GOLD CLOSED UP $53.40 TO $3,431.85

SILVER CLOSED UP $0.18 TO $36.29

GOLD ACCESS CLOSED $3434.20

Silver ACCESS CLOSED: $36.29

Bitcoin morning price:$104,520 DOWN 3200 DOLLARS.

Bitcoin: afternoon price: $105,060 DOWN 3740 DOLLARS

Platinum price closing DOWN $55.70 TO $1227.50

Palladium price; DOWN $23.10 TO $1037.05

END

*CANADIAN GOLD: $4,667.80 UP 58.17 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)

*BRITISH GOLD: 2531.24 UP 39.80 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025

*EURO GOLD: 2973.96 UP 48.96 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: 3,380.900000000 USD
INTENT DATE: 06/12/2025 DELIVERY DATE: 06/16/2025
FIRM ORG FIRM NAME ISSUED STOPPED

118 C MACQUARIE FUTURES US 332
332 H STANDARD CHARTERED B 275
363 H WELLS FARGO SECURITI 1126
407 C STRAITS FINANCIAL 2
435 H SCOTIA CAPITAL (USA) 5
624 H BOFA SECURITIES 974
661 C JP MORGAN SECURITIES 181 473
690 C ABN AMRO CLR USA LLC 15 18
737 C ADVANTAGE FUTURES 104 1
878 C PHILLIP CAPITAL INC 3
905 C ADM 17

TOTAL: 1,763 1,763
MONTH TO DATE: 26,327

JPMORGAN STOPPED 98/1376

JUNE

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024: 1713 CONTRACTs NOTICES FOR 171,300 OZ or 5.4836 TONNES

total notices so far: 26,527 contracts for 2,652,700 OR 81.888 tonnes)

FOR JUNE

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SILVER NOTICES: 47 NOTICE(S) FILED FOR 235,000 OZ/

total number of notices filed so far this month : 3196 CONTRACTS (NOTICES) for 15.980 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 $53.40 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.38 TONNES OF GOLD FROM THE GLD

INVENTORY RESTS AT 932.91 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $0.18 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV: ///

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 473.550 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A HUGE SIZED 4392 CONTRACTS TO 180,533 AND CONTINUING ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR SMALL GAIN OF $0.11 IN SILVER PRICING AT THE COMEX WITH RESPECT TO THURSDAY’S TRADING AND WE FINALLY HAVE THE PIERCING OF $34.40 TO 34.50 SILVER PRICE BARRIER. WE HAD A MEGA HUGE SIZED GAIN OF 5724 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A 500 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD LITTLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO THURSDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON THURSDAY WITH SILVER’S GAIN IN PRICE. THE PRICE FINISHED MILES ABOVE THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE CLOSING AT $36.11. . BUT THIS WAS COUPLED WITH ANOTHER MEGA MEGA HUGE T.A.S. ISSUANCE OF 3291 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 STRONG 550 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR MEGA MEGA HUGE 3291 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FRIDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A HUGE SIZED 4942 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR GAIN IN PRICE OF $0.11.

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 THURSDAY NIGHT/FRIDAY MORNING: A MEGA HUGE 3291 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 0 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 UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.11) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN OF 5163 CONTRACTS ON OUR TWO EXCHANGES.

WE HAD A 550 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 9.90 MILLION OZ FOLLOWED BY TODAY’S 40,000 OZ QUEUE JUMP//NEW TOTAL STANDING ADVANCES TO 16.050 MILLION OZ!!

THUS:

INITIAL STANDING FOR JUNE: 9.90 MILLION OZ PLUS TODAY’S 40,000 OZ QUEUE JUMP = 16.050 MILLION OZ.

WE HAD:

/ HUGE COMEX OI GAIN+// A 550 SIZED EFP ISSUANCE (/ VI) MEGA HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 3291 CONTRACTS)

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A SMALL 211 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 10 DAY(S), total 9218 contracts: OR 46.090 MILLION OZ (921 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 46.090 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: 46.090 MILLION OZ (NOTICE EFP ISSUANCE GETTING LARGER

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4392 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.11 IN SILVER PRICING AT THE COMEX// THURSDAY.,. . THE CME NOTIFIED US THAT WE HAD A 550 CONTRACT EFP ISSUANCE CONTRACTS: 550 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 16.050 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 40,000 OZ QUEUE JUMP = 16.050 MILLION OZ

THE NEW TAS ISSUANCE THURSDAY NIGHT (3291 ) 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 47 NOTICE(S) FILED TODAY FOR 235,000 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 STRONG SIZED 9034 OI CONTRACTS TO 432,310 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 A 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 HUMONGOUS 10,169 CONTRACTS //.

WE HAD A STRONG SIZED INCREASE IN COMEX OI (9034 CONTRACTS) . THIS OCCURRED WITH OUR GAIN OF $55.75 IN PRICE// THURSDAY///.

MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:

FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD

JUNE CONTRACT MONTH

/ WE HAD A $55.75 GAIN IN PRICE WITH RESPECT TO THURSDAY’S COMEX ///. WE HAD A STRONG SIZED GAIN OF 11,761 OI CONTRACTS (36.58 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 HUGE 5.026 TONNES OF A QUEUE JUMP //NEW STANDING ADVANCES TO 82.836 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 2727 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 432,310/NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!

SILVER ALSO HAS A LOW COMEX OI OF 180,533 CONTRACTS BUT GAINING RAPIDLY!!

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,761 CONTRACTS WITH 9034 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 2727 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 11,761 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1141 CONTRACTS

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(2727) ACCOMPANYING THE MEGA HUGE SIZED INCREASE IN COMEX OI OF 9,034 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 11,361 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 HUGE 5.026 TONNES QUEUE JUMP //NEW STANDING ADVANCES TO 82.836 TONNES./

NEW STANDING FOR GOLD, JUNE CONTRACT AT 82.836 TONNES OF GOLD.

/ 3) ZERO T.A.S. LIQUIDATION , AS WE HAD 1)A $55.75 COMEX PRICE GAIN.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH THAT GAIN IN PRICE AS WE HAD A STRONG GAIN OF 6940 CONTRACTS ON OUR TWO EXCHANGES // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED THURSDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD FOR MAY BUT SMALLER FOR JUNE!

4) STRONG SIZED COMEX OI GAIN// 5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (1550 CONTRACTS)/// FAIR T.A.S. ISSUANCE: 1141 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: 16,738 CONTRACTS OR 1,673,800 OZ OR 52.062 TONNES IN 10 TRADING DAY(S) AND THUS AVERAGING: 1674 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 10 TRADING DAY(S) IN TONNES 52.062 TONNES

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

THUS EFP TRANSFERS REPRESENTS 52.062 TONNES DIVIDED BY 3550 x 100% TONNES = 1.46% 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: 52.062 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL

SPREADING OPERATIONS

NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.

First, here is an outline of what will be discussed tonight:

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A MEGA HUGE SIZED 4392 CONTRACTS OI TO 180,804 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 550 CONTRACTS

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

JULY 550 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 550 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 4663 CONTRACTS AND ADD TO THE 550 E.FP. ISSUED

WE OBTAIN A MEGA HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 54942 CONTRACTS DESPITE THE GAIN IN PRICE OF $0.11 THE RATS ARE FLEEING THE ARENA.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 24.71 MILLION PAPER OZ

OCCURRED DESPITE OUR SMALL $0.11 GAIN 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 25.66 PTS OR 0.25%

//Hang Seng CLOSED DOWN 142.82 PTS OR 0.59%

// Nikkei CLOSED DOWN 338.84 PTS OR 0.89% //Australia’s all ordinaries CLOSED DOWN 0.29%

//Chinese yuan (ONSHORE) CLOSED UP AT 7.1812 OFFSHORE CLOSED UP AT 7.1846/ Oil UP TO 72.43 dollars per barrel for WTI and BRENT UP TO 74.28 Stocks in Europe OPENED ALL RED

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1812 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1846 AGAINST US DOLLAR/ AND THUS STRONGER

END

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3 CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 9,034 CONTRACTS TO A STILL LOW NUMBER OF 4392 OI WITH OUR HUGE GAIN IN PRICE OF $55.75 WITH RESPECT TO THURSDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2727 ). WE HAD LITTLE T.A.S. LIQUIDATION

THE CME ANNOUNCED THURSDAY NIGHT, A ZERO EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 0 OZ OR NIL TONNES. TOTAL ISSUANCE FOR MAY WAS RECORDED AT 9.591 TONNES OF GOLD AND THIS TOTAL WAS ADDED TO OUR NORMAL DELIVERIES. THE BANK OF ENGLAND MUST BE GETTING QUITE ANTSY OF GETTING ITS GOLD BACK.

IN THE MONTH OF APRIL WE HAD RECORDED A NEW RECORD 7 ISSUANCES OF EXCHANGE FOR RISK AS THE BANK OF ENGLAND IS GETTING VERY ANTSY ABOUT GETTING ITS GOLD BACK. THUS OUR TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL STOOD AT 8.3571 TONNES OF GOLD WHICH WERE ADDED TO OUR NORMAL APRIL GOLD DELVERIES.

HISTORY: LAST FIVE MONTH’S EXCHANGE FOR RISK

IN MARCH:

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

IN FEBRUARY:

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

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

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

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

IN APRIL:

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

IN MAY:

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

IN JUNE

JUNE: ZERO ISSUED SO FAR!!

DETAILS ON JUNE COMEX MONTH//INITIAL

IN TOTAL WE HAD A MEGA HUGE SIZED GAIN ON OUR TWO EXCHANGES OF 11,761 CONTRACTS WITH OUR HUGE GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON WEDNESDAY 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 1141 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 5.026 TONNES QUEUE JUMP = 82.836 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL NET QUEUE JUMPING FOR THE MONTH FOR THE MONTH: 20.302 TONNES

NEW TOTAL TONNES STANDING JUNE: 82.836 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 2727 EFP CONTRACT WAS ISSUED: : /AUGUST 2727 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2727 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 :

ZERO LIQUIDATION OF OUR T.A.S. SPREADERS
ZERO NET SPEC LIQUIDATION WITH OUR HUGE GAIN IN PRICE

T.A.S.SPREADER ISSUANCE

AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY MORNING//THURSDAY NIGHT WAS A FAIR SIZED, 1141 CONTRACTS.

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

STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.

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

THROUGHOUT THE FEW YEARS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE.THIS WAS SURELY IN EVIDENCE IN TRADING THURSDAY WITH THE SMALL GAIN 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 5.026 TONNES OF QUEUE JUMP EQUALS 82.936 TONNES

THIS IS CENTRAL BANKS STANDING FOR PHYSICAL GOLD!!

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

DEC 2021: 112.217 TONNES

NOV. 8.074 TONNES

OCT. 57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY 7.2814 TONNES

JUNE: 72.289 TONNES

MAY 5.77 TONNES

APRIL 95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES

YEAR 2022: STANDING FOR GOLD/COMEX

JANUARY 2022 17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT. 38.1158 TONNES

OCT: 77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL

Dec. 64.000 tonnes

(TOTAL YEAR 656.076 TONNES)

2023:STANDING FOR GOLD/COMEX

JAN/2023: 20.559 tonnes

FEB 2023: 47.744 tonnes

MAR: 19.0637 TONNES

APRIL: 75.676 tonnes

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

JUNE: 64.354 TONNES

JULY: 10.2861 TONNES

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

SEPT: 15.281 TONNES FINAL

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

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

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

TOTAL 2023 YEAR : 436.546 TONNES

2024/STANDING FOR GOLD/COMEX

JAN ’24. 22.706 TONNES

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

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

APRIL: 2024: 53.673TONNES FINAL

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

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

JULY: 11.692 TONNES

AUGUST 69.602 TONNES//FINAL STANDING

SEPT. 13.164 TONNES.

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

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

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

total year 2024: 540.30 tonnes

COMEX GOLD TRADING/JUNE CONTRACT MONTH

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $55.75/ /) AND THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION ////THURSDAY AS THEY ARE STILL TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE THE MAGIC $3,400 BARRIER AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM EXPLODING

FRIDAY MORNING//THURSIDAY NIGHT

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

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /JUNE TRADING

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

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

EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH

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

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

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

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

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

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

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

JUNE ISSUANCE: SO FAR ZERO

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

WE HAVE GAINED A STRONG SIZED TOTAL OF 36.58 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE FIRST RECORDED AT 62.534 TONNES ON FIRST DAY NOTICE/MAY 30. TO THIS WE ADD THURSDAY NIGHT’S HUGE QUEUE JUMP OF 161,600 OZ OR 5.026 TONNES OF GOLD//NEW STANDING FOR JUNE GOLD ADVANCES TO 82.836.

ALL OF THIS QUITE SMALL STANDING FOR JUNE WAS ACCOMPLISHED WITH OUR HUGE GAIN IN PRICE TO THE TUNE OF $55.75

WE HAD A HUGE 10,169 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 11,761 CONTRACTS OR 1,176,100 0Z (36.58 TONNES)

confirmed volume THURSDAY 242,934. contracts: huge volume////

//speculators have left the gold arena

END

UNE

INITIAL

JUNE CONTRACT MONTH

JUNE 13/2025

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	0 ENTRIES .
Deposit to the Dealer* Inventory in oz*	0 ENTRIES
Deposits to the Customer* Inventory, in oz*	0 ENTRIES xxxxxxxxxxxxxxxxI
No of oz served (contracts) today	1763 notice(s) 176,300 OZ 5.4836 TONNES
No of oz to be served (notices)	305 contracts 30,500 OZ 0.9486 TONNES
Total monthly oz gold served (contracts) so far this month	26,327 notices 2,632,700 oz 81.888 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*

dealer deposits: 0 entry

xxxxxxxxxxxxxxxxxxxxx

DEPOSITS/CUSTOMER

we have 0 customer entries

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

withdrawals:

0 ENTRIES

adjustments: 2//

A)Brinks//customer to deaer 964.530 oz (30 kilobars)

b) JPMorgan//dealer to customer 289.359 oz (9 kilobars)

AMOUNT OF GOLD STANDING FOR JUNE

THE FRONT MONTH OF JUNE STANDS AT 2068 CONTRACTS FOR A GAIN OF 240 CONTRACTS. WE HAD 1376 CONTRACTS SERVED ON THURSDAY SO WE GAINED 1616 CONTRACTS FOR 161,600 OZ OR 5.026 TONNES OF GOLD WHICH UNDERWENT A MASSIVE 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 82.836 TONNES

JULY GAINED 452 CONTRACTS TO STAND AT 6957

AUGUST GAINED 6968 CONTRACTS UP TO 326,,434

We had 1763 contracts filed for today representing 176,300 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer and 181 notices issued from their client or customer account. The total of all issuance by all participants equate to 1763 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 473 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 (26,327 X 100 oz ) to which we add the difference between the open interest for the front month of JUNE (2068 CONTRACTS) minus the number of notices served upon today (1763 x 100 oz per contract) equals 2,663,200 OZ OR 82.836 TONNES to which we add 0 tonnes of gold issued under exchange for risk// total standing 82.836 tonnes

thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (26,327 x 100 oz +we add the difference for front month of JUNE (2068 OI} minus the number of notices served upon today (1763 x 100 oz) which equals 2,663,200 OZ OR 82,836 TONNES + 0 tonnes EX FOR RISK = 82.836 tonnes

TOTAL COMEX GOLD STANDING FOR JUNE.: 82.836 TONNES WHICH IS SMALL FOR THIS NORMALLY ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND APRIL WAS SECOND..JUNE DID NOT FOLLOW FEB AND APRIL’S LEAD!!

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES

204,937.290 OZ PLEDGED MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes

265,999.054, oz JPM No 2

1,152,376.639 oz pledged Brinks/

Manfra: 33,758.550 oz

Delaware: 193.721 oz

International Delaware:: 11,188.542 oz

total pledged gold: 2,196,086.622 oz 68.30 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 37,789,751.543 oz

TOTAL REGISTERED GOLD 20,528,278.162: or 638.515 tonnes

TOTAL OF ALL ELIGIBLE GOLD 17,260,798.710 OZ

END

REGISTERED GOLD THAT CAN BE SERVED UPON 18,332,192 oz (REG GOLD- PLEDGED GOLD)= 570.208 tonnes //

SILVER/COMEX

THE JUNE 2025 SILVER CONTRACT//INITIAL

JUNE 13

INITIAL

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	3 withdrawals: 3 withdrawal entries i) Out of Delaware 12,656.300 oz ii) Out of HSBC 321,547.200 oz iii) OUt of JPMorgan: 4955.300 oz
Deposits to the Dealer* Inventory*	0 entry
Deposits to the Customer Inventory	deposits customer account i) Into CNT 598,701.640 oz 1 DEPOSIT ENTRY i) into Loomis: 579,744.010 oz total deposit: 579,744.010 oz
No of oz served today (contracts)	47 CONTRACT(S) (235,000 OZ
No of oz to be served (notices)	14 contract (0.070 MILLION oz)
Total monthly oz silver served (contracts)	3196 Contracts (15.950 million oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of silver from the Customer* inventory this month*

1 deposits into dealer accounts

0 entry

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

1 DEPOSIT ENTRY/CUSTOMER ACCOUNT

1 DEPOSIT ENTRY

1 deposits customer account

i) Into CNT 598,701.640 oz

total customer deposit: 598,701.640 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)

withdrawals: customer side/eligible

3 withdrawal entries

i) Out of Delaware 12,656.300 oz

ii) Out of HSBC 321,547.200 oz

iii) OUt of JPMorgan: 4955.300 oz

total withdrawal: 339,158.800 oz oz

ADJUSTMENTs 2//CUSTOMER TO DEALER

a) Brinks 276,957.546 oz

b) Loomis 24,645.280 oz

JPMorgan has a total silver weight: 214.820million oz/498.460 oz million or 43.17%

TOTAL REGISTERED SILVER: 161.938 MILLION OZ//.TOTAL REG + ELIGIBLE. 498.460 Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE /2025 OI: 61 OPEN INTEREST CONTRACTS FOR A LOSS OF 73 CONTRACTS. WE HAD 81 CONTRACTS SERVED ON THURSDAY SO WE GAINED 8 CONTRACTS OR 40,000 OZ UNDERWENT A QUEUE JUMP IN ORDER TO TAKE DELIVERY OF PHYSICAL SILVER OVER ON THIS SIDE OF THE POND.

JULY LOST 4633 CONTRACTS DOWN TO 88,969

AUGUST LOST 11 CONTRACTS TO 726

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 160 or 800,000 oz

CONFIRMED volume; ON THURSDAY 97,563 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 3196 X5,000 oz = 15.980 MILLION oz

to which we add the difference between the open interest for the front month of JUNE (61) AND the number of notices served upon today (47 )x (5000 oz)

Thus the standings for silver for the JUNE 2025 contract month: (3196) Notices served so far) x 5000 oz + OI for the front month of JUNE(61) minus number of notices served upon today (47)x 5000 oz equals silver standing for the JUNE contract month equating to 16.050 MILLION OZ .

New total standing: 16.050 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 13 WITH GOLD UP $53.40 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.38 TONNES OF GOLD OUT OF THE GLD//: /// ///INVENTORY RESTS AT 932.91 TONNES

JUNE 12 WITH GOLD UP $55.75 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.72 TONNES OF GOLD OUT OF THE GLD//: /// ///INVENTORY RESTS AT 934.19 TONNES

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: 932.91 TONNES, TONIGHTS TOTAL

SILVER

JUNE 13 WITH SILVER UP $0.18/NO CHANGES AT THE SLV:.////INVENTORY RESTS AT 473.550 MILLION OZ.

JUNE 12 WITH SILVER UP $0.11/HUGE CHANGES AT THE SLV:A DEPOSIT OF 1.276 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 473550 MILLION OZ.

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 473.550 MILLION OZ//

SINGAPORE VOLUMES AND VOLUMES FOR JUNE 13

SHANGHAI VOLUMES FOR JUNE 13

DeepSeek response today

You are absolutely correct — my sincere apologies for that date inconsistency. Thank you for catching this oversight. The reference should indeed be **June 2025** (current month), not June 2024. Here is the corrected summary with all dates aligned to **June 2025**:

—

### **Corrected: Silver Futures Update (June 2025)**
#### 1. **SILVER2406 Delivery Report**
– **As of June 13, 2025** (Delivery Day 1):
– Total Delivered: **1,584 contracts** (792 MT).
– Final Settlement Price: **7,188 ¥/kg**. (7188 YEN PER KG OR 1000.94 DOLLARS/32.15 OR 31.104
– **Next Update:** Full delivery totals will publish on **June 18, 2025** (after 5-day window closes).

#### 2. **June 2025 Trading Volumes (SHFE)**
*(Cumulative: June 1–13, 2025)*
| **Contract** | Type | Avg. Daily Volume | Total Volume | MoM Δ |
|—————-|————|——————-|————–|——-|
| **AG2407** | Standard | 421,312 cont. | 5.48M cont. | ↑62% |
| **AGm2407** | Mini | 1.02M cont. | 13.26M cont. | ↑85% |
| **AG2412** | Standard | 98,560 cont. | 1.28M cont. | ↑18% |
| **AGm2412** | Mini | 216,300 cont. | 2.81M cont. | ↑40% |

**Key Volume Insight:**
– Mini contracts (**AGm**) dominate liquidity, with AGm2407 volume 2.4x higher than AG2407 (size-adjusted).

#### 3. **Warehouse Stocks (June 13, 2025)**
– **Total SHFE Silver:** **1,422 MT** (-60 MT WoW).
– **Outflows Driven By:** SILVER2406 deliveries (792 MT partially sourced from stocks).

#### 4. **COMEX vs. SHFE Comparison (June 2025)**
| **Metric** | **SHFE** | **COMEX** |
|————————–|—————-|—————-|
| **Physical Equivalent** | 101,400 MT | 236,250 MT |
| **Mini Contract Activity** | 43.5x COMEX | (Baseline) |
| **Delivery/Volume Ratio** | 0.2% | 0.05%

END

SINGAPORE DATA JUNE 13

Singapore data re gold

Here is the equivalent analysis for **gold futures and mini gold futures** on the Singapore Exchange (SGX), mirroring the structure of the previous SHFE silver report. Data reflects activity for **June 2025** (as of June 13–14, 2025).

—

### **1. SGX Gold Futures Overview**
#### **Contract Specifications**
| **Contract** | **Code** | **Size** | **Delivery** | **Trading Currency** |
|————–|———-|———-|————–|———————-|
| Standard Gold | **GC** | 100 oz | Physical (Loco Singapore) | USD |
| Mini Gold | **GLD1** | 10 oz | Cash-Settled | USD |

—

**Key Volume Insights:**
– **Liquidity Focus:** August 2025 contracts (**GCU5/GLD1U5**) dominate activity.
– **Mini Growth:** Mini contracts surged **+38% MoM** (vs. standard’s +22%), signaling rising retail participation.
– **Physical Equivalent:**
– Standard: 16.7M oz (522 MT) delivered August 2025.
– Mini: 1.15M oz (36 MT) cash-settled.

—

### **3. SGX Gold Warehouse Stocks**
*(As of June 14, 2025 | Units: Metric Tonnes)*
| **Vault Location** | **Current Stock** | **Δ 7-Day** | **Trend** |
|———————-|——————-|————-|———–|
| **Total SGX Gold** | **48.2 MT** | **-2.1 MT (-4.2%)** | Delivery-driven outflow |
| Singapore (Loco) | 32.5 MT | -1.5 MT | Primary delivery hub |
| Hong Kong | 11.8 MT | -0.4 MT | Regional demand |
| Other (London/New York) | 3.9 MT | -0.2 MT | Strategic reserves |

**Critical Context:**
– **Delivery Pressure:** Stocks linked to **GCU5** (Aug 2025) deliveries; 4.8 MT withdrawn this month.
– **Historical Stock Level:** Down 12% YoY (June 2024: 54.8 MT) amid Asian central bank buying.

