponents for being right leaning. This is a sign of panic, not power.

The globalists flew too close to the sun too fast and they got burned. Nearly every major elitist institution has stopped openly promoting “Great Reset” related policies. They’ve limited their media interviews and their think tanks have stopped releasing revealing white papers. Some globalists have suggested in media encounters that globalism is dead. BlackRock CEO Larry Fink even used a Financial Times op-ed to argue that “globalization is over”.

I’ve never seen them back off from their agenda so completely, and I’m highly suspicious of the radio silence.

As I warned in my article ‘World War III Is Now Inevitable – Here’s Why It Can’t Be Avoided’, the globalist plan for a Bolshevik coup has failed, but this only means they will move on to more historically predictable tactics. Meaning, exponential economic crisis and world war.

European political leaders have made it nearly impossible to negotiate a legitimate ceasefire in Ukraine because they continue to give Kyiv hope that NATO will step in with boots on the ground. Even if the US completely pulls all support, the Ukrainians believe Europe will fill the gap. This is ridiculous, of course; the EU has no capacity to fight an attrition war with the Russians and they are much more likely to trigger a nuclear event than liberate Ukraine.

What concerns me more, though, is a specific strategy being used by NATO and Kyiv:  I’m talking about the deliberate targeting of Russian nuclear infrastructure. This has been an ongoing problem since the beginning of the conflict and it seems to me as if the elites WANT some kind of catastrophic escalation.

Ukraine has used multiple drone attacks to strike nuclear power plants, including its OWN Zaporizhzhia and Chernobyl plants. The Kursk offensive (now failed) pushed towards a nuclear power plant in the region and Russia accused Ukraine of trying to hit the plant with drones. In early 2024, Ukraine long range drone and missile attacks hit two separate Russian “over the horizon” early warning nuclear radar installations.

The Voronezh-DM stations were positioned outside the city of Orsk and the region of Krasnodar (Armavir); far away from the front lines in Ukraine. I warned about this development in June of last year in my article ‘False Flag On The Horizon? The Strange Case Of The Destroyed Russian Nuclear Radar’.

This past week confirmed my suspicions when Ukraine initiated a complex covert strike on a base holding Russian long range bombers. These bombers were primarily nuclear readiness aircraft and are not generally used to launch FABs or other weapons against Ukrainian targets. The attack could not have been achieved without NATO aid and once again follows the odd pattern of targeting Russian nuclear infrastructure.

There are two obvious dangers attached to this scenario: First, Russia responds with a devastating bombardment of population centers to prove the strike on the bombers did nothing to prevent them from hitting Ukrainian cities from afar. Second, Russia assumes that NATO’s plan is to weaken their nuclear readiness in preparation for European troops entering the war, or in preparation for a nuclear exchange.

In either case, WWIII is the result. Establishment commentators have tried to spin the bomber attack as a Ukrainian victory without consequence, but they deliberately omit the primary purpose of the aircraft.  Best case scenario, Russia pounds a few Ukrainian cities with massive ordnance. At worst, the nuclear threat becomes tangible and we edge towards a missile exchange.

I continue to believe that the globalists want to avoid full spectrum nuclear war.  Why would they deliberately vaporize the very control grid it took them decades to build?  But I do think we will see a limited nuclear event in the near future (perhaps a limited nuke event in Ukraine).

The continuing attacks on nuke related armaments and infrastructure suggest to me an attempt by Kyiv and NATO to create a situation so chaotic that it opens the door to troop deployments and direct confrontation with Moscow before anyone can catch up to what is happening.

Without war, the globalists have nothing. Maybe they can pull off an economic crisis (all the pieces are certainly in place), but in a vacuum they could get the blame. War offers a valuable distraction for the masses and an ever adaptable scapegoat. People broke and starving? Well, that’s just war. The dollar crashing? Currencies are at risk during war. Freedoms being curtailed? Hey, people need to set aside their liberties for the sake of “security”.

There’s a reason why multi-nation wars almost always occur just after historic economic declines.  The two crises feed into each other, but the wars also provide cover for extensive centralization schemes.  Each successive world war brings us a step closer to world government and a centrally controlled global economic system.

The globalists in Europe are doing everything in their power to prolong the conflagration. They know Ukraine is never going to get their lost territory back. They know that Russia is generating a massive breakout on the front lines in the east. They have no peace plan. Their purpose is to force a direct confrontation between NATO forces and Russian troops. It’s the only explanation for the attacks on Russian nuclear armaments. It’s a provocation designed to end all chances of a ceasefire and take the war to the next level.

The unsettling quiet from normally boisterous NWO reps within think tanks and the media suggests to me that a memo has been posted from on high.  All other programs have been scrapped and all eyes are on Ukraine and Russia.  Perhaps the globalists have suddenly gone quiet because they’ve set Plan B in motion, and this time they don’t want any of their people talking out of turn until total war is accomplished?

As the old saying goes, loose lips sink ships…

Of course, there’s always the chance we see escalation in Iran, or a Chinese move on Taiwan.  There are more than a few precarious powder kegs in place right now.  What I see, though, is an inordinate amount amount of financial and political energy going into the Ukraine affair.  The elitists are mostly tight lipped about it, but an inordinate amount of financial and political energy is flowing into the region.  It’s clear that the next couple of months will be highly unstable as tensions mount.

Diplomatic pathways are fading fast.

Most likely scenario?  Ukraine cities get hammered in a relentless Russian bombardment and Europe vows to deploy its forces to intervene.  Even if Trump cuts off all US ties to Ukraine and walks away, there’s little that can be done to prevent the disaster that comes next. 

It’s not necessarily a scorched earth option for the globalists, but it certainly seems like a last resort – Conjuring a calamity big enough to distract the masses while total centralization is instituted.  I’m not saying the plan will work, I’m just saying that this is their most viable strategy.

END

EU MONDAY

they are at it again: EU farmers are livid with the agricultural imports from the UKraine

(ReMix)

EU Farmer Protests Far From Over As They Battle Threats From Mercosur Trade Agreement And Ukraine

Monday, Jun 09, 2025 – 02:00 AM

Via Remix News,

Farmers in Spain and France were again protesting agricultural imports from Ukraine and South America under the Mercosur trade agreement ahead of Brazilian President Luiz Inacio Lula da Silva visiting France and the expiration of a free trade agreement with Ukraine, writes TopAgrar.pl.

Da Silva wants to convince President Emmanuel Macron to drop his opposition to the EU-Mercosur Agreement, and at a press conference with the French head of state, told press that he would not “leave the Mercosur presidency without having concluded the trade deal,” a position he will be taking up in a few weeks. 

Meanwhile, the French Federation of Agricultural Unions (FNSEA) has once again called on Macron to take action to create a minority in the EU to block the ratification of the Mercosur Agreement by the Council of the European Union.  

In a statement quoted by Reuters, the French organization warned that the agreement will be “devastating for the beef, poultry and sugar industries and compromise the EU’s ambitions in terms of food sovereignty.” 

“We are raising the alarm!” said Alain Carre, head of the French sugar industry group AIBS. 

If an agreement with Mercosur is reached, the French are demanding clear trade rules: “Our demands (for an EU-Mercosur deal) are simple: reciprocity of regulations, traceability of products abroad and much clearer labeling,” said Jean-Michel Schaeffer, head of French poultry industry group Anvol. 

In Spain, hundreds of farmers gathered in Madrid to protest excessive grain imports from Ukraine, which have resulted in grain prices below production costs.

“Spanish farmers will lose €1 billion this year,” Javier Fatas, leader of the farmers’ union COAG from the Aragon region in northeastern Spain, said. 

Spaniards also refuse to import genetically modified grain from Mercosur, which is cheaper than Spanish grain, into the EU.  

Similar sentiments are prevalent in Poland. In June, farmers took to the streets again to express opposition to trade liberalization with Ukraine, the Mercosur agreement, and the Green Deal, reminds TopAgrar.

“Our position should be firm and clear: the customs and limits from before the war must return. Otherwise, we will not be able to compete on the European market, and especially in Poland,” said Stanisław Barna from the grassroots All-Poland Farmers’ Protest.

At the protest in Krążkowy in Wielkopolska, another OOPR representative, Krzysztof Olejnik, called the provisions of the EU-Mercosur Agreement a “spit in the face” of farmers: “If we are talking about Mercosur, we still do not have detailed information about the terms of this agreement. We assume that the terms of this agreement will probably not be favorable for us,” said Krzysztof Olejnik.

The lack of hope for economic improvement in agriculture is combined with a sense of lack of action on the part of the Ministry of Agriculture, the Government and the European Commission. Maciej Zawadzki from the Association of Farmers of Southern Wielkopolska said, “We decided to take to the streets because our issues that were supposed to be resolved are still unresolved. The government remains passive. (…) Unfortunately, we do not see any actions that would improve our position and situation. Quite the opposite: what is happening is working to our disadvantage.”

Stanisław Barna says the only option for farmers now is to put pressure on decision-makers via protests. 

“We want to work with dignity, have a stable situation. Have a decent salary for our work (…) This is what we are reduced to, to make our farms fail. If you do not fight for yourselves, no one will do it for you! Thank you and God bless you for your determination and showing strength today. Let the government see, and Minister Siekierski will finally get down to work, because he has been talking to us for a year and a half, saying that he will prepare a position, but let him finally come to West Pomerania and talk,” he said.

Farmers also hope the newly elected president, Karol Nawrocki, will come through for them. “Mr. President, we are here, we are watching, we are waiting for your decision,” Barna added. “We farmers would like these promises to be fulfilled and not forgotten.”

Macron and Lula did not appear to make much headway on EU-Mercosur trade deal. Macron clearly wants to boost trade and relations with Brazil but he also made clear that he cannot accept the deal in its current form, emphasizing the need for “either mirror clauses or safeguard measures” to ensure Brazilian products conform with EU production standards.

Read more here…

END

HOLLAND/GERMANY/MIGRANTS

Dutch citizens have had enough; vigilantes stop cars at the German border in protest over illegal migrant

entries into Holland

(zerohedge)

“We’ll Do It Ourselves!” Dutch Vigilantes Stop Cars At German Border In Protest Over Illegal Migration

Monday, Jun 09, 2025 – 08:30 AM

Authored by Thomas Brooke via Remix News,

A group of Dutch citizens staged an unauthorized border control operation this weekend between Ter Apel and the German village of Rütenbrock, citing frustration with what they describe as uncontrolled illegal immigration.

Wearing reflective clothing and wielding torches, the group of around 12 men began stopping vehicles on Saturday evening along the N366, a key route between Germany and the Netherlands.

The vigilantes, who pulled cars over and even inspected trunks, say they took action because authorities are failing to secure the border and stem the flow of asylum seekers entering the country. “Nothing is happening. Then we’ll do it ourselves,” said one activist, as cited by Algemeen Dagblad.

The action, although brief, drew sharp criticism from police and government officials. The municipality of Westerwolde and Dutch police released a joint statement declaring that “citizens are forbidden to stop cars” and that such actions “create enormously dangerous situations” and are “really unacceptable.” The vigilantes are believed to have violated road traffic laws, though it is unclear whether any formal charges will be brought.

