GOLD CLOSED UP $1.30 TO $3,323.20

SILVER CLOSED DOWN $0.45 TO $36.11

GOLD ACCESS CLOSED $3348/60

Silver ACCESS CLOSED: $36.17

Bitcoin morning price:$109,460 UP 730 DOLLARS.

Bitcoin: afternoon price: $108,880 UP 150 DOLLARS

Platinum price closing UP $48.15 TO $1264.95

Palladium price; UP $11.90 TO $1077.70

END

*CANADIAN GOLD: $4,576.21 UP 17.17 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)

*BRITISH GOLD: 2472.12 UP 4.80 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025

*EURO GOLD: 2915.64 UP 0 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: 3,320.900000000 USD
INTENT DATE: 06/10/2025 DELIVERY DATE: 06/12/2025
FIRM ORG FIRM NAME ISSUED STOPPED

118 H MACQUARIE FUTURES US 6
180 H NOMURA SECURITIES 5
323 C HSBC 4
363 H WELLS FARGO SECURITI 7
661 C JP MORGAN SECURITIES 185 5
690 C ABN AMRO CLR USA LLC 11
905 C ADM 13
991 H CME 190

TOTAL: 213 213
MONTH TO DATE: 23,188

MONTH TO DATE: 22,975

JPMORGAN STOPPED 5/213

JUNE

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024: 213 CONTRACTs NOTICES FOR 21,300 OZ  or 0.6625 TONNES

total notices so far: 23,188 contracts for 2,318,800 OR 72.124 tonnes)

FOR JUNE

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SILVER NOTICES: 160 NOTICE(S) FILED FOR 800,000 OZ/

total number of notices filed so far this month : 3068 CONTRACTS (NOTICES) for 15.340 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 $1/30 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.31 TONNES OF GOLD FROM THE GLD

INVENTORY RESTS AT 935.91 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER DOWN $0.45 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: //A DEPOSIT OF 1.046 MILLION OZ INTO THE SLV// THIS IS GOING TO BE A HUGE DERIVATIVE MESS

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 472.274 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A SMALL SIZED 144 CONTRACTS TO 174,281 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS  SMALL SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS OF $0.14 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING AND WE FINALLY HAVE THE PIERCING OF $34.40 TO 34.50 SILVER PRICE BARRIER.  WE HAD A HUGE SIZED GAIN OF 756 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A 900 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO TUESDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON TUESDAY WITH SILVER’S LOSS IN PRICE, TUESDAY. THE PRICE FINISHED MILES ABOVE THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE CLOSING AT $36.56. . BUT THIS WAS COUPLED WITH ANOTHER MEGA MEGA HUGE T.A.S. ISSUANCE OF 6142 CONTRACTS ISSUED BY THE CME AND THAT SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING WELL ABOVE THE 34.40 DOLLAR MARK!!. THE NEXT LINE IN THE SAND IS THE ORIGINAL HIGH POINT OF 50.00 DOLLAR SILVER. WE HAD A HUGE  900 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR MEGA MEGA HUGE 6142 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN WEDNESDAY’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 756 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE OF $0.14. 

THE CME NOTIFIED US THAT FOR THE FIRST TWO DAYS OF THE MONTH OF MAY, WE HAD TWO CONSECUTIVE ISSUANCE OF EXCHANGE FOR RISK CONTRACTS OF 12.93 MILLION OZ. THESE EXCHANGE FOR RISKS WERE ADDED TO OUR NORMAL DELIVERY SCHEDULE. THE RECIPIENT OF THIS LARGESS IS WITHOUT A DOUBT THE CENTRAL BANK OF INDIA. LOGICALLY ONLY A CENTRAL BANK WOULD ACCEPT THIS CRAZY CONTRACT WHEREBY THE CENTRAL BANK OF INDIA TAKES THE RISK OF DELIVERY FROM A BULLION BANK WHO CANNOT GUARANTEE DELIVERY OF PHYSICAL SILVER TO THEM.

PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S ESPECIALLY SILVER IS NOW USED TO TEMPER OUR SILVER PRICE RISE OR INITIATE A RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN WITH LAST WEEK’S TRADING ON SILVER AND NOW TODAY AS SILVER PRICE ROCKETED PAST THE $34.40 BARRIER! . THE PRICE OF SILVER FINISHED TRADING AT $36.56 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 TUESDAY NIGHT/WEDNESDAY MORNING: A MEGA HUGE 6142 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. THUS EXPECT TO HAVE 2 MORE HUGE TA.S. ISSUANCES IF THEY FOLLOW THE SAME MODUS OPERANDI IN PREVIOUS GOLD ISSUANCES.

WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY  $0.14) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN OF 896 CONTRACTS ON OUR TWO EXCHANGES.

WE HAD A 900 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 9.90 MILLION OZ FOLLOWED BY TODAY’S 650,000 OZ QUEUE JUMP//NEW TOTAL STANDING ADVANCES TO 15.680 MILLION OZ!!

THUS:

INITIAL STANDING FOR JUNE: 9.90 MILLION OZ PLUS TODAY’S 650,000 OZ QUEUE JUMP = 15.680 MILLION OZ.

WE HAD:

/ TINY COMEX OI LOSS+// A 900 SIZED  EFP ISSUANCE (/ VI)  MEGA HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 6142 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A SMALL 140 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 8 DAY(S), total 7023 contracts:   OR 35.115 MILLION OZ  (878 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  35.115 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: 35.115 MILLION OZ (NOTICE EFP ISSUANCE GETTING LARGER

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A TINY SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4 CONTRACTS WITH OUR LOSS IN PRICE OF $0.14 IN SILVER PRICING AT THE COMEX// TUESDAY.,.  . THE CME NOTIFIED US THAT WE HAD A 900 CONTRACT EFP ISSUANCE  CONTRACTS: 900 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX TO LONDON  AS FORWARDS. 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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

FINAL STANDING APRIL: 19.965 MILLION OZ

AND MAY:

NEW STANDING FOR MAY FINISHES AT: 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 0.650 MILLION OZ QUEUE JUMP = 15.680 MILLION OZ

THE NEW TAS ISSUANCE TUESDAY NIGHT   (6142 ) 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 160 NOTICE(S) FILED TODAY FOR 800,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2650 OI CONTRACTS  TO 417,281 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE AN EXTREMELY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  REMOVED A SMALL 241 CONTRACTS //.

WE HAD A FAIR SIZED INCREASE  IN COMEX OI (2650 CONTRACTS) . THIS OCCURRED DESPITE OUR LOSS OF $11.80 IN PRICE// TUESDAY///.

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  $11.80 LOSS IN PRICE  WITH RESPECT TO TUESDAY’S COMEX ///. WE HAD A GOOD SIZED GAIN OF 4200 OI CONTRACTS (13.063 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 .0715 TONNES OF A QUEUE JUMP //NEW STANDING ADVANCES TO 72.886 TONNES!!. CENTRAL BANKERS ARE NOW WAITING PATIENTLY FOR THEIR DELIVERY OF GOLD VIA SLOW MOVING SHIPS.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1550 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 417,143/NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!

SILVER ALSO HAS A LOW COMEX OI OF 174,281 CONTRACTS BUT GAINING RAPIDLY!!

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4200 CONTRACTS  WITH 2650 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1550 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 4200 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1182 CONTRACTS

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS  CONTRACT(1550) ACCOMPANYING THE FAIR SIZED INCREASE IN COMEX OI OF 2650 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 4200 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 0.0715 TONNES QUEUE JUMP //NEW STANDING ADVANCES TO 72.886 TONNES./

NEW STANDING FOR GOLD, JUNE CONTRACT AT 72.886 TONNES OF GOLD.

.

 / 3) CONSIDERABLE T.A.S. LIQUIDATION , AS WE HAD 1)A  $11.80 COMEX PRICE LOSS.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH THAT GAIN IN PRICE AS WE HAD A TINY LOSS OF 596 CONTRACTS ON OUR TWO EXCHANGES // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD FOR MAY BUT SMALLER FOR JUNE!

  4) FAIR SIZED COMEX OI GAIN// 5)  FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (1550 CONTRACTS)/// FAIR T.A.S.  ISSUANCE: 1182 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: 13,436 CONTRACTS OR 1,343,600 OZ OR 41.79 TONNES IN 8 TRADING DAY(S) AND THUS AVERAGING: 1679 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAY(S) IN  TONNES  41.79 TONNES

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

THUS EFP TRANSFERS REPRESENTS  41.79 TONNES DIVIDED BY 3550 x 100% TONNES = 1.18% 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: 41.79 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 FELL BY A SMALL SIZED 144 CONTRACTS OI  TO 174,281 AND FURTHER FROM 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 900 CONTRACTS

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

JULY 900 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 900 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI LOSS OF 4 CONTRACTS AND ADD TO THE 900 E.FP. ISSUED

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 756  CONTRACTS WITH THE LOSS IN PRICE OF $0.14 THE RATS ARE FLEEING THE ARENA.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 3.780 MILLION PAPER OZ

 OCCURRED WITH OUR  $0.14 LOSS  IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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 DOWN 14.95 PTS OR 0.44%

//Hang Seng CLOSED DOWN 72.56 PTS OR 0.30%

// Nikkei CLOSED UP 123.94 PTS OR 0.32% //Australia’s all ordinaries CLOSED UP 0.81%

//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1901 OFFSHORE CLOSED DOWN AT 7.1925/ Oil UP TO 65.38 dollars per barrel for WTI and BRENT UP TO 67.03 Stocks in Europe OPENED MOSTLY RED

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN TRADING AT 7.1901 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1925 AGAINST US DOLLAR/ AND THUS WEAKER

END

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 2650 CONTRACTS TO A STILL LOW NUMBER OF 417,143 OI DESPITE OUR LOSS IN PRICE OF $11.80 WITH RESPECT TO TUESDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1550 ). WE HAD CONSIDERABLE T.A.S. LIQUIDATION WHICH ACCOUNTS FOR THE PRICE LOSS.

THE CME ANNOUNCED TUESDAY 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 GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 4200 CONTRACTS DESPITE OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON TUESDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID VERY EARLY IN THE COMEX SESSION AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!

THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT LAST MONTH OF MAY, AND JUNE CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS FAIR AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 1309 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 0.1835 TONNES EFP TRANSDFER TO LONDON = 72.814 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL QUEUE JUMPING FOR THE MONTH FOR THE MONTH: 10.4668 TONNES. OR NET QUEUE JUMPING: 10.2833 TONNES

NEW TOTAL TONNES STANDING JUNE: 72.886 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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A FAIR SIZED 1550 EFP CONTRACT WAS ISSUED: :  /AUGUST  1550 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1550 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 WEDNESDAY MORNING//TUESDAY NIGHT WAS A FAIR SIZED, 1182 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 10.4668 TONNES OF TOTAL QUEUE JUMP PREVIOUS PLUS TODAY’S SMALL .0715 EFP TRANSFER TO LONDON = 72.886 TONNES (0 EX FOR RISK)

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 $11.80/ /) BUT THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A GOOD SIZED GAIN IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION  ////TUESDAY 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

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

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /JUNE TRADING

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

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

EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH

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

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

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

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

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

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

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

JUNE ISSUANCE: SO FAR ZERO

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

WE HAVE GAINED A GOOD SIZED TOTAL OF 13.063 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 TUESDAY NIGHT’S SMALL QUEUE JUMP OF 5900 OZ OR 0.0715 TONNES OF GOLD//NEW STANDING FOR JUNE GOLD ADVANCES TO 72.886.

ALL OF THIS QUITE SMALL STANDING FOR JUNE WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $11.80

WE HAD A SMALL 241 CONTRACTS REMOVED TO THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.

NET GAIN ON THE TWO EXCHANGES 4200 CONTRACTS OR 42000 0Z (13.063 TONNES)

confirmed volume TUESDAY 167,862. contracts: poor volume////

//speculators have left the gold arena

END

UNE

INITIAL

JUNE CONTRACT MONTH

JUNE 11/2025

dealer deposits: 0 entry

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DEPOSITS/CUSTOMER

we have 0 customer entries

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withdrawals:

0 ENTRIES

adjustments: 0//

AMOUNT OF GOLD STANDING FOR JUNE

THE FRONT MONTH OF JUNE STANDS AT 458 CONTRACTS FOR A LOSS OF 1358 CONTRACTS. WE HAD 1381 CONTRACTS SERVED ON TUESDAY SO WE GAINED 23 CONTRACTS FOR 2300 OZ OR 0.0715 TONNES OF GOLD UNDERWENT A QUEUE JUMP WHERE THESE BOYS DECIDED TO TAKE IMMEDIATE 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 72.886 TONNES

JULY GAINED 127 CONTRACTS TO STAND AT 6579

AUGUST GAINED 632 CONTRACTS UP TO 316,773

We had 213 contracts filed for today representing 21,300 oz  

Today, 0 notice(s) were issued from J.P.Morgan dealer and 185 notices issued from their client or customer account. The total of all issuance by all participants equate to 213 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 5 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 (23,188 X 100 oz ) to which we add the difference between the open interest for the front month of  JUNE (458 CONTRACTS)  minus the number of notices served upon today  (213 x 100 oz per contract) equals  2,343,300 OZ  OR 72.886 TONNES to which we add 0 tonnes of gold issued under exchange for risk// total standing 72.8867 tonnes

thus the INITIAL standings for gold for the JUNE contract month:  No of notices filed so far (23,188 x 100 oz +we add the difference for front month of JUNE (458 OI} minus the number of notices served upon today (213 x 100 oz) which equals  2,343,300 OZ OR 72.886 TONNES + 0 tonnes EX FOR RISK = 72.886 tonnes

TOTAL COMEX GOLD STANDING FOR JUNE.: 72.886 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: 2,188,957.948 oz 68.085 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 37,929,966.232 oz  

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

TOTAL OF ALL ELIGIBLE GOLD 17,305,313.988 OZ  

END

REGISTERED GOLD THAT CAN BE SERVED UPON 18,435,195 oz (REG GOLD- PLEDGED GOLD)= 573.41 tonnes //

SILVER/COMEX

THE JUNE 2025  SILVER CONTRACT//INITIAL

JUNE 11

INITIAL

1 deposits into dealer accounts

1 entry

i) Into Stonex: 315,124.952 oz

total deposit 315,124.952 oz

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2 DEPOSIT ENTRIES


i) Into Int.Delaware 750,590.110 oz

ii) Into Loomis: 516,093.200

total deposit 1,266,683.310 oz oz

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withdrawals: customer side/eligible

1 withdrawal entries





i) Out of Asahi: 317,843.970 oz

total withdrawal: 317,843.970 oz

ADJUSTMENTs 2//

a) 1,501,763.530 oz totally removed from the customer account of Brinks

b) customer to dealer Stonex 62,334.738 oz

JPMorgan has a total silver weight: 214.825million oz/497.946 oz million  or 43.05%

TOTAL REGISTERED SILVER: 161.677 MILLION OZ//.TOTAL REG + ELIGIBLE. 497.946 Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE /2025 OI: 223 OPEN INTEREST CONTRACTS FOR A GAIN OF 104 CONTRACTS. WE HAD 26 CONTRACTS SERVED ON TUESDAY SO WE GAINED 130 CONTRACTS OR 0.650 MILLION OZ UNDERWENT A QUEUE JUMP IN ORDER TO TAKE DELIVERY OF PHYSICAL SILVER OVER ON THIS SIDE OF THE POND.

JULY LOST 6872 CONTRACTS DOWN TO 100,529

AUGUST GAINED 8 CONTRACTS TO 584

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 26 or 130,000 oz

CONFIRMED volume; ON TUESDAY 83,245 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 3068 X5,000 oz = 15.340 MILLION oz 

to which we add the difference between the open interest for the front month of JUNE (223) AND the number of notices served upon today (160 )x (5000 oz)

Thus the  standings for silver for the JUNE 2025 contract month:  (3068) Notices served so far) x 5000 oz + OI for the front month of JUNE(223) minus number of notices served upon today (160)x 5000 oz equals silver standing for the JUNE contract month equating to 15.682 MILLION OZ .

 New total standing:  15.682 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 167.862million 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 11  WITH GOLD UP $1.10 TODAY// SMALL CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.31 TONNEES OF GOLD OUT OF THE GLD//: /// ///INVENTORY RESTS AT 935.91 TONNES

JUNE 10  WITH GOLD DOWN $11.80 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.02 TONNEES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 936.22 TONNES

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: 935.91 TONNES, TONIGHTS TOTAL

SILVER

JUNE 11 WITH SILVER DOWN $0.45/HUGE CHANGES AT THE SLV:A DEPOSIT OF 1.046 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 472.274 MILLION OZ.

JUNE 10 WITH SILVER DOWN $0.16/HUGE CHANGES AT THE SLV:A DEPOSIT OF 1.182 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 471.232 MILLION OZ.

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.

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 472.274 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

MATHEW PIEPENBERG

2.ALASDAIR MACLEOD

Is the US in recession?

The prospects for US debt funding hang on the state of its economy. Official statistics paint a mixed picture, leaning towards the positive. But what is the real position?

Last Thursday, Adam Taggart (adamtaggart.substack.com) interviewed Joanne Hsu, who produces the University of Michigan’s prestigious Surveys of Consumers. Hsu and I quote from Adam’s Substack post, “ …reports that 2025 has seen a fast erosion of confidence across almost every dimension. People are super worried right now.” This survey is due to be published today (Wednesday), suggesting that official statistics don’t capture current economic conditions.

The US is not alone. Government spending is rising throughout the G7 and either citizens pay for it in higher taxes or currency debasement. Either way consumers are being squeezed, and their spending is suffering. But in their ivory towers, the governing establishments and their financial epigones seem divorced from this reality. They take the simplistic view, that GDP is a measure of economic activity and adjusted for inflation is the principal measure of the success or otherwise of government economic policy.

There are two faults with this view, going some way to explaining the dichotomy between surveys and statistics. The first is that GDP is only the amount of credit recorded in the statistic, and an expansion of private sector credit is not necessarily productive, particularly when it backs excessive consumer borrowing. Nor can it be a measure of economic progress, which surely is what people have in mind when they talk about growth.

Progress of any sort is immeasurable. Furthermore, over time in Western economies there has been increased spending at the cost of savings and a shift from domestic production of goods to services. Capturing these changes is a problem with all one-size-fits-all statistics, even if they were accurate in their collection which is almost never the case.

The second fault is to lump government spending in with private sector activity. Government spending is not consumer driven, like private sector demand. It is imposed. And it is paid for by taxation, detracting from private sector activity from which economic progress and national wealth spring. This is why a low tax economy advances considerably faster than a high tax economy, improving the living standards and overall wealth of a population.

Subsidiary to that second error is a budget deficit, in practice being unfunded government spending. Before Keynes published his General Theory in 1936, there was no economic justification for government deficit spending. Governments understood that their interventions in a slump should be strictly limited. But Keynes argued that when the business cycle turned down there was a role for the state to stimulate an economy by deficit spending, so long as it balanced out over the cycle.

It is the foundation stone of today’s macroeconomics, replacing the classical theory developed by a mixture of astute thinkers and practical experience since Richard Cantillion wrote his Essai sur la Nature du Commerce en Général in about 1730. Macroeconomics replaced hands-off government policy with socialising intervention. Very crudely, an expansion of unfunded government spending might save some viable businesses from going bust in a slump, but all too often it’s more about saving unviable or overindebted businesses for political reasons.

We should pass on that wider argument, simply noting that far from being a temporary tool of economic stimulus deficits have become a permanent reality. They cannot be regarded as economically stimulating any more, but they leave a legacy of unsustainable debt.

The US’s debt pile would not have grown this much if it wasn’t for the enduring belief that US Treasury debt is the most secure form of credit in the post-Bretton Woods currency system. The conviction that it would always be demanded even in a crisis has encouraged US government profligacy. Consequently, foreign ownership of US dollars and dollar-denominated assets has increased to staggering levels. The table below breaks down where this $39.6 trillion is allocated.

We must now return to our headline question as to whether the US is in recession. This is important, because if it is, then revenues to back the financing of the debt will be insufficient. Foreigners tend to realise this first, which other than geopolitical factors could explain why US treasury yields are stubbornly high and the dollar is being sold in the foreign exchanges.

As Lord Canning, prime Minister in 1827 said “I can prove anything with statistics but the truth”. You can puff up credit as much as you like by deficit spending to give the illusion of GDP growing, but if consumer sentiment is “losing confidence in every dimension” as Joanne Hsu put it the outlook is recessionary. The tax take will stagnate, not growing fast enough to service and support the growing mountain of debt obligations.

In view of the debt trap, Americans will find that despite a recession or even a slump, bond yields will have to rise for the debt to be funded. The higher they rise, the worse the debt trap becomes. It is an outlook diametrically opposed to that expected by investors. And when foreigners really do wake up to it and the consequences for the dollar, they are sure to sell down their $17.665 trillion in US equities, along with their other dollar exposures.

This truly is the signal being sent by the gold/dollar exchange rate.

Thomas Massie Introduces Bill To Audit America’s Gold Reserves

Tuesday, Jun 10, 2025 – 06:55 PM

Authored by Andrew Moran via The Epoch Times,

Rep. Thomas Massie (R-Ky.) introduced legislation on June 6 to audit gold reserves held by the United States.

Earlier this year, President Donald Trump and billionaire entrepreneur Elon Musk suggested that the administration would investigate Fort Knox, the Kentucky-based facility that stores U.S. gold reserves.

“We’re going to go into Fort Knox to make sure the gold is there,” Trump told reporters aboard Air Force One in February. “You know that we’re going to go into Fort Knox? Did you know about that?”

Several months later, the White House has not announced a formal investigation.

Rep. Massie submitted a bill—titled the Gold Reserve Transparency Act of 2025—mandating the comptroller general to conduct and publish a full audit of the nation’s gold reserves.

Co-sponsored by Reps. Warren Davidson (R-Ohio), Addison McDowell (R-N.C.), and Troy Nehls (R-Texas), the bill would grant the Government Accountability Office and third-party independent auditors access to any public or private depository where gold reserves and records are stored. This would include deep storage locations such as Fort Knox.

The bill would also require full disclosure of all gold-related transactions, such as leases, loans, sales, and swaps, over the past 50 years.

If the legislation is signed into law, the audit is projected to take up to one year and will be conducted every five years.

“Americans deserve transparency and accountability from the institutions that underpin our currency,” Massie said in a statement.

“In February, President Trump said ‘We’re going to Fort Knox … to make sure the gold is there.’ The Gold Reserve Transparency Act of 2025 will provide the full disclosure President Trump seeks and the American public deserves.”

Gold is also stored at the Denver Mint, West Point Mint, and the Federal Reserve Bank of New York. Fort Knox is typically at the epicenter of the conversation since it accounts for approximately half of the total U.S. gold reserves. Estimates suggest that out of America’s 261 million troy ounces of gold, Fort Knox holds more than 147 million.

The yellow metal has captured headlines this year.

Last month, gold prices reached an all-time high of $3,500 per ounce before paring their gains. As of June 10, an ounce of gold is trading at about $3,350.

At the state level, there have been initiatives to make gold, as well as silver, legal tender.

Florida Gov. Ron DeSantis signed legislation—Bill 999—that would recognize gold and silver coins as legal tender. The bill also exempts gold and silver coins from sales tax. Every coin must be marked with its weight, purity, and mint of origin.

Auditing Audits

CEO of Money Metals Depository Stefan Gleason said Massie’s legislation is good news.

“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,” Gleason said in a statement.

Three 1-kilogram gold bullion bars at a gold dealer’s shop, in Birmingham, England, on Dec. 13, 2023. Christopher Furlong/Getty Images

The last full audit of Fort Knox’s gold holdings was in September 1974. A physical inspection was performed by then-Treasury Secretary William Simon, who also invited congressional officials and the media to tour the location and inspect reserves.

Independent organizations have stated that the audit conducted more than 50 years ago did not compare serial numbers against official records, examine the gold bars for purity, or perform a final tally of the gold bullion.