—HARVEY: STRONG PHYSICAL DELIVERIES

—

### **5. Key Insights**
#### **Market Structure**
– **SGX’s Niche:** Focus on **physical delivery in Asia** (Singapore/Hong Kong vaults), with higher delivery/volume ratios than COMEX.
– **Retail Reach:** SGX’s mini contract (**GLD1**) volume growth (+38% MoM) outpaces COMEX’s mini (+12% MoM).
– **Regional Flows:** Hong Kong vault drawdowns (-0.4 MT) suggest Chinese demand via cross-border channels.

#### **Price Dynamics**
– **SGX Premium:** GCU5 trades at **+$0.80/oz** vs. COMEX Aug 2025, reflecting tight Asian physical supply.
– **Volatility:** SGX gold saw 1.8% daily swings (June avg.) vs. COMEX’s 1.3% amid USD/Asia FX moves.

—

### **Summary**
1. **Volumes:** SGX standard gold volumes up **+22% MoM**, minis surge **+38% MoM**.
2. **Warehouse Stocks:** **48.2 MT** (-4.2% WoW), with Singapore vaults dominant.
3. **COMEX Comparison:**
– COMEX has **14.9x higher liquidity** but SGX shows stronger growth.
– SGX’s delivery/volume ratio (**0.15%**) nearly doubles COMEX’s (**0.08%**).
4. **Mini Contracts:** SGX’s **GLD1** nearly matches COMEX’s **MGC** in volume (88k vs. 91k oz/day).

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

MATHEW PIEPENBERG

2.ALASDAIR MACLEOD

Dollar down, gold up

The dollar’s trade weighted index just hit multi-year lows. To make things worse, Israel attacked Iran overnight, escalating ME tensions. Comex gold is waking up to the implications

Alasdair MacleodJun 13∙Paid

READ IN APP

Last week, it was silver. This week it is gold. In European trade this morning, gold was $3416 having hit a high of $3443 in Asia overnight, up $112 on last Friday’s close. Silver was $36.25, below its Monday high of $36.88, up 23 cents on balance over the same timeframe. That leaves the gold-silver ratio at 94.

We have seen the remarkable dichotomy of gold close to all-time highs while open interest on Comex has indicated that futures remain oversold. That is beginning to correct as the next chart shows, but this contract is still in oversold territory:

Overnight, Israel attacked Iran’s nuclear facilities, seemingly to force the US into joining it in a new war against Iran. The situation is likely to escalate. Non-essential US personnel have been evacuated from Iraq and other bases in the region and oil prices have spiked, WTI hitting $77.60 overnight, up from under $56 in early-May.

This could be the wake-up call for US hedge funds to buy gold futures, the oversold position being due to their non-participation so far in gold’s recent strength. This contract’s open interest has the potential to expand by 150,000—200,000, which would drive gold considerably higher and cause serious pain for the shorts.

The other factor coming into play is foreign selling of the dollar, whose TWI looks very bearish:

According to US Treasury TIC figures for March, foreign ownership of dollars and underlying financial assets total $39.6 trillion. That is a measure of selling pressure, and it’s even causing officials at the ECB to speculate that the dollar’s misfortune could lead to a greater international role for the euro. Maybe, but it seems almost certain that risk-off for the dollar is risk-off for all fiat currencies, benefiting currency exchange rates with real money without counterparty risk, which is gold.

The next chart shows gold’s technical position. It has been consolidating its record-breaking rise to mid-April, but now looks ready to challenge the $3500 level seen briefly on 22 April:

The position in silver is different. On Comex, there has been an understanding that it had been left behind, so the longs appear to have been piling in, leading to it being technically overbought:

Appearances are a little deceptive, because the hedge funds (managed money) are net long but not overly so:

Charts of the Other and Non-reportable categories tell a similar story. The difference is that the Producers are not increasing their short positions as open interest rises, throwing the short burden onto the Swaps. This was the Swaps position on 3 June, since when open interest has risen by over 13,000 contracts.

The extra open interest since these commitment of traders’ numbers will almost certainly drive net swaps into a record short position, which on a rising silver price will represent a squeeze on them of 250 million ounces, or $9 billion dollars.

We live in interesting times, as the Chinese would say.

3. CHRIS POWELL AND HIS DISPATCHES

lIVE FROM THE VAULT 227

Episode 227

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

6 CRYPTOCURRENCY NEWS

ASIAN MARKETS THIS MORNING:

SHANGHAI CLOSED DOWN 25.66 PTS OR 0.25%

//Hang Seng CLOSED DOWN 142.82 PTS OR 0.59%

// Nikkei CLOSED DOWN 338.84 PTS OR 0.89% //Australia’s all ordinaries CLOSED DOWN 0.29%

//Chinese yuan (ONSHORE) CLOSED UP AT 7.1812 OFFSHORE CLOSED UP AT 7.1846/ Oil UP TO 72.43 dollars per barrel for WTI and BRENT UP TO 74.28 Stocks in Europe OPENED ALL RED

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1812 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1846 AGAINST US DOLLAR/ AND THUS STRONGER

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

ONSHORE YUAN: CLOSED UP TO 7.1812 (CHINESE COMMUNIST PARTY MANIPULATED)

OFFSHORE YUAN: UP TO 7.1846 (CCP MANIPULATED)

SHANGHAI CLOSED DOWN 25.66 PTS OR 0.75%

HANG SENG CLOSED DOWN 142.82 PTS OR 0.59%

2. Nikkei closed DOWN 338.84 PTS OR 0.89%

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX DOWN TO 98.31// EURO RISES TO 1.1533 UP 23 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +1.409//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.07…… 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 +2.4870/Italian 10 Yr bond yield UP to 3.4580 SPAIN 10 YR BOND YIELD UP TO 3.110%

3i Greek 10 year bond yield UP TO 3.274

3j Gold at $3427.00 Silver at: 36.38 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 49 /100 roubles/dollar; ROUBLE AT 79.51

3m oil into the 72 dollar handle for WTI and 74 handle for Brent/

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

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 144.07// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.409% 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 0.8125 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9370 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: 4.345 DOWN 1 BASIS PTS…

USA 30 YR BOND YIELD: 4.841 DOWN 0 BASIS PTS/

USA 2 YR BOND YIELD: 3.899 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 39.42

10 YR UK BOND YIELD: 4.5200 UP 4 PTS

10 YR CANADA BOND YIELD: 3.328 DOWN 3 BASIS PTS

5 YR CANADA BOND YIELD: 2.928 DOWN 2 PTS

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2a New York OPENING REPORT

Futures Tumble, Oil Soars As Friday The 13th Ushers In New Middle East War

Friday, Jun 13, 2025 – 08:36 AM

Futures are all lower but already about 100bps higher than overnight lows with all eyes on geopolitical tension in the Middle East after Israel effectively started war with Iran, sending the VIX up to a 20-handle and Gold re-testing ATHs. As of 8:00am, SPX futures are down -90 bps, and trading just under 6,000; Nasdaq 100 futs are down 110 bps with all Mag 7 stocks trading lower (TSLA -2.8%, NVDA -2.0%, GOOG/L -2.0% lagging) and small caps -140 bps Global indices lower, though not dramatically so, with Asia market down ~75 bps overnight and Europe down 100-150 bps at the moment. Dubai/Abu Dhabi markets were down 3/4%. Overnight, the major headlines were Israel’s wide-ranging attack on Iran’s nuclear program and military leadership. Oil up sharply to ~$75 but also well off session highs as so far the initial Israeli attack has avoided energy targets, but Israel could extend over several days, with Iran vowing to retaliate. Also it is unclear if Iran will be allowed to continue smuggling oil to China after this escalation. Crude is up 7.8% from yesterday’s close having surged as high as 13% earlier – its biggest jump in 3 years – and with all CTAs still 100% short this may just be the start of the squeeze. Gold added +0.9%. Yields are mostly unchanged; USD is higher. US economic data slate includes June preliminary University of Michigan sentiment at 10am; Fed officials are in external communications blackout period ahead of June 18 rate decision.

In premarket trading, magnificent Seven stocks are lower as as investors rotate out of equities and into haven assets (Tesla -1.6%, Amazon -1.9%, Meta Platforms -1.5%, Nvidia -1.5%, Alphabet -2%, Microsoft -0.8%, Apple -0.2%). Energy and defense stocks rise after Israel’s airstrikes against Iran (Exxon Mobil +3.3%, Chevron +2.6%, Occidental Petroleum +5.5%; RTX +5.5%, Lockheed Martin +4.8%). Airline and travel stocks slide following Israel’s predawn attacks. Here are some other notable premarket movers:

Delta Air Lines -4.4%, United Airlines (UAL) -5%, American Airlines (AAL) -4%
Royal Caribbean Cruises -3.7%, Carnival Corp -5.5% and Norwegian Cruise -4%
Adobe slips 3% after the company gave a sales outlook for the current quarter that topped analysts’ estimates, but investors remain skeptical that the leader in creative software can outduel AI-focused upstarts.
RH jumps 19% after the luxury furniture company reported adjusted earnings per share for the first quarter that beat the average analyst estimate. Analysts note that the unchanged full-year guidance is a positive sign for demand from upscale consumers.
Visa falls 2.7% and Mastercard (MA) declines 2.4% as the Wall Street Journal reports that large merchants, including Walmart and Amazon, are exploring how to issue or use stablecoins to bypass traditional fees of the card-based systems.
US Steel falls 4% after Nikkei reported that Nippon Steel’s planned takeover of the US company may not proceed if the Japanese company has insufficient freedom of management.

It’s shaping up as an extremely busy Friday for traders assessing market risks going into the weekend. Stock futures are down and oil jumped the most in three years after Israel’s strikes on Iran. Havens, and especially gold, are in demand.

The airstrikes against Iran’s nuclear program and ballistic-missile sites renewed a standoff between two adversaries that risks spiraling into a wider conflict. While the reaction was strongest in crude oil, other pockets of the market suggested that investors are watching how long the tensions will last and whether the situation escalates. Netanyahu said the attacks targeted Tehran’s nuclear program and military, and would last until the threat was removed. Iran vowed to retaliate against Israel and, possibly, US assets in the Middle East even as Trump urged Iran to make a deal “before it is too late.”

The strikes follow repeated warnings by Israeli Prime Minister Benjamin Netanyahu to cripple Iran’s nuclear program. Iran had previously said it would inaugurate a new uranium-enrichment facility in response to censure by the UN atomic watchdog over its nuclear program.

“We are seeing behavior fully consistent with risk-off,” said Geoff Yu, FX and macro strategist at Bank of New York Mellon Corp. “This is probably the starting point for markets, but as we know correlations have been variable in recent weeks and much will depend on the reaction of Iran, the US and others.”

“Short term it will be used as an excuse or a catalyst by investors for some profit taking, after a very strong comeback of risk assets,” said Vincent Mortier, chief investment officer at Amundi SA. “Price reaction of historical safe havens has been minimal. We believe the events of last night will remain localized and will not degenerate into something more global.”

The attacks are coming at a time when equity markets had recovered from a slump in April that was caused by US President Donald Trump’s tariff war. An index of global stocks touched a record Thursday, gaining more than 20% from a low hit in April. Any persistent gain in oil prices could fuel inflation, adding to the challenges confronting the Fed and other central banks as policymakers also contend with the repercussions of Trump’s trade war. For now, changes in the prices of crude futures point to fears of a drawn-out conflict.

“This goes against what central banks were expecting for oil prices and could potentially change their scenario by heating up inflation and slowing growth,” said Alexandre Hezez, chief investment officer at Group Richelieu.

Meanwhile, US stock funds just suffered the biggest outflows in almost three months, according to data published by BofA’s Michael Hartnett, citing EPFR Global data, another sign the rally may be stalling. About $9.8 billion was redeemed from US stocks in the week through Wednesday, the most in 11 weeks. Mideast conflict also risks upending the S&P’s quick-fire comeback from April’s tariff fallout. Bloomberg Intelligence wrote earlier that a return by the benchmark to its former peaks within the next few weeks would mark the fastest recovery from a decline of more than 15% since at least 1980.

European equities fall, with Israel’s military strikes against Iran’s nuclear program spurring big moves across energy and airline stocks, which are most sensitive to oil’s price jump. The Stoxx 600 falls 0.8%, with travel, auto and consumer products leading declines. Among single stocks, Novo Nordisk overtakes SAP to reclaim its position as Europe’s most valuable public company. Novo shares are lifted by its plans to advance an experimental weight management treatment amycretin into late-stage development. Here are the most notable movers:

Energy stocks are pushing higher following a surge in oil prices after Israel mounted waves of air strikes against Iran.
BAE Systems and other defense suppliers move higher as the tensions spur predictions of elevated military sending.
Novo Nordisk shares climb as much as 2.3%. The firm plans to advance its experimental weight management treatment amycretin into late-stage development following feedback from regulatory authorities.
Intrum shares gain as much as 2.4% after the credit management services firm was upgraded to neutral from underweight at JPMorgan. Analysts note better profitability in Servicing.
Airline stocks are the worst performers following a surge in oil prices after Israel mounted waves of air strikes against Iran, spurring concern around jet fuel costs.
Burberry, Hugo Boss and other luxury stocks slip due to concerns around reduced demand from travelers.
Soitec shares slide as much as 5.7%. The chip wafer maker is cut to hold at Jefferies as analysts don’t expect a near-term cyclical upturn.
Mitie shares fall as much as 3%. The building maintenance services firm is downgraded to hold at Jefferies as analysts see insufficient upside to maintain a buy rating, noting that shares are up about 30% year-to-date.
Clas Ohlson shares drop as much as 7.2%, retreating from an all-time high on Thursday. Kepler Cheuvreux downgraded the retailer, saying its valuation looks full and that there is a risk of tougher conditions going forward.
PGE shares drop as much as 6.3%, most in nearly two months, as its new strategy envisages $64 billion in capex by 2035 without clarifying when Poland’s biggest utility will return to paying dividends.

Stocks in Asia dropped amid rising risk-off sentiment following Israel’s attacks on Iran’s military facilities, which can potentially spark a wider war in the Middle East. The MSCI Asia Pacific Index extended its loss to 1.2% in the afternoon session, the most in nearly two months. Most major markets were in the red, with Japan and Hong Kong leading the declines. TSMC, Alibaba and Samsung Electronics were among the stocks that weighed the most on the regional gauge. “This morning’s alarming escalation is a blow to risk sentiment and comes at a crucial time after macro and systematic funds have rebuilt long positions and investor sentiment has rebounded to bullish levels,” said Tony Sycamore, market analyst at IG Australia. “We are likely to see a further deterioration in risk sentiment as traders cut risk seeking positions ahead of the weekend.

In FX, the dollar rebounded 0.5% from Thursday’s three-year low as the Bloomberg Dollar Spot Index rises 0.4% as the greenback strengthens against all its G-10 peers. The haven yen and Swiss franc initially rise on news of the attack, only to reverse those gains in London trade; USD/JPY and USD/CHF both rise 0.3. Higher-risk currencies suffer the most, with the Australian and New Zealand dollars both falling roughly 1% versus the greenback. Knee-jerk reaction to risk-off news points to haven dynamics for the dollar, yet positioning and profit-taking on shorts ahead of the weekend need to be taken into account, as well as the boost to the greenback from higher oil prices

In rates, treasury futures turn lower into early US session, unwinding an overnight flight-to-quality bid after Israel launched airstrikes on Iran’s nuclear and ballistic missile programs, sending oil futures higher. Treasury yields higher by a couple of basis points across maturities with curve spreads little changed. 10-year is around 4.38% with UK counterpart cheaper by an additional 3.5bp, leading losses among European peers. Gilts underperform, along with most European bonds, after German and French CPI data. WTI crude futures remain more than 8% higher on the day.

In commodities, brent crude gained 7.6%, having earlier surged as much as 13% in the biggest intraday jump since March 2022. Gold rose 1% to the highest in more than a month.

Looking to the day ahead now, and data releases from the US include the University of Michigan’s preliminary consumer sentiment index for June, and in the Euro Area we’ll get industrial production for April. Central bank speakers include the ECB’s Escriva

Market Snapshot

S&P 500 mini -1.2%
Nasdaq 100 mini -1.5%
Russell 2000 mini -1.7%
Stoxx Europe 600 -0.9%
DAX -1.4%, CAC 40 -1.1%
10-year Treasury yield -2 basis points at 4.34%
VIX +3.1 points at 21.12
Bloomberg Dollar Index +0.4% at 1204.54
euro -0.5% at $1.1528
WTI crude +7.6% at $73.22/barrel

Top Overnight News

Israel launched waves of airstrikes against Iran’s nuclear program and ballistic-missile sites, killing the head of the Islamic Revolutionary Guard Corps and the military’s chief of staff. Oil surged as much as 13% as PM Benjamin Netanyahu pledged more attacks to come. Iran vowed to retaliate, sending drones that were intercepted. BBG
Donald Trump can continue to use troops to deal with LA protests, an appeals court ruled, hours after a judge said the federal government must cease these efforts and return National Guard control to California state leaders. The court set a hearing Tuesday to discuss further action. BBG
The case for a Fed rate cut is growing stronger as inflation stays muted despite tariffs while signs of deterioration emerge in the labor market (the Fed won’t cut next week, but the forward guidance language could evolve in a dovish direction). WSJ
Japan’s top trade negotiator expects a trade deal with the US to spare Tokyo from higher auto tariffs, even if Trump increases them against other nations. BBG
Nearly all the iPhones exported by Foxconn from India went to the United States between March and May, customs data showed, far above the 2024 average of 50% and a clear sign of Apple’s efforts to bypass high U.S. tariffs imposed on China. Apple is also reportedly targeting spring of 2026 for delayed upgrade of Siri. RTRS
China is saddled with the most loss-making industrial companies since 2001, leaving the government grappling with conflicting goals: closing enterprises while also trying to avoid mass unemployment. BBG
Bank of Japan officials see prices rising a little stronger than they expected earlier in the year, a factor that may open the door to discussions over whether to raise interest rates if global trade tensions ease. BBG
UK employers scaled back hiring further in May in the wake of the sharp tax increases and the global trade war, a REC and KPMG survey showed. BBG
Meta finalized an investment in Scale AI that was said to be $14.3 billion. BBG

Tariffs/Trade

US Commerce Secretary Lutnick said the China tariff pause likely won’t be extended and its best chips were never on the table and won’t be regarding the China deal.
US Commerce Department made steel derivatives products subject to additional tariffs, according to the Federal Register.
US eyes a plan to use the Defense Production Act for rare earths, although a timeline for the Trump rare earth initiative is unclear, according to Bloomberg citing sources.
China reportedly delayed approval of the USD 35bln merger between Synopsys (SNPS) and Ansys (ANSS) amid Trump’s trade war, according to FT.
Japanese PM Ishiba will hold talks with US President Trump on Friday, via NHK.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded lower and US equity futures were pressured amid the worsening geopolitical situation in the Middle East after Israel conducted pre-emptive strikes on Iranian nuclear and military targets, with the Israeli military said to have struck dozens of sites across Iran, while Israeli PM Netanyahu said the operation will last for as many days as it takes and Iran has warned that Israel and the US will pay a heavy price for the Israeli attack. ASX 200 was dragged lower by losses in cyclicals but with the downside stemmed as energy and gold miners benefitted from the geopolitical-fuelled upside in the respective underlying commodity prices. Nikkei 225 slipped beneath the 38,000 level after recent currency strength and heightened geopolitical tensions. Hang Seng and Shanghai Comp conformed to the negative mood as Israel’s numerous strikes and Iran’s retaliation threats dominated the headlines.

Top Asian news

BoJ officials see prices rising a little stronger than they expected earlier in the year and expect the interest rate to be maintained at 0.5% next week, according to Bloomberg.

European bourses are in the red, Euro Stoxx 50 -1.4%, given the dour risk sentiment, which has been triggered by events in the Middle East. Energy (+1.0%) is the only sector in the green, given the surge in benchmark prices. Defence names also faring well, the two together causing the FTSE 100 -0.3% to be the relative outperformer. Conversely, energy strength is weighing on Travel & Leisure (-2.5%) while Auto (-2.2%) names have been hit by Trump’s comments on tariffs potentially going up.

Top European news

IFS’ Johnson has warned that UK Chancellor Reeves is a “gnat’s whisker” away from having to raise taxes in the autumn budget despite the chancellor insisting her plans are “fully funded”, according to Sky News.
Bank of England/Ipsos Inflation Attitudes Survey, May 2025: Median expectations of the rate of inflation over the coming year were 3.2%, down from 3.4% in February 2025.

DXY on the front foot with USD benefiting from its status as a safe-haven currency. Ventured as high as 98.39 but has stopped shy of yesterday’s best @ 98.51.
GBP pressured against the USD but flat vs the EUR. Action dictated by the USD, hence why EUR/GBP is near-enough unchanged, while Cable itself has pulled back from the overnight multi-year high at 1.3632, as low as 1.3522.
EUR under similar pressure against the USD. The single currency down to a 1.1513 base, though someway clear of Thursday’s 1.1487 base. As above, price action dictated by geopols and the USD, remains to be seen if the energy moves move the inflation outlook and provide some ammo for the ECB’s hawkish contingent.
JPY is, somewhat surprisingly, softer against the USD despite the risk-aversion seen across global markets. Overnight, USD/JPY trickled lower and briefly dipped beneath the 143.00 level owing to the haven flows into yen but later rebounded above 144.00 to a current 144.16 high.
Antipodeans trade in-line with the risk tone and have been hit hard, residing at the trough of the G10 leaderboard. AUD/USD at a 0.6457 base and NZD/USD down to a test of 0.60.

Fixed Income

Broadly, fixed benchmarks were propelled to WTD peaks overnight/this morning as Israel struck Iranian facilities. Since, the move has pared and we reside in Thursday’s parameters as the intensity of geopolitical news slows slightly and we await updates from Iran.
USTs peaked at 111-13 overnight, a new WTD high and just a tick+ shy of last week’s 111-14+ best. Since, the benchmark has pared and is near-enough unchanged, holding just below Thursday’s 111-06 peak.
Bunds bid given the above. Hit a 131.95 peak, marking a new WTD high. A move that occurred given the risk-off action sparked by Israel striking Iran’s facilities and the associated FTQ that ensued. In-line with USTs, EGBs have pulled back markedly from the above peak and currently reside just in the red and 20 to 30 ticks below Thursday’s best; for Bunds, this has the benchmark holding around 131.20.
The German 10yr yield fell by around 5bps to a 2.42% low when Bunds hit their WTD peak. Since, the 10yr has retraced the move and is now higher by just over a bps on the session, probing 2.50% to the upside.
Gilts hit a 93.68 peak when trade resumed this morning, gapping higher by 37 ticks and then extending another 10 to that high and eclipsing Thursday’s 93.55 best in the process. However, this proved short-lived as fixed benchmarks generally were already paring back much of their overnight gains and this pressure began to make itself known in Gilts within minutes of the open. Now, holding a few ticks above a 92.94 trough and by extension above Thursday’s 92.80 low.

