JUNE 26/MOVING MUCH CLOSER TO BASEL III COMPLIANCE: GOLD CLOSED UP $4.90 TO $3334.70 WITH SILVER UP ANOTHER 48 CENTS TO $36.68//PLATINUM CONTINUES ON A TEAR RISING ANOTHER $74.90 TO $1424.70 WITH PALLADIUM ALSO JOINING IN ON THE FUN RISING $74.05//GOLD COMMENTARY TONIGHT FROM ALASDAIR MACLEOD//TWO COMMODITY REPORTS TONIGHT ON BEEF AND COPPER//IMMIGRATION IS COSTING FRANCE 3.4% OF GDP//IRAN VS USA: HEGSETH DIAGRAMS BEAUTIFULLY HOW THE USA TOTALLY OBLITERATED IRAN’S NUCLEAR CAPABILITY; DO NOT LISTEN TO CNN OR OTHER COMPROMISED MEDIA//ISRAEL VS HAMAS UPDATES/ISRAEL VS HEZBOLLAH UPDATES/COVID UPDATES/MARK CRISPIN MILLER/DR PAUL ALEXANDER/NEWS ADDICTS ETC//USA DATA RELEASES/SWAMP STORIES FOR YOU TONIGHT//
363 H WELLS FARGO SECURITI 103 624 H BOFA SECURITIES 133 657 H MORGAN STANLEY 179 661 C JP MORGAN SECURITIES 137 737 C ADVANTAGE FUTURES 8 880 C CITIGROUP 4 905 C ADM 11 1 991 H CME 94
TOTAL: 335 335 MONTH TO DATE: 29,826
JPMORGAN STOPPED 0/335
JUNE
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024: 335 CONTRACTs NOTICES FOR 33,500 OZ or 1.0419 TONNES
total notices so far: 29,806 contracts for 2,982,600 OR 92.771 tonnes)
FOR JUNE
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SILVER NOTICES: 1 NOTICE(S) FILED FOR 5,000 OZ/
total number of notices filed so far this month : 3371 CONTRACTS (NOTICES) for 16.855 million oz
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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 $4.90 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.29 TONNES OF GOLD FROM THE GLD
INVENTORY RESTS AT 955.68 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.48 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ///A WITHDRAWAL OF 1.091 MILLION OZ INTO THE SLV//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 479.594 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA MEGA HUGE SIZED 6105 CONTRACTS TO 168,508 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 DESPITE OUR GAIN OF $0.35 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING. WE FINALLY HAVE THE PIERCING OF $34.40 TO 34.50 SILVER PRICE BARRIER. WE HAD A HUGE SIZED LOSS OF 6005 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A SMALL 100 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO WEDNESDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON WEDNESDAY WITH SILVER’S GAIN IN PRICE. THE PRICE FINISHED MILES ABOVE THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE CLOSING AT $36.45 . WE HAVE A HUGE T.A.S. ISSUANCE WITH WEDNESDAY NIGHT’S 522 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 ASMALL 100 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 522 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN THURSDAY’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 6005 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR GAIN IN PRICE OF $0.35.
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 WEDNESDAY NIGHT/THURSDAY MORNING: A HUGE 522 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.35) AND WERE UNSUCCESSFUL IN KNOCKING OF A ANY NET SILVER LONGS FROM THEIR PERCH AS EVEN THOUGH WE HAD A MEGA HUGE LOSS OF 5522 CONTRACTS ON OUR TWO EXCHANGES, ALL OF THAT LOSS WAS DUE TO OUR TWO LIQUIDATIONS OF SPREADER/AND TAS LIQUIDATION
WE HAD A 100 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 9.90 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUEUE JUMP//NEW TOTAL STANDING REMAINS AT 16.860 MILLION OZ!!
THUS:
INITIAL STANDING FOR JUNE: 9.90 MILLION OZ PLUS TODAY’S 5,000 OZ QUEUE JUMP = 16.860 MILLION OZ.
WE HAD:
/ HUGE COMEX OI LOSS+// A 100 SIZED EFP ISSUANCE (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 522 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 18 DAY(S), total 14,920 contracts: OR 74.600MILLION OZ (828 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 74.600 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: 74.600 MILLION OZ (NOTICE EFP ISSUANCE GETTING MUCH LARGER
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RESULT: WE HAD A MEGA HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 6105 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.35 IN SILVER PRICING AT THE COMEX// WEDNESDAY.,. . THE CME NOTIFIED US THAT WE HAD A SMALL 100 CONTRACT EFP ISSUANCE CONTRACTS: 100 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
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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 5,000 OZ QUEUE JUMP = 16.860 MILLION OZ
THE NEW TAS ISSUANCE WEDNESDAY NIGHT (522 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE TODAY’S TRADING (THURSDAY-FRIDAY TRADING) AND BEYOND.
WE HAD 1 NOTICE(S) FILED TODAY FOR 5,000 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 SMALL SIZED 820 OI CONTRACTS TO 434,138 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 913 CONTRACTS //.
WE HAD A SMALL SIZED DECREASE IN COMEX OI (820 CONTRACTS) . THIS OCCURRED WITH OUR GAIN OF $8.70 IN PRICE// WEDNESDAY///.
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 $8.70 GAIN IN PRICE WITH RESPECT TO WEDNESDAY’S COMEX ///. WE HAD SMALL SIZED LOSS OF 245 OI CONTRACTS (0.76 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 92.842 TONNES!!. CENTRAL BANKERS ARE NOW WAITING PATIENTLY FOR THEIR DELIVERY OF GOLD VIA SLOW MOVING SHIPS.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 575 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 435,051 /NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!
SILVER ALSO HAS A LOW COMEX OI OF 168,991 CONTRACTS BUT GAINING RAPIDLY!!
IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 245 CONTRACTS WITH 820 CONTRACTS DECREASED AT THE COMEX// AND A SMALL SIZED 575 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 245 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 770 CONTRACTS
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(575) ACCOMPANYING THE SMALL SIZED INCREASE IN COMEX OI OF 820 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 245 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 92.842 TONNES./
NEW STANDING FOR GOLD, JUNE CONTRACT AT 92.842 TONNES OF GOLD.
.
/ 3) HUGE T.A.S. LIQUIDATION AS DESPITE HAVING 1)A $8.70 COMEX PRICE GAIN.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH THE GAIN IN PRICE AS WE HAD A SMALL LOSS OF 245 CONTRACTS ON OUR TWO EXCHANGES // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY 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) TINY SIZED COMEX OI GAIN// 5) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (575 CONTRACTS)/// SMALL T.A.S. ISSUANCE: 770 T.A.S.CONTRACTS//
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: 28,490 CONTRACTS OR 2,849,000 OZ OR 88.64 TONNES IN 18 TRADING DAY(S) AND THUS AVERAGING: 1582 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN18 TRADING DAY(S) IN TONNES 88.64 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 88.64 TONNES DIVIDED BY 3550 x 100% TONNES = 2.50% 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: 88.64 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 6105 CONTRACTS OI TO 168,508 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 100 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 100 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 100 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 6105 CONTRACTS AND ADD TO THE 100 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED LOSS OF 6005 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR LOSS IN PRICE OF $0.35 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 30.025 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
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ASIAN MARKETS THIS THURSDAY MORNING:
SHANGHAI CLOSED DOWN 7.52 PTS OR 0.22%
//Hang Seng CLOSED DOWN 149.27 PTS OR 0.61%
// Nikkei CLOSED UP 642.27 PTS OR 0.61% //Australia’s all ordinaries CLOSED UP 0.07%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1700 OFFSHORE CLOSED UP AT 7.1679/ Oil DOWN TO 64.98 dollars per barrel for WTI and BRENT DOWN TO 67.80 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1700 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1679 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 SMALL SIZED 820 CONTRACTS TO A STILL LOW NUMBER OF 434,138 OI DESPITE OUR STRONG GAIN IN PRICE OF $8.70 WITH RESPECT TO WEDNESDAY’S // TRADING. WE GAINED SOME NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (575 ). WE HAD CONSIDERABLE T.A.S. LIQUIDATION ALONG WITH MONTH END CALENDAR SPREADER LIQUIDATION YESTERDAY
THE CME ANNOUNCED WEDNESDAY 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 SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 245 CONTRACTS DESPITE OUR GAIN 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 SMALL AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 770 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 = 92.842 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL NET QUEUE JUMPING FOR THE MONTH FOR THE MONTH: 30.877 TONNES
NEW TOTAL TONNES STANDING JUNE: 92.842 TONNES
THE FED IS THE OTHER MAJOR SHORT OF AROUND 32+ TONNES OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES NOW THAT THEY MUST BECOME COMPLIANT TO BASEL III RULES JULY 1/2023 AS OUTLINED IN ANDREW MAGUIRE’S LATEST LIVE FROM THE VAULT 225 EPISODE. AS HE TACKLES THIS IMPORTANT TOPIC. THE FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST THREE MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF IT FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST (FED AND COMEX) MUST BE COMPLIANT BY JULY 1//2025.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH INCLUDING FIRST DAY NOTICE OF GOLD TONNAGE STANDING.
EXCHANGE FOR PHYSICAL ISSUANCE
THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A SMALL SIZED 575 EFP CONTRACT WAS ISSUED: : /AUGUST 575 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 575 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 THURSDAY MORNING//WEDNESDAY NIGHT WAS A SMALL SIZED, 770 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 92.842 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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $8.70/ /) AND THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A SMALL SIZED LOSS IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION + CALENDAR SPREADER LIQUIDATION ////WEDNESDAY 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
THURSDAY MORNING//WEDNESDAY 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 WEDNESDAY EVENING THURSDAY 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 SMALL SIZED TOTAL OF 0.76 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 WEDNESDAY NIGHT’S QUEUE JUMP OF 19,100 OZ OR 0.594 TONNES OF GOLD//NEW STANDING FOR JUNE GOLD ADVANCES TO 92.842
ALL OF THIS QUITE GOOD STANDING FOR JUNE WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $8.70
WE HAD A HUGE 913 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 245 CONTRACTS OR 24,500 0Z (0.76 TONNES)
i) Brinks 17,040.03 oz (530 kilobars) ii) Out of JPMorgan 289.359 (9 kilobars)
total withdrawal 17,329.389 oz or 0.5390 tonnes
Deposit to the Dealer Inventory in oz
0 ENTRY
Deposits to the Customer Inventory, in oz
1 ENTRY
I) INTO HSBC 80,786.06 OZ
2.5 TONNES
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No of oz served (contracts) today
335 notice(s) 33,500OZ 0.5069 TONNES
No of oz to be served (notices)
23 contracts 2300 OZ 0.0715 TONNES
Total monthly oz gold served (contracts) so far this month
29,826 notices 2,9823,600 oz 92.771 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0 entry
0 ENTRY
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DEPOSITS/CUSTOMER
we have 1 customer entry
I) INTO HSBC 80,786.06 OZ
2.5 TONNES
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withdrawals:
2 ENTRIES
i) Brinks 17,040.03 oz (530 kilobars)
ii) Out of JPMorgan 289.359 (9 kilobars)
total withdrawal 17,329.389 oz
or 0.5390 tonnes
adjustments: 1// Brinks 14,950.215 oz (dealer to customer acccount of Brinks)/465 kilobars
AMOUNT OF GOLD STANDING FOR JUNE
THE FRONT MONTH OF JUNE STANDS AT 358 CONTRACTS FOR A GAIN OF 34 CONTRACTS. WE HAD 163 CONTRACTS SERVED ON WEDNESDAY 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 92.842 TONNES
JULY LOST 91 CONTRACTS TO STAND AT 6314
AUGUST LOST 2835 CONTRACTS UP TO 320,576
We had 335 contracts filed for today representing 33,500 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 157 notices issued from their client or customer account. The total of all issuance by all participants equate to 335 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 (29,826 X 100 oz ) to which we add the difference between the open interest for the front month of JUNE (358 CONTRACTS) minus the number of notices served upon today (335 x 100 oz per contract) equals 2,984,900 OZ OR 92.842 TONNES to which we add 0 tonnes of gold issued under exchange for risk// total standing 92.842 tonnes
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (29,826 x 100 oz +we add the difference for front month of JUNE (358 OI} minus the number of notices served upon today (335 x 100 oz) which equals 2,984,90 OZ OR 92.842 TONNES + 0 tonnes EX FOR RISK = 92.842 tonnes
TOTAL COMEX GOLD STANDING FOR JUNE.: 92.842 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!!
ADJUSTMENTs 2/ looks like chaos in the silver pits
a) Dealer to customer Brinks 641,974.37 oz
b) Manfra: dealer to customer Manfra 536,992.480 oz
TOTAL REGISTERED SILVER: 188.299 MILLION OZ//.TOTAL REG + ELIGIBLE. 500.02 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE
silver open interest data:
FRONT MONTH OF JUNE /2025 OI: 2 OPEN INTEREST CONTRACTS FOR A LOSS OF 7 CONTRACTS. WE HAD 7 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED 0 CONTRACTS OR NIL OZ UNDERWENT A QUEUE JUMP IN ORDER TO TAKE DELIVERY OF PHYSICAL SILVER OVER ON THIS SIDE OF THE POND.
JULY LOST 14,871 CONTRACTS DOWN TO 24,788
AUGUST GAINED 227 CONTRACTS TO 1802
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1 or 5,000 oz
CONFIRMED volume; ON WEDNESDAY 85,887 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 3371 X5,000 oz = 16.855 MILLION oz
to which we add the difference between the open interest for the front month of JUNE (2) AND the number of notices served upon today (1 )x (5000 oz)
Thus the standings for silver for the JUNE 2025 contract month: (3371) Notices served so far) x 5000 oz + OI for the front month of JUNE(2) minus number of notices served upon today (1)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: 214.820/500.02 million. 42.95%
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 26 WITH GOLD UP $4.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 2.29 TONNES OF GOLD OUT OF THE GLD//: /// ///INVENTORY RESTS AT 953.39 TONNES/
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: 953.39 TONNES, TONIGHTS TOTAL
SILVER
JUNE 26 WITH SILVER UP $0.48/ HUGE CHANGES AT THE SLV:. A WITHDRAWAL OF 1.091 MILLION OZ IOUT OF THE SLV..////INVENTORY RESTS AT 479.594 MILLION OZ.//
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 480.685 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
Foreign holders of $39.6 trillion have lost 13% on their dollars since January according to the TWI. It more than wipes out any gains made on underlying assets.
The chart of the dollar’s trade weighted index is dismal, to say the least.
It is not helped by the president calling for a weaker dollar and putting pressure on the Fed to reduce interest rates. But the yield on the 10-year treasury note points to higher, not lower yields.
It’s not quite a golden cross yet pointing to higher yields because the yield is just under the moving averages, which are both rising. A convincing rise above 4.4% is all that’s required.
An understanding of credit tells you that when there is greater risk associated with dollars the risk premium rises relative to alternative currencies. Foreigners exposed to dollars having sold their own their own currencies to buy them are making precisely this assessment.
You should forget optimist talk of the Fed cutting interest rates and that US bond yields will decline. For foreigners the mathematics of risk are what counts, and the value of the dollar relative to their currencies is what matters. President Trump, his tariffs, his borrowing plans, and his pure capriciousness together inform foreigners, increasingly concerned about their exposure to dollars and dollar-denominated investments.
This is confusing for US investors who have rarely seen foreigners collectively turn their backs on dollars. They simply associate a weakening dollar with falling bond yields, which is normally correct. This time is different: the reason why treasury yields can rise and the dollar fall reflects foreign selling in the face of increasing currency risk. This was notably the case following 2 April, reflected in the chart below of the 10-year treasury note yield and the dollar’s TWI.
Before 2 April, the treasury yield and TWI correlated as you would expect. But when Trump presented tables showing his global tariff proposals — he called it Liberation Day – the correlation was broken. Either foreigners were selling, or markets began to discount the probability that they would. Since the immediate sell off, Trump backed off from his original tariff threats in the face of market reactions and the correlation has returned, albeit with a value gap.
Tariffs are going to return to the agenda when Trump’s pause on tariffs ends on 8 July. Whatever the outcomes for individual nations, it is difficult to see Trump backing down entirely. It is likely to mark the commencement of trade wars, particularly between the US and the EU and China. It is equally likely to mark significantly higher bond yields as dollar liquidation of dollars and bonds begins in earnest.
That the dollar is over-owned by foreigners remains a huge problem. US trade tariffs are disrupting international trade and supply chains. The global economy is taking a hit to growth, affecting the US economy negatively as well. The consequence is that the US’s debt-cum-credit bubble is in grave danger of imploding, not least because of foreign dollar liquidation.
What happened in the week following Liberation Day looks like happening again — this time without a clear signal ahead of 8 July, being more of a gathering run on the dollar and US treasuries.
Equities are in peril as well
The valuation spread between the long bond and equities is stretched to all-time record levels, and a further move up in bond yields risks crashing equities. According to the US Treasury, foreigners own over $14 trillion’s worth of equities, and it will take very little to burst their balloon.
For equity investors who are ignorant of this bond to equity value relationship, the next chart should serve as a wake-up call.
It is not surprising that after its record run gold, which is real money in everyone’s common law, is consolidating close to its all-time highs.
There’s little doubt that gold reflects the weakness in the dollar’s TWI. Very few investors appear to realise that it is not so much gold rising as the dollar falling, which is why central banks are selling dollars to buy gold. Investors have yet to follow these well informed insiders, owning less than 0.5% of gold and related investments. And their loss in value for the other 99.5%+ held in dollars and other fiat currencies over the last 25 years is shown below:
Measured in gold, which is without counterparty risk, a year-2000 dollar is now worth only 8.4 cents, a decline which is visibly accelerating.
3. CHRIS POWELL AND GATA DISPATCHES
4. ANDRE MAGUIRE/LIVE FROM THE VAULT
5. COMMODITY REPORT…BEEF
“Modern-Day Monopoly”: GOP Senator Sounds Alarm On Mega Corporations Hijacking US’ Beef Supply
Wednesday, Jun 25, 2025 – 09:20 PM
Republican Senator Josh Hawley slammed the stranglehold four mega-corporations—two of them foreign-owned—have over America’s beef processing industry, calling it a “modern-day monopoly.”
Hawley, speaking Monday at the Senate Judiciary Committee’s Subcommittee on Competition Policy, Antitrust, and Consumer Rights, warned about the cartel-like grip that mega-corps such as JBS, Tyson Foods, Cargill, and National Beef have on the nation’s beef supply chain.
“Four companies currently control over 80% of beef processing in this country and very similarly high shares of poultry and pork. In Missouri, just in the last year, we have had two poultry plants closed by the dominant. Poultry processor Tyson Food canceling contracts with farmers putting hundreds of people out of work across my state really acting with total impunity why … because they can because they they are essentially a monopolist,” Hawley said.
Hawley asked Federal Trade Commissioner Mark Meador: “Is this kind of thing [beef monopoly] that the FTC can take action on?”
Meador responded, “Yes, with the small caveat that the Department of Justice typically handles the packers but the FTC sees this at the retail level as well. When there are a smaller number of packers, retailers pay higher prices, and then consumers pay higher prices, and then retailers want to merge and consolidate their own part of the supply chain to counteract that, and then it’s sort of an arms race to see who can get the biggest, the fastest.”
Hawley noted, “I’ll end with this right now beef processing is just one example but it’s a perfect example for a state like mine the only people who win are the monopolists – you know if you’re a cattle rancher you’re not getting paid for your product – if you are a consumer at the grocery store you’re paying an arm and a leg for some hamburger – yet so the consumers are paying more the farmers are getting paid less who is making out like a bandit here? It’s the monopolists, it’s the four companies that control 80% of beef processing, that is not competition. We need more competition in this country, economy-wide.”
On X, Hawley called for “more industry competition in America.”
A total of 4 companies control a whopping 80% of the entire beef-processing industry. That's a modern-day monopoly.
The winners here? The monopolists – like Tyson Foods. The losers? Farmers & grocery shoppers.
Hawley is right. And here at ZeroHedge, we’ve been at the forefront of sounding the alarm on America’s imploding food sovereignty. With two of the Big Four beef processors—JBS and National Beef—foreign-owned, it’s only a matter of time before Washington wakes up to the national security threat that poses.
The answer? A grassroots revival of regional microprocessors—a decentralized, community-driven push to take back control of the food supply chain from globalist monopolists and put it where it belongs: in the hands of ranchers nationwide.
A network of smaller processors adds redundancy, preventing catastrophic bottlenecks, such as what we saw during the early days of the Covid pandemic. When one large meat plant goes offline, the entire national supply chain is thrown into chaos.
Regional processors would provide alternative outlets for ranchers and farmers to sell cattle at higher prices, helping to revive rural economies and preserve family farms. The move to support local ranchers will only gain momentum under the MAHA movement. Know your rancher.
(Bloomberg) — 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 on Monday, 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.
Readily available inventories on the LME have declined about 80% this year, and now equate to less than a day of global usage.
Why Now?
It could be that China’s massive expansion into copper smelting is distorting the market:
(Mining.com) – After years of breakneck expansion Chinese copper refining suffers from overcapacity leading to competition for feedstock.
Copper is experiencing an historic squeeze as traders react to rapidly falling inventories, potential US tariffs, and a pricing crisis at smelters.
Copper smelters in China are so desperate to find raw material that they are paying miners for converting their concentrates into refined metal.
The copper squeeze could also be due to a broader structural imbalance: Everyone is building power-hungry AI data centers and/or upgrading local grids to handle the resulting surge in electricity demand. Getting from here to there will require far more copper than today’s mines produce.
So it’s reasonable to expect supply/price volatility in the short run and much higher prices over time. This is, in short, a great investment thesis playing out pretty much as expected.
The copper stocks in our Portfolio are doing okay…
…but they’re just getting started.
ASIAN MARKETS THIS THURSDAY MORNING:
SHANGHAI CLOSED DOWN 7.52 PTS OR 0.22%
//Hang Seng CLOSED DOWN 149.27 PTS OR 0.61%
// Nikkei CLOSED UP 642.27 PTS OR 0.61% //Australia’s all ordinaries CLOSED UP 0.07%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1700 OFFSHORE CLOSED UP AT 7.1679/ Oil DOWN TO 64.98 dollars per barrel for WTI and BRENT DOWN TO 67.80 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1700 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1679 AGAINST US DOLLAR/ AND THUS STRONGER
END
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YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1700 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: DOWN TO 7.1679 (CCP MANIPULATED)
SHANGHAI CLOSED DOWN 7.52 PTS OR 0.22%
HANG SENG CLOSED DOWN 149.22 PTS OR 0.61%
2. Nikkei closed UP 642.22 PTS OR 0.61%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 96.77/ EURO RISES TO 1.1725 UP 42 BASIS PTS
3b Japan 10 YR bond yield: RISE TO. +1.435//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.06…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil 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 UP TO +2.5580/Italian 10 Yr bond yield UP to 3.480SPAIN 10 YR BOND YIELD UP TO 3.208%
3i Greek 10 year bond yield UP TO 3.302
3j Gold at $3338.75 Silver at: 36.66 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 10 /100 roubles/dollar; ROUBLE AT 78.35
3m oil (WTI) into the 65 dollar handle for WTI and 67 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 144.06// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.435% 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 0.8008 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9383 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: 4.274 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.828 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.760 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 39.78
10 YR UK BOND YIELD: 4.470 DOWN 1 PTS
10 YR CANADA BOND YIELD: 3.340 DOWN 2 BASIS PTS
5 YR CANADA BOND YIELD: 2.894 DOWN 2 PTS
2a New York OPENING REPORT
S&P Futures Jump, Set For New Record High As VIX, Dollar Tumble
Thursday, Jun 26, 2025 – 08:25 AM
US equity futures extend their torrid short squeeze rally and are set to hit a new all time high for the S&P, with Tech outperforming while volatility is falling rapidly. As of 8:00am, S&P futures rose 0.3% to 6,170 while Nasdaq futures gained 0.5% with all Mag7 names higher again, and semis aiding the rally after solid earnings from Micron; cyclicals outperform defensives. The VIX is trading below 17 amid a relentless selloff in volatility, and heading for a four-month low, despite Trump’s looming trade deal deadline and other simmering risks. The dollar slumped to the lowest since April 2022 as traders ramped up bets for faster US interest-rate cuts, spurred by a WSJ report that Trump may fast-track his nomination for the next Federal Reserve chief. Treasury yields declined across the curve, with the 10-year rate down two basis points to 4.27%. Commodities are seeing a rebound led by Ags/Precious metals. Today’s macro data focus includes Durable/Cap Goods, Initial Claims, and regional Fed activity indicators. On Durable/Cap, Goldman expects a +15% MoM surge in Durables thanks to the sharp increase in aircraft orders after Trump’s visit to the Middle East; Initial Claims are expected to print at 243k.
In premarket trading, Mag 7 stocks are higher alongside index futures (Nvidia +1.3%, Alphabet +1%, Meta +0.8%, Amazon +0.7%, Microsoft +0.4%, Tesla -0.1%, Apple -0.1%).
