JUNE 25/GOLD CLOSED UP $8.70 TO $3329.80 DESPITE OPTIONS EXPIRY ON COMEX//SILVER HAD A GOOD DAY RISING 35 CENTS TO $36.20//PLATINUM HAD ANOTHER STELLAR DAY RISING $56.45 TO $1349.80 BUT PALLADIUM WENT THE OTHER WAY DOWN $14.70 TO $1063.30//EXCELLENT COMMODITY REPORT TONIGHT ON URANIUM//GOLD COMMENTARIES TONIGHT COURTESY OF CHRIS POWELL OF GATA//GERMAN SUPREME COURT OVERULES LOWER COURT AND ALLOWS FREE SPEECH AND THE BANNING OF THE AFD PARTY//MOST MEMBERS OF NATO TO PAY 5% OF GDP//TRUMP WILL SANCTION SPAIN IF THEY DO NOT LIVE UP TO THE PLEDGE SPENDING//ISRAEL VS IRAN UPDATES: LOOKS LIKE THE CNN LEAKED REPORT WAS A PHONY//ISRAELI AGENTS INSIDE IRAN ATTEST TO THE COMPLETE DESTRUCTION OF IRAN’S 3 NUCLEAR FACILITIES//NO DOUBT THAT THE 400 KG OF ENRICHED URANIUM BURRIED UNDER FORDOW//COVID INJURY REPORTS; MARK CRISPIN MILLER/DR PAUL ALEXANDER/NEWS ADDICTS ETC//USA HOME SALES PLUMMET/COMMENTARY ON THE USA REAL ESTATE SECTOR/SWAMP STORIES FOR YOU TONIGHT///
WE HAVE NOW ENTERED OPTIONS EXPIRY MONTH WITH THE COMEX EXPIRY TONIGHT AND OTC ON MONDAY.
Bitcoin morning price:$106,640 UP 1071 DOLLARS.
Bitcoin: afternoon price: $107,800 up 2231 DOLLARS
Platinum price closing UP $56.45 TO $1349.80
Palladium price; DOWN $14.70 TO $1063.30
END
*CANADIAN GOLD: $4,578.12 UP 19.20 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)
*BRITISH GOLD: 2440.20 UP 3.10 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025
*EURO GOLD: 2860.40 UP 1..30 Euros per oz //* (ALL TIME CLOSING HIGH: 3018.80 EUROS PER OZ/ APRIL 21 //2025)
EXCHANGE: COMEX
JPMORGAN STOPPED 0/163
JUNE
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024:163CONTRACTs NOTICES FOR 16,300 OZ or 0.5069 TONNES
total notices so far: 29,429 contracts for 2,942,900 OR 91.730 tonnes)
FOR JUNE
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 7 NOTICE(S) FILED FOR 35,000 OZ/
total number of notices filed so far this month : 3370CONTRACTS (NOTICES) for 16.850 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 $8.70 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.72 TONNES OF GOLD FROM THE GLD
INVENTORY RESTS AT 955.68 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.35 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ///A WITHDRAWAL OF 2.363 MILLION OZ INTO THE SLV//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 480.685 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA MEGA HUGE SIZED 5991 CONTRACTS TO 174,613 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS OF $0.37 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING. WE FINALLY HAVE THE PIERCING OF $34.40 TO 34.50 SILVER PRICE BARRIER. WE HAD A HUGE SIZED LOSS OF 2287 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A GOOD 425 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO TUESDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON TUESDAY WITH SILVER’S LOSS IN PRICE. THE PRICE FINISHED MILES ABOVE THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE CLOSING AT $35.85. . WE HAVE A HUGE T.A.S. ISSUANCE WITH TUESDAY NIGHT’S 963 CONTRACTS ISSUED BY THE CME AND THAT STILL 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 GOOD 370 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 963 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN WEDNESDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A MEGA HUGE SIZED 5621 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE OF $0.37.
THE CME NOTIFIED US THAT FOR THE FIRST TWO DAYS OF THE MONTH OF MAY, WE HAD TWO CONSECUTIVE ISSUANCE OF EXCHANGE FOR RISK CONTRACTS OF 12.93 MILLION OZ. THESE EXCHANGE FOR RISKS WERE ADDED TO OUR NORMAL DELIVERY SCHEDULE. THE RECIPIENT OF THIS LARGESS IS WITHOUT A DOUBT THE CENTRAL BANK OF INDIA. LOGICALLY ONLY A CENTRAL BANK WOULD ACCEPT THIS CRAZY CONTRACT WHEREBY THE CENTRAL BANK OF INDIA TAKES THE RISK OF DELIVERY FROM A BULLION BANK WHO CANNOT GUARANTEE DELIVERY OF PHYSICAL SILVER TO THEM.
PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S ESPECIALLY SILVER IS NOW USED TO TEMPER OUR SILVER PRICE RISE OR INITIATE A RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN WITH LAST WEEK’S TRADING ON SILVER AND NOW TODAY AS SILVER PRICE ROCKETED PAST THE $34.40 BARRIER! . THE PRICE OF SILVER FINISHED TRADING AT $36.56 AS WE WILL NOW HEAD FOR THE ALL TIME HIGH OF $50.00
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT/WEDNESDAY MORNING: A HUGE 963 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.37) AND WERE SUCCESSFUL IN KNOCKING OF A CONSIDERABLE NET SILVER LONGS FROM THEIR PERCH AS WE HAD A MEGA HUGE LOSS OF 5095 CONTRACTS ON OUR TWO EXCHANGES. (PROBABLY LIQUIDATION OF SPREADER/AND TAS LIQUIDATION)
WE HAD A 370 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 9.90 MILLION OZ FOLLOWED BY TODAY’S 55,000 OZ QUEUE JUMP//NEW TOTAL STANDING ADVANCES TO 16.860 MILLION OZ!!
THUS:
INITIAL STANDING FOR JUNE: 9.90 MILLION OZ PLUS TODAY’S 55,000 OZ QUEUE JUMP = 16.860 MILLION OZ.
WE HAD:
/ HUGE COMEX OI LOSS+// A 370 SIZED EFP ISSUANCE (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 963 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A STRONG 526 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 17 DAY(S), total 14,820 contracts: OR 74.100MILLION OZ (871 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 74.100 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: 74.100 MILLION OZ (NOTICE EFP ISSUANCE GETTING MUCH LARGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A MEGA HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 5947 CONTRACTS WITH OUR LOSS IN PRICE OF $0.37 IN SILVER PRICING AT THE COMEX// TUESDAY.,. . THE CME NOTIFIED US THAT WE HAD A GOOD 370 CONTRACT EFP ISSUANCE CONTRACTS: 370 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
LAST 3 MONTHS OF SILVER DELIVERIES:
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 55,000 OZ QUEUE JUMP = 16.860 MILLION OZ
THE NEW TAS ISSUANCE TUESDAY NIGHT (963 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE TODAY’S TRADING (WEDNESDAY-THURSDAY TRADING) AND BEYOND.
WE HAD 7 NOTICE(S) FILED TODAY FOR 35,000 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 FELL BY A STRONG SIZED 5947 OI CONTRACTS TO 434,958 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE 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 HUGE 750 CONTRACTS //.
WE HAD A STRONG SIZED DECREASE IN COMEX OI (5947 CONTRACTS) . THIS OCCURRED WITH OUR LOSS OF $58.05 IN PRICE// TUESDAY///.
LAST TWO MONTHS OF GOLD DELIVERIES:
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 $58.05 LOSS IN PRICE WITH RESPECT TO TUESDAY’S COMEX ///. WE HAD FAIR SIZED LOSS OF 3882 OI CONTRACTS (12.074 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 0 .594TONNES OF A QUEUE JUMP //NEW STANDING RISES TO 92.23 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 FAR SIZED 2065 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 434,958 /NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!
SILVER ALSO HAS A LOW COMEX OI OF 174,613 CONTRACTS BUT GAINING RAPIDLY!!
IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3882 CONTRACTS WITH 5947 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 2065 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 3882 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1191 CONTRACTS
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(2065) ACCOMPANYING THE STRONG SIZED DECREASE IN COMEX OI OF 5947 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 3882 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 0.594 TONNES QUEUE JUMP //NEW STANDING ADVANCES TO 92.23 TONNES./
NEW STANDING FOR GOLD, JUNE CONTRACT AT 92.23 TONNES OF GOLD.
.
/ 3) HUGE T.A.S. LIQUIDATION AS WE HAD 1)A $58.05 COMEX PRICE LOSS.. WE HAD 2) CONSIDERABLE NET LONG SPECS BEING CLIPPED WITH THE LOSS IN PRICE AS WE HAD A FAIR LOSS OF 3882 CONTRACTS ON OUR TWO EXCHANGES // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD FOR MAY BUT SMALLER FOR JUNE!
4) STRONG SIZED COMEX OI LOSS// 5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (2065 CONTRACTS)/// FAIR T.A.S. ISSUANCE: 1191 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: 27,923 CONTRACTS OR 2,792300 OZ OR 86.852 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 1642 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN17 TRADING DAY(S) IN TONNES 86.852 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 86.852 TONNES DIVIDED BY 3550 x 100% TONNES = 2.49% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.
APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.
JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS
JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III)
AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.
SEPT: 335 .104 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE. WE WILL PROBABLY END JUST SHORT OF THE 3RD HIGHEST ISSUANCE EVER RECORDED.
OCT. 277.71 TONNES (THIS WILL BE A GOOD ISSUANCE THIS MONTH)
NOV: 393.875 TONNES ( A HUGE MONTH////NOW SURPASSED THE PREVIOUS 3RD AND 2ND HIGHEST EVER RECORDED EX FOR PHYSICAL ISSUANCE TO BECOME THE 2ND HIGHEST EVER RECORDED
DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE
TOTAL 2024 YEAR. 3,597.846 TONNES
AN. 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: 86.852 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA HUGE SIZED 5947 CONTRACTS OI TO 174,613 AND FURTHER FROM 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 370 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 370 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 425 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 5947 CONTRACTS AND ADD TO THE 370 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED LOSS OF 5621 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS IN PRICE OF $0.37 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 28.105 MILLION PAPER OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
XXXXX
ASIAN MARKETS THIS WEDNESDAY MORNING:
SHANGHAI CLOSED UP 38.48 PTS OR 1.15%
//Hang Seng CLOSED UP 487.94 PTS OR 2.06%
// Nikkei CLOSED UP 436.47 PTS OR 1.14% //Australia’s all ordinaries CLOSED UP 1.00%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1762 OFFSHORE CLOSED UP AT 7.1727/ Oil DOWN TO 66.03 dollars per barrel for WTI and BRENT DOWN TO 69.28 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1762 AND STRONGER//OFF SHORE YUAN TRADING DOWN TO 7.1727 AGAINST US DOLLAR/ AND THUS STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST LOST BY A STRONG SIZED 947 CONTRACTS TO A STILL LOW NUMBER OF 434,958 OI WITH OUR HUGE LOSS IN PRICE OF $58.05 WITH RESPECT TO TUESDAY’S // TRADING. WE LOST SOME NUMBER OF NET LONGS WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2065 ). WE HAD HUGET.A.S. LIQUIDATION ALONG WITH MONTH END CALENDAR SPREADER LIQUIDATION.
THE CME ANNOUNCED TUESDAY NIGHT, A ZERO EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 0 OZ OR NIL TONNES. TOTAL ISSUANCE FOR MAY WAS RECORDED AT 9.591 TONNES OF GOLD AND THIS TOTAL WAS ADDED TO OUR NORMAL DELIVERIES. THE BANK OF ENGLAND MUST BE GETTING QUITE ANTSY OF GETTING ITS GOLD BACK.
IN THE MONTH OF APRIL WE HAD RECORDED A NEW RECORD 7 ISSUANCES OF EXCHANGE FOR RISK AS THE BANK OF ENGLAND IS GETTING VERY ANTSY ABOUT GETTING ITS GOLD BACK. THUS OUR TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL STOOD AT 8.3571 TONNES OF GOLD WHICH WERE ADDED TO OUR NORMAL APRIL GOLD DELVERIES.
HISTORY: LAST FIVE MONTH’S EXCHANGE FOR RISK
IN MARCH:
THE TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH (3 NOTICES) EQUALED: 7.6179 TONNES OF GOLD WHICH WAS ADDED TO OUR MARCH DELIVERY TOTALS.
IN FEBRUARY:
WE HAD A HUGE FIVE EXCHANGE FOR RISKS ISSUANCES FOR GOLD, TOTALLING 18.4527 TONNES!.
THE RECIPIENT OF ALL OF THESE EXCHANGE FOR RISK CONTRACTS IS THE BANK OF ENGLAND WHO DESPERATELY WANT THEIR LEASED GOLD BACK. THUS WE HAVE TWO SEPARATE ENTITIES (CENTRAL BANKS) DEMANDING THEIR GOLD BACK:
THE BANK OF ENGLAND
THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS)
THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 5TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.(DEC THROUGH APRIL)
IN APRIL:
WE CONCLUDED APRIL WITH 7 ISSUANCE OF EXCHANGE FOR RISK FOR A TOTAL TONNAGE OF 8.3571 TONNES.
IN MAY:
MAY: 3 EX. FOR RISK ISSUED SO FAR FOR 3025 CONTRACTS OR 302,500 OZ OR 9.4054 TONNES. THIS WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US TOTAL STANDING FOR MAY!THIS IS THE 6TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK//NEW TOTAL EX FOR RISK IS 9.591 TONNES FOR THE 3 ISSUANCE!
IN JUNE
JUNE: ZERO ISSUED SO FAR!!
DETAILS ON JUNE COMEX MONTH//INITIAL
IN TOTAL WE HAD A FAIR SIZED LOSS ON OUR TWO EXCHANGES OF 3882 CONTRACTS WITH OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON TUESSDAY 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 1181 T.A.S.
THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS(ALONG WITH MONTH END SPREADERS) IS WHY WE ARE HAVING DISTORTED COMEX OPEN INTEREST GAINS AND LOSSES IN OI BUT THIS IS COUPLED WITH MEGA HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WITH FIRST DAY NOTICE TOTALS WITH GOLD TONNES STANDING FOR APRIL AT 209 + TONNES INCLUDING MANY MASSIVE QUEUE JUMPS AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES. HOWEVER JUNE WHICH IS NORMALLY A HUGE DELIVERY MONTH , INITIAL STANDING IS RECORDED AT 62.534 TONNES PLUS TODAY’S 0.594 TONNES QUEUE JUMP = 92.230 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL NET QUEUE JUMPING FOR THE MONTH FOR THE MONTH: 30.283 TONNES
NEW TOTAL TONNES STANDING JUNE: 92.23 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 2065 EFP CONTRACT WAS ISSUED: : /AUGUST 2065 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2065 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 SMALL 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 WEDNESDAY MORNING//TUESDAY NIGHT WAS A FAIR SIZED, 1181 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 0.594TONNES OF QUEUE JUMP EQUALS 92.23 TONNES
THIS IS CENTRAL BANKS STANDING FOR PHYSICAL GOLD!!
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING/JUNE CONTRACT MONTH
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $58.05/ /) AND THEY WERE SUCCESSFUL IN KNOCKING OFF SOME NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED LOSS IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION ////TUESDAY AS THEY ARE STILL TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE THE MAGIC $3,400 BARRIER AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM EXPLODING
WEDNESDAY MORNING//TUESDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /JUNE TRADING
EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY://FINISHES AT 4 ISSUANCES
THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TTO THE BANK OF ENGLAND.THEN ,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WAS ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.
EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH
EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND WAS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.
MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK: TOTAL FOR THE MONTH FINISHED AT 3
TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.
APRIL, ISSUED ITS 7TH EXCHANGE FOR RISK: 187 CONTRACTS OR 18,700 OZ OR 0.5816 TONNES
SUMMARY EXCHANGE FOR RISK FOR THE MONTH OFAPRIL//TOTAL ISSUANCES 7 FOR 8.3571 TONNES OF GOLD!:
ISSUANCE FOR EXCHANGE FOR RISK ON FIRST DAY NOTICE//APRILL MONTH// WAS 700 CONTRACTS FOR 70,000 OZ OR 2.177 TONNES OF GOLD TO WHICH WE ADD (APRIL 4) : 250 CONTRACTS FOR 25,000 OZ OR .777 TONNES, APRIL 7 ISSUANCE OF 280 CONTRACTS FOR 28,000 OZ OR .8709 TONNES THEN APRIL 9 484 CONTRACTS FOR 48400 OZ OR 1.5054 TONNES AND FINALLY MONDAY MORNING APRIL 14 AT 200 CONTRACTS FOR 20,000 OZ OR .5816 TONNES AND NOW APRIL 24: 600 CONTRACTS FOR 60,000 OZ OR 1.866 TONNES AND NOW APRIL 25 187 CONTRACTS FOR 18700 OZ OR .5816 TONNES//NEW FINAL TOTAL ISSUANCE FOR APRIL: 8.3571 TONNES!!. APRIL ISSUANCE OF EXCHANGE FOR RISK MEANS WE NOW HAVE 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK ISSUANCE. THESE DELIVERIES WERE ADDED TO OUR NORMAL DELIVERY CYCLE.
MAY ISSUANCE OF EXCHANGE FOR RISK NOW TOTALS 3 ISSUANCES FOR 308,350 OZ. THIS TOTALS 9.591 TONNES OF GOLD WHICH WILL BE ADDED TO OUR REGULAR DELIVERY SCHEDULE. THE RECPIENT OF THIS LARGESS IS THE BANK OF ENGLAND.
ANALYSIS JUNE DELIVERY MONTH GOING FROM FIRST DAY NOTICE// JUNE COMEX CONTRACT
WE HAVE LOST A FAIR SIZED TOTAL OF 12.074 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE FIRST RECORDED AT 62.534 TONNES ON FIRST DAY NOTICE/MAY 30. TO THIS WE ADD TUESDAY NIGHT’S QUEUE JUMP OF 19,100OZ OR 0.594 TONNES OF GOLD//NEW STANDING FOR JUNE GOLD ADVANCES TO 92.23
ALL OF THIS QUITE GOOD STANDING FOR JUNE WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $58.05
WE HAD A HUGE 750 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET LOSS ON THE TWO EXCHANGES 3882 CONTRACTS OR 388,2000Z (12.074TONNES)
i) Brinks 563,436.273 oz ii) Out of Loomis 2861.439 oz (89 kilobars)
total withdrawal 566,297.712 oz
or 17.614 tonnes
.
Deposit to the Dealer Inventory in oz
1 ENTRY i) Into ASAHI dealer 97,031.718 oz (3018 kilobars)
total deposit 97.031.718 oz or 3.018 tonnes
Deposits to the Customer Inventory, in oz
0 ENTRY
xxxxxxxxxxxxxxxxI
No of oz served (contracts) today
163 notice(s) 163,00OZ 0.5069 TONNES
No of oz to be served (notices)
161 contracts 16100 OZ 0.5001 TONNES
Total monthly oz gold served (contracts) so far this month
29,491 notices 2,949,100 oz 91.730 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: 1 entry
1 ENTRY i) Into ASAHI dealer 97,031.718 oz (3018 kilobars)
total deposit 97.031.718 oz or 3.018 tonnes
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
we have 0 customer entry
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals:
2 ENTRIES
i) Brinks 563,436.273 oz
ii) Out of Loomis 2861.439 oz (89 kilobars)
total withdrawal 566,297.712 oz
or 17.614 tonnes
adjustments: 0//
AMOUNT OF GOLD STANDING FOR JUNE
THE FRONT MONTH OF JUNE STANDS AT 324 CONTRACTS FOR A GAIN OF 175 CONTRACTS. WE HAD 16 CONTRACTS SERVED ON TUESDAY SO WE GAINED 191 CONTRACTS FOR 19,100 OZ OR .594 TONNES OF GOLD WHICH UNDERWENT A QUEUE JUMP. THIS TOTAL WILL BE ADDED TO OUR INITIAL AMOUNT OF GOLD STANDING AT 62.534 TONNES//NEW STANDING ADVANCES TO 92.23 TONNES
JULY LOST 452CONTRACTS TO STAND AT 6405
AUGUST LOST 8766 CONTRACTS UP TO 323,461
We had 163 contracts filed for today representing 16,300 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 116 notices issued from their client or customer account. The total of all issuance by all participants equate to 163 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 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 (29,491 X 100 oz ) to which we add the difference between the open interest for the front month of JUNE (324 CONTRACTS) minus the number of notices served upon today (163 x 100 oz per contract) equals 2,965,200OZ OR 92.230 TONNES to which we add 0 tonnes of gold issued under exchange for risk// total standing 92.230tonnes
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (29,491 x 100 oz +we add the difference for front month of JUNE (324 OI} minus the number of notices served upon today (163 x 100 oz) which equals 2,965,200OZ OR 92.23 TONNES + 0 tonnes EX FOR RISK = 92.230 tonnes
TOTAL COMEX GOLD STANDING FOR JUNE.: 92.230 TONNES WHICH IS SMALL FOR THIS NORMALLY ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND APRIL WAS SECOND..JUNE DID NOT FOLLOW FEB AND APRIL’S LEAD!!
i) Out of ASAHI 346,202.69 oz ii) Out of Brinks 604,512.400 oz’ iii) Out of HSBC 310,755.300 oz
total withdrawal 1,263.470.39 oz
ADJUSTMENTs 3/ looks like chaos in the silver pits
a) ASAHI customer to dealer: 3,978,816.700 oz
b) CNT dealer to customer acct 598,126.146 oz
c) Loomis/customer to dealer; 1,245,778.18 oz
TOTAL REGISTERED SILVER: 189.478 MILLION OZ//.TOTAL REG + ELIGIBLE. 500.322 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE
silver open interest data:
FRONT MONTH OF JUNE /2025 OI: 9 OPEN INTEREST CONTRACTS FOR A GAIN OF 7 CONTRACTS. WE HAD 4 CONTRACTS SERVED ON TUESDAY SO WE GAINED 11 CONTRACTS OR 55,000 OZ UNDERWENT A QUEUE JUMP IN ORDER TO TAKE DELIVERY OF PHYSICAL SILVER OVER ON THIS SIDE OF THE POND.
JULY LOST 12,581 CONTRACTS DOWN TO 39,659
AUGUST GAINED 445 CONTRACTS TO 1575
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 7 or 35,000 oz
CONFIRMED volume; ON TUESDAY 123,143 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 3370 X5,000 oz = 16.850 MILLION oz
to which we add the difference between the open interest for the front month of JUNE (9) AND the number of notices served upon today (7 )x (5000 oz)
Thus the standings for silver for the JUNE 2025 contract month: (3370) Notices served so far) x 5000 oz + OI for the front month of JUNE(9) minus number of notices served upon today (7)x 5000 oz equals silver standing for the JUNE contract month equating to 16.860 MILLION OZ .
New total standing: 16.860 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 189.478million oz of registered silver
JPMorgan as a percentage of total silver: 214.820/500.322 million. 42.964%
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 25 WITH GOLD UP $8.70 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.72 TONNES OF GOLD OUT OF THE GLD//: /// ///INVENTORY RESTS AT 955.68 TONNES/
JUNE 24 WITH GOLD DOWN $58.05 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 7.16 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 957.40 TONNES/SINCE JUNE 13 ADDED 24.49 TONNES
JUNE 23 WITH GOLD UP $9.25 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.599 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 950.241 TONNES
JUNE 20 WITH GOLD DOWN $19.80 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.43 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 947.37 TONNES
JUNE 18 WITH GOLD UP $1.30 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 4.03 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 945.94 TONNES
JUNE 17 WITH GOLD DOWN $9.60 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 941.93 TONNES
JUNE 16 WITH GOLD DOWN $33.85 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.758 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 940.49 TONNES
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
GLD INVENTORY: 957.40 TONNES, TONIGHTS TOTAL
SILVER
JUNE 25 WITH SILVER UP $0.35/ HUGE CHANGES AT THE SLV:. A WITHDRAWAL OF 2.363 MILLION OZ IOUT OF THE SLV..////INVENTORY RESTS AT 478.322 MILLION OZ.//
JUNE 24 WITH SILVER DOWN $0.37/ HUGE CHANGES AT THE SLV:. A DEPOSIT OF 3.453 MILLION OZ INTO THE SLV..////INVENTORY RESTS AT 480.685 MILLION OZ.//FROM JUNE 2 A HUGE 19.264 MILLION OZ ADDED
JUNE 23 WITH SILVER UP $0.18/ HUGE CHANGES AT THE SLV:. A DEPOSIT OF 2.591 MILLION OZ INTO THE SLV..////INVENTORY RESTS AT 477.232 MILLION OZ.
JUNE 20 WITH SILVER DOWN $0.83/ HUGE CHANGES AT THE SLV:. A DEPOSIT OF 2.818 MILLION OZ INTO THE SLV..////INVENTORY RESTS AT 474.641 MILLION OZ.
JUNE 18 WITH SILVER DOWN $0.20/ HUGE CHANGES AT THE SLV:. A WITHDRAWAL OF 1.273 MILLION OZ INTO THE SLV..////INVENTORY RESTS AT 471.823 MILLION OZ.
JUNE 17 WITH SILVER UP $0.67/ HUGE CHANGES AT THE SLV:. A DEPOSIT OF 1.273 MILLION OZ INTO THE SLV..////INVENTORY RESTS AT 473.096 MILLION OZ.
JUNE 16 WITH SILVER UP $0.18/ HUGE CHANGES AT THE SLV:. A WITHDRAWAL OF 1.727 MILLION OZ FROM THE SLV..////INVENTORY RESTS AT 471.823 MILLION OZ.
JUNE 13 WITH SILVER UP $0.11/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
CLOSING INVENTORY 478,322 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
PETER SCHIFF
MATHEW PIEPENBERG
ALASDAIR MACLEOD…
3. CHRIS POWELL AND GATA DISPATCHES
Copper faces historic squeeze with LME stockpiles depleting fast
Submitted by admin on Tue, 2025-06-24 15:43 Section: Daily Dispatches
By Mark Burton Bloomberg News Monday, June 23, 2025
One of the copper market’s biggest-ever squeezes is unfolding on the London Metal Exchange, as rapidly declining inventories push up spot prices.