One vehicle stopped by the group turned out to be a German police van. The officers promptly ordered the group to leave German soil, threatening to tow their vehicles if they did not comply. The activists relocated their checkpoint to a parking lot on the Dutch side of the border and continued stopping traffic from Germany.

The group, reportedly organized via Facebook, primarily includes residents from the municipality of Westerwolde.

Outgoing Justice and Migration Minister David van Weel, of the center-right VVD, responded by urging the group to stop. “I understand the frustration, but I really call on this group not to do this,” he said. “Let the police and military police do their job and abide by the law.” Van Weel acknowledged the Netherlands “cannot handle the current influx,” but insisted that border enforcement must remain the responsibility of the authorities.

Mayor Jaap Velema of Westerwolde expressed sympathy for the frustrations, citing “the lack of solutions to the crisis in asylum reception,” but warned: “This is not the way to express frustrations. We can’t all drive through red lights either.”

Geert Wilders, leader of the anti-immigration PVV party, praised the citizens’ actions on X, calling it a “fantastic initiative” and adding, “If [Prime Minister] Schoof and the VVD do not immediately deploy the army en masse for this, we will have to do it ourselves! I would like to participate next time!”

Wilders has been vocal about tightening the Dutch asylum regime. His party recently withdrew from the governing coalition after other parties refused to adopt his 10-point plan for what he called “the strictest asylum policy ever.” The cabinet’s collapse triggered early elections, which are scheduled to take place on Oct. 29, 2025.

Van Weel reiterated the government’s focus on “stricter asylum laws and better border control.”

Wilders, however, responded by accusing him of inaction. “Weakling. You don’t do anything at all. You could have had the army guard the borders now and sent away all asylum seekers on the basis of Article 72 TFEU, just like the Germans do,” he posted on social media. “If people are frustrated, it is because the VVD is completely failing.”

Ter Apel is the home of the Netherlands’ largest asylum reception center, where officially around 2,000 asylum seekers are currently housed.

In March, residents of Nieuw-Weerdinge, a Dutch town between Ter Apel and the nearest city of Emmen, launched a fundraiser in support of a 51-year-old local man convicted of assaulting an Algerian asylum seeker during an attempted citizen’s arrest.

He was found to have confronted an Algerian national from the reception center for allegedly stealing €40 from a delivery van.

The town has established its own neighborhood watch app used by concerned residents to ensure anyone acting suspiciously in the area is identified after a surge in crime.

Read more here…

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/USA/

FBI And DHS Warn Of ‘Elevated Threat’ To Jewish Community After Boulder, DC Attacks

Saturday, Jun 07, 2025 – 07:35 AM

The FBI and Department of Homeland Security warned of an “elevated threat” to the U.S. Jewish community following an attack last weekend in Boulder, Colorado, and last month’s killing of two Israeli embassy staffers in Washington.

In a bulletin issued on Thursday, the agencies said that the Israel-Hamas conflict “may motivate other violent extremists and hate crime perpetrators with similar grievances to conduct violence against Jewish and Israeli communities and their supporters.”

“Foreign terrorist organizations also may try to exploit narratives related to the conflict to inspire attacks in the United States. The FBI and DHS therefore urge the public to remain vigilant and to report any threats of violence or suspicious activity to law enforcement,” the joint statement added.

As Jack Phillips report for The Epoch Times, the statement made references to both the Boulder attack, in which an Egyptian national and illegal immigrant allegedly threw Molotov cocktails at people who were protesting in solidarity with Israel and sought the release of Israeli hostages in the conflict. Prosecutors said that 15 people were injured in the incident.

Mohamed Soliman, the suspect, allegedly yelled “free Palestine” during the attack, federal officials have said.

Prosecutors also said that Soliman told officials that he “wanted to kill all Zionist people” and that he also expressed no regret about the attack.

Soliman was charged with a federal hate crime, as well as 118 state charges, including attempted murder, use of an incendiary device, and assault. He has not entered a plea in the two cases against him.

Federal authorities have said Soliman has been living in the United States illegally. Homeland Security Secretary Kristi Noem said on Wednesday that his family was being processed for removal, though a federal judge later stopped their deportation.

Before moving to Colorado Springs three years ago, Soliman spent 17 years in Kuwait, according to court documents.

The FBI and DHS notice Thursday also made reference to the attack in Washington, where suspect Elias Rodriguez shot and killed two Israeli embassy staffers after they attended an event at the Capitol Jewish Museum. Video footage and charging documents said that Rodriguez yelled “free, free Palestine” while he was being arrested and handcuffed.

The two staffers, Yaron Lischinsky and Sarah Lynn Milgrim, were a young couple who had worked at the embassy. Lischinsky was an Israeli national and Milgrim was a U.S. citizen from Kansas, family members have said.

FBI Deputy Director Dan Bongino has described both the Washington and Boulder attacks as terrorist acts.

“We are investigating this incident as an act of terror, and targeted violence. All of the necessary assets will be dedicated to this investigation,” Bongino said in a statement on the social media platform X this week, in reference to the Boulder attack.

“If you have any investigative tips please contact the FBI. And if you aided or abetted this attack, we will find you. You cannot hide.”

Later in the notice, the FBI asked people to “promptly report information concerning suspicious activity” to the FBI’s tip website or local field offices.

end

ISRAEL VS HAMAS

Israelis locate the body of Mohammed Sinwar under the European Hospital in Khan Yunis

(JerusalemPost)

IDF likely locates body of Mohammed Sinwar under European Hospital in Khan Yunis – report

The body of Mohammed Sinwar, former military leader of Hamas in Gaza, was reportedly located among the bodies of 10 other terrorists.

By JERUSALEM POST STAFFJUNE 7, 2025 14:49Updated: JUNE 7, 2025 15:39

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-856853&contentHash=77fa31ca1299491c74bd97a5eeedf1681f65547691309d30bc22667ca54a92ee&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 located the body of a terrorist on Friday, believed to be that of Muhammad Sinwar, in an underground complex beneath the European Hospital near Khan Yunis in southern Gaza, Army Radio reported on Saturday

The body was allegedly located in a tunnel, alongside about 10 other bodies of terrorists.

x.com/Doron_Kadosh/status/1931313308780376301?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1931313308780376301%7Ctwgr%5E4325593ebdf8ef41501b201a5439d5cec682a0ae%7Ctwco

Sinwar, former head of the Hamas military wing, was killed in an Israeli airstrike on May 13 in Khan Yunis.

The operation, conducted jointly with the Shin Bet (Israel Security Agency), targeted senior Hamas figures operating in an underground command and control center.

IDF killing of Hamas leader Mohammed Sinwar in Gaza hospital

The military may have used, back in May, a bunker buster bomb in their attempted attack against Sinwar, defense sources told the Post. 

Following that initial attack, the IDF reportedly struck the area where Sinwar was allegedly located a second time, with the objective of preventing the evacuation of casualties, Israeli public broadcaster KAN reported. 

The IDF previously said the airstrike was carried out using extensive intelligence measures aimed at avoiding civilian harm. The targeted command center was located beneath the European Hospital in Khan Yunis, but hospital operations were not disrupted.

Yonah Jeremy Bob contributed to this report.

end

ISRAEL VS HAMAS

two terrorists of Islamic Jihad killed

(JerusalemPost)

IDF reveals identities of two killed Islamic Jihad terrorists posing as journalists

The terrorists used the compound to plan and execute terror activities against IDF troops and Israeli civilians, the IDF noted.  

By JERUSALEM POST STAFFJUNE 7, 2025 16:16Updated: JUNE 7, 2025 16:36

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-856856&contentHash=3700e6ac67a693d6670d5859a291eb50f3321a7b73b3f9e5a89bf53728e5efae&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 carried out a targeted strike on terrorists from the Islamic Jihad terrorist organization who were operating under the guise of journalists on Thursday, the army confirmed on Saturday.

The terrorists were operating from a command and control compound in the courtyard of the Al-Ahli Arab Hospital in the Gaza City area, the IDF stated. 

The Jihadists used the compound to plan and execute terror activities against IDF troops and Israeli civilians. 

“The terrorist organizations in the Gaza Strip continue to use hospitals for terrorist purposes, cynically and cruelly exploiting the civilian population inside the hospital and its surroundings,” the IDF concluded.

Earlier on Saturday, the Israeli army also announced that the Palestinian Islamic Jihad’s commander of its Jenin Battalion in the West Bank was arrested, alongside two other individuals, during an IDF special forces operation on Friday night near Jenin.

IDF strikes Gaza currency exchange office linked to Hamas, PIJ funding

In recent weeks, the IDF struck the “Al-Cairo” currency exchange office in Gaza City, citing the facility’s long-standing role in financing terrorist organizations, including Hamas and Palestinian Islamic Jihad, the military announced on Friday.

According to the IDF, the exchange office has been used in recent years to store and transfer tens of millions of dollars that directly supported the operations of these terror groups.

end

ISRAEL HAMAS

IDF kills 15 terrorists in Gaza on Monday

ByJERUSALEM POST STAFF

IDF troops in the 98th Division killed 10 terrorists while operating in Gaza, the military said Monday.

Additionally, soldiers from the IDF’s 252nd Reservist Division struck and killed five terrorists.

https://player.jpost.com/public/player.html?player=jpost&media=3908776&url=www.jpost.com Israeli soldiers are seen operating across the Gaza Strip, June 9, 2025 (IDF SPOKESPRSON’S UNIT)

In the last day, the Israeli air force struck dozens of targets throughout Gaza, including military structures, terrorists, anti-tank positions, terror tunnels, and other sites used by Hamas terrorists.

END

Israeli forces recover body of murdered Thai hostage Pinta Nattapong in special Gaza operation

“We will not rest or be silent until we return all of our hostages home – both the living and the dead,” the PMO said in a statement.

By JERUSALEM POST STAFFJUNE 7, 2025 10:39Updated: JUNe

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-856845&contentHash=228de2292b7d7b0df1b6f988081ae851510d72048d3789aab3873c14602d2b87&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 body of the last Thai hostage, Pinta Nattapong, was recovered from the Gaza Strip on Friday during a special operation conducted by the IDF and Shin Bet, they both said in a joint statement on Saturday. 

Hamas is believed to have the body of a second foreign national.

“The operation was made possible by precise intelligence obtained from a Shin Bet interrogation of a terrorist, along with intelligence received from the Hostage Task Force and the IDF Intelligence Directorate,” the statement said.

Identification of Nattapong’s body was carried out by the National Institute of Forensic Medicine in cooperation with the Israel Police, the Hostage Task Force of the IDF’s Manpower Directorate.

Foreign Minister Gideon Sa’ar updated his counterpart Thai Foreign Minister Maris Sangyampongsa on the details of the operation to recover Nattapong’s body, according to Israeli local media. Israel intends to hold a ceremony for Nattapong at Ben Gurion Airport before his coffin is flown to Thailand, Sa’ar said. Sangyampongsa thanked the minister for his efforts.

55 hostages remain in Gaza under Hamas captivity.

“Hamas has 20 living hostages, two we cannot determine, and another 33 dead,” an Israeli security source said on Saturday.

Nattapong was the last Thai hostage held by Hamas

Nattapong was kidnapped from Kibbutz Nir Oz by Hamas on October 7, 2023.