“The history of the ‘audits’ reveals red flags: lost records and broken compartment seals without explanation or reauditing,” Jp Cortez, the executive director of the public policy group Sound Money Defense League, told The Epoch Times. “As Money Metals gold researcher Jan Nieuwenhuijs has meticulously documented, these practices wouldn’t pass muster at a private depository.”

U.S. officials, including Treasury Secretary Scott Bessent, have pushed back against claims that domestic gold holdings are not subject to audits.

In an interview with Bloomberg Television, Bessent said that the U.S. government performs an annual audit of the country’s gold reserves.

“We do an audit every year. … I can tell the American people on camera right now, there was a report, Sept. 30, 2024, all the gold is there,” Bessent said in February. “Any U.S. senator who wants to come visit it can arrange a visit through our office.”

The Treasury’s Office of Inspector General published a report in October containing its audit findings.

“In our opinion, the Schedules present fairly, in all material respects, the balances of the Department’s United Gold Reserves Held by Federal Reserve Banks as of September 30, 2024 and 2023, in accordance with U.S. generally accepted accounting principles,” the report stated.

Cortez said that Bessent might be mistaken or misled regarding the audits.

“An audit of the schedule of seals isn’t an audit of what’s inside, especially since there were issues before those compartment seals were placed. Audits are never [a] one-and-done affair anyway,” he said.

The U.S. Mint released an account summary of U.S. monetary gold reserves in September.

Other officials have informed lawmakers that the U.S. government is aware of all the nation’s gold holdings.

“And we know where it is. We know how much it is. And we know that it is there and none of it has been removed,” former Treasury Inspector General Eric Thorson said at a 2011 Subcommittee on Domestic Monetary Policy and Technology hearing.

The Epoch Times reached out to the White House and Massie’s office for comment.

3. CHRIS POWELL AND HIS DISPATCHES

Gold overtakes euro as global reserve asset, ECB says

Submitted by admin on Wed, 2025-06-11 08:46 Section: Daily Dispatches

By Olaf Storbeck and Leslie Hook
Financial Times, London
Wednesday, June 11, 2025

Gold has overtaken the euro as the world’s second most important reserve asset for central banks, driven by record purchases and soaring prices, according to the European Central Bank.

Bullion accounted for 20% of global official reserves last year, outstripping the euro’s 16% and second only to the U.S. dollar at 46%, data from an ECB report published today showed.

“Central banks continued to accumulate gold at a record pace,” the ECB wrote, adding that central banks for the third year in a row acquired more than 1,000 tonnes of gold in 2024, a fifth of the total global annual production and twice the annual amount in the decade of the 2010s. …

Central bank gold reserves, which peaked at 38,000 tonnes in the mid-1960s, rose again to reach 36,000 tonnes in 2024, according to the latest ECB numbers. “Central banks worldwide now hold almost as much gold as they did in 1965,” the ECB report said. …

For the remainder of the report:

Ironic: Dollar-enforcer IMF wants to put Zimbabwe on a de-facto gold standard

Submitted by admin on Tue, 2025-06-10 10:19 Section: Daily Dispatches

IMF Wants Zimbabwe’s Gold-Backed ZiG to Become Sole Currency

By Ray Ndlovu
Bloomberg News
Monday, June 9, 2025

The International Monetary Fund said it would like to see the ZiG “fully becoming a national currency” as it weighs whether to place Zimbabwe on a staff-monitored program.

The ZiG, short for Zimbabwe Gold, succeeded the Zimbabwean dollar in April 2024 after multiple crashes. It’s the country’s sixth attempt since 2009 to replace the dollar as the southern African nation’s main transacting currency, but is yet to succeed.

Several measures will need to be adopted to boost ZiG usage, including deepening the foreign-exchange market to ensure full price discovery, said Wojciech Maliszewski, the Washington-based lender’s mission chief, who is in Zimbabwe to review its request for a new Staff-Monitored Program. The nation’s last program ended abruptly in 2019 after the central bank printed money that fueled the collapse of the local currency. …

… For the remainder of the report:

end

Banks’ gold traders reaped $500 million as tariff panic set in

Submitted by admin on Mon, 2025-06-09 22:30 Section: Daily Dispatches

By Jack Ryan and William Shaw
Bloomberg News
via Fortune, New York
Monday, June 9, 2025

Precious metals traders at top banks including JPMorgan Chase & Co. and Morgan Stanley posted their best performance in five years in the first quarter, in part thanks to an arbitrage opportunity that sparked a rush of bullion into the U.S.

Twelve leading banks together made $500 million in revenue from precious metals in the first quarter of 2025, the second highest figure in a decade of data compiled by Crisil Coalition Greenwich. That’s approximately twice the average earnings per quarter over the past 10 years, the market intelligence firm’s data showed.

Some of the windfall came from a lucrative premium for bullion in the U.S., as fears that precious metals would be subject to tariffs prompted dealers to ship huge volumes of gold and silver into U.S. futures exchange warehouses. …

… For the remainder of the report:

end

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:STEEL

Steel Stocks Slide After US Nears Deal With Mexico To Cut Steel Duties, Cap Imports

by Tyler Durden

Tuesday, Jun 10, 2025 – 05:09 PM

After weeks of quiet, Trump’s trade deals are starting to take shape: first it is the ongoing negotiations with China which are “going well”, then we learned that an interim deal with India was largely completed, and now Bloomberg reports that in the third positive trade news of the day, the US and Mexico are closing in on a deal that would remove cut steel duties – including Trump’s 50% tariffs on steel imports up to a certain volume – in a revamp of a similar deal between the trade partners during his first term. 

The talks are being led by Commerce Secretary Howard Lutnick, and since Trump hasn’t been directly involved in the negotiations he would need to sign off on any deal.

While the agreement hasn’t been finalized, under the current terms it would allow US buyers to import Mexican steel duty-free as long as they kept total shipments below a level based on historical trade volumes. The new cap would be higher than what was allowed under a similar deal during Trump’s first term, Bloomberg sources reported, which was never a fixed figure but designed to “prevent surges.”

Following the Bloomberg report, US steel stocks moved lower: Cleveland-Cliffs dropped more than 7%, and Nucor fell more than 4%. The Mexican peso trimmed losses.

At an event on Tuesday, Mexican Economy Minister Marcelo Ebrard said he told US officials in meetings last week that steel tariffs are not justified in Mexico’s case because the US sends more steel to Mexico than vice versa. Last Friday, he posted a picture that showed him shaking hands with a smiling Lutnick in Washington.

“We are waiting for their response, because on Friday we gave them the details of Mexico’s argument and we are right,” Ebrard told reporters Tuesday. “So we are going to wait for their response which will probably be this very week.”

Last week Trump announced he would double steel duties to 50% after saying he would approve the purchase of US Steel by Japan’s Nippon Steel, a move he said would protect the domestic industry and national security. While domestic steelmakers welcome the move, end-users have urged the administration to ease the tariffs. 

The negotiations come as Sheinbaum seeks an accommodation with Trump over immigration and drug trafficking across their shared border, which the US leader has demanded Mexico halt. Homeland Security Secretary Kristi Noem accused Sheinbaum Tuesday of “encouraging” more anti-deportation protests in Los Angeles, where the US has deployed troops. Sheinbaum has called Noem’s claim “absolutely false.”

The talks also come ahead of a Group of Seven leaders summit in Canada, where the two presidents are likely to meet.

6 CRYPTOCURRENCY NEWS

ASIAN MARKETS THIS MORNING:

SHANGHAI CLOSED UP 17.50 PTS OR 0.52%

//Hang Seng CLOSED UP 187.35 PTS OR 0.78%

// Nikkei CLOSED UP 209.68 PTS OR 0.55% //Australia’s all ordinaries CLOSED UP 0.08%

//Chinese yuan (ONSHORE) CLOSED UP AT 7.1859 OFFSHORE CLOSED UP AT 7.1878/ Oil UP TO 65.24 dollars per barrel for WTI and BRENT UP TO 66.94 Stocks in Europe OPENED MOSTLY MIXED

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1859 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1878 AGAINST US DOLLAR/ AND THUS STRONGER

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

ONSHORE YUAN:   CLOSED UP TO 7.1859 (CHINESE COMMUNIST PARTY MANIPULATED)

OFFSHORE YUAN: UP TO 7.1925 (CCP MANIPULATED)

SHANGHAI CLOSED UP 17.50 PTS OR 0.62%

HANG SENG CLOSED UP 187.35 PTS OR 0.78%

2. Nikkei closed UP 209.68 PTS OR 0.55%

3. Europe stocks   SO FAR:  ALL MOSTLY MIXED

USA dollar INDEX DOWN TO  99.07// EURO FALLS TO 1.1422 DOWN 16 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +1.459//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 145.09…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now  ABOVE 17,000

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

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

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

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

3g Oil 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 DOWN TO +2.5460/Italian 10 Yr bond yield UP to 3.480 SPAIN 10 YR BOND YIELD UP TO 3.123%

3i Greek 10 year bond yield UP TO 3.285

3j Gold at $3344.50 Silver at: 36.55  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 1 /100  roubles/dollar; ROUBLE AT 78.46

3m oil into the 65 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 145.09// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.459% 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 0.8222 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9394 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: 4.488 UP 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.950 UP 1 BASIS PTS/

USA 2 YR BOND YIELD:  4.024 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 39.18

10 YR UK BOND YIELD: 4.6010 UP 2 PTS

10 YR CANADA BOND YIELD: 3.343 DOWN 1 BASIS PTS

5 YR CANADA BOND YIELD: 2.949 DOWN 1 PTS

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

2a New York OPENING REPORT

Futures Drop After US-China Trade Talks Fall Flat, CPI Looms

by Tyler Durden

Wednesday, Jun 11, 2025 – 08:25 AM

US equity futures dropped into today’s CPI print after traders weren’t moved by the US-China trade talks, which saw the two two sides agree on a framework to implement last month’s Geneva deal with few actual details.  There’s also nervousness ahead of inflation data: a hot reading would be a big risk factor for a market near record highs (see full preview here). As of 8:00am ET, S&P and Nasdaq 100 futures traded 0.2% lower but were off session lows; pre-market Mag7 names are mostly higher with TSLA (+2%) the standout after a contrite Elon Muskusk tweeted “I regret some of my posts about President @realDonaldTrump last week. They went too far.” Semis and Cyclicals are poised to outperform. In other trade news, US/Mexico were close to a deal on steel tariffs by using import caps, which would be higher than the previous cap, and would remove the 50% tariff on steel below said cap; this looks like a reversion to 2018 levels and may be a template for talks with Canada. The G7 summit will carry additional weight as we are a month away the expiration of the 90-day tariff delay, with only a US/UK framework on the tape. Elsewhere, the EU is said to see talks with the US going beyond a July 9 deadline. The yield curve is twisting steeper with 10Y yields higher, the USD is slightly higher and commodities rise with crude and gold higher after Trump told the NY Post that he’s getting “less confident” about nuclear talks with Iran; natgas and base metals also rallied with Ags are down. The key event today is the CPI report at 8:30am ET where economists expect a relatively tame number, with core inflation up 0.3% in May. Positioning suggests a hotter print will be punished more than a dovish one will be rewarded, according to JPMorgan.

In premarket trading, Tesla rose over 2% in, outperforming Magnificent 7 counterparts after Elon Musk expressed regret over his recent social-media outburst directed at Trump.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1932695486684950962&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarket-recaps%2Ffutures-drop-after-us-china-trade-talks-fall-flat-cpi-looms&partner=tweetdeck&sessionId=774a9b350e19561d8f437fec7ef5253a851ec36a&siteScreenName=zerohedge&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px

Other Mag7 moves: Alphabet -0.1%, Microsoft -0.4%, Apple little changed, Nvidia little changed, Amazon -0.4%, Meta Platforms -0.3%. Steel stocks fell as the US and Mexico close in on a deal that would remove 50% tariffs on steel imports up to a certain volume — seen to erode the advantage US steelmakers would have benefited from if imports from Mexico faced higher rates. (Cleveland-Cliffs drops 5%, Nucor -3%, Steel Dynamics -1.6%). Here are some other notable movers:

• Cleveland-Cliffs (CLF) drops 5%, Nucor (NUE) -3%, Steel Dynamics (STLD) -1.6%
• American Superconductor (AMSC) falls 16% after the grid systems provider was said to offer shares at a discount.
• Chewy Inc. (CHWY) falls 6% after the pet food company posted first quarter results.
• Dave & Buster’s (PLAY) gains 6% after commentary that sales are improving reassured analysts, even as the restaurant and entertainment company’s first-quarter results came in lighter than expected.
• Etsy (ETSY) falls 3% after the online marketplace announced a proposed private offering of $650 million of convertible senior notes
• GameStop (GME) declines 5% after the video-game retailer posted a 17% decrease in 1Q net sales.
• Getty Images (GETY) jumps 5% after Shutterstock shareholders approved their merger agreement. Shutterstock (SSTK) gains 5%.
• Lockheed Martin Corp. (LMT) slips 2% after the Air Force has cut in half its request to Congress for its signature F-35s, dealing a blow to the top US defense contractor.

Tuesday’s thinly detailed outcome of the Trump administration’s trade talks with China in London left traders and investors underwhelmed. Markets were watching whether the world’s top two economies could damp down tensions that economists say have tipped the global economy into a downturn. After some 20 hours of negotiations, US officials said both sides had established a framework to revive the flow of sensitive goods, even though the plan still needs sign-off from Trump and Xi Jinping.

“A preliminary agreement doesn’t fill me with enthusiasm in terms of this being resolved,” Guy Miller, chief market strategist at Zurich Insurance Co., told Bloomberg TV. “This is going to continue to be pushed down the line.”

On Wednesday morning, Trump tweeted that the “deal with China is done” and that “we are getting a total of 55% tariffs, China is getting 10%.”

In other trade news, a Federal Court of Appeals extended an earlier, short-term reprieve for the administration as it presses a challenge to a lower court ruling last month that blocked tariffs. Steel stocks are trading lower after Bloomberg reported the US and Mexico are closing in on a deal that would remove 50% tariffs on steel imports up to a certain volume.

Trade (non) deal aside, CPI is top of mind today. Economists expect a relatively tame number, with core inflation up 0.3% in May. Positioning suggests a hotter print will be punished more than a dovish one will be rewarded, according to JPMorgan (full CPI preview here). Economists expect a modest impact from tariff pass-through for goods that are mostly imported. They see inflation rising 0.3% from April after increasing 0.2% the previous month, excluding the volatile food and energy categories. The core CPI, which is regarded as a better indicator of underlying inflation, is seen accelerating for the first time this year — to 2.9% — on an annual basis.

The CPI report, along with producer price data due Thursday, will offer Federal Reserve officials a final look at inflation and the impact of high tariffs before they gather next week Traders are increasingly betting that policymakers will cut rates only once this year.

“It is not expected to be market-moving for now but that could increase the scope for an impact from a big surprise,” said Geoff Yu, FX and macro strategist at Bank of New York Mellon Corp. “We expect a more data-driven session as some repositioning is needed ahead of a key central bank week.”

Investors have been shifting to under-owned, riskier pockets of the market like small caps and high-beta stocks, with Nomura strategist Charlie McElligott citing a “right-tail” risk. Nasdaq has led the recent US equity gains, while technicals are becoming tricky with RSI and MACD indicators showing a bearish divergence.

Global stocks are likely to rally another 3% into the end of the year, while in Europe, there’s scope for corporate earnings to see more upgrades, according to Citigroup.

Concerns about a ballooning US budget deficit and demand for long-end bonds have caused the yield on 30-year Treasuries to spike in recent weeks. A downgrade of US sovereign debt by Moody’s Ratings last month has prompted Hong Kong pension fund managers to form a preliminary plan to sell down their holdings if the US loses its last recognized top credit rating, Bloomberg News reported Wednesday.

In Europe, the Stoxx 600 is flat as banking and basic resources lead stocks, while the retail sector is the biggest laggard, with Inditex SA falling 6.4% after Zara owner’s sales missed estimates. Here are the most notable European movers: 

• Bayer shares rise as much as 2.8% to their highest value since October as HSBC and Kepler Cheuvreux upgrade the German pharmaceutical and chemicals company to buy from hold.
• Demant shares rise as much as 4%, to the highest since Jan. 31, after the Danish company agreed to acquire hearing-aid retailer KIND Group for €700m, or around DKK5.2b, on a cash and debt-free basis.
• Quilter advances as much as 4.9%, as UBS upgrades the wealth management firm to buy from neutral and sets a Street-high target on greater conviction of a recovery in flows.
• Assura shares rise as much as 2.5% after KKR and Stonepeak made their best and final offer for the healthcare property group.
• European mining shares are among the best-performing sectors in the Stoxx 600 benchmark, as iron ore and base metals gain after the US and China agreed to a preliminary plan to ease trade tensions.
• Inditex shares drop as much as 6.4%, the day’s worst-performer in the Stoxx 600 Index, after the Spanish retailer reported a muted start to the second quarter and warned that foreign-exchange headwinds could have a large impact on results this year.
• Fuller Smith & Turner shares slip as much as 2.2% after the pub and hotel operator issued a trading update. Peel Hunt downgraded the stock, noting that growth in the group’s like-for-like sales eased slightly in the first weeks of fiscal year 2026, after a “strong year.”
• Deutsche Boerse shares drop as much as 2.8% to trade at a six-week low after being downgraded by UBS, with analysts arguing there is limited room for further consensus upgrades or multiple expansion.
• Ibstock shares plunge as much as 18%, the most since 2016, after analysts warned the building materials supplier’s higher costs and lower pricing has led to a weaker earnings outlook for this year.
• Technoprobe shares drop as much as 8.6% to €6.9, after the Italian chipmaker’s main shareholder T-Plus announced the sale of a 1.53% stake at a price of €7 per share.
• GlobalData shares fall as much as 17%, the most since January 2009, after the analytics firm announced that it has terminated discussions with private equity firm ICG over its possible cash offer.

Asian stocks rose, with sentiment lifted by a preliminary deal between the US and China to de-escalate trade tensions. The MSCI Asia Pacific Index rose as much as 0.4%, on track for a third day of gains. Chip stocks provided the biggest boost after TSMC posted a 40% increase in May revenue, in a sign of resilient AI demand. Most regional gauges were in the green. Chinese equities led gains in the region, with the onshore benchmark CSI 300 Index climbing 0.8%, the most in nearly a month. The Hang Seng China Enterprises Index gained as much as 1.4%. South Korea’s Kospi rose 1.2%, capping a sixth-straight daily advance. Risk-on trades got a lift after negotiators from the world’s two largest economies said they had agreed on a framework on how to implement the consensus reached in their prior round of discussions. Officials at the talks in London are expected to take the latest proposal back to their respective leaders in Washington and Beijing.

In FX, the Bloomberg Dollar Spot Index is little changed. The euro and Swiss franc are the best performing G-10 currencies, rising 0.2% each. The kiwi is the laggard with a 0.2% fall.

In rates, treasuries decline ahead of CPI data, following a bigger drop for UK gilts, where focus is on fiscal policy ahead of Chancellor Rachel Reeves’ spending review. US session includes May CPI data and 10-year note auction.  US yields are 1bp-4bp cheaper across a steeper curve, with 2s10s and 5s30s spreads unwinding most of Tuesday’s flattening move. 10-year near 4.50% is ~3bp cheaper on the day; German counterpart is comparable; Gilts lead a selloff in European government bonds, pushing UK 10-year yields up ~6 bps to 4.60%. Bunds pare declines after solid demand at a 10-year auction. 

In commodities, spot gold climbs $14 to around $3,337/oz. Oil prices swing, with WTI now up 0.9% to around $65.50. 

Bitcoin finds itself in the red this morning, specifics for the space light after a handful of equity-related updates for the complex overnight.

To the day ahead now, and as we previewed earlier, look out for the US May CPI release as well as the federal budget balance data. Also worth mentioning that the US 10-yr treasury auction will be held. We’ll also get the Canada April building permits. In terms of central bank speakers, we’ll hear the ECB’s Lane and Cipollone speak. Earnings include Oracle and Inditex

Top Overnight News

• The US and China agreed on the outlines of a plan to revive the flow of sensitive goods. Howard Lutnick said Beijing pledged to speed up rare earth metal shipments, while Washington would ease some export controls. The agreement still needs approval from Donald Trump and Xi Jinping. BBG
• Los Angeles Mayor said they declared a local emergency and a curfew for Downtown Los Angeles from 8pm-6am which is expected to last several days.
• Tesla (TSLA) CEO Musk posts “I regret some of my posts about President Trump last week. They went too far.”
• The US Court of Appeals Tues night ruled that Trump’s IEEPA tariffs (which includes the 10% baseline, the suspended reciprocal tariffs, and the fentanyl tariffs on Mexico, Canada, and China) will stay in place for the duration of the appeals process, but with the case expedited with oral arguments scheduled for Jul 31. Court of Appeals
• EU hopes to have a tentative framework agreement in place by the Jul 9 reciprocal tariff suspension deadline, but warns that a full deal will require more time. BBG
• The US and Mexico are closing in on a deal that would remove President Donald Trump’s 50% tariffs on steel imports up to a certain volume, according to people familiar with the matter, a revamp of a similar deal between the trade partners during his first term. BBG
• Oil rose after Trump told NYP that he’s getting “less confident” about nuclear talks with Iran. Benchmark Treasury yields and gold rose. BBG
• Senate Republicans back off plans to make changes to Medicare in the reconciliation bill. Politico
• Tesla set June 22 as a tentative launch date for its robotaxi service. BBG
• Japan’s PPI cools by more than anticipated, coming in at +3.2% Y/Y (vs. the Street +3.5% and down from +4.1% in Apr). BBG

Market Snapshot

• S&P 500 mini -0.1%
• Nasdaq 100 mini little changed
• Russell 2000 mini +0.2%
• Stoxx Europe 600 +0.1%
• DAX +0.4%
• CAC 40 +0.4%
• 10-year Treasury yield +2 basis points at 4.49%
• VIX little changed at 16.98
• Bloomberg Dollar Index little changed at 1210.19
• euro +0.1% at $1.144
• WTI crude little changed at $65.01/barrel

Trade/Tariffs

• US Commerce Secretary Lutnick said they have reached a framework to implement the Geneva consensus and the outcome from the leaders’ call on June 5th, while he added that they are going to go back and see if US President Trump approves it and if approved, they will implement it. Lutnick noted the idea behind this is to increase trade with China with the framework the first step and they had to get the negativity out. Furthermore, he said they expect the rare earths and magnets issues will be resolved in this framework and he reiterated that they reached a framework to implement the agreements reached.
• USTR Greer said they are focused on full compliance and don’t have another meeting scheduled but added they are in constant contact with China and are moving as quickly as they can. Greer stated that they feel positive about engaging with the Chinese and expect to see progress from China on fentanyl, while he noted it is up to the President whether the deadline gets extended.
• Chinese Vice Commerce Minister Li Chenggang said talks with the US had involved in-depth exchanges and communication had been rational and candid, while the two sides reached a consensus regarding the Geneva meeting. Li added he will report on the framework to leaders and hopes the progress is conducive to increasing the trust between China and the US.
• Chinese Foreign Ministry spokesperson Lin says no information to offer on US-China meeting in London.
• China Vice Premier, on China-US talks in London, says China’s stance on trade issues with the US is clear and consistent; China not willing to fight but not afraid to fight; vows to reduce misunderstanding with the US. Both sides should enhance consensus. Both sides should jointly safeguard the hard won outcome from the dialogues. Both sides should maintain communication. Should push for stable and long-term China-US trade and economic ties. China is sincere in trade and economic consolations but has its principle.