Spot copper traded at a $280-a-ton premium to three-month futures today, hitting the highest level seen since a record spike in 2021. The huge spot premium — known as a backwardation — signals a supply shortage, and it comes after a rapid drawdown in LME inventories over the past few months.
tockpiles in the LME’s warehouses serve as a buffer for manufacturers during periods of strong demand, while holders of short positions can also use them to close out their contracts. Backwardations typically indicate the volume of stock in exchange warehouses is insufficient to meet their needs.
Readily available inventories on the LME have declined about 80% this year, and now equate to less than a day of global usage. The depletion has been fueled by a global race to move copper to the U.S. ahead of potential import levies, in a dynamic that’s left buyers elsewhere increasingly short of metal. …
Survey finds central banks want gold, euro, and yuan as dollar dominance wanes
Submitted by admin on Tue, 2025-06-24 09:21 Section: Daily Dispatches
By Yoruk Bahceli and Dhara Ranasinghe Reuters Tuesday, June 24, 2025
LONDON — The custodians of trillions of dollars of global central bank reserves are eyeing a move away from the greenback into gold, the euro and China’s yuan as the splintering of world trade and geopolitical upheaval spark a rethink of financial flows.
According to a report by the Official Monetary and Financial Institutions Forum (OMFIF) due to be published today, one in three central banks managing a combined $5 trillion plan to increase exposure to gold over the next one-to-two years after stripping out those planning to decrease, the highest in at least five years.
he survey of 75 central banks — carried out between March and May — gives a first snapshot of the repercussions of U.S. President Donald Trump’s April 2 “Liberation Day” tariffs that sparked market turmoil and a slide in the safe-haven dollar and U.S. Treasuries.
Gold, which central banks have already been adding at a record pace, was seen benefiting even further longer term, with a net 40% of central banks planning to increase gold holdings over the next decade.
“After years of record-high central bank gold purchases, reserve managers are doubling down on the precious metal,” OMFIF said. …
Agnico Eagle CEO sees only one reason to buy a gold stock
Submitted by admin on Mon, 2025-06-23 10:03 Section: Daily Dispatches
By Geoffrey Morgan and Jacob Lorinc Bloomberg News Monday, June 23, 2025
The head of one of the most valuable gold miners believes there’s only one reason to buy a gold mining stock — and too few companies in the industry are offering it to investors.
“The only reason you want to buy an equity is if it gives you a better return than just buying gold,” Agnico Eagle Mines Ltd. Chief Executive Officer Ammar Al-Joundi said in an interview with Bloomberg.
Toronto-based Agnico Eagle is one of the few large-cap gold mining stocks to outperform bullion in the last year, rising 84% while gold has added 44%. Agnico has also more than doubled the performance of rivals Barrick Mining Corp. and Newmont Corp. — surpassing both on a market capitalization and a price-to-earnings basis in the process.
Meanwhile, a quarter of the stocks in the 56-member VanEck Gold Miners ETF have underperformed the commodity so far this year, even as investors have sought exposure to record-setting gold prices amid tariff-induced economic uncertainty and flaring geopolitical tensions. …
Germany and Italy are being pressed to bring $245 billion of gold home from U.S.
Submitted by admin on Mon, 2025-06-23 00:54 Section: Daily Dispatches
By Olaf Storbeck and Amy Kazmin Financial Times, London Monday, June 23, 2025
Germany and Italy are facing calls to move their gold out of New York following President Donald Trump’s repeated attacks on the U.S. Federal Reserve and increasing geopolitical turbulence.
Fabio De Masi, a former Die Linke member of the European Parliament who joined the leftwing populist BSW party, told the Financial Times that there were “strong arguments” for relocating more gold to Europe or Germany “in turbulent times.”
Germany and Italy hold the world’s second- and third-largest national gold reserves after the United States, with reserves of 3,352 tonnes and 2,452 tonnes, respectively, according to World Gold Council data.
Both nations rely heavily on the New York Federal Reserve in Manhattan as a custodian, each storing more than a third of their bullion in the U.S. Between them the gold stored in the U.S. has a market value of more than $245bn, according to FT calculations. …
UBS Upgrades Uranium Prices On “Repowering The US” Theme Gaining Steam
Wednesday, Jun 25, 2025 – 11:45 AM
For the third consecutive day, extreme heat across the eastern half of the U.S. has triggered power grid alerts and emergency warnings, highlighting the fragility of current energy infrastructure. Extremely tight power grids reinforce a core part of our energy thesis: the urgent need for clean, reliable baseload power, and there is no better option than nuclear.
The current environment strengthens our conviction as long-term ‘atomic bulls‘, a stance we’ve maintained since our original call in December 2020 (read here). Nuclear energy remains the only scalable, carbon-free solution capable of delivering 24/7 generation for powering up America in the 2030s (more here).
On Wednesday, a team of UBS analysts, led by Dim Ariyasinghe, upgraded their near-term uranium price forecast by ~10% (to $72/lb for 2025) due to improved policy sentiment, bipartisan support, and tighter supply from global disruptions.
The analysts recently hosted a call with the Atlantic Council, noting that U.S. nuclear capacity could grow from approximately 100 GW to 400 GW by 2050—surpassing the Biden administration’s current targets. News earlier this week of New York’s plan to develop a 1GW plant provided additional tailwinds for the industry.
“We upgrade our near-term U prices ~10% on an improved US policy backdrop, which has buoyed broader market sentiment,” Ariyasinghe penned in a note to clients.
UBS maintains a long-term price forecast of $77/lb (real 2025) and $81/lb nominal from 2030.
Uranium spot prices…
Ariyasinghe’s stock views within the industry:
Paladin Energy (PDN): Maintains a BUY rating with price target lifted 3% to A$9.40/share. Restart at the Langer Heinrich mine is ahead of schedule; FY26 production revised slightly down to 4.5Mlb due to blending lower-grade ore, but this is offset by higher prices and improved costs.
Boss Energy (BOE): Downgraded to SELL despite production success at Honeymoon mine and a 6% price target increase to A$3.50/share. UBS views the stock as overvalued after an 81% YTD rally and cites risks in long-term growth clarity, wellfield geology, and expansion capex.
Separately, long-time readers will recognize familiar ZeroHedge favorites like Cameco (CCJ) and Oklo, both of which continue to log fresh record highs week after week. We’ve consistently laid out the investment framework over the years—and most recently provided additional, comprehensive guides (read here & here) on how to profit as an ‘atomic bull’ in this unfolding nuclear era.
ASIAN MARKETS THIS WEDNESDAY MORNING:
SHANGHAI CLOSED UP 35.41 PTS OR 1.04%
//Hang Seng CLOSED UP 293.45 PTS OR 1.22%
// Nikkei CLOSED UP 151.51 PTS OR 0.39% //Australia’s all ordinaries CLOSED UP 0.06%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1708 OFFSHORE CLOSED UP AT 7.1702/ Oil DOWN TO 66.03 dollars per barrel for WTI and BRENT DOWN TO 69.28 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1708 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1702 AGAINST US DOLLAR/ AND THUS STRONGER
END
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1708 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: DOWN TO 7.1702 (CCP MANIPULATED)
SHANGHAI CLOSED UP 35.41 PTS OR 1.04%
HANG SENG CLOSED UP 151.51 PTS OR 0.34%
2. Nikkei closed UP 151.51 PTS OR 0.39%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX UP TO 97.67/ EURO FALLS TO 1.1596 DOWN 8 BASIS PTS
3b Japan 10 YR bond yield: FALL TO. +1.393//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 145.34…… 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 DOWN for WTI and UP 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 DWN TO +2.51100/Italian 10 Yr bond yield DOWN to 3.4540SPAIN 10 YR BOND YIELD DOWN TO 3.165%
3i Greek 10 year bond yield DOWN TO 3.220
3j Gold at $3328.75 Silver at: 35.92 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 11 /100 roubles/dollar; ROUBLE AT 78.26
3m oil (WTI) into the 65 dollar handle for WTI and 68 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 145.34// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.393% 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 0.8052 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9337 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: 4.278 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.814 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.783 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 39.70
10 YR UK BOND YIELD: 4.4470 DOWN 3 PTS
10 YR CANADA BOND YIELD: 3.272 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.861 DOWN 1 PTS
2a New York OPENING REPORT
US Futures Rise Amid FOMO Panic With S&P Set For New All Time High
Wednesday, Jun 25, 2025 – 08:32 AM
US equity futures reverse modest losses and trade flat, just shy of a new record, after the Nasdaq set a new all time high yesterday as the ceasefire between Iran and Israel remains intact (Pentagon intelligence report said US airstrikes had only a limited impact on Iran’s nuclear program, which President Trump disputed) and as the NATO Summit continues. As of 8:00am ET, S&P futures were up 0.1% ahead of Powell’s second day of Congressional testimony; Nasdaq 100 futures rose 0.3% as a FOMO panic grows now that the index is back at all time highs. Pre-market Mag7/Semis are seeing a bid; with cyclicals mixed with financial higher but Industrials are dragged by FDX which is down 6% post earnings (q1 guide below cons/withheld full year guidance citing trade policy uncertainty). Asia closed higher (Shanghai +1.04%/Hang Seng +1.23%/Nikkei +39bps) on limited catalysts outside of comments from China’s Premier Li that Beijing was turning China into a “mega-sized” consumer powerhouse, while Europe is lower (FTSE -5bps/DAX -40bps/CAC -20bps) on light volumes (-20% vs 10dma). The US dollar is stronger, while commodities are weaker with Energy seeing a relief rally/deadcat bounce. As the market moves back to trade, taxes, and earnings there are incrementally positive headlines on US/Mexico looking at a lowering effective tariffs rates around a quota system and US/China where China is looking to reduce the flow of fentanyl precursors, a potential goodwill measure. Today brings a second day of testimony from Powell in front of the Senate (should be same message that the Fed is well positioned to wait for further clarity on the economy), the 5Y bond auction, and new home sales.
In premarket trading, Mag 7 stocks are higher alongside index futures (Nvidia +0.8%, Tesla +0.8%, Alphabet +0.6%, Apple +0.4%, Amazon +0.3%, Microsoft +0.3%, Meta +0.2%). Here are some other notable premarket movers:
Coinbase Global Inc. shares (COIN) are up 3.3% after Bernstein raised the target on it to $510, a Street high and 48% above Tuesday’s close.
Duolingo Inc. shares (DUOL) are up 0.8% after Argus Research started coverage on the language-learning software company with a buy rating and $575 price target.
FedEx shares (FDX) fall 5.7% after its first-quarter profit forecast missed analysts’ estimates and the parcel company said it wasn’t providing a profit outlook for the fiscal year due to uncertain global demand.
Graphic Packaging (GPK) slips 1% as BNP Paribas Exane downgrades the stock amid lackluster demand in the paper and packaging sector.
Nvidia (NVDA) rises 0.9% after its price target was lifted to a Street high of $250 from $175 at Loop Capital Markets, which says the chipmaker is positioned favorably into the next “golden wave” of Gen AI adoption.
QXO Inc. shares (QXO) drop 6.3% as the building products distributor seeks to raise $2 billion in a share sale. The firm led by billionaire Brad Jacobs is pursuing a takeover.
Reddit shares (RDDT) are up 3.5% in premarket trading, suggesting the social-media company would extend a recent advance.
TMC The Metals Co. shares (TMC) jump 4.1% after Wedbush analyst Daniel Ives raised the recommendation on the company to outperform from neutral, citing US President Donald Trump’s April executive order favoring deep-sea mining.
Yum! Brands Inc. shares (YUM) are up 1.5% after JPMorgan upgraded the operator of such chains as KFC and Taco Bell to overweight from neutral.
With the S&P 500 trading within 1% of its all-time high after a sharp rebound from April’s tariff-driven turmoil, some analysts warn that complacency is setting in. Risks remain elevated, including the potential for renewed geopolitical tensions and the looming tariff deadline set by US President Donald Trump, now just two weeks away, with little progress on trade deals.
“Going into July 9, there is no tariff fear priced into the market,” Bhanu Baweja, chief strategist at UBS Group AG, told Bloomberg TV. “Caution is what is warranted right now. We won’t be chasing the market higher.”
Following a turbulent stretch in financial markets that was sparked by a near two-week war between Israel and Iran, traders are shifting their focus back to the US economy and how trade risks and fiscal pressures could affect corporate earnings and growth. A fragile ceasefire between Israel and Iran appeared to be holding on Wednesday, with both sides claiming victory in the war.
“The market is moving on to the next thing which is the tariffs deadline, and central banks,” said Lilian Chovin, head of asset allocation at Coutts. “We are in a sequence where slightly weaker growth momentum is being positively received by markets, because it’s causing renewed expectations for rate cuts.”
European stocks are little changed with gains in auto and technology shares offset by losses in media and telecommunications. The Stoxx 600 was little changed as auto shares outperformed, as data showed new-car registrations rose 1.9% last month from a year earlier. Media stocks were the biggest laggards. Here are some of the biggest movers on Wednesday:
Stellantis rises as much as 5.4% as Jefferies upgrades the automaker to buy from hold, writing in a note that operations may be starting to take a more positive turn.
Ambu shares rise as much as 5.5% after the US Food and Drug Administration alerted health-care providers about importing certain medical devices manufactured in Japan by a unit of Olympus.
Babcock climbs as much as 14% after the support services company upgraded its medium-term guidance for underlying operating margin, with CEO David Lockwood saying this is “a new era for defense.”
European-listed renewable energy stocks gained after a Republican Senator said US lawmakers were discussing changes to a provision in President Donald Trump’s broad spending bill that would abruptly end tax credits for clean energy companies.
THG shares jump as much as 18% after the online retailer provided a trading update and reiterated its full-year guidance ahead of its annual general meeting today.
Befesa rises as much as 12% following an upgrade to overweight from equal-weight at Morgan Stanley, which says there is growing confidence in the German recycling company’s earnings delivery.
Worldline shares fall as much as 25%, the most since October and to the lowest on record, after Dutch media outlet NRC reports that the company has covered up fraud by customers despite warnings from the firm’s risk department.
Swatch shares drop as much as 2.9% after JPMorgan cut the stock’s price target to a street low, reflecting Swiss watch export data, the latest industry trends and forex moves.
Kongsberg shares drop as much as 4.2% as Pareto Securities lowers its recommendation on the Norwegian firm to sell, saying the non-defense operations’ valuation is too high.
Universal Music falls as much as 3.4% as UBS cuts its recommendation to neutral from buy, saying the current valuation reflects strong growth potential.
BIC drops as much as 7.5%, hitting its lowest level since April 2022, after some investors offered shares in the office supplies firm at a discount to Tuesday’s closing price.
Deutsche Post falls as much as 2.2% after US delivery firm FedEx forecast worse-than-expected profit for the current quarter in a sign that soft parcel demand and uncertainty over global trade are unlikely to abate in the near term.
Earlier in the session, Asian stocks climbed on optimism the Israel-Iran ceasefire will hold, while tech shares got a boost after the Nasdaq 100 hit a record high. The MSCI Asia Pacific Index rose as much as 0.6% on Wednesday, adding to the previous session’s 2.3% rally. TSMC, Alibaba and Nintendo were among the biggest boosts. Benchmarks in China, Hong Kong and Taiwan led gains in the region. Global risk sentiment is on the mend as Middle East tensions subside, though prospects for lasting peace remain unclear. The relief rally helped propel tech stocks in particular, with investors also hopeful the the US will seal trade deals with major trading partners.
In FX, the Bloomberg Dollar Spot Index rises 0.2%. The Kiwi dollar tops the G-10 FX pile rising 0.2% against the greenback. The yen led G10 losses with USD/JPY as much as 0.5% higher to 145.68; other G10 currencies traded in a narrow range
In rates, treasuries are little changed after the benchmark 10-year yield shed five basis points Tuesday, as Powell’s comments before House lawmakers and weak consumer data boosted bets on the pace of rate cuts in 2025. US 10-year is around 4.30% with German counterpart lagging by around 1bp; UK 2- and 5-year yields trade about 1.5bp richer on the day, outperforming Treasuries. Swap traders are currently pricing in a 15% probability of a quarter-point cut next month, with expectations for at least two reductions by year-end. Powell is due to appear in the Senate on Wednesday. French bonds outperform. $70 billion 5-year note auction follows good result for Tuesday’s 2-year new issue; WI 5-year yield near 3.878% is ~19bp richer than last month’s; cycle concludes Thursday with $44 billion 7-year
In commodities, brent crude futures rise almost 1% to $67.74 a barrel before reversing some of their gains, after plunging the most since 2022 in the past 48 hours, as Trump expressed support for NATO and disputed an intelligence report that found the airstrikes he ordered on Iran had only a limited impact on its nuclear program. Spot gold hovers around $3,322/oz. Bitcoin rises 0.8% toward $107,000.
Looking at today’s calendar, US economic data slate includes May new home sales at 10am. Fed speakers include Goolsbee (8am); Powell testifies before a Senate committee at 10am.
Market Snapshot
S&P 500 mini little changed
Nasdaq 100 mini +0.1%
Russell 2000 mini little changed
Stoxx Europe 600 little changed
DAX -0.1%
CAC 40 little changed
10-year Treasury yield -1 basis point at 4.29%
VIX -0.2 points at 17.24
Bloomberg Dollar Index +0.2% at 1203.54
euro -0.1% at $1.1597
WTI crude +0.9% at $64.94/barrel
Top Overnight news
Mamdani on verge of winning New York City’s Democratic mayoral contest after Cuomo concedes: RTRS
US President Donald Trump disputed an intelligence report that found the airstrikes he ordered on Iran had only a limited impact on its nuclear program, even though the assessment came from the Pentagon: BBG
Trump tells Congress that Iran had nuclear weapons program, contradicting US spy agencies: RTRS
Trump on Tuesday appeared to undermine years of US sanctions on Iran, giving its biggest customer China the green light to carry on buying its oil as he seeks to bolster a ceasefire with Israel: BBG
With defence spending set to rise, Trump reassures NATO allies: RTRS
Fed Chair Jerome Powell had plenty of opportunities Tuesday to tell lawmakers definitively the central bank will cut interest rates soon. He didn’t take any of them: BBG
The European Union plans to impose retaliatory tariffs on US imports, including on Boeing Co. aircraft, if Trump puts a baseline levy on the bloc’s goods as many expect: BBG
Trump expressed support for NATO, praising its moves to bolster defense spending as the pact’s leaders look to secure a US commitment to the alliance: BBG
Tesla’s European sales slump for fifth month: RTRS
Big Balls, a key member of Musk’s DOGE team, resigned from government: NYT
Several Senate committees expect the updated reconciliation text as soon as Wednesday morning to reflect modifications based on initial parliamentarian rulings: Punchbowl
Morgan Stanley expects the Federal Reserve to begin cutting rates in March 2026, sees a total of seven cuts in 2026, bringing the terminal rate to 2.5-2.75%
New York Independent System Operator said it had issued an energy warning for June 24 due to a decline in operating reserves, according to Reuters. The grid was operating normally at the time, but emergency operations might be initiated to maintain system reliability.
A US judge blocked the Trump administration from withholding funds awarded to 14 states for EV charger infrastructure, according to a court filing.
Trade/Tariffs
Fox’s Gasparino posted that Team Trump said it was close to announcing a handful of trade deals. The major ones the White House claimed progress on involved Japan, South Korea, and Vietnam. India was not on the list of pending agreements amid the recent spat with Pakistan.
Vietnam expects “good results” from talks with the US in less than two weeks, according to Bloomberg.
Switzerland expects US tariffs to stay at 10% after July 9 during talks, via Bloomberg.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded stronger following the firm lead from Wall Street, with gains capped as traders were cautious amid the fragility of the Israel-Iran ceasefire. From a central bank perspective, some attention in US hours was on Fed Chair Powell, who echoed his wait-and-see stance but left July options open during the Q&A. Thereafter, sentiment in APAC trade was somewhat capped after BoJ taper-dissenter Tamura struck a hawkish tone, suggesting the BoJ may need to raise rates decisively—even amid high uncertainty—if upward price risks heighten. He also noted that he does not see 0.5% as a barrier for BoJ rate hikes. ASX 200 fluctuated between modest gains and losses before a sub-forecast Aussie Monthly CPI print provided a mild boost. The monthly gauge came in at 2.1%, towards the bottom end of the RBA’s 2–3% target range, though market pricing barely shifted. Nikkei 225 saw choppy trade in limited ranges following commentary from BoJ’s Tamura, who said he does not see 0.5% as a ceiling for rate hikes. On the trade front, FBN’s Gasparino suggested progress in US-Japan trade talks. The BoJ Summary of Opinions noted that the effects of tariff policies are likely yet to materialise. Hang Seng and Shanghai Comp conformed to the broader tone following a muted open as traders awaited the next catalyst. The indices saw upticks following remarks from China’s Premier Li who said judging from key indicators, China’s economy showed a steady improvement in Q2, and he is confident in China’s ability to maintain a relatively rapid growth.
Top Asian News
China’s Premier Li said that key indicators pointed to steady improvement in Q2, and expressed confidence in maintaining a relatively rapid growth rate. He added that regardless of global developments, China’s economy had consistently shown strong growth momentum.
Chinese Premier Li said the world economy and international economic and trade cooperation once again faces new difficulties and challenges, according to remarks at the World Economic Forum in Tianjin. He added that the risk of fragmentation in global industrial supply chains is on the rise.
Chinese President Xi Jinping is reportedly not attending next week’s BRICS summit, marking his first-ever absence, due to a scheduling conflict, according to SCMP sources.
PBoC injected 365.3bln via 7-day reverse repos with the rate maintained at 1.40%.
CBA now anticipates RBA to cut rate in July (prev. August), following the softer-than-expected Australian CPI data.
BYD (002594 CH/BYDDY) has started to cut vehicle production by at least a third of capacity in some factories in China by cancelling night shifts, suspended plans to set up new production lines, according to Reuters sources.
Japanese government will consider cutting this year’s growth forecast, according to Reuters citing sources. Japan’s government may cut its 2025 GDP growth forecast from 1.2% to below 1%, with final projections due by end-July, due to uncertainty over US tariff developments.
European bourses (STOXX 600 U/C) opened mostly and modestly firmer and have traded choppily throughout the morning. More recently, some selling pressure has been seen taking a few indices modestly into the red. European sectors hold a positive bias, and aside from the top performer, the breadth of the market is fairly narrow. Autos is the clear outperformer today, lifted by strength in Stellantis (+4.5%) after the Co. received an upgrade at Jefferies. Telecoms is found at the foot of the pile, joined closely by Food Beverage & Tobacco; though losses which are modest by nature.
Top European News
UK is to reportedly purchase twelve F-35A fighter jets, with an announcement from the UK PM potentially on Wednesday, according to The Telegraph. Unlike the F-35B jets the UK currently possesses, the F-35A variant can carry nuclear weapons.
Spain’s Economy Minister says when NATO’s military capabilities are reviewed, Spain could revise its own military spending.
FX
DXY is a touch higher following Tuesday’s selling pressure which was triggered by an easing in geopolitical tensions and comments by Fed Chair Powell. On the former, ING believes that “the negative impact of the reduced geopolitical risk on the dollar has largely played out”. Today’s calendar is light in terms of data. However, investors are still mindful of the trade front after FBN’s Gasparino revealed last night that Team Trump said it was close to announcing a handful of trade deals. On the fiscal front, US Treasury Secretary Bessent said the Senate is on track for a vote on Trump’s tax bill on Friday. As we head closer to month-end, modelling from Barclays and Citi suggests modest USD selling. DXY is currently contained within Tuesday’s 97.70-98.27 range.
After hitting a multi-year high on Tuesday at 1.1641, the rally in EUR/USD has paused for breath with the pair returning to a 1.15 handle. Fresh macro drivers for the Eurozone are on the light side following a raft of ECB speak at the start of the week, which suggested that recent geopolitically-driven gains in the energy space are not affecting the Bank’s outlook for inflation. EUR/USD has ventured as low as 1.1591 but is holding above Tuesday’s trough at 1.1574.
JPY is seeing some give back vs. the USD following a strong session of gains, which brought the pair down from a 146.17 peak to a 144.51 trough. Overnight, we initially saw downside in USD/JPY following hawkish remarks from BoJ taper-dissenter Tamura, who reiterated that 0.5% is not a barrier for BoJ rate hike. The currency was also underpinned after FBN’s Gasparino flagged progress between the US and Japan on trade talks. However, these moves were reversed in early European trade as the USD looked to claw back some of its recent losses.
GBP is flat/lower vs. the USD with incremental macro drivers from the UK lacking. On today’s docket, we have been awaiting comments from Lombardelli and Pill. Greene and Lombardelli (again) are due to speak later.
Antipodeans are marginally outperforming amid the recent upside in global equities and a broader rise in commodity prices. AUD/USD saw an immediate knee-jerk lower on the sub-forecast monthly CPI metric, which ultimately did little to change the current course of the RBA; a July cut is still priced at 92%.
Citi month-end FX modelling: moderate USD selling at the end of June. Average signal is 0.7 historical standard deviations. The signal is weaker in GBP/USD, due to Gilts and UK equity outperformance vs European markets.
Barclays month-end FX modelling: moderate USD-selling signal by month-end against most majors, with a weak sign on EURUSD. Quarter-end rebalancing model: indicates a strong USD-selling signal against most majors, with a weak sign on EURUSD and a moderate sign on USDJPY. Overall, the signal shows moderate dollar-selling at the end of June
PBoC sets USD/CNY mid-point at 7.1668 vs exp. 7.1709 (prev. 7.1656)
Fixed Income
JGBs were initially bid, catching up to some of the gains seen in peers on Tuesday. However, the move was capped by BoJ remarks and the SOO.
USTs are essentially flat, but still remain at elevated levels following Fed Chair Powell’s commentary in the prior session, where he said “many paths are possible” when questioned on a July cut. Do note that the Fed Chair is due to speak later today also. Elsewhere, data docket is fairly light so focus will be on the 5yr auction, which follows a robust 2yr outing on Tuesday. USTs are currently just off the upper-end of a 111-17+ to 111-23+ band and 1+ ticks above Tuesday’s best.
A firmer start to the day. Bunds were the upper-end of a 130.61 to 131.12 band, after being relatively contained in APAC trade around that low, a bid emerged in the European morning as the region’s risk tone deteriorated. Thereafter, Bunds were pressured for the remainder of the morning, with downside exacerbated by the poor Gilt auction; currently trade towards session lows at 130.65;
OATs outperforming Bunds a touch with focus on French politics. The Socialist Party (PS) on Tuesday announced that the government’s “unfulfilled commitments on pensions” and other issues mean that they will have to file a motion of censure against PM Bayrou’s government. While the motion will be put forward by the left, those on the right and particularly National Rally (RN) have cautioned that they could oppose Bayrou given points of disagreement on other issues; together, PS, RN and their allies could bring Bayrou’s government down.