In January 2025, five Thai nationals who were kidnapped and held hostage in Gaza were released from captivity. At that time, Nattapong was believed to be alive.

The freed Thai captives were also working in agriculture in the areas surrounding the Gaza Strip at the time of their capture.

Israeli officials, Hostages Forum, Nir Oz offer condolences

The Thai Embassy informed Nattapong’s family on the situation in coordination with the Defense Intelligence Agency.

“The news of [Nattapong’s] murder is shocking, but nevertheless the certainty in this complex situation provides us with some comfort,” the spokesperson for Kibbutz Nir Oz said in a statement on Saturday.

“We would like to thank the security forces who were involved in the complex rescue operation. Alongside this, we reiterate what must be said: Nattapong was kidnapped alive, and he is the 14th hostage from Nir Oz to be murdered in captivity, the statement concluded.

“Together with all the citizens of Israel, we extend our condolences to Nattapong’s family and the Thai people,” the Prime Minister’s Office said in a statement.  “We will not rest or be silent until we return all of our hostages home – both the living and the dead.

“The IDF and ISA will continue to make all efforts possible to bring home all the hostages,” the organizations said in their statement.

The Hostages and Missing Families Forum said, “We stand with Nattapong’s family today and share in their grief. While the pain is immense, his family will finally have certainty after 20 terrible and agonizing months of devastating uncertainty. Every family deserves such certainty to begin their personal healing journey.

“We emphasize once again that decision-makers must do everything necessary to reach an agreement that will bring back all 55 remaining hostages—the living for rehabilitation and the deceased for proper burial. Israel’s longest war in its history cannot end in victory without all 55 hostages who remain in captivity.”

Democratic Party Chairman Yair Golan also responded to the news, calling it “a sad closing of a circle for the Pinta family.”

“There is no more time, we must immediately return the 55 hostages who remain in captivity,” he said.

Opposition Leader Yair Lapid offered his condolences in a post on Twitter/X in addition to congratulating the IDF and Shin Bet for their successful operation.

end

IRAN

Iran furious on USA travel ban targeting mainly Muslim nations

(zerohedge)

Iran Furious At ‘Racist’ US Travel Ban Targeting Muslim Nations

Saturday, Jun 07, 2025 – 02:35 PM

At a moment both sides are still engaged in highly sensitive nuclear negotiations, Iran has strongly condemned US President Donald Trump’s new travel ban, blasting it as “racist” and indicative of Washington’s deep hostility toward Iranians and Muslims.

The executive order restricts travel from 19 countries, primarily in Africa and the Middle East, in a new ‘Muslim travel ban’ of sorts – given it mirrors similar policies from Trump’s first term in office, and will take effect Monday. There are outright bans imposed on a dozen of the nations.

Iranian official Alireza Hashemi-Raja criticized the move as reflecting a “supremacist and racist mentality” among American policymakers.

According to more via Al Jazeera:

Hashemi-Raja argued that the policy breaches international legal norms and denies millions the basic right to travel, based solely on nationality or faith. He said the ban would “entail international responsibility for the US government”, without elaborating.

The ban heavily features Mideast and North African countries like Iran, Afghanistan, Libya, Yemen, Somalia, Sudan, and others – but is not limited to countries with Muslim majority populations.

Among the countries listed are also Myanmar, Chad, Republic of Congo, Equatorial Guinea, Eritrea, Haiti. There are ‘partial bans’ and some new visa restrictions for Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela.

President Trump had explained this week in a statement posted to the White House: “The United States must ensure that admitted aliens and aliens otherwise already present in the United States do not bear hostile attitudes toward its citizens, culture, government, institutions, or founding principles, and do not advocate for, aid, or support designated foreign terrorists or other threats to our national security.”

And further:

I directed the Secretary of State, in coordination with the Attorney General, the Secretary of Homeland Security, and the Director of National Intelligence, to identify countries throughout the world for which vetting and screening information is so deficient as to warrant a full or partial suspension on the admission of nationals from those countries pursuant to section 212(f) of the Immigration and Nationality Act (INA), 8 U.S.C. 1182(f).  After completing that process, the Secretary of State determined that a number of countries remain deficient with regards to screening and vetting. Many of these countries have also taken advantage of the United States in their exploitation of our visa system and their historic failure to accept back their removable nationals. 

Interestingly, Syria was on the controversial ban during Trump’s first term, but is notably absent this time around – despite the fact that the decade-plus long proxy war saw foreign jihadists flow there from around the world. There are even foreign jihadists who hold government positions in the Jolani (Sharaa) regime, in the wake of Assad’s December ouster.

end

IRAN/USA

waste of time!

Jerusalem Post/Middle East

Iran to send counter proposal to US, ‘no news’ on next round of nuclear talks

Iran said that it would soon send a counter-proposal to the US via Oman, in response to a US offer that Tehran deemed “unacceptable.”

Image of Iran’s Foreign Minister Abbas Araghchi against a backdrop of the Iranian flag, US flag and fire.(photo credit: REUTERS/Pedro Nunes, Shutterstock/danielo, Zeferli from Getty Images)ByJERUSALEM POST STAFFJUNE 9, 2025 10:55Updated: JUNE 9, 2025 13:17

Iran’s Foreign Ministry said there is currently no news about a new round of nuclear negotiations and criticized the United States for imposing fresh sanctions despite claims of easing them.

“The claim of halting sanctions was untrue, and new sanctions have been imposed,” the ministry spokesperson, Esmail Baghaei said. “This contradictory behavior shows the US is not serious and increases our suspicion.”

Iran has formulated a series of steps in response to a possible resolution against the country by the International Atomic Energy Agency’s Board of Governors, warning that the response will not be increased cooperation, the foreign ministry spokesperson said on Monday.

“Iran has, from the outset, based its approach on engagement and cooperation with the International Atomic Energy Agency,” Esmail Baghaei said at his daily press briefing.

“Unfortunately, the Agency, under pressure and political influence from the three European countries and the United States, decided to prepare what it calls a comprehensive report. These three European countries are now misusing that report to draft a resolution and possibly push forward their planned agenda.”

“The response to confrontation will not be more cooperation,” Baghaei added.

Iran will send counter-proposal to US soon

Iran is expected to deliver a formal written response to the latest US proposal on a possible nuclear deal within the next two days, IRGC media Tasnim news agency reported.

Baghaei confirmed that Iran will soon hand a counter-proposal in nuclear talks to the United States via Oman, in response to a US offer that Tehran deems “unacceptable.”

The response, to be conveyed through diplomatic channels, is expected to include Iran’s own proposal that maintains domestic uranium enrichment while addressing US concerns in exchange for effective sanctions relief, a source familiar with the matter told Tasnim.

According to the source, Iran will also signal its readiness to engage in further indirect talks with the United States, provided its red lines are respected.

Reuters contributed to this report.

end

RUSSIA VS UKRAINE

Ukraine Just ‘Gave Putin A Reason To Bomb The Hell Out Of Them,’ Trump Says

Saturday, Jun 07, 2025 – 12:15 PM

On Friday Trump was asked whether Ukraine’s drone strikes deep inside Russia changed his view of Zelensky’s “cards”. For months, Trump has said that Kiev has no cards to play, but reporters wondered if last Sunday’s ‘Operation Spider’s Web’ – which involved Ukrainian drone attacks deep inside Russia and damage at five key airbases, including destruction of strategic bombers – has changed where things stand in Trump’s mind.

Trump responded to reporters aboard Air Force One by saying, “Well they gave Putin a reason to go in and bomb the hell out of them last night. That’s the thing I didn’t like about it.”

“When I saw it I said, ‘Here we go, now it’s going to be a strike'” – Trump continued, in reference to what has become major nightly tit-for-tat strikes this past week. Ukraine has lately scored direct drone hits on crucial Russian military-industrial sites.

A reporter then asked: “Are you worried that Russia-Ukraine could spiral into a nuclear conflict?” And Trump responded: “I don’t… I hope not. I hope not.”

The US President was then questioned on where he stands regarding Graham’s Russia sanctions bill. Trump said the following:

“We’re going to see. I think Russia will not be making a deal stopping …. Thousand a week soldiers being killed and people being killed, not just soldiers. People being killed…I’ll use it if it’s necessary.”

Trump then denied reports that he is seeking to intervene with the Senate in order to water down the Graham bill. “No, I haven’t spoken to them about it. They have the bill, it’s going to be up to me. It’s my option. They made it that way….its a very  strong bill,” he said.

Graham, who authored the legislation, has provocatively described it as “the most draconian bill I’ve ever seen in my life in the Senate” – and many analysts fear it could reverse current Trump progress toward restoring US-Russia bilateral relations, and it might kill the chance of a future Trump-Putin sit-down meeting.

 Over 80 Senators have signed on as cosponsors of the current form of the legislation, but some Republican senators have held off to give Trump-backed negotiations a chance.

As for the overnight Thursday, or early Friday morning hours attack on Ukraine by Russia, The NY Times has described:

Over the course of some five hours after midnight, Russia launched 407 drones and decoys, nearly 40 cruise missiles and six ballistic missiles from land, air and sea at towns and cities across the breadth of the nation, the Ukrainian Air Force said in a statement. It appeared to be the second-largest drone assault of the war, after Russia launched nearly 500 drones last weekend.

But interestingly, Trump’s aforementioned response to all these developments could invite more such attacks, given the president has framed it as merely the expected retaliatory response in war. Europe, however, has been seeking more vehement and direct condemnation of Moscow from the White House. Yet Trump is expressing a ‘realist’ position.

END

First time: Russia expands in ground war into Ukraine’s Dnipropetrovsk region

(zerohedge)

Russia Expands Ground War Into Ukraine’s Dnipropetrovsk Region For First Time

Sunday, Jun 08, 2025 – 04:55 PM

As Russia and Ukraine continue sending record amounts of drones across their border, in what are now nightly aerial raids, Moscow has significantly stepped up its ground offensive, over the weekend announcing it has begun advancing into Ukraine’s Dnipropetrovsk region for the first time in the three-year-plus long war, marking a significant territorial escalation amid stalled peace talks.

Former Russian President Dmitry Medvedev said the advance serves as a warning to the Zelensky government to accept “realities on the ground.”

The full social media statement said that “Those who do not want to recognize the realities of the war at negotiations, will receive new realities on the ground.”

A the same time the Russia’s army published photos showing troops raising the Russian flag over the village of Zorya in the Donetsk region, in an area close to the internal border with Dnipropetrovsk oblast, amid the westward push.

Russia’s defense ministry on Sunday further announced that forces from a tank unit had “reached the western border of the Donetsk People’s Republic and are continuing to develop an offensive in the Dnipropetrovsk region.”

Troops raising Russian flag over the westernmost building in the village of Zorya in the Donetsk region:

Ukrainian military personnel previously told AFP that Russia could advance relatively quickly in the largely flat region, given there were fewer natural obstacles or villages that could be used as defensive positions by Kyiv’s forces.

The region and in particular the city of Dnipro — have been under persistent Russian strikes since Moscow invaded in February 2022.

Russia used Dnipro as a testing ground for its “experimental” Oreshnik missile in late 2024, claiming to have struck an aeronautics production facility.