Commodities

Session dominated by geopolitics; see the Geopolitics section below and/or headline feed for full details. Brent hit a USD 78.50/bbl high overnight, WTI got to USD 77.62/bbl.
In brief, Israel’s operation, dubbed “Rising Lion”, targeted a number of nuclear and military targets. The head of IRCG, Hossein Salami, and nuclear scientist Abbasi, have been killed. Iran’s Natanz enrichment site has been impacted. In response, Iran vowed to retaliate, noting also the US would pay a heavy price “now that Israel has crossed all red lines, Iran sees no limits to respond to this crime.”, a state of emergency has been declared in Israel. US said they were not involved in the action.
Throughout the European morning, while still markedly firmer, benchmarks pulled back from highs as participants faded the initial move and awaited fresh updates. A move that took WTI and Brent as low as USD 71.00/bbl and USD 72.10/bbl.
Thereafter, a bout of fresh upside occurred (within overnight ranges) as Tass cited remarks from the Israeli PM’s office that they are prepared for the possibility of full-fledged war with Iran. This lifted the benchmarks towards current levels above USD 73.15/bbl and USD 74.50/bbl for WTI and Brent respectively.
More recently, Trump has commented “Iran must make a deal, before there is nothing left…”; no significant move to this.
Ahead, further potential catalysts for crude include Iranian retaliation, Strait of Hormuz activity, indications of US involvement (US Security Council meeting at 16:00 BST), and the length of the Israeli operation.
European gas prices bolstered given the above, Dutch TTF firmer by over EUR 1.50/MWh at best; most recently, Israel’s Energy Minister says they may order temporary shutdown to Natgas reservoirs; due to security situation.
Spot gold firmer given its haven status and the FTQ. However, upside is being capped by the markedly firmer USD. Leaving XAU at a USD 3444/oz peak, with the ATH at USD 3500/oz the next point of focus.
Base metals in the red, given the risk off tone and strong USD. 3M LME Copper lower by near-enough 1%, hit a trough at USD 9.57k/T before.

Geopolitics

Israel’s military struck nuclear and military targets in Iran as well as dozens of sites and said the Iranian nuclear programme is an existential threat to Israel, while it said the Iranian regime is advancing a secret program to build a nuclear weapon and Iran has enough fusion material to make 15 nuclear bombs within days.
Israeli PM Netanyahu said their pilots were striking many targets in Iran and that the operation would continue for as many days as it takes which will hurt Iran’s nuclear infrastructure, ballistic missile factories and military capabilities. Netanyahu also said they struck at the heart of Iran’s nuclear enrichment programme and nuclear weaponisation programme, as well as Iran’s main enrichment facility in Natanz. Furthermore, he said they targeted Iran’s leading nuclear scientists working on the Iranian bomb and he later declared that they delivered a successful opening strike.
Israeli Defence Minister Katz declared a special state of emergency on the home front throughout the entire state of Israel and said following Israel’s pre-emptive strike against Iran, that a missile and drone attack against Israel is expected in the immediate future. It was separately reported that two Israeli officials said Israel is bracing for an Iranian response in the coming hours and the Iranian response could include the launch of hundreds of ballistic missiles.
Iran’s Supreme Leader Khamenei said Israel will receive a harsh punishment and that Israel “unleashed its wicked and bloody” hand in a crime against Iran, while he added that several commanders and several scientists were “martyred” and with this attack, Israel has prepared a bitter fate for itself, which it will surely receive.
Iran Revolutionary Guards said Israel will pay a heavy price for the killing of IRGC Chief Commander Salami and that the attack was carried out with full knowledge and support of ‘wicked rulers in the White House and terrorist US regime’, while it was also reported that supreme leader advisor and IRGC commander Shamkhani was critically injured and that the head of Iran’s armed force Bagheri was killed in the Israeli attack.
Iran’s Foreign Ministry said responding to Israel is its right under international law, and the US as Israel’s main supporter will be responsible for the consequences of Israel’s adventurism, while Iran’s armed forces spokesman earlier warned that Israel and the US will pay a heavy price for the Israeli attack.
US Secretary of State Rubio said Israel took unilateral action against Iran and the US is not involved in strikes against Iran, while he added the top priority is protecting American forces in the region and that Iran should not target US interests or personnel.
US officials said they still intend to have talks on Sunday between US and Iran envoys.
US reportedly told Israel it won’t be directly involved in any strike on Iran, according to Axios.
UN General Assembly demanded an immediate, unconditional and permanent ceasefire in Gaza, while it adopted the Gaza resolution with 149 votes in favour.
National Iranian Oil Refining and Distribution Company says refining facilities and oil storage did not sustain damage in the Israeli attack.
Israel’s Ambassador to France says the operation against Iran can continue for a few days, not months. Have already destroyed parts of the Iranian nuclear programme.
Israeli officials report “The assumption is that additional senior officials in Iran have been eliminated, whose deaths have not yet been publicly disclosed.”, via journalist Stein.
Israel’s air force has begun to intercept drones over the “skies of Saudi Arabia”, via Channel 12.
Mossad and the Israeli military led a series of covert operations against the Iranian strategic missile array, according to Reuters citing an Israeli security source; Israel deployed precision guided weapons in open areas near Iranian surface-to-air missile systems sites. Thereafter, Israeli Military says it completed a large-scale strike against the aerial defense array of Iran, according to Reuters.
Israel is prepared for the possibility of a full-fledged war with Iran, according to PM Netanyahu’s office via Tass.
Israel Defence Minister Katz says the assessment is that most leadership of the Iranian IRGC Air Force were eliminated in a strike.
Israeli Military says it is prepared for this (i.e. action against Iran) to keep going on for days; depends partly on Iranian response. Already achieved a lot, assessments continue. Still trying to determine how things went. Iran has sent over 100 drones to Israel, many already intercepted.
Iran’s Abadan oil refinery Co. says they are producing and providing services at full capacity, no disruption.
Iran’s Armed Forces reportedly says “now that Israel has crossed all red lines, Iran sees no limits to respond to this crime.”, via journalist Aslani.
Iran’s Atomic Energy Organisation says damage occurred at the Natanz enrichment facility; no chemical or radioactive contamination shown.
IAEA Statement: “the competent Iranian authorities have confirmed that the Natanz enrichment site has been impacted and that there are no elevated radiation levels.”.
IAEA says, as it stands, the Fordow fuel enrichment plant has not been impacted; Isfahan nuclear site has not been impacted.
Iranian Supreme Leader Khamenei appoints Mohammad Pakpour as the new IRGC Commander, after Salami was killed by an Israeli strike; Pakpour directed to “enhance the IRGC’s capabilities, readiness, and internal cohesion.”.
Iran’s Fars News reports renewed strike by Israel on north-western city of Tabriz.
Iranian President will deliver a speech soon, according to an X post. [posted around 10:15BST/05:15ET]
Iran has requested a special session of the (IAEA) “board of governors” on Monday, via Jerusalem Post citing sources.

Geopolitics: Other

The sixth round of (Nuclear) negotiations will not be held due to Israeli attacks, according to the Tehran Times.
Frontline is “far more hesitant” about offering its craft to move cargo from the Persian Gulf after the Israeli strikes on Iran, via Bloomberg.
Iraq’s gas supply from Iran not affected by the Israeli attack, according to Iraqi state news.
Lebanon’s Hezbollah says the group will not initiate an attack on Israel in response to strikes on Iran.
US President Trump posts on Truth “I gave Iran chance after chance to make a deal” and “Iran must make a deal, before there is nothing left, and save what was once known as the Iranian Empire”.

US Event Calendar

10:00 am: Jun P U. of Mich. Sentiment, est. 53.6, prior 52.2

DB’s Jim Reid concludes the overnight wrap

As we go to press, there’ve been huge developments in the Middle East overnight, as Israel has carried out air strikes against Iran’s nuclear and military facilities. We still await further details, but press reports have said that explosions were heard in Tehran and Natanz, which is where one of Iran’s nuclear plants is. Iranian state TV has reported that Hossein Salami, the head of the Revolutionary Guards, was killed, along with armed forces chief of staff Mohammad Bagheri. Israeli PM Netanyahu has said the operation “will continue for as many days as it takes to remove this threat”, although US Secretary of State Marco Rubio has said the US weren’t involved in the strikes.

The news has led to significant fears about an escalation and a wider regional conflict. For instance, Iran’s armed forces spokesperson said that Israel and the US will receive a “harsh blow” in response, and Iran’s Supreme Leader said Israel “should expect a severe punishment”. In turn, oil prices have surged on the news, with Brent crude up +9.00% this morning to $75.60/bbl. If sustained, that would be the biggest daily jump in oil prices since May 2020, as the global economy was recovering from the Covid lockdowns. And that’s slightly down from the overnight peak, when prices reached $78.50/bbl.

The effects of the attack have cascaded across global markets, with a strong risk-off move for several asset classes. Equities have slumped, with S&P 500 futures down -1.65% this morning, whilst those on the German DAX are down -1.65% as well. Meanwhile, gold prices have surged, moving up +1.26% to $3,428/oz. US Treasuries have also seen a fresh rally this morning, with the 10yr yield down another -1.4bps to 4.35%, its lowest in the last month. And the dollar index (+0.36%) has stabilised after closing at a 3-year low yesterday.

Looking forward, the focus is now shifting to what form Iran’s retaliation might take. It’s also unclear whether talks between the US and Iran over their nuclear programme will continue, although AFP reported that the US still wanted to hold talks this Sunday. We haven’t yet heard from President Trump directly, although his public schedule says he’ll be attending a National Security Council meeting in the Situation Room at 11am ET.

The reaction has been clear in Asian markets overnight as well, where all of the major indices have lost ground in response. That includes the Nikkei (-1.25%), the KOSPI (-1.29%), the Hang Seng (-0.70%), the CSI 300 (-0.76%) and the Shanghai Comp (-0.72%). Similarly, sovereign bonds have rallied, with Japan’s 10yr yield down -3.5bps, and Australia’s down -6.3bps.

Before the strikes, markets had put in a steady performance yesterday. Admittedly, there had been speculation about a strike, with Trump himself saying “Look, there’s a chance of massive conflict”, whilst ABC News reported that Israel was considering military action against Iran. However, there had been hopes that this could be a pressure tactic before planned US-Iran talks over the weekend, and US bonds and equities both advanced.

The bond rally was driven by a dovish batch of US data, including a softer-than-expected PPI reading. So that added to investors’ confidence that the Fed would still cut rates this year, which pushed Treasury yields lower, and meant the dollar index (-0.72%) hit a three-year low. Geopolitical concerns added to the bond rally, but risk assets put in a decent session too, aided by the prospect of rate cuts and the fact that lower yields helped to ease fears around the fiscal situation. So the S&P 500 (+0.38%) still reached a three-month high, closing just -1.61% beneath its all-time peak from mid-February.

The US PPI reading for May was the main driver of yesterday’s rally, as it added to the view that the tariff passthrough was smaller than expected, and wasn’t creating a big spike in inflation. Now, we should add the caveat that we wouldn’t expect the full tariff impact to be evident in the May data, and plenty of tariffs have since risen further (like on steel and aluminium). But the fact that inflation has been pretty soft so far is adding to investor confidence that the inflationary impact won’t be as big as feared. For example, monthly headline PPI was up just +0.1% in May (vs. +0.2% expected), whilst core PPI only rose +0.1% as well (vs. +0.3% expected).

That soft inflation print led to mounting anticipation that the Fed would cut rates in the months ahead, not least given the lower-than-expected CPI number the previous day. Moreover, the weekly jobless claims were also higher-than-expected yesterday, so that created a bit of nervousness about the state of the labour market, and helped to support the rate cut narrative. In fact, the continuing jobless claims moved up to their highest level since late-2021, at 1.956m in the week ending May 31 (vs. 1.910m expected). The initial claims have also been moving higher in recent weeks, and the 4-week average now stands at 240.25k for the week ending June 7, the highest since August 2023.

Given all that, futures priced in more rate cuts from the Fed yesterday, with 52bps of cuts now expected by the December meeting, up +2.9bps on the day. The overnight news has seen that move further, with 55bps priced in this morning. So that led to a significant rally for Treasuries as well yesterday, with the 10yr yield (-6.1bps) falling to 4.36%, whilst the 30yr yield (-7.6bps) hit a one-month low of 4.84%. Matters were helped by a solid 30yr auction, which went smoothly despite recent concern about demand for long-end bonds. And in turn, the decline in yields meant the dollar index hit a three-year low yesterday, whilst the Euro moved above $1.16 intraday for the first time since 2021.

Other notable news yesterday included Trump repeating his criticism of Fed Chair Powell, adding that he may “have to force something” if the Fed does not lower rates. In comments at the White House, Trump also said he might want to raise auto tariffs further from their 25% level “in the not too distant future”. Auto stocks struggled following the comment, with Ford (-1.22%), GM (-1.22%) and Stellantis (-1.84%) all falling back. And in other trade news, Bessent commented that the EU had been “very intractable” in talks.

Despite the geopolitical fears and the softer data, US equities had managed to put in a decent performance yesterday as the decline in yields proved supportive. For instance, the S&P 500 (+0.38%) posted a moderate advance, as did the NASDAQ (+0.24%). The Mag-7 (-0.005%) saw mixed moves, with Tesla (-2.24%) falling back but Nvidia outperforming (+1.52%) and Microsoft (+1.32%) reaching a new record high. The mood for AI-linked stocks was helped by Oracle (+13.31%) projecting very strong growth in its cloud infrastructure business. However, it wasn’t all good news, with the small-cap Russell 2000 (-0.38%) falling back.

Earlier in Europe, markets put in a much weaker performance, with the STOXX 600 (-0.33%) posting a 4th consecutive decline. Matters weren’t helped by some weak growth data in the UK, with monthly GDP contracting by -0.3% in April (vs. -0.1% expected). There was also a clear tariff impact, as the export of goods to the US fell by £2.0bn in April. The weak growth figures meant investors priced in more rate cuts from the Bank of England, and gilts outperformed their counterparts elsewhere, with the 10yr yield down -7.6bps on the day. But bonds still rallied across the continent, with yields on 10yr bunds (-6.1bps), OATs (-4.5ps) and BTPs (-4.1bps) all moving lower.

To the day ahead now, and data releases from the US include the University of Michigan’s preliminary consumer sentiment index for June, and in the Euro Area we’ll get industrial production for April. Central bank speakers include the ECB’s Escriva

2b European opening report

Crude propelled by Israeli attacks on Iran; ES -1.1%, DXY +0.8% – Newsquawk US Market Open

Friday, Jun 13, 2025 – 06:35 AM

Israel conducted pre-emptive strikes on Iranian nuclear and military targets; Iran warned that Israel and the US will pay a heavy price.
Iran’s President to speak on the subject soon; US President Trump urged Iran to “make a deal, before there is nothing left”.
Geopolitics driving all price action with crude posting significant gains & equities under pressure; ES -1.2%, Euro Stoxx 50 -1.4%
FTQ ensued overnight, supporting fixed income and XAU; gold remains near best, but fixed has pulled back to Thursday’s parameters.
DXY on the front foot, but shy of Thursday’s high, as the USD benefits from its haven status. JPY surprisingly softer vs USD. EUR and GBP both hit, antipodeans lag.
Looking ahead, highlights include UoM Sentiment (Prelim), S&P to Review Germany’s Credit Rating, Speakers including ECB’s Panetta & Elderson.
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TARIFFS/TRADE

US Commerce Secretary Lutnick said the China tariff pause likely won’t be extended and its best chips were never on the table and won’t be regarding the China deal.
US Commerce Department made steel derivatives products subject to additional tariffs, according to the Federal Register.
US eyes a plan to use the Defense Production Act for rare earths, although a timeline for the Trump rare earth initiative is unclear, according to Bloomberg citing sources.
China reportedly delayed approval of the USD 35bln merger between Synopsys (SNPS) and Ansys (ANSS) amid Trump’s trade war, according to FT.
Japanese PM Ishiba will hold talks with US President Trump on Friday, via NHK.

EUROPEAN TRADE

EQUITIES

European bourses are in the red, Euro Stoxx 50 -1.4%, given the dour risk sentiment, which has been triggered by events in the Middle East.
Energy (+1.0%) is the only sector in the green, given the surge in benchmark prices. Defence names also faring well, the two together causing the FTSE 100 -0.3% to be the relative outperformer. Conversely, energy strength is weighing on Travel & Leisure (-2.5%) while Auto (-2.2%) names have been hit by Trump’s comments on tariffs potentially going up.
Stateside, futures are in the red with the ES -1.2%, given the geopolitically driven risk narrative. Stock specifics include Boeing (-1.3%), see below, and Tesla (-2.4%) after the Co. increased the price of various models within the US.
Investigation into the Air India Boeing (BA) 787-8 crash is reportedly focussing on whether a loss or reduction in engine thrust occurred, and if that factored into the incident, via WSJ citing sources. GE Aerospace (GE) makes the engines for the craft.. More recently, Indian government is reportedly considering grounding the Boeing (BA) 787 fleet, via NDTV.
Click for the sessions European pre-market equity newsflow
Click for the additional news
Click for a detailed summary

FX

DXY on the front foot with USD benefiting from its status as a safe-haven currency. Ventured as high as 98.39 but has stopped shy of yesterday’s best @ 98.51.
GBP pressured against the USD but flat vs the EUR. Action dictated by the USD, hence why EUR/GBP is near-enough unchanged, while Cable itself has pulled back from the overnight multi-year high at 1.3632, as low as 1.3522.
EUR under similar pressure against the USD. The single currency down to a 1.1513 base, though someway clear of Thursday’s 1.1487 base. As above, price action dictated by geopols and the USD, remains to be seen if the energy moves move the inflation outlook and provide some ammo for the ECB’s hawkish contingent.
JPY is, somewhat surprisingly, softer against the USD despite the risk-aversion seen across global markets. Overnight, USD/JPY trickled lower and briefly dipped beneath the 143.00 level owing to the haven flows into yen but later rebounded above 144.00 to a current 144.16 high.
Antipodeans trade in-line with the risk tone and have been hit hard, residing at the trough of the G10 leaderboard. AUD/USD at a 0.6457 base and NZD/USD down to a test of 0.60.
Click for a detailed summary
Click for NY OpEx Details

FIXED INCOME

Broadly, fixed benchmarks were propelled to WTD peaks overnight/this morning as Israel struck Iranian facilities. Since, the move has pared and we reside in Thursday’s parameters as the intensity of geopolitical news slows slightly and we await updates from Iran.
USTs peaked at 111-13 overnight, a new WTD high and just a tick+ shy of last week’s 111-14+ best. Since, the benchmark has pared and is near-enough unchanged, holding just below Thursday’s 111-06 peak.
Bunds bid given the above. Hit a 131.95 peak, marking a new WTD high. A move that occurred given the risk-off action sparked by Israel striking Iran’s facilities and the associated FTQ that ensued. In-line with USTs, EGBs have pulled back markedly from the above peak and currently reside just in the red and 20 to 30 ticks below Thursday’s best; for Bunds, this has the benchmark holding around 131.20.
The German 10yr yield fell by around 5bps to a 2.42% low when Bunds hit their WTD peak. Since, the 10yr has retraced the move and is now higher by just over a bps on the session, probing 2.50% to the upside.
Gilts hit a 93.68 peak when trade resumed this morning, gapping higher by 37 ticks and then extending another 10 to that high and eclipsing Thursday’s 93.55 best in the process. However, this proved short-lived as fixed benchmarks generally were already paring back much of their overnight gains and this pressure began to make itself known in Gilts within minutes of the open. Now, holding a few ticks above a 92.94 trough and by extension above Thursday’s 92.80 low.
Click for a detailed summary

COMMODITIES

Session dominated by geopolitics; see the Geopolitics section below and/or headline feed for full details. Brent hit a USD 78.50/bbl high overnight, WTI got to USD 77.62/bbl.
In brief, Israel’s operation, dubbed “Rising Lion”, targeted a number of nuclear and military targets. The head of IRCG, Hossein Salami, and nuclear scientist Abbasi, have been killed. Iran’s Natanz enrichment site has been impacted. In response, Iran vowed to retaliate, noting also the US would pay a heavy price “now that Israel has crossed all red lines, Iran sees no limits to respond to this crime.”, a state of emergency has been declared in Israel. US said they were not involved in the action.
Throughout the European morning, while still markedly firmer, benchmarks pulled back from highs as participants faded the initial move and awaited fresh updates. A move that took WTI and Brent as low as USD 71.00/bbl and USD 72.10/bbl.
Thereafter, a bout of fresh upside occurred (within overnight ranges) as Tass cited remarks from the Israeli PM’s office that they are prepared for the possibility of full-fledged war with Iran. This lifted the benchmarks towards current levels above USD 73.15/bbl and USD 74.50/bbl for WTI and Brent respectively.
More recently, Trump has commented “Iran must make a deal, before there is nothing left…”; no significant move to this.
Ahead, further potential catalysts for crude include Iranian retaliation, Strait of Hormuz activity, indications of US involvement (US Security Council meeting at 16:00 BST), and the length of the Israeli operation.
European gas prices bolstered given the above, Dutch TTF firmer by over EUR 1.50/MWh at best; most recently, Israel’s Energy Minister says they may order temporary shutdown to Natgas reservoirs; due to security situation.
Spot gold firmer given its haven status and the FTQ. However, upside is being capped by the markedly firmer USD. Leaving XAU at a USD 3444/oz peak, with the ATH at USD 3500/oz the next point of focus.
Base metals in the red, given the risk off tone and strong USD. 3M LME Copper lower by near-enough 1%, hit a trough at USD 9.57k/T before.
Click for a detailed summary

NOTABLE DATA RECAP

German HICP Final YY (May) 2.1% vs. Exp. 2.1% (Prev. 2.1%); MM (May) 0.2% vs. Exp. 0.2% (Prev. 0.2%)
French CPI (EU Norm) Final YY (May) 0.6% vs. Exp. 0.60% (Prev. 0.60%); MM (May) -0.2% vs. Exp. -0.20% (Prev. -0.20%)
Spanish HICP Final YY (May) 2.0% vs. Exp. 1.9% (Prev. 1.9%); Core CPI YY (May) 2.2% (Prev. 2.40%)
Swedish CPIF Final: Excluding Energy YY (May) 2.5% vs. Exp. 2.50% (Prev. 2.50%); CPIF YY (May) 2.3% vs. Exp. 2.3% (Prev. 2.3%)

NOTABLE EUROPEAN HEADLINES

IFS’ Johnson has warned that UK Chancellor Reeves is a “gnat’s whisker” away from having to raise taxes in the autumn budget despite the chancellor insisting her plans are “fully funded”, according to Sky News.
Bank of England/Ipsos Inflation Attitudes Survey, May 2025: Median expectations of the rate of inflation over the coming year were 3.2%, down from 3.4% in February 2025.

NOTABLE US HEADLINES

US judge temporarily restricted the military’s law enforcement activities in Los Angeles and temporarily barred President Trump from deploying the California National Guard in Los Angeles, although the US Appeals Court later paused the lower court’s order and allowed President Trump to deploy the National Guard to LA for now.

MIDDLE EAST

OVERNIGHT:

Israel’s military struck nuclear and military targets in Iran as well as dozens of sites and said the Iranian nuclear programme is an existential threat to Israel, while it said the Iranian regime is advancing a secret program to build a nuclear weapon and Iran has enough fusion material to make 15 nuclear bombs within days.
Israeli PM Netanyahu said their pilots were striking many targets in Iran and that the operation would continue for as many days as it takes which will hurt Iran’s nuclear infrastructure, ballistic missile factories and military capabilities. Netanyahu also said they struck at the heart of Iran’s nuclear enrichment programme and nuclear weaponisation programme, as well as Iran’s main enrichment facility in Natanz. Furthermore, he said they targeted Iran’s leading nuclear scientists working on the Iranian bomb and he later declared that they delivered a successful opening strike.
Israeli Defence Minister Katz declared a special state of emergency on the home front throughout the entire state of Israel and said following Israel’s pre-emptive strike against Iran, that a missile and drone attack against Israel is expected in the immediate future. It was separately reported that two Israeli officials said Israel is bracing for an Iranian response in the coming hours and the Iranian response could include the launch of hundreds of ballistic missiles.
Iran’s Supreme Leader Khamenei said Israel will receive a harsh punishment and that Israel “unleashed its wicked and bloody” hand in a crime against Iran, while he added that several commanders and several scientists were “martyred” and with this attack, Israel has prepared a bitter fate for itself, which it will surely receive.
Iran Revolutionary Guards said Israel will pay a heavy price for the killing of IRGC Chief Commander Salami and that the attack was carried out with full knowledge and support of ‘wicked rulers in the White House and terrorist US regime’, while it was also reported that supreme leader advisor and IRGC commander Shamkhani was critically injured and that the head of Iran’s armed force Bagheri was killed in the Israeli attack.
Iran’s Foreign Ministry said responding to Israel is its right under international law, and the US as Israel’s main supporter will be responsible for the consequences of Israel’s adventurism, while Iran’s armed forces spokesman earlier warned that Israel and the US will pay a heavy price for the Israeli attack.
US Secretary of State Rubio said Israel took unilateral action against Iran and the US is not involved in strikes against Iran, while he added the top priority is protecting American forces in the region and that Iran should not target US interests or personnel.
US officials said they still intend to have talks on Sunday between US and Iran envoys.
US reportedly told Israel it won’t be directly involved in any strike on Iran, according to Axios.
UN General Assembly demanded an immediate, unconditional and permanent ceasefire in Gaza, while it adopted the Gaza resolution with 149 votes in favour.
National Iranian Oil Refining and Distribution Company says refining facilities and oil storage did not sustain damage in the Israeli attack.