Gilts are trading in-line with USTs at first. Spent the morning at the upper-end of a 93.33-57 band. Specifics for the UK are very light, no commentary from BoE’s Lombardelli or Pill while supply was robust on the main metrics but saw a particularly chunky 10bps price tail. Results that pushed Gilts back to the above trough and into the red.
UK sells GBP 3.25bln 4.375% 2040 Gilt: b/c 2.88x (prev. 2.58x), tail 1.0bps (prev. 0.9bps), average yield 4.850% (prev. 4.917%).
Italy sells EUR 3.0bln vs exp. EUR 2.5-3.0bln 2.10% 2027 BTP & EUR vs exp. EUR 2.5-3.0bln 1.10% 2031 BTPei.
Commodities
Crude futures are firmer today, calmly attempting to pare back some of the recent losses, with overnight newsflow relatively light aside from private inventory data, which printed a larger-than-expected draw. WTI and Brent are trading on USD 65/bbl and 66/bbl handles respectively, back above their 50DMAs.
Spot gold is cautiously attempting to rebound from recent losses sparked by the improved geopolitical backdrop. The haven traded above the USD 3,300/oz mark for the entirety of the APAC session, and now approaches session highs, after support around the USD 3,326/oz mark.
Copper futures trade with modest gains, 3M LME contracts trading on either side of USD 9,700/t mark.
Israel’s NewMed says Leviathan field is to resume activity.
Fed’s Schmid (2025 voter) said the central bank has time to study the effects of tariffs on inflation before making any rate decisions. He noted that both employment and inflation are near the Fed’s goals. Contacts indicated that tariffs would raise prices and weigh on economic activity. He added that the economy’s resilience meant the Fed could afford to wait and observe developments before proceeding with rate cuts.
BoJ June meeting Summary of Opinions stated that, while much of the hard data for April and May had been relatively solid, it was likely that the effects of tariff policies had yet to materialise. Although uncertainty regarding trade policies remained extremely high, on the domestic front, wage developments had been solid and the CPI had been slightly higher than expected. Japan’s economy was at a crossroads between making a transition to a “growth-oriented economy driven by wage increases and investment” and falling into stagflation. Although the direct impact of US tariff policy has not been observed so far, Japan’s economy has been somewhat stagnant. Despite the impact of US tariff policy, many firms would likely continue to raise wages to address labour shortages and make high levels of business fixed investment. While the impact of the US tariff policy would certainly exert downward pressure on firms’ sentiment, the Bank needed to take some time to examine the magnitude of the impact on the real economy. Given high uncertainty, the Bank should at this point maintain accommodative financial conditions with the current interest rate level and thereby firmly support the economy. Even though prices had been somewhat higher than expected, it was appropriate for the Bank to maintain current policy given downside risks stemming from US tariff policy and the situation in the Middle East. Although the CPI had been higher than expected, the pass-through of higher wages to services prices seemed to have plateaued. The situation of government bond markets around the world had been a major topic of discussion, such as at international meetings, and attention was warranted on the possibility that developments overseas would spread to Japan. Increased volatility in the super-long-term zone might spill over to the entire yield curve, thereby spreading unintended tightening effects to the market as a whole.
BoJ board member Tamura said that if upward price risks heightened, the BoJ could face a situation where it would need to raise rates decisively, even if uncertainty remained high, adding that he does not see 0.5% as a barrier for BoJ rate hikes. He stressed the need to steadily normalise the balance sheet, even though it may take time, and noted he had voted against the June decision to slow the pace of bond-buying taper next year, arguing the BoJ should normalise bond holdings as soon as possible. Tamura stated that while the JGB market function had improved somewhat, it still remained low. He reiterated his stance that rate hikes must be timely and appropriate, neither too quick nor too late. On the economy, he assessed that inflation was on track or somewhat stronger than expected, with upward risks having been elevated until March. He flagged that market-based services inflation was exceeding 2%, and both rent and public service costs were rising gradually. He noted the rise in fresh food prices could no longer be described as temporary and must be monitored carefully. Medium- and long-term inflation expectations were gradually heightening, with household and corporate expectations already around 2%. He warned of the risk that Japan’s inflation expectations could overshoot further. Tamura also said US tariffs would likely weigh on Japan’s economy and prices, but projected inflation would remain near 2% until fiscal 2027. Despite some downside risks, he assessed that the probability of Japan reverting to a low wage/price growth environment was low. Consumer inflation data for April and May had overshot expectations, and wage momentum in Japan was sufficiently strengthening.
Geopolitics
US Secretary of State Rubio says US President Trump will buck Europe’s pleas to ratchet up sanctions on Russia, adding that the US still wants room to negotiate a peace deal, according to Politico.
US President Trump says NATO will be very strong, when asked about article 5, says “we are with them all of the way”. Thinks the Iran-Israel ceasefire is good. Last thing Iran want to do is enrich (uranium), they want to recover. Thinks US will have a relationship with Iran. Asked if the US would strike Iran again if the nuclear programme is rebuilt, says “sure” Progress is being made on Gaza.
“Al-Akhbar reported this morning from its sources that Houthi attacks in Yemen against Israel are expected to intensify and escalate in the coming days in response to the Israeli escalation in Gaza”, via Kan’s Kais on X.
Iranian Parliament approves bill to suspend cooperation with UN nuclear watchdog, according to Nournews
“There have been no [US] sanctions lifted on Iran,” said Fox Business’ Lawrence, in reference to President Trump’s post suggesting China could continue to buy oil from Iran. A senior White House official added: “The President was simply calling attention to the fact that because of his decisive actions to obliterate Iran’s nuclear facilities and broker a ceasefire between Israel and Iran, the Strait of Hormuz will not be impacted, which would have been devastating for China. The President continues to call on China and all countries to import our state-of-the-art oil rather than import Iranian oil in violation of US sanctions.”
Iranian Foreign Minister Araqchi said the nuclear programme continues, according to Al Arabiya.
White House Middle East envoy Witkoff said the US and Israel had achieved their goals in Iran, according to Fox News. He described talks with Iran as encouraging and stated it was time to sit with Iran and make a comprehensive deal.
Iran’s Revolutionary Guards denied there was any drone attack in the northwestern city of Tabriz following reports air defences were activated in the area, according to Iranian news sites.
Israel’s representative to the UN Security Council stated that Iran had been involved in producing a nuclear bomb, according to Sky News Arabia.
Israel’s representative to the United Nations said that diplomatic talks with Iran will take place soon, according to Al Arabiya.
US is set to open its embassy in Jerusalem on June 25th, following the ceasefire between Israel and Iran and the lifting of all restrictions by Israel’s Home Front Command, according to a statement.
Iran executed three men for allegedly working for Israel’s spy agency Mossad, according to the Mizan News Agency.
US Event Calendar
7:00 am: Jun 20 MBA Mortgage Applications 1.1%, prior -2.6%
10:00 am: May New Home Sales, est. 693k, prior 743k
10:00 am: May New Home Sales MoM, est. -6.73%, prior 10.9%
Central Banks
8:00 am: Fed’s Goolsbee Appears on Podcast
10:00 am: Fed’s Powell Testifies Before Senate Committee
DB’s Jim Reid concludes the overnight wrap
When we first published the report in 2012, US cities were a bit of a bargain relative to their developed market peers. But fast forward a decade or so and the US is now jostling with Geneva and Zurich at the top of many of the charts. Admittedly a strong dollar helped – but the story runs deeper: it’s a tale of US exceptionalism, Wall Street strength, and a tech sector that’s gone global but remains American-led. However given our bearish structural dollar view, we think US cities would slip down these lists in the years ahead.
The report covers lots of measures, including who has the best quality of life, where are salaries soaring, how much an apartment will cost, and where’s the cheapest place to go on a “cheap date” with your partner. It’s got a bulleted summary section followed by further commentary, and includes the full tables across all 69 cities. The financial market city with the best quality of life is 90 places ahead of its FIFA world football ranking. Can you guess who it is? Please delve into the report at your leisure for this and much much more.
When it comes to the last 24 hours, near-term inflation fears have rapidly diminished as the ceasefire in the Middle East led to further oil price declines. Indeed, Brent crude was down another -6.07% yesterday to $67.14/bbl, meaning that the two-day decline over Monday and Tuesday is the biggest since March 2022, at -12.82%. It’s also their lowest level since June 10, so just before fears of Israeli strikes against Iran began to surface. This fading geopolitical premium also led to a huge risk-on move across multiple asset classes, with the S&P 500 (+1.11%) seeing its best day in four weeks and closing less than 1% beneath its record high from mid-February. This morning in Asia, US equity futures are flat and oil prices (+1.36%) have edged back up, trading at $68.06/bbl.
The decline in oil yesterday got some extra momentum from Trump’s post that “China can now continue to purchase oil from Iran”, suggesting that the US might reduce enforcement of sanctions against Iranian oil. Although it’s fair to say that the statement seems to catch the Treasury and State Departments by surprise. Meanwhile, the truce between Israel and Iran appears to be holding after Trump earlier blamed both sides for initial breaches. Israel’s Prime Minster Netanyahu confirmed that he agreed to the truce with Iran, claiming a “historic victory”. The UN nuclear watchdog has urged a rapid restart of inspections of Iran’s nuclear facilities, with The New York Times and CNN reporting that a preliminary assessment by US intelligence was that the recent strikes likely did not fully cripple Iran’s underground facilities and may delay its nuclear programme by less than six months. White House spokeperson Leavitt called the reporting “flat-out wrong” though.
Turning back to yesterday’s market moves, the key reason the market rallied so much was because lower oil prices (and hence lower inflation) are keeping the prospect of rate cuts in play this year. Indeed, futures priced in more rate cuts from the Fed in response, with the amount expected by the December meeting up +4.3bps on the day to 59bps. That’s the most rate cuts priced in six weeks, just before the US-China tariffs were slashed by 115 percentage points, which reassured markets that there wouldn’t be a downturn. This time around, lower inflation rather than growth fears have been the main driver of the repricing, and US Treasuries rallied strongly across the curve as a result. For instance, both the 2yr and 10yr yield hit their lowest level since early May, with the 2yr yield (-3.8bps) down to 3.83%, whilst the 10yr yield (-5.3bps) fell to 4.30%. That said, the decline in yields also gained considerable momentum from the Conference Board’s consumer confidence indicator, which unexpectedly fell to 93.0 in June (vs. 99.8 expected) with the share of responders who said that jobs were plentiful falling to their lowest level since the pandemic.
But even as markets were pricing in a growing chance of a rate cut this year, there was little sign of any rush from Fed Chair Powell in his latest testimony. He reiterated his message from last week’s press conference that they were “well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.” Looking forward, he also said that the tariff inflation would be evident in the June and July numbers, so that implicitly leant in favour of waiting until September before any further rate cuts. Meanwhile, Cleveland Fed President Hammack also said that it “may well be the case that policy remains on hold for quite some time”. She also said that “I would rather be slow and move in the right direction than move quickly in the wrong one.” Just after the European close NY Fed Williams’ comments were similar to Powell’s with him saying that it was “entirely appropriate” to maintain the current policy stance and that it was still “early days” in terms of the impact of tariffs on inflation. Fed Governor Barr also struck a “wait and see” tone, noting the potential for “some inflation persistence” due to second-round effects.
Nevertheless, those more hawkish comments failed to halt the rally, as the market view was that the deflationary impulse from lower oil prices would bring about quicker rate cuts. So that provided a significant boost to equities on both sides of the Atlantic. The S&P 500 was up +1.11%, and tech stocks led the way as the NASDAQ advanced by a bigger +1.43% while the narrower NASDAQ 100 (+1.53%) reached a new record high. Meanwhile in Europe, the STOXX 600 (+1.11%) posted its biggest gain in six weeks, alongside fresh moves higher for the DAX (+1.60%) and the CAC 40 (+1.04%). Staying in Europe, the German government yesterday agreed on a budget draft for 2025 as well as on benchmark budget figures for 2026-2029. According to our economists’ piece here, the fiscal package sends a strong signal: the government intends to lose no time in ramping up public investment in Germany’s defence and infrastructure.
While the medium-term fiscal plan is largely in line with their assumptions, the budget draft for 2025 implies greater front-loading of the fiscal stimulus than we expected. The government plans to spend more than EUR 200bn on defence and infrastructure this year, and to raise more than 3% of GDP in fresh debt to fund this investment spree. This implies a sharp fiscal easing in the second half of the year. Although it may be difficult to spend these funds in their entirety by the end of the year, the ambitiousness of the fiscal expansion should spur the recovery in private investment. There is near-term upside risk to growth from this. On this theme, yesterday’s Germany Ifo business climate indicator moved up to a one-year high of 88.4 in June (vs. 88.0 expected). Together with the stronger German PMIs on Monday, this adds to the sense of the new government’s policy shift translating into stronger business confidence.
While the German fiscal announcement had been substantially flagged in recent reporting, it still drove 10 yr German bund yields +3.7bps higher on the day, with the Italy-Germany spread (-5.5bps) seeing its biggest tightening in ten weeks. French OAT yields (+2.0bps on 10yr) also moved slightly higher amid news that its government is expected to face a no confidence vote in the next couple of days following a collapse of talks on pension reform.
With everything else going on, the US tax bill currently in the Senate has received less attention recently. However, President Trump reiterated his call yesterday for a quick passage, with the administration still trying to get it done by their July 4 deadline. In a post on Truth Social, Trump called on Senators to “lock yourself in a room if you must, don’t go home, and GET THE DEAL DONE THIS WEEK.” It’s already passed the House by a single vote, but both chambers have to pass the same version of the bill, so the revised version by the Senate would need to go back to the House for a vote. In terms of the latest timeline, Treasury Secretary Bessent suggested that House and Senate Republicans could reach agreement on the state and local tax deduction in the next two days, while Senate Majority leader Thune said he expects the Senate to start voting on the bill on Friday, setting up a potential weekend of votes. Beyond that, NEC director Kevin Hassett said that after the bill was passed, they’d be announcing trade deals with other countries, which comes with just two weeks now remaining until the July 9 deadline for the 90-day reciprocal tariff extension. Hassett said that “we’re very close to a few countries and are waiting to announce after we get the Big Beautiful Bill closed”.
In Asia calm seems to have broken out with the Hang Seng (+0.79%) the top performer so far this morning, with the CSI (+0.34%), the Shanghai Composite (+0.26%), and the Nikkei (+0.18%) also higher. The KOSPI (-0.10%) is slightly lower. Early morning data revealed that Australia’s headline consumer price index inflation (+2.1% y/y) cooled more than anticipated in May (compared to +2.3% expected), marking its slowest pace in seven months. It decreased from the +2.4% recorded in April. Underlying inflation, as indicated by the annual trimmed mean CPI, increased by +2.4% y/y in May, down from +2.8% in April. This print indicated that underlying inflation is at its lowest level since November 2021, likely providing the RBA with more flexibility to further reduce interest rates. Consequently, our economists now expect the RBA to reduce rates by 25bps at its upcoming meeting on 8 July. Initially, we anticipated no changes in July, with a 25bp cut expected at the August meeting. We continue to foresee an additional 25bp cut in August, followed by another 25bp reduction in November. Thus, the only modification to our RBA outlook for this year is the inclusion of an additional cut in July. For further insights, please read our economists’ perspective on RBA policy.
In Japan, a summary of opinions from the BOJ’s latest policy meeting suggested that some policymakers supported maintaining steady rates amid uncertainty regarding the effects of US tariffs on Japan’s economy. Some board members observed stronger-than-expected inflation, with one member proposing that the central bank may need to raise rates decisively despite the prevailing economic uncertainty.
To the day ahead now, and we’ll hear from Fed Chair Powell again at the Senate Banking Committee, as well as BoE Deputy Governor Lombardelli. Data releases include US new home sales for May, and France’s consumer confidence for June. Finally, it’s the second and final day of the NATO summit, with Trump joining for meetings with European leaders.
2b European opening report
ES flat and DXY firmer into Powell Part 2, NATO summit and US supply in focus – Newsquawk US Market Open
Wednesday, Jun 25, 2025 – 06:04 AM
Fox’s Gasparino posted that Team Trump said it was close to announcing a handful of trade deals. The major ones the White House claimed progress on involved Japan, South Korea, and Vietnam.
European bourses are mixed in quiet newsflow whilst US futures hold around the unchanged mark.
USD looks to claw back recent losses. EUR/USD pulls back from multi-year high.
USTs await Powell part 2 and details from the NATO summit; Bunds are pressured and currently towards session lows.
Crude bid but still at the trough of recent parameters, metals marginally firmer.
Looking ahead, US Building Permits, CNB Policy Announcement; NATO Summit, Fed SLR meeting, BoE’s Lombardelli; Fed’s Powell; US President Trump, Supply from the US, and Earnings from General Mills, Paychex, Micron.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 day
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 U/C) opened mostly and modestly firmer and have traded choppily throughout the morning. More recently, some selling pressure has been seen taking a few indices modestly into the red.
European sectors hold a positive bias, and aside from the top performer, the breadth of the market is fairly narrow. Autos is the clear outperformer today, lifted by strength in Stellantis (+4.5%) after the Co. received an upgrade at Jefferies. Telecoms is found at the foot of the pile, joined closely by Food Beverage & Tobacco; though losses which are modest by nature.
US equity futures (ES U/C, NQ +0.1%, RTY U/C) are essentially flat, taking a breather from the hefty upsides seen on Tuesday, which saw the NDX gain 1.5%.
US pre-market movers; FedEx (-5.9%) moves lower after it guided Q1 adj. EPS below expectations, citing tariff uncertainty and weak demand. BlackBerry (+8.5%) gains after reporting better-than-expected Q1 results and raised guidance.
DXY is a touch higher following Tuesday’s selling pressure which was triggered by an easing in geopolitical tensions and comments by Fed Chair Powell. On the former, ING believes that “the negative impact of the reduced geopolitical risk on the dollar has largely played out”. Today’s calendar is light in terms of data. However, investors are still mindful of the trade front after FBN’s Gasparino revealed last night that Team Trump said it was close to announcing a handful of trade deals. On the fiscal front, US Treasury Secretary Bessent said the Senate is on track for a vote on Trump’s tax bill on Friday. As we head closer to month-end, modelling from Barclays and Citi suggests modest USD selling. DXY is currently contained within Tuesday’s 97.70-98.27 range.
After hitting a multi-year high on Tuesday at 1.1641, the rally in EUR/USD has paused for breath with the pair returning to a 1.15 handle. Fresh macro drivers for the Eurozone are on the light side following a raft of ECB speak at the start of the week, which suggested that recent geopolitically-driven gains in the energy space are not affecting the Bank’s outlook for inflation. EUR/USD has ventured as low as 1.1591 but is holding above Tuesday’s trough at 1.1574.
JPY is seeing some give back vs. the USD following a strong session of gains, which brought the pair down from a 146.17 peak to a 144.51 trough. Overnight, we initially saw downside in USD/JPY following hawkish remarks from BoJ taper-dissenter Tamura, who reiterated that 0.5% is not a barrier for BoJ rate hike. The currency was also underpinned after FBN’s Gasparino flagged progress between the US and Japan on trade talks. However, these moves were reversed in early European trade as the USD looked to claw back some of its recent losses.
GBP is flat/lower vs. the USD with incremental macro drivers from the UK lacking. On today’s docket, we have been awaiting comments from Lombardelli and Pill. Greene and Lombardelli (again) are due to speak later.
Antipodeans are marginally outperforming amid the recent upside in global equities and a broader rise in commodity prices. AUD/USD saw an immediate knee-jerk lower on the sub-forecast monthly CPI metric, which ultimately did little to change the current course of the RBA; a July cut is still priced at 92%.
Citi month-end FX modelling: moderate USD selling at the end of June. Average signal is 0.7 historical standard deviations. The signal is weaker in GBP/USD, due to Gilts and UK equity outperformance vs European markets.
Barclays month-end FX modelling: moderate USD-selling signal by month-end against most majors, with a weak sign on EURUSD. Quarter-end rebalancing model: indicates a strong USD-selling signal against most majors, with a weak sign on EURUSD and a moderate sign on USDJPY. Overall, the signal shows moderate dollar-selling at the end of June
PBoC sets USD/CNY mid-point at 7.1668 vs exp. 7.1709 (prev. 7.1656)
JGBs were initially bid, catching up to some of the gains seen in peers on Tuesday. However, the move was capped by BoJ remarks and the SOO.
USTs are essentially flat, but still remain at elevated levels following Fed Chair Powell’s commentary in the prior session, where he said “many paths are possible” when questioned on a July cut. Do note that the Fed Chair is due to speak later today also. Elsewhere, data docket is fairly light so focus will be on the 5yr auction, which follows a robust 2yr outing on Tuesday. USTs are currently just off the upper-end of a 111-17+ to 111-23+ band and 1+ ticks above Tuesday’s best.
A firmer start to the day. Bunds were the upper-end of a 130.61 to 131.12 band, after being relatively contained in APAC trade around that low, a bid emerged in the European morning as the region’s risk tone deteriorated. Thereafter, Bunds were pressured for the remainder of the morning, with downside exacerbated by the poor Gilt auction; currently trade towards session lows at 130.65;
OATs outperforming Bunds a touch with focus on French politics. The Socialist Party (PS) on Tuesday announced that the government’s “unfulfilled commitments on pensions” and other issues mean that they will have to file a motion of censure against PM Bayrou’s government. While the motion will be put forward by the left, those on the right and particularly National Rally (RN) have cautioned that they could oppose Bayrou given points of disagreement on other issues; together, PS, RN and their allies could bring Bayrou’s government down.
Gilts are trading in-line with USTs at first. Spent the morning at the upper-end of a 93.33-57 band. Specifics for the UK are very light, no commentary from BoE’s Lombardelli or Pill while supply was robust on the main metrics but saw a particularly chunky 10bps price tail. Results that pushed Gilts back to the above trough and into the red.
UK sells GBP 3.25bln 4.375% 2040 Gilt: b/c 2.88x (prev. 2.58x), tail 1.0bps (prev. 0.9bps), average yield 4.850% (prev. 4.917%).
Italy sells EUR 3.0bln vs exp. EUR 2.5-3.0bln 2.10% 2027 BTP & EUR vs exp. EUR 2.5-3.0bln 1.10% 2031 BTPei.
Crude futures are firmer today, calmly attempting to pare back some of the recent losses, with overnight newsflow relatively light aside from private inventory data, which printed a larger-than-expected draw. WTI and Brent are trading on USD 65/bbl and 66/bbl handles respectively, back above their 50DMAs.
Spot gold is cautiously attempting to rebound from recent losses sparked by the improved geopolitical backdrop. The haven traded above the USD 3,300/oz mark for the entirety of the APAC session, and now approaches session highs, after support around the USD 3,326/oz mark.
Copper futures trade with modest gains, 3M LME contracts trading on either side of USD 9,700/t mark.
Israel’s NewMed says Leviathan field is to resume activity.
French Consumer Confidence (Jun) 88.0 vs. Exp. 89.0 (Prev. 88.0)
Spanish GDP YY (Q1) 2.8% vs. Exp. 2.8% (Prev. 2.8%); QQ (Q1) 0.6% vs. Exp. 0.6% (Prev. 0.6%)
NOTABLE EUROPEAN HEADLINES
UK is to reportedly purchase twelve F-35A fighter jets, with an announcement from the UK PM potentially on Wednesday, according to The Telegraph. Unlike the F-35B jets the UK currently possesses, the F-35A variant can carry nuclear weapons.
Spain’s Economy Minister says when NATO’s military capabilities are reviewed, Spain could revise its own military spending.
NOTABLE US HEADLINES
Morgan Stanley expects the Federal Reserve to begin cutting rates in March 2026, sees a total of seven cuts in 2026, bringing the terminal rate to 2.5-2.75%
Several Senate committees expect the updated reconciliation text as soon as Wednesday morning, according to Punchbowl sources, to reflect modifications based on initial parliamentarian rulings.
New York Independent System Operator said it had issued an energy warning for June 24 due to a decline in operating reserves, according to Reuters. The grid was operating normally at the time, but emergency operations might be initiated to maintain system reliability.
A US judge blocked the Trump administration from withholding funds awarded to 14 states for EV charger infrastructure, according to a court filing.
Key member of Musk’s DOGE resigned from government, according to the New York Times.
Andrew Cuomo conceded in the New York City mayoral Democratic primary.
GEOPOLITICS
EUROPEAN MORNING
US Secretary of State Rubio says US President Trump will buck Europe’s pleas to ratchet up sanctions on Russia, adding that the US still wants room to negotiate a peace deal, according to Politico.
US President Trump says NATO will be very strong, when asked about article 5, says “we are with them all of the way”. Thinks the Iran-Israel ceasefire is good. Last thing Iran want to do is enrich (uranium), they want to recover. Thinks US will have a relationship with Iran. Asked if the US would strike Iran again if the nuclear programme is rebuilt, says “sure” Progress is being made on Gaza.
“Al-Akhbar reported this morning from its sources that Houthi attacks in Yemen against Israel are expected to intensify and escalate in the coming days in response to the Israeli escalation in Gaza”, via Kan’s Kais on X.
Iranian Parliament approves bill to suspend cooperation with UN nuclear watchdog, according to Nournews
OVERNIGHT
“There have been no [US] sanctions lifted on Iran,” said Fox Business’ Lawrence, in reference to President Trump’s post suggesting China could continue to buy oil from Iran. A senior White House official added: “The President was simply calling attention to the fact that because of his decisive actions to obliterate Iran’s nuclear facilities and broker a ceasefire between Israel and Iran, the Strait of Hormuz will not be impacted, which would have been devastating for China. The President continues to call on China and all countries to import our state-of-the-art oil rather than import Iranian oil in violation of US sanctions.”
Iranian Foreign Minister Araqchi said the nuclear programme continues, according to Al Arabiya.
White House Middle East envoy Witkoff said the US and Israel had achieved their goals in Iran, according to Fox News. He described talks with Iran as encouraging and stated it was time to sit with Iran and make a comprehensive deal.
Iran’s Revolutionary Guards denied there was any drone attack in the northwestern city of Tabriz following reports air defences were activated in the area, according to Iranian news sites.