A more detailed look at global markets courtesy of Newquawk

APAC stocks were mostly higher amid the recent trade-related optimism stemming from the US-China trade talks in London which have now concluded and where officials reached a framework to implement the Geneva consensus and outcome from the recent Trump-Xi call. ASX 200 advanced to print a fresh record high in early trade before paring some of the gains amid little fresh catalysts. Nikkei 225 marginally benefitted from recent currency weakness and softer-than-expected PPI data. Hang Seng and Shanghai Comp gained following the progress in US-China trade talks, albeit with the upside in the mainland capped given the lack of solid details.

Top Asian News

• Hong Kong Financial Secretary Chan said expect equity markets to continue to be strong and the IPO pipeline remains strong.
• BoJ Governor Ueda said markets’ risk adverse moves are subsidising somewhat but uncertainty is very high, according to a cabinet member; Ueda said the BoJ will continue to scrutinise market moves, and its impact on the economy. Told those in the Monthly economic report: that domestic financial conditions remain accommodative

European bourses are generally marginally firmer, EuroStoxx 50 +0.2%, defying indications for a slightly softer cash open. However, this comes with the exception of the IBEX 35 -0.8%, given marked pressure in Inditex (-3.3%).
Sectors are mixed with Retail -1.0% the laggard given the above Inditex action. Basic Resources, Tech, Consumer Products & Services all benefit from the US-China updates. Stateside, futures are modestly into the red with subdued trade despite the framework agreement between US-China officials as we now await the response from President’s Trump & Xi; ES -0.3%. Attention in the meantime firmly on CPI. NVIDIA (NVDA) CEO Huang says there is an inflection point happening in Quantum computing.

Top European News

• ECB and PBoC sign MoU on cooperation in the field of central banking, according to a press release.
• BoE confirms re-calibration of indexed long-term repo operation.
• ECB’s Vujcic says he’s looking for more clarity on the trade front.
• ECB’s Kazaks says it is “quite likely” that 2% inflation will require some further cuts for fine tuning, via Econostream on X; market pricing of one or more cut is not out of the realm of the baseline. May at some point go into accommodative territory. So far, seems the deflationary effect of trade tensions could dominate, but the final outcome is open.
• ECB’s Lane says last week’s rate cut will guard against any uncertainty about the Bank’s reaction function by showing they are committed to returning inflation to target; conditions today are far more favourable for blue EU bond issuance on prudent scale.
• UK Foreign Secretary Lammy is reportedly en-route to Brussels to sign off on UK-Spain deal over Gibraltar’s post-Brexit future, via Telegraph’s Barnes.

FX

• DXY has seen a bit of two-way action this morning. Initially contained in the wake of US-China talks before coming under a little bit of pressure and losing 99.0 to the downside as EUR and GBP picked up. Nonetheless, the index remains within yesterday’s 98.86-99.39 range.
• EUR unreactive to ECB officials this morning with macro drivers for the bloc light. Latest ECB wage tracker was hawkish but sparked no move. Given US CPI shortly, the USD-side of the equation will likely dictate the Single Currencies fortunes, currently in Tuesday’s 1.1373-1.1447 band.
• JPY a touch softer, USD/JPY holding above 145 in a 144.66 to 145.24 band. Japanese PPI metrics printed softer-than-expected overnight, which is also adding to the weakness in the JPY. Handful of remarks from Ishiba recently, though no follow through just yet.
• Cable unable to recoup much of the lost ground seen in the wake of yesterday’s soft UK jobs report which sent the pair to a 1.3457 session low. Currently just about in the green against the USD, holding at 1.35.
• PBoC set USD/CNY mid-point at 7.1815 vs exp. 7.1801 (Prev. 7.1840).
• JPMorgan revises USD/CNY target to 7.15 (prev. 7.30), cites moderating tariff risks and de-dollarisation theme, expects “gentle downtrend” to 7.10 by Q2 25.

Fixed Income

• Fixed benchmarks pressured across the board. Gilts the underperformer after Tuesday’s session of pronounced gains. Gilts opened softer by a handful of ticks, before extending to current losses of c. 30 ticks; marginal pressure around supply, largely awaiting the Spending Review.
• Aside from ECB speak, which has not influenced price action, updates for EGBs have been light. Bunds in the red by around 15 ticks, but still higher by around 40 ticks WTD.
• USTs softer but, compared to the above, are much closer to the unchanged mark. As we await updates from the US and/or China President, CPI and then 10yr supply (3yr passed without impact). Amidst this, yields firmer across the curve which is slightly steeper.
• UK sells GBP 4.25bln 4.50% 2035 Gilt: b/c 2.98x (prev. 3.13x), average yield 4.588% (prev. 4.673%) & tail 0.3bps (prev. 0.3bps).
• Germany sells EUR 2.336bln vs exp. EUR 3.0bln 2.50% 2035 Bund: b/c 2.7x (prev. 2.4x), average yield 2.54% (prev. 2.66%) & retention 22.13% (prev. 23.7%).
• Hong Kong pensions intend to cut USTs if the US loses its AAA grade, via Bloomberg.
• PIMCO’s fixed income CIO Balls said, on BBG TV, the five to ten year part of the US curve is where you would want to be. Adds, Japan looks like an opportunity. On today’s UK Spending Review, Balls remarked that it should not be a significant market event.

Commodities

• Initially, a mild upward tilt across the crude benchmarks after Tuesday’s declines. However, the complex returned to earlier lows amid commentary from the Iranian Foreign Minister on the potential for a nuclear agreement this weekend.
• WTI Jul moved to the bottom of a USD 64.60-65.68/bbl range while Brent Aug sits in a USD 66.47-67.10/bbl parameter on the above; since, the benchmarks have bounced and are now marginally firmer once again. Potentially picking up as Trump says he is less confident about an Iran deal, speaking with the NY Post.
• Spot gold gradually edges higher but just about remains within yesterday’s parameters after recent choppy performance and with US CPI on the horizon.
• Base metals mixed, copper struggled for direction overnight awaiting US-China developments. Elsewhere, a handful of production updates from Codelco, Collahuasi, Escondida and China also factoring.
• US Private Inventory Data (bbls): Crude -0.4mln (exp. -2mln), Distillates +3.7mln (exp. +0.8mln), Gasoline +3.0mln (exp. +0.9mln), Cushing -0.7mln.
• Chinese steel production is expected to decline by 4% in 2025, according to the China Iron and Steel Association.

Geopolitics

• Iranian Foreign Minister “As we resume talks on Sunday, it is clear that an agreement that can ensure the continued peaceful nature of Iran’s nuclear program is within reach—and could be achieved rapidly.”. Thereafter, US President Trump is less confident about the Iran deal, according to a New York Post podcast interview.
• Iranian Foreign Minister says “Trump’s position on Iran’s possession of nuclear weapons could form the basis of the agreement “, according to Al Arabiya.
• US Secretary of State Rubio said the US condemns sanctions imposed by the governments of the UK, Canada, Norway, New Zealand, and Australia on two sitting members of the Israeli cabinet. Rubio also stated that Israel sanctions do not advance US-led efforts to achieve a ceasefire, bring all hostages home, and end the war, while he added that the US urges a reversal of the sanctions.
• “Iran’s Defense Minister warns on US officials’ threats of conflict should negotiations falter: We hope for successful talks, but if conflict is imposed on us, Iran will respond decisively, targeting all US bases in host countries.”, via Journalist Aslani.
• “Iran successfully tested a missile equipped with a two-ton warhead last week”, according to Iran International citing the Iranian Defence Minister.

Economic Data 

• 7:00 am: Jun 6 MBA Mortgage Applications 12.5%, prior -3.9%
• 8:30 am: May CPI MoM, est. 0.2%, prior 0.2%
• 8:30 am: May CPI Ex Food and Energy MoM, est. 0.3%, prior 0.2%
• 8:30 am: May CPI YoY, est. 2.4%, prior 2.3%
• 8:30 am: May CPI Ex Food and Energy YoY, est. 2.9%, prior 2.8%
• 2:00 pm: May Federal Budget Balance, est. -314b, prior -347.13b

DB’s Jim Reid concludes the overnight wrap

I have a dark secret I’m holding onto at the moment. It’s my birthday tomorrow and over the weekend our family photo stream had pictures of one of my presents. My wife is not as tech savvy as she could be. A voucher for a round with Rory Mcllroy? No sadly, but instead a portrait for my office (I assume) of our dog Brontë swinging a golf club dressed in plus fours. It’s very amusing and cute. I will show surprise and gratitude tomorrow. If I do a WFH webinar again no doubt I’ll show you all and you can smile or shake your head with horror. 

Overnight, US and Chinese negotiators have said they’ve agreed on a framework of how to implement the agreement reached at talks in Geneva last month. The main details came from Commerce Secretary Lutnick, who said that “We do absolutely expect that the topic of rare earth minerals and magnets” will be resolved and that export controls implemented by the US should come down as China approves relevant export licenses. China’s trade representative Li Chenggang said that the US and Chinese delegations will now take the proposal back to their respective leaders, with Lutnick noting that “once the presidents approve it, we will then seek to implement it”. At the same time, there was no evidence of progress on topics such as the fentanyl-related 20% tariffs on China that the US has implemented since February. So while the mood music has stayed positive, investors may be wary of the pattern that emerged during the previous US-China trade talks in 2018-19, when apparently constructive in person meetings seemed to take a step back as the negotiating teams returned to their capitals. So there’s perhaps a little disappointment this morning that we haven’t yet got a bigger announcement, even though there’s time to hear the full conclusions of the meeting. 

In other trade news last night, the US Court of Appeals extended its temporary reprieve for the administration’s tariffs that had been blocked by the US Court of International Trade in late May, as it scheduled arguments in the case for July 31. So that leaves wide-ranging tariffs imposed under the International Emergency Economic Powers Act in place, while confirming that the legal uncertainty over their use will remain unresolved until well after the July 9 deadline for the reciprocal tariff delay. Separately, Bloomberg reported yesterday that the US and Mexico are close to a deal that would remove 50% of steel imports from Mexico up to a certain quota, adding to the sense that sectoral tariffs are up for negotiation in US talks with trading partners.

Turning to yesterday’s market moves, given the focus on export controls that have affected chips and rare earth metals, and the hope the restrictions would be eased, semiconductor and technology stocks benefited, helping to lift US equities more broadly. For instance, the Philadelphia Semiconductor Stock Exchange (+2.06%) continued to rally on the hope for a positive outcome, advancing for the third consecutive day. Similarly, the Mag-7 also advanced +1.29% thanks to Tesla’s (+5.67%) continued recovery as well as decent gains for Alphabet (+1.43%) and Meta (+1.20%). And chipmaker TSMC was up +3.98% after the company reported monthly sales that climbed +39.6% in May.

Another notable story yesterday was a Bloomberg report that Treasury Secretary Bessent was being considered as a potential successor to Powell as Fed Chair. However, the report acknowledged that formal interviews for the role have not yet begun, and later in the day the White House denied that Bessent was a contender for the Fed job. The story follows comments by Trump last Friday that the decision on the next Fed Chair may be “coming out very soon” and yesterday our US economists published a note with initial thoughts on the topic of Powell’s replacement.

Looking forward, the focus will now turn back to inflation, with the May CPI results coming out later. Our US economists have a full preview here, and their view is that weak seasonally adjusted gas prices should continue to keep monthly headline CPI (+0.20% expected) below core inflation (+0.31% expected). A critical thing to look out for will also be the tariff pass-through, so they’ll be focusing on core goods prices, especially in categories like household furnishings and supplies categories, which saw some preliminary impact in the April data. Bear in mind that even with the 90-day tariff extension, the baseline 10% tariffs have still been in place for the entire month, and the reduction in the China tariffs from 145% to 30% wasn’t announced until May 12, so there were plenty of tariffs in place in May.

Speaking of inflation, there were fresh signs of inflationary pressure from the NFIB’s small business optimism index. In particular, a net 31% said they were planning to raise average selling prices, the highest share in over a year. But there was some brighter news, as the headline index showed that for the first time in 2025, small business had grown more optimistic, with the headline gauge up to 98.8 in May (vs. 96.0 expected), and up from 95.8 the previous month. So that points to a rebound in sentiment as the administration have dialled back tariffs in recent weeks.

Ahead of the CPI print, US Treasuries were pretty stable yesterday with an ongoing flattening of the curve. For instance, the 2yr yield (+1.6bps) moved up to 4.02%, whilst the 10yr yield (-0.4bps) fell to 4.47%, marking the flattest level of the 2s10s slope in two months. Those modest moves came amid an uneventful 3yr auction that saw $58bn of notes issued +0.4bps above the pre-sale yield. This will be followed by a 10yr auction today, and then a 30yr auction tomorrow, which will be an important focal point given recent fiscal fears.

Over in Europe, the latest UK labour market data pointed to growing weakness in Q2. In particular, the number of payrolled employees was down -109k in May (vs. -20k expected). Moreover, average weekly earnings growth fell to +5.3% in the three months ending April (vs. +5.5% expected). So that led investors to dial up the likelihood of rate cuts by the Bank of England, with the probability of a rate cut by the August meeting up to 81%. In turn, that meant gilts outperformed their European counterparts, with the 10yr yield falling -9.0bps. By contrast, there were smaller moves elsewhere, including for 10yr bunds (-4.1bps), OATs (-3.7bps) and BTPs (-5.1bps). The latest move also means the 10yr Italian-German spread edged down again to just 91.3bps, the tightest since February 2021.

European equities saw a mixed performance, with the STOXX 600 little changed (-0.02%). Defence stocks saw some pullback after their strong performance so far this year, with Rheinmetall (-5.80%), BAE Systems (-2.63%) and Thales (-3.63%) dragging European markets down. That left Germany’s DAX (-0.77%) and Italy’s FTSE MIB (-0.65%) underperforming for a second day running. On the other hand, France’s CAC (+0.17%) and UK’s FTSE 100 (+0.24%) posted modest gains, with the FTSE having been briefly on track for a record closing high intraday.

In Asia, the Hang Seng (+0.95%), the CSI (+0.82%), and the Shanghai Composite (+0.54%) are all making gains, supported by hopes for improved trade relations with the US even if S&P (-0.32%) and NASDAQ futures (-0.32%) seem a little disappointed we haven’t got more information so far. Elsewhere, the KOSPI (+0.91%) is also on the rise, reaching a new 11-month high, while the Nikkei (+0.46%) is being pulled up by tech stocks. 

Early morning data showed that producer prices in Japan increased by +3.25% y/y in May, a deceleration from a revised +4.1% rise the previous month and falling short of the market consensus of +3.5%. This marks the 51st month of producer inflation, although it is the lowest annual rate observed since last September.

To the day ahead now, and as we previewed earlier, look out for the US May CPI release as well as the federal budget balance data. Also worth mentioning that the US 10-yr treasury auction will be held. We’ll also get the Canada April building permits. In terms of central bank speakers, we’ll hear the ECB’s Lane and Cipollone speak. Earnings include Oracle and Inditex

2B European opening report

US/China reach Geneva framework, markets await CPI – Newsquawk US market Open

Wednesday, Jun 11, 2025 – 05:42 AM

• US Commerce Secretary Lutnick said they have reached a framework to implement the Geneva consensus; will return to the US to see if Trump approves.
• Chinese Vice Commerce Minister Li Chenggang said the two sides reached a consensus regarding the Geneva meeting; will report on the framework to leaders.
• European bourses are firmer this morning, though with Retail lagging; Stateside, futures are just into the red into CPI.
• DXY choppy but contained within Tuesday’s parameters so far. Fixed benchmarks pressured into CPI, Gilts lag.
• Crude has seen notable two-way action on reporting around Iran. XAU edges higher, base metals mixed. 
• Looking ahead, highlights include US CPI & Weekly Earnings, UK Spending Review, Speakers including ECB’s Cipollone, Supply from the US, Earnings from Oracle.
• Click for the Newsquawk Week Ahead.

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TARIFFS/TRADE

US-CHINA

• US Commerce Secretary Lutnick said they have reached a framework to implement the Geneva consensus and the outcome from the leaders’ call on June 5th, while he added that they are going to go back and see if US President Trump approves it and if approved, they will implement it. Lutnick noted the idea behind this is to increase trade with China with the framework the first step and they had to get the negativity out. Furthermore, he said they expect the rare earths and magnets issues will be resolved in this framework and he reiterated that they reached a framework to implement the agreements reached.
• USTR Greer said they are focused on full compliance and don’t have another meeting scheduled but added they are in constant contact with China and are moving as quickly as they can. Greer stated that they feel positive about engaging with the Chinese and expect to see progress from China on fentanyl, while he noted it is up to the President whether the deadline gets extended.
• Chinese Vice Commerce Minister Li Chenggang said talks with the US had involved in-depth exchanges and communication had been rational and candid, while the two sides reached a consensus regarding the Geneva meeting. Li added he will report on the framework to leaders and hopes the progress is conducive to increasing the trust between China and the US.
• Chinese Foreign Ministry spokesperson Lin says no information to offer on US-China meeting in London.
• China Vice Premier, on China-US talks in London, says China’s stance on trade issues with the US is clear and consistent; China not willing to fight but not afraid to fight; vows to reduce misunderstanding with the US. Both sides should enhance consensus. Both sides should jointly safeguard the hard won outcome from the dialogues. Both sides should maintain communication. Should push for stable and long-term China-US trade and economic ties. China is sincere in trade and economic consolations but has its principle.

OTHER

• US Appeals Court decided that Trump tariffs may remain in effect while the appeals proceed.
• US and Mexico are near a deal to cut steel duties and cap imports, while President Trump would need to sign off on a US-Mexico agreement, according to Bloomberg.
• China, Mexico, EU, and Japan urged the Trump administration not to impose new national security tariffs on imported planes and parts, while Boeing (BA) urged the Trump administration to ensure tariff-free treatment for aeroplanes and parts as a condition of any new trade deal.
• EU aims for US trade talks to extend past Trump’s July 9th deadline, according to Bloomberg sources; EU reportedly sees reaching an agreement on the principles of a deal by July 9th as a “best-case scenario”.
• Japanese PM Ishiba says Japan is making steady progress with the US on tariffs.

EUROPEAN TRADE

EQUITIES

• European bourses are generally marginally firmer, EuroStoxx 50 +0.2%, defying indications for a slightly softer cash open. However, this comes with the exception of the IBEX 35 -0.8%, given marked pressure in Inditex (-3.3%).
• Sectors are mixed with Retail -1.0% the laggard given the above Inditex action. Basic Resources, Tech, Consumer Products & Services all benefit from the US-China updates.
• Stateside, futures are modestly into the red with subdued trade despite the framework agreement between US-China officials as we now await the response from President’s Trump & Xi; ES -0.3%. Attention in the meantime firmly on CPI.
• ADNOC is reportedly mulling the possibility of buying some BP (BP/ LN) assets, according to Bloomberg sources; unlikely to pursue full takeover of BP.
• NVIDIA (NVDA) CEO Huang says there is an inflection point happening in Quantum computing.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• DXY has seen a bit of two-way action this morning. Initially contained in the wake of US-China talks before coming under a little bit of pressure and losing 99.0 to the downside as EUR and GBP picked up. Nonetheless, the index remains within yesterday’s 98.86-99.39 range.
• EUR unreactive to ECB officials this morning with macro drivers for the bloc light. Latest ECB wage tracker was hawkish but sparked no move. Given US CPI shortly, the USD-side of the equation will likely dictate the Single Currencies fortunes, currently in Tuesday’s 1.1373-1.1447 band.
• JPY a touch softer, USD/JPY holding above 145 in a 144.66 to 145.24 band. Japanese PPI metrics printed softer-than-expected overnight, which is also adding to the weakness in the JPY. Handful of remarks from Ishiba recently, though no follow through just yet.
• Cable unable to recoup much of the lost ground seen in the wake of yesterday’s soft UK jobs report which sent the pair to a 1.3457 session low. Currently just about in the green against the USD, holding at 1.35.
• PBoC set USD/CNY mid-point at 7.1815 vs exp. 7.1801 (Prev. 7.1840).
• JPMorgan revises USD/CNY target to 7.15 (prev. 7.30), cites moderating tariff risks and de-dollarisation theme, expects “gentle downtrend” to 7.10 by Q2 25.
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• Fixed benchmarks pressured across the board. Gilts the underperformer after Tuesday’s session of pronounced gains. Gilts opened softer by a handful of ticks, before extending to current losses of c. 30 ticks; marginal pressure around supply, largely awaiting the Spending Review.
• Aside from ECB speak, which has not influenced price action, updates for EGBs have been light. Bunds in the red by around 15 ticks, but still higher by around 40 ticks WTD.
• USTs softer but, compared to the above, are much closer to the unchanged mark. As we await updates from the US and/or China President, CPI and then 10yr supply (3yr passed without impact). Amidst this, yields firmer across the curve which is slightly steeper.
• UK sells GBP 4.25bln 4.50% 2035 Gilt: b/c 2.98x (prev. 3.13x), average yield 4.588% (prev. 4.673%) & tail 0.3bps (prev. 0.3bps).
• Germany sells EUR 2.336bln vs exp. EUR 3.0bln 2.50% 2035 Bund: b/c 2.7x (prev. 2.4x), average yield 2.54% (prev. 2.66%) & retention 22.13% (prev. 23.7%).
• Hong Kong pensions intend to cut USTs if the US loses its AAA grade, via Bloomberg.
• PIMCO’s fixed income CIO Balls said, on BBG TV, the five to ten year part of the US curve is where you would want to be. Adds, Japan looks like an opportunity. On today’s UK Spending Review, Balls remarked that it should not be a significant market event.
• Click for a detailed summary

COMMODITIES

• Initially, a mild upward tilt across the crude benchmarks after Tuesday’s declines. However, the complex returned to earlier lows amid commentary from the Iranian Foreign Minister on the potential for a nuclear agreement this weekend.
• WTI Jul moved to the bottom of a USD 64.60-65.68/bbl range while Brent Aug sits in a USD 66.47-67.10/bbl parameter on the above; since, the benchmarks have bounced and are now marginally firmer once again. Potentially picking up as Trump says he is less confident about an Iran deal, speaking with the NY Post.
• Spot gold gradually edges higher but just about remains within yesterday’s parameters after recent choppy performance and with US CPI on the horizon.
• Base metals mixed, copper struggled for direction overnight awaiting US-China developments. Elsewhere, a handful of production updates from Codelco, Collahuasi, Escondida and China also factoring.
• US Private Inventory Data (bbls): Crude -0.4mln (exp. -2mln), Distillates +3.7mln (exp. +0.8mln), Gasoline +3.0mln (exp. +0.9mln), Cushing -0.7mln.
• Chinese steel production is expected to decline by 4% in 2025, according to the China Iron and Steel Association.
• Click for a detailed summary

NOTABLE DATA RECAP

• ECB Wage Tracker: 2025 Annual 3.114% (prev. 3.055%). Quarterly: Q1 4.635% (prev. 4.64%), Q2 3.936% (prev. 3.879%), Q3 2.230% (prev. 2.133%), Q4 1.703% (prev. 1.620%)

NOTABLE EUROPEAN HEADLINES

• ECB and PBoC sign MoU on cooperation in the field of central banking, according to a press release.
• BoE confirms re-calibration of indexed long-term repo operation.
• ECB’s Vujcic says he’s looking for more clarity on the trade front.
• ECB’s Kazaks says it is “quite likely” that 2% inflation will require some further cuts for fine tuning, via Econostream on X; market pricing of one or more cut is not out of the realm of the baseline. May at some point go into accommodative territory. So far, seems the deflationary effect of trade tensions could dominate, but the final outcome is open.
• ECB’s Lane says last week’s rate cut will guard against any uncertainty about the Bank’s reaction function by showing they are committed to returning inflation to target; conditions today are far more favourable for blue EU bond issuance on prudent scale.
• UK Foreign Secretary Lammy is reportedly en-route to Brussels to sign off on UK-Spain deal over Gibraltar’s post-Brexit future, via Telegraph’s Barnes.

NOTABLE US HEADLINES

• Los Angeles Mayor said they declared a local emergency and a curfew for Downtown Los Angeles from 8pm-6am which is expected to last several days.
• Tesla (TSLA) CEO Musk posts “I regret some of my posts about President Trump last week. They went too far.”