Micron (MU) climbed about 1.5% after solid earnings, while Nvidia is set to extend its advance into record territory, rising 1.1%.
Apple Inc. (AAPL) shares fall 0.1% after its price target was cut at JPMorgan to $230 from $240 on the iPhone 17’s incremental lineup launch.
Microsoft (MSFT) edges up 0.4% after Morgan Stanley raised its price target to $530 from $482, citing upside from the company’s Azure cloud service.
General Mills (GIS) rises 0.7% after RBC raised its recommendation to outperform from sector perform, noting that the packaged food company’s full-year earnings-per-share guidance showed it would be able to weather the sluggish backdrop.
Jefferies (JEF) shares slip 2.5% after reporting earnings that missed estimates, hurt by a slump in deal activities between March and May due to the market turmoil.
Trade Desk (TTD) falls 2.2% after Wells Fargo Securities cuts its rating on the stock to equal-weight from overweight, predicting the advertising technology firm would feel a greater competitive impact from Amazon in 2026.
Truist Financial Corp. shares (TFC) rise 1.5% after Citi raised its recommendation to buy from neutral, citing its balance sheet growth and its relatively cheap stock price likely increasing buybacks.
In corporate news, Tokyo Gas is said to be in discussions with multiple US liquefied natural gas suppliers to secure a long-term purchase agreement. Mars’s $36 billion takeover of snack maker Kellanova was given the green light by the FTC on the same day EU regulators opened up a lengthy probe of the deal. Shell said it has no intention of making a takeover offer for BP.
The Bloomberg dollar index fell 0.4% to the lowest level since April 2022; Treasury yields declined across the curve, with the 10-year rate down two basis points to 4.27%, as markets are pricing 64 basis points of easing from the Fed by the end of the year, compared to 51 basis points at the end of last week, with a 20% chance of a quarter-point cut next month.
The moves followed a WSJ report that Trump may announce Powell’s successor as soon as September, which could essentially create a “shadow” central bank chair who’s more open to rate cuts, before Powell’s term is over (market now pricing in a 25% chance of a July cut/100% chance of a cut by Sept meeting). According to the WSJ, “the president has toyed with the idea of selecting and announcing Powell’s replacement by September or October, according to people familiar with the matter…Trump is considering former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett. Treasury Secretary Scott Bessent is being pitched to Trump by allies of both men as a potential candidate. Other contenders include former World Bank President David Malpass and Fed governor Christopher Waller.”
The “discussion around naming a Fed chair early and that Fed chair presumably being more dovish, or willing to do a little more of what Trump wants to do in terms of cutting rates, it’s all going to weigh on rates and the dollar,” said Timothy Graf, head of EMEA macro strategy at State Street Global Markets.
Sentiment was boosted by the continued gains in chip stocks and the AI theme: Micron climbed about 1.5%, while Nvidia Corp. is set to extend its advance into record territory, rising 1.1%. “The Micron earnings are likely to boost tech again and when tech thrives, everything thrives,” said Pierre Alexis Dumont, chief investment officer at Sycomore Asset Management. “In that sense, we could reach a new record today.”
Sure enough, Barclays strategists expect US stocks to see further gains and note that “fears of a foreign buyers’ strike against US assets are overdone.” Elsewhere, the Treasury Department is nearing a deal that would make the so-called “revenge tax” irrelevant, a development that could bring relief to Wall Street investors worried about punitive tax measures on foreigners.
Meanwhile, the VIX is now below 17 and heading for a four-month low, despite Trump’s looming trade deal deadline and other simmering risks. It’s a big day for macro data, with durable goods, GDP and the Fed’s preferred inflation gauge, core PCE, all on deck.
Turning to trade, Deputy Treasury Secretary Michael Faulkender said the expectation is that, following negotiations with US trading partners, tariffs won’t go back as high as the reciprocal levies Trump announced on April 2. Japan’s chief trade negotiator said the country can’t accept the US’s 25% tariffs on cars, as Japanese automakers produce far more cars in the US than they export to it. China’s $1.3 trillion sovereign wealth, CIC, is in retreat from the US, as tensions with the US throw up investment roadblocks and Beijing seeks to lower risk by reining in the massive fund.
In Europe, the Stoxx 600 rises 0.2%, lifted by retail shares after H&M delivered better-than-expected profit. Miners are also outperforming while auto shares lag. Here are some of the biggest movers on Thursday:
H&M shares gain as much as 7.9%, the most since April, after the Swedish fast-fashion retailer reported better-than-expected second-quarter earnings.
Valeo shares rise as much as 5% after Morgan Stanley double-upgrades the French car parts manufacturer, citing the stock’s attractive valuation.
Proximus shares rise as much as 7% as Berenberg takes a more positive view on the outlook for cash returns from European telecommunications companies over 2025-2030 as the firm initiates, re-initiates and transfers coverage of 20 stocks in the sector.
Volex shares gain as much as 19% as Jefferies says the power products manufacturer’s results came in ahead on all metrics.
South African Precious Metal shares rise after platinum rose to the highest since 2014 on solid demand from Chinese jewelry buyers who are favoring the metal over gold.
Carrefour shares slide as much as 6.2%. JPMorgan places stock on negative catalyst watch and downgrades estimates across the board ahead of the supermarket group’s first-half results.
Traton falls as much as 4.9% as Bankhaus Metzler downgrades to sell and sets a joint Street-low target on the German truckmaker to reflect short-term downside risk.
Moonpig shares plunge as much as 12%, the most since December, after the online greeting card company said CEO Nickyl Raithatha is standing down after seven years in the role.
Next 15 shares plunge as much as 22% as the growth consultancy firm said annual profit will be materially below expectations, following a warning about potential misconduct at its Mach49 brand.
Yara International shares tumble as much as 3.2% on news that China is loosening its ban on urea exports, a move that is likely to ease surging international prices that have been buoyed by tension in the Middle East.
Earlier in the session, Asian equities advanced, lifted by technology shares after Nvidia climbed to a record high. Stocks in South Korea and Hong Kong retreated following recent rallies. The MSCI Asia Pacific Index advanced as much as 0.9%, poised for its best three-day gain since April. The benchmark is trading at its highest level since September 2021. Tech stocks were among the biggest boosts to the gauge after Nvidia reclaimed its position as the world’s most valuable company, suggesting that the AI trade has further to run. Meanwhile, Hong Kong shares were on track for their first loss in five sessions and Korean stocks paused one of the world’s hottest rallies of the year.
In FX, the Bloomberg Dollar Spot Index is down 0.4%, the lowest since April 2022, and on course for a fourth straight day of declines after the Wall Street Journal reported US President Donald Trump is considering an early appointment for the next Federal Reserve chairman. That’s bolstering expectations that Fed interest rates will be cut sooner than previously expected. The Japanese yen is leading gains against the greenback, rising 0.9%. The Swiss franc and pound outperform most of their G-10 peers.
In rates, treasuries gain on the back of news that a shadow Fed chair may soon be revealed. Front-end yields are 2bp-3bp richer, keeping 2s10s and 5s30s spreads near Wednesday’s highs. 10-year around 4.27% is 1bp lower on the day with bunds and gilts lagging by 0.5bp and 1.5bp in the sector. Fed-dated OIS contracts price in around 62bp of easing for the year, of which about 5bp are priced for the next policy meeting in July. The week’s coupon auction cycle concludes with $44 billion 7-year note sale, following unremarkable results for 2- and 5-year notes; WI 7-year yield near 4.03% is ~16.5bp richer than last month’s, which stopped through by 2.2bp
In commodities, spot gold climbs $8 to around $3,340/oz. WTI is little changed near $65 a barrel.
Looking at today’s calendar, US economic data slate includes May trade balance, May preliminary wholesale inventories, 1Q GDP revision, May Chicago Fed national activity and durable goods orders and weekly jobless claims (8:30am), May pending home sales (10am) and June Kansas City Fed manufacturing activity (11am). Fed speakers include Goolsbee (8:30am), Barkin (8:45am), Daly (8:45am), Hammack (9am), Barr (1:15pm) and Kashkari (7pm)
Market Snapshot
S&P 500 mini +0.3%
Nasdaq 100 mini +0.4%
Russell 2000 mini +0.2%
Stoxx Europe 600 +0.2%
DAX +0.8%
CAC 40 +0.2%
10-year Treasury yield -1 basis point at 4.28%
VIX -0.1 points at 16.68
Bloomberg Dollar Index -0.4% at 1194.63
euro +0.5% at $1.1715
WTI crude little changed at $64.87/barrel
Top Overnight News
The dollar sold off to a 3 year low and treasury yields fell on bets that US rate cuts may come sooner than expected as Trump increases pressure on Powell. The WSJ reported he may name a replacement for the Fed chair as early as September. Among those being considered for the job are former Fed Governor Kevin Warsh, NEC Director Kevin Hassett and Treasury Secretary Scott Bessent. BBG
US Senate Republicans are reportedly considering delaying cuts to Medicaid in a bid to win over more moderate holdouts from the party, who threaten progress of the Reconciliation Bill: Punchbowl.
Congress is still hashing out Trump’s tax bill, with the SALT deduction a point of tension between the chambers. US Republican Representative Lalota said, in reference to SALT, “We are far from a deal still.” Senator Susan Collins also floated a tax hike on those making more than $100 million a year. BBG
US President Trump is set to hold a “One, Big, Beautiful Event” at the White House on Thursday to urge the Senate to pass the reconciliation bill, according to a White House official: CBS News.
US tariffs will probably fall well below the April 2 levels after negotiations with trade partners, Deputy Treasury Secretary Michael Faulkender said. Meanwhile, Japan said it can’t accept 25% tariffs on its cars, a sticking point in talks. BBG
China has taken a series of actions in the past week on counter-narcotics, in a sign of cooperation with U.S. demands for stronger action on the synthetic opioid fentanyl, a key irritant in the bilateral relationship. RTRS
Chinese premier Li Qiang said on Thursday reforms and a shift to a consumption-led model in the world’s No. 2 economy will help it continue to be the world’s biggest driver of economic growth. RTRS
China’s oil demand may have peaked in 2023, with consumption falling 1.2% last year amid slowing growth and rising EV adoption, the Energy Institute said. The shift may accelerate the prospect of a global usage plateau. BBG
German Chancellor Friedrich Merz is demanding that Brussels strike a trade deal with the United States within days, as concerns grow that the EU will end up with an unbalanced agreement that only benefits Donald Trump. BBG
Investors are fleeing long-term US bond funds at the swiftest rate since the heights of COVID 5 years ago as America’s soaring debt load tarnishes the appeal of one of the world’s most important markets. Net outflows from long dated US bond funds spanning government and corp debt have hit nearly $11bn in the 2nd quarter. FT
Blue Origin and Jeff Bezos reportedly appealed to the White House for more government contracts following Elon Musk’s departure: WSJ.
Meta (META) has reportedly poached three OpenAI researchers – Lucas Beyer, Alexander Kolesnikov, and Xiaohua Zhai: WSJ
BlackRock (BLK) is increasing its push into private investments; intends to offer a 401(k) target date fund with a 5-20% allocation to private investments, depending on investor age, in H1-2026: WSJ
Trade/Tariffs
Japanese Economy Minister Akazawa said Japan will continue tariff talks with the US ahead of reciprocal tariffs due on July 9th, but cannot accept the 25% auto tariff, according to Reuters.
India and US trade talks face roadblocks ahead of the tariff deadline, according to Reuters citing sources; India is resisting tariff cuts without US commitments; delegation is exp. to travel to US before deadline.
Chinese authorities are dragging out approval of Western companies’ requests for rare earths, two weeks after the nation said it would ease exports, according to WSJ.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed in choppy fashion following a similar session on Wall Street, with overnight newsflow relatively light as Israel and Iran seemingly continued to observe the ceasefire. ASX 200 was weighed on by the tech sector despite outperformance in the space stateside. ASX-listed software giant Xero fell over 7% after announcing its intention to purchase payments provider Melio for around USD 3bln. Nikkei 225 outperformed and topped the 39k mark for the first time in over a month, led by strong gains in the industrial sector. This came despite a firmer JPY, with market focus turning to the upcoming US-Japan trade talks after local media flagged Japanese Economy Minister Akazawa’s planned visit to Washington as early as June 26th. Hang Seng and Shanghai Comp were mixed, while Chinese Premier Li said authorities will take forceful steps to boost consumption. Thereafter, bourses drifter higher as a Chinese state planner official said that with policy implementation and introduction, “we are confident and capable of minimizing the adverse impacts from external shock.”
Top Asian News
Chinese state planner official said with policy implementation and introduction, “we are confident and capable of minimising the adverse impacts from external shock”, according to Reuters.
The PBoC injected CNY 509.3bln via 7-day reverse repos, maintaining the rate at 1.40%.
Citi raised its China 2025 GDP growth outlook to 5.0% (prev. 4.7%).
Chinese Commerce Ministry (on rare earth export licenses for EU firms) says it has been accelerating development of rare earth export licenses in accordance with the law
European bourses (STOXX 600 +0.2%) are generally modestly firmer across the board, following a mixed and choppy APAC session overnight. Though it is worth noting that price action (aside from the DAX 40) has been quite choppy and within a tight range so far. European sectors hold a positive bias, in-fitting with the broadly positive mood in European indices. Basic Resources takes the top spot, lifted by strength in metals prices following positive commentary from Chinese Premier Li and the State Planner; the latter said that with policy implementation and introduction, they are confident in minimising adverse effects from external shocks. Retail is found in the second spot, buoyed by post-earning strength in H&M (+5.2%).
Top European News
German GfK Consumer Sentiment (Jul) -20.3 vs. Exp. -19.3 (Prev. -19.9, Rev. -20.0)
Swedish Total Industry Sentiment (Jun) 94.8 (Prev. 98.9); Sentiment (Jun) 92.8 (Prev. 94.6)Manufacturing Confidence (Jun) 99.3 (Prev. 100.1); Consumer Confidence SA (Jun) 84.6 (Prev. 83.1)
FX
DXY is on the back foot for the fourth consecutive day, and currently trades towards the lower end of a 96.93-60 range – the index now trades at levels not seen since March 2022. Overnight reporting suggested that US President Trump may accelerate the announcement of a successor to Fed Chair Powell, possibly as early as this summer, or in September or October, according to WSJ sources. A slew of US data later, including US PCE (Q1), GDP Final (Q1), Jobless Claims and Durable Goods. Fed speak today via Daly, Barkin, Hammack, Barr and Kashkari.
EUR/USD continues to benefit from the broader Dollar weakness and currently trades above 1.17; session peak at 1.1744. EZ-specific docket has been exceptionally light today; German GfK Consumer Sentiment printed a touch below expectations, no reaction on this.
JPY is the G10 outperformer today, largely thanks to the pullback in US yields overnight and broader Dollar weakness. USD/JPY has fallen below both its 21 DMA (144.50) and 50 DMA (144.27) to currently trade below the 144.00 mark at around 143.83. Overnight, upside in the JPY was briefly capped on reports that Japanese Economy Minister Akazawa said Japan will continue tariff talks with the US ahead of reciprocal tariffs due on July 9th, but cannot accept the 25% auto tariff.
GBP also benefits from the Dollar weakness and trades at multi-year highs, and marginally topped its 2022 high at 1.3749. Beyond that, there is a little bit of clear air up until the 1.3800 mark, whereby the high from Oct 29 2021, at 1.3804 may be in focus. UK-specific newsflow has been very light so far, but docket ahead includes BoE’s Bailey.
Antipodeans are modestly benefitting from the Dollar weakness, but also amid some positive commentary out of China overnight – remarks which helped to boost base metals also. Firstly, the Chinese State Planner said with policy implementation and introduction, “we are confident and capable of minimising the adverse impacts from external shock”, according to Reuters. Secondly, Premier Li said authorities will take forceful steps to boost consumption. Lastly, Citi raised its China 2025 GDP growth outlook to 5.0% (prev. 4.7%).
PBoC set USD/CNY mid-point at 7.1620 vs exp. 7.1561 (prev. 7.1668); strongest CNY fix since Nov 8 2024
HKMA bought HKD 9.42bln as the Hong Kong dollar hit the weak end of its trading range, marking the first such intervention since 2023 to defend the currency peg.
South African President Ramaphosa is reportedly considering a cabinet reshuffle, via News24 citing sources; this could involve Deputy Trade Minister Whitfield and Minister Nkabane. USD/ZAR lifted from 17.62 to 17.70 on speculation of, and since source reporting around, a potential cabinet reshuffle.
Fixed Income
USTs are firmer, benefitting from the WSJ reports that President Trump could announce the next Fed Chair much earlier than is traditionally the case. Trump himself has intimated he has the list down to a handful of individuals; unsurprisingly, all those on the WSJ list are or are expected to err on the dovish side of things. USTs to a 111-28 peak thus far, notching another best for the month and now to within a point of the 112-23 peak from May, but of course still a significant distance from the mark. Ahead, 7yr supply rounds off the week’s taps, which have gone well thus far. US data and Fed speak is also due.
Bunds are also bid, in-fitting with the above. A bout of upside was seen at 07:00BST, from 130.62 to 130.74 in the space of two-three minutes. Upside that occurred alongside a soft German GfK survey, a release that shows that while the government’s fiscal support is aiding business expectations this is yet to filter through to the individual consumer level. Since, Bunds have continued to climb and peaked at 130.80 before experiencing a modest pullback as the morning continued and the risk tone continues to improve. Action that has caused Bunds to pullback from the above high by around 15 ticks, but remain in the green by a similar magnitude. Ahead, the docket features ECB speak from heavyweights Lagarde, de Guindos and Schnabel.
Gilts gapped higher by 14 ticks and then continued to climb, above Wednesday’s 93.38 open to a 93.45 high for today; just shy of Tuesday’s 93.51 peak and 92.57 from Wednesday thereafter. Ahead, the docket is sparse and as such Gilts will likely follow the narrative of US events, particularly anything further on the Fed Chair, and speeches from the ECB and Fed.
UK sells GBP 1.0bln 4.25% 2046 Gilt, via tender: b/c 1.99x, average yield 5.162%.
Commodities
WTI and Brent began the European morning on the front foot, taking impetus from the softer USD and improving risk tone. Drivers that were sufficient to lift WTI and Brent to peaks of USD 65.57/bbl and USD 67/08/bbl, respectively. However, as the morning progressed and despite or perhaps in-part because of the lack of newsflow the benchmarks have lost ground with WTI now below USD 65.00/bbl and threatening a move into the red.
Spot gold is firmer given the softer USD and lower yield environment on the back of the WSJ-Fed report around an early Fed Chair nominee announcement. A move that has been interpreted as one to undermine the authority of Chair Powell, with a dovish move occurring on the back of it given the list of potential nominees all fall on that side of the hawk-dove discussion. XAU itself gleaning some further impetus on the narrative that the undermining of Chair Powell draws into question the Fed’s credibility and/or independence. XAU up to a USD 3350/oz peak, firmer but yet to approach USD 3369/oz or USD 3398/oz from Tuesday and Monday.
3M LME copper is firmer, benefiting from the increasingly constructive risk tone and the discussed USD pressure. Sentiment boosted by China-related headlines overnight; Firstly, the Chinese State Planner said with policy implementation and introduction, “we are confident and capable of minimising the adverse impacts from external shock”, according to Reuters. Secondly, Premier Li said authorities will take forceful steps to boost consumption. Lastly, Citi raised its China 2025 GDP growth outlook to 5.0% (prev. 4.7%).
Citi reaffirms its Brent forecast of USD 66/bbl and USD 63/bbl for Q3- and Q4-2025, respectively
Goldman Sachs upgraded its H2 2025 LME copper price forecast to an average of USD 9,890/t (prev. USD 9,140/t), citing a tariff-driven reduction in ex-US stocks and resilient activity in China. The bank expects copper to peak at USD 10,050/t in 2025, before easing to USD 9,700/t by December. For 2026, it forecasts an average copper price of USD 10,000/t (prev. USD 10,170/t), reaching USD 10,350/t.
Geopolitics
Al-Akhbar reports that another round of talks between Israel and Hamas is expected within the next few days, according to Egyptian sources cited; Hamas is reportedly ready to release all hostages in exchange for Israeli commitments
Iranian defences shot down an unknown drone over the border strip with Iraq, according to Al Arabiya; the incident occurred over the border area of Siba in southern Iraq, according to Al Hadath.
CIA Director said the CIA can confirm that credible intelligence indicated Iran’s nuclear programme had been severely damaged by recent strikes. Several key Iranian nuclear facilities had been destroyed and would have to be rebuilt over the course of years, according to Reuters.
US President Trump called on Israeli Prime Minister Netanyahu’s domestic trial to be cancelled immediately and for him to be granted a pardon, via Truth Social.
The Pentagon released a document outlining FY26 weapons requests, including funding for 24 F-35 warplanes and two submarines, according to Reuters.
US Event Calendar
8:30 am: May P Wholesale Inventories MoM, est. 0.17%, prior 0.2%
8:30 am: 1Q T GDP Annualized QoQ, est. -0.2%, prior -0.2%
8:30 am: 1Q T Personal Consumption, est. 1.2%, prior 1.2%
8:30 am: 1Q T GDP Price Index, est. 3.7%, prior 3.7%
8:30 am: 1Q T Core PCE Price Index QoQ, est. 3.4%, prior 3.4%
8:30 am: May Chicago Fed Nat Activity Index, est. -0.13, prior -0.25
8:30 am: May P Durable Goods Orders, est. 8.5%, prior -6.3%
8:30 am: May P Durables Ex Transportation, est. 0%, prior 0.2%
8:30 am: May P Cap Goods Orders Nondef Ex Air, est. 0.1%, prior -1.5%
8:30 am: May P Cap Goods Ship Nondef Ex Air, est. -0.12%, prior -0.1%
8:30 am: Jun 21 Initial Jobless Claims, est. 243.19k, prior 245k
8:30 am: Jun 14 Continuing Claims, est. 1950k, prior 1945k
10:00 am: May Pending Home Sales MoM, est. 0.13%, prior -6.3%
Central Bank Speakers
8:30 am: Fed’s Goolsbee Appears on CNBC
8:45 am: Fed’s Barkin Speaks on the Economy
8:45 am: Fed’s Daly Appears on Bloomberg TV
9:00 am: Fed’s Hammack Gives Opening Remarks
1:15 pm: Fed’s Barr Speaks on Community Development
7:00 pm: Fed’s Kashkari in Q&A at Montana Chamber Event
DB’s Jim Reid concludes the overnight wrap
Markets were broadly steady yesterday, with few headlines to push things in either direction. Indeed, for a sense of that, the S&P 500 fell just -0.0003%, which was its smallest move in either direction since 2017, whilst the 10yr Treasury yield only moved -0.4bps. Admittedly, there were several political developments, but none really had a market-moving impact, and the ceasefire between Israel and Iran continued to hold. We also heard from Fed Chair Powell again at the Senate Banking Committee, but after his testimony the previous day, there was little that changed our understanding of the Fed’s near-term outlook either. So there were few big moves among the major assets, and with calm returning to markets again, the VIX index of volatility (-0.72pts) closed at a 4-month low of 16.76pts.
With markets holding steady, we’re now at a point where the focus is turning to several important catalysts over the next two to three weeks. The first is the US tax bill, which is currently working its way through the Senate, and the administration is trying to get it passed by Independence Day on July 4. To achieve that, things could move quickly from here, and Senate Majority leader Thune has previously said to Axios that they could start voting on the bill tomorrow.
Moreover, Politico also reported earlier this week that House Speaker Johnson told House Republicans to stay in town, given that the House needs to pass the same version as the Senate before President Trump can sign the bill. So it’s a fluid situation on timing, but given the upcoming July 4 deadline, it will need to move swiftly in the days ahead in order to pass by then. Remember that alongside the tax cuts, the bill also contains an increase to the debt ceiling, so if passed, it would remove that risk from the summer as well.
As well as the tax bill, the focus is set to swiftly turn back to tariffs, as the 90-day extension to the reciprocal tariffs ends in less than two weeks’ time on July 9. As it stands, it’s still unclear what will happen at that point, although several countries remain in negotiations with the US. The administration has signalled that trade deals are likely to follow the passage of the tax bill, and NEC director Kevin Hassett said earlier in the week that “We know that we’re very close to a few countries and are waiting to announce after we get the Big Beautiful Bill closed”.
After that, the June CPI report on July 15 is likely to assume outsize importance, as that’ll be crucial for whether the tariff pass-through is being felt in consumer prices. Only yesterday, Fed Chair Powell mentioned the uncertainty around this, saying that in terms of who’ll pay for the tariffs, “it’s very hard to predict that in advance”. But it’s crucial for the path of rate cuts, as those officials calling for caution have in part based that around the tariff impact showing up in the summer inflation numbers. We’ve already seen an impact in categories like major appliances, and even with the 90-day reciprocal tariff delay, there’s still the baseline 10% in place, as well as others in place like the steel/aluminium tariffs, the Canada/Mexico tariffs, and the China tariffs.