EUROPEAN HOURS:

ISRAEL UPDATES

Israel’s Ambassador to France says the operation against Iran can continue for a few days, not months. Have already destroyed parts of the Iranian nuclear programme.
Israeli officials report “The assumption is that additional senior officials in Iran have been eliminated, whose deaths have not yet been publicly disclosed.”, via journalist Stein.
Israel’s air force has begun to intercept drones over the “skies of Saudi Arabia”, via Channel 12.
Mossad and the Israeli military led a series of covert operations against the Iranian strategic missile array, according to Reuters citing an Israeli security source; Israel deployed precision guided weapons in open areas near Iranian surface-to-air missile systems sites. Thereafter, Israeli Military says it completed a large-scale strike against the aerial defense array of Iran, according to Reuters.
Israel is prepared for the possibility of a full-fledged war with Iran, according to PM Netanyahu’s office via Tass.
Israel Defence Minister Katz says the assessment is that most leadership of the Iranian IRGC Air Force were eliminated in a strike.
Israeli Military says it is prepared for this (i.e. action against Iran) to keep going on for days; depends partly on Iranian response. Already achieved a lot, assessments continue. Still trying to determine how things went. Iran has sent over 100 drones to Israel, many already intercepted.

IRANIAN UPDATES

Iran’s Abadan oil refinery Co. says they are producing and providing services at full capacity, no disruption.
Iran’s Armed Forces reportedly says “now that Israel has crossed all red lines, Iran sees no limits to respond to this crime.”, via journalist Aslani.
Iran’s Atomic Energy Organisation says damage occurred at the Natanz enrichment facility; no chemical or radioactive contamination shown.
IAEA Statement: “the competent Iranian authorities have confirmed that the Natanz enrichment site has been impacted and that there are no elevated radiation levels.”.
IAEA says, as it stands, the Fordow fuel enrichment plant has not been impacted; Isfahan nuclear site has not been impacted.
Iranian Supreme Leader Khamenei appoints Mohammad Pakpour as the new IRGC Commander, after Salami was killed by an Israeli strike; Pakpour directed to “enhance the IRGC’s capabilities, readiness, and internal cohesion.”.
Iran’s Fars News reports renewed strike by Israel on north-western city of Tabriz.
Iranian President will deliver a speech soon, according to an X post. [posted around 10:15BST/05:15ET]
Iran has requested a special session of the (IAEA) “board of governors” on Monday, via Jerusalem Post citing sources.

OTHER

The sixth round of (Nuclear) negotiations will not be held due to Israeli attacks, according to the Tehran Times.
Frontline is “far more hesitant” about offering its craft to move cargo from the Persian Gulf after the Israeli strikes on Iran, via Bloomberg.
Iraq’s gas supply from Iran not affected by the Israeli attack, according to Iraqi state news.
Lebanon’s Hezbollah says the group will not initiate an attack on Israel in response to strikes on Iran.
US President Trump posts on Truth “I gave Iran chance after chance to make a deal” and “Iran must make a deal, before there is nothing left, and save what was once known as the Iranian Empire”.

OTHER GEOPOLITICS

North Korea leader Kim said there are plans to build two more 5,000-ton destroyers next year and US provocation has become dangerous, while he added that North Korean battleships will soon roam the Pacific Ocean, according to KCNA.

CRYPTO

In the red, tracking the broader risk tone and also hampered by USD strength. Bitcoin down to a USD 102k base.
Walmart (WMT) and Amazon (AMZN) are exploring issuing their own stablecoins, via WSJ sources.

APAC TRADE

APAC stocks traded lower and US equity futures were pressured amid the worsening geopolitical situation in the Middle East after Israel conducted pre-emptive strikes on Iranian nuclear and military targets, with the Israeli military said to have struck dozens of sites across Iran, while Israeli PM Netanyahu said the operation will last for as many days as it takes and Iran has warned that Israel and the US will pay a heavy price for the Israeli attack.
ASX 200 was dragged lower by losses in cyclicals but with the downside stemmed as energy and gold miners benefitted from the geopolitical-fuelled upside in the respective underlying commodity prices.
Nikkei 225 slipped beneath the 38,000 level after recent currency strength and heightened geopolitical tensions.
Hang Seng and Shanghai Comp conformed to the negative mood as Israel’s numerous strikes and Iran’s retaliation threats dominated the headlines.

NOTABLE ASIA-PAC HEADLINES

BoJ officials see prices rising a little stronger than they expected earlier in the year and expect the interest rate to be maintained at 0.5% next week, according to Bloomberg.

2c Asian opening report

Crude +8%, ES -1.5% after Israel conducts strikes on Iranian nuclear & military targets – Newsquawk Europe Market Open

Friday, Jun 13, 2025 – 01:39 AM

APAC stocks traded lower and US equity futures were pressured amid the worsening geopolitical situation in the Middle East.
Israel conducted pre-emptive strikes on Iranian nuclear and military targets; Iran warned that Israel and the US will pay a heavy price.
European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 1.9% after the cash market closed with losses of 0.6% on Thursday.
DXY has been boosted by geopolitical risk, antipodeans hit, EUR/USD is back on a 1.15 handle.
Crude futures have rallied, given geopolitics; Iran says refining facilities and oil storage did not sustain damage in the Israeli attack.
Looking ahead, highlights include UoM Sentiment (Prelim), S&P to Review Germany’s Credit Rating, ECB’s Panetta & Elderson

SNAPSHOT

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US TRADE

EQUITIES

US stocks were choppy but ultimately finished mostly higher as tailwinds from the softer-than-expected May PPI report offset the geopolitical concerns in the Middle East. Sectors were predominantly firmer in which Utilities, Tech, and Healthcare led the advances while Industrials, Communications and Discretionary lagged in the red with the former weighed on by Boeing (BA) (-4.8%) after a 787-8 Dreamliner crashed shortly after taking off in India.
SPX +0.38% at 6,045, NDX +0.24% at 21,913, DJI +0.24% at 42,968, RUT -0.38% at 2,140.
Click here for a detailed summary.

TARIFFS/TRADE

US President Trump said auto tariffs may go up in the not-too-distant future.
US Commerce Secretary Lutnick said the China tariff pause likely won’t be extended and its best chips were never on the table and won’t be regarding the China deal.
US Commerce Department made steel derivatives products subject to additional tariffs, according to the Federal Register.
US eyes a plan to use the Defense Production Act for rare earths, although a timeline for the Trump rare earth initiative is unclear, according to Bloomberg citing sources.
China reportedly delayed approval of the USD 35bln merger between Synopsys (SNPS) and Ansys (ANSS) amid Trump’s trade war, according to FT.

NOTABLE HEADLINES

US President Trump signed a resolution nixing California’s EV rules.
US judge temporarily restricted the military’s law enforcement activities in Los Angeles and temporarily barred President Trump from deploying the California National Guard in Los Angeles, although the US Appeals Court later paused the lower court’s order and allowed President Trump to deploy the National Guard to LA for now.

APAC TRADE

EQUITIES

APAC stocks traded lower and US equity futures were pressured amid the worsening geopolitical situation in the Middle East after Israel conducted pre-emptive strikes on Iranian nuclear and military targets, with the Israeli military said to have struck dozens of sites across Iran, while Israeli PM Netanyahu said the operation will last for as many days as it takes and Iran has warned that Israel and the US will pay a heavy price for the Israeli attack.
ASX 200 was dragged lower by losses in cyclicals but with the downside stemmed as energy and gold miners benefitted from the geopolitical-fuelled upside in the respective underlying commodity prices.
Nikkei 225 slipped beneath the 38,000 level after recent currency strength and heightened geopolitical tensions.
Hang Seng and Shanghai Comp conformed to the negative mood as Israel’s numerous strikes and Iran’s retaliation threats dominated the headlines.
US equity futures (ES -1.6%, NQ -1.8%) retreated following the geopolitical escalation which dragged the Emini S&P beneath the 6,000 level and although the US said it had no involvement in the strikes, an Iranian armed forces spokesman warned that both Israel and the US will pay a heavy price for the attack.
European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 1.9% after the cash market closed with losses of 0.6% on Thursday.

FX

DXY returned to above the 98.00 level amid the geopolitical escalation which helped the dollar nurse some of this week’s data-triggered losses.
EUR/USD pared some of the gains from yesterday’s outperformance with price action in the single currency largely at the whim of the recent moves in the greenback.
GBP/USD pulled back from a multi-year high and reverted to beneath the 1.3600 territory as cyclicals were hit by the geopolitical escalation.
USD/JPY trickled lower and briefly dipped beneath the 143.00 level owing to the haven flows into yen but later rebounded.
Antipodeans underperformed due to their high-beta statuses as risk sentiment took a hit from Israel’s strikes on Iran.

FIXED INCOME

10yr UST futures mildly extended on this week’s data-fuelled advances which were spurred by softer-than-expected CPI and PPI, with recent upside facilitated by haven demand.
Bund futures breached through near-term resistance at the 131.50 level to print a 2-month peak.
10yr JGB futures surged and briefly reclaimed the 140.00 due to the haven bid and as yields softened on war fears.

COMMODITIES

Crude futures rallied as all focus centred on the geopolitical escalation in the Middle East after Israel conducted a pre-emptive strike on Iran.
National Iranian Oil Refining and Distribution Company says refining facilities and oil storage did not sustain damage in the Israeli attack.
US President Trump’s administration is expected to release a renewable fuel volume proposal on Friday, according to Reuters citing sources.
Spot gold climbed back above the USD 3,400/oz level as the Israeli offensive against Iran spurred a flight to quality.
Copper futures were pressured amid the increased geopolitical tensions and downbeat risk tone.

CRYPTO

Bitcoin was pressured and briefly tested the USD 103k level to the downside before bouncing off lows.

NOTABLE ASIA-PAC HEADLINES

BoJ officials see prices rising a little stronger than they expected earlier in the year and expect the interest rate to be maintained at 0.5% next week, according to Bloomberg.

GEOPOLITICS

MIDDLE EAST

Israel’s military struck nuclear and military targets in Iran as well as dozens of sites and said the Iranian nuclear programme is an existential threat to Israel, while it said the Iranian regime is advancing a secret program to build a nuclear weapon and Iran has enough fusion material to make 15 nuclear bombs within days.
Israeli PM Netanyahu said their pilots were striking many targets in Iran and that the operation would continue for as many days as it takes which will hurt Iran’s nuclear infrastructure, ballistic missile factories and military capabilities. Netanyahu also said they struck at the heart of Iran’s nuclear enrichment programme and nuclear weaponisation programme, as well as Iran’s main enrichment facility in Natanz. Furthermore, he said they targeted Iran’s leading nuclear scientists working on the Iranian bomb and he later declared that they delivered a successful opening strike.
Israeli Defence Minister Katz declared a special state of emergency on the home front throughout the entire state of Israel and said following Israel’s preemptive strike against Iran, that a missile and drone attack against Israel is expected in the immediate future. It was separately reported that two Israeli officials said Israel is bracing for an Iranian response in the coming hours and the Iranian response could include the launch of hundreds of ballistic missiles.
Iran’s Supreme Leader Khamenei said Israel will receive a harsh punishment and that Israel “unleashed its wicked and bloody” hand in a crime against Iran, while he added that several commanders and several scientists were “martyred” and with this attack, Israel has prepared a bitter fate for itself, which it will surely receive.
Iran Revolutionary Guards said Israel will pay a heavy price for the killing of IRGC Chief Commander Salami and that the attack was carried out with full knowledge and support of ‘wicked rulers in the White House and terrorist US regime’, while it was also reported that supreme leader advisor and IRGC commander Shamkhani was critically injured and that the head of Iran’s armed force Bagheri was killed in the Israeli attack.
Iran’s Foreign Ministry said responding to Israel is its right under international law, and the US as Israel’s main supporter will be responsible for the consequences of Israel’s adventurism, while Iran’s armed forces spokesman earlier warned that Israel and the US will pay a heavy price for the Israeli attack.
US Secretary of State Rubio said Israel took unilateral action against Iran and the US is not involved in strikes against Iran, while he added the top priority is protecting American forces in the region and that Iran should not target US interests or personnel.
US officials said they still intend to have talks on Sunday between US and Iran envoys.
US President Trump earlier said that an Israeli strike was not imminent but looks like it could happen. Trump also stated that he wanted to have an agreement with Iran and they are fairly close to an agreement but added that Iran is going to have to negotiate tougher and Iran will have to give the US things they are not willing to. Furthermore, he said there was a chance of massive conflict and that something could happen soon.
US reportedly told Israel it won’t be directly involved in any strike on Iran, according to Axios.
White House envoy Witkoff warned Republican senators that Iran could respond to an Israeli attack on its nuclear facilities with a massive missile attack that would overcome Israeli defences and cause massive damage and casualties, according to Axios’s Ravid.
According to US intelligence estimates, Iran has about 2,000 ballistic missiles with warheads capable of carrying tons of explosives or even more, many of which are within range of Israel, according to Axios.
UN General Assembly demanded an immediate, unconditional and permanent ceasefire in Gaza, while it adopted the Gaza resolution with 149 votes in favour.

RUSSIA-UKRAINE

US President Trump said they will get a Russia-Ukraine deal and he is disappointed it is not done.

OTHER

North Korea leader Kim said there are plans to build two more 5,000-ton destroyers next year and US provocation has become dangerous, while he added that North Korean battleships will soon roam the Pacific Ocean, according to KCNA.

EU/UK

NOTABLE HEADLINES

Leading economist has warned that UK Chancellor Reeves is a “gnat’s whisker” away from having to raise taxes in the autumn budget despite the chancellor insisting her plans are “fully funded”, according to Sky News.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

4. EUROPEAN AFFAIRS

UK/

British Exports To US Suffer Record Slump As Tariffs Take Effect

Friday, Jun 13, 2025 – 05:00 AM

Authored by Guy Birchall via The Epoch Times (emphasis ours),

UK exports to the United States suffered a sharp drop of 8.8 percent in April, as the effect of U.S. President Donald Trump’s sweeping tariffs began to take effect, official data revealed on June 12.

After rising for the past four months, British goods exports declined significantly, by 2.7 billion pounds ($3.7 billion) in April 2025, with falls in exports to both the EU and non-EU countries.

“After increasing for each of the four preceding months, April saw the largest monthly fall on record in goods exports to the United States with decreases seen across most types of goods, following the recent introduction of tariffs,” Liz McKeown, the director of economic statistics at the Office for National Statistics (ONS), said.

After rising for the past four months, British exports to the U.S. market, including precious metals, dropped by 2 billion ($2.7 billion) in April 2025, the largest monthly decrease since records began in January 1997.

The value of goods exports to the United States is now at its lowest level since February 2022, the ONS added.

Auto manufacturers also reported lower output and exports to both the United States and the European Union.

British economic output declined during the month of April, with gross domestic product falling by 0.3 percent from the previous month.

Drop-offs in real estate and legal activity after a temporary tax break on house purchases ended also contributed 0.2 percentage points of the 0.3 percent fall in output in April, according to the ONS.

Britain’s total trade in goods and services deficit (excluding precious metals) also widened by 4.9 billion pounds ($6.7 billion) to 11.5 billion pounds ($15.6 billion) in the three months to April, as imports rose more than exports.

The pound dropped by a quarter of a cent against the dollar after the ONS data were released.

The fall off in trade across the Atlantic comes a little more than a month after London and Washington jointly announced a much-celebrated trade deal on May 8.

Though full details of the agreement have yet to be hammered out, what was revealed was that the UK would lower the tariff rate on U.S. goods from 5.1 percent to 1.8 percent.

The 10 percent U.S. universal baseline tariff rate on UK goods, however, remained in place.

At the time, British Prime Minister Keir Starmer said: “This historic deal delivers for British business and British workers protecting thousands of British jobs in key sectors including car manufacturing and steel.”

In a post on social media platform Truth Social, Trump called the deal a “full and comprehensive one that will cement the relationship” between the two nations.

No official document, however, has yet been signed by the two countries.

Britain’s economy grew in the first quarter of this year by 0.7 percent, more than other countries in the G7.

This prompted the Bank of England to revise up its full-year growth forecast to 1 percent in May.

However, the national bank revised its growth forecast for next year down to 1.25 percent, saying it expected United States tariffs to hit British output to the tune of 0.3 percent in three years’ time.

The news of the drop in trade comes a day after the UK’s finance minister, Chancellor of the Exchequer Rachel Reeves, delivered her first multi-year spending review to the Parliament in Westminster.

During her speech, she pledged major investments in health, housing, defense, and infrastructure.

At the core of the government’s plans to “renew Britain” is an annual increase of 29 billion pounds ($39.4 billion) in National Health Service funding.

Other pledges include 39 billion pounds for social and affordable housing over the next decade and confirmation of a previously announced 30 billion pounds ($40.8 billion) for nuclear projects, including 14.2 billion pounds ($19.3 billion) for a new nuclear plant.

Reeves said the budget boosts were “only possible” because of her decision to raise taxes in the previous autumn budget, reaffirming that her fiscal rules are “non-negotiable.”

The opposition Conservative Party, however, described the plan as “not worth the paper that it is written on.”

Shadow Chancellor Mel Stride said Reeves has “completely lost control,” suggesting that tax hikes in the fall are inevitable.

“This is the spend now, tax later review, because [the chancellor] knows she will need to come back here in the autumn with yet more taxes and a cruel summer of speculation awaits,” he told the Commons.

FRANCE

GERMANY

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL IRAN

THURSDAY LATE AFTERNOON;

WSJ: Israel prepared to strike Iran in the next few days if US proposal fails officials say

The newspaper cited a senior Israeli official as saying a strike could come as soon as Sunday unless Iran agrees to halt production of fissile material, which can be used to make an atomic bomb.

L to R: Israeli Prime Minister Benjamin Netanyahu, US President Donald Trump against backdrop of Iranian flag (illustration).(photo credit: Hossein Beris/Middle East Images/AFP via Getty Images, Olivier Douliery-Pool via Getty Images)ByREUTERSJUNE 13, 2025 00:33Updated: JUNE 13, 2025 00:57

Israel is prepared to attack Iran in the coming days if Tehran rejects a US proposal to limit its nuclear program, the Wall Street Journal reported on Thursday, citing US and Israeli officials.

The newspaper cited a senior Israeli official as saying a strike could come as soon as Sunday unless Iran agrees to halt production of fissile material, which can be used to make an atomic bomb.

Israeli Prime Minister Benjamin Netanyahu raised the possibility of strikes in a phone conversation with US President Donald Trump on Monday, WSJ reported, citing two US officials.

President Donald Trump’s administration told the Israeli government the US will not be directly involved in any Israeli military strike against Iran’s nuclear facilities, Axios reported on Thursday, citing two US sources and an Israeli source familiar with those discussions.

US President Donald Trump winks at Israel's Prime Minister Benjamin Netanyahu as they discuss a Middle East peace plan proposal during a joint news conference in the East Room of the White House in Washington, US, January 28, 2020. (credit: REUTERS/BRENDAN MCDERMID) — US President Donald Trump winks at Israel’s Prime Minister Benjamin Netanyahu as they discuss a Middle East peace plan proposal during a joint news conference in the East Room of the White House in Washington, US, January 28, 2020. (credit: REUTERS/BRENDAN MCDERMID)

Trump says US remains committed to a diplomatic solution to Iran nuclear issue

President Donald Trump on Thursday said the United States remains committed to resolving the Iran nuclear issue through diplomacy, but added that the Islamic Republic must first give up hopes of building a nuclear weapon.

“We remain committed to a Diplomatic Resolution to the Iran Nuclear Issue!” Trump wrote on his Truth Social platform.

“My entire Administration has been directed to negotiate with Iran. They could be a Great Country, but they first must completely give up hopes of obtaining a Nuclear Weapon,” he added.

END

THURSDAY AFTERNOON:

White House Fears Iranian Response To An Attack Could Overwhelm Israel’s Air Defenses

Thursday, Jun 12, 2025 – 04:50 PM

Iran’s military says it’s ready for anything at a moment President Trump has reiterated that an Israeli attack on Iranian nuclear sites could be imminent. Such a strike “could very well happen,” the president said Thursday.

But…“We are ready for any scenario and have a military strategy,” commander-in-chief of Iran’s Islamic Revolutionary Guard Corps (IRGC) Hossein Salami responded in speech on state TV.

Also, White House envoy Steve Witkoff has privately warned top Senate Republicans that Iran’s retaliation to an Israeli strike on its nuclear program “could overwhelm Israel’s defenses and cause mass damage and casualties,” Axios reports.

Trump has said that while something ‘dangerous’ could happen ‘soon’ in the Middle East, the US remains “fairly close to an agreement with Iran” – thus this latest messaging is somewhat contradictory.

Is all of the embassy drawdown reporting merely a ploy? CNN and others have been emphasizing all day that staff draw downs from American embassies in Iraq, Kuwait, and Bahrain are in preparation for something serious.

But it remains that this US State Dept ‘order’ could just be an extreme tactic to make Iran feel the pressure. According to more of the latest from Axios:

Witkoff told the Senators that military strikes by Israel are on the table if no agreement is reached.
He then brought up Iran’s ballistic missile capabilities. The U.S. is concerned Israel’s air defenses would not be able to handle an Iranian response involving hundreds of missiles, the sources said.
Such an attack, Witkoff told the group, could cause massive casualties and damage.
Witkoff also raised concerns about Iran’s ballistic missile arsenal during a speech in New York on Wednesday, calling it “as big of an existential threat” for Israel as Iran’s nuclear capabilities.

Among the worries is that Iran’s defense ministry is currently touting the rollout of a new ballistic missile with a 4,000-lb. warhead.

Aside from the damage this could do to Israel, there’s also the question of US military personnel stationed in the region. Has the Pentagon taken steps to protect these locations?

Meanwhile, below is Netanyahu’s Iran nuclear bomb claim timeline: 1992-present, @IsraeliLobby/X:

If the US truly believes an Israeli attack on Iran is imminent, we would probably see more urgent repositioning of US troops in the region – but so far there have been scant indicators of this. Prominent Pentagon correspondents have not obtained any statements or issued evidence of force protection or relocation measures. However, military dependents in some regions are being evacuated.

Potentially in harm’s way if a broader Iran-Israel war breaks out…

According to NBC News late in the day Thursday, “If Israel carries out any operation against Iran, it will be carried out without any US military assistance.”

END

THURSDAY EVENING: ISRAEL STRIKES IRAN!

(JERUSALEM POST)

Israel launches preemptive strike on Iranian nuclear sites, military targets

According to the IDF, Iran has enough uranium to weaponize it to nuclear levels to 15 nuclear weapons within days

The reported strike of an IDF strike in Iran, June 13, 2025.(photo credit: SCREENSHOT/X, SECTION 27A COPYRIGHT ACT)ByYONAH JEREMY BOBJUNE 13, 2025 03:11Updated: JUNE 13, 2025 04:32

Dozens of Israeli aircraft participated in an initial wave of strikes on dozens of military targets and Iranian nuclear sites early on Friday morning.