The Dnipropetrovsk region had a pre-war population of three million, and remains a key industrial hub, and Ukraine’s military has vowed to keep up resistance on the front lines.

In stalled peace negotiations, Moscow has demanded that Ukraine recognize that the territories of the Donbass have now been absorbed into the Russian Federation – something which Zelensky has refused to do.

Dnipropetrovsk is not among four territories formally claimed by Russia (and based on prior ‘popular referendums’ in the east) – however if Russian forces begin occupying it, this certainly could be added by Moscow the keep of the pressure and leverage on Kiev.

Massive amounts of suicide drones have been launched by Russia on Sunday, reports say…

It’s also a clear sign that the Trump-backed peace process is going no where, and has had no impact on battlefield realities whatsoever. The Trump administrition has lately made comments suggesting that it could become less interventionist in the conflict, and might wait out the fight, instead of pressuring the sides for peace.

“Sometimes you see two young children fighting like crazy, they hate each other and they’re fighting in a park,” Trump had said on Thursday while commenting on the war. “Sometimes you’re better off letting them fight for a while and then pulling them apart,” he added. This suggests the US president is frustrated and ready for a more hands off approach, but will he also cut off the flow of aid and arms to Ukraine?

end

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

Bacteria

This is a fascinating story.
There is a reason why the old saying make “food your medicine” was stated by our ancestors. This is especially true at a time in history when we are bombed daily with more toxins than ever before in everything from food to water to air.
The more drugs you use the greater the problem to return to your natural bacteria. Everything is a process that takes time. Today, we are consumed with “instant gratification”. It is why even attention spans are down to 47 seconds.
There is reason to think that being natural in approaching our own health may well hold more promise than having a drug related one.

Cheers
Robert

One attachment • Scanned by Gmail

MARK CRISPIN MILLER

BR: Pres. Lula, VP Geraldo Alckmin each rushed to hospital; NE: singer Freek has lung cancer, “no chance of recove…

BRAZIL

Lula is rushed to hospital after sudden illness in Brasilia – what is happening to the president’s health?

May 29, 2025

President Luiz Inácio Lula da Silva [79] needed urgent medical attention on Monday (26/5), in Brasilia, after presenting symptoms of vertigo caused by a labyrinthitis condition [inflammatory condition of the inner ear]. He was taken to the Syrian-Lebanese Hospital, where he underwent blood and imaging tests. According to medical bulletin, the results were within normal range. The episode again raises the alarm about the state of health of the president, who has already faced recent problems. In October 2024, he suffered a fall in the bathroom, which resulted in skull surgery in December to stem internal bleeding.

Researcher's note - March 2023: To mark the launch of the campaign, President Luiz Inácio Lula da Silva received a booster dose of the bivalent vaccine against Covid-19 [sic]. The vaccine [sic] was applied by Vice President Geraldo Alckmin, who is a medical doctor, at an event attended by health authorities and an old acquaintance of the Brazilian population, who had been missing in recent years: Zé Gotinha, a friendly, drop-shaped doll created in 1986 to make vaccination [sic] campaigns more appealing to children: Link

Link

Upgrade to paid

Vice president Geraldo Alckmin hastily admitted to hospital because he “did not feel well.”

May 30, 2025

Vice president Geraldo Alckmin [72] was hastily admitted to the Syrian-Lebanese hospital in Brasilia on Thursday (29/5). Chief Minister Sidônio Palmeira told us that Alckmin was hospitalized because he “did not feel well.”

Link

UNITED KINGDOM

British MMA star reveals ‘life or death’ health situation which made her ‘body shut down’ – as she prepares to make long-awaited return to the cage

May 10, 2025

British MMA prospect Sammy-Jo Luxton detailed a harrowing medical emergency that left her fearing for her life and almost ended her career. The Manchester Top Team-trained fighter is set to make her long-awaited PFL debut on Saturday night when the promotion travels to the SSE Arena in Belfast for the first time. Luxton had been scheduled to make her promotional debut in June of last year before undergoing a significant ordeal that threatened to put paid to a promising start to her professional MMA career. After undergoing emergency surgery for a cysts in her ovaries, the former kickboxer developed sepsis following complications with the operation. The 26-year-old was forced to into an extended hospital stay after her body temperature rose to 42C. ‘My body completely shut down, everything was a blur by that point,’ Luxton told BBC Sport. ‘That completely wiped my year out so it was about trying to build my strength up slowly but surely afterwards.’

Link

NETHERLANDS

Freek from Dutch musical duo Suzan & Freek has metastatic lung cancer: “No chance of recovery”

May 27, 2025

Freek Rikkerink (32), known to us from the Dutch musical duo Suzan & Freek, has metastatic lung cancer. He announced this together with his partner Suzan Stortelder (32) on social media. There is no chance of recovery anymore. Remarkable: in the sad news, the couple announces that Suzan is pregnant. “We hope to welcome our child together at the end of this year. We are going to enjoy the time we have been granted together for as long as possible, even though we don’t know how long that will be.” The musician couple immediately stops performing and stops all work. Their performance in the Sportpaleis on 7 June was also cancelled. The Antwerp concert hall sends an email to everyone who bought a ticket. All fans will automatically get their money back.

Link

DENMARK

TV host Tobias Hansen collapsed with cardiac arrest: Saved by his 12-year-old son

June 1, 2025

Here she was also able to report that Tobias Hansen was recovering after good help from skilled doctors and nurses as well as a cardiologist who quickly arrived at the scene. Now Tobias Hansen himself puts into words what happened on that fateful Friday, when he fell during a walk with his two sons, Mio, 2 years old, and Hugo, 12 years old – and that it was his eldest son’s quick reaction that saved his life. The TV host is immediately taken to Aalborg Hospital, and it was not until three days later that they managed to wake him up again. Tobias Hansen says that he has now had a defibrillator implanted.

Link

SERBIA

Novak Djokovic physio given emergency surgery at French Open as star left ‘concerned’

May 30, 2025

Novak Djokovic revealed his friend and physio Miljan Amanovic has undergone emergency surgery during the French Open. The 24-time Grand Slam winner reached the third round at Roland Garros by beating home star Corentin Moutet 6-3 6-2 7-6. But in the Serbian section of his press conference, Djokovic revealed: “Unfortunately, Miljan is in the hospital. He had a serious situation today and underwent surgery. I wouldn’t want to go into more detail than that. We’re all very concerned. He’s currently stable, but the situation isn’t ideal. He’ll have to stay in the hospital for a few days. We’re all worried. I hope everything will be alright.”

No age reported.

Link

INDIA

Update to our previous report:

Shocking: Top Heroine Diagnosed With Liver Cancer

May 29, 2025

Dipika Kakar [38] has boldly shared her diagnosis of Stage 2 liver cancer and the TV industry and fans are pouring in with support. Known for her roles in Sasural Simar Ka and her recent appearance on Celebrity MasterChef, Dipika shared her journey on Instagram. She said a visit to the hospital for stomach pain led to the shocking discovery of a tennis ball sized tumour in her liver which was later confirmed to be malignant.

Link

CHINA

Actress Joe Chen goes for immediate appendix surgery after diagnosis

May 30, 2025

Taiwanese actress Joe Chen was thinking about work even when she was unwell. The 46-year-old disclosed on Instagram Stories on May 28 that she had had diarrhoea and a stomachache for the past few days. When she went to the hospital, she was diagnosed with appendicitis. The actress decided to undergo an operation the same day to avoid affecting upcoming work commitments.

Researcher's Note – Appendicitis has been suggested as an adverse event of special interest post-vaccination [sic] against COVID-19 after a numerical increase in the vaccine [sic] arm of a clinical trial: Link 

An Israeli team have done a good study here on vaccine [sic] side effects. They found the following increased risk 42 days post vax: 40% Appendicitis: Link

Link

AUSTRALIA

Australian Surfer India Robinson returns after concussions and ‘debilitating’ endometriosis

June 11, 2025

India Robinson has been sidelined for close to a year to recover from repeated concussions and endometriosis surgery. In a common tale for many women, after years of unexplained pain, the 24-year-old discovered she had stage three endometriosis, and a cyst on her left ovary. Endometriosis occurs when tissue similar to the lining of the uterus grows in other parts of the body.

Link

Rugby league icon Ian Roberts shares sad diagnosis, wants Run It Straight trend banned

June 3, 2025

Rugby league icon Ian Roberts has revealed a sad health diagnosis and pleaded for the Run It Straight trend to be banned, issuing a warning about the long term effects of the controversial trend. Roberts, who became the first professional rugby league player to come out as gay 30 years ago, revealed he had recently been diagnosed with epilepsy. “There are consequences long-term,” the 60-year-old told Nine’s Today on Tuesday, reflecting on his footy career. “In the last 12 months I’ve had a bit of an issue myself. I was just recently diagnosed … with epilepsy. I reckon the damage I did to myself was not taking the shots (tackles), it was making the shots. I’m good, I just started a new process with medication which has really helped.”

Link

‘It’s rough’: Kath and Kim star has cancer

May 29, 2025

Prominent Australians are backing much-loved comedian Magda Szubanski after she revealed her diagnosis with an “obscure” cancer. The Kath and Kim star announced she had stage-four mantle cell lymphoma, describing it as a “rare and fast-moving blood cancer“. Szubanski went public with the diagnosis in an Instagram post today in which her head was shaved, saying it was in preparation for her treatment in which it would fall out. In her typical, positive style, the 64-year-old smiled and laughed throughout her video, at one point cackling as she exclaimed “what are you gonna do? I won’t sugar-coat it, it’s rough,” she wrote of her diagnosis. “But I’m hopeful. I’m being lovingly cared for by friends and family, my medical team is brilliant, and I’ve never felt more held by the people around me.”

Link

NEW ZEALAND

King’s Birthday Honours 2025: Comedian Dai Henwood on ONZM happiness after ‘heavy month’

June 2, 2025

Auckland – Dai Henwood apologises in advance for woozy replies to congratulatory messages. All going well, tomorrow he will be in surgery. The comedian with stage-four cancer has today been named an officer of the New Zealand Order of Merit (ONZM) for services to the entertainment industry and charitable fundraising. He’s super stoked. But first, “a couple of complications” to deal with. “It’s nothing major. It’s just I’ve had fluid around my heart and lungs . . . which is frustrating because the new chemo drug I’m on is actually working very well.” The operation scheduled for tomorrow is “basically draining the fluid with a view to it not coming back … unfortunately, as anyone with cancer, or associated with cancer would know, it’s never an easy road. Just as you think everything’s going great, there’s a curveball”. Henwood was heading to hospital when he received a message about the King’s Birthday Honour.

No age reported.

Link

DR PAUL ALEXANDER

‘ALL VACCINES WILL KILL YOU: FDA: Just when you thought it couldn’t get any worse…’ very important stack by 2nd Smartest Guy in the World! seems the poll suggests that FDA’s Makary is covering for

big PHARMA…what is your view? very interesting poll by 2nd! mRNA “vaccine” was non-sterilizing, & did not “ever prevented transmission, attenuated symptoms, addressed any active viral strains,

or did much anything else other than induce VAIDS while genetically modifying those that were tricked into subjecting themselves to these democide poisons — which means that now that the majority of society has been transformed into genetically modified human spike protein factories that are severely immunocompromised such that any “variant” of any common cold could quite literally kill them off, this FDA commissioner is running cover for the ongoing VAIDS epidemic that is set to wipe out ever larger swaths of the “vaccinated.”