Israel’s representative to the UN Security Council stated that Iran had been involved in producing a nuclear bomb, according to Sky News Arabia.
Israel’s representative to the United Nations said that diplomatic talks with Iran will take place soon, according to Al Arabiya.
US is set to open its embassy in Jerusalem on June 25th, following the ceasefire between Israel and Iran and the lifting of all restrictions by Israel’s Home Front Command, according to a statement.
Iran executed three men for allegedly working for Israel’s spy agency Mossad, according to the Mizan News Agency.
TRADE/TARIFFS
Fox’s Gasparino posted that Team Trump said it was close to announcing a handful of trade deals. The major ones the White House claimed progress on involved Japan, South Korea, and Vietnam. India was not on the list of pending agreements amid the recent spat with Pakistan.
Vietnam expects “good results” from talks with the US in less than two weeks, according to Bloomberg.
Switzerland expects US tariffs to stay at 10% after July 9 during talks, via Bloomberg.
CENTRAL BANKS
Fed’s Schmid (2025 voter) said the central bank has time to study the effects of tariffs on inflation before making any rate decisions. He noted that both employment and inflation are near the Fed’s goals. Contacts indicated that tariffs would raise prices and weigh on economic activity. He added that the economy’s resilience meant the Fed could afford to wait and observe developments before proceeding with rate cuts.
BoJ June meeting Summary of Opinions stated that, while much of the hard data for April and May had been relatively solid, it was likely that the effects of tariff policies had yet to materialise. Although uncertainty regarding trade policies remained extremely high, on the domestic front, wage developments had been solid and the CPI had been slightly higher than expected. Japan’s economy was at a crossroads between making a transition to a “growth-oriented economy driven by wage increases and investment” and falling into stagflation. Although the direct impact of US tariff policy has not been observed so far, Japan’s economy has been somewhat stagnant. Despite the impact of US tariff policy, many firms would likely continue to raise wages to address labour shortages and make high levels of business fixed investment. While the impact of the US tariff policy would certainly exert downward pressure on firms’ sentiment, the Bank needed to take some time to examine the magnitude of the impact on the real economy. Given high uncertainty, the Bank should at this point maintain accommodative financial conditions with the current interest rate level and thereby firmly support the economy. Even though prices had been somewhat higher than expected, it was appropriate for the Bank to maintain current policy given downside risks stemming from US tariff policy and the situation in the Middle East. Although the CPI had been higher than expected, the pass-through of higher wages to services prices seemed to have plateaued. The situation of government bond markets around the world had been a major topic of discussion, such as at international meetings, and attention was warranted on the possibility that developments overseas would spread to Japan. Increased volatility in the super-long-term zone might spill over to the entire yield curve, thereby spreading unintended tightening effects to the market as a whole.
BoJ board member Tamura said that if upward price risks heightened, the BoJ could face a situation where it would need to raise rates decisively, even if uncertainty remained high, adding that he does not see 0.5% as a barrier for BoJ rate hikes. He stressed the need to steadily normalise the balance sheet, even though it may take time, and noted he had voted against the June decision to slow the pace of bond-buying taper next year, arguing the BoJ should normalise bond holdings as soon as possible. Tamura stated that while the JGB market function had improved somewhat, it still remained low. He reiterated his stance that rate hikes must be timely and appropriate, neither too quick nor too late. On the economy, he assessed that inflation was on track or somewhat stronger than expected, with upward risks having been elevated until March. He flagged that market-based services inflation was exceeding 2%, and both rent and public service costs were rising gradually. He noted the rise in fresh food prices could no longer be described as temporary and must be monitored carefully. Medium- and long-term inflation expectations were gradually heightening, with household and corporate expectations already around 2%. He warned of the risk that Japan’s inflation expectations could overshoot further. Tamura also said US tariffs would likely weigh on Japan’s economy and prices, but projected inflation would remain near 2% until fiscal 2027. Despite some downside risks, he assessed that the probability of Japan reverting to a low wage/price growth environment was low. Consumer inflation data for April and May had overshot expectations, and wage momentum in Japan was sufficiently strengthening.
CRYPTO
Bitcoin is a little firmer and trades around USD 106k, with Ethereum also edging higher but still shy of the USD 2.5k.
APAC TRADE
APAC stocks traded stronger following the firm lead from Wall Street, with gains capped as traders were cautious amid the fragility of the Israel-Iran ceasefire. From a central bank perspective, some attention in US hours was on Fed Chair Powell, who echoed his wait-and-see stance but left July options open during the Q&A. Thereafter, sentiment in APAC trade was somewhat capped after BoJ taper-dissenter Tamura struck a hawkish tone, suggesting the BoJ may need to raise rates decisively—even amid high uncertainty—if upward price risks heighten. He also noted that he does not see 0.5% as a barrier for BoJ rate hikes.
ASX 200 fluctuated between modest gains and losses before a sub-forecast Aussie Monthly CPI print provided a mild boost. The monthly gauge came in at 2.1%, towards the bottom end of the RBA’s 2–3% target range, though market pricing barely shifted.
Nikkei 225 saw choppy trade in limited ranges following commentary from BoJ’s Tamura, who said he does not see 0.5% as a ceiling for rate hikes. On the trade front, FBN’s Gasparino suggested progress in US-Japan trade talks. The BoJ Summary of Opinions noted that the effects of tariff policies are likely yet to materialise.
Hang Seng and Shanghai Comp conformed to the broader tone following a muted open as traders awaited the next catalyst. The indices saw upticks following remarks from China’s Premier Li who said judging from key indicators, China’s economy showed a steady improvement in Q2, and he is confident in China’s ability to maintain a relatively rapid growth.
NOTABLE ASIA-PAC HEADLINES
China’s Premier Li said that key indicators pointed to steady improvement in Q2, and expressed confidence in maintaining a relatively rapid growth rate. He added that regardless of global developments, China’s economy had consistently shown strong growth momentum.
Chinese Premier Li said the world economy and international economic and trade cooperation once again faces new difficulties and challenges, according to remarks at the World Economic Forum in Tianjin. He added that the risk of fragmentation in global industrial supply chains is on the rise.
Chinese President Xi Jinping is reportedly not attending next week’s BRICS summit, marking his first-ever absence, due to a scheduling conflict, according to SCMP sources.
PBoC injected 365.3bln via 7-day reverse repos with the rate maintained at 1.40%.
CBA now anticipates RBA to cut rate in July (prev. August), following the softer-than-expected Australian CPI data.
BYD (002594 CH/BYDDY) has started to cut vehicle production by at least a third of capacity in some factories in China by cancelling night shifts, suspended plans to set up new production lines, according to Reuters sources.
Japanese government will consider cutting this year’s growth forecast, according to Reuters citing sources. Japan’s government may cut its 2025 GDP growth forecast from 1.2% to below 1%, with final projections due by end-July, due to uncertainty over US tariff developments.
Japanese Services PPI (May) 3.30% (Prev. 3.10%, Rev. 3.40%)
Australian Weighted CPI YY (May) 2.1% vs. Exp. 2.3% (Prev. 2.4%)
2c) Asian report
Europe set for a modestly firmer open as Middle-East tensions cool, ahead of NATO summit – Newsquawk Europe Market Open
Wednesday, Jun 25, 2025 – 01:34 AM
APAC stocks traded stronger following the firm lead from Wall Street, with gains capped as traders were cautious amid the fragility of the Israel-Iran ceasefire.
Geopolitical newsflow was relatively light in APAC hours, with no hostile incidents seen between Israel and Iran; “There have been no [US] sanctions lifted on Iran,” said Fox Business’ Lawrence, in reference to President Trump’s post suggesting China could continue to buy oil from Iran.
Fed Chair Powell said they would expect to see meaningful inflation effects from tariffs in June, July, and August. He added that if those effects failed to materialise, it could lead to an earlier rate cut.
BoJ board member Tamura said that if upward price risks heightened, the BoJ could face a situation where it would need to raise rates decisively, even if uncertainty remained high, adding that he does not see 0.5% as a barrier for BoJ rate hikes.
Fox’s Gasparino posted that Team Trump said it was close to announcing a handful of trade deals. The major ones the White House claimed progress on involved Japan, South Korea, and Vietnam.
Looking ahead, highlights include US Building Permits, CNB Policy Announcement; NATO Summit, Fed SLR meeting, BoE’s Lombardelli, Pill, Greene; Fed’s Powell; US President Trump, Supply from Italy, UK, US, and Earnings from General Mills, Paychex, Micron, Babcock.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 day
US TRADE
EQUITIES
US stocks were in risk-on mode following the announced ceasefire from US President Trump between Israel and Iran. Despite reports of both Iran and Israel breaching the agreement and Trump expressing discontent, risk appetite remained intact, with major US indices closing over 1% higher and the S&P 500 trading within ~1% of all-time highs.
Sectors ex-Energy were broadly in the green, led by gains in Financials, Tech, and Communications, while Energy lagged amid a continued slump in crude prices.
SPX +1.11% at 6,092, NDX +1.53% at 22,191, DJI +1.19% at 43,089, RUT +1.34% at 2,161
Senate Majority Leader Thune planned a Friday Senate vote on the Trump tax bill, according to Axios.
Several Senate committees expect the updated reconciliation text as soon as Wednesday morning, according to Punchbowl sources, to reflect modifications based on initial parliamentarian rulings.
US Treasury Secretary Bessent said they are on track for a vote, hopefully on Friday, and noted that the X-date for the debt ceiling could change if courts interfered with Trump. He expressed confidence that the US House would pass the Senate bill and said they were in a good spot.
New York Independent System Operator said it had issued an energy warning for June 24 due to a decline in operating reserves, according to Reuters. The grid was operating normally at the time, but emergency operations might be initiated to maintain system reliability.
A US judge blocked the Trump administration from withholding funds awarded to 14 states for EV charger infrastructure, according to a court filing.
Key member of Musk’s DOGE resigned from government, according to the New York Times.
Andrew Cuomo conceded in the New York City mayoral Democratic primary.
GEOPOLITICS
“There have been no [US] sanctions lifted on Iran,” said Fox Business’ Lawrence, in reference to President Trump’s post suggesting China could continue to buy oil from Iran. A senior White House official added: “The President was simply calling attention to the fact that because of his decisive actions to obliterate Iran’s nuclear facilities and broker a ceasefire between Israel and Iran, the Strait of Hormuz will not be impacted, which would have been devastating for China. The President continues to call on China and all countries to import our state-of-the-art oil rather than import Iranian oil in violation of US sanctions.”
Iranian Foreign Minister Araqchi said the nuclear programme continues, according to Al Arabiya.
White House Middle East envoy Witkoff said the US and Israel had achieved their goals in Iran, according to Fox News. He described talks with Iran as encouraging and stated it was time to sit with Iran and make a comprehensive deal.
Iran’s Revolutionary Guards denied there was any drone attack in the northwestern city of Tabriz following reports air defences were activated in the area, according to Iranian news sites.
Early US intelligence assessment suggested that the strikes on Iran did not destroy core nuclear sites, CNN reported. According to three sources briefed on the DIA’s findings, US military strikes on three Iranian nuclear facilities last weekend likely set the programme back by only a few months. The initial assessment—based on battle damage evaluations from US Central Command—contradicted President Trump’s public statements that the sites were “completely and totally obliterated.” Two sources confirmed Iran’s enriched uranium stockpile remained intact, and one said the centrifuges were largely unaffected. The White House acknowledged the report but said it disagreed with the conclusions.
Israeli security source, cited by Al Hadath, said they knew exactly where Iran transported its enriched uranium. However, they would not target the enriched uranium sites to avoid causing a nuclear disaster.
Israel’s representative to the UN Security Council stated that Iran had been involved in producing a nuclear bomb, according to Sky News Arabia.
Israel’s representative to the United Nations said that diplomatic talks with Iran will take place soon, according to Al Arabiya.
US is set to open its embassy in Jerusalem on June 25th, following the ceasefire between Israel and Iran and the lifting of all restrictions by Israel’s Home Front Command, according to a statement.
Iran executed three men for allegedly working for Israel’s spy agency Mossad, according to the Mizan News Agency.
TRADE/TARIFFS
Fox’s Gasparino posted that Team Trump said it was close to announcing a handful of trade deals. The major ones the White House claimed progress on involved Japan, South Korea, and Vietnam. India was not on the list of pending agreements amid the recent spat with Pakistan.
EU warned that a baseline Trump tariff would still spur retaliation, and noted that retaliatory tariffs on US imports could include Boeing (BA) aircraft, according to Bloomberg.
CENTRAL BANKS
Fed Chair Powell said they would expect to see meaningful inflation effects from tariffs in June, July, and August. He added that if those effects failed to materialise, it could lead to an earlier rate cut. Powell said that US Treasuries remain a safe haven, adding that Treasury markets are functioning well and normally. He noted the Fed is getting closer to price stability, though not quite there yet. Once price stability is achieved, the Fed will be able to respond more forcefully to any economic downturns. Powell clarified that interest rates are modestly, not moderately, restrictive.
Fed’s Barr (voter) said monetary policy is well positioned for the Fed to wait and observe how economic conditions unfold. He noted the US economy remained on solid footing, with low and steady unemployment and ongoing disinflation. However, he warned inflation was set to rise due to tariffs and flagged potential persistence from higher short-term expectations, supply chain adjustments, and second-round effects. Tariffs could also slow the economy and push unemployment higher. While real-world rates were shaped by various forces, Barr acknowledged Fed policy still played a role.
Fed’s Collins (2025 voter) said the current state of monetary policy is necessary, according to Reuters.
Fed’s Kashkari (2026 voter) said the Fed is in wait-and-see mode to gain more clarity on how tariffs would affect inflation, emphasising the need to better understand what’s really happening before making any policy changes. He acknowledged that tariffs had introduced complexity, noting that inflation remained above the 2% target, though substantial progress had been made. He said businesses are reporting strong fundamentals but also nervousness around tariffs. Kashkari added that while it was possible the Fed could cut rates even with elevated inflation if the labour market deteriorated sharply, that is not the current forecast.
Fed’s Schmid (2025 voter) said the central bank has time to study the effects of tariffs on inflation before making any rate decisions. He noted that both employment and inflation are near the Fed’s goals. Contacts indicated that tariffs would raise prices and weigh on economic activity. He added that the economy’s resilience meant the Fed could afford to wait and observe developments before proceeding with rate cuts.
Fed’s Williams (voter) said the impact of tariffs is likely to grow stronger in the coming months, noting it would take time for the effects to fully play out in inflation data. He stressed that the Fed’s ability to pay interest on reserves remained critical to the execution of monetary policy, and added that policy is well-positioned at present. Fed’s Williams added the economy is expected to grow at a slower pace this year, though the job market would remain solid. He noted that uncertainty is just as significant as the direct impact of tariffs on economic performance, adding that resolving uncertainty could provide a boost to the economy. He said the tariff impact was already evident, possibly contributing around a quarter of a percentage point to current inflation. Outside of tariffs, inflation remained broadly on track. Williams described monetary policy as very well-positioned and stated that interest rates would eventually need to move lower. He added the Fed will rely on incoming data over time to inform its next interest rate decision. He said modestly restrictive monetary policy gives the Fed space to examine new data, and that the US economy is in a good place with a solid job market. However, he noted that uncertainty, tariffs, and reduced immigration would slow the economy, projecting GDP growth of around 1% this year. He expects unemployment to climb to roughly 4.5% by year-end, in line with the Fed’s median 2025 forecast. He said tariffs would lift inflation to 3% this year but sees it gradually falling to 2% over the next two years. While overall inflation is near target, underlying inflation remains elevated, and he sees signs tariffs are impacting some sectors. He flagged weak soft data versus more resilient hard data and said the Fed’s balance sheet drawdown continues smoothly.
BoJ June meeting Summary of Opinions stated that, while much of the hard data for April and May had been relatively solid, it was likely that the effects of tariff policies had yet to materialise. Although uncertainty regarding trade policies remained extremely high, on the domestic front, wage developments had been solid and the CPI had been slightly higher than expected. Japan’s economy was at a crossroads between making a transition to a “growth-oriented economy driven by wage increases and investment” and falling into stagflation. Although the direct impact of US tariff policy has not been observed so far, Japan’s economy has been somewhat stagnant. Despite the impact of US tariff policy, many firms would likely continue to raise wages to address labour shortages and make high levels of business fixed investment. While the impact of the US tariff policy would certainly exert downward pressure on firms’ sentiment, the Bank needed to take some time to examine the magnitude of the impact on the real economy. Given high uncertainty, the Bank should at this point maintain accommodative financial conditions with the current interest rate level and thereby firmly support the economy. Even though prices had been somewhat higher than expected, it was appropriate for the Bank to maintain current policy given downside risks stemming from US tariff policy and the situation in the Middle East. Although the CPI had been higher than expected, the pass-through of higher wages to services prices seemed to have plateaued. The situation of government bond markets around the world had been a major topic of discussion, such as at international meetings, and attention was warranted on the possibility that developments overseas would spread to Japan. Increased volatility in the super-long-term zone might spill over to the entire yield curve, thereby spreading unintended tightening effects to the market as a whole.
BoJ board member Tamura said that if upward price risks heightened, the BoJ could face a situation where it would need to raise rates decisively, even if uncertainty remained high, adding that he does not see 0.5% as a barrier for BoJ rate hikes. He stressed the need to steadily normalise the balance sheet, even though it may take time, and noted he had voted against the June decision to slow the pace of bond-buying taper next year, arguing the BoJ should normalise bond holdings as soon as possible. Tamura stated that while the JGB market function had improved somewhat, it still remained low. He reiterated his stance that rate hikes must be timely and appropriate, neither too quick nor too late. On the economy, he assessed that inflation was on track or somewhat stronger than expected, with upward risks having been elevated until March. He flagged that market-based services inflation was exceeding 2%, and both rent and public service costs were rising gradually. He noted the rise in fresh food prices could no longer be described as temporary and must be monitored carefully. Medium- and long-term inflation expectations were gradually heightening, with household and corporate expectations already around 2%. He warned of the risk that Japan’s inflation expectations could overshoot further. Tamura also said US tariffs would likely weigh on Japan’s economy and prices, but projected inflation would remain near 2% until fiscal 2027. Despite some downside risks, he assessed that the probability of Japan reverting to a low wage/price growth environment was low. Consumer inflation data for April and May had overshot expectations, and wage momentum in Japan was sufficiently strengthening.
APAC TRADE
EQUITIES
APAC stocks traded stronger following the firm lead from Wall Street, with gains capped as traders were cautious amid the fragility of the Israel-Iran ceasefire. From a central bank perspective, some attention in US hours was on Fed Chair Powell, who echoed his wait-and-see stance but left July options open during the Q&A. Thereafter, sentiment in APAC trade was somewhat capped after BoJ taper-dissenter Tamura struck a hawkish tone, suggesting the BoJ may need to raise rates decisively—even amid high uncertainty—if upward price risks heighten. He also noted that he does not see 0.5% as a barrier for BoJ rate hikes.
ASX 200 fluctuated between modest gains and losses before a sub-forecast Aussie Monthly CPI print provided a mild boost. The monthly gauge came in at 2.1%, towards the bottom end of the RBA’s 2–3% target range, though market pricing barely shifted.
Nikkei 225 saw choppy trade in limited ranges following commentary from BoJ’s Tamura, who said he does not see 0.5% as a ceiling for rate hikes. On the trade front, FBN’s Gasparino suggested progress in US-Japan trade talks. The BoJ Summary of Opinions noted that the effects of tariff policies are likely yet to materialise.
Hang Seng and Shanghai Comp conformed to the broader tone following a muted open as traders awaited the next catalyst. The indices saw upticks following remarks from China’s Premier Li who said judging from key indicators, China’s economy showed a steady improvement in Q2, and he is confident in China’s ability to maintain a relatively rapid growth.
US equity futures (ES U/C, NQ +0.1%) were flat with a mild downward bias following the prior day’s gains on the back of the fragile ceasefire between Iran and Israel. Fed Chair Powell, during his Q&A yesterday, left July options open. Macro newsflow was light during APAC trade, with participants looking ahead to a speech by US President Trump at the NATO summit (expected to focus on his Iran operation), alongside another round of Powell testimony—this time before the Senate Financial Services Committee.
European equity futures are indicative of a slightly firmer cash open with the Euro Stoxx 50 future +0.2% after cash closed higher by 1.5% on Tuesday.
FX
DXY saw choppy trade within a tight range amid a lack of newsflow during the APAC session, with the index holding a downward bias overnight as participants remained cautious and after Fed Chair Powell left all July options open. DXY traded in a 97.81–97.96 range vs the weekly high of 99.42 (Monday) and low of 97.70 (Tuesday).
EUR/USD moved in tandem with the Dollar after the pair eked out a fresh multi-year peak at 1.1641 on Tuesday, with the APAC range currently between 1.1605 and 1.1631.
GBP/USD was also dictated by Dollar action amid a lack of UK-specific newsflow overnight, as Sterling traders braced for another slew of BoE speakers on Wednesday. Cable traded in a 1.3612–1.3628 range after finding resistance at 1.3650 on Tuesday.
USD/JPY was initially softer amid gains in the JPY following hawkish remarks from BoJ taper-dissenter Tamura, who reiterated that 0.5% is not a barrier for BoJ rate hikes and took USD/JPY to session lows. FBN’s Gasparino flagged progress between the US and Japan on trade talks. The BoJ Summary of Opinions resulted in some modest USD/JPY choppiness but nothing notable. The pair later trimmed losses back towards 145.00. USD/JPY traded in a 144.63–145.04 range, with Tuesday’s low at 144.49 and the 50DMA at 144.22.
Antipodeans marginally outperformed amid the upside seen stateside and a broader rise in commodity prices. AUD/USD saw an immediate knee-jerk lower on the sub-forecast monthly CPI metric, which ultimately did little to change the current course of the RBA.
PBoC sets USD/CNY mid-point at 7.1668 vs exp. 7.1709 (prev. 7.1656)
FIXED INCOME
10yr UST futures took a breather after Tuesday’s rise, which was in part facilitated by the drop in crude prices and further supported by Fed Chair Powell keeping July options open. As for Tuesday’s 2yr auction, overall demand was decent, with a strong through indicating positive uptake—albeit slightly eased from the prior auction.
Bund futures were choppy in a narrow range but with a downward bias. The Eurozone calendar for Wednesday is rather light, with attention turning to the NATO summit and any defence funding commitments.
10yr JGB futures bucked the broader trend while catching up to some of the gains seen in Western counterparts. However, gains were capped following hawkish commentary from BoJ taper dissenter Tamura, who reiterated that 0.5% is not a barrier for rate hikes. Meanwhile, one notable line from the BoJ Summary of Opinions stated that “increased volatility in the super-long-term zone may spill over to the entire yield curve, thereby spreading unintended tightening effects to the market as a whole.”
Australia sells AUD 1bln 3.50% 2034 AGB: b/c 3.73x (prev. 3.17x), Average yield 4.0895% (prev. 4.4349%)
COMMODITIES
Crude futures pared back some of the recent losses, with overnight newsflow relatively light, although private inventories printed a larger-than-expected draw. Regarding President Trump’s post that China can continue to buy oil from Iran, Fox’s Lawrence clarified that “there have been no [US] sanctions lifted on Iran… the President was simply calling attention to the fact that… the Strait of Hormuz will not be impacted, which would have been devastating for China.”
Spot gold took a breather from recent losses which were sparked by the improved geopolitical backdrop, having briefly dipped below USD 3,300/oz on Tuesday before stabilising around USD 3,330/oz in APAC trade.
Copper futures saw modest upside, with 3M LME contracts trading on either side of USD 9,700/t. However, further gains were capped by the cautious risk tone.
Bitcoin traded with cautious gains overnight on either side of USD 106.5k.
NOTABLE ASIA-PAC HEADLINES
China’s Premier Li said that key indicators pointed to steady improvement in Q2, and expressed confidence in maintaining a relatively rapid growth rate. He added that regardless of global developments, China’s economy had consistently shown strong growth momentum.
Chinese Premier Li said the world economy and international economic and trade cooperation once again faces new difficulties and challenges, according to remarks at the World Economic Forum in Tianjin. He added that the risk of fragmentation in global industrial supply chains is on the rise.
Chinese President Xi Jinping is reportedly not attending next week’s BRICS summit, marking his first-ever absence, due to a scheduling conflict, according to SCMP sources.
PBoC injected 365.3bln via 7-day reverse repos with the rate maintained at 1.40%.
CBA now anticipates RBA to cut rate in July (prev. August), following the softer-than-expected Australian CPI data.
DATA RECAP
New Zealand Trade Balance (May) 1.235B (Prev. 1.426B, Rev. 1.285B)
New Zealand Imports (May) 6.44B (Prev. 6.42B, Rev. 6.41B)
New Zealand Exports (May) 7.68B (Prev. 7.84B, Rev. 7.70B)
Japanese Services PPI (May) 3.30% (Prev. 3.10%, Rev. 3.40%)
Australian Weighted CPI YY (May) 2.1% vs. Exp. 2.3% (Prev. 2.4%)0
EU/UK
NOTABLE HEADLINES
UK is to reportedly purchase twelve F-35A fighter jets, with an announcement from the UK PM potentially on Wednesday, according to The Telegraph. Unlike the F-35B jets the UK currently possesses, the F-35A variant can carry nuclear weapons.
DATA RECAP
LATAM
Brazilian Finance Minister Haddad said the debate about increasing public spending was halted, according to an interview with Record, adding, “At this moment no spending increase is welcome.” He expressed concern about interest rates, noting they were very restrictive.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN
3C CHINA
4.European affairs
GERMANY
Great ruling! Ban on AfD overturned
(zerohedge)
In Major Free Speech Victory, Federal Court Overturns Germany’s Ban On Right-Wing Magazine
Presiding Judge Ingo Kraft stated, “The Basic Law guarantees freedom of expression and association even to its enemies.”
In a move that may have broad and far-reaching consequences, the court ruled that the magazine’s position against immigration is compatible with free speech and freedom of the press rights enshrined in the constitution.
🇩🇪 Extraordinary scenes in Germany as police raid the home of Jürgen Elsässer, the publisher of the right-wing Compact Magazine, and remove various belongings from his residence outside Berlin.
Germany's interior minister has placed a blanket ban on the entire publication.