GEOPOLITICS

• Iranian Foreign Minister “As we resume talks on Sunday, it is clear that an agreement that can ensure the continued peaceful nature of Iran’s nuclear program is within reach—and could be achieved rapidly.”. Thereafter, US President Trump is less confident about the Iran deal, according to a New York Post podcast interview.
• Iranian Foreign Minister says “Trump’s position on Iran’s possession of nuclear weapons could form the basis of the agreement “, according to Al Arabiya.
• US Secretary of State Rubio said the US condemns sanctions imposed by the governments of the UK, Canada, Norway, New Zealand, and Australia on two sitting members of the Israeli cabinet. Rubio also stated that Israel sanctions do not advance US-led efforts to achieve a ceasefire, bring all hostages home, and end the war, while he added that the US urges a reversal of the sanctions.
• “Iran’s Defense Minister warns on US officials’ threats of conflict should negotiations falter: We hope for successful talks, but if conflict is imposed on us, Iran will respond decisively, targeting all US bases in host countries.“, via Journalist Aslani.
• “Iran successfully tested a missile equipped with a two-ton warhead last week”, according to Iran International citing the Iranian Defence Minister.

CRYPTO

• Bitcoin finds itself in the red this morning, specifics for the space light after a handful of equity-related updates for the complex overnight.

APAC TRADE

• APAC stocks were mostly higher amid the recent trade-related optimism stemming from the US-China trade talks in London which have now concluded and where officials reached a framework to implement the Geneva consensus and outcome from the recent Trump-Xi call.
• ASX 200 advanced to print a fresh record high in early trade before paring some of the gains amid little fresh catalysts.
• Nikkei 225 marginally benefitted from recent currency weakness and softer-than-expected PPI data.
• Hang Seng and Shanghai Comp gained following the progress in US-China trade talks, albeit with the upside in the mainland capped given the lack of solid details.

NOTABLE ASIA-PAC HEADLINES

• Hong Kong Financial Secretary Chan said expect equity markets to continue to be strong and the IPO pipeline remains strong.
• BoJ Governor Ueda said markets’ risk adverse moves are subsidising somewhat but uncertainty is very high, according to a cabinet member; Ueda said the BoJ will continue to scrutinise market moves, and its impact on the economy. Told those in the Monthly economic report: that domestic financial conditions remain accommodative

DATA RECAP

• Japanese Corp Goods Price MM (May) -0.2% vs. Exp. 0.2% (Prev. 0.2%, Rev. 0.3%); YY (May) 3.2% vs. Exp. 3.5% (Prev. 4.0%, Rev. 4.1%)

2c) Asian report

European futures modestly lower post-US/China talks, framework to be approved by leaders – Newsquawk Europe Market Open

Wednesday, Jun 11, 2025 – 01:06 AM

• APAC stocks were mostly higher amid the recent trade-related optimism stemming from the US-China trade talks in London which have now concluded.
• US Commerce Secretary Lutnick said they have reached a framework to implement the Geneva consensus; will return to the US to see if Trump approves.
• Chinese Vice Commerce Minister Li Chenggang said the two sides reached a consensus regarding the Geneva meeting; will report on the framework to leaders.
• European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.4% after the cash market closed with losses of 0.1% on Tuesday.
• USD is broadly firmer vs. peers, EUR/USD is retaining a 1.14 handle, USD/JPY is oscillating around the 145 mark, GBP eyes the UK spending review.
• Looking ahead, highlights include ECB Wage Tracker, US CPI & Weekly Earnings, UK Spending Review, Speakers including ECB’s Lagarde, Lane & Cipollone, Supply from Australia, UK, Germany & US, Earnings from Oracle and Inditex.

SNAPSHOT

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US TRADE

EQUITIES

• US stocks finished higher as focus remained on US-China trade talks with comments from US Commerce Secretary Lutnick providing some optimism as he reiterated that trade talks are going well which underpinned stocks to fresh session highs, although gains were capped amid a lack of concrete details at the time. In terms of sectors, they predominantly closed in the green with gains led by strength in Energy and Consumer Discretionary, while Industrials lagged and was the only industry in the red.
• SPX +0.55% at 6,039, NDX +0.66% at 21,942, DJI +0.25% at 42,867, RUT +0.56% at 2,156.
• Click here for a detailed summary.

TARIFFS/TRADE

• US Commerce Secretary Lutnick said they have reached a framework to implement the Geneva consensus and the outcome from the leaders’ call on June 5th, while he added that they are going to go back and see if US President Trump approves it and if approved, they will implement it. Lutnick noted the idea behind this is to increase trade with China with the framework the first step and they had to get the negativity out. Furthermore, he said they expect the rare earths and magnets issues will be resolved in this framework and he reiterated that they reached a framework to implement the agreements reached.
• USTR Greer said they are focused on full compliance and don’t have another meeting scheduled but added they are in constant contact with China and are moving as quickly as they can. Greer stated that they feel positive about engaging with the Chinese and expect to see progress from China on fentanyl, while he noted it is up to the President whether the deadline gets extended.
• Chinese Vice Commerce Minister Li Chenggang said talks with the US had involved in-depth exchanges and communication had been rational and candid, while the two sides reached a consensus regarding the Geneva meeting. Li added he will report on the framework to leaders and hopes the progress is conducive to increasing the trust between China and the US.
• US Appeals Court decided that Trump tariffs may remain in effect while the appeals proceed.
• US and Mexico are near a deal to cut steel duties and cap imports, while President Trump would need to sign off on a US-Mexico agreement, according to Bloomberg.
• China, Mexico, EU, and Japan urged the Trump administration not to impose new national security tariffs on imported planes and parts, while Boeing (BA) urged the Trump administration to ensure tariff-free treatment for aeroplanes and parts as a condition of any new trade deal.
• India and the US reportedly advance toward interim trade deal after four-day talks, according to Reuters citing sources.

NOTABLE HEADLINES

• US Treasury Secretary Bessent was reportedly seen as a contender to be the next Fed Chair, although formal interviews for the next Fed Chair haven’t yet begun and Kevin Warsh is also seen as a possible contender, according to Bloomberg. However, the White House later stated the Bloomberg report was false.
• US Senate Republicans are reportedly to send House counterparts a list of fatal flaws in US President Trump’s tax/budget bill, according to Politico.
• Los Angeles Mayor said they declared a local emergency and a curfew for Downtown Los Angeles from 8pm-6am which is expected to last several days.

APAC TRADE

EQUITIES

• APAC stocks were mostly higher amid the recent trade-related optimism stemming from the US-China trade talks in London which have now concluded and where officials reached a framework to implement the Geneva consensus and outcome from the recent Trump-Xi call.
• ASX 200 advanced to print a fresh record high in early trade before paring some of the gains amid little fresh catalysts.
• Nikkei 225 marginally benefitted from recent currency weakness and softer-than-expected PPI data.
• Hang Seng and Shanghai Comp gained following the progress in US-China trade talks, albeit with the upside in the mainland capped given the lack of solid details.
• US equity futures (ES -0.3%, NQ -0.4%) mildly pulled back from recent peaks as participants now brace for incoming US inflation data.
• European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.4% after the cash market closed with losses of 0.1% on Tuesday.

FX

• DXY gradually strengthened following the conclusion of the US-China trade talks in London where officials reached a framework to implement the Geneva consensus and outcome of last week’s Trump-Xi call although little details were provided with officials to report the framework to their leaders for approval prior to implementation, while attention now turns to upcoming data stateside with CPI and PPI scheduled for Wednesday and Thursday, respectively.
• EUR/USD slightly softened amid a firmer buck although downside was limited as the single currency retained the 1.1400 status.
• GBP/USD failed to sustain the 1.3500 handle after yesterday’s data-induced selling pressure and with the focus in the UK shifting to the government’s spending review.
• USD/JPY traded indecisively on both sides of the 145.00 level with mild support seen amid the positive risk tone and after US-China talks concluded.
• Antipodeans pulled back after recent choppy performances and amid a quiet overnight calendar with no tier-1 releases.
• PBoC set USD/CNY mid-point at 7.1815 vs exp. 7.1801 (Prev. 7.1840).

FIXED INCOME

• 10yr UST futures were little changed following an uneventful 3yr auction and as participants awaited CPI data and 10yr supply.
• Bund futures took a breather after advancing to just shy of the 131.00 level and with a EUR 3bln Bund offering scheduled later.
• 10yr JGB futures marginally edged higher in the aftermath of softer-than-expected PPI data from Japan which showed a surprise M/M deflation.

COMMODITIES

• Crude futures were contained after the prior day’s declines despite comments from OPEC Secretary General Al Ghais who sees no peak in oil demand on the horizon, while prices were not helped by bearish private sector inventory data.
• US Private Inventory Data (bbls): Crude -0.4mln (exp. -2mln), Distillates +3.7mln (exp. +0.8mln), Gasoline +3.0mln (exp. +0.9mln), Cushing -0.7mln.
• EIA STEO stated 2025 world oil demand is seen at 103.5mln BPD (prev. 103.7mln BPD in prior forecast) and 2026 world oil demand is seen at 104.6mln BPD (prev. 104.6mln BPD).
• OPEC Secretary General Al Ghais said there is no peak in oil demand on the horizon and OPEC is very concerned by the IEA’s “flip-flopping” on oil investment. Furthermore, he sees a 24% increase in world energy needs between now and 2050 and said oil demand will surpass 120M barrels per day by 2050.
• US President Trump is poised to repeal former US President Biden’s curbs on power-plant pollution.
• Spot gold gradually edged higher but remained within yesterday’s parameters after a recent choppy performance and with US CPI on the horizon.
• Copper futures struggled for direction despite the positive risk tone with trade restricted amid light details from the US-China trade talks.
• Chile’s Codelco Copper Production rose 20.5% Y/Y in April to 114,600 tonnes, while Collahuasi copper production fell 13.5% Y/Y in April to 36.6k tonnes and Escondida copper production rose 31% Y/Y in April to 128.4k tonnes.
• Chinese steel production is expected to decline by 4% in 2025, according to the China Iron and Steel Association.

CRYPTO

• Bitcoin retreated overnight after pulling back beneath the USD 110k level.

NOTABLE ASIA-PAC HEADLINES

• Hong Kong Financial Secretary Chan said expect equity markets to continue to be strong and the IPO pipeline remains strong.
• White House AI and Crypto Czar Sacks said China is only 3-6 months behind the US in AI.

DATA RECAP

• Japanese Corp Goods Price MM (May) -0.2% vs. Exp. 0.2% (Prev. 0.2%, Rev. 0.3%)
• Japanese Corp Goods Price YY (May) 3.2% vs. Exp. 3.5% (Prev. 4.0%, Rev. 4.1%)

GEOPOLITICS

MIDDLE EAST

• US President Trump said to Israeli PM Netanyahu that he still wants to defuse the Iran crisis with talks, not bombs..
• US Secretary of State Rubio said the US condemns sanctions imposed by the governments of the UK, Canada, Norway, New Zealand, and Australia on two sitting members of the Israeli cabinet. Rubio also stated that Israel sanctions do not advance US-led efforts to achieve a ceasefire, bring all hostages home, and end the war, while he added that the US urges a reversal of the sanctions.
• US senior administration officials told Fox News that Iran appears to be dragging negotiations on without concrete progress while pushing forward with its nuclear efforts.

RUSSIA-UKRAINE

• US State Department spokesperson said Russia’s strikes against Ukraine’s cities need to stop immediately.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

CHINA USA

see below the framework:

(zerohedge)

US, China “Agree In Principle On Framework For Implementing Geneva Consensus”

Tuesday, Jun 10, 2025 – 07:41 PM

After a full second day of discussion on the US-China trade deal, we finally have… something.

As Bloomberg reports, just before midnight London time, Commerce Secretary Howard Lutnick and China’s Vice Commerce Minister Li Chenggang both said they have agreed in principle on “a framework for implementing the Geneva consensus” combined with the outcome of the leaders June 5th call. 

“Once the presidents approve it, we will then seek to implement it,” Lutnick added.

If it sounds confusing, it is: the parties said they will implement a framework which was already agreed upon weeks ago… so what exactly were the talks for? Shouldn’t there have been at least some token progress beyond what was already agreed upon, hence “consensus.” 

Lutnick adding that “We absolutely expect that the topic of rare earth minerals and magnets… will be resolved in this framework implementation,” does not make it any clearer if there is any actual deal on rare earths and/or chips… or just an agreement to continue talks?

Lutnick continued: “Also, there were a number of measures the US put on when those rare earths were not coming… You should expect those to come off — sort of, as President Trump said, in a balanced way. When they approve the licenses, then you should expect that our export implementation will come down as well” which suggests that nothing has been resolved at this stage, and instead we just wait for China to start exporting rare earth minerals?

And yes, for all the pomp and circumstance, it appears that all that took place in the past 48 hours was some meetings over coffee and KFC, because as Lutnick also said, the “framework is a first step, we had to get the negativity out.”

Well, the negativity may be out, but no actual deals or agreements are in; instead agreement was reached to implement the implementation of an already agreed upon consensus. 

Finally, the Commerce secretary said that the idea behind the framework is to increase trade with China, which is great but wasn’t the whole point of the negotiation to rebalance trade, not merely increase it? After all, it’s very easy to receive even more Chinese exports and “increase trade.”

Meanwhile, US Trade Representative Jamieson Greer said there were no other meetings scheduled, but added that the American and Chinese sides talk frequently and are able to do so whenever they need.

https://x.com/annmarie/status/1932582717666804107?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1932582717666804107%7Ctwgr%5Ef8386894d9d6cdbb55a66ad1bdb6ab45dc19cbbb%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohed

On the news, gold fell through 3320 but promptly rebounded as the market realized that what the announcement effectively boils down to is that the two sides have agreed to speak more. 

Spoos were trading at 6,040, before jerking higher, lower, and at last check trading unchanged from where they closed the regular session. 

In FX, cross-JPY buying morphed into broad USD selling with cross-JPY not really gaining traction; USDJPY is back under 145 after rising to a high of 145.10. 

end

Trump gets tariffs of 55% from China and China initiates 10% on USA goods. Rare earths flow into the USA and also Chinese students can come into the USA for study

(zerohedge)

Trump Says China Deal “Done” With 55% Tariffs On Beijing; Will Work With Xi To Open Up China To US Trade

Wednesday, Jun 11, 2025 – 09:20 AM

China and the US have agreed to “a done deal” that includes rare earth exports from China and Chinese students attending colleges in the US, President Trump said on Wednesday, pointing to a potential breakthrough aimed at cooling trade tensions that had been reignited by mutual accusations of deal violations.

“Our deal with China is done, subject to final approval with President Xi and me,” Trump posted on Truth Social, as the negotiating teams from the two countries concluded talks in London from the past two days.

“Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!).

“We are getting a total of 55 per cent tariffs, China is getting 10 per cent. Relationship is excellent! Thank you for your attention to this matter!”

Trump’s comments on Wednesday come a day after the US and China reached an agreement in London on implementing the terms of their tariff truce. 

But, as Bloomberg notes, Trump’s remarks included terms negotiators did not lay out, such as the immediate supply of critical minerals by China. He also said the US tariff rate would be a “total” of 55% — though the precise rate was not clear. 

That figure includes a 10% baseline duty, a 20% charge tied to fentanyl trafficking and roughly 25% from preexisting levies from Trump’s first term as well as most favored nation rates, according to a White House official. 

In a follow up post, Trump added to the readout, saying that “President XI and I are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!“

American and Chinese officials concluded marathon negotiations on Tuesday, agreeing to revive the flow of sensitive goods, such as critical minerals, and implement the terms of last month’s deal in Geneva, which saw both sides lower tariffs. That deal included a 90-day pause on very high tariffs both nations implemented on each others’ imports that amounted to a de facto trade embargo. It’s unclear whether that deadline, which expires in August, remains in effect.

Trump’s latest post followed a rocky stretch in bilateral ties, marked by a fraying trust between the world’s two largest economies. But a phone call between Xi Jinping and Trump last week helped fuel a sense of cautious optimism ahead of the London talks.  The two negotiating teams finished their latest round of talks by announcing they had agreed “in principle” to a “framework” that each side would bring home for review by their respective leaders, as the world’s two biggest economies attempt to get their trade-war ceasefire deal signed in Geneva last month back on track.

In an official statement released by Xinhua on Wednesday afternoon, Beijing said the two sides “made new progress in addressing each other’s economic and trade concerns” during the “candid and in-depth” dialogue.

Vice-Premier He Lifeng, who led the Chinese delegation, said that “China does not want a trade war, but it is not afraid of one”, according to the statement.

“The two sides should resolve economic and trade differences through equal dialogue and mutually beneficial cooperation. China is sincere in economic and trade consultations, but it also has its principles,” He was quoted as saying.

In London, China’s delegation was led by Vice-Premier He Lifeng. Lutnick, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer led the US side in what was described as “the first meeting of the China-US economic and trade consultation mechanism”.

“The two largest economies in the world have reached a handshake for a framework,” said US Commerce Secretary Howard Lutnick, who was with the US delegation.

Unlike the first round of trade talks last month in Geneva, neither side immediately published official statements following the meetings this time.

In mid-May, both sides agreed in Switzerland to roll back the tariffs imposed this year. US tariffs on Chinese goods were reduced to 30 per cent from 145 per cent, while Chinese tariffs on US imports were lowered to 10 per cent, for 90 days. Analysts had earlier estimated that the effective US tariff was about 20 per cent at end of last year, bringing the total effective rate to about 50 per cent, excluding some sectoral tariffs.

Tensions escalated dramatically in the days leading up to last week’s presidential phone call, with both sides accusing each other of violating the 90-day trade truce they had agreed to in Geneva. On the call, just days ahead of the London talks, Xi and Trump agreed to push forward with negotiations aimed at resolving their ongoing economic disputes.

Since last month, the US said it would block and revoke visas for Chinese students, particularly “those with connections to the Chinese Communist Party or studying in critical fields”, according to the US Department of State.

China’s recent export restrictions on crucial rare earth elements through tighter licensing and curbs also rattled sectors across the globe as China dominates the supply chain.

Central Asia’s Debt Burden To China Examined

Tuesday, Jun 10, 2025 – 09:25 PM

By Eurasianet courtesy of OilPrice.com

China has shifted from the world’s largest creditor nation to the globe’s biggest debt collector. Central Asian states owe billions to Chinese entities, but their geographic importance to Beijing is helping protect them from strong-arm repayment tactics.

A report issued by the Australia-based Lowy Institute, Peak repayment: China’s global lending, charts China’s transition from “lead bilateral banker to chief debt collector of the developing world.” It shows that China’s lavish loaning under the auspices of its Belt & Road Initiative (BRI) from 2013-2018 is now set to inflict lots of fiscal pain on recipients.  Debtor nations, many of them described in the report as “the world’s poorest and most vulnerable countries,” owe $22 billion to China in 2025.

“Beijing has transitioned from capital provider to net financial drain on developing country budgets as debt servicing costs on [BRI] projects from the 2010s now far outstrip new loan disbursements,” the report states. “In 2012, China was a net drain on the finances of 18 developing countries; by 2023, the count had risen to 60. In full, China’s net flows to developing countries dropped to negative $34 billion in 2024.”

At the start of 2024, Central Asian states collectively owed Chinese state entities roughly $20 billion, with Kazakhstan’s having the largest share at $9.2 billion. Kyrgyzstan’s and Uzbekistan’s debts totaled almost $4 billion each, while Tajikistan owed China about $3 billion. 

The debt amounts for Kazakhstan and Uzbekistan appear manageable within the context of those nations’ overall GDP numbers, according to economic experts. Meanwhile, Kyrgyzstan and Tajikistan can be considered prime candidates for falling into a Chinese debt trap. Turkmenistan’s debtor status, given the country’s opaque governing system, is murky, but Ashgabat at the same time is the only Central Asian state running a trade surplus with Beijing, due to its abundant natural gas exports.

A combination of factors is behind China’s transition from lender to debt collector, including the slowdown of China’s domestic economy. But the current surge in debt collection is also a natural outgrowth of the terms of many BRI loans, which included grace periods of up to five years followed by relatively compressed timelines for loan repayment. “Because China’s Belt and Road Initiative lending spree peaked in the mid-2010s, those grace periods began expiring in the early 2020s,” the report notes. “The early 2020s was always likely to be a crunch period for developing country repayments to China.”

Lowy Institute analysts seem to believe China is unlikely to turn the screws on Central Asian states. The report notes that Beijing is continuing to extend loans to “strategic and resource critical partners” including Kazakhstan, Kyrgyzstan and Tajikistan.

The change in Chinese lending behavior could well hamper the ability of developing nations, including Central Asian states, to hit growth targets, reduce poverty rates and address global-warming related issues.

“The burden from Chinese debts coming due is also part of a broader set of severe headwinds, particularly for the poorest and most vulnerable economies,” the report states. “An increasingly isolationist United States and a distracted Europe are withdrawing or sharply cutting their global aid support. Reliant on an open, rules-based global trading system, developing economies must also grapple with the impact of new trade-war shocks and the specter of punitive US tariffs being levelled against them.”

Beijing too faces tough geopolitical choices; Chinese officials will need to strike a delicate balance between pressing debtor nations to meet their obligations while not engendering hard feelings that could undermine the country’s geopolitical interests. “Pushing too hard for repayment could damage bilateral ties and undermine its diplomatic goals,” the report states. “At the same time, China’s lending arms, particularly its quasi-commercial institutions, face mounting pressure to recover outstanding debts.”

It’s not just Beijing’s debt-recovery actions that may pose an image problem for the country. An investigative report by the Uzbek outlet Anhor.uz published on June 4 indicated that Chinese entities are engaging in what appear to be predatory business practices in Uzbekistan. The report documents the influx of Chinese companies into the country’s construction sector resulting in a decrease in the price of cement to a point where local Uzbek cement-makers can’t compete and are being driven out of business. 

“Over the past two years, almost half of Uzbekistan’s cement plants have ceased operations — only 24 remain, nine of which belong to Chinese companies,” the Anhor report states.

END

CHINA/USA

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/1932053843614859589?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1932053843614859589%7Ctwgr%5Edc90366ffd55fb07aacd0b0b7cbc218e5820ba66%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.ze

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!

https://x.com/Brad_Setser/status/1932055159388959036?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1932055540101783951%7Ctwgr%5Edc90366ffd55fb07aacd0b0b7cbc218e5820ba66%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fwww.zerohe

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/1930796664777838823?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1930796664777838823%7Ctwgr%5Edc90366ffd55fb07aacd0b0b7cbc218e5820ba66%7Ctwcon%5Es1_&ref_url=https%3A%2F

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.

Wuhan Researcher Charged With Smuggling Biological Materials Into US Lab

Tuesday, Jun 10, 2025 – 10:15 PM

Authored by Eva Fu via The Epoch Times (emphasis ours),

U.S. prosecutors have charged another Chinese national for smuggling biological materials into the United States and lying about the scheme.

Han Chengxuan, a PhD candidate from Wuhan in central China, was arrested upon landing at the Detroit Metropolitan Airport on June 8. An FBI agent said authorities had intercepted four packages of biological materials that Han allegedly sent to members of a University of Michigan laboratory.

She was the third Chinese national charged in a week for smuggling materials for biological research. The previous two, accused of smuggling a crop-killing fungus, include a postdoctoral fellow at the University of Michigan’s Molecular Plant-Microbe Interaction. The criminal complaint said Han was a Chinese Communist Party member who has shown loyalty to the Party.

The complaint said Han admitted to shipping an estimated five to 10 packages, but several were lost in transit. She said that her professors at both the Chinese and U.S. universities, as well as the recipients, had no knowledge of what she sent, characterizing them as a “surprises,” according to the FBI agent.

The packages contain neither the correct documentation nor the permit required for importing roundworm-related materials, the complaint noted.

The shipments allegedly went to two recipients: one active member of the lab and another among the faculty and staff at the Life Sciences Institute at the University of Michigan.