Warning sirens have been set off to get the public ready for potential Iranian counterattacks of ballistic missiles on Israel.

The IDF had not stopped attacking since the initial wave. Rather, as of 4:30 a.m., the IAF was still carrying out broad attacks, and there were no specific signs of stopping.

Prime Minister Benjamin Netanyahu stated Iran is gearing up to produce tens of thousands of ballistic missiles, which could kill millions of Israelis even without nuclear weapons, but imagine if any of them had nuclear weapons on them.

Further, Netanyahu stated Iran may only be a few months away from being able to actually make a nuclear weapon, and not just have enough uranium.

A senior defense official on Friday morning said that there is an increasing possibility that the Iranian high command, including Iran’s military chief and Iran’s senior nuclear scientists, have been killed in the preemptive strike.

https://player.jpost.com/public/player.html?player=jpost&media=3910799&url=www.jpost.com

Iran has not yet fired ballistic missiles, but it has thousands of them.

The IDF confirmed that the reason for the attack is to prevent Iran from obtaining a nuclear weapon.

“Weapons of mass destruction in the hands of the Iranian regime are an existential threat to the State of Israel and to the wider world,” the military said.

IDF Spokesperson, BG Effie Defrin explains Israel’s preemptive strike against Iran’s nuclear program (CREDIT: IDF SPOKESPERSON))According to the IDF, Iran has enough uranium to weaponize it to nuclear levels, for 15 nuclear weapons within days.

Defense sources have warned that stairwells are no longer considered adequate protection in the event of missile retaliation.

Defense Minister Israel Katz, IDF officials hold situational update (credit: ARIEL HERMONY/DEFENSE MINISTRY)

“The best protected space is a reinforced security room (Mamad) or a designated shelter,” the sources said. The IDF’s Home Front Command has opened several underground parking garages to serve as temporary safe zones amid heightened alert.

In recent days, Iran developed a plan with Hezbollah, Hamas, and other proxies to destroy the State of Israel, potentially including attempts to attack via all borders, including Egypt and Jordan.

This was the point of no return, according to the IDF.

Seeking to justify Israel’s preemptive strike on Iran, IDF Brig. Gen. Effie Defrin noted that the Islamic Republic attacked the Jewish state twice, in April 2024 and October 2024.

He also said that Iran was the leader of a group of proxies which had carried out all of the attacks against Israel during the war, including Hamas’s massive invasion on October 7, 2023 and Hezbollah thousands of attacks on Israel from October 2023 – November 2024.

Prime Minister Benjamin Netanyahu has entered the security cabinet.

The IDF targets also include commanders, bases, and nuclear sites, though the main goal is nuclear sites.

Further, the IDF said in the last 20 minutes, Iran was taken by surprise and they were attacked in places they didn’t expect.

Israeli officials were transferred to a safe location following an assassination attempt on senior Iranian officials.

Israel has had strong coordination with the US, but Israeli military officials refused to say whether America was pre-updated or fully coordinated into the current attack, coming hours after Washington seemed to suggest it might not be in the loop or approve.

There was also a possibility that Israel having its navy in the area of Yemen and Iran could have military implications, though the IDF did not fully specify.

US President Donald Trump reportedly called a cabinet meeting following the strike.

“Tonight, Israel took unilateral action against Iran. We are not involved in strikes against Iran and our top priority is protecting American forces in the region,” Secretary of State Marco Rubio said in a statement.

“President Trump and the administration have taken all necessary steps to protect our forces and remain in close contact with our regional partners. Let me be clear: Iran should not target US interests or personnel.”

Mixed reports are saying there is a possibility that Israel has targeted the chief of staff of the Islamic Revolutionary Guards Corps.

Prior strikes against Iran

On April 13-14, 2024, Iran changed the Middle East forever, ending a decades-long covert shadow war with Israel by openly and directly attacking Israel with 180 ballistic missiles, 170 drones, and dozens of cruise missiles.

Israel responded on April 19, 2024, by attacking one S-300 anti-aircraft defense system, which was protecting the Islamic Republic’s nuclear facility in Isfahan.

The Jewish state never seriously considered attacking Iran’s nuclear sites in April 2024 like it did in October 2024, but that first direct round between the sides set the stage for the more dramatic follow-up and Friday morning’s preemptive strike.

Similar but evolved debates came into play in October 2024 after Tehran attacked Israel directly a second time, this time with over 200 ballistic missiles on October 1, 2024.

On October 24, 2024, Israel launched attacks on dozens of targets in Iran, including all of its remaining S-300 anti-aircraft missile systems, much of its ballistic missile production capacity, and one minor nuclear site at Parchin.

This is a developing story.

END

ZERO HEDGE ON ISRAEL’S ATTACK ON TEHRAN

Iran’s IRGC Chief Salami Killed In Major Israeli Attack As War Erupting

Thursday, Jun 12, 2025 – 10:15 PM

LIVE FEED from Al Jazeera:

* * *

Update2215ET: In a massive development via Iranian state sources, the head of the Islamic Revolutionary Guard Corps (IRGC), Major Gen. Hossein Salami has been killed in Israel’s major Israeli attack on Tehran and other locations in Iran. Al Jazeera: “Iran’s Tasnim news agency and Tehran Times newspaper say Hossein Salami, commander-in-chief of the Islamic Revolutionary Guard Corps, has been killed in an Israeli strike.”

IRAN’S IRGC CHIEF SALAMI KILLED IN ISRAELI ATTACKS: TASNIM

IRAN PLANNING ‘DECISIVE RESPONSE’ TO ISRAELI ATTACK: IRNA

Key uranium enrichment facility in central Iran ‘hit several times’: state TV

Just yesterday…

Meanwhile, some US Congressional members are not in the mood for another major war:

Jack Reed, the top Democrat on the Senate Armed Services Committee, criticizes the Israeli attacks on Iran and calls on Trump to push for de-escalation.

“Israel’s alarming decision to launch airstrikes on Iran is a reckless escalation that risks igniting regional violence,” Reed in a statement.

“I urge both nations to show immediate restraint, and I call on President Trump and our international partners to press for diplomatic de-escalation before this crisis spirals further out of control.”

* * *

Update (2115ET): Al Jazeera and regional media have reported at least six large explosions were observed in the Iranian capital of Tehran, as Israel confirms it has launched ‘Operation Rising Lion’ – which importantly Netanyahu in a televised address said “will continue for as many days” until the Iranian ‘nuclear threat’ is removed, and “as long as necessary”.

There are unconfirmed reports that Iranian jets have been scrambled and that the Islamic Republic’s inevitable retaliation has begun. Iran possesses an immense ballistic missile arsenal, many which can be launched from underground silos and deep below ground ‘missile cities’. Developing:

ISRAEL BELIEVES IT KILLED SOME IRAN GENERALS, ATOMIC SCIENTISTS
ISRAEL MILITARY OFFICIAL COMMENTS ON KILLINGS OF IRAN OFFICIALS

Prime Minister Netanyahu:
"Moments ago, Israel launched Operation Rising Lion, a targeted military operation to roll back the Iranian threat to Israel's very survival.

This operation will continue for as many days as it takes to remove this threat." pic.twitter.com/3c8oF1GCYa
— Prime Minister of Israel (@IsraeliPM) June 13, 2025

There are also reports of large blasts heard in Natanz city, home to a key nuclear site, according to Iranian state TV. Hawkish Republican Senator Lindsey Graham has issued a short tweet saying “Game on”.

Unconfirmed but likely…

#BREAKING Iranian missiles are heading for Israel pic.twitter.com/2bCmMiqzEw
— War Intel (@warintel4u) June 13, 2025

Reports of Iranian air force jets taking off…

🇮🇷 Iranian jets taking off. Iranian ballistic missile launches also reported. pic.twitter.com/61H8Pde4Jm
— DD Geopolitics (@DD_Geopolitics) June 13, 2025

* * *

Update 8:35pm: AP cites an Israeli official who says that the targets are Iran Nuclear and Military sites; Meanwhile Iran has suspended all flights into its international airport, while Israel has closed all airspace.

Netanyahu: ‘Operation Rising Lion’ Launched
Ongoing rockets/missiles near or on Baghdad International Airport , sources in the airport confirmed to me hearing ongoing explosions
NYT quoting an Iranian official: Three residential buildings demolished in the Shahrak Shahid Mahallati neighborhood in Tehran, where senior military leaders reside
ISRAEL OFFICIAL CONFIRMS ATTACK TARGETED IRAN NUCLEAR SITES: AP
IRAN SUSPENDS FLIGHTS AT TEHRAN INTERNATIONAL AIRPORT: TASNIM

The Israeli defense forces add that dozens of IAF jets complete the first stage of Iran strikes.

Looks like targeted assassinations are underway in Iran pic.twitter.com/QGhJ8tuj1B
— Aleph א (@no_itsmyturn) June 13, 2025

Israeli PM Netanyahu says comments that Israel is attacking Iran’s nuclear program, is seeking to remove the ballistic missile threat and that strikes will last until last threat is removed.

NETANYAHU: WE ARE AT A DECISIVE MOMENT IN ISRAEL’S HISTORY
NETANYAHU: ATTACKING IRAN’S NUCLEAR PROGRAM, BALLISTIC MISSILES
NETANYAHU: STRIKES WILL LAST UNTIL THREAT REMOVED
NETANYAHU: WE TARGETED IRAN’S MAIN ENRICHMENT FACILITY IN NATANZ
NETANYAHU: SEEKING TO REMOVE BALLISTIC MISSILE THREAT

It also appears that the reason Israel targeted specifics residential buildings is because as we expected, it was conducting targeted assassinations:

NETANYAHU: WE TARGETED IRAN’S LEADING NUCLEAR SCIENTISTS WORKING ON THE IRANIAN BOMB, WE ALSO STRUCK THE HEART OF IRAN’S BALLISTIC MISSILE PROGRAMME

Meanwhile, the US State Department is pretending like it had zero involvement in this latest neocon-inspired debacle.

*RUBIO SAYS US IS NOT INVOLVED IN ISRAEL STRIKES AGAINST IRAN
*RUBIO: IRAN SHOULD NOT TARGET U.S. INTERESTS OR PERSONNEL
*RUBIO: ISRAEL TOOK UNILATERAL ACTION VS IRAN

Good luck with Iran buying that.

* * *

Futures and yields are tumbling, and gold and oil are surging following reports of successive explosions in Iran as a result of what Al Arabiya reports are Israeli airstrikes; Axios has confirmed that the Israeli Air Force conducted a strike in Iran, “attacking its biggest and best-armed adversary, without clear backing from the U.S.” It was not immediately clear who Israel is targeting.

Strikes on Tehran reportedly targeted air-defenses and other military sites throughout the city. pic.twitter.com/T3WX4Re1Gq
— OSINTdefender (@sentdefender) June 13, 2025

As Axios adds, sirens are sounding across Israel on Thursday night. Israeli Defense Minister Israel Katz declared a special state of emergency across the entire country, and said he expects retaliation after the preemptive Iran strike.

Smoke seen rising from several sites across the Iranian capital of Tehran, following strikes by the Israeli Air Force. pic.twitter.com/9DkweHmHIJ
— OSINTdefender (@sentdefender) June 13, 2025

“Following the State of Israel’s preemptive strike against Iran, a missile and drone attack against the state of Israel and its civilian population is expected in the immediate future,” Katz said.

An Israel Defense Forces spokesperson said only “necessary” activities should take place in Israel starting Friday morning local time. That includes a ban on “educational activities, gatherings and workplaces, with the exception of essential businesses.”

Ahead of the Israeli strikes, the US notified several allies in private on Thursday that Israeli strikes were imminent and made clear it was not involved, one of the Axios sources said.

Sure enough, moments after the airstrikes, CNN reported that Trump is convening a cabinet level meeting.

Meanwhile, as Trump said earlier today, his administration already told Israel it would not participate in any strikes on the nuclear program, however, the U.S. has previously helped defend Israel from Iranian attacks and would likely do so again if this strike kicks off a retaliatory cycle according to Axios.

In doing so, the US president will likely lose substantial backing from those who do not want to be associated with neocons. But at least Lindsay Graham will have wonderful things to say about Trump.

While it is unclear what the targets of Iran’s airstrikes are, some have speculated that since the targets are residential buildings that these are targeted assassinations.

Looks like targeted assassinations are underway in Iran pic.twitter.com/QGhJ8tuj1B
— Aleph א (@no_itsmyturn) June 13, 2025

https://x.com/DD_Geopolitics/status/1933320971605455202?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1933320971605455202%7Ctwgr%5E9195a3ddd392a58cd3ae0784cd3176e662bf564d%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fisrael-launches-airstrikes-t

#BREAKING: Initial reports of an Israeli targeted assassination attempt in Tehran pic.twitter.com/9SZaI7BNIj
— ELINT News (@ELINTNews) June 13, 2025

⚡️Civilian apartment building collapsed in Tehran following Israeli strike pic.twitter.com/IxpolQnyit
— War Monitor (@WarMonitors) June 13, 2025

In kneejerk response, stock futures are tumbling…

… as are bond yields…

… while Oil (where we recently warned that the record shorts will be badly burned)…

… and gold are soaring.

The question now is whether this is all performative theater, like the two cases of “non-war” a year ago when the two sides exchanges violently dramatic if completely ineffective strikes against each other, or if this is the real thing and shortly Iran’s nuclear facilities will be a pile of rubble.

END

DURING THE EVENING HOURS:

Israel targets Iran: New explosion hits Natanz nuke plant, IDF strike kills IRGC officials

Iran planning ‘to give a harsh response,’ Iranian security source says • IDF hits Natanz nuclear site • Defense sources say attack was planned week in advance

Firefighters work at the scene of a damaged building in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025.(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)

WATCH: Smoke rises from Natanz nuclear facility in Iran

ByJERUSALEM POST STAFF

Smoke from Natanz nuclear facility(photo credit: SCREENSHOT/X)

END

Iran confirms IRGC head Hossein Salami killed in Israeli strikes in Operation Rising Lion

Dozens of Israeli aircraft participated in an initial wave of strikes on dozens of military targets and Iranian nuclear sites early on Friday morning.

Islamic Revolutionary Guard Corps (IRGC) Commander-in-Chief Major General Hossein Salami speaks during a parliament meeting in Tehran, Iran, January 22, 2023.(photo credit: Iranian Parliament website/WANA (West Asia News Agency)/Handout via REUTERS)ByYONAH JEREMY BOB, JERUSALEM POST STAFFJUNE 13, 2025 04:27Updated: JUNE 13, 2025 05:38

Iranian state media confirmed the killing of Iran’s Revolutionary Guards Commander Hossein Salami in the opening strike of Israel’s Operation Rising Lion, early Friday morning.

Dozens of Israeli aircraft participated in an initial wave of strikes on dozens of military targets and Iranian nuclear sites early on Friday morning.

“The response to the Israeli attack will be harsh and decisive,” an Iranian official said, adding that details of Iran’s retaliation “are being discussed at the highest levels” when asked whether the attack would be imminent.

Further, Netanyahu stated Iran may only be a few months away from being able to actually make a nuclear weapon, and not just have enough uranium.

Islamic Revolutionary Guard Corps (IRGC) Commander-in-Chief Major General Hossein Salami, attends a ceremony to mark the third anniversary of the killing of senior Iranian military commander General Qassem Soleimani in a U.S. attack, in Tehran, Iran, January 3, 2023 (credit: MAJID ASGARIPOUR/WANA)

The IDF confirmed that the reason for the attack is to prevent Iran from obtaining a nuclear weapon.”Weapons of mass destruction in the hands of the Iranian regime are an existential threat to the State of Israel and to the wider world,” the military said.

Mossad leads series of secret attack operations in heart of Iran

The Mossad has led a series of attack operations and other missions in the heart of Iran on Friday.

Aftermath of Israeli strike in Tehran(photo credit: SECTION 27A COPYRIGHT ACT)ByYONAH JEREMY BOBJUNE 13, 2025 04:26Updated: JUNE 13, 2025 04:46

The Mossad on Friday morning has led a series of attack operations and other missions in the heart of Iran.

These operations are focused on harming Iran’s strategic missile capabilities.

They are also focused on harming Tehran’s air defense capabilities.

Mossad’s previous operations inside Iran

In recent years, the Mossad has managed a host of operations inside Iran.

People gather in the street near an emergency vehicle in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025. (credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)

It was involved in secret aspects of the April 2024 and October 2024 attacks by Israel.

It was also involved in seizing Iran’s nuclear archives in 2018, a process which helped swing the IAEA in favor of Israel’s highlighting Iran’s nuclear violations.

In a Wall Street Journal op-ed, former prime minister Naftali Bennett has confirmed that the Mossad destroyed over 100 Iranian drones in February 2022.

Iran has accused Israel of a similar operation in January 2023.

Iran has also accused the Mossad of destroying two separate nuclear sites at Natanz in July 2020 and April 2021, as well as at Karaj in June 2021 and of killing its nuclear chief Mohsen Fakhrizadeh in November 2020.See more on

END

EARLY FRIDAY MORNING:

IDF intercepts Iranian retaliatory drones, destroys Natanz nuclear site

IDF strikes kill IRGC, Iran military chief • IDF hits Natanz nuclear site • Iran wont engage in nuclear talks until further notice

Smoke rises from a damaged building in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)

June 13, 5:58 PM

IDF intercepts Iranian retaliatory drones, destroys Natanz nuclear site

IDF strikes kill IRGC, Iran military chief • IDF hits Natanz nuclear site • Iran wont engage in nuclear talks until further notice

IDF rescinds order to stay near shelter after intercepting Iranian drones

IDF strikes kill IRGC, Iran military chief • IDF hits Natanz nuclear site • Iran wont engage in nuclear talks until further notice

ByAMICHAI STEIN

The IDF’s Home Front Command rescinded the order to stay near sheltered areas nationwide on Friday morning, following a reduced threat analysis after the military said it intercepted drones launched from Iran.

NANTEZ NUCLEAR SITE DESTROYED.

END

EARLY FRIDAY MORNING:

ISRAEL HAS NOW AIR SUPREMACY, INTERCEPTING A MASSIVE DRONE ATTACK. THEY ARE WHACKING THIER LAST REMAINING AIR DEFENSE SYSTEM.

(JJERUSALEMPOST)

IDF intercepts massive drone attack from Iran, pummels Tehran’s air defenses

The IDF did not specify when they would reach Israel, but in April 2024, it took such drones several hours.

A military attack drone is seen over the backdrop of an Iranian flag (illustrative)(photo credit: SHUTTERSTOCK)ByYONAH JEREMY BOBJUNE 13, 2025 08:07Updated: JUNE 13, 2025 11:21

IDF Spokesman Brig.-Gen. Effie Defrin told a press conference on Friday morning that Iran had launched over 100 drones toward Israel in recent hours.

He also noted that over 200 IDF aircraft have attacked over 100 targets in Iran with over 330 munitions.

He did not say when they would reach Israel, but in April 2024, it took such drones several hours.

https://player.jpost.com/public/player.html?player=jpost&media=3910931&url=www.jpost.comIsraeli Air Force fighter pilots are seen preparing to strike in Iran as part of Operation Rising Lion (IDF SPOKESPRESON’S UNIT)During that Iranian attack and another attack by Tehran against Israel in October 2024, Israel had a wide alliance of the US, UK, France, and other countries helping to defend it.

It was unclear whether Israel had any such alliance this time, given that this time, it launched a preemptive strike.

IDF close to reaching air supremacy in Iran

The Air Force, late Friday morning, continues to pummel Iran’s radar array and air defenses.

Since around 3:00 a.m., the air force has been attacking a variety of targets within Iran, including its air defenses.

In fact, back in October 2024, the IDF already eliminated Iran’s best air defenses, its S-300 Russian-made systems.

However, the Islamic Republic had medium-level systems that still defended its airspace, which the IDF is now taking apart.

To the extent the IDF continues to take these systems apart, it could start achieving greater air supremacy in Iranian airspace, giving it freer ability to hit more targets going forward.

This is a developing story.

END

Which Iranian officials were killed in the Israeli attacks? – explainer

In addition to targeting Tehran’s nuclear facilities, the strikes targeted a number of high-ranking officials and nuclear scientists.

IDF infographic confirming the killing of Iran’s Gholam Ali Rashid, Hossein Salami, Mohammad Bagheri(photo credit: IDF SPOKESPERSON’S UNIT)ByJERUSALEM POST STAFFJUNE 13, 2025 06:56Updated: JUNE 13, 2025 08:18

Dozens of Israeli aircraft participated in an initial wave of strikes on dozens of military targets and Iranian nuclear sites early on Friday morning.

Regime state media claimed that a number of children and civilians were killed in the strikes, although this claim has not been authenticated.

IRGC and military officials killed in Israel’s attacks

Iranian state media confirmed the killing of Iran’s Revolutionary Guards Commander Hossein Salami in the opening strike of Israel’s Operation Rising Lion, early Friday morning.

A building stands damaged in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025 (credit: MAJID ASGARIPOUR/WANA)

A number of Salami’s bodyguards were also killed, according to the Iranian Student News Agency (ISNA).

IRGC Major General Gholam Ali Rashid was killed in a strike, according to ISNA.

Nuclear scientists killed

Nuclear scientist Dr. Fereydoun Abbasi was assassinated and died along with his wife and child, according to IRINN.

The Editor-in-Chief of Mashreq News reported that Dr. Abdulhamid Minouchehr, a faculty member and dean of the Faculty of Nuclear Engineering at Shahid Beheshti University, was killed.

Ahmadreza Zolfaghari, a professor at the Faculty of Nuclear Engineering at Shahid Beheshti University, was also assassinated, according to IRINN.

Yonah Jeremy Bob and Jerusalem Post Staff contributed to this report.See more on

END

ZERO HEDGE 6 AM FRIDAY MORNING

Images Emerge Of Tehran Destruction After Major Israeli ‘Preemptive Attack’; IRGC Chief Killed

by Tyler Durden

Thursday, Jun 12, 2025 – 11:30 PM

LIVE FEED from Al Jazeera:

* * *

Update2330ET: It appears there were at least two waves of Israeli attacks, with smoke still seen over Iranian military sites and areas of Tehran in the daylight morning hours.

ISRAEL PREPARING FOR IRANIAN RESPONSE IN COMING HOURS: KAN NEWS
IRAN STATE MEDIA: MULTIPLE MILITARY SITES IN TEHRAN TARGETED
IRAN NATANZ NUCLEAR SITE TARGETED: STATE MEDIA
IRAN ARAK HEAVY WATER REACTOR FACILITY TARGETED: STATE MEDIA
ISRAEL LAUNCHED ANOTHER WAVE OF ATTACKS IN IRAN: ARMY RADIO

Natanz after new explosions:

IRGC sites attacked:

.com/michaelh992/status/1933350057115361532?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1933350057115361532%7Ctwgr%5E21b33449f13511426a9cb02a354bce297f585c6f%7Ctwcon%5Es1_&ref_url=ht

Destruction in Tehran:

⚡️Tehran destruction pic.twitter.com/VDi6BS17TB
— War Monitor (@WarMonitors) June 13, 2025

⚡️ Reports also of attacks in western Iran pic.twitter.com/tbAhX3SfV1
— War Monitor (@WarMonitors) June 13, 2025

A breaking note via UBS:

White House envoy Steve Witkoff reportedly warned top Senate Republicans last week that Iran could launch a large-scale missile and drone retaliation if Israel attacked its nuclear sites, saying that this could overwhelm Israeli defenses and cause heavy damage, according to various media (here and here). Israel has since attacked a key nuclear site in Natanz and Iran has vowed to respond with force. Both Brent and WTI crude prices are up more than 12%.