“Many of the anti-immigration or anti-immigration statements cited by the defendant as evidence for the ban can therefore also be interpreted as exaggerated criticism of migration policy, but ultimately permissible in light of fundamental rights of communication,” the court further stated.
Kraft stated that the publication’s “exaggerated criticism of migration policy” is permissible as a fundamental right.
Furthermore, Compact’s demands for stricter naturalization requirements and higher integration standards in citizenship law are not inherently incompatible with human dignity or democratic principles.
The court noted that Compact’s “polemically pointed criticism of power,” conspiracy theories, and historical revisionist views are protected under Article 5, Paragraph 1 of the Basic Law.
The ban on Compact first came about in 2024 when former Federal Minister of the Interior Nancy Faeser ordered house raids against Compact magazine, including the home of the publisher, Jürgen Elsässer, along with various employees of the outlet. She had the entire publication banned, scrubbed from the internet, and its property seized.
Footage of the dramatic house raids went viral on social media.
🇩🇪BREAKING NEWS:
Massive crackdown on the press in Germany
In what may be the most aggressive move against press freedom since the Second World War, Germany has banned Compact Magazine and raided the office of the publisher, Jürgen Elsässer.
The German interior ministry justified the ban by saying it was a “central mouthpiece of the right-wing extremist scene.”
According to the ministry, “Compact” Magazine GmbH has long been under the scrutiny of the Federal Office for the Protection of the Constitution (BfV). It was classified as a “confirmed” right-wing extremist organization and has been under surveillance since 2021.
However, there were already signs early on that a ban on the magazine would not be upheld in court, according to Welt newspaper.
The federal judges had already overturned the ban during an expedited procedure last year in August, writing that “given the largely unobjectionable contributions… with regard to freedom of expression and freedom of the press, the passages violating Article 1, Paragraph 1 of the Basic Law are [not] so influential on the organization’s overall orientation that the ban is justified on the grounds of proportionality.” Now, the 6th Senate, which is responsible for the case, has made its final decision in the main proceedings.
The Leipzig judges have the final say in the case, as they do with all cases regarding lawsuits on bans on associations.
The outcome fo the case is a serious black eye for the German security services that sought to erase a press outlet from existence, even one they found objectionable. Their heavy-handed tactics involving morning raids of homes involving officers in SWAT gear will likely be scrutinized in light of the court’s overturning of their ban and property seizure efforts.
Founded in 2010, the Compact Magazine’s publishing company was formerly based in Falkensee, Brandenburg, but shifted to Stößen, Saxony-Anhalt. The magazine has 40,000 subscribers for its physical product, and 460,000 subscribers on Youtube.
Until the late 1960s, the Swedish public school system was among the world’s best. The country’s literacy rates were nearly universal, and students performed well in mathematics, science, and reading. Education served as a social equalizer, a vehicle for social mobility, and a catalyst for economic progress. However, this source of national pride has deteriorated into a cause of public anxiety. Today, Sweden’s schools face several challenges, including declining international rankings, uneven quality, grade inflation, and issues with discipline.
This shift began in the 1960s, when Sweden’s ruling Social Democrats introduced reforms to “democratize” education by replacing the conventional school system—which offered different academic and vocational paths for students and emphasized traditional teaching, discipline, and teacher authority—with a one-size-fits-all model.
This new system also centered on “progressive” methods, claiming that children learn best when allowed to explore freely with minimal adult intervention.
As a result, self-directed learning, collaboration, and emotional development were introduced, while grades were de-emphasized; textbooks were replaced with project-based assignments, and the teacher’s role was redefined as that of a coach. For a time, even “teacher-free lessons” were tested.
These reforms were, in part, inspired by progressive American theorists such as John Dewey, who based their ideas on the fundamentally flawed behavioristic view of human nature. This philosophy posits that human nature is essentially moldable (or non-existent) and continues to influence Swedish politics today, fostering a blind belief in social engineering, the perfectibility of humanity, and the authority of state experts to reshape society through top-down reform.
The result is a school system in which ideological fashion frequently trumps empirical evidence. Dr. Erik Lidstrom, commentator and author of “Education Unchained“ (2024), is a vocal critic of the Swedish school system and has studied educational dissertations written at Swedish universities. He affirms that nearly all of them present only sentiments about how the educational system should be, without any empirical evidence to support their claims: ”It’s only ‘I think’ views and nothing else.”
Moreover, as Swedish schools transformed from places of learning into laboratories for shaping ideal citizens, they became a politicized arena subject to endless tinkering by various governments. Whether left-wing or right-wing, each administration attempted to mend the slow-motion collapse by introducing new curricula, teacher training requirements, grading scales, digital mandates, and assessment frameworks.
This constant bickering makes long-term planning impossible, confuses teachers, frustrates parents, and forces students to adapt to new curricula and grading systems every few years.
Even well-intentioned policies have backfired because they have been implemented hastily or in conflict with one another. For instance, the 1990s saw the introduction of a national school choice system that broke the public monopoly, leading to the rise of independent schools. While the intention was to enhance quality through competition, this reform led to further problems. For example, grade inflation is today an issue, with disturbing discrepancies between students’ performance on national tests and their grades that both undermine the credibility of the grading system and distort university admissions. According to Lidstrom, this is because education companies—rather than parents—have been the primary beneficiaries of the school choice system.
Sweden’s decline in educational outcomes is well-documented. Since the early 2000s, the country’s performance on the Programme for International Student Assessment (PISA), which compares the academic performance of 15-year-olds across countries, has nosedived. Between 2000 and 2012, Swedish students’ performance in mathematics, reading, and science declined significantly, lagging far behind top-performing countries such as Finland, Estonia, and Japan. Moreover, according to the Swedish National Agency for Education, nearly one in three students leaves ninth grade without the qualifications needed to enter upper-secondary school.
Also, illiteracy rates are skyrocketing, especially among immigrants. In 2013, university professors noted that some native-born students were not literate in any normal sense and by 2022, some 800,000 of Sweden’s 10 million residents were categorized as illiterate—the highest number since at least the mid-19th century, possibly since the early 18th century.
Faced with this grim picture, several government inquiries have proposed measures to restore order and quality in the classroom, including stronger teacher authority, more straightforward curriculum guidelines, and a renewed focus on core knowledge. But the problems are systemic. While the present center-right government is trying to change course, a “deep state” network of ideological administrators, radical unions, and progressive pundits is digging in its heels, citing “research” that claims there is nothing wrong with the current system or its standards.
Hence, lasting change will require more than technical fixes. It will demand a cultural shift among politicians and administrators alike that makes a reassessment of the flawed assumptions about human nature and pedagogy, which have guided Swedish education for decades, possible. In short, for Sweden to rebound as an education nation, it must rediscover the value of structure, discipline, and high expectations. Until then, new generations of children will continue to pay the price for a political experiment gone wrong.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.
END
NATO
NATO Leaders Agree To 5% Hike In Defense Spending As Rutte Warns ‘No Opt-Outs Or Side Deals’
Wednesday, Jun 25, 2025 – 09:05 AM
As expected, NATO members have agreed to new commitment to significantly boost defense spending, aiming to raise military budgets to 5% of GDP over the next decade—more than double the current 2% benchmark—at the ongoing major annual summit being held in The Hague. NATO’s 32 leaders proclaimed Wednesday: “Allies commit to invest 5% of GDP annually on core defense requirements as well as defense-and security-related spending by 2035 to ensure our individual and collective obligations.”
The Trump-backed decision is being finalized in Netherlands this week, with NATO Secretary General Mark Rutte having hailed the proposal as a “quantum leap’ during a press briefing. Trump declared Tuesday that we’re with NATO “all the way”. And on Wednesday he’s expected to give a big address, as all eyes are focused on the Iran bombing and what’s next.
Bloomberg notes, also as fully expected and long ago previewed, that the spending target includes 3.5% via core defense and 1.5% in related investment covering infrastructure and cybersecurity.
Rutte and officials gathered in the Netherlands have stressed that all member states must participate, highlighting that Spain’s hesitation over the steep cost—nearly $90 billion annually—will not exempt it from the pledge. “NATO doesn’t allow for opt-outs or side deals,” he has firmly stated.
The increased funding is intended to dramatically scale up NATO’s military production, including building thousands of tanks and multiplying air defense systems by five, at a moment the alliance is staring down Russia amid the Ukraine war, where Moscow forces are establishing a huge buffer zone in the north and east, and actually increasing territory beyond Donetsk’s western border.
WikiLeaks meanwhile says the arms companies will continue to be the only real winners…
Rutte has of course identified Russia as NATO’s “most significant and direct threat” and reiterated full support for Ukraine, despite Washington having named China has America’s ‘top pacing threat’ and long-term main miliary and economic rival.
Of course, the alliance has already funneled hundreds of billions of dollars into a conflict with Russia that has resulted in hundreds of thousands of lives on both sides, and all the while Ukraine losing about 20% of its territory.
NATO leaders as of Wednesday have vowed to keep pursuing Ukraine’s path to membership, with Rutte emphasizing that the question of accession was never ruled out, especially not before the war. “There is an irreversible path for Ukraine to join NATO—and that remains true today, and will still be true after this summit,” he has said.
Whether you like it or not: Only one person is in the spotlight at the #NATOsummit: Everyone is focused on Donald #Trump. Secretary General Rutte says: Only thanks to Trump will the European members fulfill their defense commitments to counter the threat posed by Putin. #Natopic.twitter.com/FlTVPljII6
All of these pledges are new commitments were no surprise after Trump long pushed for drastically ramped-up spending, but perhaps the only surprise is that Ukraine’s President Zelensky finally swapped out his green uniform for a black suit (of sorts)…
Dressed to impress? Zelensky must want into NATO very, very badly.
END
NATO/SPAIN/USA
Will Make Spain “Pay”: Trump Threatens Tariffs Over NATO Defense Spending Holdout
by Tyler Durden
Wednesday, Jun 25, 2025 – 10:29 AM
Update(1145ET): Among the most important, and somewhat surprising, things asserted by President Trump during his NATO summit presser Q&A, is that he’s demanding Spain to pay twice as much in a trade deal – which he plans to personally negotiate and broker. Trump lavished rare praise on NATO members for reaching an agreement for each country to hit the 5% of GDP on defense spending target over the next ten years. Spain has been a notable hold-out and resistant. He used the opportunity to make clear his intention to make Spain “pay”.
And Trump let it be known in front of the NATO audience: “I think Spain’s terrible what they’ve done. No, I do. They’re the only country that won’t pay the full — they want to stay at 2 percent,” Trump answered a question posted by a Spanish reporter. He laid out his response will be to make Spain “pay twice as much” as part of a trade deal. But this raises the difficulty of how could the US directly tariff Spain?… given that of course Spain is part of the European Union and Washington is negotiating with the EU as a trading bloc. Still, he said this:
“Spain is the only country refusing to pay (for defense – ed.). So I will make you pay for trade. I think we will double the tariffs on Spain. We will make you pay.”
“I do like Spain, by the way,” Trump said to the reporter in a conciliatory moment, before quickly pivoting to: “I think it’s unfair that they’re not paying.” He followed with:
“If the allies raise spending to 5%, then we will all be spending about a trillion dollars a year. This is a great achievement for Europe.”
The Spanish government made clear earlier that rejected NATO Secretary General Mark Rutte’s plan increase defense spending to 5% of GDP by 2032. The country’s Prime Minister Sánchez stated in letter submitted to Rutte that “the commitment to a 5% target is counterproductive.”
Q: Are you satisfied with Spain? Watch the response:
🚨 JUST IN: President Trump SLAMS Spain for freeloading off the US
"It's terrible what Spain's done. The only country that wants to stay at 2%. It is terrible"
"We're negotiating with Spain on a trade deal and will make them pay TWICE as much. I'm serious about that"
With Israel’s manyspies I am sure they knew where this stuff was hidden,,probably in FordowTo the Iranians they thought that this nuclear facility was impenetratable, Do not listen to CNN’s nutheads! A total phony report by CNN
Where is Iran’s Uranium? Top Secret Leaked US Intel Says Core Nuclear Components ‘Intact’
Tuesday, Jun 24, 2025 – 04:05 PM
Update(1605ET): Where is Iran’s Uranium? Truce Highlights Mystery Over Stockpile… that’s Bloomberg’s latest headline over the ‘biggest mystery’ that remains in the war. There’s also the pressing question of whether Trump’s massive airstrikes from B-2 bombers actually destroy the facilities and these stockpiles.
The Iranians aren’t dumb, and likely took drastic steps to further protect, conceal, or likely move these enriched stockpiles – some 400kg according to most reports – as wave after wave of Israeli warplanes hit Iran, significantly before the US sent its bombers this past weekend. It appears core components are still intact – though Iran has long maintained it is merely for peaceful nuclear energy development.
The NY Times is currently reporting that the US operation merely set Iran’s nuclear program back by a few months.
And early emerging satellite open-source intelligence also points to the stockpile having not been destroyed, which contradicts the current ‘victory lap’ claims being made by President Trump and some of his top officials. Below is fresh CNN reporting based on an assessment by the Defense Intelligence Agency (DIA):
The assessment, which has not been previously reported, was produced by the Defense Intelligence Agency, the Pentagon’s intelligence arm. It is based on a battle damage assessment conducted by US Central Command in the aftermath of the US strikes, one of the sources said.
The analysis of the damage to the sites and the impact of the strikes on Iran’s nuclear ambitions is ongoing, and could change as more intelligence becomes available. But the early findings are at odds with President Donald Trump’s repeated claims that the strikes “completely and totally obliterated” Iran’s nuclear enrichment facilities. Secretary of Defense Pete Hegseth also said on Sunday that Iran’s nuclear ambitions “have been obliterated.”
One unnamed defense official quoted in the report says centrifuges are largely “intact.” And more based on the apparently ‘Top Secret’ leaked DIA intel report:
“So the (DIA) assessment is that the US set them back maybe a few months, tops,” this person added.
The White House acknowledged the existence of the assessment but said they disagreed with it.
So this appears yet another case of the White House disagreeing with its own intelligence community (IC) – in an ongoing awkward situation which has Iraq war vibes.
One obvious danger from the perspective of Western decision-makers (and Israel): if Iran was not intent on getting a bomb before, they likely are now – given their very existence is under threat. More of the WH reaction to the leak:
As we stated before, it is especially the Iranian hardliners which will understand the ‘two paths’ before Iran:
1) Become a failed state like Libya after ‘giving up’ nuclear or WMD potential (precisely as Gaddafi did when offered ‘incentives’ by Bush/Cheney/Rice.
2) Or, become North Korea and you are immune from regime change wars launched by the West.
Tehran certainly knows this, and has likely already chosen path #2 – at a moment Israeli leadership is probably worried about a future nuclear dirty bomb going off in Tel Aviv. In many ways, Trump’s brazen bombing operation – which as usual saw the commander-in-chief completely bypass Congress, took things from bad to worse.
* * *
Update(1300ET): The ceasefire seems to finally be holding as of early evening local time, despite the ongoing accusations of earlier violations when it was to take effect.
“Both Israel and Iran wanted to stop the War, equally! It was my great honor to Destroy All Nuclear facilities & capability, and then, STOP THE WAR!” President Trump said on Truth Social. Were they all destroyed?
And China has belatedly weighed in, with Foreign Minister Wang Yi saying China supports Iran in achieving a “genuine ceasefire” – but following Beijing’s condemnation of the US for striking the country’s nuclear sites.
“China supports Iran in safeguarding its national sovereignty and security, and, on that basis, achieving a genuine ceasefire so that people can return to normal life,” Wang expressed to his Iranian counterpart, Abbas Araghchi, in a phone call.
But here is the clearest indicator yet that skies have cleared of Israeli warplanes and return fire over Tehran:
Iranian airspace partially reopened today, following the country’s ceasefire with Israel after 12 days of hostilities, according to aviation monitoring company FlightRadar24.
“Iranian airspace is now open to international arrivals and departures to/from Tehran with prior permission,” FlightRadar24 said on X. Iraqi airspace has also reopened, it added.
Also, Iranian media is currently airing footage of a large crowd assembled in central Tehran, in an act expressing solidarity with the country’s armed forces. IRNA, Fars, and Mehr are covering the gathering in Revolution Square. Now each side is declaring ‘victory’ to some extent, but whether the ceasefire will actually stick is anyone’s guess.
* * *
Update(1116ET): On Tuesday the head of Iran’s nuclear energy program vowed that the country will continue its nuclear program uninterrupted, despite the Trump-ordered weekend heavy bombings of three key nuclear and uranium enrichment sites.
AEOI (Atomic Energy Organization of Iran) head Mohammad Eslami said on state television that “plans for restarting [the facilities] have been prepared in advance” and that measures ensuring continued production are in place.
“Despite the evil conspiracies of its enemies,” the AEOI said in the statement, “this organization will not allow the path of development of this national industry to be stopped.”
Head of #Iran’s Atomic Energy Organization: “We’ve taken necessary measures & are assessing the damaged areas. Plans for revival [of #nuclear facilities] were pre-arranged, and our current strategy ensures no disruption to production & services. pic.twitter.com/3OzppGj6TH
“This action, contrary to international law, was unfortunately carried out in the shadow of indifference and even with the cooperation of the International Atomic Energy Agency,” the statement read.
This is not surprising, but what is surprising is just how bold and provocative a statement that Russian Foreign Minister Sergei Lavrov just made. On the question of Iran’s now ‘missing’ (or ‘unknown whereabouts’) enriched uranium stockpiles, he laid out that Iran has every incentive to hide it from IAEA inspectors.
“What guarantees are there that the IAEA will not leak this information to the US or Israel?” he posed in public statements on the American military action against Iran, while emphasizing that arms control will fail due to these American-Israeli surprise attacks which killed negotiations.
Lavrov criticized the IAEA Director for demanding to know where Iran's enriched uranium is stored. What guarantees are there that the IAEA will not leak this information to the US or Israel? — Arms control will not be the same after this surprise attack; everyone will lose. pic.twitter.com/wPR3GA2dj7
Indeed the Iranians too have long feared that international inspectors could be conduits of information on sensitive facilities for Israeli and US intelligence. And now these same facilities are being targeted for destruction.
Ambassador Jerome Bonnafont, permanent representative of France to the United Nations office in Geneva, gives a speech during a special session of the UN Human Rights Council on the war in Ukraine, in Geneva on May 12, 2022. (Fabrice COFFRINI / AFP)
France’s US ambassador calls on Iran to resume full cooperation with the International Atomic Energy Agency and allow access for UN nuclear inspectors as soon as possible to its nuclear facilities to determine that its uranium stocks have not been moved.
Jerome Bonnafont also calls on Tehran to return to negotiations on “a robust, verifiable and lasting diplomatic solution” that responds to international concerns that it is pursuing nuclear weapons.
He speaks at a UN Security Council meeting on its resolution endorsing the 2015 nuclear deal between Iran and six major powers to rein in its nuclear program that imposed wide-ranging sanctions on the Islamic Republic. The last sanctions, on Iran’s nuclear activities and transfers, expire on October 18.
Bonnafont says France and its European partners Britain and Germany, who are still part of the nuclear deal — US President Donald Trump pulled the US out in 2018 — are ready to use the 2015 resolution’s provision to “snapback” UN sanctions “if such an agreement were not to be found by the summer.”
He says an agreement with Iran needs to take into account the nonproliferation of nuclear weapons, regional stability and European security interests.
end
IRAN/USA
US Meeting With Iran Next Week, Trump Says, While Suggesting Nuclear Deal Is No Longer Necessary
Wednesday, Jun 25, 2025 – 01:20 PM
Do the Iranians themselves know this? President Trump says Tehran and Washington will meet next week about a potential nuclear agreement.
“We’re going to talk to them next week, with Iran. We may sign an agreement, I don’t know. To me, I don’t think it’s that necessary. I mean, they had a war, they fought, now they’re going back to their world. I don’t care if I have an agreement or not,” Trump said during a news conference at the end of Wednesday’s NATO summit in The Netherlands. YNet News
But it appears Trump is sticking by his ‘no enrichment’ demand, at a moment the world doesn’t really know precisely where Iran’s stockpiled of enriched uranium is located. Only thing is… now there’s not supposed to be any enriched uranium stockpiles in the country to speak of, after US was bombs away on it.
“The only thing would be asking for is what we were asking for before,” Trump emphasized – though importantly he added that such an agreement is probably not necessary given the claim that the US successfully destroyed Iran’s nuclear capabilities.
“We want no nuclear, but we destroyed the nuclear. In other words, it’s destroyed. I said ‘Iran will not have nuclear.’ Well, we blew it up. It’s blown up to kingdom come, and so I don’t feel very strongly about it. If we got a document, it wouldn’t be bad. We’re going to meet with them,” the president said.
In follow-up while addressing the NATO Q&A, Secretary of State Rubio told reporters that such a deal would depend on Iran’s willingness to negotiate directly with the US, as opposed to the intermediaries being used (such as Oman) in earlier rounds of talks.
But all of this again begs the question… was Iran’s core nuclear program really destroyed? If everyone can ‘agree’ – at least publicly for the sake of Trump’s narrative – this might mean Iran can simply continue enriching, but truly in secret this time.
Below on some casualty figures in Iran following what Trump dubbed the ’12-day war’:
At least 627 people were killed in Iran during its conflict with Israel in the period between June 13 and June 25, Iranian state media outlet IRIB reported on Wednesday, citing the country’s health ministry.
At least 4,870 other people were injured during that time, IRIB said.
The health ministry said 86% of the victims died at the scene of Israeli attacks, as cited by IRIB.
Perhaps in five to ten years the Iranians will suddenly declare achievement of an atomic bomb?
Trump seems to be saying ‘move on’ from the issue in the wake of last weekend’s B-2 bombings of three key Iranian nuclear sites:
"Fake news CNN" — Trump, at the NATO summit, trashes the CNN, New York Times, and MSNBC for reporting on an intelligence assessment that contradicted his claims about his Iran strikes pic.twitter.com/A6BsMsPN3q
It is reasonable to conclude that the Iranians have greater incentive than ever to do precisely this – weaponize what remains of their nuclear program – given they were attacked by Israel and the US (which called it ‘preemptive’ and ‘necessary’), and their air-defenses have been largely taken out.
ISRAEL/IRAN
Interesting!!
Israel Tried To ‘Turn’ Iranian Generals Against Ayatollah Just Before Bombs Fell
Tuesday, Jun 24, 2025 – 08:30 PM
Iranian state media is reporting another arrest of alleged spy who was coordinating with Israeli intelligence. Agents working on behalf of Mossad are believed to have played key roles in Israel’s military attacks which kicked off nearly two weeks ago (on Friday, June 13).
But the new arrest announced on Tuesday has been identified as a European national – without much more information being provided from Fars News agency, which issued a statement.
The arrested individual was accused of “spying on sensitive and military areas” – according to the report. This comes amid a broader crackdown and search for people who may have been relaying sensitive and secret material, for example concerning the locations of Iran’s ballistic missiles and anti-air systems, to the Israeli government.
“Since the outbreak of conflict with Israel, Iran has arrested dozens of people and executed several accused of spying for Israel,” Al Jazeera reports.
“Earlier today, Iranian state media reported that six more people were arrested in the western Hamadan province for allegedly spying for Israel’s Mossad,” Al Jazeera says of Tuesday developments.
The trials appear to be taking place in rapid format, in military and judicial tribunals, sometimes convened in small rooms, at a moment Israeli warplanes have been striking sites in Tehran and across Western Iran.
It has become clear that Israel was engaged in a massive spying and espionage campaign to pave the way for its ‘Operation Rising Lion’ – which is intent on destroying Iran’s nuclear energy program, and possibly even accomplishing regime change.
The Washington Post reports on what’s been revealed as one of the most brazen recruitment operations aimed at top generals:
In the hours after Israel launched its first wave of strikes against Iran on June 13, killing top military leaders and nuclear scientists, Israeli intelligence operatives launched a covert campaign to intimidate senior officials with the apparent aim of dividing and destabilizing Tehran’s theocratic regime,according to three people familiar with the operation.
People working for Israel’s security services who speak Persian, Iran’s primary language, called senior Iranian officials on their cellphones and warned them that they, too, would die unless they ceased supporting the regime of Ayatollah Ali Khamenei, Iran’s supreme leader, according to the three people, who spoke on the condition of anonymity to discuss clandestine operations. One of them estimated that more than 20 Iranians in positions of power were contacted.
But what’s clear from all the reporting on this is that these generals were more loyal than expected – and this wasn’t met with success for Israeli intelligence. WaPo and others have republished an audio recording of one such call that took place June 13 – the day Israeli warplanes initiated their attacks:
Mossad is phoning Iranian regime generals and warning them to flee the country in 12 hours or be killed. @WashPost has the receipts:pic.twitter.com/JHyHwaZWLK
According to one translated part of the transcript:
“I can advise you now, you have 12 hours to escape with your wife and child. Otherwise, you’re on our list right now,” an Israeli intelligence operative told a senior Iranian general close to the country’s rulers, according to the audio recording.
The operative then suggested that Israel could train weapons on the general and his family at any moment. “We’re closer to you than your own neck vein. Put this in your head. May God protect you,” he said.
This is without doubt fueling IRGC efforts to root out Israeli spy networks, amid the general (and understandable) paranoia over potential compromise and Israeli penetration. It’s widely believed that Israel uses Iranian dissident groups, like the cultic revolutionary MEK (People’s Mojahedin Organization of Iran) group, which currently has its political leadership based in Europe.
END
IRAN ISRAEL
Marco Rubio…..
(DeCamp)
Irrelevant’ Whether Iran Actually Decided To Build The Bomb, Rubio Has Said
Secretary of State Marco Rubio said Sunday that whether Iran has decided to build a nuclear weapon is “irrelevant,” as he was pressed on the lack of evidence that Tehran has taken steps to weaponize its nuclear program.
Rubio made the comment in an interview withCBS Newswhen asked about the fact that US intelligence has no evidence that Iran was seeking a bomb before Israel launched its war on the country.
“That’s irrelevant. I think that question being asked in the media – that’s an irrelevant question. They have everything they need to build a weapon,” Rubio said.
Rubio pointed to the fact that Iran was enriching uranium at 60%, which is still below the 90% needed for weapons-grade, as evidence that Iran has the capability to build a bomb, since it could quickly increase to the 90% level.
Iran had made clear when it was engaged in negotiations with the US that it was willing to bring its enrichment level back down to 3.67%, but the US decided to back an Israeli attack instead of pursuing such a deal and ultimately bombed three Iranian nuclear facilities.