With all that to look forward to, markets remained in a holding pattern yesterday, with the S&P 500 (-0.0003%) holding steady as investors awaited to see what would happen on the above issues. The overall mood leant on the cautious side, with the equal-weighted version of the S&P down -0.75% and small cap Russell 2000 (-1.16%) seeing a sizeable underperformance. However, tech stocks advanced, with the NASDAQ 100 (+0.21%) hitting a fresh all-time high, whilst the Mag-7 were up +0.47% as Nvidia (+4.33%) posted a record high of its own. Meanwhile, banks (+0.87%) outperformed within the S&P 500 as the Fed Board unveiled plans to ease the enhanced Supplementary Leverage Ratio. By contrast, the declines were more consistent in Europe, with losses for the STOXX 600 (-0.74%), the DAX (-0.61%) and the CAC 40 (-0.76%).
On the geopolitical front, the ceasefire between Iran and Israel continued to hold over the last 24 hours, and President Trump said on Iran that “We’re going to talk to them next week”. Nevertheless, oil prices did recover a bit after falling over -12% over Monday and Tuesday, with Brent crude up +0.80% yesterday to $67.68/bbl, and overnight they’re up another +0.33%. Separately, the NATO leaders’ summit was taking place in the Netherlands, where the leaders agreed that by 2035, they’d spend 5% of GDP “on core defence requirements as well as defence-and security-related spending”. That’s going to be made up of 3.5% on the “core defence”, and 1.5% of GDP on areas like infrastructure.
Reviewing the summit outcome, my colleague Peter Sidorov writes that while several European countries may struggle to reach the 3.5% core spending target, it’s the ramp-up of spending and defence industrial capacity over the next few years that will determine the success of Europe’s new defence strategy.
In the meantime, sovereign bonds saw a fresh steepening yesterday. 2yr Treasury yields fell -4.3bps as investors continued to dial up expectations of Fed rate cuts, with the amount priced by year-end rising to 64bps, its highest since early May. Those moves came even as Fed Chair Powell again struck a patient tone at the Senate Banking Committee.
Significantly overnight, the WSJ also reported that President Trump is considering announcing the new Fed Chair earlier than usual, potentially by September or October, although the person would not replace Powell until next May when his current four-year term ends. That’s helped to push Treasury yields lower overnight, with the 10yr yield down another -2.2bps to 4.27%. And in turn, that’s weighed on the dollar index, which is trading at a 3-year low this morning, whilst the euro is currently trading at its highest level against the dollar since late-2021, at $1.1685.
Over in Europe, 10yr bunds (+2.2bps) underperformed OATs (+0.8bps) and BTPs (+1.5bps) for a fourth day running, following on from the increased German borrowing announcement the previous day.
Overnight in Asia, there’s been a pretty mixed performance across the major equity indices. The Nikkei (+1.35%) has posted a strong advance, which would leave the index at a 4-month high. But others have struggled, and South Korea’s KOSPI is down -1.27% after hitting its highest level since September 2021 the previous day. Elsewhere, the Hang Seng (-0.48%) and CSI 300 (-0.01%) have posted smaller losses, with the Shanghai Comp (+0.11%) only up a small amount. And looking forward, US equity futures are up slightly, with those on the S&P 500 up +0.07%.
Lastly, there was little data yesterday, although US new home sales fell by more than expected to an annualised rate of 623k in May (vs. 693k expected). That’s their lowest level since October, and the monthly drop of -13.7% was the biggest monthly decline since June 2022.
To the day ahead now, and data releases in the US include the weekly initial jobless claims, pending home sales for May, preliminary durable goods orders for May, and the third estimate of Q1 GDP. Central bank speakers include ECB President Lagarde, Vice President de Guindos, and the ECB’s Schnabel, BoE Governor Bailey, and the Fed’s Barkin, Daly, Hammack and Barr. Finally, an EU leaders’ summit will begin in Brussels.
2b European opening report
DXY hit on reports that Trump may name Powell successor early, US equity futures gain slightly into data – Newsquawk US Market Open
Thursday, Jun 26, 2025 – 06:23 AM
US President Trump may accelerate the announcement of a successor to Fed Chair Powell, according to WSJ sources.
Chinese state planner official said with policy implementation and introduction, “we are confident and capable of minimising the adverse impacts from external shock”, according to Reuters.
Micron (MU) said there may have been some tariff-related pull-ins by certain customers; customer inventory levels have been healthy overall across end markets.
European & US indices trade modestly higher, ES +0.3%; Shell has “no intention” of making an offer for BP.
DXY hammered amid reports Trump is to name a Powell successor early; a report which has also weighed on US yields.
Crude trims initial gains, metals glean strength from the dovish Fed source report, USD weakness and Chinese commentary.
Looking ahead, US Durable Goods, GDP Final (Q1), PCE (Q1), Jobless Claims, National Activity Index, Advance Goods Trade Balance, Wholesale Inventories, Banxico Policy Announcement, ECB’s de Guindos, Schnabel, Lagarde; BoE’s Bailey; Fed’s Daly, Barkin, Hammack, Barr, Kashkari, Supply from the US, Earnings from Walgreens, Nike.
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TRADE/TARIFFS
Japanese Economy Minister Akazawa said Japan will continue tariff talks with the US ahead of reciprocal tariffs due on July 9th, but cannot accept the 25% auto tariff, according to Reuters.
India and US trade talks face roadblocks ahead of the tariff deadline, according to Reuters citing sources; India is resisting tariff cuts without US commitments; delegation is exp. to travel to US before deadline.
Chinese authorities are dragging out approval of Western companies’ requests for rare earths, two weeks after the nation said it would ease exports, according to WSJ.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.2%) are generally modestly firmer across the board, following a mixed and choppy APAC session overnight. Though it is worth noting that price action (aside from the DAX 40) has been quite choppy and within a tight range so far.
European sectors hold a positive bias, in-fitting with the broadly positive mood in European indices. Basic Resources takes the top spot, lifted by strength in metals prices following positive commentary from Chinese Premier Li and the State Planner; the latter said that with policy implementation and introduction, they are confident in minimising adverse effects from external shocks. Retail is found in the second spot, buoyed by post-earning strength in H&M (+5.2%).
US equity futures (ES +0.3% NQ +0.4% RTY +0.2%) are modestly higher across the board, in-fitting with the cautiously optimistic risk tone seen in Europe; focus now turns to a slew of US data and Fed speak.
Shell (SHEL LN) says it has no intention of making an offer for BP (BP/ LN).
JPMorgan raises 2025 YE target for MSCI Emerging Markets index to 1,250 (prev. saw 1,150, currently ~1,225).
DXY is on the back foot for the fourth consecutive day, and currently trades towards the lower end of a 96.93-60 range – the index now trades at levels not seen since March 2022. Overnight reporting suggested that US President Trump may accelerate the announcement of a successor to Fed Chair Powell, possibly as early as this summer, or in September or October, according to WSJ sources. A slew of US data later, including US PCE (Q1), GDP Final (Q1), Jobless Claims and Durable Goods. Fed speak today via Daly, Barkin, Hammack, Barr and Kashkari.
EUR/USD continues to benefit from the broader Dollar weakness and currently trades above 1.17; session peak at 1.1744. EZ-specific docket has been exceptionally light today; German GfK Consumer Sentiment printed a touch below expectations, no reaction on this.
JPY is the G10 outperformer today, largely thanks to the pullback in US yields overnight and broader Dollar weakness. USD/JPY has fallen below both its 21 DMA (144.50) and 50 DMA (144.27) to currently trade below the 144.00 mark at around 143.83. Overnight, upside in the JPY was briefly capped on reports that Japanese Economy Minister Akazawa said Japan will continue tariff talks with the US ahead of reciprocal tariffs due on July 9th, but cannot accept the 25% auto tariff.
GBP also benefits from the Dollar weakness and trades at multi-year highs, and marginally topped its 2022 high at 1.3749. Beyond that, there is a little bit of clear air up until the 1.3800 mark, whereby the high from Oct 29 2021, at 1.3804 may be in focus. UK-specific newsflow has been very light so far, but docket ahead includes BoE’s Bailey.
Antipodeans are modestly benefitting from the Dollar weakness, but also amid some positive commentary out of China overnight – remarks which helped to boost base metals also. Firstly, the Chinese State Planner said with policy implementation and introduction, “we are confident and capable of minimising the adverse impacts from external shock”, according to Reuters. Secondly, Premier Li said authorities will take forceful steps to boost consumption. Lastly, Citi raised its China 2025 GDP growth outlook to 5.0% (prev. 4.7%).
PBoC set USD/CNY mid-point at 7.1620 vs exp. 7.1561 (prev. 7.1668); strongest CNY fix since Nov 8 2024
HKMA bought HKD 9.42bln as the Hong Kong dollar hit the weak end of its trading range, marking the first such intervention since 2023 to defend the currency peg.
South African President Ramaphosa is reportedly considering a cabinet reshuffle, via News24 citing sources; this could involve Deputy Trade Minister Whitfield and Minister Nkabane. USD/ZAR lifted from 17.62 to 17.70 on speculation of, and since source reporting around, a potential cabinet reshuffle.
USTs are firmer, benefitting from the WSJ reports that President Trump could announce the next Fed Chair much earlier than is traditionally the case. Trump himself has intimated he has the list down to a handful of individuals; unsurprisingly, all those on the WSJ list are or are expected to err on the dovish side of things. USTs to a 111-28 peak thus far, notching another best for the month and now to within a point of the 112-23 peak from May, but of course still a significant distance from the mark. Ahead, 7yr supply rounds off the week’s taps, which have gone well thus far. US data and Fed speak is also due.
Bunds are also bid, in-fitting with the above. A bout of upside was seen at 07:00BST, from 130.62 to 130.74 in the space of two-three minutes. Upside that occurred alongside a soft German GfK survey, a release that shows that while the government’s fiscal support is aiding business expectations this is yet to filter through to the individual consumer level. Since, Bunds have continued to climb and peaked at 130.80 before experiencing a modest pullback as the morning continued and the risk tone continues to improve. Action that has caused Bunds to pullback from the above high by around 15 ticks, but remain in the green by a similar magnitude. Ahead, the docket features ECB speak from heavyweights Lagarde, de Guindos and Schnabel.
Gilts gapped higher by 14 ticks and then continued to climb, above Wednesday’s 93.38 open to a 93.45 high for today; just shy of Tuesday’s 93.51 peak and 92.57 from Wednesday thereafter. Ahead, the docket is sparse and as such Gilts will likely follow the narrative of US events, particularly anything further on the Fed Chair, and speeches from the ECB and Fed.
UK sells GBP 1.0bln 4.25% 2046 Gilt, via tender: b/c 1.99x, average yield 5.162%.
WTI and Brent began the European morning on the front foot, taking impetus from the softer USD and improving risk tone. Drivers that were sufficient to lift WTI and Brent to peaks of USD 65.57/bbl and USD 67/08/bbl, respectively. However, as the morning progressed and despite or perhaps in-part because of the lack of newsflow the benchmarks have lost ground with WTI now below USD 65.00/bbl and threatening a move into the red.
Spot gold is firmer given the softer USD and lower yield environment on the back of the WSJ-Fed report around an early Fed Chair nominee announcement. A move that has been interpreted as one to undermine the authority of Chair Powell, with a dovish move occurring on the back of it given the list of potential nominees all fall on that side of the hawk-dove discussion. XAU itself gleaning some further impetus on the narrative that the undermining of Chair Powell draws into question the Fed’s credibility and/or independence. XAU up to a USD 3350/oz peak, firmer but yet to approach USD 3369/oz or USD 3398/oz from Tuesday and Monday.
3M LME copper is firmer, benefiting from the increasingly constructive risk tone and the discussed USD pressure. Sentiment boosted by China-related headlines overnight; Firstly, the Chinese State Planner said with policy implementation and introduction, “we are confident and capable of minimising the adverse impacts from external shock”, according to Reuters. Secondly, Premier Li said authorities will take forceful steps to boost consumption. Lastly, Citi raised its China 2025 GDP growth outlook to 5.0% (prev. 4.7%).
Citi reaffirms its Brent forecast of USD 66/bbl and USD 63/bbl for Q3- and Q4-2025, respectively
Goldman Sachs upgraded its H2 2025 LME copper price forecast to an average of USD 9,890/t (prev. USD 9,140/t), citing a tariff-driven reduction in ex-US stocks and resilient activity in China. The bank expects copper to peak at USD 10,050/t in 2025, before easing to USD 9,700/t by December. For 2026, it forecasts an average copper price of USD 10,000/t (prev. USD 10,170/t), reaching USD 10,350/t.
German GfK Consumer Sentiment (Jul) -20.3 vs. Exp. -19.3 (Prev. -19.9, Rev. -20.0)
Swedish Total Industry Sentiment (Jun) 94.8 (Prev. 98.9); Sentiment (Jun) 92.8 (Prev. 94.6)Manufacturing Confidence (Jun) 99.3 (Prev. 100.1); Consumer Confidence SA (Jun) 84.6 (Prev. 83.1)
NOTABLE US HEADLINES
US President Trump may accelerate the announcement of a successor to Fed Chair Powell, possibly as early as this summer, or in September or October, according to WSJ sources. The move could allow the nominee to shape investor expectations before Powell’s term ends. Potential candidates include: Former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, Treasury Secretary Scott Bessent, Former World Bank President David Malpass, and Fed Governor Christopher Waller.
Micron (MU) Q3 2025 (USD): Adj. EPS 1.91 (exp. 1.60), Revenue 9.3bln (exp. 8.81bln), Adj. net income 2.2bln (exp. 1.8bln); strong Q4 guidance. Q4 adj. EPS view 2.35-2.65 (exp. 1.97). Q4 revenue view 10.4-11bln (exp. 9.89bln). Fiscal Q4 revenue is projected to grow another 15% sequentially. Co. said there may have been some tariff-related pull-ins by certain customers; customer inventory levels have been healthy overall across end markets.Shares +0.9% after hours.
US Republican Representative Lalota said, in reference to SALT, “We are far from a deal still”, according to Bloomberg.
US President Trump is set to hold a “One, Big, Beautiful Event” at the White House on Thursday to urge the Senate to pass the reconciliation bill, according to a White House official cited by CBS News.
Blue Origin and Jeff Bezos reportedly appealed to the White House for more government contracts following Elon Musk’s departure, according to WSJ.
Meta (META) has reportedly poached three OpenAI researchers – Lucas Beyer, Alexander Kolesnikov, and Xiaohua Zhai, according to WSJ sources.
BlackRock (BLK) is increasing its push into private investments, via WSJ; intends to offer a 401(k) target date fund with a 5-20% allocation to private investments, depending on investor age, in H1-2026.
US Senate Republicans are reportedly considering delaying cuts to Medicaid in a bid to win over more moderate holdouts from the party, who threaten progress of the Reconciliation Bill, via Punchbowl.
GEOPOLITICS
Al-Akhbar reports that another round of talks between Israel and Hamas is expected within the next few days, according to Egyptian sources cited; Hamas is reportedly ready to release all hostages in exchange for Israeli commitments
Iranian defences shot down an unknown drone over the border strip with Iraq, according to Al Arabiya; the incident occurred over the border area of Siba in southern Iraq, according to Al Hadath.
CIA Director said the CIA can confirm that credible intelligence indicated Iran’s nuclear programme had been severely damaged by recent strikes. Several key Iranian nuclear facilities had been destroyed and would have to be rebuilt over the course of years, according to Reuters.
US President Trump called on Israeli Prime Minister Netanyahu’s domestic trial to be cancelled immediately and for him to be granted a pardon, via Truth Social.
The Pentagon released a document outlining FY26 weapons requests, including funding for 24 F-35 warplanes and two submarines, according to Reuters.
CRYPTO
Bitcoin is a little firmer and trades just above USD 107k whilst Ethereum also gains but still shy of USD 2.5k.
APAC TRADE
APAC stocks traded mixed in choppy fashion following a similar session on Wall Street, with overnight newsflow relatively light as Israel and Iran seemingly continued to observe the ceasefire.
ASX 200 was weighed on by the tech sector despite outperformance in the space stateside. ASX-listed software giant Xero fell over 7% after announcing its intention to purchase payments provider Melio for around USD 3bln.
Nikkei 225 outperformed and topped the 39k mark for the first time in over a month, led by strong gains in the industrial sector. This came despite a firmer JPY, with market focus turning to the upcoming US-Japan trade talks after local media flagged Japanese Economy Minister Akazawa’s planned visit to Washington as early as June 26th.
Hang Seng and Shanghai Comp were mixed, while Chinese Premier Li said authorities will take forceful steps to boost consumption. Thereafter, bourses drifter higher as a Chinese state planner official said that with policy implementation and introduction, “we are confident and capable of minimizing the adverse impacts from external shock.”
NOTABLE ASIA-PAC HEADLINES
Chinese state planner official said with policy implementation and introduction, “we are confident and capable of minimising the adverse impacts from external shock”, according to Reuters.
The PBoC injected CNY 509.3bln via 7-day reverse repos, maintaining the rate at 1.40%.
Citi raised its China 2025 GDP growth outlook to 5.0% (prev. 4.7%).
Chinese Commerce Ministry (on rare earth export licenses for EU firms) says it has been accelerating development of rare earth export licenses in accordance with the law
DATA RECAP
South Korean Composite Business Sentiment Index (Jun) 90.2 (Prev. 90.7)
2c Asian report
USD briefly dips on reports that Trump may name Powell successor early, APAC stocks traded mixed – European Market Open
Thursday, Jun 26, 2025 – 01:46 AM
APAC stocks traded mixed in choppy fashion following a similar session on Wall Street, with overnight newsflow relatively light as Israel and Iran seemingly continued to observe the ceasefire.
US President Trump may accelerate the announcement of a successor to Fed Chair Powell, according to WSJ sources.
Chinese state planner official said with policy implementation and introduction, “we are confident and capable of minimising the adverse impacts from external shock”, according to Reuters.
HKMA bought HKD 9.42bln as the Hong Kong dollar hit the weak end of its trading range, marking the first such intervention since 2023 to defend the currency peg.
Micron (MU) said there may have been some tariff-related pull-ins by certain customers; customer inventory levels have been healthy overall across end markets.
Looking ahead, highlights include German GfK Consumer Sentiment, US Durable Goods, GDP Final (Q1), PCE (Q1), Jobless Claims, National Activity Index, Advance Goods Trade Balance, Wholesale Inventories, Banxico Policy Announcement, ECB’s de Guindos, Schnabel, Lagarde; BoE’s Bailey, Breeden; Fed’s Daly, Barkin, Hammack, Barr, Kashkari, supply from US, Earnings from Walgreens, Nike, H&M.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
US stocks were ultimately mixed as the Nasdaq 100 was the one major index to close with gains and was largely buoyed by gains in the mega-cap names, highlighted by Tech and Communication, two of the only sectors, as well as Health, in the green. Real Estate, Consumer Utilities, and Consumer Staples lagged as the latter was weighed on by weak General Mills guidance.
SPX +0.00% at 6,092, NDX +0.21% at 22,238, DJI -0.25% at 42,982, RUT -1.16% at 2,136
US President Trump may accelerate the announcement of a successor to Fed Chair Powell, possibly as early as this summer, or in September or October, according to WSJ sources. The move could allow the nominee to shape investor expectations before Powell’s term ends. Potential candidates include: Former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, Treasury Secretary Scott Bessent, Former World Bank President David Malpass, and Fed Governor Christopher Waller.
Micron (MU) Q3 2025 (USD): Adj. EPS 1.91 (exp. 1.60), Revenue 9.3bln (exp. 8.81bln), Adj. net income 2.2bln (exp. 1.8bln); strong Q4 guidance. Q4 adj. EPS view 2.35-2.65 (exp. 1.97). Q4 revenue view 10.4-11bln (exp. 9.89bln). Fiscal Q4 revenue is projected to grow another 15% sequentially. Co. said there may have been some tariff-related pull-ins by certain customers; customer inventory levels have been healthy overall across end markets.Shares +0.9% after hours.
Fed proposes changes to ease ESLR for large banks. Proposal would reduce aggregate tier 1 capital requirements for global systemically important banks by 1.4% or USD 13bln. The proposal would reduce capital requirements for depository institution subsidiaries of global banks by 27% or USD 213bln. The proposal would replace a 2% ESLR buffer with a buffer equal to half of each bank’s GSIB surcharge. The proposal would replace a 3% ESLR buffer for global bank subsidiaries with half of each bank’s GSIB surcharge. Fed Vice Chair Bowman says changes would build resilience in US Treasury markets and reduce market dysfunction. Fed chair Powell says it is prudent for the Fed to reconsider the rule given the stark increase in the level of relatively safe assets on bank balance sheets. Fed governors Barr and Kugler oppose proposed changes, according to prepared statements.
US NEC Director Hassett said plenty of room for the Fed to lower interest rates right now.
US Republican Representative Lalota said, in reference to SALT, “We are far from a deal still”, according to Bloomberg.
US President Trump is set to hold a “One, Big, Beautiful Event” at the White House on Thursday to urge the Senate to pass the reconciliation bill, according to a White House official cited by CBS News.
Blue Origin and Jeff Bezos reportedly appealed to the White House for more government contracts following Elon Musk’s departure, according to WSJ.
Meta (META) has reportedly poached three OpenAI researchers – Lucas Beyer, Alexander Kolesnikov, and Xiaohua Zhai, according to WSJ sources.
TRADE/TARIFFS
Japanese Economy Minister Akazawa said Japan will continue tariff talks with the US ahead of reciprocal tariffs due on July 9th, but cannot accept the 25% auto tariff, according to Reuters.
APAC TRADE
EQUITIES
APAC stocks traded mixed in choppy fashion following a similar session on Wall Street, with overnight newsflow relatively light as Israel and Iran seemingly continued to observe the ceasefire.
ASX 200 was weighed on by the tech sector despite outperformance in the space stateside. ASX-listed software giant Xero fell over 7% after announcing its intention to purchase payments provider Melio for around USD 3bln.
Nikkei 225 outperformed and topped the 39k mark for the first time in over a month, led by strong gains in the industrial sector. This came despite a firmer JPY, with market focus turning to the upcoming US-Japan trade talks after local media flagged Japanese Economy Minister Akazawa’s planned visit to Washington as early as June 26th.
Hang Seng and Shanghai Comp were mixed, while Chinese Premier Li said authorities will take forceful steps to boost consumption. Thereafter, bourses drifter higher as a Chinese state planner official said that with policy implementation and introduction, “we are confident and capable of minimizing the adverse impacts from external shock.”
US equity futures were choppy in a tight range. Some downticks were observed after the WSJ reported that US President Trump may expedite naming a successor to Fed Chair Powell—potentially allowing the chair-in-waiting to influence investor expectations before Powell’s term ends. Thereafter, futures drifted higher after comments from China’s state planner, potentially amid cushioning effects for global growth
European equity futures are indicative of a flat open, with the Euro Stoxx 50 future U/C after the cash index closed 0.9% lower on Wednesday.
FX
DXY traded choppy with a downward bias, pressured after reports suggested US President Trump may accelerate the process of naming a successor to Fed Chair Powell—potentially allowing the chair-in-waiting to shape investor expectations ahead of Powell’s term expiry. The move was broadly viewed as an attempt to undermine the current Fed Chair. DXY dipped below 97.50 to a multi-year low of 97.27.
EUR/USD was kept afloat by Dollar softness, with little fresh newsflow for the Single Currency. The pair edged closer to the 1.1700 handle before eventually topping the level, potentially tripping stops along the way given the sudden rise to 1.1717, before stabilising around the round figure.
GBP/USD was similarly underpinned by the weaker Dollar, with the pair eventually rising above 1.3700.
USD/JPY was the marginal laggard overnight as US yields pulled back and focus turned to the upcoming US-Japan trade talks. Local media earlier in the week flagged Japanese Economy Minister Akazawa’s visit to Washington as early as June 26th. JPY’s strength paused after Akazawa remarked that Japan cannot accept 25% auto tariffs. From a technical perspective, the pair found support near its 21DMA for the past two sessions and then overnight.
Antipodeans were initially mixed before the aforementioned remarks from the Chinese state planner lifted sentiment in AUD and NZD.
PBoC set USD/CNY mid-point at 7.1620 vs exp. 7.1561 (prev. 7.1668); strongest CNY fix since Nov 8 2024
HKMA bought HKD 9.42bln as the Hong Kong dollar hit the weak end of its trading range, marking the first such intervention since 2023 to defend the currency peg.
FIXED INCOME
10yr UST futures continued grinding higher in a continuation of the prior day’s price action, with added support from reports that President Trump may accelerate naming a successor to Fed Chair Powell. Tuesday’s solid 5-year auction showed above-average non-dealer buying.
Bund futures were firmer in tandem with US counterparts, with the German contract reclaiming the 130.50 level as focus turned to upcoming GfK Consumer Sentiment data and a slate of ECB speakers.
10yr JGB futures traded in lockstep with Western counterparts, as investors monitored any progress in US-Japan trade talks with Japan’s Finance Minister preparing for meetings in Washington. The 2-year JGB auction prompted some short-lived upticks in the future after drawing the strongest demand ratio since January.