* * *

IRAN’S IRGC CHIEF SALAMI KILLED IN ISRAELI ATTACKS: TASNIM

IRAN PLANNING ‘DECISIVE RESPONSE’ TO ISRAELI ATTACK: IRNA

Key uranium enrichment facility in central Iran ‘hit several times’: state TV

Just yesterday…

Meanwhile, some US Congressional members are not in the mood for another major war:

Jack Reed, the top Democrat on the Senate Armed Services Committee, criticizes the Israeli attacks on Iran and calls on Trump to push for de-escalation.

“Israel’s alarming decision to launch airstrikes on Iran is a reckless escalation that risks igniting regional violence,” Reed in a statement.

“I urge both nations to show immediate restraint, and I call on President Trump and our international partners to press for diplomatic de-escalation before this crisis spirals further out of control.”

ead=false&id=1933327123592458529&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fisrael-launches-airstrikes-tehran-stock-futures-plunge-oil-and-gold-soar&sessionId=21b33449f13511426a9cb02a354bce297f585c6f&siteScreenName=zerohedge&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px

* * *

WEST BANK

erusalem Post/Middle East/Iran News

IDF surrounds all West Bank cities as it preemptively strikes Iran

In addition, the IDF reinforced all border fence areas between the Palestinian and Jewish portions of Judea and Samaria.

IDF troops operate in the West Bank, May 30, 2025.(photo credit: IDF SPOKESPERSON’S UNIT)ByYONAH JEREMY BOBJUNE 13, 2025 05:18

The IDF early Friday morning surrounded all Palestinian cities in the West Bank immediately after it preemptively struck Iran.

It waited until after the aerial attacks started so as not to tip off the Islamic Republic, but then acted rapidly and forcefully to preemptively cut off any unusual terror attack or invasion attempts.

The IDF Central Command set the entire area on emergency status.

Further, the military called up reserves and reinforcements for all fronts and parts of the West Bank.

In addition, the IDF reinforced all border fence areas between the Palestinian and Jewish portions of Judea and Samaria.

This is a developing story.

END

FRIDAY //LATE MORNING

IDF targets Tabriz airport in new wave of strikes, destroys Natanz nuclear site

IDF strikes kill IRGC, Iran military chief, air force’s top brass • Mossad shares rare footage of operations on Iranian soil • Israeli forces destroy Iranian ballistic missiles

People gather near damaged vehicles in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025.(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)

IDF begins second wave of strikes in Tabriz, Shiraz, Khorramabad – report

ByJERUSALEM POST STAFF

The IDF has conducted a second wave of airstrikes on Tabriz, Shiraz, and Khorramabad in Iran on Friday, local reports indicated.

Footage shared on social media shows smoke rising in the Iranian cities.

https://player.jpost.com/public/player.html?player=jpost&media=3911047&url=www.jpost.comSmoke rises amid an Israeli attack in Tabriz, Iran, June 13, 2025

Reports indicate that the targets struck included Tabriz Shahid Madani International Airport and a missile manufacturing facility in Shiraz.

END

TRUMP:

Trump: Iranian hardliners who rejected nuclear deal are now all dead

Trump further called on Iran to reach a deal, as “there is still time to make this slaughter and the next come to an end..Iran must make a deal, before there is nothing left.”

Donald Trump seen with a model of an Iranian missile (illustrative)(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS, REUTERS/Nathan Howard)ByAMICHAI STEIN, JERUSALEM POST STAFFJUNE 13, 2025 03:58Updated: JUNE 13, 2025 13:13

The hardliners in Iran who rejected the chance to reach a nuclear deal with the United States are “all dead now,” US President Donald Trump wrote on Truth Social on Friday amid Israel’s strikes on Iranian nuclear facilities.

“I gave Iran chance after chance to make a deal. I told them, in the strongest terms, to ‘just do it,’ but no matter how hard they tried, how close they got, they just could not get it done,” the US president wrote.

“Certain Iranian hardliners spoke barely, but they did not know what was about to happen. They are all dead now, and it will only get worse,” he warned.

Trump further called on Iran to reach a deal, as “there is still time to make this slaughter and the next come to an end..Iran must make a deal, before there is nothing left.”

Smoke rises from a damaged building in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025 (credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)

Trump: US will defend Israel if ‘they are attacked’

Earlier on Friday, Trump stressed that the US will “defend Israel if they are attacked,” shortly after Israel launched airstrikes on Iran as part of Operation Rising Lion.

Trump said that Iran cannot have a nuclear bomb and that the United States was hoping to get back to the negotiating table, in an interview with a Fox News following the start of Israeli airstrikes on Iran.

“Iran cannot have a nuclear bomb and we are hoping to get back to the negotiating table. We will see. There are several people in leadership that will not be coming back,” Fox News reporter Jennifer Griffin quoted Trump as saying in a post on X.

“Israel is doing a favor to America right now by taking out Iran’s nuclear capacity,” US Senator Ted Cruz told Fox News.

“We don’t know how this is going to end, but a nuclear Iran would be a profound threat to Israel and a profound threat to America,” Cruz added.

.@SenTedCruz: “Israel is doing a favor to America right now by taking out Iran’s nuclear capacity. We don’t know how this is going to end, but 𝗮 𝗻𝘂𝗰𝗹𝗲𝗮𝗿 𝗜𝗿𝗮𝗻 𝘄𝗼𝘂𝗹𝗱 𝗯𝗲 𝗮 𝗽𝗿𝗼𝗳𝗼𝘂𝗻𝗱 𝘁𝗵𝗿𝗲𝗮𝘁 𝘁𝗼 𝗜𝘀𝗿𝗮𝗲𝗹 𝗮𝗻𝗱 𝗮 𝗽𝗿𝗼𝗳𝗼𝘂𝗻𝗱 𝘁𝗵𝗿𝗲𝗮𝘁… pic.twitter.com/8zUu8EcpEc— Israel Foreign Ministry (@IsraelMFA) June 13, 2025

Dozens of Israeli aircraft participated in an initial wave of strikes on dozens of military targets and Iranian nuclear sites early on Friday morning.

US security council will meet

US President Donald Trump will attend a National Security Council meeting on Friday morning, the White House said late on Thursday.

The IDF confirmed that the reason for the attack is to prevent Iran from obtaining a nuclear weapon.

“Weapons of mass destruction in the hands of the Iranian regime are an existential threat to the State of Israel and to the wider world,” the military said.

Reuters contributed to this report

end

Over 200 Israeli Warplanes Used Against Iran, Trump Warns ‘Even More Brutal’ Attacks Coming Without Nuclear Deal

Friday, Jun 13, 2025 – 08:00 AM

Up until yesterday the Trump White House had been publicly distancing itself from any potential Israeli attack on Iran. But that major attack did occur overnight, reportedly involving over 200 Israeli warplanes, as well as potential intelligence-assisted drone attacks on the ground conducted by Mossad assets.

And yet following days of contradictory messaging coming from the White House, President Trump has told ABC news early Friday that “there’s more to come” in terms of Israeli military action that the operation was “excellent”. ABC’s Jonathan Karl writes:

I just spoke to President Trump and asked him about the Israeli attack on Iran. Here’s what he told me: “I think it’s been excellent. We gave them a chance and they didn’t take it. They got hit hard, very hard. They got hit about as hard as you’re going to get hit. And there’s more to come. a lot more.”

Washington and Tehran were literally days away from the next round of nuclear negotiations, and this certainly wasn’t the messaging Trump was sending just over 24 hours ago.

Either he could be trying to save face as Israel perhaps went rogue, or the more likely scenario is that Washington quietly approved what Israel is defending as a ‘preemptive attack’ to prevent Iran from acquiring nuclear weapons (a narrative Tel Aviv has been pushing going back to the 1990s).

And more from Trump on Friday morning, as the smoke still smolders over Tehran and Iranian nuclear energy sites in other parts of the country:

This certainly isn’t going to hasten negotiations, it is their death knell, and Iran has issued a statement saying it holds the United States responsible for last night’s attack and destruction.

Iran has said it is preparing a “harsh response” – with Supreme Leader Ali Khamenei warning that Israel faces a “bitter and painful” fate. “By God’s will, the powerful hand of the Armed Forces of the Islamic Republic will not let it [Israel] go unpunished,” he said Friday.

Government and residential buildings in Iran were damaged, and as we reported earlier, top nuclear scientists and military officials were targeted and in some instances killed, most importantly the head of IRGC, General Major Gen. Hossein Salami.

⚡️ A major fire broke out near Tabriz Airport in Iran. pic.twitter.com/tmkKzl2sPL
— War Monitor (@WarMonitors) June 13, 2025

Al Jazeera has listed that trikes have been confirmed in the following locations:

The capital, Tehran, and military sites in the surrounding area.
The city of Natanz, where explosions were reported at the main uranium enrichment facility.
The city of Tabriz, where explosions have been reported near a nuclear research centre and two military bases.
The city of Isfahan, south of Tehran.
The city of Arak, southwest of Tehran.
The city of Kermanshah, west of Tehran.

Iran has already appointed a new IRGC leader, per WSJ. Gen. Mohammad Pakpour has been placed in charge of the Islamic Revolutionary Guard Corps, and Maj. Gen. Sayyed Abdolrahim Mousavi has made chief of staff of the armed forces, while Lt. Gen. Ali Shadmani was named to succeed Lt. Gen. Gholam Ali Rashid.

Major fire near Tabriz Airport in Iran after attack…

⚡️Satellite images of the Natanz nuclear enrichment complex following Israeli strikes pic.twitter.com/Lb9ItZIrQD
— War Monitor (@WarMonitors) June 13, 2025

In a remarkable revelation (if true), the Wall Street Journal describes an operation that’s parallel to both Ukraine’s ‘Operation Spider’s Web’ and Israel’s covert pager bombings of Hezbollah:

Long before Israel launched its attacks against Iran on Friday, agents from Mossad smuggled explosive drones and other guided weapons into Iran. As the attack got under way, Mossad assets on the ground used the drones and other weapons to attack Iran’s air-defense system and ballistic-missile launchers: WSJ

Fox News’ Chief Foreign Correspondent Trey Yingst writes:

On the strikes against IRGC Air Force leadership: Israel tricked the top command of Iran’s air force into a meeting and then kept them there, I’m told by an Israeli security official.

“We did specific activities to help us understand things about them and then used that information to make them act in a specific way,” the official said. “We knew this would make them meet, but more importantly we knew how to keep them there.”

The Israeli army said it had damaged the Natanz uranium enrichment site’s underground structures. It says that “vital infrastructure at the site that allows for its continuous functioning and the continued advancement of the Iranian regime’s project to obtain nuclear weapons was attacked.”

end

ISRAEL/ISRAELI EMBASSIES

Israel Shuts Global Embassies, Fears Backlash, After Attack On Iran

Friday, Jun 13, 2025 – 09:05 AM

Fearing backlash and retaliation, and already very unpopular globally due to the Gaza war, Israel announced Friday it is shutting its embassies around the world, further telling citizens abroad to stay alert and not display Jewish or Israeli symbols in public places.

The statements were published by the foreign ministry and picked up by Reuters, which detailed of the statements that “Israel would not be providing consular services and urged citizens to cooperate with local security services if faced with hostile activity.”

“Israeli missions around the world will be closed and consular services will not be provided,” Israel’s foreign ministry confirmed.

Israeli embassies and consulates around the world took similar actions in the wake of the October 7, 2023 Hamas terror attacks, and facilitated the return of reservists, and prepared ‘rescue flights’.

Last night Israel in a first wave attacked Iranian nuclear sites with some 200 Israeli war planes. Drones were also reportedly launched from within Iran, smuggled in by Israeli intelligence.

Israel is not only currently awaiting likely Iranian ballistic missile retaliation, but possible major protests at its consular and embassy locations abroad.

In some instances over the past couple years, people have tried to attack Israeli embassies, or public events tied to the state of Israel or its officials.

In late May, two Israeli embassy staffers were gunned down Washington DC – outside the Jewish Museum after an event.

The shooter, 31-year old Elias Rodriguez of Chicago, had immediately told an officer upon arrest, “I did it for Palestine, I did it for Gaza.”

Since then, and following reports of vandalism attacks, Israeli and Jewish sites have been on a heightened state of alert, also amid campus and other Gaza-related protests in Europe and the US.

https://x.com/RachBlevins/status/1933468473604387123?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1933468473604387123%7Ctwgr%5Ea3f595df40b5833e4e79d54b9f127edc4d99ca54%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com

UN Secretary-General Antonio Guterres has weighed in what Iran has taking as a declaration of war by Israel. Guterres in a fresh statement warned against “descent into deeper conflict.”

“The secretary-general condemns any military escalation in the Middle East,” Guterres’s office said Friday. “He is particularly concerned by Israeli attacks on nuclear installations in Iran while talks between Iran and the United States on the status of Iran’s nuclear program are under way.”

END

IRAN RESPONDS:

Iran Vows To Continue Nuclear Activities Amid Threat Of More Israeli Strikes

by Tyler Durden

Friday, Jun 13, 2025 – 09:30 AM

Update0930ET: There are emerging reports of possibly more waves of Israeli attacks, with state media reporting new, loud blasts heard near an airbase in west Iran. Netanyahu has vowed to keep up the attacks ‘as long as necessary’ to degrade and destroy Iran’s nuclear program, which Tehran has long defended as only for peaceful nuclear energy purposes.

Importantly, Iranian leaders have made clear their intent to continue enriching uranium, and even to potentially expand its nuclear activities. Israeli attacks “will not affect our determination” to continue nuclear activities in Iran, state TV reports, as cited in Bloomberg.

Iran’s spokesperson for the Atomic Energy Organization Behrouz Kamalvandi confirmed damage as a result of Israel’s attack on Natanz nuclear site. He claimed that most of the damage is limited to the surface, and that there were no casualties at the stie. There have been no signs of a radiation breach as of yet, the IAEA has said in follow-up. And Al Jazeera writes:

Fars news agency reports “unofficial statistics” saying that more than 70 people were killed and more than 320 were injured in Israel’s attacks.

Fars is managed by Iran’s Revolutionary Guard Corps and considered semi-official state media of the Iranian government.

Trump to WSJ on the impact on markets:

“I think ultimately, it would be great for the market because Iran will not have a nuclear weapon. … Iran won’t have a nuclear weapon that was a great threat to humanity.”

Iran Vows To Continue Nuclear Activities Amid Threat Of More Israeli Strikes

Friday, Jun 13, 2025 – 09:30 AM

Fars news agency reports “unofficial statistics” saying that more than 70 people were killed and more than 320 were injured in Israel’s attacks.

Fars is managed by Iran’s Revolutionary Guard Corps and considered semi-official state media of the Iranian government.

Trump to WSJ on the impact on markets:

“I think ultimately, it would be great for the market because Iran will not have a nuclear weapon. … Iran won’t have a nuclear weapon that was a great threat to humanity.”

Legacy defining moment for Trump.

He bragged about being the only President in a generation who didn’t start any new wars.

If he gets America involved in a new Middle East, regime change war… he failed.
— Geiger Capital (@Geiger_Capital) June 13, 2025

Trump was “pretending”…

Axios is reporting that Trump was publicly pretending to oppose an Israeli attack on Iran. pic.twitter.com/R7s9C1dgC5
— Kassy Akiva (@KassyAkiva) June 13, 2025

Trump was “pretending”…

⚡️Satellite images of the Natanz nuclear enrichment complex following Israeli strikes pic.twitter.com/Lb9ItZIrQD
— War Monitor (@WarMonitors) June 13, 2025

* * *

END

LATE FRIDAY AFTERNOON;

Iran fires second barrage of missiles toward Israel, blasts heard near Tel Aviv

Initial defense assessments indicate that Iran has fired at least dozens of missiles toward Israeli territory.

A missile unveiled by Iran is launched in an unknown location in Iran in this picture received by Reuters on August 20, 2020(photo credit: WANA NEWS AGENCY/REUTERS)ByJERUSALEM POST STAFFJUNE 13, 2025 21:25Updated: JUNE 13, 2025 21:50

Sirens sounded across Israel following the launch of Iranian missiles and after the IDF had sent an initial warning on Friday to civilians to take shelter as Iranian missiles made their way to Israeli territory.

Initial defense assessments indicate that Iran has fired at least dozens of missiles toward Israeli territory.

Another barrage was fired by Iran minutes after the initial barrage, the IDF said.

Witnesses reported to The Jerusalem Post sightings of interceptions in Israel’s skies.

Five people injured

A woman sustained a minor head injury from fallen shrapnel, a MDA spokeswoman said, Israeli media reported on Friday.

MDA teams have been sent out to search seven places where reports have come in from in Gush Dan.

This is a developing story.

END

FRIDAY AFTERNOON

ISRAEL GOING AFTER NUCLEAR REACTORS IN ISFAHAN AND FORDOW

Israel striking Isfahan nuclear site, struck over 200 targets across Iran, IDF spokesman says

The IDF was also reportedly targeting Iran’s Fordow nuclear facility, after previously dismantling the Natanz site.

Military personnel stand guard at a nuclear facility in the Zardanjan area of Isfahan, Iran, April 19, 2024, in this screengrab taken from video.(photo credit: WANA/REUTERS)ByJERUSALEM POST STAFFJUNE 13, 2025 20:48Updated: JUNE 13, 2025 21:02

The IDF had attacked the nuclear facility in Isfahan, one of the largest uranium enrichment facilities in Iran, IDF Spokesperson Effie Defrin announced on Friday evening.

In his address, Defrin added that the IDF had hit over 200 targets in Iran.

The nuclear facility is located on the outskirts of Isfahan, Iran’s second largest city, and includes the Fuel Plate Fabrication Plant (FPFP) and the uranium conversion facility (UCF) that can process uranium into the uranium hexafluoride that is fed into centrifuges.

An IDF infographic on the Isfahan nuclear facility in Iran, released June 13, 2025 (credit: IDF SPOKESPERSON'S UNIT) — An IDF infographic on the Isfahan nuclear facility in Iran, released June 13, 2025 (credit: IDF SPOKESPERSON’S UNIT)

Israel also striking other nuclear facilities across Iran

The IDF was also reportedly targeting Iran’s Fordow nuclear facility, located northeast of Qom, on Friday evening, Iranian state media reported.

Earlier, the Israeli military announced it not only struck Iran’s Natanz nuclear facility early on Friday morning, but even destroyed multiple floors of its underground facility, including the main hall containing its largest amount of centrifuges for enriching uranium.

Additionally, the military reportedly conducted a second round of airstrikes against the Natanz site on Friday afternoon.

This is a developing story.

END

LATE IN THE DAY: THEY KILLED QAANI, COMMANDER OF THE QUDS FORCES:

Iran’s Quds Force chief Esmail Qaani killed by Israel, NYT reports

Qaani succeeded Qasem Soleimani as commander after the latter was killed in a targeted operation by the United States in 2020.

Illustrative image of Islamic Revolutionary Guard Corps (IRGC) Quds Force Brigadier-General Esmail Qaani in front of an image of explosions in Dahiyeh, Beirut.(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS, SCREENSHOT/X)ByJERUSALEM POST STAFFJUNE 13, 2025 18:59Updated: JUNE 13, 2025 19:25

Esmail Qaani, commander of the Quds Force in the Islamic Revolutionary Guards, was killed during an Israeli strike in Iran, The New York Times reported on Friday evening, citing an Iranian source.

Qaani succeeded Qasem Soleimani as commander after the latter was killed in a targeted operation by the United States in 2020.

What was Qaani’s mission in the Middle East?

From an intelligence perspective, Qaani’s mission appears to have had several dimensions, none of which have escaped the vigilance of Mossad, the CIA, or allied intelligence agencies in the region.

Qaani also wanted to revive and consolidate control of Iraq’s Shia terrorist groups. These militias, whether Arab, Sunni, or Kurdish (including the Barzanis and PKK), maintain close ties with the IRGC. Qaani aimed to exert more direct influence over groups like Hashd al-Shaabi, preventing the collapse of Iran’s proxy network in Iraq. Figures like Ali Sistani, who shared Khamenei’s vision of a Shia crescent, are unlikely to oppose these efforts.

This is a developing story.

END

LATE FRIDAY NIGHT: ISRAEL GOING AFTER THE FANATICAL RELIGIOUS LEADERS

Incoming Iran attack halts live transmission of Israeli military briefing, official says

Israel plans to target Iranian government leaders in Tehran if Iran launches missiles toward Israeli population centers, N12 reported on Friday evening citing a senior security source.

Iran has been operating to obtain nuclear weapons, according to an IDF infographic, June 13, 2025.(photo credit: IDF SPOKESPERSON’S UNIT)ByREUTERS, JERUSALEM POST STAFFJUNE 13, 2025 21:02

An incoming Iranian attack on central Israel cut short a live televised briefing by Israel’s military spokesperson Brig.-Gen. Effie Defrin on Friday evening, an Israeli official said.

The IDF had attacked the nuclear facility in Isfahan, the largest uranium enrichment facility in Iran, Defrin announced on Friday.

The IDF also announced that it had hit over 200 targets in Iran.

Iranian air defenses were activated on Friday evening in central Tehran, where Ayatollah Ali Khamenei’s compound and the presidential office are located, Iranian state media reported.

Israel plans to target Iranian government leaders in Tehran if Iran launches missiles toward Israeli population centers, N12 reported on Friday evening, citing a senior security source.

https://player.jpost.com/public/player.html?player=jpost&media=3911128&url=www.jpost.comThe IDF had attacked the nuclear facility in Isfahan (Credit: IDF Spokesperson’s Unit)

US issues security alerts for Iran, Iraq, Israel and Jordan, warns of missile attacks

The US State Department issued security alerts on Friday for several Middle Eastern countries, in some cases advising against travel and warning of possible missile attacks after Israel launched military strikes against Iran.

It warned American citizens not to travel to Iran and said those there should leave. “US citizens who are unable to depart Iran should shelter in place,” the advisory read.

The alerts warned of missiles, drones or rockets flying over Iraqi and Jordanian airspace. “In the event of such an incident seek overhead cover and shelter in place. Do not expose yourself to falling debris,” the department said.See more on

HOUTHIS/ISRAEL

Houthi missile triggers sirens in Jerusalem, surrounding areas

Houthi missile falls in Hebron as IDF fails to intercept

ByJERUSALEM POST STAFF

A Houthi missile from Yemen triggered sirens in southern Jerusalem and surrounding areas, the IDF announced Friday evening.

According to the IDF, the missile landed in the outskirts of Hebron and no interceptors were launched.

END

Sen. Lindsey Graham urges US to ‘go all in with Israel’ if Iran refuses nuclear talks – interview

Graham said Operation Rising Lion could be the most successful coordinated military and covert campaign in the history of the Jewish state.

US Senator Lindsey Graham speaks outside the White House, in Washington, DC, US, February 28, 2025.(photo credit: REUTERS/Nathan Howard)ByAMICHAI STEINJUNE 13, 2025 19:09

If Iran refuses to return to the negotiating table, the United States should “go all in with Israel to eliminate the nuclear threat,” US Senator Lindsey Graham told The Jerusalem Post on Friday following Israel’s dramatic overnight strike on Iranian military and nuclear targets.

Graham, one of President Donald Trump’s closest allies in Congress, described the Israeli operation as “breathtaking,” and said it could be the most successful coordinated military and covert campaign in the history of the Jewish state.

Trump, currently serving his second term as president, had reportedly issued a 60-day ultimatum to Iran ahead of Thursday night’s operation, warning the regime to halt uranium enrichment and dismantle its nuclear infrastructure or face consequences. That deadline expired earlier this week.

JPost Videos

Speaking just hours after the IDF launched Operation Rising Lion—a sweeping combination of airstrikes and Mossad-led sabotage targeting dozens of Iranian sites—Graham praised Israel’s timing and strategic prowess. “I wasn’t overly surprised,” he said.

“It was a critical moment to strike. The more time you gave Iran to move things around, the harder success would look like.” He added that “the element of surprise was achieved… and though nobody should have been overly surprised, this is a contender for the most successful military-covert operation combo in the history of Israel—and that’s saying a lot.”