Iran took the step to start enriching uranium at 60% in 2021 following an Israeli sabotage attack on its Natanz nuclear facility, which was meant to disrupt negotiations between the Biden administration and Iran that were ongoing at the time.
Rubio later adds in the segment, “Forget about intelligence…they are enriching uranium well beyond anything you need for a civil nuclear program.”
Secretary of State Marco Rubio says "it's irrelevant" whether the U.S. had intelligence showing Iran's supreme leader had specifically ordered nuclear weaponization, saying "it doesn't matter whether the order was given. They have everything they need to build nuclear weapons."… pic.twitter.com/6YldeIc38u
The Islamic Republic has built its most sensitive nuclear sites deep underground given past sabotage attacks, and on fears of Israeli or US bombing raids against them, which is exactly what happened this weekend
Seven IDF soldiers killed in Khan Yunis explosion • Police arrest suspect over support for Hamas •
A security guard stands on a street, during early hours of ceasefire, in Tehran, Iran, June 24, 2025.(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)
end
Trump says Israel sent agents into Iran’s Fordo nuclear site, saw ‘obliteration’
President says US could strike again if Iran tries to revive its enrichment program; hails ceasefire and reports ‘great progress’ toward hostage-truce deal in Gaza
US President Donald Trump speaks during a meeting with NATO Secretary General Mark Rutte at the NATO summit in The Hague, Netherlands, Wednesday, June 25, 2025. (AP Photo/Alex Brandon)
US President Donald Trump on Wednesday suggested that Israel sent agents to Iran’s Fordo nuclear site after US struck it earlier this week, insisting the attack was a success and warning that he was willing to strike again if Iran tried to revive its enrichment program.
“You know they have guys that go in there after the hit, and they said it was total obliteration,” Trump told reporters at the NATO summit in The Hague, speaking about the bombing of Fordo.
“Israel is doing a report on it now, I understand, and I was told that they said it was total obliteration. I believe it was total obliteration, and I believe they didn’t have a chance to get anything out because we acted fast.”
A leaked US intelligence report suggested this week that the strikes on Iranian nuclear facilities did not destroy their underground components, and that much of Iran’s stockpile of enriched uranium may already have been spirited out of the sites before they were bombed. The White House has rejected the report’s findings, while condemning the leak.
Israeli officials told the Kan public broadcaster Wednesday, responding to Trump’s comments, that they were unaware of any Israeli operation at the Fordo nuclear facility after the strike.
(Times of Israel)
Asked by a reporter Sunday if the US would carry out more attacks if Tehran were to rebuild its uranium enrichment facilities, Trump said: “Sure.”
The last thing they want to do is enrich anything right now,” he added. “They want to recover. They’re not going to have a bomb and they’re not going to enrich.”
“I think we’ll end up having somewhat of a relationship with Iran,” he said.
Trump hails ceasefire, praises Israel for standing down
Trump also applauded the ceasefire that has stopped the fighting so far, and said another could be on the way in Gaza.
The Israel-Iran truce was “a very equal agreement,” he said. “They both said, ‘That’s enough.’”
“We had a tremendous victory, a tremendous hit,” said Trump. “Israel got hit very hard, especially the last couple of days. Israel was hit really hard. Those ballistic missiles, boy they took out a lot of buildings.”
“And they’ve been great,” he said, “Bibi Netanyahu should be very proud of himself.”
After blasting Israel Tuesday for striking Iran in response to missile fire after the ceasefire was announced, Trump praised Israel for scaling back its planned attack.
“I was so proud of them,” he said. “It was a great thing.”
Trump added that “technically they were right,” referring to Israel’s claims that Iran had violated the ceasefire by firing missiles after the 7 a.m. start of the truce. “It was a little bit of a violation.”
View of destruction in the central Israeli city of Bat Yam a few days after it was hit by a ballistic missile fired from Iran into Israel. June 24, 2025. (Chaim Goldberg/FLASH90)
Israel and Iran entered open conflict on June 13 when Israel launched airstrikes targeting Iran’s top military leaders, nuclear scientists, uranium enrichment sites and ballistic missile program. Israel said the campaign was necessary to prevent the Islamic Republic from realizing its declared plan to destroy the Jewish state. On June 22, the US struck key Iranian nuclear facilities at Natanz, Fordo, and Isfahan.
Iran retaliated for Israel’s attacks by launching over 550 ballistic missiles and around 1,000 drones at Israel. Iran’s missile attacks killed 28 people and wounded thousands in Israel, according to health officials and hospitals. Missiles hit apartment buildings, two universities, and a hospital, causing heavy damage. Iran also fired at a US base in Qatar after the American strikes.
Trump also said Wednesday that there is “great progress” on reaching a ceasefire deal in the Gaza Strip.
“I think that because of this attack that we made [in Iran]. I think we’re going to have some very good news… Gaza is very close,” he asserted.
Israel has been at war with the Hamas terror group in the Strip since October 7, 2023, when thousands of terrorists invaded southern Israel from Gaza, killing some 1,200 people and taking 251 hostages. Terror groups in Gaza still hold 50 hostages, of whom at least 20 are believed to be alive.
After the announcement of the Israel-Iran ceasefire, voices in Israel and abroad called for a renewed focus on Gaza and a deal to return the hostages and end the war.
Posters of hostages still held in Gaza are seen at the funeral service of slain hostage Yonatan Samerano in Tel Aviv, June 24, 2025. (Chaim Goldberg/Flash90)
Qatar’s prime minister — whose country, a major Hamas benefactor, has been a key mediator in talks to free the hostages — said that he hopes indirect discussions will be held in the coming days between Israel and Hamas as part of a renewed push to reach a hostage-ceasefire deal.
“Regarding the Gaza talks, discussions are ongoing with both the Israeli side and Hamas in an effort to reach an agreement based on the American draft,” said Prime Minister Mohammed bin Abdulrahman al-Thani, without giving details on what the proposal involves.
Israel has insisted on pursuing a deal based on the so-called “Witkoff model,” named after Trump’s Mideast envoy. The model calls for a partial deal in which about half of the living hostages and about half of the dead hostages would be returned in exchange for a temporary ceasefire and the release of many Palestinian security prisoners.
Hamas has insisted that any deal include a permanent end to the war, but Prime Minister Benjamin Netanyahu’s government has refused any arrangement that would leave the terror group in power as the Strip’s de facto government, though it has not suggested any alternative regime. A majority of Israelis, according to polls, support a deal to return all the hostages even if it means ending the war.
Nurit Yohanan contributed to this report.
end
Israel reportedly knows location of Iran’s enriched uranium stockpiles, Saudi outlet claims
The status of Iran’s stockpile of enriched uranium is currently unclear following Israel’s 12-day campaign and US strikes.
Iran’s Supreme Leader Ayatollah Ali Khamenei visits the Iranian centrifuges in Tehran.(photo credit: Office of the Iranian Supreme Leader/WANA via REUTERS)ByJERUSALEM POST STAFFJUNE 24, 2025 23:25Updated: JUNE 25, 2025 00:35
Saudi news outlet Al Hadath reported on Tuesday, citing an anonymous Israeli security source, that Israel “knows exactly” where Iran is keeping its stockpiles of enriched uranium.
The official who spoke to Al Hadath further claimed that “most of the enriched uranium is buried under the rubble in Iran.”
The status of Iran’s stockpile of enriched uranium remained a matter of speculation among officials since Israel launched preemptive strikes, including on various Iranian nuclear facilities, in the 12-day war that began June 13. Such speculation continued following American strikes on Iran’s three main nuclear facilities: Fordow, Natanz, and Isfahan.
IDF monitoring, but status of Iran’s enriched uranium remains unclear
Earlier this week, IDF Spokesperson Effie Defrin said the Israeli military is closely monitoring the possibility of Iran moving its enriched uranium from sites that are damaged or destroyed to other sites, in a response to a question asked during a press conference on Sunday.
A general view shows the Natanz uranium enrichment facility in Natanz, about 322km (200 miles) south of Tehran March 9, 2006. (credit: REUTERS/Raheb Homavandi/File Photo)
Iran had claimed in the past it moved enriched uranium from Fordow to other sites, as reported by the New York Times. The NYT report added that 880 pounds of enriched uranium had been removed to 60% purity, below the 90% needed for nuclear weapons. Some 60% enriched fuel was stored at the nuclear facility in Isfahan.
Satellite imagery taken days before US strikes on Iranian nuclear facilities showed trucks line up on the road adjacent to the facility, nestled in Iran’s mountains.
Vance gave no update on the status of Iran’s stockpile post US strikes
US Vice President JD Vance was unable to confirm the status of Iran’s stockpile in an ABC News interview after US President Donald Trump ordered airstrikes early on Sunday morning.
When asked about the status of Iran’s 900 pounds of highly enriched uranium, Vance said that the Trump administration is “going to work in the coming weeks to ensure that we do something with that fuel, and that’s one of the things that we’re going to have conversations with the Iranians about.”
International Atomic Energy Agency (IAEA) Director-General Rafael Grossi previously noted that “Iran has made no secret that they have protected this material,” and that the fuel was last seen by his inspectors just before Israeli attacks on Iran.
After claiming Israel knows where the stockpiles are, the Saudi report quoted the official as saying that Israel will not target the stockpiles as to “avoid a nuclear catastrophe.”
To date, none of the Israeli attacks on nuclear facilities have been said to have caused a major, dangerous nuclear materials contamination event to Iranian civilians.
end
Qaani is alive!!
(JerusalemPost)
Iran’s IRGC Quds Force Leader Shows Up In Tehran Streets After Reports Of His Death
Tuesday, Jun 24, 2025 – 09:20 PM
A week ago there were widespread reports and rumors that Israeli airstrikes and targeted assassinations in Iran had killed Esmail Qaani, who in 2020 had succeeded the top Iranian IRGC Quds Force general Qassem Soleimani, killed by a US strike in Baghdad.
But on Tuesday Qaani appeared before crowds in Tehran, as Iranians take to the streets to support the military and assert their defiance following Israeli and US bombs falling on the country during the current ceasefire.
“Several news outlets affiliated with Iran-allied groups, including the Houthis’ Al Masirah TV, have shared footage they say shows Esmail Qaani, head of the Islamic Revolutionary Guard Corps’s Quds Force, among the rallying crowds in Tehran,” Al Jazeera writes.
“If confirmed, the videos would dispel reports that Qaani was assassinated by Israel,” the report concludes.
Below is video which disproves (assuming it is not a deepfake or impersonator) that Qaani was not killed in an Israeli airstrike last week:
Iran's Quds Force commander Qaani reportedly shows up in Tehran. Iranian state media says he is alive. pic.twitter.com/U1t5siDJcP
Like with Russia-Ukraine, the fog of war is thick in the Iranian theatre, and there is evidence that both sides have national censors which are cracking down on what information gets shared, after some 12-days of exchanging deadly airstrikes and missile fire.
END
I think the author is wrong on his thoughts of the destruction of Iran’s nuclear facilities but right on the ceasefire. They should have gone after complete surrender!
(Platt)
The enemy is still alive and seething: Did Israel really beat Iran? – opinion
Claims that Iran’s nuclear infrastructure was completely destroyed don’t hold up. Analysts estimate that the strike set Tehran’s program back by three to five years. Maybe.
A drone view shows the damage over residential homes at the impact site following missile attack from Iran on Israel, in Bat Yam, Israel June 15, 2025(photo credit: CHEN KALIFA/REUTERS)ByGERALD PLATT/THE MEDIA LINEJUNE 25, 2025 10:40
There is no doubt that war is difficult. Running in and out of shelters and dealing with airport closures takes a toll. Now, the pain that Israel has endured appears to have eased—at least temporarily—thanks to a ceasefire.
But the enemy is still alive and seething. That may be enough to ignite another war within a few years.
And President Donald Trump will be gone. No one knows whether the next US president and administration will be as accommodating, helpful, or effective as this one has been. Given the direction of American society, that seems doubtful.
Israel’s military successes against Iran
There’s also no question that Israel carried out some extraordinary operations—both during this war and throughout the 600-plus days that preceded it. Still, calling this a “win” is misleading. A poll by TOP NEWS shows that 71.6% of Israelis oppose the ceasefire and believe military action against Iran should continue.
Claims that Iran’s nuclear infrastructure was completely destroyed don’t hold up. Analysts estimate that the strike set Tehran’s program back by three to five years. Maybe.
People watch from a bridge as flames from an Israeli attack rise from Sharan Oil depot, following Israeli strikes on Iran, in Tehran, Iran, June 15, 2025. (credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)
But Iran, Israel’s most dangerous enemy, remains alive, capable, and angry. It was wounded, not killed. Israel shot Iran in the leg, not the brain. The Islamic Republic can recover, rebuild, and rethink its next steps.
This war won’t truly be over until Israel can declare victory through regime change. Only with a new government in Tehran can Israel hope to stop being the target of Iranian aggression.
Did the US reach a ceasefire with Japan? No. That war ended on September 2, 1945, with surrender. The same goes for Germany: May 8, 1945—again, surrender. Both nations formed new governments after the war.
Iran’s regime, by contrast, is still in place. That means the current ceasefire is just that: a pause. It is no different from the many ceasefires with Hamas, until October 7, 2023, shattered the illusion of calm.
The statement “if someone wants to kill you, kill him first” is a paraphrase of a principle from the Talmud, a central text of Rabbinic Judaism that records centuries of legal, ethical, and theological discussions. That principle reflects the idea that preemptive self-defense is justified when there is an imminent threat of death. While not a legal argument on its own, this idea informs self-defense laws around the world.
“If someone comes to kill you, hurry to kill him.”
It doesn’t say, “beat him up.” It says—preempt him—“hurry to kill him.”
Gerald Platt is a New York-based investor and president of American Friends of Likud.
END
ISRAEL/IRAN
IDF spokesman: ‘Too early’ to assess damage to Iran’s nuclear program
IDF Spokesman Brig. Gen. Effie Defrin says it is still “too early” to assess the damage to Iran’s nuclear program following the war.
“We met all the objectives of the operation as defined for us, even better than we thought. But it is still too early to determine, we are investigating the results of the strikes on the different sections of the nuclear program,” Defrin says in response to a question at a press conference.
“The assessment is that we significantly damaged the nuclear program, and I can say we set it back by years,” he says.
Last night, IDF Chief of Staff Lt. Gen. Eyal Zamir said that, “We have set Iran’s nuclear project back by years, and the same goes for its missile program.”
END
IRAN/USA/ISRAEL
USA sets for a nuclear deal with Iran!
Witkoff: US, Iran seeking ‘peace deal,’ strikes set Tehran’s nuke program back years
Trump’s envoy tells Fox News that reporting the US may not have destroyed Iran’s underground nuclear sites is ‘preposterous,’ says IAEA chief Rafael Grossi agrees with his assessment
US envoy Steve Witkoff appears on Fox News’ “Laura Ingraham Show,” on June 24, 2025. (Screen capture via YouTube)
White House envoy Steve Witkoff, in an interview aired early Wednesday Israel time, said the US and Iran are already in preliminary discussions about resuming negotiations over the Islamic Republic’s nuclear program.
Witkoff said the US and Iran are engaged in talks both directly and through intermediaries about getting back to the table, after Israeli and US strikes against Iranian nuclear facilities ended Tuesday in a ceasefire that US President Donald Trump helped mediate.
“The conversations are promising. We’re hopeful,” Witkoff told Fox News’ Laura Ingraham. “Now it’s time for us to sit down with the Iranians and get to a comprehensive peace deal, and I’m very confident that we’re going to achieve that.”
The Trump envoy said the American position is that Iran must not resume enriching uranium at all — a stance that the White House vacillated on during previous talks with Iran, led by Witkoff, over the two months prior to Israel’s attack on the Islamic Republic’s nuclear and ballistic missile programs that began earlier this month.
Witkoff also doubled down on the administration’s assessment that the strikes on Iran’s nuclear facilities at Natanz, Isfahan, and Fordo completely eliminated the Islamic Republic’s ability to attain a nuclear weapon in the near future. He said the program had been set back years, and lashed out against a leaked security assessment that said the strikes did not destroy the underground sites.
end
It is about time to leave Gaza. They cannot hurt Israel any more!
ISRAEL HAMAS
Seven IDF soldiers killed in Khan Yunis blast, terrorist attached IED to vehicle
The incident occurred on Tuesday, when a report came in of a blast that struck a “Puma” armored personnel carrier from the IDF’s 188th Brigade.
Seven Combat Engineer IDF soldiers who were killed in Khan Yunis, Gaza, June 25, 2025.(photo credit: IDF SPOKESPERSON’S UNIT)ByAMIR BOHBOT, JERUSALEM POST STAFF, YONAH JEREMY BOBJUNE 25, 2025 06:19Updated: JUNE 25, 2025 11:21
Seven soldiers from the IDF’s Combat Engineering Corps were killed in an explosion in Khan Yunis, in the Gaza Strip, the military announced on Wednesday.
Lieutenant Matan Shai Yashinovski, aged 21, from Kfar Yona, Staff Sergeant Ronel Ben-Moshe, aged 20, from Rehovot, Staff Sergeant Niv Radia, aged 20, from Elyakhin, Staff Sergeant Alon Davidov, aged 21, from Kiryat Yam, Sergeant Ronen Shapiro, aged 19, from Mazkeret Batya, Sergeant Shahar Manoav, aged 21, from Ashkelon, and Sergeant Maayan Baruch Pearlstein, aged 20, from Eshhar.
All seven were soldiers in the 605th Combat Engineering Battalion of the 188th Brigade, and fell during combat in the southern Gaza Strip.
Soldiers from the Kfir Brigade operating in the Khan Yunis area in the Gaza Strip, June 2, 2025. (credit: IDF SPOKESPERSON’S UNIT)
Blast struck APC
The incident occurred at approximately 6:30 p.m. on Tuesday, when a report came in of a blast that struck a “Puma” armored personnel carrier (APC) carrying soldiers from the 605th Battalion of the Combat Engineering Corps.
A preliminary investigation revealed that a terrorist was able to attach an explosive device to the APC.
Firefighting teams and soldiers worked to extinguish the fire, with a D9 bulldozer used to cover the vehicle with sand and pull it out of the Gaza Strip into Israeli territory.
The IDF has yet to explain why the engineering troops of Battalion 605 were operating with an armored personnel carrier that is decades old, when the main armored vehicle of the Combat Engineering Corps, the ‘Namera,” which is in service with the two parallel battalions operating in Gaza.
Defense Minister Israel Katz: “I grieve the fall of Lieutenant Matan Shai Yashinovski, Sergeant Ronel Ben-Moshe, Sergeant Niv Radia, Sergeant Ronen Shapiro, Sergeant Shahar Manoav, Sergeant Maayan Baruch Perlstein, and another soldier whose name has not yet been released, soldiers of the 605th Combat Engineering Battalion who fell in battle in the southern Gaza Strip. Our soldiers fought bravely and fell during their mission to defend the State of Israel and return our hostages. I send my deepest condolences to the bereaved families and embrace them on behalf of the entire nation in their most difficult time. May their memory be blessed.”
Additional incident
Earlier in the day, at 4:25 p.m., another incident took place between IDF soldiers and Hamas terrorists in Khan Yunis, the IDF said.
During that clash, a force from the 605th Battalion, which was part of the 51st Battalion’s combat team, was hit by anti-tank fire. Two soldiers were injured—one seriously and the other lightly.
Troops from the 252nd Reserve Division operating in northern Gaza, June 25, 2025.(photo credit: IDF)
The 252nd Reserve Division finished its operations in northern Gaza, the IDF announced on Wednesday. They will be replaced by the 99th Division.
The military said they “eliminated dozens of terrorists, dismantled over 6 kilometers of underground terror tunnels, as well as dozens of tunnel shafts and terrorist infrastructure that posed a threat to our troops.”
An Israeli airstrike in southern Lebanon yesterday killed the head of a currency exchange company, who the IDF says was involved in transferring funds from Iran to Hezbollah.
Haytham Abdullah Bakri had headed the Al-Sadiq currency exchange.
The military says the company “serves as a funds storage and transfer mechanism for the Hezbollah terror organization, for funds originating from the Iranian Quds Force,” adding that Bakri operated with Hezbollah to transfer the funds.
“These funds are used by Hezbollah for military purposes, including purchasing weapons, means for manufacturing [weapons], and providing salaries to operatives, and are diverted for terrorist purposes and to finance the continuation of Hezbollah’s terrorist activities,” the IDF says.
Last week, during the war in Iran, the IDF killed Behnam Shahriyari, the head of the IRGC Quds Force’s Unit 190, responsible for the clandestine transfer of weapons to Iran’s proxy groups, especially Hezbollah.
“Shahriyari exclusively oversaw the mechanisms that enabled the transfer of hundreds of millions of dollars annually to the Quds Force and its proxies. These mechanisms included money transfer routes from the Quds Force to Hezbollah, using offsets between currency exchanges in Turkey, Iraq, and the United Arab Emirates with Lebanese currency exchanges,” the IDF says.
“These two eliminations constitute a severe blow to the Iranian financing routes to Hezbollah,” the military add
Security forces arrest 20 suspects in West Bank overnight
In Jenin in the northern West Bank, forces arrested an arms dealer and another man who was with him, the agencies said.
An illustrative photo of a border policeman operating in the West Bank, June 25, 2025.(photo credit: ISRAEL POLICE)BySARAH BEN-NUNJUNE 25, 2025 14:23Updated: JUNE 25, 2025 16:21
Twenty Palestinians were arrested by Israeli security forces overnight Tuesday, the IDF and the Shin Bet (Israel Security Agency) announced on Wednesday.
In a Palestinian town near Hebron, they confiscated materials to be used for explosives in a factory, air guns, and tens of thousands of shekels.
In Jenin in the northern West Bank, forces arrested an arms dealer and another man that was with him, the agencies said.
Simultaneously, troops operated in the Tammun and Yabad towns nearby, arrested one, interrogated dozens, and scanned over 200 buildings.
IDF operating in the West Bank June 18, 2025. (credit: IDF SPOKESMAN’S UNIT)
Arrests in the West Bank
In the central West Bank, troops operated in Bayt Omar, Surif, and other towns, arresting five and confiscating tens of thousands of shekels, the army and intelligence agency added.
Near Tulkarm, four Palestinians were arrested, as troops seized an explosive along with tens of thousands of shekels. Near Ramallah, three were arrested.
What the IDF called an operation against terrorist forces in the West Bank began in January. According to UNRWA, 40,000 Palestinians have been displaced.
END
TURKEY/IRAN
Turkey Rejects Open-Door Policy For Refugees If Iran Falls Apart
Israeli and US attacks on Iran risk sparking a regional war or even triggering regime change in the country, a development that has concerned Turkish officials in Ankara since September. The Israeli strikes that began earlier this month initially targeted Iran’s nuclear infrastructure and air defense systems.
Over time, however, Israel shifted its focus toward the Iranian government’s command structure and later moved on to domestic security buildings. For example, on Monday, Israeli forces reportedly targeted the internal headquarters of the Islamic Revolutionary Guard Corps as well as the notorious Evin prison, where political prisoners are held.
One Israeli minister even suggested that Israel was cooperating with the Iranian opposition, reinforcing Defence Minister Israel Katz’s public statements that Israel seeks regime change or at least aims to undermine the Tehran government.
That is a prospect that US President Donald Trump tried to normalize on Sunday night with a post on Truth Social. “If the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn’t there be a Regime change???” he asked.
The Turkish government is acutely aware of the repercussions of regime-change operations and wars, having experienced the destabilizing effects of the 2003 US-led Iraqi invasion and, more recently, the 2011-24 Syrian [proxy] civil war. These conflicts have often resulted in hundreds of thousands of refugees crossing into Turkey and have disrupted key sectors such as energy and trade.
Turkish society remains highly sensitive about the presence of refugees, notably the 2.7 million Syrians, many of whom are now returning to Syria after the fall of Bashar al-Assad’s government. Experts and officials emphasize that there is currently no new wave of refugees.
However, several sources familiar with the issue told Middle East Eye that as early as September, the Turkish government conducted in-depth studies on potential migration scenarios. They estimated that a full-scale war between Israel and Iran could push up to one million Iranian refugees towards the Turkish border.
Turkey has the experience. In 2012, then-foreign minister Ahmet Davutoglu attempted to control the influx of Syrian refugees by capping their number at 100,000 and threatening to establish a safe zone in northern Syria. However, the number of refugees quickly surpassed three million in the following years, which taught Ankara a difficult lesson.
Now, sources say Ankara is unlikely to accept any refugees except those in urgent need of emergency assistance.
“If the worst-case scenario were to occur and there was a mass migration from Iran to Turkey, whether permanent or in transit, Ankara would fulfil its obligations under humanitarian law, but it would not implement an open-door policy,” Serhan Afacan, president of the Center for Iranian Studies in Ankara, told Middle East Eye.
A Turkish official, speaking on condition of anonymity, confirmed that Ankara would no longer apply an “open door” policy toward any neighbouring country in the event of a refugee wave. Iranians currently can enter Turkey without a visa.
An elite influx?
Many Turkish citizens are particularly wary of the possible arrival of the 4.5 million Afghans currently living in Iran. However, Afacan noted that millions of Turkish-speaking ethnic Azerbaijanis also live in Iran. He said that if they were to gather at the border, it could shift the debate in Turkey and stir nationalistic sentiments. “But at present, there are no indications that Turks in Iran are planning to migrate,” Afacan added.
Last week, sources from the Turkish defence ministry told journalists there is currently no sign of a refugee influx into Turkey. One source stated that additional security measures have been implemented along all borders, including with Iran, and there is no uncontrolled migration. The Turkish Armed Forces are said to be prepared for all possible scenarios arising from regional developments.
This raises the question of whether Turkey would allow Iranian elites, including government officials, to enter if their government collapses. Many Iranians have already bought homes or acquired Turkish citizenship through investment in recent years.
According to interior ministry data released this year, 76,000 Iranians hold residence permits in Turkey. At least 35,000 have purchased homes since 2019, according to the Turkish Statistical Institute data released in 2024.
It is unclear whether all these purchases were made to obtain Turkish citizenship, but a naturalisation consultancy expert told MEE that Iranians are among the top nationalities seeking Turkish citizenship. Between 2012 and 2024, a total of 384,000 homes were sold to foreigners.