Japan sold JPY 2.6tln 2-year JGBs; b/c 3.90x (prev. 3.70x), and average yield 0.729% (prev. 0.752%) – draws strongest demand ratio since January.
COMMODITIES
Crude futures tilted higher despite a lack of fresh headlines, with the Israel–Iran ceasefire seemingly holding as no new hostilities were reported from either side. During the futures close, Al Arabiya reported that “Iranian defences shot down an unknown drone over the border strip with Iraq,” though no further details were provided.
Spot gold traded horizontally around the same levels seen during Wednesday’s APAC session, with newsflow on the quieter side. Traders looked ahead to the US Q1 GDP final reading, weekly Jobless Claims, and several scheduled Fed speakers.
Copper futures eventually tilted higher after Chinese Premier Li said authorities would take forceful steps to boost consumption, and a Chinese state planner official said that with policy implementation and introduction, “we are confident and capable of minimizing the adverse impacts from external shock.”
Goldman Sachs upgraded its H2 2025 LME copper price forecast to an average of USD 9,890/t (prev. USD 9,140/t), citing a tariff-driven reduction in ex-US stocks and resilient activity in China. The bank expects copper to peak at USD 10,050/t in 2025, before easing to USD 9,700/t by December. For 2026, it forecasts an average copper price of USD 10,000/t (prev. USD 10,170/t), reaching USD 10,350/t.
Russia is open to a new output hike if OPEC+ decides that it’s needed, Bloomberg reports.
CRYPTO
Bitcoin held an upward bias as it traded on either side of USD 108k.
NOTABLE ASIA-PAC HEADLINES
Chinese state planner official said with policy implementation and introduction, “we are confident and capable of minimising the adverse impacts from external shock”, according to Reuters.
The PBoC injected CNY 509.3bln via 7-day reverse repos, maintaining the rate at 1.40%.
Citi raised its China 2025 GDP growth outlook to 5.0% (prev. 4.7%).
DATA RECAP
South Korean Composite Business Sentiment Index (Jun) 90.2 (Prev. 90.7)
GEOPOLITICS
Iranian defences shot down an unknown drone over the border strip with Iraq, according to Al Arabiya; the incident occurred over the border area of Siba in southern Iraq, according to Al Hadath.
CIA Director said the CIA can confirm that credible intelligence indicated Iran’s nuclear programme had been severely damaged by recent strikes. Several key Iranian nuclear facilities had been destroyed and would have to be rebuilt over the course of years, according to Reuters.
US President Trump called on Israeli Prime Minister Netanyahu’s domestic trial to be cancelled immediately and for him to be granted a pardon, via Truth Social.
The Pentagon released a document outlining FY26 weapons requests, including funding for 24 F-35 warplanes and two submarines, according to Reuters.
EU/UK
NOTABLE HEADLINES
Shell’s (SHEL LN) spokesperson said that no talks were taking place regarding market speculation that Shell was considering buying BP (BP/ LN). This followed reports by the WSJ that Shell had held early talks to acquire BP, and subsequent reporting by CNBC sources indicating that BP could be split in a sale and was unlikely to be bought outright.
DATA RECAP
Citi/YouGov: UK public inflation expectations for 5-10 years ahead 4.3% in June (prev. 4.2% in May)
LATAM
Brazil’s lower house and Senate voted to overturn the presidential decree hiking the financial transactions tax, according to Reuters.
Brazil’s lower house of Congress approved an extra pre-salt oil auction to boost revenue, according to Reuters.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN
3C CHINA
4.European affairs
GERMANY
Germany’s Fiscal Illusion: How Berlin Is Burying The Debt Brake
Thursday, Jun 26, 2025 – 03:30 AM
By Thomas Kolbe
Bye-Bye Maastricht: Germany’s March into the Debt State
Political failure in a welfare state translates almost immediately into rising social expenditures. Their disproportionate increase shows one thing clearly: Germany is heading for troubled times.
“Budgetary policy is the sovereign right of parliament”—so goes the well-worn phrase when lawmakers gather for their annual budget debate. If that phrase ever held truth, then today the sovereign stands exposed: the king has no clothes.
The draft budget for 2025, finalized today by Germany’s federal cabinet and scheduled for adoption tomorrow, amounts to a fiscal policy capitulation. It foresees €81.8 billion in new net borrowing for the core budget—while an additional €60 billion is parked off the books in a so-called “special fund,” also debt-financed. The total federal budget climbs to approximately €503 billion, an increase of 6.1 percent over the previous year. For 2026, Finance Minister Christian Lindner is already planning a further expansion to €519.5 billion.
The real net borrowing, once this off-book spending is accounted for, reaches 3.2 percent of GDP—exceeding the long-abandoned Maastricht threshold of 3 percent. When even the eurozone’s former poster child no longer adheres to the rules, one thing becomes obvious: they were never worth the paper they were printed on. And the only natural brake on such excess—a free capital market—has long been neutralized by the European Central Bank’s perpetual interventions.
The path is now clear. Or rather: the floodgates are open. Debt-financed stimulus is once again the weapon of choice against recession.
As for Germany’s much-lauded “debt brake”—a constitutional clause requiring balanced budgets—it was always political poetry, never policy. A legal fiction on the verge of collapse, threatening constitutional confidence because no one in Berlin even pretends to honor it anymore.
Expensive Social Glue
If budget policy is about priorities, this one speaks volumes. It serves the dubious function of further expanding Germany’s welfare architecture. In 2025, social spending will rise by 6 percent to a staggering €210 billion. That growth does not merely signal the coalition’s political preferences—it exposes the structural failure of German governance.
Especially noteworthy is the increase in Bürgergeld (citizens’ benefit), which rises by €900 million to a total of €16.2 billion this year. Meanwhile, providing for migrants living in Germany without legal status costs states and municipalities over €10 billion annually. The welfare state has become an unrestrained transfer machine. It no longer acts as a safety net, but rather as an immigration magnet—exerting mounting pressure on German society from within.
War-Readiness Without Limits
Alongside the welfare sector and the ever-growing bureaucracy, Germany’s arms industry can also expect substantial fiscal generosity. The defense budget will rise by 3.5 percent next year—a first step toward NATO’s new 5 percent-of-GDP spending goal for defense and security. By 2029, Germany plans to allocate €152.8 billion to defense. Of that, 3.5 percent will go to traditional armaments, with the rest earmarked for cybersecurity, logistics, and military infrastructure. Naturally, these extra billions will be tucked away in the “special fund”—because Germany now keeps its books like the disreputable cousin of an honorable merchant. The truth is hidden; creditworthiness is merely simulated.
With the establishment of these special funds, Berlin has opened Pandora’s box. Over the next twelve years, it plans to bury €500 billion in spending for infrastructure, digitalization, and the failed green transition within them. This systematic obfuscation of costs—and their inflationary consequences—will increase public debt by at least twelve percent. It’s as if a child had been handed the key to the candy cabinet. The result is the end of any pretense of fiscal discipline.
Trickery, Smoke Screens, and Denial
German budget policy has become a farce. What we’re witnessing are expertly staged accounting tricks, media distractions, and the desperate attempt to defer structural reform of the welfare state—whatever the cost.
The worn-out German economy will not breathe new life into an equally exhausted state through some unexpected economic miracle. If current trends continue—and all signs suggest they will—German public debt will surpass the 100 percent-of-GDP mark within the next decade.
At that point, there will be no way back from the fiscal trap. It’s only a matter of time before the portion of the bond market not artificially suppressed by the European Central Bank begins to price in Berlin’s fiscal camouflage. The unholy alliance of expansionary fiscal policy and monetary manipulation will keep interest rates under control through bond purchases, but redirect the monetary damage elsewhere.
In the end, this unsound budget policy translates into one thing: inflation. The erosion of purchasing power is knowingly accepted by the political class. It is, in fact, a feature—not a bug—of the redistribution mechanism
END
FRANCE
WOW! this is killing France
“Vicious Circle”: Immigration Is Costing France 3.4% Of Its GDP
Thursday, Jun 26, 2025 – 02:45 AM
Immigration has not delivered the economic benefits long promised in France and may, in fact, be dragging down the country’s economy, according to a report by the Observatory of Immigration and Demography (OID), according to Le Figaro.
Rather than boosting growth, the think tank claims immigration is costing France the equivalent of 3.4 per cent of its GDP due to a significant mismatch between the taxes immigrants contribute and the services they consume.
Le Figaro reports that, according to OID, taxes collected from immigrants cover only 86 per cent of their fiscal cost, creating what it calls a “budget deficit.” This imbalance is largely due to low employment rates among immigrants: only 62.4 per cent of working-age immigrants in France are employed—one of the lowest rates in the European Union, just ahead of Belgium. The French native population, by comparison, has a 69.5 per cent employment rate.
The OID argues that if immigrants were employed at the same rate as native-born citizens, French GDP would be 3.4 per cent higher, and taxable income would rise by 1.5 percentage points.
“Immigration maintains a vicious circle which harms employment and the French economy: it aggravates the structural problems of employment in France, degrades public accounts and indirectly penalizes exposed sectors of the economy,” said Nicolas Pouvreau-Monti, director of the Observatory.
He acknowledged that the public debate often focuses on short-term labour needs in industries like hospitality, construction, and food service, but warned this is a narrow perspective. “The short-term vision prevents us from thinking about the best way to make these professions more attractive for people looking for work,” he said.
Pouvreau-Monti also criticized the system for importing mainly low-skilled workers rather than high-skilled migrants who could drive innovation. He warned that the economic drag created by this model forces the government to raise taxes on businesses, compounding the economic strain.
“In other words, encouraging immigration to avoid shortages in certain sectors in tension amounts to sacrificing the growth of our strategic sectors for the benefit of only a few corporate interests,” he said.
According to the report, a major driver of France’s immigration pattern is family reunification, or chain migration, which prioritizes familial ties over professional skills. As Pouvreau-Monti put it, “finding work is more difficult for an immigrant when professional integration is not at the root of the decision to emigrate to France.”
Worryingly, this economic inactivity appears to extend into the next generation. Drawing on OECD data, OID noted that 24 per cent of young people born in France to immigrant parents were not in employment, education, or training (NEET) during 2020–2021. This was the second-highest NEET rate in Europe and the broader Western world, just behind Belgium.
OID links this trend to rising ethnic self-segregation, arguing that failure to integrate economically is contributing to increased sectarianism in France and Belgium, in contrast to other European nations.
The report adds to growing skepticism across Europe over the idea that mass migration is an economic benefit. Even Britain’s Labour Prime Minister Sir Keir Starmer recently stated that the assumption that immigration automatically leads to economic growth has been “tested” and “doesn’t hold.” Starmer added a stark warning: unless migration policy is reevaluated, Britain risks becoming “an island of strangers.”
END
GERMANY
Free Speech Travesty: German Pensioner Who Called Green Economic Minister Habeck An ‘Idiot’ Has Been Convicted
The case of German pensioner Stefan Niehoff became a major international story after police raided his home for calling Robert Habeck an “idiot” while Habeck was serving as Germany’s economy minister at the time. Now that Niehoff has been convicted — for sepearte offenses – it has become clear how far the German media has gone to create the perception that Niehoff is a Nazi to smear his name, when the exact opposite was true all along.
Elon Musk tweeted about the case. The Economist included the incident in a long list of items showing Germany was walking all over free speech, and Niehoff was publicly outspoken over what happened to him.
Niehoff suffered a house raid early in the morning at his home in Burgpreppach, while his disabled daughter was home, all because Habeck filed a complaint against him for Niehoff calling him an “idiot” in an internet post.
🇩🇪🚨German police raided the house of this pensioner, pictured with his daughter Alexandra, for calling Green Economics Minister Robert Habeck an "idiot."
Habeck personally filed the criminal complaint against Stefan Niehoff.
The case looked exceedingly bad, so the German establishment went into damage control.
Numerous news outlets started publishing articles that the main focus of the investigation against Niehoff — the “idiot” comment — had quietly been sidelined. Now, the courts were focusing on “unconstitutional” symbols that Niehoff shared. In other words, after the Niehoff case blew up in their faces, they needed to find an ad hoc justification after the fact to justify their witch hunt against him.
In Germany, any kind of “unconstitutional symbol” basically means you were sharing swastikas or other symbols associated with the Nazi regime. Most people suddenly thought Niehoff was some kind pro-Nazi activist.
The reality is that he was comparing the left-liberal traffic light government, which was in power at the time, to the era of National Socialism. In other words, he was criticizing the Nazis, not praising them.
Now that the trial ended last week, it has come to light that these charges were related nearly entirely to retweets — specifically, five retweets and one actual tweet. Given what was actually in those tweets, it is clear that the German media lied through omission, leaving out the exact context of how these tweets were used.
In one case, he retweeted Bavaria’s Green Group leader Katharina Schulze in a Nazi salute with her arm raised upwards. It contained the line: “The Green Empire.”
In another post, he retweeted a photo of Hitler shaking hands with a Church official, which he used to criticize the positions of the church — again, not a post in support of Nazism.
In the end, he was found guilty for four out of six tweets and now has to pay a fine, with the judge’s reasoning that it was not immediately clear he had used the meme of Schulze in a negative manner rather than a “glorifying” manner, according to reporting from Janina Lionello.
Amazingly, the media did not end their misleading headlines with a conviction.
Instead, as German media outlet NIUS reports, major newspapers all ran headlines that largely suggested Niehoff was convicted for sharing pro-Nazi content.
“Pensioner convicted of Hitler salute on the Internet,” wrote Bild newspaper, while FAZ wrote: “64-year-old receives fine for X posts with ‘Hitler salute’.“ The Süddeutsche Zeitung wrote: “Pensioner sentenced to a fine for Hitler salute posts on X.”
Double standard
Following the verdict, free speech advocates, lawyers, and organizations reacted with outrage. Many pointed out that the left routinely uses “unconstitutional symbols” to attack its critics.
“‘Our democracy’ is now also being defended on ‘our internet,’ and the greatest threat to ‘our internet’ are citizens like Stefan Niehoff who criticize the Green Party. This is then ‘use of symbols of unconstitutional organizations’ and costs €825 plus legal costs. While below, you also see the use of symbols of unconstitutional organizations, which is legitimate because it is directed not against the Greens, but against the right. This is how ‘our democracy’ works, and anyone who doesn’t understand that is a Nazi,” Pauline Voss wrote on X.
During the trial, the judge in the case stated: “I realize that our internet is full of this kind of thing, and we can’t control it. The internet is not a lawless space. We will continue to pursue such cases.”
Lawyer Marcus Pretzell responded to the judge by also pointing to the media’s extensive use of swastikas on their magazine covers. “This is an abstract endangerment offense, dear Bamberg Public Prosecutor’s Office. We don’t want this to become normalized! Editorial offices are not a lawless space!”
Es handelt sich um ein abstraktes Gefährdungsdelikt, liebe StA Bamberg. Wir wollen nicht, dass das normalisiert wird! Redaktionsräume sind kein rechtsfreier Raum! pic.twitter.com/MuJBH47g2J
— Marcus Pretzell 🥨 🇦🇷 (@MarcusPretzell) June 19, 2025
Other constitutional experts chimed in, noting that the judge’s ruling was a twisted departure from what many expect to be a society founded on free speech and the acceptance of satire.
“Sections 86 and 86a of the German Criminal Code (especially the use of symbols of banned organizations) lead to sometimes grotesque results in criminal law practice, which, in my view, are untenable in a free state. For example, expressions of opinion that are clearly critical or satirical in nature and reveal that the author is distancing themselves from the symbolism by criticizing a current issue are classified as punishable use of Nazi symbolism. It is evident that such convictions violate the fundamental right to freedom of expression. The criminal law norms urgently require revision, specifically one that narrows the scope of criminal liability,” wrote Josef Franz Lindner, who writes on constitutional law.
It is also worth mentioning that Alice Weidel was graphically portrayed with a swastika at a Carnival event. The image of Weidel was circulated across the entire country, all the way from newspapers to the main public news television stations. The organizers behind the float were never charged with “unconstitutional symbols.”
Notably, Niehoff had little power and reach, while these magazine covers and news outlets have infinitely more reach. The court still had to make an example out of Niehoff.
Ultimately, only the tiniest minority of people are actually promoting any kind of Nazi ideology with their political memes, and in Germany, the number of people doing this is almost zero, as it is illegal to openly promote National Socialism or any type of symbol associated with it.
Niehoff is far from the only victim of this double standard, though. During the coronavirus crisis, for example, one American journalist, C.J. Hopkins, learned the hard way that only the left can use these symbols to attack opponents. He was convicted for putting a swastika in a surgical mask on the cover of a book in order to criticize Covid-19 policy. He details his insane journey through Germany’s legal system, which resulted in his conviction despite numerous appeals.
It remains clear that Germany’s establishment will continue to punish political opponents through the courts while turning a blind eye when their opponents are being attacked.
Israel & The CIA Agree With Trump On ‘Destruction’ Of Iran’s Nuclear Capability
Wednesday, Jun 25, 2025 – 05:20 PM
Israel’s military chief of staff as well as Prime Minister Benjamin Netanyahu have spoken up following President Trump’s words before Wednesday’s NATO summit which declared Iran’s nuclear program ‘obliterated’.
The Israeli military agrees, saying that the program suffered “systemic” damage and was set back years due to both the Israeli warplane attacks, as well as the large-scale US B-2 bomber raids on three main facilities.
“According to the assessment of senior officials in the IDF (Israel Defense Forces) Intelligence Directorate, the damage to the nuclear program is not a pinpoint strike but a systemic one – the cumulative achievement allows us to determine that Iran’s nuclear project sustained severe, broad, and deep damage and has been set back by years,” the Israel Defense Forces (IDF) Chief of Staff Eyal Zamir said Wednesday.Via Sky News
The military further declared that IDF’s goal of the “immediate existential threat” from Iran has been met.
Trump too said Wednesday, “Last weekend, the United States successfully carried out a massive precision strike on Iran’s nuclear enrichment facilities and it was very, very successful.”
Netanyahu has also offered his agreement – at least on the Fordow site:
The US’ strike on the Fordow nuclear facility in Iran has eliminated critically important infrastructure and rendered it inoperable, with attacks by the US and Israel setting back Iran’s ability to develop nuclear weapons by many years, Israeli Prime Minister Benjamin Netanyahu’s office said in a statement on behalf of the Israel Atomic Energy Commission (IAEC).
“The devastating US strike on Fordow destroyed the site’s critical infrastructure and rendered the enrichment facility inoperable. We assess that the American strikes on Iran’s nuclear facilities, combined with Israeli strikes on other elements of Iran’s military nuclear program, has set back Iran’s ability to develop nuclear weapons by many years,” the statement reads.
It noted that this “achievement can continue indefinitely if Iran does not get access to nuclear material.”
Interestingly, the Israeli side is also confirming the use of ground commandos that breached Iran during the 12-day conflict.
Commando units, along with the Israeli Air Force, carried out “deception” tactics that helped Israel gain control of Iran’s airspace as well as other strategic goals, the IDF’s Zamir revealed further.
“These achievements were made possible, among other things, by the integration and deception carried out by air forces and ground commando units, which operated covertly in the enemy’s depth and granted us operational freedom of action,” he said.
Political cover? War theater? or for real?
🚨 Breaking: Israel officially confirms that Fordow site was destroyed, exactly as Trump claimed pic.twitter.com/ZLIjhKRWsx
CIA Director John Ratcliffe issued a statement about Intelligence on Iran’s Nuclear Program:
“CIA can confirm that a body of credible intelligence indicates Iran’s Nuclear Program has been severely damaged by the recent, targeted strikes.”
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.
Witkoff: We will have big announcements on countries coming into the Abraham Accords
“One of the President’s key objectives is that the Abraham Accords be expanded,” Witkoff told CNBC.
US Special Envoy Steve Witkoff speaks at the White House in Washington, D.C., US, May 28, 2025(photo credit: REUTERS/LEAH MILLIS)ByJERUSALEM POST STAFF, REUTERSJUNE 25, 2025 23:35Updated: JUNE 26, 2025 00:02
The White House thinks there will be “big announcements on countries that are coming into the Abraham Accords,” the Trump administration’s Middle East envoy Steve Witkoff said on Wednesday during an interview with CNBC.
The Abraham Accords were a development in the Middle East during US President Donald Trump’s first term in office in 2020, when the UAE, Bahrain, Morocco, and Sudan agreed to normalize relations with Israel.
“One of the President’s key objectives is that the Abraham Accords be expanded,” Witkoff told CNBC.
Witkoff also noted that he and his team are working in coordination with Secretary of State Marco Rubio and the State Department in order to “get more countries to come into [the Abraham Accords].”
“We are hoping for normalization across an array of countries that people never would have contemplated would come in, so we are excited for that prospect; it will also be a stabilizer in the Middle East,” Witkoff added.
Special Envoy @SteveWitkoff: "One of the President's key objectives is that the Abraham Accords be expanded … We think we're going to have some pretty big announcements on countries that are now coming in to the Abraham Peace Accords." pic.twitter.com/a2vq4f99mz
— Rapid Response 47 (@RapidResponse47) June 25, 2025
Witkoff hinted that these announcements on additional countries normalizing with Israel will be coming soon, while not naming the countries expected to join the accords.
Hopeful for a peace agreement with Tehran.
Additionally, Witkoff told CNBC that nuclear enrichment and weaponization by Iran are red lines for the US, adding that he was hopeful for a comprehensive peace agreement with Tehran.
“We can’t have weaponization,” he said. “That will destabilize the entire region. Everyone will then need a bomb, and we just can’t have that.”
END
ISRAEL IRAN
Trump says US will meet with Iran next week, asserts nuke deal ‘no longer necessary’
‘We may sign an agreement, I don’t know,’ Trump tells NATO conference, claiming US and Israel destroyed Iran’s nuclear program and ‘I don’t care if I have an agreement or not’
US President Donald Trump addresses a press conference during a North Atlantic Treaty Organization (NATO) Heads of State and Government summit in The Hague on June 25, 2025. (NICOLAS TUCAT / AFP)
US President Donald Trump asserted on Wednesday that US and Iranian officials will hold talks next week, giving rise to cautious hope for longer-term peace, a day after a fragile ceasefire appeared to hold, even as Tehran insisted it will not give up its nuclear program.
Trump, who negotiated the ceasefire that took hold Tuesday on the 12th day of fighting between Israel and Iran, told reporters at the NATO summit in The Hague that he wasn’t particularly interested in restarting negotiations with Iran, insisting that US strikes had destroyed its nuclear program.
“We may sign an agreement, I don’t know. To me, I don’t think it’s that necessary,” Trump said. “The way I look at it, they fought, the war is done.”
However, Iran has insisted it will not give up its nuclear program, and its parliament agreed to fast-track a proposal that would effectively stop the country’s cooperation with the International Atomic Energy Agency.
Iran also has not acknowledged any talks taking place next week, and an Iranian official questioned whether the United States could be trusted after its weekend attack on Iranian nuclear sites.
Earlier, Trump said the ceasefire was going “very well,” adding that Iran was “not going to have a bomb and they’re not going to enrich.” He said: “They had a war, they fought, and now they’re going back to their world. I don’t care if I have an agreement or not.”
Reporter: Are interested in restarting negotiations with Iran?
Trump: I’m not. They fought, the war is done. I just asked him the question as we were walking on the stage. Do you want to draw up a little agreement for them to sign? Because I think we can get them to sign it.. I… pic.twitter.com/abozY2QhkP
“We destroyed the nuclear,” Trump declared. “It’s blown up, to Kingdom Come, so I don’t feel strongly about it…We’re gonna meet with them actually. We’re gonna meet with them.”
“I could get a statement that they’re not going to go nuclear, we’re probably going to ask for that,” he continued. “But they’re not going to be doing it anyway. They’ve had it.”
Trump added that he asked US Secretary of State Marco Rubio if he wanted to draft an agreement for Iran to sign.
US Secretary of State Marco Rubio (R) listens as US President Donald Trump addresses a press conference during a North Atlantic Treaty Organization (NATO) Heads of State and Government summit in The Hague on June 25, 2025. (NICOLAS TUCAT / AFP)
The US and Iran had engaged in several rounds of negotiations to reach an agreement on Tehran’s nuclear program, but the talks had stalled before Israel launched airstrikes on June 13, 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.
While Trump claimed that the US and Iran would return to the negotiating table, it is unclear if the meetings would return to the earlier nuclear talks or if they would center on a “comprehensive peace deal,” as White House envoy Steve Witkoff suggested earlier Wednesday.
US President Donald Trump at the NATO summit of heads of state and government in The Hague on June 25, 2025. (Piroschka Van De Wouw / POOL / AFP)
The US “had a great victory” in Iran, Trump told the NATO conference, saying that he “dealt with” Iran and Israel by convincing the two sides to reach a ceasefire, because “they’re both tired and exhausted” from 12 days of intense fighting.
“They were both satisfied to go home and get out,” he claimed, but conceded that conflict could soon resume. “Can it start again? I guess someday, it can. It could maybe start soon.”