Han initially lied to the customs agents at the airport about the content of the packages, claiming they were plastic cups and a book, according to a court filing. Pressed, she admitted that the packages contained petri dishes of nematode growth medium for growing roundworms, as well as small circular DNA molecules called plasmids in an envelope, the FBI agent said.

Han, who is studying at the College of Life Science and Technology in the Huazhong University of Science and Technology, arrived on an exchange visitor visa; she has an offer letter presenting her as a visiting scholar to the Michigan lab, according to prosecutors. Han told the FBI that she was coming to the University of Michigan for one year for her research on roundworms.

She stated that she had produced the desired plasmids using E. coli, isolated and injected them into roundworms as a primary method for her research, according to the filing. The FBI agent noted that plasmids are often used as a vehicle for introducing genetic modifications in organisms like roundworms.

Han’s immigration paperwork said she researches how animals detect sensory cues such as touch, chemicals, and light, and how neural circuits process such information for behavioral outcome, and how genes and drugs affect such processes, the complaint said. She has co-authored two research papers on roundworms, known scientifically as C.elegans.

A U.S. consular officer initially rejected Han’s J1 visa application on March 18 due to her struggle to conduct the interview in English, which was essential for her obtaining the visa. She secured the visa successfully nine days later, with an officer noting that she “spoke credibly about her educational background, current studies, and post graduate plans,” the complaint stated.

Han tried to conceal the content of the shipment with written notes and a book, including one reading: “Hello! This is a fun letter with interesting patterns. I hope you can enjoy the pleasure within it,” according to the court document.

Labels on the same note contain terms consistent with roundworm research, the filing said. Han allegedly told the customs agent she created a “picture game” in the book and that the recipient of her note would sequence the plasmids—a process each taking about a week—to identify what they were “for fun,” the filing said.

Han allegedly deleted the content of her electronic device before coming to the United States. She stated she wanted to “start afresh” when questioned by federal agents.

U.S. Attorney for the Eastern District of Michigan, Jerome Gorgon, said the alleged smuggling from a Wuhan university marks “part of an alarming pattern that threatens our security.”

“The American taxpayer should not be underwriting a PRC-based smuggling operation at one of our crucial public institutions,” he said in a statement.

John Nowak, Customs and Border Protection’s acting director of field operations, said the alleged actions compromise the integrity of U.S. research institutions.

“The guidelines for importing biological materials into the U.S. for research purposes are stringent, but clear, and actions like this undermine the legitimate work of other visiting scholars,” he said, adding that his agency will not tolerate the smuggling of “potentially dangerous goods” through U.S. ports of entry.

END

4. EUROPEAN AFFAIRS

EUROPE/DEFENSE SPENDING

The Inflection Point In European Defense Is Here

Wednesday, Jun 11, 2025 – 04:15 AM

UBS’ latest European Economic Perspectives note to clients highlights the current and future state of defense spending by European nations. Much like AI stocks are driving U.S. markets, defense names are heating up across Europe over increased spending trends and targets.

According to UBS analysts, led by Anna Titareva, the European defense sector is at a critical inflection point. Russia’s invasion of Ukraine prompted the bloc to reverse a long-standing decline in military spending. EU defense spending is estimated at €326 billion in 2024—roughly 1.9% of GDP—a sharp increase in recent years, yet still falling just short of NATO’s 2% guideline. Excluding non-NATO EU members, most countries barely meet the threshold at 2.2%.

“The Russian invasion of Ukraine has brought the EU defence sector into the spotlight. The European Commission’s analysis shows that years of underspending on defence have led to gaps and shortfalls in EU military inventories and reduced industrial production capacity. Given the commitment by the European heads of state to bolster the European defense capabilities, we expect developments in the defense sector to remain under close scrutiny over the coming years,” Titareva wrote in the note. 

Some of the most aggressive defense spending increases have come from Eastern Europe. Poland now leads the EU with defense spending at 4.2% of GDP, while the Baltic states and Greece all exceed 3%. Meanwhile, Germany and France hover around 2%, with Italy and Spain lagging below the NATO spending benchmark. 

The inflection point has arrived: EU defense spending, as a percentage of GDP, declined from around 4% in the early 1960s to about 1.5% in 2020.

The buying spree of foreign weapons begins. 

A closer look at the EU’s defense spending ramp-up began several years before Russia invaded Ukraine. 

Poland spends the most on defense among EU countries.

The timeline illustrates the breakdown of EU defense spending by country, expressed as a percentage of GDP.

“Overall, the changes in defense spending since the start of the Russia/Ukraine war and the recent announcements about future spending plans from national governments signal regional differences in the appetite and urgency to boost spending, with more ambitious targets from the central and eastern European states, and more conservative increases from the western European states,” the analysts said, adding, “Similarly, among the 16 countries − Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Greece, Croatia, Latvia, Lithuania, Hungary, Poland, Portugal, Slovenia, Slovakia and Finland − that have so far requested activation of the national escape clause of the Stability and Growth Pact (SGP) to boost defense spending, the majority are from central/eastern Europe.” 

Top 25 Defense Firms In EU By Revenue

Timeline of the EU defense policy

Meanwhile…

Reinforcing the EU defense theme that will remain well in play through the end of the decade, as the 2030s are expected to be a very volatile period with the world currently fracturing into a bipolar state, British Prime Minister Keir Starmer overhauled the UK’s defense posture last week. 

“We are moving to warfighting readiness,” Starmer said while unveiling the government’s 130-page “Strategic Defence Review,” which calls for strengthening military forces to deter Russia and other adversaries across Europe and for ramping up weapons production.

In the U.S., we recently cited a Goldman note by Noah Poponak and others, which highlighted L3Harris Technologies as the standout U.S. defense firm following the unveiling of President Trump’s multibillion-dollar missile defense project, dubbed the “Golden Dome for America.”

UBS analyst Daniel Graf made a very interesting point last week, “Defense Is To Europe What AI Is To The US“… 

GERMANY

FRANCE

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL

ISRAEL HAMAS

Central Asia’s Debt Burden To China Examined

Tuesday, Jun 10, 2025 – 09:25 PM

By Eurasianet courtesy of OilPrice.com

China has shifted from the world’s largest creditor nation to the globe’s biggest debt collector. Central Asian states owe billions to Chinese entities, but their geographic importance to Beijing is helping protect them from strong-arm repayment tactics.

A report issued by the Australia-based Lowy Institute, Peak repayment: China’s global lending, charts China’s transition from “lead bilateral banker to chief debt collector of the developing world.” It shows that China’s lavish loaning under the auspices of its Belt & Road Initiative (BRI) from 2013-2018 is now set to inflict lots of fiscal pain on recipients.  Debtor nations, many of them described in the report as “the world’s poorest and most vulnerable countries,” owe $22 billion to China in 2025.

“Beijing has transitioned from capital provider to net financial drain on developing country budgets as debt servicing costs on [BRI] projects from the 2010s now far outstrip new loan disbursements,” the report states. “In 2012, China was a net drain on the finances of 18 developing countries; by 2023, the count had risen to 60. In full, China’s net flows to developing countries dropped to negative $34 billion in 2024.”

At the start of 2024, Central Asian states collectively owed Chinese state entities roughly $20 billion, with Kazakhstan’s having the largest share at $9.2 billion. Kyrgyzstan’s and Uzbekistan’s debts totaled almost $4 billion each, while Tajikistan owed China about $3 billion. 

The debt amounts for Kazakhstan and Uzbekistan appear manageable within the context of those nations’ overall GDP numbers, according to economic experts. Meanwhile, Kyrgyzstan and Tajikistan can be considered prime candidates for falling into a Chinese debt trap. Turkmenistan’s debtor status, given the country’s opaque governing system, is murky, but Ashgabat at the same time is the only Central Asian state running a trade surplus with Beijing, due to its abundant natural gas exports.

A combination of factors is behind China’s transition from lender to debt collector, including the slowdown of China’s domestic economy. But the current surge in debt collection is also a natural outgrowth of the terms of many BRI loans, which included grace periods of up to five years followed by relatively compressed timelines for loan repayment. “Because China’s Belt and Road Initiative lending spree peaked in the mid-2010s, those grace periods began expiring in the early 2020s,” the report notes. “The early 2020s was always likely to be a crunch period for developing country repayments to China.”

Lowy Institute analysts seem to believe China is unlikely to turn the screws on Central Asian states. The report notes that Beijing is continuing to extend loans to “strategic and resource critical partners” including Kazakhstan, Kyrgyzstan and Tajikistan.

The change in Chinese lending behavior could well hamper the ability of developing nations, including Central Asian states, to hit growth targets, reduce poverty rates and address global-warming related issues.

“The burden from Chinese debts coming due is also part of a broader set of severe headwinds, particularly for the poorest and most vulnerable economies,” the report states. “An increasingly isolationist United States and a distracted Europe are withdrawing or sharply cutting their global aid support. Reliant on an open, rules-based global trading system, developing economies must also grapple with the impact of new trade-war shocks and the specter of punitive US tariffs being levelled against them.”

Beijing too faces tough geopolitical choices; Chinese officials will need to strike a delicate balance between pressing debtor nations to meet their obligations while not engendering hard feelings that could undermine the country’s geopolitical interests. “Pushing too hard for repayment could damage bilateral ties and undermine its diplomatic goals,” the report states. “At the same time, China’s lending arms, particularly its quasi-commercial institutions, face mounting pressure to recover outstanding debts.”

It’s not just Beijing’s debt-recovery actions that may pose an image problem for the country. An investigative report by the Uzbek outlet Anhor.uz published on June 4 indicated that Chinese entities are engaging in what appear to be predatory business practices in Uzbekistan. The report documents the influx of Chinese companies into the country’s construction sector resulting in a decrease in the price of cement to a point where local Uzbek cement-makers can’t compete and are being driven out of business. 

“Over the past two years, almost half of Uzbekistan’s cement plants have ceased operations — only 24 remain, nine of which belong to Chinese companies,” the Anhor report states.

end

Claiming ‘significant progress’ in hostage talks, Netanyahu convenes top officials

PM discusses ‘next steps’ with ministers, IDF chief after Trump reportedly demands end to war; Arab official tells ToI optimistic statements meant to forestall coalition collapse

By Lazar Berman Follow
and Jacob Magid Follow
10 June 2025, 11:49 pm

Prime Minister Benjamin Netanyahu speaks in a video message on June 10, 2025 (Screencapture/GPO)

Prime Minister Benjamin Netanyahu said on Tuesday there has been “significant progress” in hostage talks with Hamas, though an Arab official familiar with the hostage negotiations rejected the assertion.

“It’s too early to raise hopes,” Netanyahu said in a video statement touting “significant progress,” adding, “but we are working tirelessly right now, and all the time. I hope we will be able to move forward.”

Hostage release-ceasefire negotiations between Israel and Hamas have been at an impasse since the terror group’s response in late May to US Special Envoy Steve Witkoff’s proposal for a temporary ceasefire and hostage release deal, which he termed “unacceptable.”

Netanyahu convened a meeting of senior officials Tuesday evening to discuss “next steps” in the ongoing hostage talks, the Prime Minister’s Office said in a statement.

“In light of certain progress in the negotiations,” the PMO wrote, Netanyahu met with Defense Minister Israel Katz, IDF Chief of Staff Eyal Zamir, Strategic Affairs Minister Ron Dermer, and members of the negotiation team “in order to receive updates on the framework for the release of our hostages and to discuss next steps.”

Foreign Minister Gideon Sa’ar also said, “There has recently been certain progress. In light of past experience, I don’t want to overstate it at this point.”

Foreign Minister Gideon Sa’ar addresses a memorial event for Yaron Lischinsky Sarah Milgrim, at the Foreign Ministry in Jerusalem, May 26, 2025. (Chaim Goldberg/Flash90)

The US proposal offered a 60-day truce in the war-torn Gaza Strip, accompanied by a partial Israeli military withdrawal and increased humanitarian aid deliveries, in exchange for the release of 10 living hostages and 18 deceased hostages.

Hamas’s response to the offer included a demand that would make it more difficult for Israel to resume fighting if talks on a permanent ceasefire were not completed by the end of the 60-day truce. It also envisioned the release of the 10 living hostages being spread out throughout the truce, rather than in two batches on the first and seventh day as the US offer had stipulated.

Explaining Israeli optimism

Netanyahu’s announcement came as he appeared to be coming under unprecedented pressure from US President Donald Trump to reach a deal.

According to Channel 12, Trump told Netanyahu during a Monday phone call that he expects him to go beyond reaching a deal through the Witkoff framework and end the war in Gaza.

Protesters rally in support of the hostages in Central Park, New York City, June 8, 2025. (Luke Tress/Times of Israel)

Ending the war will aid negotiations with Iran and Saudi Arabia, the president reportedly said. The understanding is that Washington is prepared to offer Hamas strong guarantees to end the war, according to the report.

An Arab official familiar with the hostage negotiations poured cold water on Israeli optimism.

There hasn’t been a major development in efforts to secure a deal, said the official, speculating that Netanyahu is expressing public optimism to “spook” ultra-Orthodox lawmakers against voting Wednesday to dissolve his coalition.

Shas and fellow ultra-Orthodox party United Torah Judaism have said that they will vote for a measure to dissolve the Knesset in its preliminary reading on Wednesday due to the coalition’s failure to pass legislation exempting yeshiva students from military service.

Shas chairman Aryeh Deri and Shas spiritual leader Rabbi Yitzhak Yosef at a press conference in Jerusalem, June 8, 2025. (Yonatan Sindel/Flash90)

“The disagreements over whether the deal can lead to a permanent ceasefire remain,” the Arab official told The Times of Israel, noting that Netanyahu is not prepared to end the war while Hamas won’t agree to release hostages unless it has assurances from mediators that the temporary truce on the table will lead to a permanent one.

“The public statements seem to have more to do with internal politics,” the Arab official said. “Could a breakthrough be achieved soon? Yes. But this will require one of the sides moving from their long-held position, which hasn’t yet happened.”

Terror groups in the Gaza Strip are still holding 54 of the 251 hostages abducted by Hamas-led terrorists on October 7, 2023, as well as the body of a soldier killed in 2014.

Of those still held in Gaza, 20 are believed to be alive and 33 have been confirmed dead. There are grave concerns for the well-being of two others, Israeli officials have said.

The body of one of the slain hostages, Thai national Nattapong Pinta, was flown home on Tuesday.

Israel “does not forget its friends,” said Interior Minister Moshe Arbel at the farewell ceremony to see off the body of Pinta, who was abducted by Hamas-led terrorists on October 7, 2023.

A ceremony is held as the coffin of Thai national Nattapong Pinta, whose body was returned from Hamas captivity in the Gaza Strip, departs for Thailand, outside Ben Gurion Airport near Tel Aviv, June 10, 2025. (Avshalom Sassoni/ Flash90)

“Pinta came here to support his family, and in the end, he paid with his life for unimaginable barbarity,” said Arbel.

His remains were recovered in a joint Israel Defense Forces and Shin Bet operation in the southern Gaza Strip, officials announced Saturday morning.

Pinta was kidnapped alive by terrorists of the Mujahideen Brigades — a relatively small terror group in the Strip and somewhat allied with Hamas — from the border community of Kibbutz Nir Oz, where he worked as a farmhand.

The IDF said it believed that the terror group murdered Pinta in captivity in the early months of the war.

END

ISRAEL

Foreign Meddling: US Ambassador Lobbies Israeli Ultra-Orthodox Against Forcing New Elections

Wednesday, Jun 11, 2025 – 02:45 AM

As Israeli Prime Minister Benjamin Netanyahu’s ruling government coalition stands on the brink of being toppled by a bill that would dissolve the country’s parliament and force new elections, US ambassador to Israel Mike Huckabee has controversially inserted himself into the country’s domestic affairs by lobbying ultra-Orthodox members of Netanyahu’s coalition — urging them to rethink their plans to vote in favor of the measure.

The rebellion by the ultra-Orthodox parties springs from their anger over the prospect of ultra-Orthodox youth being included in the country’s military draft — after having been exempt from conscription since Israel’s 1948 founding. Last summer, Israel’s Supreme Court ruled that the government must start drafting the Haredi men, who typically dedicate their entire lives to religious study. Since then, the ultra-Orthodox have been pushing hard for the Knesset to pass legislation to render the Supreme Court decision on the subject moot. With the IDF poised to conscript 54,000 Haredi yeshiva students in July, the parties have been boycotting various votes and are now poised to tip the scales in favor of new elections. 

According to polling, Netanyahu would be thrown to the curb in a new election. Enter Huckabee. The former Arkansas governor and fervent Evangelical Christian Zionist has been meeting with senior Haredi politicians, imploring them to give Netanyahu more time to solve the draft crisis. His pitches reportedly include a caution that “government stability is important for dealing with the Iranian issue.” (Pursuing a resolution of tensions over Iran’s nuclear program, Trump administration diplomats will have a sixth round of talks with Iranian counterparts on Sunday in Oman’s capital, Muscat.) Another report has Huckabee telling ultra-Orthodox leaders that “Washington will have difficulty supporting Israel during an election period,” though it isn’t clear what means, exactly. 

As you might expect, Huckabee’s intervention isn’t appreciated by opposition members working to trigger new elections. Opposition Leader Yair Lapid diplomatically said he hoped the reports were untrue: 

“Since I have no doubt that Ambassador Huckabee respects Israel’s independence and its democracy, I hope and believe that the report that he is interfering in Israel’s internal politics and trying to help Netanyahu [deal with] the ultra-Orthodox in the military draft law crisis are not true. Israel is not a protectorate.”

So far, Huckabee has been tight-lipped about his machinations. “He is holding meetings with various Israeli figures. The content of those conversations remains private,” a Huckabee spokesperson told Channel 13. The outlet reported that Netanyahu is aware of Huckabee’s lobbying and is pleased about it. Huckabee has long been aligned with right-wing, expansionist elements in Israel. “I consider [the two-state solution] no solution whatsoever,” he told a Republican Jewish Coalition audience in 2015, insisting that Israel has a “God-given…title deed” to all the land it controls — including the West Bank — or, as he insists on calling it, “Judea and Samaria.” 

The measure to dissolve the parliament was introduced last week by Israel’s largest opposition party. There are 120 seats in the Knesset, and Netanyahu’s coalition controls 68 of them. Of his coalition, 18 come from Israel’s two main ultra-Orthodox parties, which means their defection would guarantee the dissolution of the Knesset and a new round of elections. Last week, two spiritual leaders of a faction of the ultra-Orthodox United Torah Judaism Party instructed members to move forward with an attempt to topple Netanyahu’s government over the draft issue.

Netanyahu has been also been making the rounds with ultra-Orthodox Knesset members. On Monday, Israel’s Channel 12 quoted Netanyahu as telling Haredi lawmakers, “We are in a dramatic period. There are extraordinary challenges on the table. This is a historic window of opportunity that will not return, and therefore, under no circumstances should the foundations of the government be shaken.”

WEST BANK

IRAN

Trump is wasting his time talking to these suicidal maniacs

(JerusalemPost)

Trump ‘less confident’ he can get Tehran to shutter its nuclear program with a deal

When questioned if the Trump administration would successfully get Tehran to agree to a deal and shut its nuclear program, the president answered: “I don’t know.”

US President Donald Trump seen over an illustrative image of American-Iranian ties. (illustrative)(photo credit: Carl Court/Pool via REUTERS, SHUTTERSTOCK)ByJERUSALEM POST STAFFJUNE 11, 2025 13:36Updated: JUNE 11, 2025 13:45

US President Donald Trump is losing confidence that Iran will agree to end its uranium enrichment for a nuclear deal, Trump told the New York Post’s ‘Pod Force One’ podcast on Wednesday.

When questioned if the Trump administration would successfully get Tehran to agree to a deal and shut its nuclear program, the president answered: “I don’t know. I did think so, and I’m getting more and more — less confident about it.”

“They seem to be delaying, and I think that’s a shame, but I’m less confident now than I would have been a couple of months ago. Something happened to them, but I am much less confident of a deal being made,” he admitted.

JPost Videos

Despite losing confidence in a deal, Trump asserted that there were no concerns that Tehran would acquire a nuclear weapons.

“If they don’t make a deal, they’re not going to have a nuclear weapon,” Trump asserted. “If they do make a deal, they’re not going have a nuclear weapon, too, you know? But they’re not going a have a new nuclear weapon, so it’s not going to matter from that standpoint.

“But it would be nicer to do it without warfare, without people dying, it’s so much nicer to do it. But I don’t think I see the same level of enthusiasm for them to make a deal. I think they would make a mistake, but we’ll see. I guess time will tell.”

Iran’s threats against the United States

If nuclear negotiations fail and conflict arises with the United States, Iran will strike American bases in the region, Defense Minister Aziz Nasirzadeh said on Wednesday, days ahead of a planned sixth round of Iran-US nuclear talks.

“Some officials on the other side threaten conflict if negotiations don’t come to fruition. If a conflict is imposed on us… all US bases are within our reach and we will boldly target them in host countries,” Nasirzadeh said during a press conference.

end

IRAN/USA/ISRAEL

jerusalem Post/Middle East/Iran News

Now you know that Iran is worried:

(JerusalemPost)

Iran threatens to strike US bases across Middle East if nuclear talks fail

The comments were made days ahead of a planned sixth round of Iran-US nuclear talks.

An Iranian man burns an American flag during the 44th anniversary of the US expulsion from Iran, in Tehran, Iran November 4, 2023(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)ByREUTERSJUNE 11, 2025 11:06Updated: JUNE 11, 2025 13:43

If nuclear negotiations fail and conflict arises with the United States, Iran will strike American bases in the region, Defense Minister Aziz Nasirzadeh said on Wednesday, days ahead of a planned sixth round of Iran-US nuclear talks.

“Some officials on the other side threaten conflict if negotiations don’t come to fruition. If a conflict is imposed on us… all US bases are within our reach and we will boldly target them in host countries,” Nasirzadeh said during a press conference.

US President Donald Trump has repeatedly threatened Iran with bombing if it does not reach a new nuclear deal.

The next round of talks is due this week, with Trump saying negotiations would be held on Thursday while Tehran says they will take place on Sunday in Oman.

Iran’s nuclear talks with the US

Iran is expected to hand a counter-proposal to a previous US offer for a nuclear deal it rejected, with Trump reacting on Tuesday that Iran is becoming “much more aggressive” in nuclear talks.

Nasirzadeh added Tehran recently tested a missile with a two-ton warhead and does not accept limitations. Supreme Leader Ayatollah Ali Khamenei had said in February that Iran should further develop its military, including its missiles.

end

War Brewing? US Prepares Departure Of All Nonessential Staff From Iraq, Kuwait, Bahrain Embassies

Wednesday, Jun 11, 2025 – 02:40 PM

Is something brewing amid US-Iran tensions, given the stalled nuclear negotiations and ratcheting accusations, demands, and counter-demands?

The State Department is preparing to order all nonessential personnel to leave the US Embassy in Baghdad due to potential regional unrest, according to two US officials cited in The Associated Press. Additionally: 

—U.S. MILITARY DEPENDENTS IN BAHRAIN CAN TEMPORARILY DEPART DUE OF HEIGHTENED REGIONAL TENSIONS- US OFFICIAL TELLS REUTERS

—WTI GAINS 4.6% ON REUTERS REPORT ON US EMBASSY IN IRAQ

Again, the only ‘unrest’ and tension could be Iran-related, though the Baghdad embassy has at various times over several years come under Shia militia attacks, and even rioting outside its gates.

The embassy is already operating with limited staff, so in reality the move affects a small number of people.

As it stands, nonessential personnel and family members in Bahrain and Kuwait are being authorized to leave voluntarily, per the report. The Pentagon has further indicated it is ready to assist with a possible evacuation from the Baghdad embassy.

But if the US and Iran proceed with the next round of talks, these immediate tensions are likely to be defused.