Afacan said many Iranian officials and military officers already own property in Turkey. For instance, during the emergency elections following President Ebrahim Raisi’s death in a helicopter crash last year, there was a major controversy over claims that Iranian Parliament Speaker Mohammad Bagher Ghalibaf and his family owned several luxurious apartments in an upscale Istanbul residence.
Afacan added that, as in the aftermath of the 1979 Islamic Revolution, albeit on a much smaller scale, a significant number of Iranian government officials would likely head to Turkey if the government were to fall.
“I do not believe that Turkey would close its doors to such individuals in that kind of scenario,” he said.
END
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
Actors Diana Oh (38), Guido Tenesi, Pamela Peters Solow; R&Ber Cavin Yarbrough; bassist Steve Evans; choreographer Dave Scott (52); journos William Langewiesche, Scott Miller (62, C); & more
Actor, musician, theatre-maker Diana Oh passed awaysuddenly June 17, at the age of 38. The cause of death was not disclosed. Their family confirmed the news via a GoFundMe created to cover funeral costs. Prior to their death, Oh was about to present a concert called Art Chxrch at HERE Arts Center June 27. A musical theatre composer by training, they [sic] had a degree from New York University’s Tisch School of the Arts.
Researcher’s Note – Among Oh’s most notable works: The Gift Project was presented on April 9 and 10, 2022, at Symphony Space’s Leonard Nimoy Thalia Theater in New York City: Broadway Mask And Covid Vaccine [sic] Mandates Will Remain At Least Through April 30 [2022]: Link
Former professional hockey player Guido Tenesi, best known for starring in the 1977 sports comedy film Slap Shot, has died at the age of 71, according to his former team, the Hershey Bears of the American Hockey League. Tenesi’s cause of death wasn’t publicly announced as of Friday (June 20) morning.
Manhattan Beach, CA – It’s a sad day in Genoa City. The Young and the Restless is mourning the passing of Pamela Peters Solow, who originated the role of Peggy Brooks back in 1973. The actress’ death on June 4 at age 75 was announced on social media by Todd Hirsch.
Cavin Yarbrough of Legendary Grammy-Nominated Duo Yarbrough & Peoples Passes Away at 72
June 19, 2025
Michele Elyzabeth, publisher of LATF USA and founder of Parapluie Inc., is deeply saddened to announce the passing of Cavin Yarbrough, one of the founding members of the iconic R&B duo Yarbrough & Peoples. Cavin passed away the morning of Thursday, June 19, 2025, at the age of 72, due to complications from heartdisease, as confirmed by his wife and longtime music partner Alisa Peoples.
San Rafael, California – We are sad to report the passing today of Bay Area bassist Steve Evans. Steve played bass with Chris Cain for over 20 years, along with many other bands, including with Albert Cummings at the Bender in 2023. Our deepest condolences to his family and friends on this sad loss. He will be missed.
Dave Scott, an experienced choreographer who worked on the Step Up movies and So You Think You Can Dance, has died at 52. The tragic news was confirmed Tuesday in an Instagram post. Scott was a dance teacher and choreographer who was best known for his work on Step Up 2: The Streets, Step Up 3, and several seasons on So You Think You Can Dance. He also worked as a choreographer on the films Good Burger, Coach Carter, Accepted, Stomp the Yard, the Prom Night remake, and the popular TV show Bones. A cause of death has not been disclosed.
Billy Strings’ ‘Beautiful’ Mom Debra Dies Hours After He Finishes Show Near His Parents’ Michigan Home
June 21, 2025
Billy Strings is grieving the death of his mother, Debra Apostal. The Grammy-winning bluegrass musician, 32, announced during a performance in Lexington, Ky., on Friday, June 20, that his mom died just hours after his hometown show in Lansing, Michigan, at the Charlotte Bluegrass Festival on Thursday, June 19. “After our set we drove through the night and I finally fell asleep when we got parked here in Lexington, probably about 5:40 this morning or so. I might have got three hours of sleep and I was in a deep sleep,” Strings said. “My wife woke me up this morning and told me that my beautiful mother, Debra Apostal, passed awayin her sleep. Apostal died in the early morning hours of Friday, June 20, according to the Lansing State Journal.
Chris Collins, a radio legend who served as the voice of the NHL’s San Jose Sharks and MLS’s Seattle Sounders FC, has died. Collins was 65 when he died Tuesday after experiencing complications from an infection he contracted during surgery, according to his friend Tony Cox. Collins entered the world of sports broadcasting after helping launch Sacramento’s [CA] KSFM 102.5-FM, whose award-winning Morning Zoo dominated local ratings for years.
William Langewiesche, the ‘Steve McQueen of Journalism,’ Dies at 70
June 16, 2025
He was a master of long form narratives, often involving high-stakes topics. He reported for Vanity Fair, The Atlantic and The New York Times Magazine. William Langewiesche, a magazine writer and author who forged complex narratives with precision-tooled prose that shed fresh light on national security, the occupation of Iraq and, especially, aviation disasters — he was a professional pilot — died on Sunday in East Lyme, Conn. He was 70. Cullen Murphy, his longtime editor at The Atlantic and Vanity Fair, confirmed the death, at the home of a friend, saying the cause was prostatecancer.
Highly-respected baseball reporter Scott Miller dead at 62 after cancer battle
June 22, 2025
San Diego, California – The world of baseball is in mourning following the death of legendary sportswriter Scott Miller at the age of just 62. The longtime reporter, and most recently New York Times contributor, was battling cancer and news of his death was shared on Saturday night. The news was first broken by baseball writer Bob Nightengale, who wrote: ‘Baseball lost a giant. Scott Miller was a brilliant writer and an even better human.’
Researcher’s Note – MLB To Require COVID Vaccinations [sic] For Non-Player Team Personnel To Gain Access To Field In Postseason: Link
AHSAA Mourns the Passing of Sportswriter Legend Rubin Grant
June 23, 2025
MONTGOMERY, AL – The AHSAA was saddened to learn longtime sportswriter legend Rubin E. Grant [67] of Birmingham passed away Wednesday night, June 18 after a short illness.
Michael Louis Motz, a man of a thousand jokes, a million stories, and just as many strong opinions, passed awaysuddenlyat home in Sidney, Nebraska, on Tuesday, June 10, 2025, from a heart attack. He was 58. Many in Sidney knew Mike as the Senior Staff Reporter and Sports Editor for the Sidney Sun-Telegraph, where he covered high school sports, and then town meetings, and then community stories. He covered as much as he could and always did so with sincerity, insight, and just the right amount of humor. In addition, he contributed sports stories and photos to the Western Nebraska Observer in Kimball.
Former U.S. Rep. Blake Farenthold of Corpus Christi dies at 63
June 20, 2025
Former U.S. Rep. Blake Farenthold, a four-term Republican congressman from Corpus Christi [TX] and local radio host, died this week from a heart attack after struggling with chronic liver disease, according to a close friend who worked on his radio show. He was 63.
Studies Link Aluminum Vaccine Adjuvants to Asthma, Autism, and SIDS Mass aluminum-based hyper-vaccination of children is pouring kerosene on the fire of chronic disease.”
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
‘As the new U.S. Department of Health and Human Services (HHS) administration launches its long-overdue investigation into childhood hyper-vaccination—flagged as a potential driver of the chronic disease epidemic in the MAHA Report—a large body of peer-reviewed science already makes the case clear:
Researchers calculated cumulative aluminum exposure from vaccines before 24 months of age and assessed its association with persistent asthma diagnosed between ages 2 and 5. Key covariates were adjusted, including sex, race, eczema, prematurity, medical complexity, and healthcare utilization.
Here’s what they found:
Strong dose-dependent relationship: Each additional 1 mg of vaccine-derived aluminum increased the risk of persistent asthma by:
+26% in children with eczema (aHR 1.26; 95% CI: 1.07–1.49)
+19% in children without eczema (aHR 1.19; 95% CI: 1.14–1.25)
Children receiving more than 3.0 mg of aluminum had significantly higher asthma risk compared to those receiving ≤3.0 mg:
+61% in children with eczema(aHR 1.61; 95% CI: 1.04–2.48)
+36%in children without eczema(aHR 1.36; 95% CI: 1.21–1.53)
The association held across multiple sensitivity analyses, including when excluding extreme exposures and limiting to fully vaccinated children.
Peak aluminum exposures occurred during 2-month well-child visits, and even a single-day aluminum load was linked to elevated asthma risk: In children without eczema, a 0.05 mg/kg increase in aluminum on a single day was associated with a 6% increased risk of persistent asthma (aHR 1.06; 95% CI: 1.03–1.10)
More Than 100 Dems Join GOP to Block Own Party’s Trump Impeachment EffortSeventy-nine House Democrats voted against blocking a motion to impeach President Donald Trump for launching military strikes on Iran without seeking authorization from Congress.The House of Representatives voted overwhelmingly — 344 to 79 — to table a resolution from Democratic Texas Rep. Al Green to impeach the president. Green, a liberal firebrand who has repeatedly sought to oust Trump for …READ THE FULL REPORT
CNN Discloses ‘Top Secret’ Intel on US Strikes in Iran — White House RespondsA ‘Top Secret’ Intelligence assessment about the US’s strikes on Iranian nuclear sites was leaked to CNN, and CNN disclosed it on live TV on Tuesday.President Trump on Saturday evening announced that the US had dropped bombs on three nuclear sites in Iran.“We have completed our very successful attack on the three Nuclear sites in Iran, including Fordow, Natanz, and …READ THE FULL REPORT
NYC Is About to Elect a Muslim Socialist as MayorIn a troubling sign of just how far left New York City politics has drifted, socialist and outspoken anti-Israel activist Zohran Mamdani has now pulled ahead of former Gov. Andrew Cuomo (D) in the city’s mayoral primary, according to a new poll.Mamdani, who has a history of sympathizing with radical Muslim groups and openly criticizing America’s closest ally in the …READ THE FULL REPORT
Terror Plot in US Foiled: ISIS-Linked Suspect ArrestedThe Department of Justice has charged a California man with attempting to provide material support to ISIS, a designated foreign terrorist organization.Ammaad Akhtar, 33, of Stockton, has been accused of plotting and providing financial funding for attacks. He was arrested on Tuesday and arraigned on charges in the US District Court for the Eastern District of California, according to a …READ THE FULL REPORT
Karmelo Anthony Indicted on 1st-Degree Murder Charge — Faces Up to Life in PrisonKarmelo Anthony was indicted for murder by a grand jury in the fatal stabbing of 16-year-old track star Austin Metcalf.Earlier this year a judge reduced Karmelo Anthony’s bond from $1 million to $250,000 and placed him on house arrest.16-year-old track and football star Austin Metcalf was brutally stabbed to death in April during a championship track meet at Kuykendall Stadium …READ THE FULL REPORT
NEWSWIZE
LATEST NEWS
GOP Rep. Turns on MAGA With Explosive Immigration ClaimAmid growing concerns about the future of the U.S. economy, Rep. Maria Elvira Salazar (R-FL) made a striking appeal for increased reliance on illegal labor to sustain America’s economic growth. Speaking at a Tuesday hearing with Federal Reserve Chair Jerome Powell, Salazar emphasized that without foreign workers, particularly in key sectors, the nation’s expansion could stall.Salazar pointed out that significant labor …READ MORE
Red State Law Blocked in Stunning Blow to Religious FreedomA federal appeals court has blocked Louisiana’s law requiring public schools to display the Ten Commandments in every classroom, marking a significant setback for the GOP-led effort to bring religious values back into public education. The ruling, handed down Friday by the Fifth U.S. Circuit Court of Appeals, upholds an earlier injunction and prevents the law from taking effect in the …READ MORE
Bondi Delivers Savage Burn to Dem’s Criticism in Heated HearingAn intense exchange unfolded during a congressional hearing when U.S. Attorney General Pam Bondi sharply responded to Rep. Madeleine Dean’s (D-PA) remarks on competence. The confrontation quickly escalated as Bondi directly called out Dean for her previous praise of former President Joe Biden, turning the spotlight on the ongoing political tensions between the two parties.The hearing, which focused on policy disagreements …READ MORE
ICE Drops Bombshell Announcement Amid Growing National Security ThreatFederal immigration agents have arrested 11 Iranian nationals across eight U.S. states over the past 48 hours, according to a recent report. The coordinated operation was carried out by U.S. Immigration and Customs Enforcement (ICE), targeting individuals suspected of ties to foreign military forces and possible national security threats.One of the arrests took place near St. Paul, Minnesota, where authorities detained …READ MORE
Red State Sting Exposes Chilling Child OperationA coordinated law enforcement operation across the Tampa Bay region led to the recovery of 60 critically missing children—some of whom were victims of human trafficking—according to Florida Attorney General James Uthmeier and the U.S. Marshals Service.The operation, dubbed “Operation Dragon Eye,” lasted two weeks and involved more than 20 agencies, including the Florida Department of Law Enforcement, the U.S. …READ MORE
EVOL NEWS
MIKE EVERY/OR PICTON OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7.OIL AND NATURAL GAS//GLOBAL/ENERGY/
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1595 DOWN 0.0018 PTS OR 18 BASIS POINTS
USA/ YEN 145.34 UP 0.416 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 1.3616 UP .0008 OR 8 BASIS PTS
USA/CAN DOLLAR: 1.3727 UP 0.0002(CDN DOLLAR DOWN 2 BASIS PTS)
Last night Shanghai COMPOSITE UP 35,41 PTS OR 1.04%
Hang Seng CLOSED UP 293.95 PTS OR 1.22%
AUSTRALIA CLOSED UP 0.06%
// EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 293.95 PTS OR 1.22%
/SHANGHAI CLOSED UP 35.41 PTS OR 1.04%
AUSTRALIA BOURSE CLOSED UP 0.06 %
(Nikkei (Japan) CLOSED UP 151.51 PTS OR 0.39%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3329.95
silver:$35.92
USA dollar index early WEDNESDAY morning: 97.67 UP 22 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.048% UP 2 in basis point(s) yield
JAPANESE BOND YIELD: +1.409% DOWN 1 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.232UP 3 in basis points yield
ITALIAN 10 YR BOND YIELD 3.530 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.570 UP 4 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1592DOWN 0.0019 OR 19 basis points
USA/Japan: 145.86 UP 0.909 OR YEN IS DOWN 90 BASIS PTS//
Great Britain 10 YR RATE 4.480 UP 1 BASIS POINTS //
Canadian dollar DOWN .0014 OR 14 BASIS pts to 1.3740
Crypto & MegaCaps Rise As Dismal Data Drags Rate-Cut Odds Higher
by Tyler Durden
Wednesday, Jun 25, 2025 – 08:00 PM
A dismal plunge in new home sales prompted further (dovish) increases in rate-cut expectations today, with July at 27% and September at 84%…
Source: Bloomberg
Uncertainty – trade policy and geopolitical – continue to tumble…
Source: Bloomberg
But, US Macro data continues to disappoint with ‘hard’ data now starting to catch down to ‘soft’ data…
Source: Bloomberg
Overall, stocks were mixed today with MegaCaps supporting the Nasdaq and S&P but Small Caps slammed. The Dow also closed red…
Goldman’s trading desk notes the muted price action in the US with a lack of any material new news.
Today saw continued focus on the AI trade after NDX made new ATHs yesterday.
Mega cap (MSTMTMEG) +90bps holding markets up today with NVDA, AMD, and GOOG the biggest positive contributors to the NDX.
Poor overall breadth at the index level: 130 names up vs 370 down in the S&P.
But, there was Mag 7 dispersion… again… TSLA -4% (,mixed(?), robotaxi launch), GOOGL +2.5%, NVDA +3% breaking out to new ATHs)…
…been a theme all year with market working hard to differentiate. (Callahan)
NYC Office REITs continued to plunge today with a big focus on ‘socialist’ Mayoral Candidate Zohran Mamdani winning last night. Lot of inbounds on what this potential administration means for NYC exposed REITs, particularly across Office and Apartment REITs with exposure to NYC.
Source: Bloomberg
VIX tumbled to a 16 handle (two week lows)
Treasury yields were all lower today with the belly out performing (5Y -3bps) amid another roller-coaster. On the week, as US macro has disappointed, yields have dropped with the short-end significantly outperforming…
Source: Bloomberg
The dollar mirrored bond yields today with strength overnight followed by selling during the US session, taking the greenback back near YTD lows
Source: Bloomberg
The dollar closed at its weakest (vs its fiat peers) since April 2022…
Source: Bloomberg
The dollar’s loss was gold’s gain as the precious metal extended gains off its bounce from $3300…
Source: Bloomberg
Oil prices inched higher today after two days of carnage as inventories tumbled…
Source: Bloomberg
Bitcoin also extended its bounce from below $100k to $108k today…
Source: Bloomberg
The rebound in bitcoin comes right on cue with the lagged global liquidity surge…
Source: Bloomberg
Finally, the chasm between the markets and the macro is growing…
Source: Bloomberg
…are we really back to ‘bad news is good news’?
Judging by Powell’s comments the last two days, we would suggest the market’s enthusiasm for bad news driving The Fed to panic is over-done.
And buybacks are gonna shutdown imminently…
…right as ‘event’ risks rise in early July (PCE, Payrolls, and the end of the tariff pause)
BIG NEWS OF THE DAY/CEASEFIRE VIOLATIONS BUT IT WILL HOLD
USA DATA RELEASES
New Home Sales Plunged In May As Mortgage Rates Rose
Wednesday, Jun 25, 2025 – 10:08 AM
After an unexpected surge higher in April, new home sales were expected to tumble in May’s data released today following a plunge in homebuilder confidence and weak existing home sales.
The consensus was right but way off in scale as new home sales plunged 13.7% MoM (after the 10.9% rise in April), dragging sales down 6.3% YoY.
That is the biggest MoM drop since June 2022…
Source: Bloomberg
This dragged the SAAR total down to the low end of the last three years channel…
Source: Bloomberg
Figures last week showed the pace of ground-breaking on single-family homes in May was one of the slowest since 2023.
While builders are lowering prices and offering subsidies to reduce customers’ financing costs, the concessions are yielding diminishing returns and encouraging many builders to slow construction.
The plunge in new home sales came as mortgage rates ticked back higher…
Source: Bloomberg
And don’t expect rate-cuts to help. The last cuts steepened the yield curve and prompted higher mortgage rates.
end
USA ECONOMIC NEWS
The Real Estate Recession You Haven’t Heard About (Yet)
Real estate and construction are considered bellwethers of the overall economy. Recently they’re not looking good – and this isn’t an isolated issue. It’s a warning sign of a crisis that could ripple through the entire economy…
The housing market is a massive portion (about 1/6th!) of the entire U.S. economy. About two-thirds of American families own their home – and for most, it’s their single biggest financial asset (as well as where they sleep). Home equity represents a tremendous share of household net worth – about half for the typical family! More of our national wealth is tied up in housing than any other single asset class.
So any unusual or unexpected developments in the real estate market get attention. Because they’re extremely important for the majority of Americans – far more important than abstractions like GDP or unemployment.
That makes recent updates on the state of the housing market concerning…
Housing affordability is near record lows
I don’t want to be the bearer of bad news, but it’s important that you know the truth of the situation. Today, the typical American family cannot afford a typical home. From an article at MoneyTalkNews:
As housing prices continue to climb, a startling 70% of U.S. households now find themselves unable to afford a home at the median price point of approximately $400,000, according to the National Association of Realtors.
That’s over two-thirds of U.S. households that can’t afford homes smack in the middle of the price range. We aren’t talking about McMansions here, we’re talking about what we used to call “starter homes,” much less expensive properties.
To give you a more solid grasp on those numbers:
About 94 million households simply can’t afford to purchase a median-priced home.
In fact, to afford “median-priced” homes in the U.S., the household income needs to be at least $110,000 per year. To afford a home that is less than half of the median price requires a household income of about $61,000.
Many Americans simply aren’t making that kind of money, not even on a household basis. Worse still, it takes significantly longer for a family to save up enough for a downpayment.
For comparison purposes:
1970-1985: The typical family could save 10% of their income for five years and accumulate a 20% downpayment
2023: The typical family saving 10% of their income will need eight years to collect a 20% downpayment
Note that those numbers are incredibly variable based on location (isn’t everything in real estate?) The average family cursed to live in New York City will need 19 years to save up a downpayment, where some Midwestern cities like Tulsa are much more affordable (4-5 years).
Affordability is a major challenge right now. It’s a stark reminder of how many people are struggling financially. Especially after several years of brutal inflation – and, of course, inflation’s impact on home prices.
And what happens when prices rise faster than our ability to pay? Supply starts to build up…
Anecdotally, fear of ICE raids have led to desertedconstruction sites (according to reports, some 20-50% of the construction workforce are illegal immigrants)
According to Brown, other factors impacting the housing market are “new Trump-era factors, including tariffs and deportations, that are holding back construction and limiting supply.”
To be fair, we can’t reasonably put the blame for the whole situation at Trump’s feet, but it’s pretty clear that we’re in the transition period that Trump talked about from failing economic policies of previous administrations to the economic upturn Trump promised us.
As he also promised, the transition is far from a smooth and painless one.
Homes, wages and purchasing power
Inflation alone (that is, destruction of the dollar’s purchasing power) wouldn’t be as severe an issue if household incomes kept up. Unfortunately, they haven’t – here are the less-than-encouraging details:
For decades, home price appreciation has been outstripping earnings growth. In the last 25 years, home values have more than tripled. The steepest climb came between 2020 and 2022, when pandemic moves and ultra-low mortgage rates spurred a buying frenzy across the country.
Meanwhile, median incomes from 2000 to 2023 did not quite double.
That’s why we’re seeing such an affordability gap.
Now, I’m the first to blame the Federal Reserve’s inflationary policies for economic issues like this. Unfortunately, the Fed’s current efforts to tame the inflation they created is hampering home sales, too!
In recent years, the housing market has been stalled by what’s known as the rate “lock-in effect.” Anyone lucky enough to have a sub-4% mortgage rate at a time when prevailing mortgage rates are closer to 7% is reluctant to give up that cheap rate in a move. That effect has kept for-sale inventory depressed.
It’s no wonder that home builders aren’t optimistic about the current home buying market. Between too-high prices and above-zero interest rates, homebuyers are caught between a rock and a hard place.
This is bigger than just the homebuilding sector, though. A depressed housing market is an early warning sign of a struggling economy. I’m not just speculating here, either. Remember the Great Financial Crisis of 2007-09?
More recent memory offers the Great Recession, a severe economic downturn that began with the collapse of the housing market in the United States. While not as prolonged or severe as the Great Depression, it still caused significant economic hardship, with unemployment rates reaching nearly 10%.
We watch the housing market for exactly this reason. It’s our canary in the coalmine of the American economy.
What we can do when the canary stops singing
Sure, it’s easy to fall into doom and gloom thinking when you see numbers like this. Some of my friends think I’m obsessed with bad news… But I’m really not. I do my best to point out the important economic stories you might not see on mainstream media, and to show you how and why these stories matter.
I encourage you to remember one thing: While we cannot make major changes to our nation’s economy, we can take control of our own personal economies.
Successful people have talked about this idea for years! Focus your attention on what you can change rather than worrying about what you can’t.
An imminent housing-led slide into recession may or may not be in the cards for us. If your savings are well diversified (especially if you’re a homeowner!), your overall financial stability can endure regardless of the booms and busts of the broad economy. One of the best choices for that kind of diversification, in my opinion, is physical precious metals. Like real estate, gold and silver are one of the few financial assets you can own outright!
* * *
As central banks continue unprecedented money creation, protecting your purchasing power becomes critical for retirement security. Physical gold IRAs offer a tax-advantaged solution, allowing you to hold tangible precious metals with intrinsic value independent of currency fluctuations. To learn more about how physical gold could help protect your retirement portfolio,click here to get your FREE info kit on Gold IRAs from Birch Gold Group.
end
Trump Pushes Back On Pentagon Intel, Insists Iran Nuclear Sites ‘Destroyed’
Wednesday, Jun 25, 2025 – 08:45 AM
There are two apt sayings for this current situation facing the White House in the wake of the Trump-ordered bombings against Iran’s nuclear facilities. First, what’s worse in war-time decision-making than doing the wrong thing? Doing it incompletely. Second, it is always easy to begin a war, but very difficult to stop one.
And so here President Trump and his top officials find themselves, defending the ‘limited’ strikes and proclaiming the destruction of Iran’s nuclear program and enrichment capability in the face of a skeptical media. The escalation dialectic – which the mainstream media is so good at – begins…
The heat is on an the NATO summit in The Hague, where Defense Secretary Pete Hegseth told reporters, “Of course we’re doing a leak investigation with the FBI right now because this information is for internal purposes, battle damage assessments.”
Referencing yesterday’s leaked DIA report which strongly suggests Iran’s nuclear program is “mostly intact” – he continued, “And CNN and others are trying to spin it to make the president look bad when this was an overwhelming success.”
And Trump himself said, “They really don’t know.” And in response to the contrary intelligence, “I think Israel is gonna be telling us very soon because [Israeli Prime Minister Benjamin Netanyahu] is going to have people Involved in that whole situation.”
“This was an unbelievable hit by genius pilots and genius people in the military, and they’re not being given credit for it because we have scum that’s in this room. And not all of you are… CNN is scum. MSDNC is scum. The New York Times is scum. They’re bad people. They’re sick,” Trump said. “And what they’ve done is they’re trying to make this unbelievable victory into something less.”
And here’s Secretary of State Marco Rubio, somewhat hedging:
“(Iran’s nuclear) program today has been set behind significantly from where it was a week ago. It is in far worse shape today than it was a week ago because of US actions and because some of the actions Israelis took,” Rubio told Politico.
“So, the bottom line is they are much further away from a nuclear weapon today than they were before the president took this bold action,” he said, adding that “very significant, substantial damage” was done to a “variety of different components.”
Iran has meanwhile admitted that nuclear sites are ‘badly damaged’ – perhaps in hopes of giving Trump what he wants in terms of PR to ensure the bombing will stop and ceasefire will hold; however, the Iranians have also vowed to pursue their nuclear energy program without interruption and that it remains a matter of national sovereignty.
To review of the leaked DIA assessment, one official had told CNN: “So the (DIA) assessment is that the US set them back maybe a few months, tops.” The White House acknowledged the existence of the report marked top secret but said they disagreed with it.