2nd is referring to Vanden Bossche’s stack that I also posted.

Some e.g. the Green Hornet, are calling MAHA is a fraud. What is your opinion?

They say MAHA is a concocted scheme, devised ‘to preserve the mRNA platform and the billions invested in it by very bad people.’

Start here:

“The new FDA commissioner is yet another BigPharma-NWO globopedo shill that is still somehow trying to peddle the Modified mRNA slow kill bioweapon depopulation “vaccines” on certain demographics, but only because this injection is so deadly to all demographics; in other words, this Makary clown is perfectly fine with killing off oldsters, pregnant women, their unborn children, and pretty much anyone else that is already sick (i.e. “high risk”), while offering weak sauce MAHA optics for those that are unable to see through this latest con.

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

Upgrade to paid

No version of the PSYOP-19 “vaccine” ever prevented transmission, attenuated symptoms, addressed any active viral strains, or did much anything else other than induce VAIDS while genetically modifying those that were tricked into subjecting themselves to these democide poisons — which means that now that the majority of society has been transformed into genetically modified human spike protein factories that are severely immunocompromised such that any “variant” of any common cold could quite literally kill them off, this FDA commissioner is running cover for the ongoing VAIDS epidemic that is set to wipe out ever larger swaths of the “vaccinated.”

When you start to truly appreciate the full scope of this Great Reset bioterror eugenics program, you can easily realize that “experts” such as Makary are MAHA in name only; or in this particular case as one of this Substack’s subscribers recently put it, “Murder All Humans Agenda.”

by Geert Vanden Bossche

Anybody saw this one?

There you go—another incompetent weasel at the helm of the FDA. Can you believe this guy is seriously claiming that SARS-CoV-2 (SC-2) has now become seasonal and that there’s cross-immunity between JN.1 and NB.1.8.1? I mean, who actually buys into that nonsense?

As a seasoned virologist, I can confidently say: contrary to what this guy is peddling, the currently circulating SC-2 variants are anything but acting like a bunch of tame common cold viruses that magically grant each other mutual immunity!

What makes him think he’s somehow smarter than all his predecessors? And what exactly in his background qualifies him to make these sweeping, naïve claims about CoV immunology and virology? This guy reduces a highly complex, evolving immunological landscape into soundbites that wouldn’t pass a high school biology class.

Then he has the nerve to start ranting about mutation rates—comparing CoV to influenza—while completely missing the point. It’s not about raw mutation rates, it’s about immune selection pressure highly Covid-19 (C-19) vaccinated populations are exerting on the virus. How does he not get that?

And don’t even get me started on his mind-blowingly reckless decision to only pull the plug on C-19 shots for healthy kids and pregnant women — but somehow still not have the guts to ban these useless vaccines outright for everyone else. What’s he waiting for?

That compromise alone should disqualify him from any role involving public health. If anything, the last four years have made one thing crystal clear: these vaccines are neither safe nor effective and only accelerate immune escape and immune dysfunction in C-19 vaccinated populations. But hey, if SC-2 is now “just the fifth common cold virus,” why are we even still talking about C-19 vaccines? We don’t vaccinate against the other endemic CoVs, do we?

And then this genius claims that pregnancy is a medical risk factor for severe C-19 disease. Seriously? I’d suggest he switch careers and study veterinary medicine—at least then he’d learn that pregnancy is a normal physiological state in every female mammal in the wild. When will we finally stop treating human pregnancy as if it’s some kind of abnormal, borderline pathological condition? This is beyond ridiculous. But, guys, no need to panic — the patient can always “just consult their doctor”!! As if that has led to anything remotely rational or helpful in the past four years. Give me a break!

This guy isn’t restoring public confidence or trust —he’s doing the opposite. His hollow rhetoric is only making people more confused. And now he’s suggesting we run randomized clinical trials in children to investigate whether the data would support C-19 vaccine recommendations for healthy kids or pregnant woman? What a joke. Any such trial would be so irrelevant it borders on insulting science itself. The level and type of viral exposure, as well as the nature of immune protection, depend on the evolutionary dynamics of the virus and the collective immunity within a given population. You can’t simulate that in a hand-picked clinical trial group of children or pregnant women! OMG!

Conclusion: Makary should pack up and head back to the operating room—or at least any space where his opinions don’t affect public health. Because frankly, he’s out of his depth.

Very curious to see what the opinions of this Substack’s readership is regarding the new FDA frontman:

POLL

Was Makary installed as FDA commissioner because…?

he is out of his depth? 11%

he is covering for BigPharma? 89%”

NEWS ADDICTS

NEWSWIZE

LATEST NEWS

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DOJ Official Drops Bombshell Biden Pardon RevelationFormer President Joe Biden hand-signed only one pardon during his final weeks in office, and it was for his son, Hunter Biden, considered his most controversial act of clemency.The Justice Department is now reviewing the full list of pardons issued by Biden.This comes amid scrutiny of his use of an autopen to authorize clemency documents and rising questions about his …READ MORE

EVOL NEWS

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

OPEC Oil Production Fell Short Of OPEC+ Target In May

Monday, Jun 09, 2025 – 12:45 PM

By Charles Kennedy of OilPrice.com

OPEC’s crude oil production in May increased less than called for in the OPEC+ agreement which had a large output hike planned for last month.

All 12 OPEC members produced 26.75 million barrels per day (bpd) in May, up by 150,000 bpd from April, a Reuters survey showed on Monday.

The five OPEC members that have pledged cuts in the OPEC+ agreement and are now gradually unwinding these cuts had to raise their combined output by 310,000 bpd. But they only lifted production by 180,000 bpd, according to the Reuters survey of data from oil-flow tracking companies and sources at OPEC, oil firms, and consultants.  

That’s because Iraq made cuts to compensate for previously chronic overproduction and Saudi Arabia and the United Arab Emirates (UAE) raised output by less than their targets, the Reuters survey found.

Saudi Arabia made the largest hike in May compared to April. OPEC’s top producer and de facto leader, and leader of the OPEC+ alliance, raised output by 130,000 bpd, per the survey.

That’s not unusual as Saudi Arabia had the largest share of cuts.

OPEC+ producers who have made cuts in the previous three years are now unwinding these at a pace of 411,000 bpd in May, June, and July.

The OPEC+ group earlier this month decided it would boost July production by another 411,000 bpd, citing “current healthy oil market fundamentals and steady global economic outlook.”

In a note on Monday, commodity analysts from Morgan Stanley said the 411,000 barrels daily that OPEC+ said it would add to oil production in May did not materialize.

“Notwithstanding the around 1 million-barrel-a-day increase in production quotas between March and June, an actual increase in production is hard to detect,” the team, led by Martijn Rats said in the note, as quoted by Bloomberg.

“Notably, it does not appear that production in Saudi Arabia has ramped up significantly,” according to Morgan Stanley.

Still, the bank believes that OPEC+ would add some 420,000 bpd to its crude production between June and September, tipping the market into a surplus.

END

Oil Prices Could Spike On Coming CTA Short Covering: BofA

Monday, Jun 09, 2025 – 05:45 PM

Commodity CTAs could soon begin covering their huge oil short positions, driving prices higher, according to the latest report from Bank of America’s Equity Derivatives team (full note available to pro subscribers).

The sudden buying demand in the crude futures market has the potential to lead to a short-term rally in oil prices if CTAs rush to short covering.

Looking to this week, “the greater risk from CTA flows could come from short covering in Oil”, BofA’s Benjamin Bowler wrote who noted that medium to long-term trend followers are short Crude Oil (CL) in size, with longterm models stretched even more so.

“Our model expects covering to accelerate from 64.9 to 71.4 on the front CL future. In other commodities, CTAs remain long Gold, Soybean Oil, and short Soybean Meal in size. Soybean Oil longs could see unwind pressure in the 46.1 to 43.9 range.”

Last week, oil prices lodged another weekly gain, despite the announcement from OPEC+ that the group would continue to boost production in July with another 411,000-barrels-per-day hike. Geopolitical events and the U.S. jobs report on Friday boosted prices, while wildfires in Canada continued to provide support.

Speculators raised their net long position in oil futures, with buying dominated by fresh buying in NYMEX WTI futures, ING’s commodities strategists Warren Patterson and Ewa Manthey said on Monday.

Early on Monday, oil prices were up by about 0.5%, with Brent above $66 and WTI rising to $64.85 per barrel.

“The US market has been more constructive recently, which is also reflected in the narrowing of West Texas Intermediate’s (WTI) discount to Brent,” ING’s strategists said today.

Renewed U.S.-China trade talks also supported oil prices.  

Last week, HSBC said its forecast that Brent Crude prices would remain around $65 per barrel later this year could be too optimistic as OPEC+ continues to raise production, which will result in a bigger-than-expected surplus after the summer ends.

Currently, the market is fairly balanced, and peak summer demand will support the large OPEC+ increases already announced for June and July. But the hikes after the third quarter – when peak demand season would have ended – will raise the surplus on the market to higher than previously expected levels, HSBC said.

Banks have divergent opinions about whether OPEC+ will proceed with easing the cuts.

Goldman Sachs, for example, expects OPEC+ to make its final production hike in August at the now-standard level of 411,000 barrels daily.

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE

INDIA

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

EURO/USA: 1.1422 UP 0.0030 PTS OR 30 BASIS POINTS

USA/ YEN 144.26 DOWN 0.508 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 1.3559 UP .0043 OR 43 BASIS PTS

USA/CAN DOLLAR:  1.3673 DOWN 0.0009 (CDN DOLLAR UP 9 BASIS PTS)

 Last night Shanghai COMPOSITE UP 14.41 PTS OR 0.43%

 Hang Seng CLOSED UP 388.89 PTS OR 1.63%

AUSTRALIA CLOSED DOWN .30%

 // EUROPEAN BOURSE:    ALL MOSTLY RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL MOSTLY RED

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 388.89 PTS OR 1.63%

/SHANGHAI CLOSED UP 14.41 PTS OR 0.43%

AUSTRALIA BOURSE CLOSED DOWN 0.30 %

(Nikkei (Japan) CLOSED UP 346.96 PTS OR 0.92%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 3316.70

silver:$36.28

USA dollar index early MONDAY  morning: 98.83 DOWN .21 BASIS POINTS FROM FRIDAY’s CLOSE.

MONDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing MONDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.059% UP 1 in basis point(s) yield

JAPANESE BOND YIELD: +1.476% DOWN 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 MONDAY

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 FRIDAY 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: MONDAY CLOSING TIME 11:00 AM//

London: CLOSED DOWN 5.63 PTS OR 0.06%

GERMAN DAX: CLOSED DOWN 130.14 pts or 0.54%

FRANCE: CLOSED DOWN 13.40 pts or 0.17%

Spain IBEX CLOSED DOWN 3.20 pts or 0.03%

Italian MIB: CLOSED DOWN 140.15 or 0.35%

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 1.1427 UP 0.0035 OR 35 BASIS POINTS//

British Pound: 1.3561 UP .0044 OR 44 basis pts/

BRITISH 10 YR GILT BOND YIELD:  4.6240 DOWN 1 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.463 UP 1/8 FULL BASIS PTS

USA dollar vs Japanese Yen: 144.57 DOWN 0.202 BASIS PTS

USA dollar vs Canadian dollar: 1.3685 UP 0.0003 BASIS PTS CDN DOLLAR DOWN 3 BASIS PTS

West Texas intermediate oil: 65.34

Brent OIL:  66.98

USA 10 yr bond yield DOWN 3 BASIS pts to 4.486

USA 30 yr bond yield DOWN 1 PTS to 4.956%

USA 2 YR BOND: DOWN 3 PTS AT  4.010%

CDN 10 YR RATE 3.357 DOWN 2 BASIS PTS

CDN 5 YEAR RATE: 2.960 DOWN 1 BASIS PTS

USA dollar index: 99.93 DOWN 21 BASIS POINTS

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

USA DOLLAR VS RUSSIA//// ROUBLE:  79.43 DOWN 1 AND 58/100 roubles

GOLD  $3330.70 (3:30 PM)

SILVER: 36.72 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 1.11 OR 0.03%

NASDAQ 100 UP 36.08 PTS OR 0.17%

VOLATILITY INDEX: 17.16 UP .39 PTS OR 2.33%

GLD: $ 306.62 UP 1.44 PTS OR 0.47%

SLV/ $33.39 UP 0.70 PTS OR OR 2.144%

TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 53.33 OR 0.20%

end

TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING

Stock Rally Fizzles As Momentum Slumps, Apple Dumps But Silver, Oil Meltup Continues

by Tyler Durden

Monday, Jun 09, 2025 – 08:08 PM

On the surface, it was another boring, low-volume, range-bound session with the intraday S&P band at just 40bps and SPX closing barely in the green (up less than 0.1% at 4pm).

… but under the surface things are moving with Momentum sliding (GSP1MOMO, -1.5%) and Beta rising (GSP1BETA, +1.2%) continuing to decouple as Momentum has become long software vs short semis; (GSPUSOSE, -3%) is the worst pair on the board today today.

The latest mega dud from Apple’s WWDC developer conference (similar to last year, when we saw the stock tumble on the conference day only to surge in the week after as massive buybacks kicked in) certainly did not help sentiment as the iPhone company still has no idea how to market and monetize AI, and comes at a time when a UBS poll found that only 17% of global respondents noted they expected to buy an iPhone over the next 12 months, the lowest reading in 10 years

Meanwhile, with tech giants frozen, it is the low quality themes that continue to top the leaderboard with the usual suspects – Non-Profitable Tech, Momentum Losers, Short Energy – all outperforming…

… as the short squeeze which Goldman identified as targeting small caps/Russell names…

… accelerates in the coming days.

If Goldman is correct that this squeeze has more room to run, here is a back test of how various indexes do after powerful short squeeze: as Goldman notes, “the current setup certainly has the makings of a continued squeeze higher”

Meanwhile, even as 0DTE flows were muted and an attempt to squeeze stocks higher fizzled after the disappointing WWDC…

… Goldman points out that call options remain active today making up 63% of all options traded – names in the most short basket, still down on the year and trade >20k options per day: SOUN, LUNR, JBLU, LCID, WULF, UPST, NVAX, MARA, RUN, RIOT … watch for more squeezy behavior

Elsewhere, with the Goldman healthcare conference starting today in Miami, the bank says that healthcare is the most active sector on the bank’s desk, with early price action and inbounds suggesting a bunch of pain points in non-therapeutics – see Hospitals (UHS, HCA, THC) down -4 to 10% on Trump Memo,  ISRG down -7% on a downgrade away discussing refurbishing risks, FTRE (+7%) and CRO short pain – all also spilling over into crowded corners of the sector – see Distributors (down 1-2%), BSX -1.5%, SYK -90%, ZBH -30 bps.

There has also been some questions around the weakness in Insurance, with more fingerpointing at Goldman’s autonomous vehicle note for the large underperformance in insurance (we will discuss this shortly). The note is a long-term thematic piece delving into risks and opportunities if autonomous vehicles become mainstream, and there’s a section on insurance: “Could the note be having an impact? Sure, but I’m pretty surprised to be honest –  we’re talking about a theme playing out in the 2030s … Also worth noting that state min. car insurance requirements apply to cars w/ driver-assist features the same way with cars without). Still, this note + overall defensive factor move combined could be it.”

• Taking a step back, the bigger picture remains familiar: no clear bias, with modest overall volumes:
• Goldman activity levels are up +2% vs the trailing 2wks, in line with mkt volumes also running up +2%
• Goldman floor paired buy vs. sell with LOs better to buy and HFs better for sale
  • Long Onlies +2% better to buy with demand for HCare, Energy, Utes and Staples is offsetting supply from Cons Disc and Comm Svcs
  • Hedge Funds are -2% better for sale and trading defensively to start the week – buying HCare, Utes and Staples; selling Fins, Energy and Tech.

In other assets, the levitation in oil continued and after hitting a multi-year low just one month ago, oil has quietly crept higher to a 2 month high. And if BofA is right that massively short CTAs are about to be squeezed, oil could go much higher too. 

After last week’s post-payroll surge, 10Y yields went nowhere as 4.50% once again appears to be a dip buying level for rates investors.

With yields unchanged, the dollar also went nowhere, but the same can not be said for bitcoin and ether both of which broke out higher. 

And finally, while gold managed to rebound from its overnight slump below 3,300 and stopped modestly higher on the day, it was silver which once again stole the show trading just shy of $37 and trading near the highest level since Sept 2011, at which point conventional wisdom is that the runway to another nominal all time high around $50 is clear.

Secure your wealth against inflation with JM Bullion.

USA DATA

Inflation Expectations Tumble As Latest NY Fed Survey Suggests Fed Late To Cut

Monday, Jun 09, 2025 – 11:42 AM

For the first time since 2024, inflation expectations tracked by the NY Fed survey of Consumer Expectations dropped across all three horizons in May.

One-year-ahead inflation expectations declined by 0.4% to 3.2%, three-year-ahead inflation expectations declined by 0.2% to 3.0%, and five-year-ahead inflation expectations declined by 0.1% to 2.6%.

The declines in median one- and three-year-ahead inflation expectations were broad-based across age, education, and income groups, so there is nothing the Marxists at UMich can say to mitigate what is clearly a renormalization of the previous ridiculous expectations for imminent hyperinflation due to tariffs which, as we have said all along, destroy demand and lead to lower prices in the long run (something which even Goldman now agrees with). Median inflation uncertainty (the uncertainty expressed regarding future inflation outcomes) also declined at the one-year horizon and was unchanged at the three- and five-year horizons.

The latest NY Fed inflation expectations are falling in line with other household-based surveys pointing to a rebound in sentiment in the wake of the announcement, even if the laughable UMichigan survey of a few confused Democrats by a few confused Marxists, still shows 1 Year inflation expectations at a record high 6.6%!

Since the beginning of the year consumers have been bracing for higher prices, even though there has so far been zero evidence prices are in fact rising; instead many business continue to internalize the price increases while Chinese suppliers have also been asked to share the pain. 

There was more good news on the inflation front: first, the survey found that median home price growth expectations decreased by 0.3% point to 3.0%. This series has been moving in a narrow range between 3.0% and 3.3% since August 2023. The decline was driven by respondents in the West and South census regions.

Also, the median year-ahead commodity price change expectations decreased by 0.8 percentage point for gas to 2.7%, 1.3 percentage points for the cost of medical care to 7.4%, 1.6 percentage points for the cost of college education to 7.5%, and 0.6 percentage point for rent to 8.4%. The only place where price expectations increased was in year-ahead food prices which increased by 0.4 percentage point to 5.5%, the highest level since October 2023.

Fed officials are closely following consumer estimates of price pressures to assess whether tariffs could lead to a persistent inflation spike. The broad-based improvements in inflation expectations suggest that the Fed is that much closer to cutting rates, confirming that once again Trump will have been correct in urging “too late Powell” to cut. 

It wasn’t just inflation expectations that improved: Americans’ views about their job prospects also improved slightly in May. The perceived probability of losing one’s job in the next year dropped 0.5%, while respondents’ likelihood of quitting voluntarily ticked up. The mean expectation that the unemployment rate will be higher one year from now decreased 3.3% to 40.8%. 

But wait, there was even more good news (ahead of the idiotic UMich report later this week): Households’ perceptions of their own finances also improved, with the share of respondents saying they will be worse off in a year declining slightly.

A smaller share of participants reported that it was harder to access credit although the average perceived probability of missing a minimum payment in the next three months dropped to the lowest since January. Also, a smaller percentage of consumers, 13.45% vs 13.94% in prior month, expect to not be able to make minimum debt payments over the next three months, the lowest level since January 2025. The decrease was driven by those with more than a high school diploma and those with household incomes over $50,000.

Some more details from the report:

• The median expected growth in household income increased by 0.1% point to 2.7% in May, while remaining well below the trailing 12-month average of 3.0%.
• Median nominal household spending growth expectations declined by 0.2% point to 5.0%, remaining just above the trailing 12-month average of 4.9%.
• Perceptions of credit access compared to a year ago improved, with a smaller share of households reporting it is harder to get credit, and a larger share reporting it is easier. Conversely, expectations for future credit availability deteriorated, with the share of respondents expecting it will be easier to obtain credit a year from now decreasing to 10.6% from 12.1%.
• The median expectation regarding a year-ahead change in taxes at current income level was unchanged at 3.3%.
• Median year-ahead expected growth in government debt increased by 0.6 percentage point to 5.4%.
• The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months decreased by 1.1 percentage points to 25.4%.

Finally, the mean perceived probability that the US stock market will be higher 12 months from now increased. 

Average perceived probability of missing a minimum debt payment over the next three months decreased by 0.5 percentage point to 13.4%, the lowest level since January 2025.

USA ECONOMIC NEWS

LOS ANGELES: SATURDAY/SUNDAY

LA out of control!

Riots Erupt At LA ICE Facility As Mexican BLM Clone Unleashes Color Revolution Operation

Saturday, Jun 07, 2025 – 09:55 AM

After failing to ignite multiple color revolution-style protests earlier this year targeting Elon Musk and President Trump over DOGE-related efforts, Democrats and their rogue NGO network appear to be at it again—this time staging a new protest movement against Immigration and Customs Enforcement officers in Los Angeles, hoping to spark another ‘Summer of Love’ nationwide riots like in 2020, when leftists used the useful idiots behind the Marxist group Black Lives Matter as a vehicle for chaos.

With BLM kicked to the curb by the Democratic Party, the Mexican version of BLM – Unión del Barrio – whose manifesto is filled with explicit Marxist and communist rhetoric—has become the next group Democrats will use as useful idiots.

On Friday, Unión del Barrio issued a call to action for the crazies on Facebook to stage a protest against “ICE Terrorists” in Downtown LA:

Emergency Protest TODAY in LA! 4:30PM

535 Alameda St LA, CA 90012

Join us to denounce ICE terrorizing our communities! Over 200 people are currently being held at this location in the basement of the courthouse. Today, there has been ICE activity all over the LA area.

LA EMERGENCY PROTEST!