Oil prices spiked (and gold climbing) on the alarming headlines which suggest new regional conflict could be imminent, also with Israel potentially poised to act…

Gold gaining…

According to more background from the report:

Meanwhile, the Board of Governors at the International Atomic Energy Agency was set to potentially vote on a measure to censure Iran. That could set in motion an effort to snap back United Nations sanctions on Iran via a measure in Tehran’s 2015 nuclear deal with world powers that’s still active until October.

Amid the reports of preparations for embassy departures, Iran’s mission to the U.N. posted on social media that “threats of overwhelming force won’t change the facts.”

“Iran is not seeking a nuclear weapon, and U.S. militarism only fuels instability,” the Iranian mission has warned in a public written statement.

https://x.com/D_abdulkader/status/1932865691377389594?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1932865691377389594%7Ctwgr%5E38c36cc562e89a9dc8b2fbd8ddeeebc407e63b25%7Ctwcon%5Es1_&ref_url=https%3A%2F

President Trump has definitely expressed his preference for negotiated solution, but Iran insists that it be able to keep enriching uranium, at least at low levels, as a matter of national sovereignty. 

HOUTHIS

Israeli Navy Conducts Major Strikes On Houthi-Controlled Port For 1st Time

Tuesday, Jun 10, 2025 – 09:50 PM

On Tuesday Israeli Defense minister Israel Katz has warned Yemen’s Iran-aligned Houthis that they could face a complete naval and air blockade if they do not halt attacks on Israel. This comes after several weeks ago President Trump withdrew American forces from engaging in the Red Sea theatre against the Houthis, having declared a US-Yemen ceasefire.

Israel’s military has just conducted its eleventh strike on the Houthis, but in a first of the conflict, this came first by sea rather than air. The Israeli Navy conducted its first-ever large-scale ops against the Houthis, targeting the port of Hodeida in western Yemen with long-range guided missiles fired from Sa’ar 6-class corvettes.

The IDF called the attack “unprecedented” – given that it was carried out from hundreds of kilometers away, or about 1,800 km from Israel, according to local media reports. The Israeli Air Force had long been active in Yemen operations, but not naval assets.

“We have warned the Houthi terror organization that if they continue to shoot at Israel, they will face a powerful response and be under a naval and aerial blockade,” Defense minister Katz said in the operation’s aftermath.

“This is what we did today, and we will continue to do so in the future,” he additionally warned. Tit-for-tat strikes between Yemen and Israel have now become routine, hearkening all the way back to the Gaza War’s start in the wake of the Oct.7, 2023 Hamas terror attacks.

However, the Houthis have tended to halt attacks on Israel during periods of truce between Israel and Hamas. But with no ceasefire on the horizon, the Shia group allied to Iran has stepped-up the drone and missile attacks, often targeting Tel Aviv, including the international airport.

Israel’s fresh use of its navy in the Red Sea seems clearly an effort to replace American military assets which were heavily patrolling regional waters. Pentagon forces (CENTCOM) are still present in the region, but have taken a backseat. 

Meanwhile, civilians on both sides will likely continue to suffer – and civilian aviation in the whole region could be impacted.

Below: Israel’s military issued footage of one a naval ship setting out for the strike on the Houthi-controlled Hodeidah port in western Yemen overnight.

This also as Israel has vowed to decapitate Houthi leadership, saying it will hunt down and eliminate Abdul-Malik al-Houthi in Yemen, along with his top military officials.

But short of an actual ground war, which Israel doesn’t have the stomach for – also given ongoing Gaza operations – taking out Houthi leadership and infrastructure will be easier said than done.

END

RUSSIA VS UKRAINE

Russia’s Arrival In Dnipropetrovsk Puts Ukraine In A Dilemm

Wednesday, Jun 11, 2025 – 02:00 AM

Authored by Andrew Korybko via Substack,

It’s very difficult to imagine how Ukraine can prevent any further Russian advances after this…

The Russian Ministry of Defense announced on Sunday that their forces had entered Ukraine’s Dnipropetrovsk Region, which Kremlin spokesman Dmitry Peskov confirmed is part of Putin’s buffer zone plan. This was foreseen as early as late August once the Battle of Pokrovsk began but has been achieved even without capturing that strategic fortress town. Russian forces simply went around it after breaking through the southern Donbass front. This development puts Ukraine in a dilemma.

It’ll now have to simultaneously fortify the Dnipropetrovsk front together with the southern Kharkov and northern Zaporozhye ones in case Russia uses its new position to launch offensives into any of those three. This could put serious strain on the Ukrainian Armed Forces as they’re already struggling to prevent a major breakthrough in Sumy Region from Kursk. Coupled with depleting manpower and questions about continued US military-intelligence aid, this might be enough to collapse the frontlines.

To be sure, that scenario has been bandied about many times over the past more than 1,200 days, but it nowadays appears tantalizingly closer than ever. Observers also shouldn’t forget that Putin told Trump that he’ll respond to Ukraine’s strategic drone strikes earlier this month, which could combine with the abovementioned two factors to achieve this long-desired breakthrough. Of course, it might just be a symbolic demonstration of force, but it could also be something more significant as well.

Ukraine’s best chances of preventing this are for the US to either get Russia to agree to freeze the frontlines or to go on another offensive.

The first possibility could be advanced by the carrot-and-stick approach of proposing a better resource-centric strategic partnership than has already been offered in exchange on pain of imposing crippling secondary sanctions on its energy clients (specifically China and India with likely waivers for the EU) and/or doubling down on military-intelligence aid if it still refuses.

As for the second, the 120,000 troops that Ukraine has assembled along the Belarusian border according to President Alexander Lukashenko last summer could either cross that frontier and/or one of Russia’s internationally recognized frontiers. Objectively speaking, however, both possibilities only stand a slim chance of success: Russia has made it clear that it must achieve more of its goals in the conflict before agreeing to any ceasefire while its success in pushing Ukraine out of Kursk bodes ill for other invasions.

The likelihood of Ukraine cutting its losses by agreeing to more of Russia’s demands for peace is nil. Therefore, it might inevitably opt, whether in lieu of the aforesaid scenarios or in parallel with one or both of them, to intensify its “unconventional operations” against Russia. This refers to assassinations, strategic drone strikes, and terrorism. All that will do, however, is provoke more (probably outsized) conventional retaliation from Russia and thus painfully delay Ukraine’s seemingly inevitable defeat.

With an eye towards the endgame, it appears as though an inflection point is about to be reached or already has been in the sense of irreversibly shifting the military-strategic dynamics in Russia’s favor. It’s very difficult to imagine how Ukraine can extricate itself from this dilemma. All signs point to this being impossible, though the conflict has already surprised observers on both sides before, so it can’t be ruled out. Nevertheless, it’s a far-fetched scenario, and it’s more likely that Ukraine’s official defeat is nigh.

END

RUSSIA/IRAN/USA/ISRAEL

Russia says it is ready to help remove excess nuclear material from Iran

The comments come amid discussions for a nuclear deal with Tehran.

International Atomic Energy Agency (IAEA) Director General Rafael Grossi visits Iran’s nuclear achievements exhibition, in Tehran, Iran, April 17, 2025.(photo credit: IRANIAN ATOMIC ORGANISATION/WANA (WEST ASIA NEWS AGENCY)/HANDOUT VIA REUTERS)ByREUTERSJUNE 11, 2025 09:33Updated: JUNE 11, 2025 09:43

Russia is ready to help remove excess nuclear material from Iran’s territory to help the United States and Iran reach a deal, Russian Deputy Foreign Minister Sergei Ryabkov said on Wednesday, as quoted by the RIA Novosti news agency.

 The United States and Israel are seeking to turn nuclear talks into a “strategic trap” for Iran, Iranian lawmakers said in a statement on Tuesday, days before a planned sixth round of Iran-US nuclear talks.

“The US is not serious in negotiations at all. It has set the goal of talks as imposing its demands and has adopted offensive positions that are diametrically opposed to Iranians’ inalienable rights,” the statement from parliamentarians said.

US prepares for a nuclear Iran

The top US general overseeing American forces in the Middle East said on Tuesday there were a range of options when asked if the military was prepared to respond with overwhelming force to prevent a nuclear-armed Iran.

“I have provided the secretary of defense and the president with a wide range of options,” US Army General Michael “Erik” Kurilla, the head of US Central Command (CENTCOM), told a congressional hearing.

Kurilla was responding to Representative Mike Rogers of Alabama, the chairman of the House of Representatives Armed Services Committee, who asked if CENTCOM was prepared to respond with overwhelming force if Iran does not permanently give up its nuclear ambitions.

“I take that as a yes?” the Alabama Republican asked, after Kurilla responded.

“Yes,” Kurilla said.

Iran said on Monday it would soon hand a counterproposal for a nuclear deal to the United States in response to a US offer that Tehran deems unacceptable, while US President Donald Trump said talks would continue.

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

NIH Nixes Fauci Pet Project As Scripps’ Kristian Andersen Fixes To Flee The Country

Tuesday, Jun 10, 2025 – 11:05 PM

Authored by Paul Thacker via The DisInformation Chronicle,

Senior officials inside the NIH are working to shut down a Tony Fauci initiative launched in 2020 called the Centers for Research in Emerging Infectious Diseases or “CREID.” Meanwhile, attorneys inside the Justice Department have launched initial inquiries into one of the CREID grants awarded to Scripps Research Institute researcher Kristian Andersen, who is now in the process of fleeing the United States for a position being created for him at the University of Oslo.

NIH Director Jay Bhattacharya did not respond to repeated requests for comment, but an NIH spokesperson confirmed the agency is shutting down the CREID grants. “Though the grants have been properly terminated, money will be released to the grantees to assure safe shutdown of these programs in terms of biosafety and security,” said an NIH spokesperson, adding that pandemic preparedness remains important but the dangers of health comorbidities in infectious disease outbreaks was further underlined during COVID. “Strengthening overall health through proactive disease prevention offers a more resilient foundation for responding to future health threats—beyond reliance on vaccines or treatments for yet-unknown pathogens.”

Tony Fauci announced the formation of CREIDs in 2020, awarding 11 grants worth around $17 million, with $82 million in expected funding in succeeding years. NIH did not explain how much of the $82 million slated for CREID had already been spent. Two CREID grantees have been the focus of intense scrutiny since Fauci’s announcement: Peter Daszak of the nonprofit EcoHealth Alliance and Kristian Andersen of Scripps.

Daszak was later discovered to have undisclosed ties to the Wuhan Institute of Virology (WIV), having provided an NIH subaward to WIV researcher Shi Zhengli. At the close of the Biden Administration, the Department of Health and Human Services (HHS) finally debarred EcoHealth Alliance and Peter Daszak from receiving federal funds, in part because “in response to NIH’s multiple safety-related requests” EcoHealth Alliance had not provided WIV records.

Andersen also faced close inspection for his CREID grant. Some months before Fauci gave final sign off on Andersen’s CREID award, Andersen and other researchers published a paper in Nature Medicine titled, “Proximal Origin” that dismissed the possibility of a Wuhan lab accident. Andersen’s paper was widely hailed by scientists as proof, at the time, that discussions of a COVID lab accident was a conspiracy.

Nature Medicine’s editor-in-chief, Joao Monteiro, tweeted that the “Proximal Origin” paper “put conspiracy theories” about the pandemic’s possible lab origin to rest.

Andersen echoed Monteiro’s statement days later, associating “conspiracy theorists” worried about a possible lab accident with people who doubt the Moon landing.

The paper would go on to become one of the most heavily cited scientific papers in 2020. However, emails made public through freedom of information act requests and by congressional investigators later found that the papers’ authors had run it past funders—Collins and Fauci at the NIH, as well as with Jeremy Farrar, then at the Wellcome Trust and now with the World Health Organization.

Congressional Republicans later charged that Fauci had helped orchestrate the paper, while House Democrats pointed the finger at Jeremey Farrar, publishing a report that concluded Farrar helped “organize and facilitate” and “led the drafting process of the paper.”

The group BioSafety Now has demanded Nature Medicine retract the “Proximal Origin” paper, calling it a “a product of scientific misconduct.” Two weeks ago, The DisInformation Chronicle reported that the Justice Department began an initial inquiry into the paper, sending Nature Medicine a list of questions that included, “How do you handle allegations that authors of works in your journals may have misled their readers?” The existence of the Justice Department letter to Nature Medicine had not been previously reported.

Justice Department officials opened the inquiry as they suspect the paper may have been a quid pro quo, published by the authors to dismiss the possibility of a lab accident in exchange for the Fauci CREID grant. Andersen addressed these bribery allegations two years ago during a congressional hearing.

“There is no connection between the grant and the conclusions we reached about the origin of the pandemic,” Andersen wrote in sworn testimony to Congress in July 2023. “We applied for this grant in June 2019, and it was scored and reviewed by independent experts in November 2019.”

The Intercept later reported that Andersen “knew that was false.” NIH records show the Fauci CREID grant to Andersen wasn’t finalized until May 21, 2020, two months after Andersen published “Proximal Origin” in March 2020.

Misleading intelligence agencies

Justice Department officials are also likely to examine Andersen’s possible role in misleading US intelligence agencies. A week after Nature Medicine published “Proximal Origin,” the State Department’s Bureau of Intelligence and Research (INR) published an intelligence report that circulated inside security agencies. First reported by The DisInformation Chronicle, the INR report is marked “UNCLASSIFIED/FOR OFFICIAL USE ONLY.”

The INR report documents a briefing that non-government scientists gave to State Department officials, downplaying the possibility of a Chinese lab accident and citing the “Proximal Origin” paper. The names of the scientists who briefed State remained unknown until a couple years ago, when emails found that one of the scientists was Kristian Andersen, who is apparently a citizen of Denmark, not the US.

“Did we have a foreign national parading into the intel agencies and convincing senior officials to not look into a matter?” said a State Department official who is not cleared to speak to the media. “That’s a counter intelligence matter. We need a professional law enforcement investigation.”

Andersen’s involvement came to light in a late 2020 email sent by State Department official David Feith in which Feith wrote that Andersen had briefed State for their March 2020 INR report. “In fact, I’m told that in a briefing organized by INR earlier this year, [Andersen] said that several features that had initially raised questions in his mind were subsequently put to rest by more detailed analysis,” Feith explained by email. “Notably, it was that subsequent follow-on analysis, referred to by Anderson in the INR discussion….”

Based on the briefing by Andersen and colleagues, State’s INR report concluded there was no evidence the virus originated in a lab. “U.S. scientists said that while they cannot completely rule out that scenario, it was improbable and not supported by available evidence.”

But on April 16, 2020, a month after briefing the State Department, Andersen sent a Slack message to his “Proximal Origin” co-authors. This message contradicts what scientists told the State Department.

“I’m still not fully convinced that no culture was involved,” Andersen wrote his co-authors, a month after briefing State that a lab accident was not supported by evidence. “We also can’t fully rule out engineering (for basic research).” Andersen added that a critical part of the virus called the furin cleavage site “still could have been inserted” into the virus.

Researcher Andreas Martin Lisewski with Germany’s Constructor University published a recent study supporting Andersen’s suspicion that a furin cleavage site was inserted into the COVID virus called SARS-CoV-2. After analyzing the sequence, Lisewski concluded the SARS-CoV-2 furin cleavage site came from a laboratory-constructed MERS virus. Although legacy media have ignored these findings, virologist Christian Drosten of Charité University in Berlin presented these conclusions that the SARS-CoV-2 virus was not natural at a World Health Organization meeting last February.

“I don’t see how this not a criminal misleading and counterintelligence matter,” said the State Department official. “This is way beyond the threshold needed for a grand jury.”

During a sworn congressional deposition, Andersen testified that he also briefed the CIA and FBI, although the nature and timing of those discussions is unclear.

As the noose continues to tighten on Andersen, he has been looking to move outside the United States and has apparently found a new home at the University of Oslo. The move would be a precipitous fall in status for Andersen, as Scripps Research Institute has been ranked as one of the most influential scientific programs in the world.

Andersen did not respond to questions and repeated requests for comment sent to his Scripps email.

Finding refuge

“I have heard from several sources that there is an ongoing effort from a group of scientists at the University of Oslo to recruit Andersen, and that this might be finalized in the near future,” said Sigrid Bratlie, a molecular biologist and senior advisor at Norway’s Langsikt Policy Centre.

The campaign to find a position for Andersen at the University of Oslo apparently began last October when professors Anne Spurkland, Rein Aasland, and Nils Christian Stenseth invited Andersen to give a lecture on the Oslo campus. Nelseth has long trumpeted Andersen’s research. In 2021, he published a paper with WIV scientist Shi Zhengli that dismissed the possibility of a Wuhan lab accident, citing Andersen’s “Proximal Origin” paper.

Covering the “facts and the fiction” of the COVID pandemic, Andersen claimed during the October lecture that critiques of his research were mere political attacks that had been spread by conspiracy theorists, naming two Oslo researchers sitting in the audience: Sigrid Bratlie and Gunnveig Grødeland, a professor at the University of Oslo.

Andersen’s Oslo talk was sponsored by the Norwegian Society for Immunology which later released an apology. “Kristian Andersen’s lecture concluded by asserting that, based on his findings, SARS-CoV-2 necessarily originated from an animal at the Wuhan wet market,” the statement reads. “In retrospect, unfortunately, it seems the purpose of his lecture was just as much about stopping the free debate in Norway on this topic.”

Undeterred, Stenseth, Spurkland and Aasland then helped nominate Andersen for membership in the Norwegian Academy of Science and Letters. Two months ago, the Academy accepted Andersen’s nomination.

The exact position being created for Andersen at the University of Oslo is unclear. Stenseth, Spurkland, and Aasland did not respond to questions and repeated requests for comment sent by email. University of Oslo officials also contacted by email did not reply.

Andersen’s arrival in Oslo is likely to be greeted with some trepidation. Last week, Bratlie published a book to positive reviews in Norway titled, “The Wuhan Mystery – the hunt for the origins of the covid pandemic.” Bratlie’s book argues that the pandemic likely started from a lab accident in Wuhan, evidence that was then covered up by international scientists to protect reputations, jobs, and funding. This cover-up, she argues, impedes society’s ability to prepare for future pandemics.

Bratlie said that scientists have legitimate worries about the current climate for research in Trump’s America, but these concerns should be balanced with the need to protect democratic principles and academic integrity.

“I would be absolutely devastated on behalf of Norwegian academia if this recruitment happens,” Bratlie said of the University of Oslo’s bid to bring Andersen to her country. “If Andersen has contributed to a cover-up of the origins of the pandemic, potentially extending to criminal acts, he should be held accountable and not be given amnesty or academic shield in Norway.”

END

this is much needed

(Stieber/EpochNews)

NIH Director Gives More Details On New Government Medical Journal

Wednesday, Jun 11, 2025 – 07:20 AM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The National Institutes of Health (NIH) will start a new journal that will help change the culture of science, the agency’s director said in a newly released interview.

“The NIH can stand up and will stand up a journal where these replication results can be published and made searchable in an easy way,” Dr. Jay Bhattacharya said in a four-hour podcast interview with Andrew Huberman, a professor at the Stanford University School of Medicine, released on June 9.

Bhattacharya said he envisions people being able to see summaries of similar papers that looked at the same questions.

“A scientific journal put out by the NIH, a high-profile journal will then make publishing replication work a high-profile scientific, high-prestige scientific activity,” he added later.

Health Secretary Robert F. Kennedy Jr. said in May that federal scientists would likely be told to stop publishing in medical journals and, if that happened, the NIH would launch journals that would publish the scientists’ research.

Kennedy said that the existing journals have problems such as not publishing all of the data that underpins studies, while Bhattacharya said the journals will not publish replication research. Both officials have said they want the government to devote resources to replication, with Kennedy estimating that 20 percent of the NIH budget be designated for that purpose.

Replication is the process of taking a study, repeating it, and seeing if the results are the same.

While some scientists conduct meta-analyses, or studies that sum up existing literature on a topic—which could be considered a form of replication—“it’s really difficult to make a career out of doing replication work as a general matter,” Bhattacharya said in the podcast.

Scientists cannot at present earn large grants from the NIH for such work, which means the scientists cannot receive tenure at a top university, he said. That dissuades young scientists from focusing on replication work.

“We don’t reward it. The NIH doesn’t reward it,” Bhattacharya said. “That will change.”

The new journal will also publish negative results, or when scientists try to replicate a study and fail.

Emphasizing replication will make scientific literature more reliable, according to Bhattacharya, including for drug discovery and individual behavior, and will change the culture of science so that it “rewards truth … rather than influence,” he added later.

Huberman, a neuroscientist, said that he welcomed the new journal and the focus on replication. “Everything you’re saying is very reassuring, and should be reassuring to people,” he said. “It’s music to my ears, frankly.”

The interview was released the same day some NIH employees signed a declaration that called cuts to NIH grants harmful and urged Bhattacharya to restore them. The NIH has terminated more than 2,000 grants totaling some $9.5 billion, as well as $2.6 billion in contracts, the employees said. The Trump administration is also proposing a smaller budget for the NIH in the next fiscal year.

Huberman noted that some grants that were labeled as diversity, equity, and inclusion (DEI) were cut and questioned Bhattacharya on whether the cuts included grants with the word transgenic. Bhattacharya said that there’s been an appeal process set up and researchers whose grants should not have been cut can file with the government. Some grants that were cut have been restored.

The NIH director said that it’s important to carry out research on vulnerable populations, and there are legitimate scientific questions where race or sex matters, such as breast cancer.

“The NIH absolutely supports that kind of research still despite all of the changes,” he said.

Bhattacharya also said that DEI is centered on the idea that structural racism is primarily responsible for the health outcomes of minorities and that he could not think of a scientific experiment that would in principle falsify that idea. Researchers who want to conduct studies based on the idea will not receive funding, he indicated.

“Let’s focus on the mission,” Bhattacharya said. “The mission is how do we advance, how do we make investments in research that advance the health and longevity of the American people … I don’t believe there’s any place for this sort of race essentialism in it.”

END

This is bad!!

Wisconsin Breaks From CDC, Keeps COVID-19 Vaccine Recommendation For Pregnant Women

Wednesday, Jun 11, 2025 – 02:20 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Wisconsin’s health department is keeping in place its recommendation that pregnant women and all children receive one of the currently available COVID-19 vaccines, diverging from guidance by the Centers for Disease Control and Prevention.

The Wisconsin Department of Health Services said on June 4 it is continuing to recommend COVID-19 vaccination for people aged 6 months and older.

Officials also said the state’s Medicaid would keep covering the vaccine for eligible members, including pregnant women.

“The current COVID-19 vaccine was thoroughly reviewed for safety and effectiveness and continues to be an important tool in preventing severe illness and death,” Kirsten Johnson, secretary of the department, said in a statement.

The CDC in late May stopped recommending that pregnant women receive a COVID-19 vaccine. The agency also now says that healthy children should only receive one of the shots after consulting with doctors and parents.

“Their decision should be based on informed consent through the clinical judgement of their healthcare provider,” a spokesperson for the U.S. Department of Health and Human Services, the CDC’s parent agency, told The Epoch Times in an email at the time.

Health Secretary Robert F. Kennedy Jr. said that the previous recommendations, which said that children should receive a vaccine regardless of prior vaccination and infection, were put into place “despite the lack of any clinical data to support the repeat booster strategy in children.”

Wisconsin officials said the changes “were not made based on new data, evidence, or scientific or medical studies” and that they were keeping in place the recommendations following an independent review.

The U.S. Department of Health and Human Services did not return a request for comment on Wisconsin’s move.

The Wisconsin Department of Health Services did not respond when asked for evidence the vaccines prevent severe illness and death.

The current versions of the vaccines from Pfizer, Moderna, and Novavax were cleared by federal regulators in 2024 based on animal data and antibody data from humans, rather than data from human clinical trials. The CDC then issued its recommendations, which were unchanged from the advice for previous formulations.

Data from CDC systems presented to the agency’s vaccine advisers in April pegged a dose of one of the currently available vaccines as providing 21 percent to 36 percent additional protection to adults when measuring emergency department and urgent care visits, and 42 percent to 48 percent additional protection for immunocompetent adults aged 65 and up when measuring COVID-19 associated hospitalizations.