Iran “fought bravely,” said Trump, noting that Tehran “somewhat, not much, violated the ceasefire.”
“I don’t see them getting back involved in the nuclear business anymore,” he said.
In addition to his claims of planned talks with Iran, Trump again insisted that he had spoken “to people who have seen” the Fordo nuclear site after US struck it earlier this week, saying that “the site is obliterated.”
This graphic image compares Iran’s Fordo nuclear facility before and after US bombed the site on June 20, 2025. (AP Graphic)
“You can’t get into the tunnels [of the underground site],” he said. “There’s no way you can even get down. The whole thing is collapsed and a disaster. And I think all the nuclear stuff is down there because it’s very hard to remove.”
He had earlier suggested that Israeli agents had visited the site, but Israeli officials told the Kan public broadcaster Wednesday that they were unaware of any Israeli operation at the Fordo nuclear facility after the strike.
Shas chairman Aryeh Deri, a regular observer in Prime Minister Benjamin Netanyahu’s security cabinet, also denied Trump’s claim, declaring that “no one has visited there.”
Trump also claimed that Iran was not able to move highly enriched uranium from key facilities before they were hit by American bombs on Sunday, despite reports that Tehran may have successfully moved the material before the strikes.
“We think we hit them so hard and so fast they didn’t get to move, and if you knew about that material, it’s very hard, and very dangerous to move,” he told the press. “Oh yeah, we think we got it. We think it’s covered with granite and steel.”
Trump added that he is not relying on Israeli intelligence for his assessment that Iran’s nuclear sites were “obliterated,” and said that the US will soon issue a report on the damage to the sites.
US Defense Secretary Pete Hegseth speaks at a press conference during a North Atlantic Treaty Organization (NATO) Heads of State and Government summit in The Hague on June 25, 2025. (Brendan SMIALOWSKI / AFP)
US Secretary of Defense Pete Hegseth also pushed back on reports that Fordo may not have been as damaged as US officials have claimed, angrily saying Wednesday that the evidence regarding what is left of Iran’s nuclear facility at Fordo “is buried under a mountain, devastated and obliterated.”
“So if you want to make an assessment about what happened at Fordo, you’d better get a big shovel, and go really deep,” he fumed.
“Those that dropped the bombs precisely in the right place know exactly what happened when that exploded,” he argued.
Prime Minister Benjamin Netanyahu speaks in a video address on June 24, 2025. (Screen capture/GPO)
Also on Wednesday, Netanyahu denied that Israel pushed the United States into joining its campaign against Iran, dismissing a Tuesday report by the Washington Post that claimed otherwise as “nonsense.”
“The Washington Post story suggesting that Israel pushed President Trump into his bold decision to bomb Iranian nuclear sites is nonsense,” the official account of the premier wrote on X, adding that Trump “acted in the best interest of the USA based on the same intel we had. We are grateful to President Trump for his decisive leadership and for being a tremendous friend to Israel!”
Current and former Israeli officials told the Post that Netanyahu had issued a general order to prepare for the Iran strikes months before Trump announced that the US and Iran had agreed to hold negotiations on the latter’s nuclear program.
As part of the ongoing preparation, which began in the last year of former US President Joe Biden’s term in office, Israeli officials met with US counterparts in Washington to sway the US into joining the attack, believing this would make it a much more decisive operation, the report said.
US President Joe Biden, right, meets with Prime Minister Benjamin Netanyahu in the Oval Office of the White House in Washington, DC, July 25, 2024. (AP/Susan Walsh)
Throughout the fall, Israelis met with Biden officials to discuss recent intelligence from both countries that showed nuclear scientists in Iran were meeting to resume theoretical research on weaponization.
However, US intelligence agencies during both the Biden and Trump administrations consistently assessed that Iran’s leadership had not decided to pursue nuclear weapons, multiple sources said in the report.
After the US joined the offensive earlier this week, Channel 12 reported that Trump’s decision came following appeals from Netanyahu and Strategic Affairs Minister Ron Dermer, who urged the president to “take part in history” by annihilating the Iranian nuclear threat.
END
ISRAEL IRAN
Iran Confirms Death Of ‘War-Time Chief Of Staff’ After Israeli Attacks
Wednesday, Jun 25, 2025 – 08:30 PM
Israel claims that its military campaign against Iran has resulted in the targeted killing of at least 14 scientists. Although these were key figures, the reality is that this is unlikely to completely halt any potential nuclear ambitions.
Speaking to The Associated Press, Israel’s ambassador to France has declared that assassinations would make it “almost” impossible for Iran to develop nuclear weapons with what infrastructure might remain. Other assessments say that all of this set back the Islamic Republic’s program by a mere months.
And of course, nuclear scientists are replaceable – and it remains that the country’s nuclear energy program has always been large, and a top national priority.
Also important is that on Wednesday Iran belatedly confirmed the death of Maj. Gen. Ali Shadmani, who succumbed to injuries sustained during Israeli airstrikes last week.
Shadmani had been appointed on June 13 to lead the Khatam al-Anbiya Central Headquarters, which coordinates operations between Iran’s regular military and the elite Islamic Revolutionary Guard Corps (IRGC).
He filled the top spot following the death of his predecessor, Lt. Gen. Gholam Ali Rashid, in Israel’s earlier attacks that took the lives of several senior commanders.
Israel had called Shadmani Iran’s ‘War-Time Chief of Staff’ upon claiming his death in a targeted operation last week. But Tehran has only now issued official confirmation of his death.
At least 35 Air Defense Force personnel were killed in the Israeli attacks between June 13 and Tuesday, Iran’s semi-official Student News Network (SNN) said today.
SNN published the names of those who were killed. Among them were two brigadier generals, seven colonels and three lieutenant colonels.
Below are some further 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.
Currently a ceasefire is held, and Iran is assessing the damage – and likely rapidly trying to replenish losses both in terms of personnel and equipment and infrastructure.
Meanwhile The GrayZone’s Max Blumenthal weighs in on where things stand regarding Trump’s statements saying Iran’s nuclear program has been completely destroyed…
🇮🇷🇮🇱| In an interview on the Israeli I24news network:
“The Iranian Fordow nuclear facility can only be destroyed from the inside. Let’s stop with illusions and fantasies—it can only be done from within, or with 100’s of bombs dropped one after another.
Among Iran’s first pressing tasks will be to quickly try to reconstitute its destroyed anti-air defenses, given that Israeli warplanes apparently achieved total domination and freedom of action over Western Iran’s skies.
END
IRAN/USA/ISRAEL
Pentagon Holds ‘Irrefutable’ Press Conference On Trump’s Iran Strikes
Trump: Workers seen at Iran nuke site were covering up blast shaft, not removing material
Thursday, Jun 26, 2025 – 07:57 AM
After blasting the ‘fake news’ and mainstream outlets NY Times and CNN in particular in Wednesday comments at the NATO summit, President Trump will continue ‘setting the record straight’ on the Iran bombings, as the Pentagon is set to hold an “irrefutable” press conference on Thursday morning, providing more details on last weekend’s B-2 bomber raids on the Iranian nuclear sites of (per AI summary)–
Fordow Fuel Enrichment Plant: A heavily fortified, deeply buried uranium enrichment site near the northern city of Qom.
Natanz Nuclear Facility: Iran’s main uranium-enrichment complex, located near Isfahan in central Iran.
Isfahan Nuclear Technology Center: A key conversion and research facility south of Isfahan city.
Very unusually, the US President claimed that ‘fake news’ reports upset the pilots who flew the bombs over Iran, by claiming that Iran’s nuclear capability was not in fact completely destroyed.
“Secretary of Defense (War!) Pete Hegseth, together with Military Representatives, will be holding a Major News Conference tomorrow morning at 8 A.M. EST at The Pentagon, in order to fight for the Dignity of our Great American Pilots,” Trump posted to Truth Social.
“These Patriots were very upset! After 36 hours of dangerously flying through Enemy Territory, they landed, they knew the Success was LEGENDARY, and then, two days later, they started reading Fake News by CNN and The Failing New York Times. They felt terribly,” he continued.
WATCH LIVE (to start at 0800ET):
Hegseth is also expected to address a controversial leaked Defense Intelligence Agency (DIA) report, first revealed by CNN, which strongly suggested that the US strikes did not destroy Iran’s nuclear capability:
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.” Another source said that the intelligence assessed enriched uranium was moved out of the sites prior to the US strikes.
“So the (DIA) assessment is that the US set them back maybe a few months, tops,” this person added.
Most recently the CIA has since backed the Trump admin’s claims, with CIA Director John Ratcliffe on Wednesday having sought to clarify in a statement that the agency had obtained “a body of credible evidence [that] indicates Iran’s Nuclear Program has been severely damaged” by recent strikes. But then this too includes somewhat ambiguous language.
A parliamentary bill to suspend Iran’s cooperation with the International Atomic Energy Agency (IAEA) was ratified by the Guardian Council, Iran’s Young Journalist Club news outlet reports, referring to a panel of clerics and jurists who vet legislation.
END
IRAN/OPINION PIECE
Iran sacrificed everything over its hatred for Israel, expert says
INSS researcher Beni Sabti argues that Iran is ramping up arrests and executions to paint a picture of damage control after successful Israeli infiltrations.
People celebrate what they say is Iran’s victory, after U.S. President Donald Trump announced a ceasefire between Israel and Iran, in Beirut, Lebanon June 25, 2025.(photo credit: REUTERS/MOHAMED AZKIR)ByWALLA!JUNE 26, 2025 10:21Updated: JUNE 26, 2025 11:17
Iran is ramping up executions and arrests of suspected Israeli collaborators to restore the image of internal control, an Iran researcher at the Institute for National Security Studies (INSS), Beni Sabti, told 103FM on Thursday.
According to Sabti, “There have been several executions in recent days – three yesterday and one the day before. They say they are finding more drone hideouts and drone factories. We don’t know what is real and what is not.”
“In Iran, they must feign action, exposure, and discovery. In real time, they were not successful, but now, suddenly, a lot of spies are being discovered,” he added.
Regarding the regime’s strong grip on the country, Sabti said, “You won’t believe it. They’re holding concerts in the middle of the street. The regime is bringing the Tehran Philharmonic to the Grand Square, playing anti-revolutionary songs.”
Ayatollah Ali Khamenei blocking Iran’s internet (illustrative). (credit: Canva, KHAMENEI.IR, SHUTTERSTOCK)
Sabti also addressed developments within Iran. “No one has seen Khamenei, but he is alive and well,” he stated. “His office continues to release religious statements. We are entering a more religious month of Muharram.”
Disappearance of Khamenei
Sabti explained that Khamenei will take part in the religious ceremonies that will take place during the month: “He will appear in one of the prayers or ceremonies that will take place in the coming days. This is part of the projection of Iranian power – as soon as the leader exists, everything exists, like Sinwar in Hamas.”
Regarding the mysterious disappearance of the Iranian leader, he said: “In recent years, Iran has sacrificed everything on the altar of hatred for Israel, but these are technical delays. He will reemerge soon.”
Sabti clarified that the US could still revive the nuclear issue to some extent.
“Trump is lifting some of the sanctions and is starting to praise them again.”
Sabti: ‘The ball is in the Americans’ hands’
According to him, it is the United States that will determine the future of Iran’s nuclear program.
“They are paving the way again for delays and for renewed pressure. The ball is in the Americans’ hands. Either they are making a lot of mistakes, or this is once again a hidden plan. I don’t think they will be allowed to restore the nuclear program.”
“It has now been discovered that they hid centrifuges in a deeper part of Natanz, which is where we bombed,” Sabti claimed. “There is another part that was known to everyone at the IAEA, Israel, where they hid the advanced centrifuges.”
Sabti explained the Iranians’ method and how they hide and disperse their capabilities: “The Iranians work with a method of dispersion and concealment and disperse their capabilities in all sorts of places. We bombed Fordow, and suddenly it turns out that it is less important.”
Will Iranians revolt?
Regarding a possible uprising within Iran during Operation Rising Lion, he explained, “There was no chance that in 12 days people would revolt. They are being bombed, and it is impossible to hold demonstrations and protests under bombs. Small groups in the first days supported and slandered Khamenei. It was physically difficult to revolt, and there was also no drive, no engine that starts. It would have taken at least another month.”
“Sometimes, things come later – the rage accumulates and reveals the weakness of the regime. Going against the destroyed basis of the regime’s internal security would be something that would really fuel the protest, to see the regime naked. Maybe another month or two. Something in the Iranian public is off. That’s the thing about the trigger,” he said.
Iranians didn’t lose their dissent for the regime; it was just put on hold.
“It’s not that the Iranians forgot about their rage, their anger about electricity, water, or food. It simply didn’t reach the point of murder or a trigger,” he added.
“The Iranians will not forget their dire situation. This regime’s philharmonic orchestra display, maybe 20 people, went. It gives me the impression that Iranians know who is good and who is bad in this story. The public is still a public without weapons and without organization. We did what we could – regime change is their responsibility.”
END
ISRAEL HAMAS
Gov’t instructs IDF to present plan preventing Hamas’s aid looting
This follows recent reports of Hamas terrorists once again taking control of aid in the Gaza Strip and stealing it from civilians, the statement read.
Palestinians gather to collect what remains of relief supplies from the distribution center of the US-backed Gaza Humanitarian Foundation, in Rafah, in the southern Gaza Strip, June 5, 2025.(photo credit: REUTERS/STRINGER)ByJERUSALEM POST STAFF, MAARIVJUNE 26, 2025 00:58Updated: JUNE 26, 2025 01:01
The IDF must present a plan within 48 hours to prevent Hamas from taking control of humanitarian aid in Gaza, according to a joint statement from Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz on Thursday.
This follows recent reports of Hamas terrorists once again taking control of aid in the Gaza Strip and stealing it from civilians, the statement read.
Hamas taking control of food trucks
Shortly before the announcement, Finance Minister Bezalel Smotrich issued an ultimatum to Netanyahu, saying he would resign from the government if aid to the Gaza Strip was not immediately halted, journalist Amit Segal reported.
Additionally, former prime minister Naftali Bennett shared a post on X/Twitter on Wednesday, featuring a video of Hamas terrorists taking control of food trucks that the Israeli government had allowed into Gaza.
הסרטון הזה צולם היום. רואים בו חמושים של החמאס שהשתלטו שוב על משאיות מזון שממשלת ישראל הכניסה לרצועה.
לוחמים בשטח הסבירו לי שאלו ההוראות כיום, להכניס משאיות בלי בקרה.
ככה ממשיכים להזין את חמאס בכסף ובכוח.
שרי הממשלה התחייבו ש״אף גרגר לא ייכנס״ וכרגיל המציאות הפוכה.
— Naftali Bennett נפתלי בנט (@naftalibennett) June 25, 2025
Bennett explained: “Fighters in the field explained to me that these are the current orders: to allow trucks in without inspection. This is how Hamas continues to receive resources—money and power.”
He concluded by criticizing the government’s promise, stating: “Government ministers pledged that ‘not a single grain will enter,’ but as usual, reality is the opposite. Shameful.”
A woman crouches next to boxes of the U.S.-backed Gaza Humanitarian Foundation, as Palestinians gather to collect what remains of relief supplies from the distribution center of the Gaza Humanitarian Foundation, in Rafah, in the southern Gaza Strip, June 5, 2025. (credit: STRINGER/ REUTERS)
GHF urges UN for help in aid delivery
On Tuesday, the Gaza Humanitarian Foundation (GHF) urged the United Nations to “publicly condemn the targeting of humanitarian workers in Gaza” and to partner with the group on a new system for getting food “straight to Palestinian families,” according to a letter delivered to UN Secretary-General António Guterres.
The letter also called on the UN to condemn attacks on aid workers and blockages imposed by “Hamas and other factions,” and to “engage directly” with GHF to facilitate increased deliveries based on a proven distribution model, The Jerusalem Post previously reported.
Thameen Al-Kheetan, a UN human rights spokesperson, told reporters in Geneva on Tuesday that hundreds have been killed by gunfire or shelling from the IDF while trying to access GHF distribution points.
In response to an inquiry from The Post, the IDF confirmed it was aware of the allegations and is investigating the claims.
The military added: “Hamas is a ruthless terrorist organization that starves its own people and puts them at risk to maintain its hold on power in Gaza,” The Post quoted.
The IDF explained that its presence enables the GHF to operate independently, ensuring aid is distributed in an organized manner and that it does not end up in the hands of Hamas.
WEST BANK
West Bank clashes with Jewish rioters, Palestinians, security forces leave three dead
The security forces evacuated all of the Jewish rioters who had entered the village.
Three Palestinians were killed, several others were wounded, and an IDF soldier was lightly wounded in clashes with Jewish West Bank residents and Border Police officers outside of Ramallah, the IDF confirmed Wednesday.
Approximately 30 Jewish individuals entered the village of Maghayer Al-Dir and set fire to Palestinian-owned buildings and vehicles, and sprayed graffiti on walls, security sources told Army Radio.
Five Israelis were arrested during the incident and transferred to Israeli police custody, according to the IDF.
Palestinians in the village attempted to confront the Jewish rioters and threw stones at them.
The Israeli rioters threw stones back, at which point Border Police officers intervened by firing at the Arab residents, killing three and wounding seven others, according to Palestinian state-run WAFA.
Palestinian residents of Maghayer Al-Dir pack their belongings and leave the village due to fear of attacks by Jewish settlers, in the Bedouin village of Maghayer Al-Dir, north of Ramallah, in the West Bank, May 22, 2025. (credit: Chaim Goldberg/Flash90)
The stone-throwing wounded the IDF soldier, and he was treated on-site, the IDF said.
Jewish rioters evacuated
The security forces evacuated all of the Jewish rioters who had entered the village.
This is a developing story.
end
ISRAEL/USA
Trump demands end to Netanyahu’s graft trial: ‘US saved Israel, now is going to save Bibi’
In unprecedented intervention in Israeli justice system, US president slams criminal case against PM as a ‘ridiculous Witch Hunt,’ declares ‘THIS TRAVESTY CAN NOT BE ALLOWED’
US President Donald Trump (left) welcomes Prime Minister Benjamin Netanyahu to the White House in Washington on April 7, 2025. (Brendan Smialowski/AFP)
Fresh off striking Iranian nuclear facilities together with Israel, US President Donald Trump on Thursday demanded the end of Prime Minister Benjamin Netanyahu’s ongoing criminal trial.
“BREAKING NEWS… I was shocked to hear that the State of Israel, which has just had one of its Greatest Moments in History, and is strongly led by Bibi Netanyahu, is continuing its ridiculous Witch Hunt against their Great War Time Prime Minister!” Trump wrote in a lengthy post on Truth Social.
The unprecedented intervention in the Israeli justice system by an American president came as the cross-examination of Netanyahu, which began earlier this month, was due to resume after being halted while courts went on emergency footing amid the war with Iran, with only urgent proceedings taking place.
The US president said that he and Netanyahu “just went through HELL together, fighting a very tough and brilliant longtime enemy of Israel, Iran, and Bibi could not have been better, sharper, or stronger in his LOVE for the incredible Holy Land.”
“Anybody else would have suffered losses, embarrassment, and chaos! Bibi Netanyahu was a WARRIOR, like perhaps no other Warrior in the History of Israel,” Trump claimed. “The result was something that nobody thought was possible, a complete elimination of potentially one of the biggest and most powerful Nuclear Weapons anywhere in the World, and it was going to happen, SOON! We were fighting, literally, for the Survival of Israel, and there is nobody in Israel’s History that fought harder or more competently than Bibi Netanyahu.”
Trump denounced the case against Netanyahu as “politically motivated,” saying the prime minister has gone through a “Horror Show” since the trial began in 2020.
Prime Minister Benjamin Netanyahu sits at the Tel Aviv District Court before the start of his cross-examination in the criminal trial against him, June 4, 2025 (Moti Milrod/POOL)
“Such a WITCH HUNT, for a man who has given so much, is unthinkable to me,” said Trump, echoing both Netanyahu’s rhetoric about the trial and his own regarding the criminal cases and legal challenges he has faced.
“Bibi Netanyahu’s trial should be CANCELLED, IMMEDIATELY, or a Pardon given to a Great Hero, who has done so much for the State,” Trump continued.
“It was the United States of America that saved Israel, and now it is going to be the United States of America that saves Bibi Netanyahu. THIS TRAVESTY OF ‘JUSTICE’ CAN NOT BE ALLOWED!” he concluded.
There was no immediate comment from Netanyahu on Trump’s statement. A spokesperson for the prime minister’s Likud party shared a Hebrew translation of it on X.
Netanyahu is on trial in three corruption cases. He faces charges of fraud and breach of trust in Case 1000 and Case 2000, and charges of bribery, as well as fraud and breach of trust in Case 4000.
In Case 1000, he is charged with fraud and breach of trust surrounding allegations that he and his wife Sara received expensive gifts illicitly from Hollywood media mogul Arnon Milchan worth some NIS 700,000 and that Netanyahu violated conflict of interest laws when he provided Milchan with assistance in renewing his long-term US residency visa and sought to help him with tax issues.
In Case 2000, the prime minister is accused of fraud and breach of trust over his alleged attempt to reach a quid pro quo agreement with the publisher of the Yedioth Ahronoth newspaper, Arnon (Noni) Mozes, whereby Yedioth would give the prime minister more positive media coverage in exchange for legislation weakening its key rival, the Israel Hayom free sheet.
Case 4000, also known as the Bezeq-Walla case, is the most serious case the prime minister faces, in which he is accused of authorizing regulatory decisions that financially benefited Bezeq telecommunications giant shareholder Shaul Elovitch by hundreds of millions of shekels. In return, Netanyahu allegedly received favorable media coverage from the Walla news site, which Elovitch also owned.
Netanyahu denies any wrongdoing and says all the charges were fabricated in a political coup led by the police and state prosecution.
Agencies contributed to this report.
END
MOSSAD IN IRAN/IRAN/ISRAEL
AMAZING!!
Mossad announces establishment of urgent medical center for Iranians via WhatsApp, Telegram
The Mossad recommended that those interested reach out through a VPN.
A woman’s shadow is seen over the Mossad logo (illustrative)(photo credit: SHUTTERSTOCK)ByJERUSALEM POST STAFFJUNE 26, 2025 14:11Updated: JUNE 26, 2025 14:18
The Mossad announced the establishment of an urgent medical center in Iran for affected citizens in a post on X/Twitter Thursday.
مردم عزیز ایران، آتش بس به اجرا گذاشته شده است. اکنون ابعاد خسارت آشکار می شود. در این لحظه، رژیم بر درصات ارشد خود متمرکز است، نه بر مراقبت از شهروندانشان. ما در کنار شما هستیم و تیمی از پزشکان متخصص، از جمله متخصصان قلب، دیابت، بیماری های ریوی، بیماری های عفونی، انکولوژی و… pic.twitter.com/Wkg5VoB6St
The service is available on WhatsApp, Telegram, and Signal apps, and includes a team of expert doctors bilingual in Persian and English. The doctors operate in the fields of cardiology, diabetes, infectious diseases, oncology, gynecology, and psychology.
The Mossad recommended that those interested reach out through a VPN.
The center will operate from Sunday to Thursday, from 9:30 a.m. to 4:00 p.m.
PEOPLE WALK next to a mural with a picture of Iran’s Supreme Leader, Ayatollah Ali Khamenei, on a street, early hours of ceasefire, in Tehran, Iran, on June 24, 2025 (credit: MAJID ASGARIPOUR/WANA/REUTERS)
The Israeli spy agency listed three phone numbers with Israeli, Czech, and Dutch international dialing codes: +972 52-295-8886, +420 72-260-1806, and +31 63-106-4294.
Iranians and Israelis have always been and will remain friends
Journalist Menashe Amir addressed the residents of Iran on behalf of the Mossad in a video message on X, saying, according to Kan News Reshet Bet, “We have no dispute with the Iranian people, but with the regime that seeks to destroy Israel. My heart goes out to the Iranian people, who paid a heavy price, like the Israeli people. The two people have always been friends and will remain friends. The Mossad will provide you with every possible assistance.”
ISRAEL HEZBOLLAH/LEBANON
IDF says it killed two Hezbollah operatives in south Lebanon strikes
The IDF says it eliminated two Hezbollah operatives today in separate airstrikes in southern Lebanon within the span of two hours.
According to an IDF statement, one of the targets was a commander in Hezbollah’s elite Radwan Force, who was killed in an airstrike in the Baraachit area.
Shortly afterward, a second strike targeted and killed a member of the group’s observation unit in the Beit Lif area.
Israeli military forces launched a barrage of missiles targeting Jabal Blat in southern Lebanon. pic.twitter.com/9peUkMLByJ
According to leaked documents, British and American academics advised the U.S. National Security Council to encourage Ukraine to adopt ISIS-style drone tactics against Russian railways.
In a report published by investigative journalist Kit Klarenberg for The Grayzone on Monday, Project Alchemy, a secret academic-intelligence cell whose mission was “to keep Ukraine fighting” by imposing “strategic dilemmas, costs and frictions upon Russia” was revealed as the network allegedly behind these plans.
