JULY 7/GOLD CLOSED UP $0.50 TO $3333.10 BUT SILVER WENT THE OTHER WAY DOWN $0.14 TO $36.86//PLATINUM WAS DOWN $10.45 TO $1370.75 WITH PALLADIUM DOWN $38.10 TO $1109.90//TRUMP SENDS LETTER TO JAPAN AND SOUTH KOREA NOTIFYING THEM OF AN ADDITIONAL 25% TARIFF ON GOODS SHIPPED TO THE USA//SEEMS THAT FRANCE IS HAVING BIG TROUBLES FINANCIALLY WITH THEIR HUGE DEBT WITH GERMANY HAVING A MAJOR PENSION PROBLEM//ISRAEL VS IRAN/ISRAEL VS HAMAS: POTENTIAL CEASEFIRE DEAL/HOUTHIS FIRE A MISSILE AT TEL AVIV AND THEY RESPOND IN KIND WHACKING THEIR PORTS AND RADAR SYSTEMS ON THEIR SHIPS//RUSSIA VS UKRAINE UPDATES//COVID UPDATES/VACCINE INJURY REPORTS/MARK CRISPIN MILLER/DR PAUL ALEXANDER/NEWS ADDICTS/NEWSWIZE EVOL NEWS//CANADA REPORTS A BIG HIT IN THE MANUFACTURING SECTOR DUE TO TARIFFS// HUGE PROTESTS IN MEXICO CITY OVER THE WEEKEND//VICTOR DAVIS HANSON COMMENTARY/SWAMP STORIES FOR YOU TONIGHT///
118 C MACQUARIE FUTURES US 7 332 H STANDARD CHARTERED B 1 661 C JP MORGAN SECURITIES 2 686 C STONEX FINANCIAL INC 4 737 C ADVANTAGE FUTURES 6
TOTAL: 10 10 MONTH TO DATE: 6,469
JPMORGAN STOPPED 3/10
JULY
GOLD: NUMBER OF NOTICES FILED FOR JULY/2024: 10 CONTRACTs NOTICES FOR 1000 OZ or 0.0311 TONNES
total notices so far: 6469 contracts for 646,900 OR 20.121 tonnes)
FOR JULY
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SILVER NOTICES: 477 NOTICE(S) FILED FOR 2.385 million OZ/
total number of notices filed so far this month : 6586 CONTRACTS (NOTICES) for 32.930 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 $0.50 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 947.66 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $0.14 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: /// A DEPOSIT OF 0.727 MILLION OZ INTO THE SLV//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 478.040 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 1957 CONTRACTS TO 166,161 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS STRONG SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR GAIN OF $0.34 IN SILVER PRICING AT THE COMEX WITH RESPECT TO THURSDAY’S TRADING. WE FINALLY HAVE THE PIERCING OF $34.40 TO 34.50 SILVER PRICE BARRIER. WE HAD A HUGE SIZED GAIN OF 2097 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A SMALL 140 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD ZERO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO THURSDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON THURSDAY WITH SILVER’S GAIN IN PRICE. THE PRICE FINISHED MILES ABOVE THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE CLOSING AT $36.86 . WE HAVE A HUGE T.A.S. ISSUANCE AT 871 CONTRACTS ISSUED BY THE CME AND THAT STILL SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING WELL ABOVE THE 34.40 DOLLAR MARK!!. THE NEXT LINE IN THE SAND IS THE ORIGINAL HIGH POINT OF 50.00 DOLLAR SILVER. WE HAD A SMALL 140 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 871 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TODAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A HUGE SIZED 2097 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.34.
EXCHANGE FOR RISK ISSUANCE FOR SILVER/MAY
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.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT/FRIDAY MORNING: A MEGA HUGE 871 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 $0.34) AND WERE UNSUCCESSFUL IN KNOCKING OF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN OF 2097 CONTRACTS ON OUR TWO EXCHANGES
WE HAD A 140 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 34.730 MILLION OZ PLUS TODAY’S HUGE QUEUE JUMP OF 2.130 OZ//NEW STANDING ADVANCES TO 35.105 MILLION OZ
THUS:
INITIAL STANDING FOR JULY: 35.106 MILLION OZ
WE HAD:
/ HUGE COMEX OI GAIN+// A 140 SIZED EFP ISSUANCE (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 871 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 59 CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JUNE. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JULY
TOTAL CONTRACTS for 4 DAY(S), total 1711 contracts: OR 8.555 MILLION OZ (427 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 8.555 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: 81.065 MILLION OZ
JULY: 8.555 MILLION OZ
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RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1957 CONTRACTS WITH OUR GAIN IN PRICE OF $0.34 IN SILVER PRICING AT THE COMEX// THURSDAY.,. . THE CME NOTIFIED US THAT WE HAD A SMALL 140 CONTRACT EFP ISSUANCE CONTRACTS: 140 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 4 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 JUNE: FINAL 16.995 MILLION OZ
AND JULY: 37.830 MILLION OZ//
THE NEW TAS ISSUANCE THURSDAY NIGHT (871 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE THURSDAY’S TRADING AND BEYOND!