The reported strike of an IDF strike in Iran, June 13, 2025. (credit: SCREENSHOT/X, SECTION 27A COPYRIGHT ACT)

Playing with the enemy’s mind

According to Graham, the strike marked an extraordinary achievement in Israeli defense planning. “Israel’s a master at playing with the enemy’s mind,” he said.

“I think they were able to manipulate certain events that made the strike more successful. They’ve been thinking about this for a very long time.”

He emphasized the unprecedented coordination between intelligence and the military, noting that “some of the covert operations took a lot of planning, a lot of forethought. The military strikes were precision at its best. The combination of the two… again, I think, competes for the most successful military-covert operations in Israeli history.”

He added that the damage inflicted went far beyond hardware: “They did a lot of damage to the intellectual infrastructure and physical infrastructure. They took out key players in the security services and key sites in Iran’s nuclear program. So it was breathtaking, really—the best way to describe it.”

Graham confirmed that President Trump had extended a final diplomatic proposal before the strike. “President Trump, with Russia and Iran, put very reasonable offers on the table,” he said. “He’s gone the extra mile. But it just reinforces the nature of the regime we’re dealing with.”

He continued: “You know they’re not going to give up their enrichment capability—because they want to make the nuclear bomb, and they want to make a bunch of them. Now that Israel has struck, President Trump is again offering to negotiate.”

But Graham made clear that if Tehran rejects this final opportunity, the US must not hold back. “If Iran refuses, I think it’s in the United States’ national security interest to go all in to help Israel finish the job when it comes to Iran’s nuclear program,” he said.

“We should go all in with Israel to eliminate the threat to the best of our capability.” He added: “There are things that we can do Israel can’t do. And yeah, that would be my counsel: now that you’ve started this process, you need to finish it.”

Graham laid out the stark choice now facing the international community. “There are two ways this can go,” he said.

“One is diplomacy—where Iran comes to the table, gives up their enrichment program, and turns over their highly enriched uranium. The world moves toward avoiding bloodshed. The second scenario is that they refuse to come to the table. They threaten us and continue to strike back against Israel. And at that point, the United States must make a decision. My advice would be to go all in to help Israel finish the job when it comes to the Iranian nuclear threat.”

No regime change at the moment

Long a vocal critic of the Iranian regime, Graham reiterated his view that the fall of the Islamic Republic would benefit both the region and the world. “I’ve been in the camp of wishing for a regime change for a long time. It would be a godsend to the Iranian people for this regime to go away, and it would be the most stabilizing thing I could think of for the world,” he said.

“I’m willing to risk that it can’t be any worse.” Still, he clarified that regime change is not the primary objective of the current military effort. “I think the focus of these operations is the nuclear capability and the missile capability against Israel. I don’t think the focus at this point is regime change.”

Graham believes Thursday night’s operation has fundamentally shifted the strategic equation. “Now that the game has been joined in terms of the nuclear program, it is imperative that we end this nuclear program as a threat,” he said. He expressed support for President Trump’s decision to offer one final diplomatic opening.

“The next phase is either diplomacy or more kinetic activity. The President is right to offer Iran one last chance for a diplomatic solution—but it’s got to be the last chance. If Iran refuses to take it, again—we need to be all in.”

He concluded with a message of solidarity for Israel.

“Israel finished the job of neutralizing the Iranian nuclear threat as well as the conventional missile threat to Israel. It’s been a pleasure, and I pray for you and your country. We’re in this together.”

END

THIS IS HOW ISRAEL UNLEASHED A HUGE TROJAN HORSE ATTACK ON IRAN

JAMES REYNOLDS/DAILY MAIL

special thanks to Chris Powell for providing this for us

Inside Israel’s Operation Rising Lion: How Mossad spec ops smuggled weapons into Iran and set up secret drone factory near the capital in years-long mission before commandos unleashed Trojan Horse attack

READ MORE: Nuclear site destroyed and top military chiefs wiped out as Israel unleashes airstrikes after years-long covert op that saw Mossad set up secret drone base INSIDE Iran – as Middle East war threatens to boil over into WW3

By JAMES REYNOLDS

Israel launched a blistering assault on Iran overnight, striking 100 targets including bombing Tehran’s nuclear and military sites and killing senior military figures.

The strikes came as a shock to onlookers, who predicted a vague threat of kinetic military action would be enough to gain leverage in talks over a new nuclear accord.

But with startling efficiency, Israeli intelligence is said to have gone behind enemy lines to disable Iranian defences, clearing the way for the Israeli Air Force (IAF).

‘Operation Rising Lion’ is said to have been ‘years’ in the making, the culmination of careful research and planning by the military, Mossad and Israel’s defence industries.

Israeli security sources have now revealed how commandos infiltrated Iran with ‘special weapons’ to knock out Tehran’s defences as jets flew overhead.

Elite soldiers allegedly smuggled in precision-guided weapons systems near surface-to-air missile batteries to paralyse any Iranian response.

As some 200 fighter jets unleashed hell on the Natanz nuclear facility, pre-positioned weapons fired to disable Iran’s protective shield.

Mossad had reportedly loaded cars with explosives across Iran, detonating to further hamper Iranian air defences.

And in a brazen stealth operation, Israeli intelligence was said to have set up a secret base of drones laden with explosives, tasked with striking defences near Tehran.

Israeli Prime Minister Benjamin Netanyahu said the overnight strikes had struck at the ‘heart of Iran’s nuclear enrichment programme’.

They also killed Iran’s highest ranking military officer, their armed forces chief of staff Mohammad Bagheri, and the head of the powerful Islamic Revolutionary Guard Corps, Hossein Salami, Iranian media reported.

It appeared to be the most significant attack Iran has faced since its 1980s war with Iraq and raises the prospect of an all-out war.

Netanyahu said strikes would ‘continue as many days as it takes’, and secondary strikes were reported in Shiraz, Kermanshah and Tabriz today.

Experts believe that Israel has the appetite and capacity for more strikes – and have said ‘what comes next may define the regional security order for years to come’.

How Israel paralysed Iranian defences

The operation, code-named ‘Rising Lion’, was years in the making, a senior Israeli security source told Israel National News.

To bring it together, Israel’s military – the IDF – worked closely with Mossad and Israel’s defence industries to coordinate simultaneous strikes with the attacks on

defence infrastructure.

LIVE Israel warns Iran attacks could last up to two weeks as Tehran vows ‘painful’ revenge

Mossad commandos are understood to have worked behind enemy lines in central Iran to topple surface-to-air missile batteries threatening the Israeli strikes.

Video shared by the agency today showed what appeared to be special forces dressed entirely in black and equipped with night vision goggles in a remote, undisclosed location.

Israel’s defence sector was said to have also offered advanced technologies to help carry out the sabotage missions.

Explosives concealed in civilian vehicles across Iran detonated overnight, degrading Iran’s air defences as explosive drones targeted surface-to-surface defences.

The secret base of drones, set up in the centre of Iran, was able to cripple missile launchers at the extensive Esfajabad base near the capital.

Video shared by Mossad purported to show drones targeting vehicles inside the complex. One clip showed what appeared to be a drone closing in on what appeared to be a mobile launcher.

Footage shared later by the IAF was said to show aerial strikes on ballistic missiles ‘aimed at the state of Israel’ in Iran, location unknown. The military said it had carried out a large-scale strike against Iran’s air defences, destroying ‘dozens of radars and surface-to-air missile launchers’.

According to the IDF, the jets dropped more than 330 ‘various munitions’ in the first wave.

Explosions were soon reported in cities including Tehran, Bandar Abbas and Kermanshah.

Supreme leader Ali Khamenei accused Israel of targeting residential areas. State media said residential buildings in Tehran were hit as well, killing a number of civilians including women and children.

Strikes also rocked the nuclear facilities in Natanz, Khondab and Khorramabad.

An Israeli military official said the strikes had achieved a great deal but assessments were continuing and Israel was prepared to keep the operation going for days. Among the targets were ballistic missiles pointed towards Israel, they added.

How Israel crippled Iran’s nuclear infrastructure

Iran had long prepared for possible strikes on Natanz. It had cited the possibility of an air attack in its decision to shelter the site with some 22 metres of earth and 2.5 metres of concrete.

Another 12 metres of reinforced concrete shielded the facility from attack, though Israel had already proven the devastating effect of its ‘bunker buster’ bombs in Gaza and Lebanon.

In 2023, satellite imagery appeared to show a new construction underway to the south, which experts said would be so deep underground that US weapons likely could not reach it.

But the Israeli military said that its overnight strikes had penetrated through to the facility’s underground uranium enrichment centrifuges.

‘The underground area of the site was damaged. This area contains a multi-storey enrichment hall with centrifuges, electrical rooms and additional supporting infrastructure,’ the military said in a statement.

‘In addition, critical infrastructure enabling the site’s continuous operation and the Iranian regime’s ongoing efforts to obtain nuclear weapons were targeted,’ it added.

Iran’s Atomic Energy Organisation said Natanz had sustained damage but no casualties had been reported. The International Atomic Energy Agency said there was no increase in radiation levels at the Natanz nuclear site, citing information provided by Iranian authorities.

Darya Dolzikova, Senior Research Fellow at the Royal United Services Institute, assessed: ‘Israel’s attacks on Iran’s nuclear programme do not look to have been simply a signalling exercise or as a way of generating additional leverage US-Iran negotiations.

‘Their targeting of Iran’s main enrichment facility and a number of senior Iranian scientists suggests an intent to inflict serious damage on the programme and to roll back Iran’s ability to push towards weaponisation.

‘It is too early to tell to what extent Israel may have succeeded in that.’

Notably, she said, Iran appears not to have targeted the main enrichment facility at Fordow – nor a number of other key facilities across the country. Fordow is believed to be built between 80 and 90 metres underground.

Israel did attack the Parachin military base, about 30km southeast of Tehran, which it also struck in October. The site had once held weapons-relevant research and may or may not have still be operational.

Dr Andreas Krieg, Associate Professor of Defence Studies at King’s College London, told MailOnline: ‘These strikes can set the nuclear program back years but will not ultimately destroy it.

‘This is a very different scenario from Operation Opera when Israel destroyed an Iraqi reactor in 1981. The Iranian program is more resilient, and it will require the Israelis to keep striking targets continuously for days.

‘Iran’s air defences are all but destroyed and Israel has nearly complete control of the air, which makes these continuous sorties possible. The greatest concern for Israel will be the retaliation from Iran.’

How Israel toppled Iran’s military leadership

Beyond hitting nuclear targets, the strikes also managed to cripple the Iranian military’s top brass.

Strikes killed Iran’s highest-ranking military officer, Mohammad Bagheri, and IRGC chief, Hossein Salami, according to Iranian media.

Iranian Supreme Leader Khamenei today named General Ahmad Vahidi as the new commander of the Revolutionary Guards, succeeding Salami.

Amichai Stein, a reporter for Israeli outlet i24 News, said that the majority of the senior leadership of the IRGC’s air force had been killed at a meeting at an underground headquarters.

Iran’s Revolutionary Guards confirmed today that its aerospace commander, Major General Amirali Hajizadeh, had also been killed in the strike on their command centre.

And the Tasnim news agency said six nuclear scientists were killed in the attacks.

To coordinate the assassinations, the IDF and Mossad reportedly worked together to gather intelligence on senior defence officials and nuclear scientists.

Matthew Savill, Director of Military Sciences at RUSI, said today that the breadth and scale of the strikes suggest the operation was intended not only to dissuade Iran from pursuing nuclear weapons, but to also cripple any potential military response – and potentially even destabilise the regime.

‘Israel has once again demonstrated its considerable conventional military superiority, and the size of the force allegedly assembled for this series of attacks represents the overwhelming bulk of their longer-range strike aircraft,’ he assessed.

‘Emerging reports about more unconventional activity by Mossad are a reminder of Israel’s expertise in covert operations, its penetration of the Iranian security establishment and its agility in planning ahead with imaginative operations which can be executed at short-notice.’

Savill suggested that Israel would struggle to keep up extended strikes over such a distance – but ‘for now, they certainly have the capacity to go again’.

END

FRIDAY EVENING;

Tel Aviv Burning, Major Impacts On Israel, As All-Out Aerial War With Iran Emerges

Friday, Jun 13, 2025 – 03:25 PM

Al Jazeera LIVE FEED:

* * *

Update(1425ET): A reported hundreds of Iranian missiles were launched on Israel. Some appear to have landed, though Israel’s robust air defense system is active, and likely busy intercepting. Times of Israel writes in an update:

Sirens are sounding across Israel amid a major Iranian ballistic missile attack.

An estimated 100 missiles were launched from Iran at Israel, according to an Israeli military source

Al Jazeera is reporting based on eyewitnesses that Israelis have been instructed to take shelter in safe rooms. At least 100 ballistic missiles are inbound. Israel has confirmed there are casualties. Major impacts observed:

IRANIAN HYPERSONIC STRIKING ISRAEL MINISTRY OF DEFENSE HEADQUARTERS ### pic.twitter.com/jGZ7ZoH1Ng
— iBankCoin, A Reliable Source (@iBankCoin4tw) June 13, 2025

Jordanian armed forces say they are intercepting over Jordanian airspace. At least one impact in Tel Aviv has been reported. There have been at least eight waves of Israeli strikes on Iran since last night. Times of Israel reports:

Netanyahu is set to convene security chiefs and key ministers at 10 tonight, Channel 12 reports.

The network quotes a senior Israeli official warning against any euphoria and saying: “Iranian missiles will get here, and it won’t take them long. The results will not be minor. That’s precisely why we need to use every moment to attack and not hold back. We won’t take our foot off the gas. We are preparing for a lengthy conflict. This is one of the most significant historic events since the establishment of the state.”

The TV station also says that perhaps the most likely scenario presented to ministers last night is that of Iran firing 600 ballistic missiles in phases at Israel.

Tehran vows sustained attacks:

🇮🇷 Tehran rejects calls to refrain from action against Israel after Israeli strikes on Iran — Iranian Foreign Minister pic.twitter.com/c5KkZAAiYb
— DD Geopolitics (@DD_Geopolitics) June 13, 2025

Evidence of many ground impacts:

🇮🇷 Tehran rejects calls to refrain from action against Israel after Israeli strikes on Iran — Iranian Foreign Minister pic.twitter.com/c5KkZAAiYb
— DD Geopolitics (@DD_Geopolitics) June 13, 2025

All out war emerging, via Al Jazeera latest developments:

United States Secretary of State Marco Rubio says the US is “not involved” in the strikes and warns Iran against attacking American bases in the region.

Explosions in Tel Aviv as sirens sound across Israel amid reported Iranian missile attacks in response to Israeli strikes.

The Israeli military continues to launch waves of strikes against Iranian military and nuclear sites, as well as major cities.

US President Donald Trump says it’s not too late for Tehran to halt the bombing campaign by reaching a deal on its nuclear programme.

Iran’s Supreme Leader Ayatollah Ali Khamenei has warned Israel that it “must expect severe punishment” following the “crime” of attacking Iran and killing several top-level military commanders and six nuclear scientists.

Israel’s Prime Minister Benjamin Netanyahu says the military operation will continue as long as necessary.

RUSSIA VS UKRAINE

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

Fwd: Danish Scientist Bribed by Dr. Fauci to Say COVID Did NOT Come From a Wuhan Lab May Flee the Country Before He Is Called to Testify in DOJ Investigation | The Gateway Pundit | by Jim Hoft

Danish Scientist Bribed by Dr. Fauci to Say COVID Did NOT Come From a Wuhan Lab May Flee the Country Before He Is Called to Testify in DOJ Investigation

by Jim Hoft Jun. 12, 2025 7:45 amDr. Tony Fauci and Dr. Kristian Andersen who he bribed to deny COVID was leaked from the Wuhan lab.

Attorneys inside the Bondi Justice Department have launched inquiries into one of the Centers for Research in Emerging Infectious Diseases or “CREID grants awarded to Scripps Research Institute scientist Kristian Andersen, by Tony Fauci in 2020.

Anderson is now in the process of fleeing the United States for a position being created for him at the University of Oslo before too many eyes are pointing in his direction.

Dr. Kristian Anderson should be worried.

In 2020, Dr. Tony Fauci bribed Anderson to change his position on the COVID lab leak as the origin of the pandemic. After his call with Dr. Fauci on February 1, 2020, Dr. Anderson was given a $1.88 million grant and $16.5 million in funding from NIAID, Dr. Fauci’s personal piggy bank.

As The Gateway Pundit reported earlier in 2023 and 2024…

On January 31, 2020, Danish-born and British-educated scientist Kristian Andersen emailed Dr. Tony Fauci, saying the virus looked lab-made.

According to the email (emphasis added):

“[O]ne has to look really closely at all the sequences to see that some of the features (potentially) look engineered . . . . Eddie [Holmes], Bob [Garry], Mike [Ferguson] and myself all find the genome inconsistent with evolutionary theory.”

Source: Oversight Committee Final Report, p. 10

Then, on February 4, 2020, after a call with Dr. Tony Fauci, British scientist Kristian Anderson wrote that the lab leak theory was a conspiracy theory.

Kristian Anderson, “The main crackpot theories going around at the moment related to this virus being somehow engineered… and that is demonstrably false.”

Source: Oversight Committee — Letter to Anderson

So what happened between January 31, 2020 and February 4, 2020?

Dr. Tony Fauci called Dr. Kristian Anderson and ordered him to publicly say the COVID-19 virus was NOT lab-made. Tony Fauci offered Andersen a sweet deal if he did so. A huge grant from the NIH!

The New York Times reported on Anderson’s early email to Dr. Fauci in an article published in June 2021.

Over the past year, Dr. Andersen has been one of the most outspoken proponents of the theory that the coronavirus originated from a natural spillover from an animal to humans outside of a lab. But in the email to Dr. Fauci in January 2020, Dr. Andersen hadn’t yet come to that conclusion. He told Dr. Fauci, the government’s top infectious disease expert, that some features of the virus made him wonder whether it had been engineered, and noted that he and his colleagues were planning to investigate further by analyzing the virus’s genome.

The researchers published those results in a paper in the scientific journal Nature Medicine on March 17, 2020, concluding that a laboratory origin was very unlikely. Dr. Andersen has reiterated this point of view in interviews and on Twitter over the past year, putting him at the center of the continuing controversy over whether the virus could have leaked from a Chinese lab.

When his early email to Dr. Fauci was released, the media storm around Dr. Andersen intensified, and he deactivated his Twitter account. He answered written questions from The New York Times about the email and the fracas. The exchange has been lightly edited for length.

As The Gateway Pundit reported in March 2023, Dr. Anderson switched his story four days after his call with Tony Fauci.

But, The New York Times conveniently omitted in their reporting that after his call with Dr. Fauci on February 1, 2020, Dr. Anderson was given a $1.88 million grant and $16.5 million in funding from NIAID, Dr. Fauci’s personal piggy bank.

Dr. Andrew Huff testified to this fact back in 2022. He released this information in a legal report he signed, created by the Renz Law Group.

Dr. Andrew Huff reported that Dr. Anderson’s funding at the Scripps Research Institute increased from $393,079 per month to $800,139 per month after he backed down on the COVID lab-leak theory.
(page 56)

This was tweeted by Mises Caucus.

The man on the left is Kristian Andersen, a British scientist who emailed Fauci 1/31/20, saying the virus looks lab-made. The man on the right is Kristian Andersen, the guy who Fauci called on 2/1/20 and ordered to publicly say it wasn’t lab-made, which he did. Fauci then gave… https://t.co/UDzIhNb37k pic.twitter.com/LY7ttS23kJ

— Mises Caucus (@LPMisesCaucus) March 1, 2023

According to Zero Hedge Anderson is feeling the pressure of the latest investigation.

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.

The DOJ may want to hold this guy’s passport for a few weeks. It appears their is a slight chance that Kristian Anderson may face the music after all.

MARK CRISPIN MILLER

From Albania to New Zealand, many, many more strange “drownings,” in/near rivers, lakes, tubs, swimming pools & at the beach: WHY??

And just think how much LONGER this macabre compilation would be if it included all such “drownings” in the US, just this year

Mark Crispin MillerJun 13

READ IN APP

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.

ALBANIA

He suffered a cardiac arrest as soon as he entered the sea, the 66-year-old man died on the beach of Spille

June 24, 2024

According to the police, it is suspected that he just came into contact with the water in the sea, he suffered a cardiac arrest and as a result he died.

Investigations have begun to clarify the incident. [Keep us posted—MCM]

Link

Fell into the waters of the Vjosa River, 63-year-old found dead [suspected heart attack]

January 23, 2025

Link

Upgrade to paid

ARGENTINA

A neighbor [50] collapsed on the road and died [after day on river]

6 January 2023

No cause of death reported

Link

Grief over the death of a skateboard icon in Quilmes [fishing]

20 January 2023

No age reported.

Link

Surubí World Cup: a fisherman [61] died of a heart attack in the middle of the tournament

30 April 2023

No cause of death reported.

Link

They investigate the causes of the death of a well-known young journalist [21] from Basavilbaso [at home in bath]

16 June 2023

No cause of death reported.

Link

73-year-old Argentinan tourist dies on the beach in Italy

20 June 2023

No cause of death reported.

Link

Former Mayor Roberto Porretti found dead in Pinamar [65, in pool]

June 7, 2024

No cause of death reported.

Link

Man [47] got sick and died in children’s pool

June 28, 2024

No cause of death reported.

Link

A fisherman suffered a heart attack and died in the Paseo del Río area

August 26, 2024

Link

AUSTRALIA

Neighbours star’s [66] tragic final posts before he suddenly dropped dead at a popular beach: ‘Reasons to be cheerful’

19 March 2023

No cause of death reported.

Link

Melbourne sports administrator Simon Weatherill dies aged 67 while competing in Portsea Swim Classic [heart attack]

January 20, 2024

Link

Cam McCarthy: Former Fremantle Dockers teammates among those sharing tributes following his tragic death [29, near lake]

May 10, 2024

No cause of death reported.

Link

Woman [47] dies after suffering ‘medical episode’ at Sydney beach

9 January 2023

No cause of death reported

Link

Fleurieu Community Mourns Sudden Loss of Glen Traeger [54, after morning on river]

4 April 2023

Link

Man [48] dies after being dragged from water unconscious at Sydney’s Curl Curl beach

3 July 2023

No cause of death reported.

Link

RFS volunteer dies while helping protect Northern Rivers community

October 15, 2023

No cause of death reported.

Link

Fit and healthy Joshua Powell, 27, suddenly dies at $10,000 three-day retreat [died next to lake]

November 4, 2023

No cause of death reported.

Link

Man pulled from water in Rye, Victoria

January 6, 2024

No age or cause of death reported.

Link

Man [40s] dies at popular swimming spot south of Sydney [“medical episode”]

January 8, 2024

No cause of death reported.

Link

Tragic Drowning Incident at Middleton Beach Shocks Community [man, 40s]

January 14, 2024

No cause of death reported.

Link

Tragedy at Leschenault Inlet: Crabber [60s] Found Unresponsive, Pronounced Dead

January 14, 2024

No cause of death reported.

Link

Teen athlete Lachlan ‘Lochie’ Haining [18] dies after being pulled from a backyard pool in second tragedy to rock school – just a week after ‘Rocket Man’ science teacher died in horror accident [on river]

January 15, 2024

DR PAUL ALEXANDER

Breaking! Israel IDF launches attack on Iran’s nuclear facilities; IDF expects operation against Iran to last for several days, states NO Iran nuclear capability will be left! developing!

The US participated in a massive campaign to lull Iran into thinking an attack was not going to happen immediately, reports; IAF launches major strike on Iran’s nuclear program; PM: Israel at decisive

Dr. Paul AlexanderJun 13

READ IN APP

point in its history

Netanyahu says operation ‘will continue as long as is needed’; ‘If we don’t act now, there will not be another generation’ * Sirens wail across Israel to warn of ‘new situation,’ as IDF says ‘heavy missile attack’ could come soon’

Rubio says US not involved in the strike, IMO that is a good thing.