The academic recommendations were delivered to Colonel Tim Wright, who served as the Biden administration’s Director for Russia at the National Security Council from August 2021 to July 2022. The proposals came from three key drone experts within a broader Ukraine Working Group composed of “approximately 60 experts hailing from states throughout NATO” who sought to “assist Ukraine’s defense (short of deploying combat forces).”
Zachary Kallenborn from George Mason University’s Schar School advocated for “two-stage attacks like ISIS did frequently” on Russian railways, recommending Ukraine “break the track, and wait for the engineers to come to fix it, then use the drone to kill them.”
An unnamed Durham University researcher identified as “M.E.D.” cited Islamic State’s “innovative” use of drones as documented in a July 2018 West Point paper, suggesting commercial drones could be “modified via a simple drop mechanism… to serve as effective munitions delivery platforms.”
Dominika Kunertova, formerly of ETH Zurich’s Center for Security Studies and currently directing drone warfare research at the Atlantic Council, recommended targeting “anything that uses” railroads as opposed to the infrastructure itself.
These academic blueprints proved prophetic when Ukraine launched Operation Spider Web late last month conducting bold drone attacks inside Russia that killed seven people and injured more than 30, including two children.
The timing proved particularly significant as these attacks took place “on the eve of scheduled negotiations between Russia and Ukraine.”
Ukrainian forces subsequently destroyed a Russian fuel train late last month using a DJI Mavic III drone, one of the specific models Kallenborn had recommended for modification.
The attacks continued through this month with Operation Spiderweb 2.0, demonstrating how the “British-born strategy has heavily influenced the thinking of Kiev’s increasingly desperate military.”
END
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
“Olympic Weightlifter Mattie Rogers suffers mini-stroke during training”; UK: singer Aston Merrygold rushed to hospital (no cause given); FR: footie Kylian Mbappé has gastroenteritis; more
DHS Secretary Kristi Noem taken to hospital after an allergic reaction
June 18, 2025
Homeland Security Secretary Kristi Noem [53] was taken to the hospital Tuesday after she suffered an allergic reaction. “Secretary Noem had an allergic reaction. She was transported to the hospital out of an abundance of caution. She is alert and recovering,” Department of Homeland Security spokeswoman Tricia McLaughlin said in a statement. Noem [53] was released later that night, McLaughlin said.
Researcher's Note – Noem Confirms She Is Fully Vaccinated [sic] And Says She Never Contracted COVID
Country music icon rushed to hospital after frighteningly slurring his words mid-concert
June 23, 2025
Country music star Ronnie McDowell was rushed to the hospital after suffering a mini-stroke during his concert Saturday, Page Six can confirm. “He is doing much better today. We did find out that he had a mini stroke,” his rep told Page Six in a statement Monday. “They are going to run some more test[s] today before he heads back to Nashville,” the spokesperson added. The “Older Women” singer was performing at the Summer Solstice Music Festival in Oley, Penn., Saturday when his speech started to slur. His tour manager told Nashville, Tenn., radio station WKRN that the 75-year-old musician was “not making sense” after getting through “three or four songs” on the setlist. His manager reportedly pulled McDowell offstage to ask him if he was feeling alright — to which the artist replied “No.” McDowell thought he might be having a stroke, and his manager immediately took him to seek medical attention. Hours later, Tyler gave fans a second update, sharing that he and his family are making his father as comfortable as possible amid the health scare.
Battle rapper T-Rex suffers seizure mid-battle during live showdown onstage
June 23, 2025
A veteran US freestyle rapper has suffered a medical emergency while in the middle of a rap battle. T-Rex – real name Randy Sullivan [38] – was freestyling against his opponent Geechi Gotti at the Ultimate Rap Battle’s NOME 15 event at the Gramercy Theatre in New York when he collapsed and appeared to have a seizure live on stage. In a clip going viral on social media, the Harlem battle rap legend – who was headlining the event on Sunday – was midway through the first round when he abruptly fell to the floor and began to convulse. His collapse caused panic among his crew, who tried to pull the rapper back up before urging each other to “turn him on his side”. Paramedics soon arrived to transport him to a nearby hospital, with rap media outlet Let’s Talk Battle Rap providing an update from the event. “Rex was conscious before the Paramedics left to the hospital,” they tweeted. According to TMZ, New York is currently experiencing a heatwave and many suspect T-Rex could have suffered from heat stroke after he was reportedly seen begging for a bottle of water before his battle began.
Local morning radio show host Bob Rose in recovery after suffering heart attack
June 19, 2025
GAINESVILLE, Fla. – A local celebrity is in recovery after suffering a heart attack on Monday. For the last 23 years, 97.3 The Sky morning radio host Bob Rose has followed the same routine: wake up at 3:00 a.m., head to the station to prepare for his show by 4:30 a.m., and hit the air at 6:00 a.m. However, on Monday, towards the end of his show, Rose noticed something was wrong. “And the next morning I’m at work, and coming toward the end of the show, and all of a sudden it starts, a pain in the chest I don’t even know how to describe. Heaving and heavy and straining, I literally was going to pass out, and I got on the ground and broke into a huge sweat. I said, ‘Could you call that ambulance,’ and the folks from Alachua County Fire Rescue came, and they were awesome,” Bob Rose, host of the Bob Rose Show, shared. Rose says he feels “blessed” for the medical care he received, and thanks the staff at North Florida Hospital for providing the surgery that saved his life. “A cardiologist came in the next morning and said, ‘we gotta take you upstairs and get you on the board right now,’ so they did a cardiac cath procedure and that’s when they put the stent in. The stent is designed to open up the artery that was 100% occluded, meaning it was completely blocked. The stent is designed to hold that artery open, and they said it was successful.”
Olympic Weightlifter Mattie Rogers Suffers Mini-Stroke During Training
June 23, 2025
Mattie Rogers, 29, is an American Olympic weightlifter and four-time silver medalist at the World Weightlifting Championships. She holds U.S. records in the snatch, clean & jerk, and total in the 76 kg category and competed at the 2020 Tokyo Olympics in the 87 kg class. On Friday, as she was preparing for the 2025 USAW National Championships, Rogers suffered a transient ischemic attack (TIA) during training. It is also commonly called a mini-stroke. Rogers shared the news on Sunday via Instagram stories. “I had a TIA (mini stroke) in training Friday & spent the weekend in the hospital getting tests and what not. While I’m still awaiting answers, luckily I don’t really have any deficits lingering and am feeling mostly normal today,” shared Rogers from her hospital.
Rogers’ news comes just two weeks after it was revealed that Bayley Martin shared he was withdrawn from Torian Pro due to a “mini heart attack”. Following that episode Martin began to question whether the COVID vaccine played a part in his heart condition. And just like Martin, many will likely be asking the same question about Rogers. Back on May 29, 2021, Rogers spoke about her second COVID vaccine [sic] shot on X. Her tweet read, “Okay second shot of vaccine [sic] is no joke wtf am I dead”.
Roman Josi diagnosed with postural orthostatic tachycardia syndrome (POTS) after being concussed by Sam Bennett hit
June 17, 2025
The Nashville Predators saw star defenseman Roman Josi [35] play just 53 games during the 2024-25 season due to injury. Josi was knocked out of action in a February 25 game against the Florida Panthers when Panthers center Sam Bennett drove the Swiss blueliner’s head into the glass behind Nashville’s net. According to Josi, in an interview with Swiss news outlet Blick, the Bennett hit left him with a concussion and led to his recent diagnosis of postural orthostatic tachycardia syndrome (POTS). Josi received the POTS diagnosis after going in for a concussion-related checkup in Denver. The National Institute of Neurological Disorders and Stroke (NINDS) defines POTS as part of a group of disorders that feature “orthostatic intolerance,” which, in layman’s terms, refers to symptoms that occur when a person stands up and can be relieved by lying down. Symptoms of orthostatic intolerance, including dizziness or fainting, are triggered because not enough blood flows back to the heart when a person moves from a lying-down or seated position to an upright position. Other symptoms, per NINDS, may include a rapid heartbeat, fatigue, headaches, vision problems, leg weakness, chest pain or other discomfort, sleep disturbances, digestive issues, shortness of breath, difficulty concentrating, and reduced exercise tolerance.
Researcher's Note – Postural orthostatic tachycardia syndrome can be found on the List of Adverse Events in Pfizer's Covid-19 mRNA Vaccine [sic] Post Marketing Experience Report under: Appendix 1. List of adverse events of special interest: Link
NHL announces that all but 4 players are vaccinated [sic]: Link
Gordon Murray Reveals He Was Diagnosed with Cancer in 2024
June 23, 2025
Gordon Murray, the legendary designer behind the McLaren F1 and decades of Formula 1 racing cars for both McLaren and Brabham, has revealed that he was diagnosed with cancer last year. As the 79-year-old racing hero admitted in a wide-reaching interview with the Telegraph brought to broader attention by PlanetF1, he was diagnosed with adenocarcinoma in early 2024 and underwent a surgery to address the problem in July of last year. So far, the treatment and surgery pair seem to have worked; Murray says he has lingering side effects, and for the moment he has to be fed via tube, but he is back to working long days just as he was before the diagnosis. Murray is still active as a designer, now building cars for his own company Gordon Murray Automotive.
TV presenter Dermot Murnaghan reveals stage four cancer
June 23, 2025
TV presenter Dermot Murnaghan has revealed he has been diagnosed with stage four prostate cancer. The former ITV, BBC and Sky News journalist, 67, said he was “responding positively” to treatment and was “feeling well”. “I’m fortunate to have a simply outstanding medical team looking after me, who I can’t thank enough – they are administering the best possible care with expertise, compassion and sensitivity,” he wrote on X.
JLS star rushed to hospital in back of ambulance during medical emergency
June 20, 2025
JLS star Aston Merrygold has been rushed to hospital in the back of an ambulance. The former X Factor star, 37, shared worrying pictures on his social media, which showed him optimistically sticking his thumb up while on a stretcher in an ambulance, with a drip seemingly attached to his hand. Aston – who found fame in the 00s boyband with JF Gill, Marvin Humes, and Oritsé Williams – said it had ‘been an interesting 13hrs’ but didn’t reveal what caused his hospitalisation.
Louis Tomlinson’s Sister Lottie Reveals She Underwent Emergency Surgery After Falling Ill During Flight
June 19, 2025
Louis Tomlinson’s sister, Lottie Tomlinson, is on the mend after suffering a health scare that led to her having to undergo emergency surgery. On Thursday, June 19, Lottie, 26, revealed via her Instagram Stories that she began feeling unwell while flying to Abu Dhabi. “Long story short, I went to the doctor and they put me on a drip,” Lottie explained. “But it wasn’t helping the stomach pains. So they sent me to hospital, where I discovered that I had appendicitis. So it needed surgery straight away,” Lottie told her followers. “So last night I had surgery to remove my appendix, and it all went well.”
Researcher's Note – Appendicitis as a possible safety signal for the COVID-19 “vaccines”: Appendicitis has been suggested as an adverse event of special interest post-vaccination [sic] against COVID-19 after a numerical increase in the vaccine [sic] arm of a clinical trial: Link
An Israeli team have done a good study on vaccine [sic] side effects. They found 40% increased risk of Appendicitis 42 days post vax [sic]: Link
Real Madrid Issue Kylian Mbappe Statement After Hospitalization
June 19, 2025
Real Madrid has confirmed Kylian Mbappé is now discharged from hospital after being diagnosed with gastroenteritis. Mbappé’s problem was initially described as a fever but Madrid later confirmed the France forward was undergoing treatment for gastroenteritis in hospital. A further update several hours after then explained that Mbappé is out of hospital but will continue to be treated. Unfortunately, Mbappé showed little signs of recovering naturally and so the decision was made to transfer the 26-year-old to hospital for further treatment. “He’s been in a bad way the last two days,” manager Xabi Alonso admitted after the Al Hilal draw. “He’s been dealing with a serious viral infection.”
Researcher's Note – Vasculitis gastrointestinal can be found on the List of Adverse Events in Pfizer's Covid-19 mRNA Vaccine Post Marketing Experience Report under: Appendix 1. List of adverse events of special interest: Link
Kylian Mbappé has had the COVID-19 vaccine [sic] ahead of the EUROs” : Link
Actress Ana Lika recounts the difficult period after losing her mother: I was diagnosed with a form of epilepsy…
June 20, 2025
Renowned Albanian actress Ana Lika has shared a rare and touching story about one of the most difficult periods of her life. After losing her mother [Dec 2023, 49, diagnosed with breast cancer just two months prior], Ana Lika has revealed that she faced a serious health and emotional crisis, which coincided with the time she learned that she would become a mother. “After my mother’s death, I was diagnosed with a neurological problem, a form of epilepsy,” Ana said on the show “Mam,” adding that she had experienced an epileptic seizure for the first time during her daughter’s first checkup. “While doing the ultrasound, I had a crisis. I was afraid to show that I was sick. Not because I felt sorry for myself, but because I didn’t want my daughter to have an incompetent mother,” she said. Due to medication treatment, the actress says she made the decision not to breastfeed her daughter Marvel.
Salman Khan Reveals Brain Aneurysm, AV Malformation Diagnosis: “Even After This, I’m Still Working”
June 22, 2025
New Delhi – Salman Khan [59] recently returned to The Great Indian Kapil Show as the first guest of the new season. Dismissing recent speculation about his health, the actor appeared physically fit, but revealed during the episode that he continues to deal with multiple serious medical conditions. “I’m out here breaking my bones every day – ribs are fractured, I’m working despite having trigeminal neuralgia, there’s an aneurysm in the brain, yet I’m still working. There’s also an AV malformation, and still, I’m carrying on,” he said.
Researcher's Note – Salman Khan receives second dose of Covid-19 vaccine [sic]: Link
Salman Khan campaigns against Covid vaccine [sic] hesitancy, urges all to get vaccinated [sic]: Link
Ma Jingtao Collapses During Livestream After Performing At Hangzhou Theme Park
June 23, 2025
Taiwanese actor Ma Jingtao aka Steve Ma left viewers in shock after he suddenly collapsed during a livestream he was hosting on Saturday (June 21). The 63-year-old was in Hangzhou dressed as Zhang Wuji, the iconic character he played in the 1994 martial arts drama The Heavenly Sword and Dragon Slaying Sabre. Livestream organisers claimed that the actor fainted due to low blood sugar levels and has since recovered. Jingtao’s team has yet to make an official statement. The incident quickly sparked concern online, with fans worrying about Jingtao’s health. “He didn’t look right during the livestream and just when I thought that, he collapsed,” read a comment. It was then revealed that before the livestream, Jintao was performing at the Songcheng Theme Park dressed in a similar outfit, reenacting scenes from The Heavenly Sword and Dragon Slaying Sabre. This isn’t the first time concerns have been raised about Jingtao’s health. In 2023, netizens speculated whether he had suffered a stroke after he appeared with a notable “facial droop” during a public appearance.
Victor Willis, the leader of Village People, taken to hospital during a concert
June 23, 2025
Village People leader Victor Willis fell ill on stage during a concert in Palermo and rushed to the hospital. Show suspended and fans worried. The singer was performing at the Teatro di Verdura for the Sicilia Jazz Festival [Italy] when he fell ill and collapsed on stage. Immediately treated by the organization’s health workers, he was taken by ambulance to the nearby emergency room of the Villa Sofia hospital where doctors gave him first aid. The concert was suspended. Willis’ wife was also present. After the first medical checks and tests, the Village People leader asked to voluntarily sign the resignation, to return to America as scheduled. “The singer – we read in a note from the organization – during the two days of rehearsals appeared in excellent shape, showing great enthusiasm for the project carried out with the Sicilian Jazz Orchestra”.
Linkin Park cancel Bern concert due to emergency medical issue
June 20, 2025
Linkin Park have cancelled a show in Bern, Switzerland, citing a “medical issue in the band”. The concert was due to take place on June 20th. Taking to their Instagram Stories, the band released a statement announcing the cancellation. The message began, “It is with great sadness that we have had to cancel tonight’s show. We’ve had a medical issue in the band, and are unfortunately not at a spot to be able to perform tonight.” Linkin Park did not provide information on which member of the band has suffered the medical issue. Their next scheduled concert is set to take place at Hellfest in France on June 22nd, and as it stands, their set will still go ahead. They are also set to play a headline show in Milan on June 24th, and perform in the Netherlands on June 26th.
Hatebreed guitarist diagnosed with brain tumour amidst European tour
June 18, 2025
Hatebreed guitarist Wayne Lozinak has been diagnosed with a brain tumour amidst the band’s ongoing European tour. The metal band took to social media on Tuesday (June 17) to break the news, sharing that Lozinak began “experiencing mild symptoms that raised concerns of a possible stroke” while performing at Download Festival on Saturday (June 14). After arriving in France the following day, he underwent a CT scan, where doctors “discovered a brain tumour, leading to his immediate admission for further testing.” The tumour has been classified as a non-cancerous, benign meningioma, “a slow-growing mass that has likely been present for years.” Hatebreed added that while they’re “immensely relieved that Wayne’s diagnosis is the best possible outcome given the circumstances”, the guitarist has returned home to the US to prepare for emergency surgery.
Prayers and love pouring in for Ron Washington with Los Angeles Angels manager out indefinitely over health concerns
June 21, 2025
Prayers and love have been pouring in for Los Angeles Angels manager Ron Washington. It has been announced the MLB boss will be out indefinitely over health concerns. The 73-year-old has suffered from shortness of breath. He appeared fatigued towards the end of a four-game series against the New York Yankees. After suffering from fatigue, Washington was checked over by Yankees doctors. He was cleared to fly home with the team on Thursday night. The veteran then underwent a series of medical tests on Friday. It is not known exactly what has caused the health concerns. “Wash has not felt great the last couple of days,” said Angels general manager Perry Minasian.
Researcher's Note – MLB requires managers and coaches to be ‘up to date’ with COVID-19 vaccines [sic] in spring training
Longtime radio host diagnosed with throat cancer, temporarily off the air
June 17, 2025
Boston, MA – Longtime WERS radio host George Knight has taken a leave and is expected to be off the air until at least the end of June while he’s being treated for throat cancer. Knight said he is hoping to be back at the Emerson College radio station, at 88.9 FM, before next month. But he said chemotherapy and radiation have been taxing on his body since he started undergoing treatment in late April. Knight shared his diagnosis in a message to his listeners on the station’s website last week. One of his reasons for publishing this, he said, was to help listeners who may be going through a similar situation to feel less alone. Knight has been with WERS since 2013, and his show has aired every weekday since then, according to the station’s website.
sounding the alarm about childhood vaccinations, warning para that children “are more likely to die from the mRNA vaccine & all vaccines than from the diseases itself.”; are all SIDS due to vaccine?
Can we make the argument that all sudden infant deaths, for the last 80 years etc., now, today, then that all SIDS are and were due to the vaccines? That vaccines then and now for children remain deadly and actually are ineffective. I argue if we reviewed all the paperwork that the FDA used to approve childhood vaccines etc., we will see that none of the vaccines were ever effective and are all harmful. I argue today, that we must urgently, today examine the vaccines children get and likely stop all if not most. Malone Bourla mRNA vaccine showed us the fraud of vaccines.
A leading pediatrician is sounding the alarm about childhood vaccinations, warning para that children “are more likely to die from the mRNA vaccine & all vaccines than from the diseases itself.”
The warning was issued by Dr. Paul Thomas, the author of the number one best-selling book “Vax Facts.”
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.
‘During an interview with CHD.TV, Thomas revealed that a staggering 97% of all sudden infant deaths happen within ten days of the child being vaccinated.
He notes that the remaining 3% of sudden infant deaths happen between 10 and 20 days after vaccination.’
Many would argue that these findings show that vaccines caused 100% of SIDS cases.
“SIDS is sudden infant death syndrome,” Thomas explains.
“There are six datasets studies that looked at SIDS when that infant died relative to when they got a vaccine.
“In one dataset, 97% were in the first ten days after the vaccine.’
‘In 2009, Thomas started his Fair Start clinic, where he has helped over 500 patients with opioid addiction, in the Portland, Oregon, metro area.
He is the Founder of PHOI (Pediatric Health Outcomes Initiative) and a Founding Director of PIC (Physicians for Informed Consent).
In a new interview with Dr. Simone Gold, Thomas warns that children who receive the recommended immunizations are more likely to die than unvaccinated kids.
“Every single vaccine that’s recommended on the childhood schedule” contains “worrisome ingredients,” he reveals.’
“It turns out, for every single vaccine, Dr. Gold, on the childhood immunization schedule, you are more likely to die from the vaccine than from the disease itself,” Thomas adds.’
NEWS ADDICTS
LATEST REPORTS FOR NEWS JUNKIES
Democrat Leader Chuck Schumer HospitalizedSenate Minority Leader Chuck Schumer (D-NY) went to the hospital and was treated for dehydration, his office said on Wednesday.The announcement, which noted that Schumer had since returned to work on Capitol Hill, came as the greater Washington, D.C., area was in the midst of a heat wave, with temperatures reaching the mid-90s.“Leader Schumer was at the Senate gym this …READ THE FULL REPORT
Developing: Active Shooter in Santa Monica – Police Officer Injured – Suspect at LargeOne police officer was injured on Wednesday in Santa Monica, California, after a suspect opened fire in a mall parking garage near 3rd Street Promenade.The injured officer was rushed to a local hospital. His condition is not known. HAPPENING NOW: Active shooter with possible police office down or killed in @santamonicacity California, just 4 blocks from the beach in prime …READ THE FULL REPORT
Trump Calls for CNN’s Natasha Bertrand to Be Fired — Network RespondsPresident Donald Trump has called for CNN reporter Natasha Bertrand to be fired and “thrown out like a dog.”Bertrand has reported that a preliminary U.S. intelligence assessment found the attacks on Iran’s nuclear enrichment facilities had not destroyed the program, something which the administration has called completely false.Exclusive: US strikes on Iran’s nuclear facilities did not destroy the core components …READ THE FULL REPORT
Trump Sends ‘Serious’ Threat to ‘the Only Country’ That Won’t Increase NATO SpendingPresident Donald Trump lashed out at Spain on Wednesday for cutting a side deal with NATO that would allow it to avoid an increase in spending on defense.On Wednesday, NATO leaders agreed to increase their spending on defense to 5 percent gross domestic product by 2035, according to Axios.However, prior to the NATO summit taking place in the Netherlands, Spain …READ THE FULL REPORT
Trump’s ‘Nuclear’ Button Prank in Oval Office Terrifies Vance, Ends in Big LaughsPresident Trump is a comedic genius who doesn’t let up even during tense situations. Nowhere is that more evident than with a recent story told by Vice President JD Vance.It’s a solid moment of levity following a long day of Trump delivering several fiery comments toward Israel and the Squad.Vance delivered keynote remarks on Tuesday at the Ohio Republican Party …READ THE FULL REPORT
NEWSWIZE
LATEST NEWS
Chaos Erupts as Capitol Police Forcefully Remove ProtestersA group of liberal protesters was forcibly removed from the U.S. Capitol building Wednesday afternoon following a coordinated demonstration against President Donald Trump’s new legislative initiative, the “Big Beautiful Bill.”Capitol Police detained multiple individuals after they staged a protest in a public corridor within the building. The protesters targeted Trump’s proposal, which they claim threatens healthcare access for low-income communities and …READ MORE
Trump Goes Viral After NATO Chief Drops Bold NicknameDuring the NATO Summit in The Hague on Wednesday, a lighthearted moment captured global attention when NATO Chief Mark Rutte referred to President Donald Trump as “daddy.” The playful exchange contrasted with the serious discussions underway, including key talks on defense commitments and the delicate ceasefire between Iran and Israel.At a press conference concluding his participation in the summit, Trump was …READ MORE
FBI Targets Blue City Official Over Viral Video Urging Gang Action: ReportFederal authorities have reportedly opened an investigation into a California city official after she posted a video encouraging gang members to respond to U.S. Immigration and Customs Enforcement (ICE) activity in their neighborhoods.Cudahy Vice Mayor Cynthia Gonzalez came under scrutiny following a social media video, which has since been deleted, in which she challenged members of the notorious 18th Street …READ MORE
Social Media Star Arrested After Chilling Joe Rogan PostsBrian Johnson, better known as the “Liver King” on social media, was arrested Tuesday night in Austin, Texas, following a series of alarming videos posted online that culminated in a direct challenge to popular podcaster Joe Rogan. The 47-year-old fitness influencer, famous for promoting a raw ancestral diet, now faces misdemeanor charges of making a terroristic threat, according to official booking …READ MORE
DOJ Slaps Blue State With Lawsuit Over Explosive Religious MandateThe Department of Justice (DOJ) has filed a federal lawsuit against Washington state, alleging that a newly enacted law unconstitutionally forces Catholic priests to violate the seal of confession or face legal consequences.The law, Senate Bill 5375, signed by Gov. Bob Ferguson (D) on May 2, adds clergy members to the state’s list of mandatory reporters of child abuse. Unlike similar …
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MIKE EVERY/OR PICTON OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7.OIL AND NATURAL GAS//GLOBAL/ENERGY/
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YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1725 UP 0.0042 PTS OR 18 BASIS POINTS
USA/ YEN 144.06 DOWN 0.855 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 1.3745 UP .0055 OR 55 BASIS PTS
USA/CAN DOLLAR: 1.3689 DOWN 0.0024(CDN DOLLAR UP 24 BASIS PTS)
Last night Shanghai COMPOSITE DOWN 7.52 PTS OR 0.22%
Hang Seng CLOSED DOWN 149.27 PTS OR 0.61%
AUSTRALIA CLOSED DOWN 0.07%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 149.27 PTS OR 0.61%
/SHANGHAI CLOSED DOWN 7.52 PTS OR 0.22%
AUSTRALIA BOURSE CLOSED DOWN 0.07 %
(Nikkei (Japan) CLOSED UP 642.51 PTS OR 0.61%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3341.20
silver:$36.65
USA dollar index early WEDNESDAY morning: 96.77 DOWN 50 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.036% DOWN 1 in basis point(s) yield
JAPANESE BOND YIELD: +1.434% UP 2 FULL POINTS AND 50/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.212 DOWN 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.484 DOWN 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.559 DOWN 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1713 UP 0.0029 OR 29 basis points
USA/Japan: 144.13 DOWN .611 OR YEN IS UP 61 BASIS PTS//
Great Britain 10 YR RATE 4.470 DOWN 1 BASIS POINTS //
Canadian dollar UP .0068 OR 68 BASIS pts to 1.3644
April Tariff ‘Panicans’ On Suicide Watch As S&P Closes Near Record High
Thursday, Jun 26, 2025 – 08:00 PM
A mixed set of macro data this morning pushed traders to lean into a mix of pro-cyclical and pro-growth sectors on Thursday, with Energy, Materials, and Communication Services leading the S&P 500 higher – chasing another all time high – while Treasury yields across the curve declined, and the dollar reaching a 3 year low sparked by a WSJ report saying Trump may announce Powell’s successor as soon as September increasing expectations of rate cuts (market now pricing in a 25% chance of a July cut / 95% chance of a cut by Sept meeting).