535 Alameda St, LA, CA 90012

Friday, June 6, 2025 4:30PM

STOP DEPORTATIONS NOW!

ICE has hundreds of members of our community kidnapped and is holding them at this location.

Facebook posts… 

According to journalist Andy Ngo, multiple far-left groups, one being Antifa, amplified Unión del Barrio’s “emergency protest” at the “basement of the courthouse.” 

Chaos shortly erupted on the streets outside the  Edward R. Roybal Federal Building and United States Courthouse.  

A quick review of Unión del Barrio’s political program is absolutely alarming – and basically the Mexican version of BLM…

Core Beliefs & Goals:

• Opposition to U.S. imperialism, capitalism, and settler colonialism
• Advocacy for immigrant rights, against deportations and ICE raids
• Promotion of community organizing in working-class Latino neighborhoods
• Support for socialist and pan-Latino unity movements
• Education and youth empowerment through political study and activism

Action campaigns:

• Organizes rallies and protests, particularly against ICE and border enforcement
• Runs community education programs like Escuelita Aztlán
• Collaborates with other radical left-wing organizations in the U.S. and Latin America
• Frequently involved in May Day demonstrations, anti-police protests, and immigration activism

What’s clear is that Unión del Barrio operates on a Marxist-Leninist and decolonial framework that wants to destroy the West and capitalism, or more importantly, destroy America. In other words, the org is just the Mexican version of BLM.

END

LOS ANGELES/LATE SUNDAY EARLY MONDAY MORNING

Los Angeles Warzone: “Insurrectionist Mobs” Attack Cops, Set Fires, Block 101 Freeway

Sunday, Jun 08, 2025 – 09:05 PM

Watch Riots Live: 

*   *   * 

Update (1905ET):

What began as an anti–Immigration and Customs Enforcement (ICE) protest, coordinated by rogue Marxist-aligned nonprofits, on Friday night in downtown Los Angeles quickly spiraled into riots and chaos, escalating by Sunday into what sure seems like ‘insurrectionist behavior‘ against the federal government.

“Now violent, insurrectionist mobs are swarming and attacking our Federal Agents to try and stop our deportation operations — But these lawless riots only strengthen our resolve,” President Trump wrote on Truth Social. 

Trump continued, “I am directing Secretary of Homeland Security Kristi Noem, Secretary of Defense Pete Hegseth, and Attorney General Pam Bondi, in coordination with all other relevant Departments and Agencies, to take all such action necessary to liberate Los Angeles from the Migrant Invasion, and put an end to these Migrant riots.”

“Order will be restored, the Illegals will be expelled, and Los Angeles will be set free,” the president concluded.

Kyle Bass, Hayman Capital Management founder and CEO, wrote on X, “Organizing to impede the lawful execution of warrants by federal officers sure sounds like a massive RICO case. Do you think @actblue and CHIRLA has thought this through? If a group publicly announces it’s going to commit murder… doesn’t make murder any more legal.”

What appears evident is that elements within the Democratic Party—from local L.A. leaders to D.C. elites, along with the law firms behind their sprawling dark-funded leftist NGO network—are orchestrating a coordinated color revolution. The goal appears to be placing Trump in politically difficult situations to shift public sentiment against the administration. This mirrors the strategy deployed by Democrats in 2020, when Marxist nonprofits, such as Black Lives Matter, were activated and mobilized to generate widespread unrest. 

In response to the ongoing unrest in downtown Los Angeles, where it appears insurrectionist behavior is taking place by foreign nationals, including individuals in the U.S. illegally—we sought the perspective of Dr. David Asher, Senior Fellow at the Hudson Institute and a leading expert on hybrid threats and transnational networks.

Asher’s response was very straightforward: “They should be deported.” 

His statement underscores growing national security threats of illegal alien civil unrest instigated by Marxist-aligned NGOs. 

Asher’s concerns were shared by White House adviser Stephen Miller, with a post on X that read, “Look at all the foreign flags. Los Angeles is occupied territory.” 

Very well coordinated chaos by Marxist-aligned groups. 

And well funded by the taxpayer! 

Leftist militant group Antifa has entered the picture. 

Chaos unfolds into the evening. 

How does blocking traffic on the 101 Freeway advance an anti-ICE agenda? Simply put—it doesn’t. Much like the BLM riots that torched city blocks in 2020, this isn’t about helping the oppressed. It’s increasingly indistinguishable that these Marxist groups aimed at destabilizing the country. 

500 U.S. Marines were activated. 

Additional updates are expected throughout the overnight hours.

update:

Newsom Sues Trump Over National Guard Deployment As Media Calls LA Riots ‘Peaceful’

Monday, Jun 09, 2025 – 09:05 AM

Update (0900ET): Well that didn’t take long. California Governor Gavin Newsom issued a statement on X that he will be suing the Trump administration over the deployment of the National Guard to bring a halt to the violent (but ‘peaceful’) riots spreading across LA:

“This is exactly what Donald Trump wanted.

He flamed the fires and illegally acted to federalize the National Guard.

The order he signed doesn’t just apply to CA.

It will allow him to go into ANY STATE and do the same thing.

We’re suing him.”

It;s almost as if this is all scripted… but then again that sounds like a conspiracy theory, right?

*  *  *

END

UPDATE

Newsom Nightmare: CA Governor Faces ‘Criminal Tax Evasion’ Warning Amid LA Riot Chao

Monday, Jun 09, 2025 – 01:07 PM

As Los Angeles grapples with escalating riots targeting ICE agents conducting immigration enforcement operations, California Governor Gavin Newsom faces a mounting cascade of crises.

Over the weekend, Treasury Secretary Scott Bessent accused Newsom of threatening criminal tax evasion after the Democrat governor suggested withholding tens of billions of dollars in state payments to the federal government.

Newsom issued the threat after reports emerged saying that President Donald Trump plans major funding cuts to California while readying with costly fines for allowing a biological male to compete in girls’ sports and win multiple state titles.

“A Biological Male competed in California Girls State Finals, WINNING BIG, despite the fact that they were warned by me not to do so,” Trump recently wrote on Truth Social last week. “As Governor Gavin Newscum fully understands, large scale fines will be imposed!”

Newsom responded to Trump’s post, writing on X: “Californians pay the bills for the federal government. We pay over $80 BILLION more in taxes than we get back. Maybe it’s time to cut that off, @realDonaldTrump.”

Secretary Scott Bessent fired back at Governor Newsom’s threats, warning that the governor’s actions could constitute criminal tax evasion. The top Trump administration official then said that Newsom’s plan would defraud American taxpayers and leave California residents liable for any unpaid federal taxes.

“I am certain most California businesses know that failing to pay taxes owed to the Treasury constitutes tax evasion and have no intention of following the dangerous path Governor @GavinNewsom is threatening,” Bessent said on X. “I would warn state officials, including payroll managers, that federal law attaches personal liability to an attempt to evade or defeat tax.”

“Instead of committing criminal tax evasion, Governor Newsom should consider a tax plan for California that follows the Trump Tax Cuts model and reduces the onerous state tax burden to allow families to keep more of their hard-earned money,” the Treasury secretary added, branding the governor’s plan “extremely reckless.”

x.com/SecScottBessent/status/1931763599116030322?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1931763601741635816%7Ctwgr%5E9eddbd2717d4ce7768ae8baa97da156ac02df434%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fwww.z

Just days before President Trump’s social media post condemning California’s policies on transgender athletes, AB Hernandez, a transgender junior from Jurupa Valley High School, dominated the girls’ state track and field championships in Clovis. Hernandez secured gold in the high jump (5 feet, 7 inches, with no failed attempts) and triple jump (sharing first place), while earning silver in the long jump. This sparked controversy, as Hernandez shared the podium with female competitors who placed just behind her during Saturday’s finals, fueling debates over fairness in competition.

Violent anti-ICE protests escalated in downtown Los Angeles as radical demonstrators clashed with police, set vehicles ablaze, and blocked a major freeway, marking a third day of unrest on Sunday.

The turmoil surged nationwide over the weekend, with far-left agitators storming the streets of Los Angeles, New York City, and Chicago to denounce ICE’s intensified immigration raids aimed at securing the border. Undeterred, these protesters unleashed havoc, challenging law and order in America’s cities.

In Los Angeles, authorities arrested 27 individuals on Saturday as approximately 300 National Guard troops were deployed to restore control, with the first units arriving Sunday morning. Late Saturday, LAPD officials reported 10 additional arrests—including a dangerous suspect accused of hurling a Molotov cocktail—while three courageous officers sustained injuries but avoided hospitalization in the line of duty.

Consumer Debt Surges In April As Student Debt Soars

Saturday, Jun 07, 2025 – 01:25 PM

At a time when conventional media “wisdom” claims that US consumers are panicking ahead of a looming recession and aggressively reducing their spending, moments ago we got the latest consumer credit data from the Fed which confirmed none of that. In fact, one month after consumer credit came in line with expectations, the latest update of the Fed’s G 98 statement showed that in April, consumer credit growth more than doubled, from a revised $8.6 billion to $17.9 billion, the single biggest monthly increase of 2025 and the second highest going back to November 2023. In other words, far from being concerned about a recession, the US consumer is doing what they do best: spend. 

The composition was familiar: revolving credit (i.e., credit card debt) rose by $7.6BN, much more than the $1.7BN increase in March and the highest since December. 

Meanwhile, non-revolving credit jumped by $8.3 billion, the second highest monthly increase since June 2023.

Why? Well, the answer is rather bizarre because while auto loans shrank by $10 billion in Q1, the biggest quarterly decline in a decade, it was student debt, that debt which is now causing widespread defaults as millions can not afford to pay it as the moratorium is over, that unexpectedly surged by $22BN in Q1 to $1,797 billion, a new all time high.

And as an aside, for those asking whether the recent Fed rate cuts have translated into lower interest APRs on credit cards, the answer is in the next chart. Unfortunately, the answer is no, because as we said back in September while the Fed is slashing rates, none of this is translating into lower rates on consumer liabilities. 

So how realistic is it that in a time when millions of former “students” are about to start defaulting en masse, that it is student loans which are again propelling consumer spending, we keep a close eye on this series because while many expect that the student loan bubble bursting will accelerate the recession, we may be getting just the opposite as Trump takes another page from the Biden playbook and starts firehosing “student” loans to anyone with a pulse who can fog a mirror.

END

a very important read:

The Fed Is Very Worried About Tariff Passthrough Onto Prices

Monday, Jun 09, 2025 – 05:00 AM

Authored by Mike Shedlock via MishTalk.com,

The Fed, businesses, and consumers are all concerned over price hikes.

Worried About Prices?

Please consider the Atlanta Fed research article Worried about Tariff Passthrough onto Prices? So Are Business Execs.

Over the past couple of months, newswires have focused on the potential for elevated tariff rates to feed through into higher inflation and potentially affect output growth as well. Indeed, Chair Powell, in his last post-FOMC meeting press conference said, “What looks likely, given the scope and scale of the tariffs, is that…the risks to higher inflation, higher unemployment have increased.“

Recent research from economists at the Atlanta Fed suggests that if firms are able to pass through all the costs of tariffs, retail prices would increase significantly―as much as 1.6 percent (depending on how effective tariff rates evolve from here).