No other states appeared to react to the recent CDC updates apart from Florida, which praised the narrowed recommendations. The move “is an important advancement for parents, physicians, and children across the country,” Dr. Joseph Ladapo, Florida’s surgeon general, said in a statement. He added that “ultimately, scientific evidence dictates that the use of these products should end for all populations.”

The American Pharmacists Association said on June 9 that it was not endorsing the updated adult immunization schedule. The group said that COVID-19 vaccination during pregnancy “has been proven safe and effective” and that it views pregnancy as a condition that places women at higher risk of severe COVID-19.

The group, which did not respond to a request for comment, said that it hopes future updates to the schedule are “based on scientific evidence” and that they are based on advice from the CDC’s vaccine advisory panel, the Advisory Committee on Immunization Practices.

A subgroup of that panel said in the spring that they supported shifting the CDC’s universal recommendations for COVID-19 vaccines to a non-universal recommendation.

The panel, whose members were all later terminated by Kennedy, is scheduled to convene later in June to discuss matters including COVID-19 vaccination.

end

MARK CRISPIN MILLER

IN memory of those who “died suddenly” in the United States and worldwide, June 2-9, 2025

Reality star Khadiyah “KD” Lewis (44); movie exec Jason Constantine; Disney publicist Danny Duran (58, C); R&B singer Wayne Lewis; gospel singer Norman Hutchins Sr.; footballer Tom Rafferty; more

A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.

To help support our work, consider subscribing or making a donation.

UNITED STATES (83)

‘Love & Hip Hop: Atlanta’ star Khadiyah ‘KD’ Lewis dead at 44

June 5, 2025

The “Love & Hip Hop” community is mourning the loss of one of their own. Khadiyah “KD” Lewis has died at age 44, with her brother Jay confirming the news to The Shade Room on Thursday. A cause of death has yet to be revealed, with the Oklahoma Medical Examiner’s Office telling The Post: “Khadiyah Jaleela Lewis was not a Medical Examiner case and therefore we have no further information.” The family also shared a statement about her passing. “At this time, we have decided to not discuss anything surrounding her death or why she passed away. What we would like to do at this time is to offer the many people whose lives she touched an opportunity to celebrate her life through a Zoom Memorial Service on Saturday, June 14, 2025,” the statement read.

Link

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Co-president of Lionsgate movie studio dies of cancer at 55

June 5, 2025

Jason Constantine, co-president of the Lionsgate Motion Picture Group, died Tuesday at his home in Los Angeles after a long fight with brain cancer. He was 55. Constantine was a Lionsgate veteran, beginning his career more than 25 years ago at its predecessor company Trimark Pictures as a director of acquisitions, the Santa Monica-based firm said.

No cause of death reported.

Link

Disney legend dies as tributes pour in for ‘well-loved powerhouse’

June 8, 2025

A well-loved Disney publicist has passed away after an eight-month battle with cancer. The death of 58-year-old entertainment publicist Danny Duran was confirmed in a touching social media post. He reportedly passed away on Wednesday, June 4.

Researcher’s Note – Disney (DIS) is requiring all its salaried and non-union hourly employees in the US to be vaccinated [sic]: Link

Link

Update to our report earlier this year:

George Wendt Cause of Death Released

June 5, 2025

“Cheers” star George Wendt died from cardiac arrest, TMZ has learned. The Los Angeles County Department of Public Health released GW’s death certificate Thursday. The certificate lists George’s immediate cause of death as cardiac arrest, with congestive heart failure, coronary artery disease, and hypertension as underlying causes. Other significant contributing conditions listed include end-stage renal disease – kidney failure – and hyperlipidemia, which relates to high cholesterol. Wendt was pronounced dead at 10 AM on May 20, according to the document, and he was cremated on May 28. Family sources told TMZ the Chicago native died peacefully in his sleep at his home. Wendt was 76.

Link

Atlantic Starr singer Wayne Lewis dies aged 68 as tributes pour in for R&B legend

June 7, 2025

Wayne Lewis, co-founder of the iconic R&B group Atlantic Starr, has sadly passed away at the age of 68, the band has confirmed. No cause of death has been disclosed. The singer and keyboardist was a founding member of the New York-based group, best known for their chart-topping hits in the late 1980s and early 1990s, including Always, Secret Lovers, Circles, Silver Shadow, and Masterpiece.

No cause of death reported.

Link

Norman Hutchins Sr. Dies: Gospel Artist And Pastor Was 62

June 6, 2025

Bishop Dr. Norman Hutchins Sr., a pastor and gospel artist known for classic hits such as “God’s Got a Blessing (with My Name on It!),” has died. He was 62. Hutchins’ recordings received Grammy, Dove and Stellar nominations.

No cause of death reported.

Link

Joe Giglio, Jazz Guitarist, Vocalist, Teacher

June 8, 2025

New York City, NY – Dear All, this is Joe’s wife, Brooke. I brought Joe to ER on Wednesday, May 28 with breathing difficulties. He was admitted to ICU and found to have interstitial lung disease. While the excellent medical teams at Mt Sinai were looking for treatment approaches, Joe was on oxygen and meds, but could eat, talk, play guitar and be present with all of us. We are fortunate for that time. This past Thursday early am he needed a breathing tube, which we agreed to while he was being assessed for lung transplantation. He was not a candidate, and his own wishes were part of that determination. Joe died on Friday, and is an organ donor so he was able to save three lives.

Link

Mentor to Prince, Pepé Willie, Sadly Passes Away at 76

June 5, 2025

Known for hits like “When Doves Cry”, “Raspberry Beret” and “Purple Rain”, Prince became one of the most influential singers of his generation. A legend in the music industry and a sex symbol to his fans, the singer had Pepé Willie to thank for his career taking off. And while Prince passed away back in 2016, Willie recently passed away at the age of 76 after battling cancer.

Link

A whistleblower “died suddenly”:

Jennifer Lyell, key figure in SBC abuse crisis, dies after brief illness

June 8, 2025

One of the key figures in the Southern Baptist Convention’s sexual abuse crisis has died prematurely after reportedly suffering a massive stroke days earlier. Jennifer Lyell, a former executive at the SBC’s Lifeway Christian Resources, died Saturday, June 7, at age 47, according to multiple sources with knowledge of the situation.

Link

Bill Atkinson, Who Made Computers Easier to Use, Is Dead at 74

June 7, 2025

Bill Atkinson, the Apple Computer designer who created the software that enabled the transformative visual approach pioneered by the company’s Lisa and Macintosh computers, making the machines accessible to millions of users without specialized skills, died on Thursday night at his home in Portola Valley, Calif., in the San Francisco Bay Area. He was 74. In a Facebook post, his family said the cause was pancreatic cancer.

Researcher’s Note – I am asking friends and well-wishers to pray for me. On October first [2024], I was diagnosed with pancreatic cancer. Because of vascular involvement, surgery is not possible. I am taking weekly chemo treatments to shrink the tumor before surgical resection.

Link

Dallas Cowboys Iron Man Icon Tom Rafferty Dead at 70

June 6, 2025

FRISCO, CO – Legendary Dallas Cowboys offensive lineman Tom Raffery has passed away. Rafferty was 70. Rafferty’s daughter, Rachel Powers, informs the Dallas News that her father had been hospitalized in Colorado since early May.

No cause of death reported.

Link

Former South Bend Clay, Purdue basketball star dies at 48

June 6, 2025

SOUTH BEND, IN — A former South Bend Clay and Purdue star has died. Sources confirmed to WSBT 22’s Bennett Wise that Jaraan Cornell died unexpectedly on Friday at the age of 48. Cornell was an Indiana All-Star who went on to play at Purdue and later became a coach for Clay in 2013. He worked with local youth at Heroes Camp and, most recently, the South Bend Boys and Girls Club. The 48-year-old Cornell, who would’ve turned 49 in November ― the start of high school basketball season ― was found dead in his South Bend apartment.

No cause of death reported.

Link

Amerk teammates remember Scott Metcalfe: ‘The ultimate competitor’

June 6, 2025

Rochester, NY – Scott Metcalfe, a member of the 1996 Calder Cup championship team and a 2006 inductee into the Amerks [Rochester Americans pro hockey team] Hall of Fame, died suddenly on Friday morning surrounded by family at Strong Memorial Hospital. He was 58.

No cause of death reported.

Link

TNA’s ‘Claire Lynch’ Actress, Julia Reilly, Found Dead

June 6, 2025

Julia Reilly, the actress who portrayed Claire Lynch in TNA Wrestling, was found dead earlier this year. According to Dave Meltzer in the Wrestling Observer Newsletter, Reilly’s body was discovered in her home in Orlando [FL] two months ago after she failed to appear at a scheduled event. It’s been indicated that she died of natural causes. In recent years, Reilly worked as a presenter and MC for events in Central Florida, like trade shows.

No age or cause of death reported.

Link

Longtime parenting columnist and editorial writer Annette Clifford passed away this week

June 7, 2025

DR PAUL ALEXANDER

Geert Vanden Bossche: I gained respect for Geert, he has his way of communicating but he is a smart man, sidelined by the COVID Freedom Fighter doctors & scientists because he is smarter than them;

like Jay J Couey, sidelined because he is beyond them, intellect, professionalism etc., so here Geert rails on FDA head & IMO the FDA has really done NOTHING of benefit in Trump 2.0, ZERO, platitudes

‘FDA: Just when you thought it couldn’t get any worse…’

FDA: Just when you thought it couldn’t get any worse…

‘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.’

___

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.

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Oil Rises As Trump Says He’s ‘Less Confident’ About Nuclear Talks With I

Wednesday, Jun 11, 2025 – 09:00 AM

The NY Post has published a new Trump interview focused on apparently stalled Iran nuclear deal efforts which resulted in a surge in oil prices.

The President said in the interview he’s getting “less confident” about ongoing nuclear negotiations with Iran, soon after which oil rose as well as benchmark treasury yields and gold, as investors weigh the possibility of US-Iran nuclear talks falling apart.

Trump was asked whether he thinks the Islamic Republic will agree to shut down its nuclear program. “I don’t know. I did think so, and I’m getting more and more — less confident about it,” he responded.

“They seem to be delaying, and I think that’s a shame, but I’m less confident now than I would have been a couple of months ago,” Trump continued. “Something happened to them, but I am much less confident of a deal being made.”

Then the question was raised by the Post, “what happens then?” To which Trump responded:

“Well, if they don’t make a deal, they’re not going to have a nuclear weapon,” Trump answered. “If they do make a deal, they’re not going have a nuclear weapon, too, you know? But they’re not going a have a new nuclear weapon, so it’s not going to matter from that standpoint.

“But it would be nicer to do it without warfare, without people dying, it’s so much nicer to do it. But I don’t think I see the same level of enthusiasm for them to make a deal. I think they would make a mistake, but we’ll see. I guess time will tell.”

On the question of China’s influence on Tehran, Trump described, “I just think maybe they don’t want to make a deal. What can I say?” he said. “And maybe they do. So what does that mean? There’s nothing final.”

On Tuesday Trump acknowledged in a Fox News interview that Iran is becoming “much more aggressive” in these negotiations. And the day prior he had told reporters that the Iranians are “tough negotiators” and sought to clarify that he would not allow Tehran to enrich uranium on its soil, after some recent contradictory reports suggested the White House had backed off this demand.

Washington is awaiting a formal response from the Islamic Republic, which is expected to submit a counter-proposal in the coming days, just ahead of an expected sixth round of indirect talks with the US in Muscat, Oman, slated for Sunday, June 15.

* * * 

More geopolitical headlines via Newsquawk:

• Iranian Foreign Minister “As we resume talks on Sunday, it is clear that an agreement that can ensure the continued peaceful nature of Iran’s nuclear program is within reach—and could be achieved rapidly.”. Thereafter, US President Trump is less confident about the Iran deal, according to a New York Post podcast interview.
• Iranian Foreign Minister says “Trump’s position on Iran’s possession of nuclear weapons could form the basis of the agreement “, according to Al Arabiya.
• US Secretary of State Rubio said the US condemns sanctions imposed by the governments of the UK, Canada, Norway, New Zealand, and Australia on two sitting members of the Israeli cabinet. Rubio also stated that Israel sanctions do not advance US-led efforts to achieve a ceasefire, bring all hostages home, and end the war, while he added that the US urges a reversal of the sanctions.
• “Iran’s Defense Minister warns on US officials’ threats of conflict should negotiations falter: We hope for successful talks, but if conflict is imposed on us, Iran will respond decisively, targeting all US bases in host countries.”, via Journalist Aslani.
• “Iran successfully tested a missile equipped with a two-ton warhead last week”, according to Iran International citing the Iranian Defense Minister.

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE

CANADA

Canadian Unemployment Rate Has Now Hit 7%

Wednesday, Jun 11, 2025 – 11:00 AM

Canada’s unemployment rate rose to 7% in May — its highest in over eight years, excluding the pandemic — with just 8,800 jobs added, according to the Financial Post..

Full-time employment increased by 58,000, offset by a decline in part-time work. Private sector jobs grew by 61,000, while public sector employment fell by 21,000 due to fewer temporary hires after April’s federal election.

The Financial Post writes that manufacturing lost 12,200 jobs last month, contributing to a four-month decline of 55,000. Transportation and warehousing also shed 15,000 positions. Employment grew in wholesale and retail trade, utilities, finance, and real estate but dropped in manufacturing, public administration, and accommodation and food services.

Economists say the rise in unemployment is partly due to U.S. tariffs dampening hiring, with trade-sensitive regions like Windsor (10.8% jobless rate) and Oshawa (9.1%) hit hardest. Indeed Canada noted job postings have remained steady since February but are lower in trade-impacted areas.

“The impact of tariffs shows up in the industry pattern and regional unemployment pattern,” said Leslie Preston, senior economist at Toronto-Dominion Bank. “The manufacturing sector was down 12,200, as was transportation and warehousing (-15,000).”

Preston said manufacturing has lost a total of 55,000 jobs over the past four months.

Youth unemployment reached 20.1%, reflecting the start of the summer job market. The employment rate held steady at 60.8%, with total hours worked unchanged from April but up 0.9% from a year ago. Average hourly wages rose 3.4% year-over-year.

Bank of Canada policymakers are closely watching these developments, holding rates at 2.75% last week amid inflation concerns. In a note, Andrew Grantham, senior economist with the Canadian Imperial Bank of Commerce, said: “We expect that the gradual rise in joblessness will continue into the second half of the year, with positive developments regarding U.S. tariffs and some further interest rate cuts from the Bank of Canada required to help stabilize conditions before year-end and bring a reduction in the unemployment rate again in 2026.”

Still, economists said the larger trend of the rising unemployment rate could mean further rate cuts by the Bank of Canada during the second half of this year, with the jobless rate expected to peak above seven percent.

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

EURO/USA: 1.1422 DOWN 0.0016 PTS OR 16 BASIS POINTS

USA/ YEN 145.09 UP 0.257 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 1.3488 DOWN .0019 OR 19 BASIS PTS

USA/CAN DOLLAR:  1.3677 UP 0.0018 (CDN DOLLAR DOWN 18 BASIS PTS)

 Last night Shanghai COMPOSITE UP 17.50 PTS OR 0.52%

 Hang Seng CLOSED UP 187.35 PTS OR 0.78%

AUSTRALIA CLOSED UP .08%

 // EUROPEAN BOURSE:    ALL MOSTLY MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL MOSTLY MIXED

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 198.35 PTS OR 0.78%

/SHANGHAI CLOSED UP 13.50 PTS OR 0.52%

AUSTRALIA BOURSE CLOSED UP 0.08 %

(Nikkei (Japan) CLOSED UP 209.68 PTS OR 0.55%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 3345.60

silver:$36.53

USA dollar index early WEDNESDAY  morning: 99.07 DOWN .01 BASIS POINTS FROM TUESDAY’s CLOSE.

TUESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 2.992% DOWN 1/2 in basis point(s) yield

JAPANESE BOND YIELD: +1.457% DOWN 2 FULL POINTS AND 40/100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.101 DOWN 1 in basis points yield

ITALIAN 10 YR BOND YIELD 3.443 DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.524 DOWN 0 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY WEDNESDAY

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

Euro/USA 1.1457 UP 0.0000 OR 00 basis points

USA/Japan: 145.16 UP 0.322 OR YEN IS DOWN 32 BASIS PTS//

Great Britain 10 YR RATE 4.5660 UP 2 BASIS POINTS //

Canadian dollar DOWN .0005 OR 5 BASIS pts  to 1.3674

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan CNY DOWN AT 7.1896,  CNY ON SHORE ..

THE USA/YUAN OFFSHORE DOWN TO 7.1981

TURKISH LIRA:  39.18 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.457

Your closing 10 yr US bond yield DOWN 3 in basis points from TUESDAY at  4.442% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.918 DOWN 2 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.960 DOWN 5 BASIS PTS.

GOLD AT 11;00 AM 3329.00

SILVER AT 11;00: 36.13

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

London: CLOSED UP 16.27 PTS OR 0.13%

GERMAN DAX: CLOSED DOWN 38.44 pts or 0.16%

FRANCE: CLOSED UP 28,43 pts or 0.36%

Spain IBEX CLOSED DOWN 87.00 pts or 0.61%

Italian MIB: CLOSED DOWN 27.33 or 0.07%

WTI Oil price  66.08 11 EST/

Brent Oil:  67.98 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  79.38 ROUBLE DOWN 0 AND  91/ 100      

CDN 10 YEAR RATE: 3.334 DOWN 1 BASIS PTS.

CDN 5 YEAR RATE: 2.931 DOWN 2 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1484 UP 0.0048 OR 48 BASIS POINTS//

British Pound: 1.3541 UP .0034 OR 34 basis pts/

BRITISH 10 YR GILT BOND YIELD:  4.5480 UP 1/5 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.461 UP 1 FULL BASIS PTS

USA dollar vs Japanese Yen: 144.56 DOWN 0.276 BASIS PTS

USA dollar vs Canadian dollar: 1.3670 DOWN 0.0008 BASIS PTS CDN DOLLAR UP 8 BASIS PTS

West Texas intermediate oil: 68.10

Brent OIL:  69.60

USA 10 yr bond yield DOWN 6 BASIS pts to 4.415

USA 30 yr bond yield DOWN 3 PTS to 4.910%

USA 2 YR BOND: DOWN 6 PTS AT  3.947%

CDN 10 YR RATE 3.338 DOWN 1 BASIS PTS

CDN 5 YEAR RATE: 2.939 DOWN 1 BASIS PTS

USA dollar index: 98.63 DOWN 43 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 39.17 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  79.91 DOWN 1 AND 44/100 roubles

GOLD  $3343.20 (3:30 PM)

SILVER: 36.10 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 0.67 OR 0.00%

NASDAQ 100 DOWN 81,12 PTS OR 0.37%

VOLATILITY INDEX: 17.73 UP 0.78 PTS OR 4.60%

GLD: $ 308.35 UP 1.66 PTS OR 0.54%

SLV/ $32.95 DOWN .28 PTS OR OR 0.84%

TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 113.08 OR 0.43%

end

TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING

Bonds, Bullion, & Black Gold Bid As Mideast Tensions Trump Soft CPI

Wednesday, Jun 11, 2025 – 08:00 PM

After kneejerking higher on the cooler than expected CPI print, the S&P 500 fell into the red as desk chatter noted that Treasury Secretary Bessent’s testimony in Congress(as he said it was “highly likely” that the Trump administration would extend the deadline for trading partners who are negotiating in good faith when the original 90-day pause expires, and that it won’t roll the date forward for those that aren’t) added to the general tone of uncertainty about the trade war (and later headlines on Iraq tensions reigniting). The Dow scrambled back to basically unchanged as Nasdaq and S&P were the biggest losers…

…which is interesting, because Bloomberg’s global trade policy uncertainty index just fell to its lowest since January…

Source: Bloomberg

Mega-Cap tech fell into the red for the week today…

Source: Bloomberg

With hedge funds monkeyhammered as most-shorted stocks actually fell for a change (and the VIP longs also fell, hurting both legs of their ‘generic’ trade). 

The last time the VIP less most shorted basket cratered like this was 4 months ago, just before the March 7 wipeout…

Source: Bloomberg

Crude oil prices surged higher today on the heels of a bigger than expected inventory drawdown and further exacerbated by a Reuters report of heightened tensions in Iraq (evacuating the US embassy), which piled on to gains driven by the possibility of US-Iran nuclear talks falling apart. WTI has almost entirely erased the post-Liberation-Day losses…

Source: Bloomberg

Gold also jumped on the MidEast headlines…

Source: Bloomberg

Bonds were aggressively bid today driven by soft CPI (so much for the Trump tariff terror-flation) and safe-haven flows on the MidEast headlines. The short-end outperformed with 2Y -8bps vs 30Y -3bps…

Source: Bloomberg

The 2Y yield fell back below 4.00%

Source: Bloomberg

Rate-cut expectations rise after the soft CPI with 2025 back up to 2 25bps cuts now expected…

Source: Bloomberg

The dollar tumbled to a fresh cycle low (lowest since July 2023)…

Source: Bloomberg

Bitcoin did its usual confusing thing and fell on the geopolitical tensions… the algos really need to adjust that If..Then statement…

Source: Bloomberg

Finally, back to where we started, after this morning’s soft CPI, the US inflation macro surprise index pushed to its lowest since August 2020…

Source: Bloomberg

…time for a rate-cut Jay?

BIG MORNING STORY: CPI very tame despite tariffs:

Fearmongering Pundits Disappointed AGAIN As Consumer Prices Refuse To Surge On Trump Tariffs

Wednesday, Jun 11, 2025 – 08:41 AM

In what is reportedly the first real test of the tariff terror pass-through impact on the average American, today’s CPI print was expected to rise modestly following survey after survey suggesting the fecal matter is about is about to strike the rotating object… just like every mainstream media economist warned.

Higher Prices

• ISM Manufacturing prices expanded to 69.8, the highest since June 2022.
• ISM Services ticked up to 65.1 in April, the highest since January 2023.
• S&P Global US Manufacturing firms increased their output prices by the greatest degree since early 2023.
• S&P Global US Services prices advanced.
• Richmond Fed manufacturing showed prices received rose to 2.65 from 2.34 in March.
• New York Fed manufacturing prices received edged up to 28.7 from 22.4 in March.
• Philadelphia Fed manufacturing report showed prices received gained to 30.7 compared to 29.8 in March.
• Kansas City Fed manufacturing prices received surged to 29, up from 15 in March.
• Kansas City Fed non-manufacturing showed selling prices rose in April.
• Dallas Fed manufacturing outlook report showed prices received for finished goods advanced to 14.9, up from 6.3 in March.
• Dallas Fed services selling prices rose to 8.4 from 5.2 in the prior month.
• Chicago PMI showed prices expanded at a faster pace in April.

So what did we get?

A nothingburger… again… as headline and core CPI both printed below expectations.

Headline CPI rose just 0.1% MoM in May (+0.2% MoM exp), inching higher to +2.4% YoY (from +2.3% YoY in April)…

Source: Bloomberg

Energy deflation dominated the headline CPI…

Source: Bloomberg

Core CPI was even more disappointing for the average PhD pundit as it rose 0.1% MoM (well below the +0.3% MoM expected), flat with April’s +2.8% YoY – the lowest since March 2021…

Source: Bloomberg

Goods prices deflated…

Source: Bloomberg

On a YoY basis, Services cost price increases continue to slow while Goods prices accelerate very (very) modestly…

Source: Bloomberg

So, we guess we will just have to wait for NEXT MONTH to see the hyperinflationary hellscape that so many TV pundits told us would occur after Trump’s terror tariffs were imposed.