Source: Bloomberg
‘Hard’ data saw a small blip higher (dur goods vs cont claims) but overall the trend appears weaker…
Source: Bloomberg
What did we learn from the macro?
Trade. The goods trade deficit widened in May, against expectations for a narrower trade deficit, driven by decline in exports of industrial supplies.
Growth. GDP shrank more than previously estimated, with Real GDP growth was revised down 0.3pp to -0.5% (quarter-over-quarter annualized), reflecting a decline in consumer spending growth, housing investment growth, and equipment investment growth. Durable Goods Orders soared, but driven by distortions from massive Boeing orders.
Labor. Continuing jobless claims were the highest they’ve been since 2021, continuing the trend (higher) we’ve seen for much of this year. But, initial jobless claims declined.
Turning to what this all means, Goldman’s Chris Hussey says that the market’s response could reflect hope that tariff or policy uncertainty has now been adequately pulled forward, making the path ahead more attractive.
Source: Bloomberg
April tariff ‘panicans’ on suicide watch as the S&P 500 ends the day very near a new record closing high…
Truth Social is currently unavailable in your area.
The algos went wild trying to keep S&P 500 above the record close of 6144.15, but they failed in the end…
Small Caps outperformed…
…as shorts were once again squeezed hard (now up 8% from Monday’s lows)…
Source: Bloomberg
MegaCap tech stocks surged to a new record high today…
Source: Bloomberg
But as stocks push new record highs, breadth is getting worse…
Source: Goldman Sachs
US Treasuries were bid across the curve led by the short-end (2Y -7bps, 30Y -2bps)…
Source: Bloomberg
The 7Y yield dropped back below 4.0% for the first time since May 2nd…
Source: Bloomberg
The yield curve steepened (2s30s) back near YTD highs…
Source: Bloomberg
The dollar fell for the 4th straight day after testing its 50DMA and failing…
Source: Bloomberg
…now back at its lowest vs its fiat peers since March 2022…
Source: Bloomberg
Commodities were crazy today with Palladium exploding higher…
Source: Bloomberg
…and Goldman’s Copper basket soared higher…
Source: Bloomberg
Oil prices inched higher once again after Monday’s collapse…
Source: Bloomberg
Despite the dollar weakness, gold ended the day unchanged…
Source: Bloomberg
Bitcoin ended the day unchanged after testing $108k…
Source: Bloomberg
Finally, the divergence between the dollar and yields continues to grow…
As Goldman notes, higher US deficits and greater uncertainty on policy have pushed up the risk premium on the US dollar, which has started to depreciate notwithstanding a rising interest rate spread over other regions…and the push for diversification is set to continue.
BIG NEWS OF THE DAY/
USA DATA RELEASES
Q1 GDP Revised Lower As Personal Spending Unexpectedly Prints Weakest Since Covid
Thursday, Jun 26, 2025 – 09:03 AM
Of all the economic reports, the BEA’s periodic update of US GDP is the most useless because not only is it politically motivated, but it gets constantly revised so much that by the time we get a somewhat accurate description of how strong the economy is, it is already one – if not two quarters – later. Today’s second estimate of Q1 GDP – a quarter which ended almost two months ago – is just such an example.
Moments ago the BEA reported that in Q1, US GDP shrank at a 0.5% annualized pace, a deterioration from the -0.2% first revision (which was also the median estimate), which in turn was an improvement from the -0.3% initial print;
According to the BEA, GDP was revised down 0.3 percentage point from the second estimate, primarily reflecting downward revisions to consumer spending and exports that were partly offset by a downward revision to imports.
While there were few notable changes between the initial report and the first and second revision, the most notable one was in personal consumption which has continued to deteriorate, and was first cut by a third from 1.7% increase in the original print to 1.2% in the first revision, and today, to just 0.5%, making this the weakest quarter for personal spending since the covid crash.
Here are some other notable changes:
Personal consumption contributed just 0.31% to the bottom line GDP print, down from 0.80% in the first revision and from 1.21% in the original estimate; also down sharply from 1.21% in Q4.
Fixed Investment came at 1.31%, largely unchanged from the 1.34% in the previous revision, and driven by major data center investments
The change in private inventories was also flat, printing at 2.59% in the third estimate, down from 2.64% in the second and from 2.25% initially.
Trade or net exports (exports less imports), was generally in line, subtracting 4.76% from the GDP number, a modest improvement from the 4.9% previous revision, and from the 4.84% original print.
Finally, government subtracted 0.10% from the GDP number, a slight improvement from the -0.12% decline in the previous estimate.
And visually:
The sharp revision in personal consumption meant that Real final sales to private domestic purchasers, the sum of consumer spending and gross private fixed investment, often viewed as a much more accurate indicator of actual growth, increased by 1.9% in the first quarter, revised down 0.6% from 2.5% in the first estimate, and 1.1% from the original estimate.
While the GDP data was stale, the inflation data was especially so, even if there were even fewer changes here:
GDP price index rose 3.8%, up fractionally from the 3.7% increase in the previous estimate.
Core PCE (ex food and energy) was 3.5%, also a fractional increase from the 3.4% previously reported.
Overall, the report painted an uglier picture of the US economy in Q1, although it is likely a “kitchen sink” because in Q2 we expect that the bullwhip from the reversal in imports (a boost to GDP) coupled with the deferred surge in personal consumption to propel Q2 GDP to 3% if not higher.
end
Biggest Export Decline Since COVID Lockdowns Unexpectedly Widens US Trade Deficit In May
Thursday, Jun 26, 2025 – 08:58 AM
The US merchandise-trade deficit unexpectedly widened in May (widening 11.1% to $96.6 billion in May, exceeding the $86.1 billion expectation) on the biggest drop in exports since the onset of the pandemic, while imports were little changed.
Source: Bloomberg
US merchandise exports decreased 5.2% to $179.2 billion in May (the biggest drop since May 2020), reflecting a sharp decline in shipments of industrial supplies such as crude oil.
Source: Bloomberg
Imports were little changed at $275.8 billion, a month after the largest decline on record.
Source: Bloomberg
As a reminder, the figures aren’t adjusted for inflation.
In the first quarter, inbound shipments of foreign goods surged as US companies stocked up on goods and materials ahead of tariffs that President Trump imposed.
The tariff front-running is over… obviously.
As Bloomberg reports, the wider May deficit indicates trade may contribute less to second-quarter growth than initially anticipated. Prior to the latest figures, the Federal Reserve Bank of Atlanta’s GDPNow estimate showed net exports contributing more than 2 percentage points to second-quarter GDP.
end
Doge effects kicking in!
(zerohedge)
Labor Market Creaks… Continuing Jobless Claims Highest Since Nov 2021
Thursday, Jun 26, 2025 – 08:39 AM
The trend of (modestly) rising initial jobless claims stalled last week, dropping from 246k to 236k (below 2435k exp)…
Source: Bloomberg
But, Continuing jobless claims kept rising to 1.974 million Americans – the highest since Nov 2021…
Source: Bloomberg
In the ‘Deep TriState’ region, jobless claims continue to rise also…
Source: Bloomberg
Delayed DOGE effects finally kicking in.
end
US Pending Home Sales Rose In May, But Remain Near Record Lo
New home sales plunged, existing home sales ticked up very modestly, and so pending home sales breaks the tie with a 1.8% MoM increase…
Source: Bloomberg
That modest rebound (though better than expected) dragged the YoY change in pending home sales up to just a 0.34% decline, but the index remains near record lows…
Source: Bloomberg
Signings picked up in all four US regions, most notably in the West, which rose by the most since December 2023.
NAR Chief Economist Lawrence Yun attributed May’s rise to resilience in the US labor market, with wage gains outpacing home price appreciation.
However, “mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains,” Yun said in a prepared statement.
The supply of existing homes for sale has reached an almost five-year high, as more people list their homes for sale, but the extra inventory isn’t yet pushing prices down.
Source: Bloomberg
Pending-homes sales tend to be a leading indicator for previously owned homes, as houses typically go under contract a month or two before they’re sold
END
USA ECONOMIC NEWS
Republicans Scramble After Senate Parliamentarian Nixes Deep Cuts From ‘Big Beautiful Bill’
Thursday, Jun 26, 2025 – 11:20 AM
It isn’t just rogue judges subverting the will of the people… The Republicans’ Big Beautiful Bill was dealt a major blow on Thursday after the Senate Parliamentrian gutted nine major provisions included in GOP efforts to cut $250 billion in Medicaid and other health care spending.
Democrat parliamentarian Elizabeth MacDonough’s latest rulings include major pieces of Medicaid policy – including a plan to reduce federal expenses by cracking down on a state provider tax, which would have had a nine-figure impact on the bill.
She also struck down;
Immigrant Medicaid eligibility
Prohibiting Medicaid and Children’s health insurance (CHIP) from funding ‘gender affirming care’
Restricting certain states from increasing taxes on providers
Limiting noncitizen immigrants from qualifying for premium tax credits or cost-sharing reductions
Disallowing premium tax credits during periods of Medicaid ineligibility due to immigrant status
The rulings couldn’t have come at a worse time for Senate Majority Leader John Thune and other GOP leaders – who are trying to carefully handle an internal revolt from members wary of the practical and political impacts of the Medicaid changes.
BREAKING NEWS: The Senate parliamentarian just struck a massive blow to Republicans' Medicaid cuts, per announcement from Senate Budget Dems
NOT compliant w/ Byrd Rule (meaning they need to be stripped or overrule parl):
-provider tax crackdown (!!!) -limiting fed $ for states…
Now Republicans have to try and rework the provider tax language to get it back in the Senate bill, Politico reports, citing two anonymous sources.
“We’ll continue our work and find a solution to achieve the desired results,” said one of the people.
The second person described the parliamentarian’s cuts as “technical,” with some Republicans optimistic that they can make changes to the language that lets them keep the provisions.
Unbelievable. What possible way can you claim that modifying Medicaid eligibility isn’t compliant with the Byrd rule? https://t.co/M4tHMUTNRp
— Tiana Lowe Doescher (@TianaTheFirst) June 26, 2025
Some Republicans are PISSED
“The Senate Parliamentarian is not elected. She is not accountable to the American people,” Rep. Greg Steube (R-FL) posted on X. “Yet she holds veto power over legislation supported by millions of voters.”
.Steube called on Vice President JD Vance to ‘overrule the Parliamentarian and let the will of the people, not some staffer hiding behind Senate procedure, determine the future of this country.’
The Senate parliamentarian is a nonpartisan advisor who interprets the Senate’s rules, including the Byrd Rule, which limits what can be included in reconciliation bills. Their guidance is not legally binding – it’s advisory, but traditionally followed to maintain Senate norms.
Senate Republicans can ‘ignore’ her rulings in two ways;
Option 1: The Presiding Officer Overrules
The presiding officer of the Senate, Vice President JD Vance, can choose to ignore the parliamentarian’s advice and rule in favor of including the provision.
This is extremely unusual. If it happens:
Any senator can challenge the ruling, triggering a vote on whether to uphold it.
If a simple majority supports the override, the ruling stands — effectively overruling the parliamentarian.
Option 2: Fire or Replace the Parliamentarian
The Senate Majority Leader John Thune could request a different parliamentarian or pressure the presiding officer to disregard the current one’s rulings.
This happened once before:In 2001, the Republican-controlled Senate replaced Parliamentarian Robert Dove after disagreements over tax cuts.
Needless to say, America’s gatekeepers are hard at work…
END
US Reportedly Mulls Easing Iran Sanctions, Assisting Non-Enrichment Nuclear Program
Thursday, Jun 26, 2025 – 01:40 PM
Update(1340ET): In an entirely bizarre and unexpected pivot, and following yesterday’s Trump statements suggesting that a new Iran nuclear deal might not even be necessary (given the narrative that its enriched uranium and nuclear capability has been fullly destroyed), the White House is already in discussions for a deal both to ease Iran sanctions and potentially help the Islamic Republic build a civilian-energy-producing nuclear program, but importantly without domestic enrichment.
“The Trump administration has discussed possibly helping Iran access as much as $30 billion to build a civilian-energy-producing nuclear program, easing sanctions, and freeing up billions of dollars in restricted Iranian funds – all part of an intensifying attempt to bring Tehran back to the negotiating table, four sources familiar with the matter said,” a fresh Thursday CNN report says.
“Key players from the US and the Middle East have talked with the Iranians behind the scenes even amid the flurry of military strikes in Iran and Israel over the past two weeks, the sources said,” the report continues. “Those discussions have continued this week after a ceasefire deal was struck, the sources said.”
The report says multiple early-stage proposals are under discussion, but all based on a key non-negotiable: that Iran must halt all uranium enrichment. However, this is one red line that Tehran has been insistent it won’t give in to, as a matter of national sovereignty.
Among the terms being discussed, which have not been previously reported, is an estimated $20-30 billion investment in a new Iranian non-enrichment nuclear program that would be used for civilian energy purposes, Trump administration officials and sources familiar with the proposal told CNN. One official insisted that money would not come directly from the US, which prefers its Arab partners foot the bill. Investment in Iran’s nuclear energy facilities has been discussed in previous rounds of nuclear talks in recent months.
“The US is willing to lead these talks,” a Trump admin source said. “And someone is going to need to pay for the nuclear program to be built, but we will not make that commitment.”Arab partners would be pressured to foot the bill, the report emphasizes, also at a moment there’s a new push to expand the Abraham Accords.
Thursday afternoon WH press briefing hinted at the accuracy of the CNN report:
▶️ The White House Spokeswoman says Steve Witkoff and his team are talking to Iran as well as the US’ Arab partners to come to agreement with Iran
Leavitt suggests that perhaps more Persian Gulf States could potentially sign on to the Abraham Accords. pic.twitter.com/g0tIeBiSvx
If true, this would constitute quite a drastic – almost total 180 shift – even as the dust still settles in the wake of the massive weekend US B-2 strikes on Iran this weekend. At this point it has yet to be proven that Iran’s nuclear development capability has been truly destroyed and halted (WH assertions notwithstanding). Yet now suddenly, the US could be mulling a ‘truly peaceful nuclear energy program’ method of assistance for Tehran.
But the White House might at any moment deny the contents of this new CNN report and the claims therein.
* * *
Summary: As expected Hegseth during the Thursday morning Pentagon press conference excoriated the mainstream media for its coverage of the Trump-ordered attacks on Iran’s nuclear sites. This after repeatedly praising Trump’s leadership at yesterday’s NATO summit.
“I hope, with all the ink spilled, all of your outlets find the time to properly recognize this historic change in continental security that other presidents tried to do, other presidents talked about,” Hegseth said. “President Trump accomplished it. It’s a huge deal.” He strongly pushed back especially against CNN reporting that the strikes merely set back Iran’s nuclear program by months, again, framing the avalanche of MSM skepticism as supposedly due merely to anti-Trump bias and not wanting to give him a ‘win’.
“Again, it was preliminary, a day and a half after the actual strike, when it admits itself in writing that it requires weeks to accumulate the necessary data to make such an assessment,” the defense secretary said. The president “created the conditions to end the war, decimating – choose your word – obliterating, destroying Iran’s nuclear capabilities,” he asserted, before reading aloud the assessments of various US and foreign intelligence heads.
Much of the press conference consisted of a highly detailed narrative of what it was like for troops – from officers to enlisted privates – in the Middle East as Iran’s very brief retaliatory missile strike rained down on Qatar, and US-manned anti-air batteries intercepted the inbound projectiles. There was also a lot of focus on the pilots and crew of the B-2s and their marathon 37-hour bombing run all the way from Missouri to Tehran and back. The presser, especially while Hegseth was speaking, was charged with patriotism and emotion – much more than is normal for a Pentagon press briefing.
Chairman of the Joint Chiefs of Staff Gen. Dan Caine emphasized in a detailed way the specs of the 30,000 pound bombs dropped on the Iranian sites, and they “functioned as designed, meaning they exploded.”
Gen. Dan "Razin" Caine demonstrates how GBU-57 MOPs work: "Unlike a normal surface bomb, you won't see an impact crater because they're designed to deeply bury and then function … All six weapons at each vent at Fordow went exactly where they were intended to go." pic.twitter.com/iQs3oWcJ4X
— Rapid Response 47 (@RapidResponse47) June 26, 2025
“A point that I want to make here: the Joint Force does not do [battle damage assessments],” Caine told the press pool. “By design, we don’t grade our own homework. The intelligence community does. But here’s what we know following the attacks and the strikes on Fordow: First, that the weapons were built, tested and loaded properly. Two, the weapons were released on speed and on parameters. Three, the weapons all guided to their intended targets and to their intended aim points. Four, the weapons functioned as designed, meaning they exploded. We know this through other means intelligence means that we have that were visibly, we were visibly able to see them. And we know that the trailing jets saw the first weapons function.” He actually cited one pilot’s eyewitness account as saying the blast from the initial bombs was so big as it was like an overwhelming flash of daylight.
Among the more interesting assertions and revelations was that the Pentagon has been working intensely on the operation, particularly to take out the Fordow site, for-15 years. While the US military often spends a lot of time on various ‘contingency’ options to present to the Commander-in-Chief, Gen. Caine’s description of two Pentagon analysts who devoted a decade-and-a-half of their lives to studying just Fordow strongly suggests the US long ago knew it would pull the trigger at some point.
“In the days preceding the attack against Fordow, the Iranians attempted to cover the shafts with concrete to try to prevent an attack. I won’t share the specific dimensions of the concrete cap, but you should know that we know what the dimensions of those concrete caps were,” Caine said. “The planners had to account for this, they accounted for everything. The cap was forcibly removed by the first weapon, and the main shaft was uncovered.”
And President Trump soon after the Pentagon briefing ended, wrote the following on Truth Social:
Meanwhile, Fox is reporting that the Senate has finally received a delayed Iran briefing. This seems to continue a long GWOT era tradition of presidents across administrations bombing first, and then notifying Congress later.
Meanwhile, the international debate over just where Iran’s enriched uranium stockpile is now located (if it’s not destroyed) continues to intensify, despite the Trump denials that it remains:
TRUMP: NOTHING WAS TAKEN OUT OF THE FACILITY
IRAN LAW SUSPENDING IAEA COOPERATION COMES INTO EFFECT
Simultaneous to Trump issuing another statement rejecting the thesis that the uranium has been moved and hidden, Financial Times reports in a strangely worded headline (“Iran moved uranium from Fordow before US strikes, EU capitals believe”) the following:
Iran’s highly enriched uranium stockpile remains largely intact following US strikes on its main nuclear sites, European capitals believe, calling into question President Donald Trump’s assertion that the bombing “obliterated” the Islamic republic’s nuclear programme.
Two people briefed on preliminary intelligence assessments said European capitals believe Iran’s stockpile of 408kg of uranium enriched close to weapons-grade levels was not concentrated in Fordow, one of its two main enrichment sites, at the time of last weekend’s attack. It had been distributed to various other locations, the capitals believe.
This would indeed be an interesting twist – that the bulk of enriched uranium stockpiles were not even located at Fordow, which appeared to be the heaviest hit in the US operation. According to more:
The people said EU capitals were still awaiting a full intelligence report on the extent of the damage to Fordow — which was built deep beneath a mountain near the holy city of Qom — and that one initial report suggested “extensive damages, but not full structural destruction”. Iranian officials have suggested the enriched uranium stockpile was moved before the US bombing of the plant, which came after days of Israeli strikes on the country.
But again, the White House as well as Thursday Pentagon presser is sticking by the Trump claim of total and utter obliteration. Perhaps the world will learn the truth in the coming days and weeks, or possibly not at all, pending ‘proof’ and data from the ground, which the Iranians will likely not be willing to give. For some of our prior coverage on this pressing coverage, see–
Leftist Boston Fed President Susan Collins regurgitated Powell’s tariff mantra: Inflation is coming due to tariffs. “I see core PCE inflation above 3% by year-end due to tariffs.”
By pontificating on a fiscal policy issue, she proved that Powell & his ilk are liars and hypocrites for averring that the Fed does NOT talk about fiscal policy and decisions are ‘data dependent.’
Commerce Secretary @howardlutnick: I just listened again to Jerome Powell testify. He goes out of his way to call out tariff price increases POTENTIALLY adding to inflation, as if he’s seen some, but, in fact, he testifies that over the last 2.5 months such inflationary price increases have not materialized. ZERO. He literally states that “the overall inflation picture is pretty positive.”… That’s why President Trump calls Powell a loser. Because Powell would rather ignore the tariff revenues and keep US rates the highest in the world… because he’s afraid to act. Each 1% cut saves the US hundreds of billions of dollars in interest payments. He should help our economy grow while shrinking our deficit. It is a simple formula. There is no inflation; he just testified to it…
@business: Federal Reserve Chair Jerome Powell on Wednesday said the US central bank is still struggling to determine the impact of tariffs on consumer prices.
Powell, an evidence-based liar, issued this whopper to the Senate Banking Com: ‘All forecasters expect a significant increase in inflation from tariffs.’ Not even ALL Fed forecasters are making this claim!
When confronted with evidence of deflationary forces, Powell reiterated to Sen. Hagerty: “We, all forecasters, are expecting, you know, a significant increase between now and the end of this year.” https://x.com/YahooFinance/status/1937904147644264695
Powell inadvertently condemned himself: “How much of it (tariffs) show up in inflation. And honestly, it’s very hard to predict that in advance.” PE Powell admits that Fed monetary policy is based on a fiscal policy variable that is “very hard to predict in advance.”
GOP Sen Moreano eviscerates Powell for slamming tariffs but remaining mum on other fiscal acts that generate inflation (Covid shutdown, nat gas restrictions, taxes, student debt, etc.) https://x.com/berniemoreno/status/1937927141100048574
We have NO problem with the Fed’s decision to NOT cut rates. The dollar, the stock market, gold, and cryptos scream that there is TOO MUCH liquidity in the system. However, Powell’s extremely political 50bp rate cut, less than two months before a general election, was a blatant political act.
Also, Powell and his ilk got involved in DEI and climate change under the Obama-Biden regime – more proof of lying about ‘not being political’ and ‘not commenting on fiscal policies.’
Powell risibly told Senators that ‘the size of US debt doesn’t affect the ability to do our job.’ Since the inception of the Fed, the US dollar has lost about 97% of its value because the Fed has relentlessly monetized US fiscal spending and deficits.
PS – Trump’s principal argument for rate cuts is to lower US interest payments!
Trump Says US, Iran to Hold Talks Next Week, Mideast War ‘Over’ – BBG 10:30 ET “… We may sign an agreement. I don’t know, to me, I don’t think it is necessary…”
“If you are not prepared to use force to defend civilization, then be prepared to accept barbarism.” -Thomas Sowell
US New Home Sales May: 623k (-13.7%), 693k (-6.7%) expected, 722k prior Median Sales Price $426k, +3.0% m/m, $411.4k or -7.5% y/y
Wednesday King Report: The late decline on Tuesday suggests that stocks are tired and need to retrench.