And even at a 50 percent passthrough rate, the impact on prices would be large enough to be felt in the aggregate (0.8 percent increase in retail prices). How plausible is full passthrough? Going back to the last episode with rising tariffs in 2018, research icon denoting destination link is offsite showed that the cost of the tariffs was almost entirely passed through onto domestic prices.

In this environment, where policy changes lead to sharp increases in costs for many firms, we were curious about how firms would respond, especially in light of a potential reduction in demand that typically accompanies a price hike. So, we turned to the Atlanta Fed’s Business Inflation Expectations survey (BIE), a monthly survey of Sixth District firms that is well positioned to ask timely questions on economic conditions facing firms. In gathering information for the April 2025 BIE survey, we asked firms about their ability to pass through increased costs caused by a new economic policy without a resulting reduction in demand.

The interesting twist in this line of questioning is the inclusion of the phrase “Based on current levels of demand.” The interpretation here is that firms are telling us how much of the cost increase they would be able to pass through to customers before it had a negative impact on demand for that good or service.

Although a diversity of views is apparent, on average firms tell us they expect to be able to pass through 51.1 percent of a 10 percent cost increase, and 47.3 percent of a 25 percent cost increase, without reducing current levels of demand. 

In sum, firms with about normal or greater-than-normal sales expect to be able to pass through more of the cost increases while maintaining the same levels of demand for their goods or services. And figure 3 shows us that those firms are more likely to be larger firms, due to their smaller sales gap compared to “normal.” In the aggregate, business executives see their current sales levels as about 8 percentage points below “normal,” which is much weaker than firms’ relative position entering 2018. In this environment, firms on average anticipate passing through a little more than half of a 10 percent cost increase without damaging demand. It’s not yet clear where the average tariff rate will ultimately settle, or how firms’ passthrough rates will evolve from here. However, it does appear that most firms anticipate sacrificing demand should they choose to fully pass a tariff-related cost increase on to customers.

Only Three Things Can Happen

1. Corporations can pass on the tariffs
2. Corporations can eat the cost
3. A combination of the above

The Results

• To the extent corporations pass on the costs, consumers will pay the tariff. That means consumers will cut back somewhere else, exhaust savings, or go into debt.
• To the extent corporations eat the costs, that’s a direct hit on corporate profits.
• If corporations misjudge how much they can pass on, they will also take a hit on profits.

Corporate Profits

If you are thinking tariffs are a huge drain on aggregate corporate profits, then you are thinking correctly.

Fed Beige Book Shows Only 3 of 12 Regions Growing, 6 Declining

On June 5, 2025, I noted Fed Beige Book Shows Only 3 of 12 Regions Growing, 6 Declining

This report reeks of stagflation, defined as rising prices and recession simultaneously.

Prices

Prices have increased at a moderate pace since the previous report. There were widespread reports of contacts expecting costs and prices to rise at a faster rate going forward. A few Districts described these expected cost increases as strong, significant, or substantial. All District reports indicated that higher tariff rates were putting upward pressure on costs and prices. 

ISM Services Dips Into Contraction as New Orders and Backlogs Plunge

On June 4, I noted ISM Services Dips Into Contraction as New Orders and Backlogs Plunge

“The Prices Index registered 68.7 percent in May, a 3.6-percentage point increase from April’s reading of 65.1 percent; the index has elevated 7.8 percentage points in the last two months to reach its highest level since November 2022 (69.4 percent). This is the first time the index has recorded this high of a two-month increase since a 9.2-percentage point gain in February and March 2021. The May reading is also its sixth in a row above 60 percent.”

What caught my eye was a plunge in new orders and backlog of orders, yet prices rose 96 consecutive months and just accelerated.

Should the Fed Cut? Hike? Do Anything?

Many say the Fed should cut because jobs are slowing and so is inflation.

But on the basis of tariffs and general disagreement about the rate of inflation, many others stating the Fed should hike rates.

Those who are open to either stagflation or economic collapse don’t think the Fed should do anything.

I am in that camp with the side note the free market should set rates, not the Fed, not Congress, not the President.

Is the Fed in a Good Spot?

That’s what the Fed says. I am not in that camp.

The economy can tip either way suddenly and severely. And Trump’s tariff whipsaws don’t make the Fed’s life easy.

Fear of Making Mistakes

The Fed does not want to make a policy error in the wrong direction especially after blowing the massive inflation response to Congressional free money coupled with inane QE by the Fed.

So, the Fed cannot be proactive now, even if it wants to, due to FOMMtm

Trumpian Howls

The Fed has its Covid mistake in the back of its mind but a howling Trump in the foreground.

Trump howled about Jerome Powell again on June 4, as noted in Trump Demands Fed Rate Cut After Weakest ADP Payroll Report in 2 Years

ADP reported a slim 37,000 private payroll rise for May.

The payroll report on Friday temporarily halted the howls.

For discussion, please see Nonfarm Payrolls Rise by 139,000 Employment Declines by 696,000

The Fed may easily overreact or underreact. Right now the Fed looks like a deer in headlights.

Finally, the Fed will take a lot of criticism no matter what it does. And it will still have its recent policy mistakes in mind, while also having to deal with Trump.

Is this really a good place for the Fed?

END

VICTOR DAVIS HANSON/

USA NEWS/ANTISEMITISM..

KING NEWs

SWAMP STORIES FOR YOU TONIGHT

good idea but will never happen

(zerohedge)

Mike Lee Proposes Constitutional Amendment to Oust Congress When Deficit is Too High

Sunday, Jun 08, 2025 – 06:40 PM

Via American Greatness,

Senator Mike Lee (R-UT) has proposed a constitutional amendment that would make all members of Congress ineligible to run for reelection “whenever inflation exceeds 3%” or when the deficit exceeds 3% of gross domestic product (GDP).

The proposal revives an idea first suggested by Warren Buffett more than 10 years ago in which Buffett suggested he could “end the deficit in five minutes” by disqualifying lawmakers based on the nation’s economic health.

In a post on X, Lee wrote, “It’s better to disqualify politicians than for an entire nation to suffer under the yoke of inflation.”

Lee is among a handful of GOP Senators who have pushed back on the President Trump’s tax reconciliation and spending cuts package as it’s currently written, arguing that the measure doesn’t go far enough to reduce the national deficit.

Lee added, “Federal spending has become excessive. The resulting inflation harms Americans and weaponizes government. The Senate can make this bill better. It must now do so.”

The practicality of removing all members of Congress from office at once remains in question, as does the likelihood of how much support would be found among current lawmakers.

The House of Representatives recently passed President Trump’s “One Big Beautiful Bill” (OBBB) which now awaits the Senate’s review and possible revision.

Treasury Secretary Scott Bessent defended the Congressional spending bill, saying, “We have to bring this down gradually because we want to do two things. We want to cut and constrain spending and we want to grow the economy.”

Elon Musk, who has publicly rebuked federal lawmakers over the OBBB, calling it “debt slavery” has endorsed Buffett’s plan to fix the deficit crisis as well as pushing for greater government efficiency and accountability.

Despite internal disagreements over what other federal spending to cut, Republican leaders continue to push for completing work on the reconciliation bill in time to have it reach the president’s desk by July 4.

END

GREG HUNTER…INTERVIEWING BO POLNY

Great Undoing, AI, Silver & Jesus – Bo Polny

By Greg Hunter On June 7, 2025 In Market Analysis, Political Analysis23 Comments

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

In March, on USAWatchdog, Biblical cycle timing expert, geopolitical and financial analyst Bo Polny said, “Get ready for a wild ride in 2025 and beyond.”  Polny predicted a major Biblical event with the Angel of Death would happen on April 21.  The Pope died that day.  Polny also talked about the massive fraud and waste uncovered by Elon Musk’s DOGE, which will expose and cut off evil in America.  Now, a new scandal that is the biggest in presidential history will fully come to light this summer.  It’s the so-called “autopen scandal” in the last four years of the Biden Administration that was covering up Biden was NOT running the country.  Polny says, “It will be the Great Undoing.” Polny explains, “The Noah cycle is 40 days and 40 nights, and from the death of the Pope, that is May 31, 2025.  On that day, probably one of the greatest Tweets that was ever, ever put out by Trump. . .. It said Biden was nothing but a robot, or people were using Biden ‘clones, doubles and robotic engineered soulless, mindless entities. . .”  In essence, what is he saying in that tweet?  He’s saying the past four years was a total fraud. . .. The whole presidency would get wiped out.  This ties in with the autopen. . .. If this is proven to be true, that will nullify every single signature and every single thing that was done in four years.  Everything gets wiped out.  It would have to because the whole thing was a fraud.  This is all coming to be.  I know this sounds wild, but this is where God operates.  He operates in the impossible.  Wild things are coming.”

Polny says another upcoming turn date is July 3, 2025.  He is standing by his prediction that America will be reborn on July 4^th 2025.  Polny predicts, “Something is massively expected to change before the 4^th of July.  That is 40 weeks past the Star of Jacob event, and that is the 3^rd of July.  What does this mean?  We are all going to find out together.”

Polny has another prediction for summer of 2025.  Polny says, “The hottest summer on record is expected to happen this summer.  There will also be volcanos and earthquakes.  In addition to the actual physical heat, this is going to be the greatest heat the globalists have ever felt in their lives.  That’s the prophecy for this summer.”

In the fall of 2025, Polny says, “God is telling us we are going to watch this be fully exposed.  God is going to expose it all.  It all begins this summer and the heat will come.  They will fall in fall.  You cannot stop what is coming.”

Polny says the next level of AI will be something call Artificial General Intelligence or AGI.  Polny says, “AGI should really be called the Anti-God Intelligence. . ..  AGI will bring about the rapture.”

Polny points out summer ends on September 22, and you can expect that to be a key Biblical date in 2025.  He also predicts this is the year physical silver will hit $50 an ounce, and that will destroy the banks and the massive derivatives on silver that have been suppressing the price for years.  Polny says, “$50 silver is just the beginning of a huge bull market. . .. Gold is cheap.  Silver is on a fire sale, and it will blow vertical. . .. It will go up so fast, it will be mind-blowing.”

In closing, Polny says, “This all boils down to a battle for souls.  God loves you.  Jesus Christ loves you. . .. He wants you to be in Heaven for eternity.  Accept him as your Lord and Savior. . .. Jesus came to earth and is coming back to redeem it.  This is all happening in Biblical timing.  WWIII is not going to happen in this decade.  These are birth pains.  The end is not yet.”

There is much more in the 92-minute in-depth interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Biblical cycle expert and financial analyst Bo Polny as he talks about events and signs leading up to the events written about in the Book of Revelation in the Bible.

To order Polny’s new book called “Revelation: The Good News, Jubilee Edition, End of Days Timeline Revealed,” click here.  (Remember to use the promo code “777” to get 20% off.)

(To Donate to USAWatchdog.com click here)

After the Interview:

You can find free information on Gold2020Forecast.com.

To order Polny’s new book called “Revelation: The Good News, Jubilee Edition, End of Days Timeline Revealed,” click here.  (Remember to use the promo code “777” to get 20% off.)

If you want to see Polny’s free updated Power Point called “Events in our World are Not Political, They are Biblical,” click here.