Defense Minister Israel Katz, center right, meets with IDF Chief of Staff Lt. Gen. Eyal Zamir, center left, and members of the military's top brass ahead of the Israeli operation against Iran's nuclear program, June 13, 2025. (Defense Ministry)

Blasts were heard in Natanz city in Iran’s central province of Isfahan, where a key nuclear site is located, Iranian state TV reports

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIESDeveloping: US Evacuates Personnel in Middle East Amid Rising Iran Tensions The State Department has ordered all embassies within striking distance of Iranian assets – including missions in the Middle East but also Eastern Europe and Northern Africa – to convene emergency action committees (EACs) and send cables back to Washington about measures to mitigate risks. The Associated Press also adds that the US Embassy in Baghdad is preparing to order …READ THE FULL REPORT Watch: Pete Hegseth Throws Down with Mitch McConnell in Heated Senate Hearing U.S. Defense Secretary Pete Hegseth went toe-to-toe with Kentucky GOP Sen. Mitch McConnell during a tense Senate Appropriations hearing Tuesday.The back-and-forth heated up quickly after McConnell asked about the Trump administration’s stance on the war between Russia and Ukraine.The grilling comes as the Trump administration’s attitude to the Russia-Ukraine conflict appears to have shifted dramatically, from sanctions threats and bold …READ THE FULL REPORT DNC Just Kicked Out David Hogg as Vice Chair Update: Hogg is OUT! He won’t compete in the new DNC election.SCOOP: David Hogg is out of the DNC. Will not compete in the new vice chair elections that were called today.Malcolm Kenyatta is now the only candidate for the male vice chair slot. The three women who lost to Hogg in February will compete for the second.— David Weigel …READ THE FULL REPORT Jury Delivers Verdicts in Harvey Weinstein Retrial The formerly celebrated Hollywood mogul Harvey Weinstein was convicted by a jury in New York for a second time on one of numerous charges related to sex crimes allegations.Weinstein had been previously convicted in New York in 2020, but that had been tossed out of court in 2025 on procedural grounds.The jury convicted Weinstein on a charge of criminal sex …READ THE FULL REPORT Trump Responds to Elon Musk’s Late-Night Apology After Ugly Public Feud President Trump is feeling good about Elon Musk’s apology after the former “first buddy” admitted late Tuesday he had gone “too far” in his personal attacks on the commander-in-chief.“I thought it was very nice that he did that,” the president told The Post in a brief phone conversation Wednesday morning, but didn’t say whether he was willing to let bygones …READ THE FULL REPORT

NEWSWIZE

MIKE EVERY/OR PICTON OR RABOBANK EXECUTIVE/COMMENTARY ON WORDLY AFFAIRS

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

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE

CANADA

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

EURO/USA: 1.1526 DOWN 0.0082 PTS OR 82 BASIS POINTS

USA/ YEN 144.01 UP 0.985 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 1.3548 DOWN .0050 OR .50 BASIS PTS

USA/CAN DOLLAR: 1.3625 UP 0.0030 (CDN DOLLAR DOWN 30 BASIS PTS)

Last night Shanghai COMPOSITE DOWN 25.66 PTS OR 0.25%

Hang Seng CLOSED DOWN 142/82 PTS OR 0.59%

AUSTRALIA CLOSED DOWN .29%

// EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 142.87 PTS OR 0.59%

/SHANGHAI CLOSED DOWN 25.66 PTS OR 0.25%

AUSTRALIA BOURSE CLOSED DOWN 0.29 %

(Nikkei (Japan) CLOSED DOWN 338.84 PTS OR 0.89%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 3423.50

silver:$36.42

USA dollar index early FRIDAY morning: 98.31 UP .41 BASIS POINTS FROM THURSDAY’s CLOSE

.FRIDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.006% UP 3 in basis point(s) yield

JAPANESE BOND YIELD: +1.419% DOWN 3 FULL POINTS AND 80/100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.119 UP 3 in basis points yield

ITALIAN 10 YR BOND YIELD 3.458 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4010 UP 1 BASIS PTS

IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY

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

Euro/USA 1.1583 UP 0.0073 OR 73 basis points

USA/Japan: 143.52 DOWN 0.622 OR YEN IS UP 62 BASIS PTS//

Great Britain 10 YR RATE 4.5010 DOWN 5 BASIS POINTS //

Canadian dollar UP .0046 OR 46 BASIS pts to 1.3622

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan CNY DOWN AT 7.1822, CNY ON SHORE ..

THE USA/YUAN OFFSHORE DOWN TO 7.1859

TURKISH LIRA: 39.43 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield at +1.419

Your closing 10 yr US bond yield UP 3 in basis points from WEDNESDAY at 4.389% //trading well ABOVE the resistance level of 2.27-2.32%)

USA 30 yr bond yield 4.871 UP 1 in basis points /11:00 AM

USA 2 YR BOND YIELD: 3.943 UP 4 BASIS PTS.

GOLD AT 11;00 AM 3441.20

SILVER AT 11;00: 36.30

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

London: CLOSED DOWN 34.29 PTS OR 0.39%

GERMAN DAX: CLOSED DOWN 255.23 pts or 1.07%

FRANCE: CLOSED DOWN 80.63 pts or 1.04%

Spain IBEX CLOSED DOWN 178.30 pts or 1.39%

Italian MIB: CLOSED DOWN 509.84 or 1.26%

WTI Oil price 73.42 11 EST/

Brent Oil: 74.28 11:00 EST

USA /RUSSIAN ROUBLE /// AT: 80.07 ROUBLE DOWN 0 AND 7/ 100

CDN 10 YEAR RATE: 3.351 UP 2 BASIS PTS.

CDN 5 YEAR RATE: 2.946 UP 2 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1539 DOWN 0.0069 OR 69 BASIS POINTS//

British Pound: 1.3559 DOWN .0069 OR 69 basis pts/

BRITISH 10 YR GILT BOND YIELD: 4.5580 UP 1 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.406 DOWN 5 FULL BASIS PTS

USA dollar vs Japanese Yen: 143.87 DOWN 0.786 BASIS PTS

USA dollar vs Canadian dollar: 1.3593 DOWN 0.00502 BASIS PTS CDN DOLLAR UP 2 BASIS PTS

West Texas intermediate oil: 73.61

Brent OIL: 74.85

USA 10 yr bond yield UP 6 BASIS pts to 4.415

USA 30 yr bond yield DOWN 7 PTS to 4.909%

USA 2 YR BOND: UP 5 PTS AT 3.954%

CDN 10 YR RATE 3.376 UP 5 BASIS PTS

CDN 5 YEAR RATE: 2.972 UP 4 BASIS PTS

USA dollar index: 98.19 UP 28 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 39.36 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 80.21 DOWN 0 AND 21/100 roubles

GOLD $3434.40 (3:30 PM)

SILVER: 36.30 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 769.83 OR 1.79%

NASDAQ 100 DOWN 282.28 PTS OR 1.29%

VOLATILITY INDEX: 21.30 UP 3.28 PTS OR 18.20%

GLD: $ 316.29 UP 4.09 PTS OR 1.31%

SLV/ $32.97 DOWN .09 PTS OR OR 0.27%

TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 118.18 OR 0.44%

end

TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING

Gold Closes At Record High, Oil Soars As Retail Buys WW3 Dip In Stocks…& Loses

Tyler Durden's Photo

by Tyler Durden

Friday, Jun 13, 2025 – 08:00 PM

Just as ‘trade policy uncertainty’ tumbles to its lowest since January…

Source: Bloomberg

…we get an eruption in geopolitical risk to end the week…

Source: Bloomberg

…which was well represented by spike in oil prices. Today’s 8%-plus jump in WTI is the biggest day since March 2022 (Russian invasion)

Source: Bloomberg

…and a new record closing high for gold…

Source: Bloomberg

Gold remains just below its intraday record high…

Source: Bloomberg

Stocks tumbled overnight but drifted higher through the European session and then once US cash markets opened, 0-DTE players bought the f**king WW3 dip in calls…

…but then this headline hit – *IDF SAYS IT IDENTIFIED MISSILES LAUNCHED FROM IRAN TO ISRAEL and stocks started to fall (and 0-DTE traders unwound)…

…and that dragged stocks down on the week…

The S&P 500 lost the 6,000 level and The Dow broke down below its 100- and 200-DMA…

There was no safe haven bid for Mag7 stocks as the SHTF today…

“Most Shorted” stocks drifted lower for the last three days after a massive squeeze higher to start the month…

Source: Bloomberg

VIX surged back above 20…

Source: Bloomberg

… and VVIX also surged back above the key (worrying) 100 level…

Source: Bloomberg

Safe-haven flows into bonds were offset by the inflationary fears from Iran retaliation in the Strait of Hormuz and its impact on oil prices. Yields ended lower on the week still, and were bid as the Iranian retaliation hit this afternoon…

Source: Bloomberg

Rate-cut expectations tumbled today (stagflationary fears)…

Source: Bloomberg

…and of course, as usual, Bitcoin was sold on the geopol tensions (explain that to us pls!!??)

Source: Bloomberg

The dollar ended the week lower, despite some strength today (which was unable to recover the post-CPI losses)…

Source: Bloomberg

Finally, circling back to where we started, both trade policy uncertainty and USA sovereign risk have fallen significantly in recent weeks, with the latter now back at Liberation Day lows…

Source: Bloomberg

…All that “Tariff Derangement Syndrome” fear continues to drive the narrative but for now, things are normalizing…

Source: Bloomberg

…with Trump Tariffs 2.0 now outperforming Trump Tariffs 1.0.

BIG MORNING STORY:

USA DATA

USA ECONOMIC NEWS

Trump Can And Should Fire Fed Boss Over Economy

Thursday, Jun 12, 2025 – 10:50 PM

Authored by Christian Whiton via RealClearPolitics,

Federal Reserve kingpin Jerome Powell is busy doing what he does best: sabotaging a prosperous economy so that President Donald Trump and his fellow Republicans lose popularity. He’s also ignoring Trump, whom voters will judge for the economy’s performance and whom the Constitution says runs the executive branch of which the Fed is a part.

This is old hat for Powell, who, after being installed by Trump in 2018, got straight to work undermining his boss’s economic recovery.

You may recall that one of the circumstances that brought an unusual candidate like Trump to power in 2016 was the preceding decade of economic malaise. The Obama years averaged just 2.1% annual growth – the most lethargic economic recovery since World War II. It was fashionable among establishment economists to say that growth above this level, especially the 4.3% average annual growth of the Reagan boom, was simply unobtainable. Big-government economists – practically a redundant phrase today – called it “secular stagnation.”

Enter Trump. Upon taking office, he immediately began deregulating the U.S. economy, particularly in the energy sector. He worked with Congress to lower the corporate tax rate from 35%, which was nearly the highest among advanced economies, to a more competitive 21%. He also cut personal income taxes for every income bracket, which meant lower taxes for the majority of small business owners who pull company income and taxes onto their personal tax returns.

Trump also incentivized corporations to bring home capital they held overseas. Apple alone said it would bring home a majority of its roughly $252 billion in offshore reserves, paying a one-time tax of $38 billion.

The results for the broader economy were impressive. Annualized GDP growth in the quarter Trump took office was 2.0%. By the end of the year, it had jumped to 4.6%. Unemployment dropped from 4.7% to 4.0%. Manufacturing jobs, which totaled nearly 17 million when NAFTA was enacted in 1994 and globalization ensued, had fallen to 12.3 million when Trump took office. Within a year, the sector saw modest improvement to 12.5 million jobs. Oil production increased from 8.9 million to 10 million barrels per day during that year. (It would reach 13 million later in Trump’s first term.)

But Powell was having none of it. Like most of his predecessors and colleagues at the Federal Reserve, Powell adheres to the discredited Keynesian school of economics, which holds that the government should play a preponderant role in the economy, managing demand through government spending. Keynesians distrust free markets, free people, and the supply side of the economy that produces tangible goods. They believe economic growth leads inevitably to inflation, despite repeated economic expansions, including most notably Reagan’s, in which the expansion of the private-sector economy leads to more goods and services produced and stable prices.

In 2018, Powell saw looming inflation where there was none and tightened monetary policy for the first time since 2008. When Trump was elected in 2016, the federal funds effective rate stood at 0.41%. Despite no inflation, the Fed began a relentless cycle of rate increases that reached 2.2% in time for the 2018 midterm elections, when Republicans lost control of the House of Representatives to Democrats, leading eventually to Trump’s impeachment.

Beyond being a Keynesian, Powell is also a fool. Trump’s first term isn’t the only time he saw inflation where there was none, or failed to see inflation when it was obvious. During the Biden administration, long after the pandemic had peaked, Powell enabled continued federal spending at crisis levels despite the lack of a crisis. Biden’s Treasury Department issued bonds to pay for unprecedented deficits in excess of $1.5 trillion. This only worked because Powell had the Fed buy the bonds with dollars created out of thin air. He also tried to goose the Biden economy by buying mortgages from banks immediately after they were issued. The Fed’s balance sheet of debt it owned grew from $7.4 trillion when Biden took office to a peak of $10 trillion just over a year later. Powell also kept interest rates near zero even as inflation caused by his dilution of the dollar skyrocketed.

Inflation peaked at over 9% in 2022, and the cumulative inflation of the Biden years and Powell’s debasement of the currency eliminated more than 20% of Americans’ purchasing power. Powell and his establishment friends had assured Americans that inflation was “transient” when it wasn’t.

Powell was eventually forced to acknowledge inflation and reluctantly began hiking interest rates to above 5%. He then started lowering them just before the 2024 election in an effort to help Democrats keep the White House. But the easing stopped when Trump took office. Even as central banks in Europe have cut rates due to the lack of inflation, Powell and his clique at the Fed have refused to do so, keeping them at sustained heights not seen in 20 years.

Trump has repeatedly pressured Powell to lower rates. He did so again on June 6 when the government reported that job growth had moderated and revised downward the job growth reported in previous months.

If a Republican president pressuring Powell could work, it would have worked by now. Instead, Trump will have to fire Powell and replace him with a pro-private-sector-growth banker who takes guidance from the president.

Powell and many establishment pooh-bahs think such a move would be illegal. After Trump’s reelection, Powell vowed not to resign and said his termination is “not permitted under the law.” In fact, the Federal Reserve Act does allow Powell’s removal “for cause,” and grotesque incompetence and political conniving ought both to qualify.

But in fact, the whole idea of an “independent” Federal Reserve is unconstitutional, and Trump should fire Powell not only to save the economic recovery but to restore the power of the presidency and recognize the reality that the American people hold the president responsible for economic performance. If he is on the hook to perform, he must control the tools to do so.

Article II of the Constitution states plainly, “The executive Power shall be vested in a President of the United States of America.” In the Federalist Papers #70, Alexander Hamilton explained the necessity of the strong executive created by the then-draft Constitution to skeptics: “A feeble Executive implies a feeble execution of the government. A feeble execution is but another phrase for a bad execution; and a government ill executed, whatever it may be in theory, must be, in practice, a bad government.” It’s as though Hamilton could foresee Powell and the Fed of 2025.

There should be no doubt that the Framers of the Constitution intended the president to have the power to fire anyone as part of his responsibility to supervise the unitary executive branch. What was true in 1789 is still true today: any schmuck in Washington knows no bureaucrat will pay you much attention unless you might plausibly take away his job or budget.

Creating a person beyond the reach of the president in the executive branch would be like creating an unelected politburo in Congress to handle certain issues, or a special court completely independent from the Supreme Court to handle certain legal cases. Voters would see such actions as obviously unconstitutional attempts to weaken those pillars of democracy. So too is a theoretically independent Fed – an essentially fascist construct that purports to put monetary policy beyond the reach of the president, weakening the office held by the only man who represents all of the American people.

In recent years, the Supreme Court has consistently held that the president has the right to fire executive branch officials. It did so again last month in allowing Trump to dismiss members of supposedly independent federal agencies.

There was, however, a glitch. The unsigned order stated that: “The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.” This red herring in the court’s order implied its recognition of the president’s power to fire might not extend to the Fed.

In reality, there is nothing “quasi-private” about an organization that sets interest rates and decides how many dollars to print. Furthermore, the court should take note of another “distinct historical tradition” that began in Franklin Roosevelt’s administration of pondering packing the court with new justices when its rulings are at odds with the wishes of administrations and Congresses. It’s better to stick with what the Constitution means and says lest a flexible view of the Framers’ intent turn around and bite the court or Congress in their asses.

Furthermore, make-believe about an independent Federal Reserve was more believable when Fed chairmen took cues from presidents regardless of their political party. More recently, Fed bosses have joined the rest of the Deep State in seeking to help Democrats and harm Republicans. Firing Powell and dispensing with the fiction of his unfireability will be good for the economy, good for the presidency, and good for democracy.

Christian Whiton was a senior advisor at the State Department in the second Bush and first Trump administrations and served as an adviser to the secretary of state and other senior officials about public affairs and East Asia matters. He is a senior fellow at the Center for the National Interest and a principal at Rockies Aria LLC, a public affairs and government relations firm.

END

NEW YORK/MANHATTAN

Manhattan Rents Hit New High As FARE Act May Send Prices Higher

Friday, Jun 13, 2025 – 07:00 AM

Manhattan apartment rents hit another all-time high in May, with the median rent for new leases topping $4,571. The increase comes as demand is expected to rise over the summer, driven by lease turnovers and an influx of students ahead of the upcoming fall school year. Rents are likely to increase further following the passage of a new broker fee law.

Bloomberg cited a new report from appraiser Miller Samuel Inc. and brokerage Douglas Elliman, which showed that Manhattan apartment rents reached $4,571 in May—marking the third record in four months and exceeding the previous high by $71.

In addition to typical seasonal demand, a significant change emerged in New York City’s rental market on Tuesday with the implementation of the Fairness in Apartment Rental Expenses (FARE) Act.

FARE now requires broker fees to be paid by the party who hired the broker, most often the landlord or property management company, rather than the tenant.

As a result, the upfront broker fees for most tenants searching for apartments will most likely be passed along in the form of higher rents.

According to data from the real estate search website StreetEasy, about half of all NYC leases in the last year charged tenants a hefty broker fee.

With the broker fee burden lifted, StreetEasy forecasts that renters can expect the average upfront cost of signing a new lease to tumble 41.8%, from $12,942 to $7,537. There is no actual cap on what brokers can charge; however, fees typically range from 12% to 15% of the annual rent.

Real Estate Board of New York (REBNY) President James Whelan recently warned, “New Yorkers will soon realize the negative impacts of the FARE Act when listings become scarce, and rents rise. We will continue to litigate this case as well as explore our avenues for appeal.”

VICTOR DAVIS HANSON/

USA NEWS/ANTISEMITISM..

KING NEWS

SWAMP STORIES FOR YOU TONIGHT

GREG HUNTER..

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024: 1713 CONTRACTs NOTICES FOR 171,300 OZ or 5.4836 TONNES

total notices so far: 26,527 contracts for 2,652,700 OR 81.888 tonnes)

SILVER NOTICES: 47 NOTICE(S) FILED FOR 235,000 OZ/

total number of notices filed so far this month : 3196 CONTRACTS (NOTICES) for 15.980 million oz

Singapore data re gold

Dollar down, gold up

The dollar’s trade weighted index just hit multi-year lows. To make things worse, Israel attacked Iran overnight, escalating ME tensions. Comex gold is waking up to the implications

Futures Tumble, Oil Soars As Friday The 13th Ushers In New Middle East War

Crude propelled by Israeli attacks on Iran; ES -1.1%, DXY +0.8% – Newsquawk US Market Open

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Crude +8%, ES -1.5% after Israel conducts strikes on Iranian nuclear & military targets – Newsquawk Europe Market Open

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British Exports To US Suffer Record Slump As Tariffs Take Effect

WSJ: Israel prepared to strike Iran in the next few days if US proposal fails officials say

The newspaper cited a senior Israeli official as saying a strike could come as soon as Sunday unless Iran agrees to halt production of fissile material, which can be used to make an atomic bomb.

Trump says US remains committed to a diplomatic solution to Iran nuclear issue

White House Fears Iranian Response To An Attack Could Overwhelm Israel’s Air Defenses

Israel launches preemptive strike on Iranian nuclear sites, military targets

According to the IDF, Iran has enough uranium to weaponize it to nuclear levels to 15 nuclear weapons within days

Prior strikes against Iran

Iran’s IRGC Chief Salami Killed In Major Israeli Attack As War Erupting

Israel targets Iran: New explosion hits Natanz nuke plant, IDF strike kills IRGC officials

Iran planning ‘to give a harsh response,’ Iranian security source says • IDF hits Natanz nuclear site • Defense sources say attack was planned week in advance

WATCH: Smoke rises from Natanz nuclear facility in Iran

Iran confirms IRGC head Hossein Salami killed in Israeli strikes in Operation Rising Lion

Dozens of Israeli aircraft participated in an initial wave of strikes on dozens of military targets and Iranian nuclear sites early on Friday morning.

Read more on Israel’s strike on Iranian nuclear targets

Mossad leads series of secret attack operations in heart of Iran

The Mossad has led a series of attack operations and other missions in the heart of Iran on Friday.

Mossad’s previous operations inside Iran

IDF intercepts Iranian retaliatory drones, destroys Natanz nuclear site

IDF strikes kill IRGC, Iran military chief • IDF hits Natanz nuclear site • Iran wont engage in nuclear talks until further notice

IDF intercepts Iranian retaliatory drones, destroys Natanz nuclear site

IDF strikes kill IRGC, Iran military chief • IDF hits Natanz nuclear site • Iran wont engage in nuclear talks until further notice

IDF rescinds order to stay near shelter after intercepting Iranian drones

IDF intercepts massive drone attack from Iran, pummels Tehran’s air defenses

The IDF did not specify when they would reach Israel, but in April 2024, it took such drones several hours.

IDF close to reaching air supremacy in Iran

Which Iranian officials were killed in the Israeli attacks? – explainer

In addition to targeting Tehran’s nuclear facilities, the strikes targeted a number of high-ranking officials and nuclear scientists.

IRGC and military officials killed in Israel’s attacks

Nuclear scientists killed

Images Emerge Of Tehran Destruction After Major Israeli ‘Preemptive Attack’; IRGC Chief Killed

IDF surrounds all West Bank cities as it preemptively strikes Iran

In addition, the IDF reinforced all border fence areas between the Palestinian and Jewish portions of Judea and Samaria.

IDF targets Tabriz airport in new wave of strikes, destroys Natanz nuclear site

IDF strikes kill IRGC, Iran military chief, air force’s top brass • Mossad shares rare footage of operations on Iranian soil • Israeli forces destroy Iranian ballistic missiles

IDF begins second wave of strikes in Tabriz, Shiraz, Khorramabad – report

Trump further called on Iran to reach a deal, as “there is still time to make this slaughter and the next come to an end..Iran must make a deal, before there is nothing left.”

Trump: US will defend Israel if ‘they are attacked’

US security council will meet

Over 200 Israeli Warplanes Used Against Iran, Trump Warns ‘Even More Brutal’ Attacks Coming Without Nuclear Deal

Israel Shuts Global Embassies, Fears Backlash, After Attack On Iran

Iran Vows To Continue Nuclear Activities Amid Threat Of More Israeli Strikes

Iran Vows To Continue Nuclear Activities Amid Threat Of More Israeli Strikes

Iran fires second barrage of missiles toward Israel, blasts heard near Tel Aviv

Initial defense assessments indicate that Iran has fired at least dozens of missiles toward Israeli territory.

Five people injured

Israel striking Isfahan nuclear site, struck over 200 targets across Iran, IDF spokesman says

The IDF was also reportedly targeting Iran’s Fordow nuclear facility, after previously dismantling the Natanz site.