US stocks retreated on Wednesday except for Fangs, which rallied smartly. This pushed the Nasdaq 100 to an all-time high. The many money managers that sport poor Q2 performance from missing most of the historic equity rally from the April lows are utilizing the high-beta Fangs to chase performance.
Bonds declined moderately; gold, oil, and gasoline rallied moderately.
ESUs traded moderately lower during early Nikkei trading on Wednesday. They rallied after 19:48 ET and turned modestly positive for about an hour. ESUs then declined after 21:00 ET and remained modestly negative until a late rally turned them a tad positive near the 1:00 ET Nikkei close.
The rally for the European open quickly aborted. ESUs traded in a down channel until they bounced off the 6141.25 low at 4:30 ET. Eventually ESUs rallied to a daily high of 6160.25 at 9:41 ET. The professional ‘dump’ appeared early. ESUs fell to 6148.25 ET. The standard retail buying appeared; ESUs jumped to 6159.50 at 10:44 ET. Another professional ‘dump’ appeared. ESUs commenced an intractable decline that persisted until they hit a daily lo 6130.75 at 6130.75 at 13:39 ET.
ESUs then spiked to 6144.00 at 13:51 ET. They quickly retreated and fell into range trading. The last hour rally commenced on schedule; ESUs rallied to 6149.75 at 15:13 but quickly sank to 6139.50 at 15:36 ET. The late manipulation forced ESUs to 6146.25 at 15:52 ET. ESUs traded sideways into the close.
Positive aspects of previous session Fangs rallied on Q2 performance chasing.
Negative aspects of previous session Powell displayed his deceit, stupidity, and hypocrisy, again. NYC could become Chicago or worse soon; it will generate a huge financial problem USUs declined modestly; the 5-year auction was tepid Stocks declined moderately. Oil and gasoline bounced robustly
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6093.63 Previous sessionS&P 500 IndexHigh/Low: 6108.51; 6080.09
@Nadav_Eyal: Israeli defense officials assess major, long-term damage to Iran’s nuclear program. Israeli Officials confirm most enriched uranium is trapped, following the massive U.S strikes, inside the underground Isfahan facility—and possibly Fordow—after entrances were destroyed. These sites are monitored for any extraction attempt.
Nuke analyst @StrickerNonpro: A few thoughts on the leaked intelligence report covered by @CNN: –Iran’s key nuke sites and materials are likely entombed for now—asset recovery will likely require extensive Iranian excavation efforts. -Israel and the U.S. could stop such efforts via additional targeted strikes, such as the one Israel took against the Iranian recovery team heading to Fordow. -They can massage the cease-fire issue as a need to take further limited strikes to ensure Iran can’t engage in asset recovery. –If centrifuges managed to survive at Fordow, they are likely seriously damaged from MOP shock waves being delicate machinery. The IAEA agrees. -HEU (Highly Enriched Uranium) canisters might survive at Fordow and Esfahan, but again, this can be dealt with militarily or through targeted intel/sabotage efforts
Mark Alexander: All the Demo protestations aside, this attack was predicated on the appeasement of Iran’s tyrannical Islamist regime by Bill Clinton, Barack Obama, Hillary Clinton, John Kerry, and the Biden/Harris regime. As you may recall, it was Obama, Kerry, and Clinton who crafted the deadly “Iran nuke deal,” and then Obama sent the Islamic regime $1.7 BILLION, including $400 million in cash. Biden then released $16 BILLION in frozen assets to Iran, which Supreme Leader Ali Khamenei then used to fund terrorist attacks on Israel via their surrogates, Hamas and Hezbollah… With all due respect to Obama, Biden and Harris, Iran’s ‘Islamic Bomb’ just changed its pronouns to was/were aftera mostly peaceful B-2 airshow, and Khamenei is now unburdened by what has been… https://patriotpost.us/alexander/118413-operation-midnight-hammer-the-backstory-2025-06-23
FBI documents show agency sat on intel on potential China plan to meddle in 2020 election for Biden – the bureau feared that would undercut then-FBI Director Christopher Wray’s assurances to Congress that foreign meddling did not pose a threat to the presidential race… Wray testified in September 2020 before the House and Senate, before which he downplayed the potential for significant foreign meddling in the 2020 election, dismissed the possibility of foreign mail-in ballot fraud, and said he considered disinformation to be the biggest threat to the presidential election… https://justthenews.com/government/federal-agencies/fbi-documents-show-it-sat-intel-potential-chinese-plan-meddle-2020
FHFA Director @pulte: …In keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the GreatFannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage. (Crypto bulb mania will not end well!) https://x.com/pulte/status/1937944964656152800
Trump Considers Naming Next Fed Chair Early to Undermine Powell – WSJ 19:00 ET Warsh, Hassett and Bessent are among those under consideration as Trump evaluates their commitment to cutting rates—and ‘made-for-TV’ appeal…
Today – Though the DJIA and the DJTA declined moderately on Wednesday – and the S&P 500 fell a tad, the S&P 500 Index low (6080.09) was higher than Tuesday’s low (6059.25). This implies that there are motivated sellers in the market. But there are desperate buyers in the market: the performance chasers that need to boost their portfolios by next Monday (Q2 end).
If stocks do NOT decline significantly in the morning, there could be spirited buying in the afternoon.
ESUs are +1.75; NQUS are +16.25; USUs are +9/32; and Gold is +5.60 at 19:45 ET.
Expected Economic Data: Q1 GDP -0.2%, Consumption 1.2%, GDP Price Index 3.7%, Core PCE Price Index 3.4% q/q; May Chicago Fed National Activity Index -0.22; May Durable Goods 8.5%, Ex-Trans 0.0%, Nondef Ex-Air 0.1%, Shipments -0.2%; Initial Jobless Claims 243k, Continuing Claims 1.95m; May Pending Home Sales 0.0% m/m; June KC Fed Mfg. Activity -4; May Wholesale Inventories 0.1% m/m, Retail Inventories -0.1% m/m
Fed Speakers: Richmond Pres Barkin and SF Pres Daly 8:45 ET, Cleveland Pres Hammack 9:15 ET, Gov Barr 13:15 ET
S&P Index 50-day MA: 57679; 100-day MA: 5770; 150-day MA: 5842; 200-day MA: 5822 DJIA 50-day MA: 41,624; 100-day MA: 42,088; 150-day MA: 42,616; 200-day MA: 42,552 (Green is positive slope; Red is negative slope)
S&P 500 Index (6092.16 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 5961.68 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6051.08 triggers a sell signal
The most important city in the known universe could be soon ruled by an Islamic Marxist.
@kylenabecker: NYC mayor candidate Zohran Mamdani, an Islamic socialist, said he would ARREST foreign leader Benjamin Netanyahu if he comes to New York City. This is INSANE even by New York Democrat standards! https://x.com/kylenabecker/status/1937663330769842665 It’s also a violation of U.S. law. Mayors don’t have the legal authority to take such extreme action that interferes directly with the executive branch’s authority.
Zohran Mamdani won 43.5% of the vote in the first round of the NYC ranked-choice election. Cuomo got 36.4%; Comptroller Brad Lander received 11.3% of the vote. Mamdani will face NYC Mayor Eric Adams, rebranded as an independent, in November.
In ‘ranked choice’ voting, a candidate needs to garner >50% of the vote. The lowest ranked candidate is eliminated, and their voters’ #2 choice gets the votes. This process continues until a candidate gets >50%.
The media euphemistically calls Mamdani ‘a socialist’ because they are loathe to admit that he is a Marxist. He also hates Israel and detests cops.
What does Mamdani stand for? Mamdani’s platform blends economic redistribution with state-led investment in public services. He promises free childcare, free public buses, rent freezes for over a million regulated apartments, and a network of city-owned grocery stores. He also wants to build 200,000 new affordable housing units over the next decade. His plan is to fund these with higher taxes on New Yorkers earning over $1 million and an increase in corporate taxes… The most viable idea in Mamdani’s plan is universal childcare. Estimates suggest this could cost $5 billion annually… https://invezz.com/news/2025/06/25/zohran-mamdanis-rise-as-new-york-mayor-whats-behind-his-ideas-and-policies/
@greg_price11: Democrat nominee for NYC Mayor Zohran Mamdani: “Our criminal justice system is racist… How can we simultaneously be investing in it as the way we judge and determine the futures of people?” https://x.com/greg_price11/status/1937914764832985446
Wall Street Decries ‘Hot Commie Summer’ After Mamdani Shock – BBG Anxiety among city elites who fear higher taxes and an exodus of wealthy residents… “This will be the end of New York City as we know it”…
@DefiantLs: Emily Ratajkowski (C List actress) endorses Islamist Zorhan Mamdani and tells millions of her followers to go vote. Am I wrong or was she the one who said she’s fighting for women’s rights and is a feminist? It’s truly ridiculous. https://x.com/DefiantLs/status/1937560468463452543 @kylenabecker: A “feminist” is backing an Islamist. Woke leftists are a special kind of stupid. @C_3C_3: Wrap your head around this… Liberal women have fought the American patriarchy to replace it with Middle Eastern patriarchy.
@BillAckman: If we allow 9.1% of registered voters (total that voted for Mamdani) todetermine the future of New York City, then we deserve the city that we are going to get. @JackPosobiec: Middle East / Asian immigration to NYC has *tripled* since the 1980s. This demo supported Zohran 80%-20%. @ColumbiaBugle: More proof that the downstream effects of LEGAL immigration are just as destructive as illegal immigration.
Zohran Mamdani vowed to halt ICE’s deportations if elected New York City mayor. In response to Mamdani’s win, Border Czar Tom Homan said thatICE will triple down activity in NYC.
Dem Senate Minority Leader @chuckschumer: I have known @ZohranKMamdani since we worked together to provide debt relief for thousands of beleaguered taxi drivers & fought to stop a fracked gas plant in Astoria. He ran an impressive campaign that connected with New Yorkers about affordability, fairness, & opportunity. (Hey Chuckie, what about Mamdani’s desire to abolish the NYPD?
@DataRepublican: This greeting isn’t for Senator Schumer; it’s for everyone wondering why the Senate leader of the Democratic Party, who’s supposed to be a moderating voice, is implicitly endorsing a self-declared Communist pushing for government-rationed food in New York City. The Democratic Party’s drift toward extremism began long ago but accelerated sharply during the Obama years, when the party fully aligned itself with globalist interests… We have a Democratic-controlled Congress that refused to condemn the LA riots, even though foreign CCP money helped fund them. We have a Senate Majority Leader now endorsing a Communist as the mayor of New York City.The Democratic Party has a serious problem with extremism and foreign subversion. And until the flow of foreign NGO and activist funding is cut off, it will only get worse…
Schumer struggles to live up to ‘shomer’ designation amid pressure from his party The self-dubbed ‘guardian of the people of Israel’ is now the guardian of a caucus that has drifted increasingly leftward, especially when it comes to its support for Israel… https://jewishinsider.com/2025/06/chuck-schumer-israel-democrats-iran-strikes-trump/
Old guard Dems like Schumer must now suck up to leftists because they are the Dem base now. Schumer et al invited and facilitated immigration policies that they though would increase Dem voters. Even though there is ample historic evidence that shows leftists will eventually vote out party elders and make the party more radical, Schumer et al eagerly committed political suicide. (See London!)
Schumer was rushed to a DC hospital for dehydration on Wednesday afternoon.
WH Deputy COS @StephenM: The commentary about NYC Democrats nominating an anarchist-socialist for Mayor omits one point: how unchecked migration fundamentally remade the NYC electorate.Democrats change politics by changing voters. That’s how you turn a city that defined US dominance into what it is now.
@rcwhalen: Real question for @POTUS is when are we going to let NYC fall??? Sell the assets of Signature Bank still held by the @FDICgovand then start closing insolvent banks?? The 2019 rent legislation has left half a dozen NYC banks insolvent. When does Trumpdo the right thing??
@ZohranKMamdani: We need to ban all guns. May 24, 2022
@ZohranKMamdani: want to #taxtherich to fund a real recovery? want a mask to support #publicpower & the need for democratically controlled utilities? for a limited time only, you can do both! 11/21/20 https://x.com/ZohranKMamdani/status/1330251379995271171
As noted by many, the US is devolving into Big Blue Cities that are getting more leftist and non-big-city counties that are getting redder. How did the Dem Party go extinct? Gradually then suddenly.
@ProfMJCleveland: What’s happening in NYC is the best argument for eliminating the SALT tax credit. Why should sane areas of the country subsidize the expensive stupidity of the insane areas of the country?
@BlueskyLibs: JD Vance hails Mamdani as the new dem leader on Bluesky.
@nicksortor: President Trump should invoke the Communist Control Act (1954) to BLOCK Zohran Mamdani from becoming Mayor of New York… DOJ can EASILY establish communist ties, given Mamdani openly boosted a communist group and called for a communist mayor. He should also lose his status as a naturalized citizen, given he began associating with communists within 5 years of becoming a U.S. citizen. https://x.com/nicksortor/status/1937927665622913153
@ShabbosK: A few weeks ago, a couple of us Jewish NYC activists had a meeting with Andrew Cuomo… I was left absolutely stunned at how disinterested he was in our concerns.. I know very, very few young Jews who were *excited* to vote for Cuomo. Meanwhile, the excitement for Mamdani is incomparable. I believe Mamdani won because the establishment and communal leadership decided to coalesce around an old man who killed our grandparents during COVID and then resigned after sexually harassing a dozen women…
@WSJ: With Zohran Mamdani’s victory, Democrats were handed their latest challenge in selling themselves nationally to swing voters
@realDonaldTrump: The Democrats have crossed the line. Zohran Mamdani, a 100% Communist Lunatic, has just won the Dem Primary, and is on his way to becoming Mayor. We’ve had Radical Lefties before, but this is getting a little ridiculous. He looks TERRIBLE, his voice is grating, he’s not very smart, he’s got AOC+3, Dummies ALL, backing him, and even our Great Palestinian Senator, Cryin’ Chuck Schumer, is groveling over him. Yes, this is a big moment in the History of our Country! After years of being left out in the cold, including suffering one of the Greatest Losses in History, the 2024 Presidential Election, the Democrats should nominate Low IQ Candidate, Jasmine Crockett, for President, and AOC+3 should be, respectively, Vice President, and three High Level Members of the Cabinet – Added together with our future Communist Mayor of New York City, Zohran Mamdani, and our Country is really SCREWED!’
GOP Sen. @Eric_Schmitt: The entire Democratic Party is lining up behind an anti-American open borders socialist who wants to tear down the country that welcomed him and his family… (Top Dems’ tributes to Mamdani at link) https://x.com/Eric_Schmitt/status/1937985140380058013
@WallStreetApes: Los Angeles, California is pushing for FREE RENT for illegal families, so they don’t have to go to work and avoid ICE mass deportations. They want US Taxpayers to pay the rent of illegals “who have family who may not be able to leave their homes due to fear of kidnapping” “Major labor unions are joining forces today demanding action — asking the LA City Council to pass an emergency protection to help families who may face eviction due to the immigration raids. The unions say many families may not be able to cover rent due to a family member who may have been taken by ICE or who have family who may not be able to leave their homes due to fear of kidnapping. The groups claim Latinos make up majority of renters in the city of LA.” https://x.com/WallStreetApes/status/1937835285083230647
Keep accumulating gold or other dollar hedges! Big Blue Cities are effectively bankrupt but are staying afloat because they still can float bonds. As the adage goes, ‘they went bankrupt two ways: gradually then suddenly.’ ‘Suddenly’ appears when lenders quit lending. Big City borrowing is figuratively and literally a confidence game. Respective states will follow, though legally they cannot declare bankruptcy. PS – Chicago and LA have Marxist mayors; Gotham is next! Own gold!!!
@jimmyfailla: AOC grew up in Yorktown Heights which is a ONE HUNDRED AND EIGHTY DOLLAR cab ride from the Bronx. She spent as much time in the hood as Elizabeth Warren spent in the battle of little big horn.
AOC’s tough girl from the Bronx image is destroyed by yearbook photo from well-to-do high school “… I’m a Bronx girl. You should know that we can eat Queens boys for breakfast. Respectfully,’ AOC wrote to X in regards to the president’s Queens upbringing. But Slater escalated the debate by unveiling a yearbook photo of her as a high school freshman in the affluent suburb of Yorktown, Westchester County – a 40-minute drive from the Bronx. ‘If you’re a BX girl then why are you in my Yorktown yearbook?‘ Slater wrote on X. ‘Give it upalready.’… https://www.dailymail.co.uk/news/article-14847815/aoc-tough-bronx-image-high-school-yearbook-photo.html
@RealMacReport: AG Pam Bondi: “If you loot a building, we will charge you with robbery under the Hobbs ACT. You touch a law enforcement officer, we will identify you, we have great technology now. And those people are the ones who have really been wearing the mask and trying to cover their identities.” https://x.com/RealMacReport/status/1937918884335784271
The Hobbs Act (1951) prohibits interference with interstate commerce by robbery or extortion.
Dems and the media went post on VP Vance for facetiously calling Dem Senator Alex (Cryin’) Padia ‘Jose Padia,’ a notorious terrorist. Yet they have called Trump et al Nazis, fascists, racists, etc!
Another ‘you can’t make this up’: Dems and the media sternly warn that Iranian sleeper cells and other terrorists, which Biden allowed to illegal enter the US with their approval and strident advocacy, could harm Americans due to Trump’s bombing of Iran! @libsoftiktok: After a manhunt, Atlanta Police arrested 4 teens for allegedly ripping an LGBTQ flag. Police are reportedly considering hate crime charges. So, burning an American flag = Totally fine. Ripping a Pride Flag = Hate Crime. Make it make sense.
@WesternLensman: (Federal Judge nominee) Emil Bove shuts down Dick Durbin’s attempt to play gotcha on Trump pardons: “It’s not for me to question President Trump’s exercise of the pardon power — any more than it would be for me to question President Biden’s …pardons of drug traffickers.” https://x.com/WesternLensman/status/1937983398397800732
“Socialism only works in two places: Heaven where they don’t need it and hell where they already have it.” — Ronald Reagan
SWAMP STORIES FOR YOU TONIGHT
Wall Street Panics As Socialist Set To Take Over New York, REITs Tumble At The Idiocy Of It All
Wednesday, Jun 25, 2025 – 11:00 PM
On Wednesday morning, ground zero of global capitalism woke in a cold sweat from a nightmare that had previously made its way across the world countless times, leaving a trail of destruction in its wake… only to find out it was all too real: Wall Street will soon have a socialist mayor.
Democratic socialist Zohran Mamdani’s stunning win over former Gov. Andrew Cuomo in the New York City Democratic primary for mayor shocked Wall Street, and pretty much everyone else including those Gen Zers who voted for him, who were then shocked to learn what socialism means after googling the term.
People in New York started Googling what Socialism was after the polls closed
And with Polymarket putting the socialist’s odds of winning the final vote at 73%, Wall Street’s panic is completely justified.
As the WSJ reports, some of the world’s most influential and powerful financiers were left grasping to understand what Mamdani’s victory would mean for their industry, and whether when they would leave the city.
“It’s officially hot commie summer,” Dan Loeb, chief executive of hedge fund Third Point, and a major Cuomo backer, wrote on X.
Mamdani’s campaign was, up until a few weeks ago, a long shot. On Polymarket, which successfully predicted the outcome of the 2024 presidential election, Cuomo had odds as high as 92.5% on May 27. Negative ads against Mamdani paid for by Wall Street-funded super political-action committees, as well as also-ran candidate Whitney Tilson, himself a failed investor and now selling get rich quick scams on CNBC and anyone else who will accept his ads, blanketed airwaves and filled residents’ mailboxes.
Mamdani’s platform includes sharply increasing taxes on those making more than $1 million a year, making the city “more affordable” by freezing rents on rent-stabilized apartments, investing $70 billion in publicly subsidized housing (that’s $70 billion in other people’s money of course), providing free bus service and opening government-operated grocery stores (similar to the government operated grocery stores in 1985 USSR).
In his inimitable style, Matt Taibbi described Mamdani’s ascent as follows:
New York City’s mayoral race has been won by Zohran Mamdani, no Bernie Sanders-style imitator but the real thing — son of a famed socialist scholar and Marvel superhero to every Jacobin-reading, keffiyeh-wearing student activist huddled in Judean People’s Front-type confabs, between bell hooks readings and visits to Mom and Dad on the Upper West Side. In this country, it’s the most significant movement victory in a century, almost certainly presaging in the near future an epic clash at the summit of American politics between socialism and, well, anything else. As Michael Buffer would say, “Let’s get ready to rum-m-m-ble
Meanwhile, Cuomo’s lock on Wall Street was all but taken for granted. He had the loud backing from billionaire figures such as Bill Ackman, Loeb and former Mayor Michael Bloomberg.
In the end, it wasn’t enough and on Tuesday night, Mamdani’s win became apparent immediately after polls closed: A nine-point lead in early votes held about steady as the day-of voting results came in. Cuomo conceded before the end of the night, leaving open questions of whether he will run in the general election in November.
But while trust fund socialists like this lot were delighted at the outcome – and why not, when NYC turns into a communist shithole they can just flee to their daddy’s mansion in Florida…
Young socialists go wild while celebrating Zohran Mamdani winning the NYC Mayoral Democratic Primary.
… Wall Street quickly started to worry: “There are a lot of warning signs flashing here. The next mayor here is going to have his hands full,” said Ed Skyler, a former deputy mayor under Bloomberg, who is now an executive at Citigroup.
Some financial executives spoke to the WSJ of backing Mayor Eric Adams, who is expected to run in November election under party lines he created: “Safe&Affordable” and “EndAntiSemitism.” Financial titans had found Adams an early improvement from his predecessor Bill de Blasio.
Corporate leaders held a flurry of private phone calls to plot how to fight back against Mamdani’s primary victory and discussed backing an outside group with the goal of raising around $20 million to oppose him, according to people familiar with the matter.
The calls also discussed efforts to coalesce behind Adams and working to keep Cuomo out of the race, the people said. They also discussed trying to get Republican candidate Curtis Sliwa, to drop out by getting the White House to offer him a job in the Trump administration, the people said.
Not everyone was downbeat about the primary results, though. On CNBC, Philippe Laffont, founder of hedge fund Coatue Management, said the city would likely continue to thrive, arguing that it withstood the tenure of disgraced corrupt socialist de Blasio, who embraced Marxist policies that many in the business community opposed.
“We had Mayor de Blasio for eight years, New York is really strong, I’m hopeful the same will happen,” he said on CNBC’s “Squawk Box.” “And there’s still an election.”
Still, Mamdani’s wide support exposed how Wall Street has changed in recent decades. There were more individual donors from major banks to Mamdani than there were to Cuomo, according to city campaign-finance records where donors listed their employers. But many of them were among the increasingly large ranks of tech staff and other non-finance employees (read: foreigners). The WSJ found that three Goldman Sachs software engineers were listed as donating directly to Mamdani, for instance (most of them probably from India). Only one financier at Goldman publicly gave directly to Cuomo, according to the records.
Other bankers who quietly supported Mamdani wouldn’t talk to the Journal on the record. One tried to use a fake name.
The level of support for Cuomo among the moneyed set was so high that viral TikTok videos skewered the phenomenon in recent weeks, as Election Day neared. “You seem like such an alpha,” a woman says in one video to her fictional date with a finance bro. “So, you’re voting for Cuomo, right?”
But even with high support, Cuomo’s campaign lacked the kind of enthusiasm that rocketed Mamdani to his primary win, even among bankers and traders. “Confidence is a great trait, but it didn’t get his supporters out to vote,” Skyler said.
Wednesday, bankers and traders were trying to figure out the repercussions of a Mamdani mayoralty, should he win the general election.
Some voiced concern about Mamdani’s plan to freeze the rent of millions of New Yorkers who live in rent stabilized apartments, saying it would deter new investment in housing, reduce supply and push up prices for everyone else.
“I can’t believe I even need to say this, but socialism doesn’t work,” said Anthony Pompliano, CEO of Professional Capital Management, a bitcoin-focused financial services company. “It has failed in every American city it was tried.”
Then, there were renewed questions about whether the recent exodus from Wall Street to other states such as Florida and Texas would accelerate under Mamdani. Some executives cited concerns about taxes and crime under a potential Mamdani administration. Sander Gerber, chief executive of investment firm Hudson Bay Capital, said he fielded texts from some of his 170 employees who said they were “thinking of leaving.”
In a midday note from Goldman’s trading desk, the bank noted that its NYC Office REITs basket tumbled 430bps amid the “big focus on the back of 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.”
Some developers and landlords said they are already making plans to exit New York and focus on more business-friendly markets like Miami, Dallas or Nashville.
“I’m depressed and sad,” said Ricky Sandler, who runs Eminence Capital, a Midtown Manhattan hedge fund, which employs 55 people. “If Mamdani becomes mayor, I will likely move my business and family out of New York.”
Last but not least, this tweet from Tyler Winklevoss lays it out best: it’s time to let New York burn.
HAPPENING NOW: Active shooter with possible police office down or killed in @santamonicacity California, just 4 blocks from the beach in prime …READ THE FULL REPORT
harveyorganblog.com 