Cue the excuse factory… just wait until next month…

end

early morning trading

Everything Soars Higher As Rate-Cut Odds Jump After CPI ‘Miss’

Wednesday, Jun 11, 2025 – 08:52 AM

A ‘disappointing’ CPI print (cooler than expected) has promoted a surge higher in the market’s expectation for rate-cut…

Source: Bloomberg

Prompting a surge higher in EVERYTHING.

Stocks spiked…

Treasuries were aggressively bid with 10Y yields sdown 5bps…

Source: Bloomberg

The dollar fell…

Source: Bloomberg

Helping gold to accelerate…

Source: Bloomberg

Goldman said that this would be a materially dovish print (<0.25% MoM for Core CPI) would prompt the bond market to add back at least 2x 25bp rate cuts (it already has) and for Equities to react positively (up 2-2.5%) to the bull steepening that likely ensues.

What excuse will Powell come up with next to NOT cut?

USA DATA

US Collected A Record $22BN In Tariffs In May… Which Was Just 3% Of Total Government Spending

Wednesday, Jun 11, 2025 – 03:47 PM

First the good news. One month after April recorded the second biggest budget surplus on record (at $258BN), a total which was boosted by generous customs duties collected as a result of Trump’s aggressive tariff and trade war escalation, in May the amount of tariff receipts was off the charts, soaring to a record $22.2 billion…

… or more than triple the amount of customs duties collected during any month of the Trump 1.0 trade war. 

As for the bad news… well, you probably know where we’re going with this. Unfortunately, that record $22.2 Billion in tariffs is a drop in the pool compared to all the US government spending, which there was a lot of in May, $687.2 Billion to be precise (up 2.5% from a year ago) so the tariffs covered precisely… 3% of US government spending. 

To smooth out the chart, here is the same spending data on a 6 month moving average basis. With the exception of the covid panic, the US government has never spent more!

Of course, it wasn’t just tariffs, and in May total government tax receipts rose 15% to $371.2 Billion (which includes the surge in tariffs) from $323.6 Billion last year. Not bad, until one realizes that total monthly tax revenue is basically flat for the past 4 years, while spending has continued to grow exponentially higher. 

Naturally, the difference between government tax receipts and spending is known as the deficit, and in May  it was $316BN, a modest improvement to the $347BN deficit one year ago, if just above the $314BN estimate.

Putting it all together, the cumulative deficit for fiscal 2015 is now $1.365 trillion. This is a substantial improvement to the trendline that was in place before Trump came into the white house (as of January, the cumulative 2025 fiscal deficit was the highest ever), but it is higher compared to the $1.202 trillion cumulative deficit in 2024, and it is certainly higher on a cumulative basis as of May – with just 4 more months left in the fiscal year – than any other year on record except the outliers of 2020 and 2021.

And while all of that is a good start, and certainly a big improvement in the US fiscal picture in the first three months of Trump’s regime, the big picture sadly remains a dismal one, largely because the US debt picture remains completely unsustainable, manifesting itself in $92.2 billion in interest payments in May…

… and a cumulative $1.2 trillion in gross interest expense per year, just $300 billion shy of the biggest spending category of them all: Social Security Spending. 

That said, April’s bumper revenue aside, all five main spending categories are growing much faster than revenue, and something drastically has to change for this big picture to become viable. Unfortunately, we have now seen the wholsesale pushback Trump has faced when doing just that – trying to restructure a broken status quo – which is why unless Trump magically succeeds in this undertaking, the US is pretty much doomed (while DOGE’s achievements have been admirable, they are a drop in the bucket in the context of overall spending) as nobody else will ever come close to Trump’s intended overhaul of the US fiscal picture.

USA ECONOMIC NEWS

LOS ANGELES:

Waymo vehicles torched!

(zerohedge)

Viral Footage Appears To Show Waymo Vehicles Fleeing Los Angeles After Riots 

Tuesday, Jun 10, 2025 – 05:00 PM

Law-abiding Americans watched in disbelief as Marxist-aligned NGOs sparked chaos in downtown Los Angeles. Riots and looting raged overnight and entered the fourth day, with videos flooding X showing individuals—possibly illegal aliens, migrants, or even U.S. citizens—waving Mexican flags as they torched Waymo Jaguars. 

Waymo confirmed to CNBC on Monday that five of its vehicles were set on fire in downtown Los Angeles on Sunday, prompting the company to suspend service across the metro area. 

As of Tuesday, Waymo’s service remained suspended due to ongoing protests, with a company representative stating that “some areas are currently inaccessible because of the protest.”

“There’s no specific timeframe available at the moment; I recommend checking the app periodically for updates,” the company representative continued. 

A viral video posted Monday evening by an X user claimed, “Waymo is moving their cars out of LA.”

Viral images of Mexican flag-waving rioters torching vehicles and looting are spreading globally. The Democratic Party’s color revolution against Trump is now fueling chaos in the streets of Los Angeles — and the optics are disastrous for Democrats, as it only strengthens Trump’s case for a mass deportation mandate of criminal illegal aliens. 

END

Newsom files emergency restraining order against Trump for activing the National Guard. The Supreme Court ruled against Newsom

(zerohedge)

Newsom Files Emergency Restraining Order After Trump Activates Additional National Guardsmen For LA Riots

Tuesday, Jun 10, 2025 – 08:55 AM

Summary

• CA Governor Gavin Newsom has filed for an emergency restraining order blocking Trump from dispatching troops to patrol Los Angeles. 
• There have been four days of protests and riots since they broke out in Los Angeles on June 6.
• President Donald Trump has now federalized and deployed 2,000 National Guard troops to Los Angeles to quell the violence. 
• Trump has also deployed 700 Marines to Los Angeles to help the Los Angeles Police Department tame the violent protests.
• There have been dozens of arrests since the protests and riots broke out.
• Defense Secretary Pete Hegseth and other top military officials are heading to Capitol Hill to testify before House committees, where lawmakers are all but certain to ask them about their response to the violence.
• “The FBI is investigating any and all monetary connections responsible for these riots,” FBI Director Kash Patel told media outlet Just the News.

Update (1521ET): California Governor Gavin Newsom says the state is seeking a temporary restraining order (TRO) to block President Donald Trump from deploying troops to Los Angeles to deal with violent protesters.

“Trump is turning the U.S. military against American citizens. The courts must immediately block these illegal actions,” Newsom wrote on X. 

https://x.com/CAgovernor/status/1932510956162330807?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1932510956162330807%7Ctwgr%5E344939d5ec50e0db15c934d3c9adf27aa19f27c1%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohed

In the motion, filed Tuesday in the US District Court in San Francisco, Newsom and state officials argued that they “seek to preserve (in part) the status quo by temporarily enjoining Defendants from ordering or deploying the active- duty members of the military and federalized National Guard soldiers to patrol communities or otherwise engage in general law enforcement activities beyond the immediate vicinity of federal buildings or other federal real property.”

Maybe uphold the law of the land and we wouldn’t have ICE raids?

*  *  *

President Donald Trump’s administration has authorized 2,000 additional National Guardsmen to deploy to Los Angeles as riots continue across the city, adding to the more than 2,000 already in the city.

“At the order of the President, the Department of Defense is mobilizing an additional 2,000 California National Guard to be called into federal service to support ICE & to enable federal law-enforcement officers to safely conduct their duties,” Sean Parnell, the chief spokesperson for the Pentagon, wrote in a post on X.

As Joseph Lord reports for The Epoch Times, the announcement comes after Trump on Saturday authorized 2,000 troops to deploy to the city without a request or cooperation from California Gov. Gavin Newsom—the first time since 1965 that a president has done so.

In a later statement, U.S. North American Command announced that of those ordered to the city, around 1,700 are currently active as part of a coalition, dubbed Task Force 51, which also includes U.S. Marines that have been deployed to the city.

These troops are considered to be in a “Title 10” status, meaning they’ve been activated under 10 U.S. Code § 12406, which permits the president to order guardsmen into service—with or without the support of a state governor—in the event of “a rebellion or danger of a rebellion against the authority of the government of the United States,” alongside additional circumstances such as invasion.

However, without an invocation of the Insurrection Act, their authority is limited solely to protecting federal interests in the region, and they are not authorized to make arrests or carry out general law enforcement functions.

Newsom was critical of the move, suggesting that it was unnecessary.

He said that all but 300 of the 2,000 guardsmen already stationed in the city “are sitting, unused, in federal buildings without orders.”

“This is Reckless. Pointless. And Disrespectful to our troops,” Newsom said.

The guardsmen would join approximately 700 Marines who have also been ordered to deploy to the city.

Because Trump has not invoked the Insurrection Act, the guardsmen, as well as the Marines deploying to the city, can only defend federal buildings and personnel, but are not authorized to make arrests or enforce the law.

In a post on social media platform X, Newsom also announced on Monday evening that he’s sending additional law enforcement officers to Los Angeles as riots that have swept the city approach their fifth day. The governor also blamed the president for the unrest and said that “now California is left to clean up the mess.”

“We’re working with local partners to surge over 800 additional state and local law enforcement officers to ensure the safety of our LA communities,” he wrote.

More than 640 of those are with the California Highway Patrol, which is directly subordinate to Newsom.

More than 240 others are from neighboring counties, including San Bernardino, Orange, Santa Barbara, and Ventura, and some are from within Los Angeles County.

The Epoch Times earlier on June 9 observed in the city officers from Baldwin Park and Santa Monica, both of which are from other parts of the county.

END

Pam Bondi Drops The Hammer: L.A. Rioters Face Federal Robbery Charges Under Hobbs Act

Wednesday, Jun 11, 2025 – 10:30 AM

Update (1030ET):

The optics for California Democrats—particularly far-left Los Angeles Mayor Karen Bass and Governor Gavin Newsom—have turned negative. Their characterization of the riots as “mostly peaceful” is increasingly being contradicted by viral X footage of looting, vehicle fires, and street-level chaos. Public sentiment appears to be shifting, with growing scrutiny on the role of well-funded far-left NGOs allegedly involved in organizing the unrest.

On Tuesday night, Mayor Bass was forced to impose a curfew on downtown Los Angeles—a move that stands in stark contrast to earlier claims from California Democrats that the protests were “mostly peaceful.”

Meanwhile, a federal judge denied California’s request for an immediate restraining order that would temporarily prohibit the Trump administration from using the Marines and the National Guard in the state. 

About 700 Marines have been activated to assist federal personnel and property and join the 2,100 members of the California National Guard who are boots on the ground in securing the L.A. metro area. 

On Wednesday morning, Attorney General Pam Bondi addressed reporters in the White House driveway about the Trump administration’s decision to deploy Marines and National Guard troops to stop the social unrest sparked by far-left NGOs. 

“Right now, we’re the ones keeping California safe. If Gavin Newsom won’t do it — we will,” Bondi told reporters.

Bondi continued, “Today we wanted them to declare – they didn’t declare an economic disaster with all the businesses affected by the unrest, which would’ve allowed the US Small Business Administration to come in and help and give federal aid to all these businesses.” 

“We’ve all seen the news—drugstores being robbed, looted, even the Apple Store just got hit. We’re watching this unfold live,” Bondi said, adding, “And to me, this isn’t just looting—we’re applying the Hobbs Act. We’re treating it as robbery to protect Californians. If you loot a store, we’re charging you with robbery under the Hobbs Act. That carries a maximum sentence of 20 years in prison,” she said. 

More critically, Bondi’s team—alongside FBI Director Kash Patel—must launch a thorough investigation into the rogue far-left NGOs that are providing organizational or logistical support for these riots. Equally important is examining whether these NGO-linked color revolutions are being influenced or financed by foreign actors with the intent of destabilizing the nation from within. 

Take this poll for whatever it’s worth…

The core objective of any color revolution is to shift public sentiment, but in the Democrats’ informational war against Trump, that shift has yet to materialize. In fact, polling trends are moving in the opposite direction!

*   *    * 

In a bizarre twist, after spending much of the past week pleading just how peaceful the LA riots hugfest has been, and slamming Trump for deploying the national guard to the city after the local police was ordered to stand down, moments ago LA mayor Karen Bass announced that a curfew will be put into effect for one square mile of downtown Los Angeles following four nights of violent, chaotic protests and looting, during which the LAPD arrested more than 150 people.

But before anyone gets ideas that this was a sincere gesture meant to protect the lives of innocent civilians, keep in mind that the mayor explicitly wanted to highlight just how contained the curfew zone will be. It will apply to the area of downtown from the 5 Freeway to the 110 Freeway and from the 10 Freeway to where the 110 Freeway and the 5 Freeway merge, Bass said. In other words, see – the rest of LA is perfectly safe. Well, we’ll see. 

The mayor made the announcement Tuesday evening after suggesting earlier in the day that she would consider a curfew if violence broke out again. It did.

The curfew comes as arrests have increased every night since protests began in response to the Trump administration’s immigration crackdown in Southern California.

No one was arrested by Los Angeles police on Friday night, but 27 were arrested Saturday, 40 were arrested Sunday, and 114 were arrested Monday, according to Los Angeles Police Chief Jim McDonnell. Some would call it a wave of escalating peace. 

Bass and other elected officials in Los Angeles have repeatedly asked protesters to remain nonviolent and refrain from spray-painting graffiti or otherwise vandalizing or burglarizing businesses. But each morning, new, often explicit, graffiti has adorned buildings across downtown. Oh, and of course, the looting did not help to demonstrate just how peaceful the illegal LA immigrant communists are. 

So, to summarize leftist governance:

1. Let rioters rage
2. Call it “peace”
3. Impose curfews to protect your narrative, not your citizens

And when reality contradicts ideology, they don’t change policies—they change the vocabulary. “Mostly peaceful” is the mask they put on urban ruin. 

END

Jonathan Turley on the mobilization of the National Guard

(Jonathan Turley)

Always Ready, Always There: Democrats Mobilize Against National Guard Deployment

Wednesday, Jun 11, 2025 – 08:05 AM

Authored by Jonathan Turley,

Gov. Gavin Newsom was in his element this week. After scenes of burning cars and attacks on ICE personnel, Newsom declared that this was all “an illegal act, an immoral act, an unconstitutional act.” No, he was not speaking of the attacks on law enforcement or property. He was referring to President Donald Trump’s call to deploy the National Guard to protect federal officers.

Newsom is planning to challenge the deployment as cities like Glendale are cancelling contracts to house detainees and reaffirming that local police will not assist the federal government.

Trump has the authority under Section 12406 of Title 10 of the U.S. Code to deploy the National Guard if the president is “unable with the regular forces to execute the laws of the United States.”

The Administration is saying that that is precisely what is unfolding in California, where mobs attack vehicles and trap federal personnel.

Most critics are challenging the deployment on policy grounds, arguing that it is an unnecessary escalation. However, even critics like Berkeley Law Dean Erwin have admitted that “Unfortunately, President Trump likely has the legal authority to do this.”

There is a fair debate over whether this is needed at this time, but the President is allowed to reach a different conclusion. Trump wants the violence to end now as opposed to escalating as it did in the Rodney King riots or the later riots after the George Floyd killings, causing billions in property damage and many deaths.

Courts will be asked to halt the order because it did not technically go through Newsom to formally call out the National Guard.

Section 12406 grants Trump the authority to call out the Guard and employs a mandatory term for governors, who “shall” issue the President’s order. In the memo, Trump also instructed federal officials “to coordinate with the Governors of the States and the National Guard Bureau.”

Newsom is clearly refusing to issue the orders or coordinate the deployment.

Even if such challenges are successful, Trump can clearly flood the zone with federal authority. Indeed, the obstruction could escalate the matter further, prompting Trump to consider using the Insurrection Act, which would allow troops to participate directly in civilian law enforcement.

In 1958, President Eisenhower used the Insurrection Act to deploy troops to Arkansas to enforce the Supreme Court’s orders ending racial segregation in schools.

The Trump Administration has already claimed that these riots “constitute a form of rebellion against the authority of the Government of the United States.” In support of such a claim, the Administration could cite many of the Democratic leaders now denouncing the claim.

After January 6th, liberal politicians and professors insisted that the riot was an “insurrection” and, in claiming that Trump and dozens of Republicans could be removed from ballots under the 14th Amendment.

Liberal professors insisted that Trump’s use of the word “fight” and questioning the results of an election did qualify as an insurrection. They argued that you merely need to show “an assemblage of people” who are “resisting law” and “using force or intimidation” for “a public purpose.” The involvement of inciteful language from politicians only reinforced these claims. Sound familiar?

Democrats are using this order to deflect from their own escalation of the tensions for months. From Minnesota Gov. Tim Walz calling ICE officers “Gestapo” to others calling them “fascists” and “Nazis,” Democratic leaders have been ignoring objections that they are fueling the violent and criminal responses. It did not matter. It was viewed as good politics.

While Newsom and figures like Sen. Cory Booker (D., N.J.) have called these “peaceful” protests, rocks, and Molotov cocktails have been thrown at police as vehicles were torched. Police had to use tear gas, “flash bang” grenades, and rubber bullets to quell these “peaceful” protesters.

There appears little interest in deescalation on either side. For the Trump Administration, images of rioters riding in celebration around burning cars with Mexican flags are only likely to reinforce the support of the majority of Americans for the enforcement of immigration laws.

For Democrats, they have gone “all in” on opposing ICE and these enforcement operations despite support from roughly 30 percent of the public.

Some democrats are now playing directly to the mob. A Los Angeles City Council member, Eunisses Hernandez, reportedly urged anti-law enforcement protesters to “escalate” their tactics against ICE officers:  “They know how quickly we mobilize, that’s why they’re changing tactics. Because community defense works and our resistance has slowed them down before… and if they’re escalating their tactics then so are we. When they show up, we gotta show up even stronger.”

So, L.A. officials are maintaining the sanctuary status of the city, barring the cooperation of local police, and calling on citizens to escalate their resistance after a weekend of violent attacks. Others have posted the locations of ICE facilities to allow better tracking of operations while cities like Glendale are closing facilities.

In Washington, Jeffries has pledged to unmask the identities of individual ICE officers who have been covering their faces to protect themselves and their families from growing threats.

While Democrats have not succeeded in making a convincing political case for opposing immigration enforcement, they may be making a stronger case for federal deployment in increasingly hostile blue cities.

“Temporary Disruptions”: Cyberattack On Whole Foods Supplier Sparks Store Shortages

Wednesday, Jun 11, 2025 – 06:55 AM

North American grocery wholesaler United Natural Foods (UNFI), the primary distributor for Whole Foods Market, has been hit by a cyberattack that temporarily paralyzed U.S. operations. The company is working to restore systems by the weekend. The disruption has already led to reports of empty shelves at some Whole Foods locations due to delayed shipments.

Last Thursday, UNFI revealed in a filing with the U.S. Securities and Exchange Commission that it “activated its incident response plan and implemented containment measures, including proactively taking certain systems offline,” after uncovering unauthorized network activity on its systems. 

“The incident has caused, and is expected to continue to cause, temporary disruptions to the Company’s business operations,” the Form 8-K continued, adding, “The Company is working actively to assess, mitigate, and remediate the incident with the assistance of third-party cybersecurity professionals and has notified law enforcement.”

Fast forward to Monday, UNFI told customers in an email obtained by Bloomberg that it was “working toward the goal of returning to full operational capacity by Sunday or sooner,” while apologizing for the disruption.

What’s happened so far (via Bloomberg): 

• Operations Halted: UNFI shut down all business systems, including ordering and shipping, after detecting intruders in its network.
• Customer Impact: Forklift operators were sent home, and some resumed work using pen-and-paper systems. Clients like National Co+op Grocers made special requests to keep top-selling products moving.
• Response: UNFI is working with cybersecurity firm CrowdStrike and has reported the incident to the FBI. CEO Sandy Douglas said the situation is being handled by “a strong team of experts.”
• No Payroll Disruptions Expected.
• Whole Foods: Confirmed supply disruptions; shelves in some Manhattan stores were visibly empty. 

UNFI CEO Sandy Douglas informed investors during a Tuesday earnings call that intruders had compromised its IT systems, and backend systems related to the supply chain were down. 

“We believe we are managing the incident capably with a very strong team of inside and outside professionals, including specialized experts,” Douglas said, adding, “We will continue to keep our customers, suppliers and associates regularly updated on our progress and next steps.”

Bloomberg reported that at least one Whole Foods location in Manhattan had partially empty shelves as a result of the disruption.

X users report disruptions…

Tech blog BleepingComputer noted about the increasing cyber threats targeting America’s food supply chain:

UNFI is just the latest company in the food industry to have been breached in recent years. For instance, in March, ​Walmart-owned warehouse supermarket chain Sam’s Club disclosed it was investigating claims of a Clop ransomware breach. Food giant JBS Foods, the world’s largest beef producer, also paid an $11 million ransom in 2021 after a REvil ransomware attack forced it to shut down production at multiple sites worldwide.

The key takeaway: UNFI’s cyberattack underscores the fragility of the U.S. just-in-time supply chain and its heavy reliance on vulnerable IT infrastructure. 

Our view—well known to readers—is clear: Take control of your food supply. Whether that means planting a garden, raising chickens, or building direct relationships with local ranchers and farmers, the message is the same: stop relying on globalist multinational corporations. 

VICTOR DAVIS HANSON/

USA NEWS/ANTISEMITISM..

KING NEWS

SWAMP STORIES FOR YOU TONIGHT

Musk “Regrets” Some Posts About Trump, Signals Possible Reconciliation

Wednesday, Jun 11, 2025 – 07:45 AM

Elon Musk publicly expressed regret over his recent X post attacks on President Donald Trump, admitting that his posts on X — particularly the one linking Trump to Jeffrey Epstein — “went too far.”

“I regret some of my posts about President @realDonaldTrump last week. They went too far,” Musk wrote in an early morning X post. 

The fallout stemmed from last week’s blowout after Musk opposed Trump’s “Big Beautiful Bill,” prompting Trump to hint at cutting off government contracts. In response, Musk unleashed a series of now-deleted X posts, including a claim that Trump was “in the Epstein files.”

• Détente? Musk Hints At Path Forward On BBB; Trump Team Schedules Friday Call
• ‘Very Disrespectful’: Trump ‘Assumes’ Musk Relationship Is Over

To recap last week:

• Earlier in the week, Musk came out against the ‘Big Beautiful Bill’ – which raises the debt ceiling by $5 trillion, and either raises the deficit by $2.4 trillion, or lowers it by $1.4 trillion – depending on who you believe, and fails to address any of the waste, fraud and abuse found by DOGE. 
• Thursday morning, Trump was asked about Musk’s opposition to the bill, telling reporters on Thursday that he’s ‘very disappointed in Elon,’ and that Musk only opposes the bill because they eliminated electric vehicle tax credits from it.
• Trump then suggested he might pull government funding from Musk’s companies such as SpaceX, which owns the only operational US spacecraft capable of transporting astronauts to and from the International Space Station.  “The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!” -President Donald Trump via Truth Social
• Musk went ballistic – announcing he would ‘immediately‘ decommission the Dragon program (which he later walked back Thursday night), proposed a new political party (that’s still his pinned post on X), endorsed another Trump impeachment, and said in a now-deleted post Trump is ‘in the Epstein files,’ which is why they haven’t been released. 

Now that the dust has settled in the Trump-Musk feud, the president stated there would be consequences for Musk if he supports Democratic candidates opposing the tax and spending bill.

Musk stated in a CBS interview that BBB “undermines” the work of DOGE… The Trump administration has refuted this point.

On Monday, Trump said he had no plans to discontinue Starlink service at the White House but hinted he might have his Tesla Model S removed from the White House grounds.

“I may move the Tesla around a little bit, but I don’t think we’ll be doing that with Starlink. It’s a good service,” Trump told reporters. 

Trump also said that he would not have a problem if Musk called him: “We had a good relationship, and I just wish him well.”

Musk’s actions over the past several days suggest his anger has subsided and that he may be seeking to repair his relationship with the president.

As we noted last week… 

Odds are looking great on Polymarket…

However, we do agree with Musk on codifying DOGE cuts—after all, it’s a clear mandate from the American people for the president to rein in a bloated federal government long captured by deep-state swamp creatures.

GREG HUNTER…