Trump, Rubio, and Hegseth are in Europe proclaiming the ‘overwhelming success’ of the strikes:
Pete Hegseth: CNN and others are trying to spin this to make the President look bad when this was an overwhelming success.
Trump: This is the New York Times. I call it the failing New York Times. It's going to hell. And CNN which very few people are watching. 🤔 pic.twitter.com/A6sQCwi0zP
So this appears yet another case of the White House disagreeing with its own intelligence community (IC) – in an ongoing awkward situation which has Iraq war vibes. However, without doubt the IC is still working on an overall consensus, based likely on several different intel threads, and across agencies.
One obvious danger from the perspective of Western decision-makers (and Israel): if Iran was not intent on getting a bomb before, they likely are now – given their very existence is under threat.
* * *
END
The Great Bond Scam: Wall Street’s Biggest Myth Exposed
There’s a ridiculous and pervasive notion in finance that US Treasuries are “risk free.”
People repeat it without thinking. Financial institutions build portfolios around it. And for decades, the world has blindly accepted this trope as gospel.
As a result, bonds—especially US Treasuries—became the de facto savings account for many in the post-1971 fiat currency era. Widely regarded as a safe, conservative place to park capital, US Treasuries are the foundation of the massive global bond market.
The global bond market is now estimated to be worth more than $300 trillion. Why? Because the masses were told this was the smart, safe thing to do.
Compare that to all the gold ever mined in the world: worth about $22 trillion. That’s a mere 7% of the global bond market.
But here’s the problem: bonds are on track to become a graveyard for capital.
They will no longer serve as a reliable store of value in the face of relentless currency debasement. I believe the opposite will happen—they’ll become a guaranteed way to lose value.
And when that reality hits, investors will flee in droves.
The Implications Are Massive
If bonds are no longer viable, where do people, companies, and nations park their savings?
Much of the $300 trillion parked in the global bond market will eventually move—either voluntarily into superior store-of-value assets, or involuntarily into the hands of bankrupt governments and their cronies as they accelerate the largest wealth transfer in history.
This is the Big Picture that most still don’t see… yet.
Until recently, bonds had been in a bull market that lasted more than 40 years. Therefore, it’s not surprising that complacency is ingrained and widespread.
It’s important to remember that bonds are simply contracts denominated in fiat currency. They’re like long-dated currency.
The issuer promises to repay the bondholder the principal amount at the bond’s maturity date, often with periodic interest payments.
The fatal problem with bonds is that they are denominated in fiat currency, which I think will be debased to a staggering degree as it’s the only way the US government can deal with its impossible debt situation.
Consider this.
The long-term average growth of the US money supply (M2) is around 7% annually—and I expect that rate to increase. You can think of this 7% as a baseline “debasement hurdle.” If your after-tax returns don’t exceed that rate, you’re losing purchasing power.
I expect this rate of debasement will far exceed the measly after-tax yield that Treasuries will offer.
That makes Treasuries a worthless promise.
Many Treasury holders are now practically assured of a negative real rate of return over the long term—and some may be completely wiped out.
The investment implications are profound.
So let’s stop pretending Treasuries are “risk free.” They’re not. They’re the opposite.
Notwithstanding any short-term bounces, the long-term trend is clear.
Given that outlook, how likely will Treasuries remain the world’s premier store-of-value asset?
Not likely, in my view.
That means people will look for alternatives to park their savings.
As an added risk, the US government can freeze or seize assets at will—just as it did with Russia’s reserves. China and other major Treasury holders have certainly taken note—especially those that might find themselves at odds with Washington.
Instead of parking their savings in Treasuries, I believe people, companies, and countries will increasingly park their savings in gold.
The last time we saw a global monetary shakeup like this was in 1971. What followed? Gold shot from $35 to $850 by 1980—a 24x gain. Gold mining stocks did even better.
This time around, the gains could be even more dramatic.
That’s because this coming gold bull market could fundamentally differ from other cyclical bull markets. It will be riding the wave of a powerful trend: the re-monetization of gold as the king store-of-value asset.
It could lead to the biggest gold bull market ever.
While this megatrend is already in motion, I believe the most significant gains are still ahead.
We’re entering the most dangerous economic crisis in a century—are you prepared?
This isn’t just about markets. It’s about your money, your freedom, and your future. In my latest special report, I break down:
The seismic economic, political, and cultural shifts happening right now
The real risks ahead—and what they mean for your wealth and independence
The top 3 strategies you must implement immediately
The Iran-Israel ceasefire faltered after Iran got cute with the ceasefire time; but it was resurrected.
DJT on Tuesday morning debased the US Presidency by hurling an f-bomb on live TV. You’d think by now DJT would have ‘grown’ into the presidency.
The POTUS, DJT: “I didn’t like plenty of things that I saw yesterday. I didn’t like the fact that Israel unloaded right after we made the deal… and now I hear Israel just went out because they felt there was violated by one rocket that didn’t land anywhere. That’s not what we want, I’ll tell you, and I’m telling you, I’m not happy about that, Israel, either… We basically have two countries that have been fighting so long and so hard that they don’t know what the f*** they’re doing. You understand that.” https://x.com/alx/status/1937505815272861719
Trump also went off on Powell, AOC, ‘Cryin’ Chuck Schumer,’ plus Dem Reps Crockette and Omar.
Israel says it hit Iranian radar, but refrained from other strikes after Trump call Israel acknowledged striking a radar installation near Tehran hours after the start of a ceasefire on Tuesday, in retaliation for Iranian missile launches, but said it had refrained from further attacks beyond that after U.S. President Donald Trump spoke with Prime Minister Benjamin Netanyahu… Trump, who had announced the ceasefire overnight, also criticised Israel’s plans to respond militarily to an alleged Iranian violation of the ceasefire. Tehran has rejected accusations that it breached the truce, which was meant to start at 7 a.m Israeli time (0400 GMT), and instead said Israel had continued its attacks on Iran for an hour and a half after the ceasefire came into effect… An Iranian missile strike on Beersheba in Israel’s south killed four Israelis on Tuesday morning… It also accused Iran of launching a single missile six minutes after the ceasefire went into effect and firing another two missiles around three and a half hours later, at about 10:25 a.m. (0725 GMT)… https://www.reuters.com/world/middle-east/israel-says-it-hit-iranian-radar-refrained-other-strikes-after-trump-call-2025-06-24/
Trump: “Israel, soon as we made the deal, they came out and they dropped a load of bombs the likes of which I’ve ever seen before. The biggest load that we’ve seen. I’m not happy with Israel.”
Trump 6:50 ET: ISRAEL. DO NOT DROP THOSE BOMBS. IF YOU DO IT IS A MAJOR VIOLATION. BRING YOUR PILOTS HOME, NOW! DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES @DanLinnaeus: You’ve got to be kidding. Iran engaged in perfidy, they attacked civilian and strategic sights after the 0700 cut off multiple times, killing 4 civilians and injuring two dozen. No ceasefire can bind a state from responding in self-defense to such attacks under loac or ihl. What even is this? Trump pressures Israel to absorb Iran’s aggression, while Iran enjoys Russian and Chinese lifelines. Trump’s couldn’t affect a ceasefire in Ukraine with Russia. Now he is putting pressure on Israel to absorb a perfidious act of aggression from Iran. Israel, however, is isolated to US supply lines, while Iran continues to receive Russian and Chinese support for its resource lifelines. Trump’s anger says a lot. The stakes are bigger than the Middle East.
Trump on Iran: “They’re not going to have enrichment and they’re not going to have a nuclear weapon. They’re going to get on to being a great trading nation.” (How can he be so sure?) https://x.com/zriboua/status/1937524472858443802
Trump: Stupid AOC, Alexandria Ocasio-Cortez, one of the “dumbest” people in Congress, is now calling for my Impeachment… she can’t stand the concept of our Country being successful again. When we examine her Test Scores, we will find out that she is NOT qualified for office but, nevertheless, far more qualified than Crockett, who is a seriously Low IQ individual, or Ilhan Omar, who does nothing but complain about our Country, yet the Failed Country that she comes from doesn’t have a Government, is drenched in Crime and Poverty, and is rated one of the WORST in the World… We’re just now coming back from that Radical Left experiment with Sleepy Joe, Kamala, and “THE AUTOPEN,” in charge. What a disaster it was! AOC should be forced to take the Cognitive Test… Instead of her constant complaining, Alexandria should go back home to Queens… and straighten out her filthy, disgusting, crime ridden streets, in the District she “represents,” and which she never goes to anymore. She better start worrying about her own Primary, before she thinks about beating our Great Palestinian Senator, Cryin’ Chuck Schumer, whose career is definitely on very thin ice! She and her Democrat friends have just hit the Lowest Poll Numbers in Congressional History, so go ahead and try Impeaching me…
Trump: “Too Late” Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate… No inflation, great economy – We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make. If things later change to the negative, increase the Rate. I hope Congress really works this very dumb, hardheaded person, over.We will be paying for his incompetence for many years to come. THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN!
Jerome Powell says Fed in no rush to cut rates — as Trump calls him ‘dumb, hardheaded’https://t.co/ufceDxEoiL
@judyshel: Powell hastens to say that the Fed’s jumbo rate cut in September 2024 was not “political.” If it was all about labor weakness at that time, can he explain the factors that have brought about today’s “solid” labor market with wage gains outpacing inflation? French Hill, who chairs the House Financial Services Committee, wanted Fed Chair Powell to explain why he demurred from commenting on the inflationary aspects of excessive spending packages (the IRA) under Biden—“not in our lane to comment”—yet has focused obsessively on “tariff-caused inflation” since Trump has been in office and comments on it all the time. Why is Powell critiquing fiscal policy now but did not under Biden? Being pressed by Lawler: You were late to raise rates when government was spurring inflation by monetizing vast increases in government spending. Powell insisting that Fed won’t comment on President’s trade policy. Yet Powell has repeatedly said that “everyone” believes it will be inflationary.
Powell and his ilk have claimed that they are ‘data dependent’ for years. Now, Powell avers that the data does NOT matter because the Fed is ‘forecast dependent.’ Think about this deceit and fraud! @EricLDaugh: Jerome Powell announces it is only appropriate to cut interest rates later this year because “forecasts” say inflation will increase. Completely and utterly ridiculous. @j_fishback: Once again, Powell is clinging to his “forecasts” instead of the facts—actual inflation just hit a four-year low. Too Late needs to stop stalling. Cut rates.
Powell said, ‘it would be inappropriate for the Fed to comment on tariffs!’ He thinks we are all idiots! Powell, Goolsbee, and other Fed officials have voiced Trump Tariff angst for months! Jerome also reiterated his risible lie that the ‘Fed is apolitical’ and does NOT consider politics in decision making.
VP @JDVance: I’d love to hear an argument for why Powell cut rates 50 points right before an election but can’t do it now with inflation lower. Despite Powell’s intransigent hawkishness, stocks rallied sharply; bonds rallied modestly; gold tumbled as much as $80. Oil and gasoline sank on this from Trump: China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also…
We warned that there could be a huge short squeeze because beaucoup ‘big guys’ missed the historic equity rally from the April lows – and their performance for Q2 will reflect the error. Performance chasing is occurring. The Naz 100 is near its all-time high. The S&P 500 Index is within 2.5% of a high.
ESUs opened modestly lower on Monday night but quickly jumped higher. They plodded higher into the 1:00 ET Nikkei close. Near the 2:20 ET Chinese close, ESUs surged higher on buying for the European opening. After hitting 6143.75 at 3:06 ET, and early ‘dump’ appeared. ESUs sank to 6114.50 at 3:51 ET.
After a rebound to 6135.50 at 5:40 ET, ESUs stair stepped lower until they hit 6109.00 at 10:06 ET. Then, the usual retail buying commenced near the 10:00 ET ‘post time.’ Trapped shorts were forced to buy; ESUs intractably rallied to 6151.50 at 14:00 ET. They then went inert until the final hour rally.
ESUs hit a daily high of 6155.25 at 15:31 ET; they then fell to 6143.25 at 16:00 ET.
@DC_Draino: Remember when some of us called out Iranian “Sleeper Cells” in America and some said to not worry? Well ICE just arrested an Iranian military sniper and 10 other Iranian nationals https://twitter.com/DC_Draino/status/1937510980608569366?s=02
@ariel_oseran: An Israeli security source tells Saudi Al-Hadath that most of the enriched uranium is buried under the rubble in Iran. The source added that Israel “knows exactly” where Iran transferred its enriched uranium but will refrain from targeting it in order not to cause a nuclear catastrophe.
@LisaDaftari: If there is one lesson Israel has learned in its 76 years is that its survival depends on taking matters into its own hands. National security can’t be outsourced, micromanaged, or dictated by foreign powers—its very existence is at stake.
US strikes on Iran nuke facilities caused more damage than first thought — as watchdog reveals possible contaminationhttps://trib.al/DLsW5T0
CNN: US Iran Strikes Didn’t Destroy Nuclear Sites, Intel Shows Two of the people familiar with the assessment said Iran’s stockpile of enriched uranium was not destroyed. One of the people said the centrifuges are largely “intact.” “So, the (DIA) assessment is that the US set them back maybe a few months, tops,” this person added. https://www.cnn.com/2025/06/24/politics/intel-assessment-us-strikes-iran-nuclear-sites
Karoline Leavitt @PressSec: This alleged “assessment” is flat-out wrong and was classified as “top secret” but was still leaked to CNN by an anonymous, low-level loser in the intelligence community. The leaking of this alleged assessment is a clear attempt to demean President Trump and discredit the brave fighter pilots who conducted a perfectly executed mission to obliterate Iran’s nuclear program. This CNN story was written by the same “reporter” who wrote the very first FAKE NEWS story claiming the Hunter Biden laptop was disinformation. How did that work out for you, @NatashaBertrand ? https://x.com/PressSec/status/1937599771847369029
NYT: US Strike Set Iran Nuclear Program Back by a Few Months A preliminary classified U.S. report says the American bombing of Iran’s nuclear sites sealed off the entrances to two of the facilities but did not collapse their underground buildings…https://www.nytimes.com/2025/06/24/us/politics/iran-nuclear-sites.html?smtyp=cur
@AmitSegal: In a speech to the nation, Netanyahu said the following: – We rose like a lion, and our roar shook Tehran. This war will be studied by militaries around the world. – We destroyed the key facilities in Arak, Natanz, and Isfahan. – The underground enrichment site in Fordow was destroyed. – We obliterated Iran’s entire nuclear archive. – We brought Iran’s nuclear project to ruin. If anyone there thinks of trying again, we will strike again. – Early this morning… We eliminated hundreds of regime operatives. – We must not take our foot off the gas. Hamas must be defeated and our hostages returned.
@ArminRosen: All of Iran’s known installed centrifuges were destroyed. They lost their uranium reprocessing line, as well as the facilities where uranium bomb cores could be fabricated. Heavy-water reactor that took 30 years to build suffered major damage, so no plutonium pathway. They lost the facility where they stored high-explosive chambers used for nuclear initiator tests in the early 2000s—plus headquarters complex of the nuclear program repeatedly bombed, over a dozen senior scientists killed.
U.S. Defense Secretary Hegseth: “Anyone who says the bombs were not devastating is just trying to undermine the president and the successful mission.”
Positive aspects of previous session ESUs and stocks despite Powell’s hawkishness and risible testimony. Oil and gasoline sank further; gold got clobbered. The Nasdaq 100, +1.53%, had a closing record high; other equity indices are near all-time highs. USUs were +9/32 at the NYSE close
Negative aspects of previous session Powell made a fool of himself by insisting his forecast is sacrosanct despite his poor record. The dollar declined sharply.
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6084.40 Previous sessionS&P 500 IndexHigh/Low: 6101.76; 6059.25
Rogue Federal Judge Openly Defies Supreme Court Ruling on Deportation of Violent Criminal Illegals – A federal judge issued an order late Monday night claiming an earlier ruling from the Supreme Court that permitted deportations to continue is irrelevant. Six months after Judge Brian E. Murphy was nominated by then-President Joe Biden and confirmed by the Senate during the last few weeks of Democrats’ control, he issued an order stating “The Court’s May 21, 2025 Order on Remedy remains in full force and effect, notwithstanding today’s stay of the Preliminary Injunction. The District Court’s remedial orders [were] not properly before the [Supreme] Court because the Government has not appealed them or sought a stay pending a forthcoming appeal.” “The district court judge in Boston has said he’s going to defy the Supreme Court’s ruling, so expect fireworks tomorrow when we hold this judge accountable for refusing to obey the Supreme Court,” Miller said. https://t.co/FmQF7et91I
GOP Sen. @Eric_Schmitt: Last night, a rogue district judge openly defied the Supreme Court. This act of judicial hubris was done to keep seven criminal illegal aliens in our nation. President Trump has no obligation to follow this rogue act. Following the order would actually require defying SCOTUS. The rogue district judge does not have the authority to issue this order and it has no binding authority. The Trump Administration would actually be DEFYING the Supreme Court itself were it to follow the district judge’s rogue order. The Supreme Court or the First Circuit will clean this up very soon. I held a hearing on this issue but we must have a solution. All possible remedies should be on the table.
DOJ Chief of Staff @ChadMizelle47: Last night, hours after the Supreme Court 6-3 blocked a Boston district judge’s lawless preliminary injunction preventing the government from removing the worst of the worst illegal aliens to third countries, the district judge announced business as usual and said its orders enforcing the injunction remained in effect. When a single district judge immediately and flagrantly defies the Supreme Court, that is not the rule of law—it is an Article III insurrection.
The DOJ has labeled Judge Brian Murphy’s defiance of a SCOTUS ruling an “insurrection.”
@IranIntl_En: “We are at the conclusion of a significant chapter, but the campaign against Iran is not over. We are moving to a new chapter based on the achievements gained in the current campaign,” Israeli military’s chief of staff Eyal Zamir said on Tuesday.
Trump’s snarky swipe at Vladimir Putin as he reveals details about their private call ‘Vladimir called me up. He said, Can I help you with Iran? I said, No, I don’t need help with Iran. I need help with you,’ Trump told reporters on Air Force One as he headed to The Hague for a NATO meeting. https://t.co/xYE7oZj6jc
@FoxNews: 128 Democrats join House GOP to block progressive’s bid to impeach Trump
Patel, Bongino say prior FBI leaders hid evidence of Chinese interference in 2020 election “Previous FBI leadership chose to play politics and withhold key information from the American people,” the bureau’s new top two leaders say… “In late August 2020, the Chinese government had produced a large amount of fraudulent United States driver’s licenses that were secretly exported to the United States,” the report reads… https://justthenews.com/government/security/patel-bongino-say-prior-fbi-leaders-hid-evidence-chinese-interference-2020
At 16:03 ET, FedEx lowered Q1 Adj EPS guidance to $3.40 to $4; $4.03 exp. Q4 EPS is 6.88 and Adj EPS is 6.07 (5.87 exp); Revenue is $22.2B; $21.837B consensus. FedEx said it would NOT give a FY profit forecast due to uncertain global demand. Is this the cause of the late ESU fall?
Today – Powell will testify at the Senate Banking Committee (10:00 ET). Some GOP Senators, armed with his risible and hypocritical remarks at the House Financial Services Com, will grill Jerome.
The S&P 500 Index has decisively broken to the upside from a tight down channel that originated on June 11. There is significant resistance between 6115 and the all-time high of 6147.43 (2/19/25).
The late decline on Tuesday suggests that stocks are tired and need to retrench.
ESUs are -0.50; NQUS are +7.25; USUs are +2/32; WTI Oil is +0.70; and AU is +4.40 at 19:05 ET.
Expected Economic Data: May New Home Sales 694l, Permits 1.393m
Fed Speakers: Cleveland Pres Hammack 9:15 ET, Powell 10:00 ET, NY Pres Williams 12:30 ET, Minn Pres Kashkari 13:45 ET, Boston Pres Collins 14:00 ET, Gov Barr 16:00 ET
S&P Index 50-day MA: 5765; 100-day MA: 5770; 150-day MA: 5841; 200-day MA: 5819 DJIA 50-day MA: 41,569; 100-day MA: 42,107; 150-day MA: 42,621; 200-day MA: 42,541 (Green is positive slope; Red is negative slope)
S&P 500 Index (6092.18 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender is positive; MACD is negative – a close below 5807.26 triggers a buy signal Weekly: Trender and MACD are positive – a close below 5340.64 triggers a sell signal Daily: Trender is positive; MACD isnegative– a close below 5936.87 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6012.13 triggers a sell signal
History Lesson Time: How the US Media Has Harmed US Interests with Its Deceit & Blunders After North Vietnam’s surprise Tet Offensive in January 1968, Walter Cronkite, sold as “the most trusted man in America,” on national TV in February in a funereal tone said the Vietnam War was unwinable. Support for US involvement in Vietnam collapsed. LBJ decided to NOT seek reelection on this.
Decades later, North Vietnamese defense chief General Giap wrote that the Tet Offensive was a disaster for North Vietnam, and he feared that the war was lost. BUT, after support collapsed in the US for the war, he knew that North Vietnam won the propaganda war due to Walter Cronkite and the US media.
Cronkite’s Vietnam Blunder Douglas Brinkley’s new biography of Walter Cronkite has sparked an intriguing controversy about the CBS anchorman’s famous trip to Vietnam in February 1968. That’s when, as legend has it, Cronkite was so shocked at the devastation of the communists’ Tet offensive that he went over to see for himself what was really going on. And he concluded the war was a stalemate, probably unwinnable… Brinkley buys the argument, put forth by the late David Halberstam in his characteristically portentous manner, that Cronkite’s February 27 broadcast, “Report from Vietnam,” played a major role in turning Americans against the war and inducing President Lyndon Johnson to abandon his reelection campaign… “In the end, Tet was a military disaster for the North, but it was a political victory for them in the West.” It is now conventional wisdom among American intellectuals of both Left and Right that the Vietnamese communist forces suffered a tremendous blow in that military effort, but the spectacle of such an all-out effort obliterated domestic support for the war in the United States… Tet had been a desperation move by North Vietnam, beset by a relentless American killing machine. And the Allied response was awesome. The communists lost ten thousand men in the first few days of the offensive, compared to 249 Americans dead and five hundred South Vietnamese… on the biggest story of his career, with the world watching and the stakes high, Walter Cronkite of CBS News got it wrong. For a journalist, it can hardly get more devastating than that. https://nationalinterest.org/feature/cronkites-vietnam-blunder-7185
General Giap in his memoir: “What we still don’t understand is why you Americans stopped the bombing of Hanoi. You had us on the ropes. If you had pressed us a little harder, just for another day or two, we were ready to surrender!It was the same at the battles of TET. You defeated us! We knew it, and we thought you knew it. But we were elated to notice your media was definitely helping us. They were causing more disruption in America than we could in the battlefields. We were ready to surrender. You had won!”… https://usastruck.com/2014/07/22/the-truth-about-the-vietnam-war/
@libsoftiktok: Dem Rep. Jasmine Crockett on Trump striking Iran: “I’m the one who’s supposed to make the f***in decision.” Does she think she’s the President? https://t.co/fFJnhFsJ1q
FBI probing LA County politician who urged gangbangers to ‘protect our turf’ from ICE: reporthttps://trib.al/DGhIk32
Former Wall Street money manager and financial analyst Ed Dowd of PhinanceTechnologies.com has been forecasting “Danger of Deep Worldwide Recession in 2025.” It looks like his thesis is turning out correct. He predicted interest rates would be declining. They did. And inflation has been going down right along with the economy as illegal immigration was being stopped and deportations ramped up. Dowd says, “Our friend Joe Biden spent anywhere between $500 billion to $2 trillion to bring these people in and set them up. Now, that’s all going the wrong way. Trump has shut down the border crossings, and as deportations heat up, that will only add to the problem. There will be a lot of supply, and prices have already started coming down in certain regions, and that is going to accelerate. Inflation is going to be coming down. Chairman Powell is dead-ass wrong. Tariffs are actually deflationary, and he’s holding rates higher for longer. That is going to end up being a big policy error. We think interest rates have peaked for the year. . .. We think the Fed will be forced to cut rates when the hard data comes in the wrong way.”
What is Dowd looking at most? Dowd says, “If we did have an oil shock, our thesis of a deep world-wide recession would trigger even faster. During the last twelve days of this Iran/Israel war, I said to my followers, I am watching one thing and one thing only, and that is the price of oil. The price of oil did go up . . . I said if oil breaks out above $80 per barrel, then we’ve got problems. Oil has collapsed, and the oil markets are telling you the Iranians are not going to close the Strait of Hormuz. So, for now, the economies of the world are not going to be experiencing an oil price shock.”
That does not mean we are set for clear sailing throughout 2025. Dowd is forecasting that commercial and residential real estate will be a huge drag on the economy as prices fall and fall hard. Dowd says, “We think shelter is going to trend lower, and there is going to be a deflationary scare coming.”
Dowd thinks the Fed will panic and have emergency rate cuts this fall. The stock market will take some big hits. Dowd says, “I think they freak out in the fall in October or November. . .. I will point out airlines have taken out previous lows, homebuilders are weak, the DOW Jones transports are not close to all-time highs. The real economy is rolling over. Typically, when bubbles like this end, everyone is on the wrong side of the trade, and it’s going to happen quick. . .. Warren Buffett is telling you everything you need to know about this market.” Buffett has reportedly $350 billion in cash on the sidelines.
Dowd favors gold because the big banks like gold. Dowd says, “Gold counts as a quasi-asset because it is a Tier 1 asset. That means they can create loans against that as an asset whereas before you couldn’t. It was not Tier 1. This is going to be misunderstood by a lot of people, and gold is now a big deal again. . .. If I am a long-term investor, I am going to do what the banks are doing. They have made gold money again. So, gold is money good . . . I am going to go with what the banks are buying.”
Dowd wrote a popular book called “Cause Unknown,” which tracked the deaths and injuries that started after the CV19 vax rollout in 2021. He’s still tracking the injuries that just added another 700,000 disabled people. Since the CV19 injections started, that’s a hit a new high of 5.5 million permanently disabled Americans. Dowd says, “This looks like a bullish trend that isn’t stopping anytime soon. It goes up to a new high, consolidates and breaks out again. If this was a growth stock, I’d be all over it, and I’d be long disability. . .. the meta data, the big data, says something drastically changed in 2021. It’s a disaster. I think it’s the CV19 vaccine. I find it interesting there is no curiosity about this even with the new administration. It’s an elephant in the room, and they don’t want to talk about it.”
harveyorganblog.com 