WE HAD 477 NOTICE(S) FILED TODAY FOR 2.385 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2084 OI CONTRACTS TO 440,793 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE A LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE 3127 CONTRACTS //.
WE HAD A FAIR SIZED INCREASE IN COMEX OI (2084 CONTRACTS) . THIS OCCURRED WITH OUR LOSS OF $15.40 IN PRICE// THURSDAY///.
LAST THREE 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: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 0.6936 TONNES QUEUE JUMP = 21.042 TONNES STANDING
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 414 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 440,793 /NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!
SILVER ALSO HAS A LOW COMEX OI OF 166,161 CONTRACTS BUT GAINING RAPIDLY!!
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2784 CONTRACTS WITH 2084 CONTRACTS INCREASED AT THE COMEX// AND A SMALL SIZED 700 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2784 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1026 CONTRACTS
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(700) ACCOMPANYING THE FAIR SIZED INCREASE IN COMEX OI OF 2084 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 2784 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING FOR GOLD FOR JULY AT 17.947 TONNES COUPLED WITH TODAY’S 0.6936 TONNES QUEUE JUMP//STANDING ADVANCES TO 21.042 TONNES.
NEW STANDING FOR GOLD, JULY CONTRACT AT 21.041 TONNES OF GOLD.
.
/ 3) ZERO T.A.S. LIQUIDATION AS DESPITE HAVING 1)A $15.40 COMEX PRICE LOSS. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH THE LOSS IN PRICE AS WE HAD A FAIR GAIN OF 2784 CONTRACTS ON OUR TWO EXCHANGES COUPLED WITH ZERO LIQUIDATION OF OUR SPREADERS // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED THURSDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD FOR MAY BUT SMALLER FOR JUNE!
4) FAIR SIZED COMEX OI GAIN// 5) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (700 CONTRACTS)/// FAIR T.A.S. ISSUANCE: 1026 T.A.S.CONTRACTS//
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JULY :
TOTAL EFP CONTRACTS ISSUED: 2104 CONTRACTS OR 210,400 OZ OR 6.544 TONNES IN 4 TRADING DAY(S) AND THUS AVERAGING: 526 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN4 TRADING DAY(S) IN TONNES 6.544TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 6.544 TONNES DIVIDED BY 3550 x 100% TONNES = 0.183% 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: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 6.544 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A HUGE SIZED 1957 CONTRACTS OI TO 166,161 AND CLOSER TO 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 140 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 140 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 140 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 2016 CONTRACTS AND ADD TO THE 140 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 2097 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.34 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 10.780 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
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED UP 0.81 PTS OR 0.02%
//Hang Seng CLOSED DOWN 28.23 PTS OR 0.12%
// Nikkei CLOSED DOWN 223.20 PTS OR 0.56% //Australia’s all ordinaries CLOSED DOWN 0.16%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1723 OFFSHORE CLOSED DOWN AT 7.1770/ Oil UP TO 66.99 dollars per barrel for WTI and BRENT UP TO 68.67 Stocks in Europe OPENED MOSTLY ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN TRADING AT 7.1723 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1770 AGAINST US DOLLAR/ AND THUS WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 2084 CONTRACTS TO A STILL LOW NUMBER OF 440,793 OI DESPITE OUR LOSS IN PRICE OF $15.40 WITH RESPECT TO THURSDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A SMALL NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (700 ). WE HAD SOME T.A.S. LIQUIDATION //THURSDAY TRADING.
THE CME ANNOUNCED THURSDAY NIGHT, A ZERO EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 0 OZ OR NIL TONNES.
HISTORY: LAST SIX MONTH’S EXCHANGE FOR RISK
IN FEBRUARY:
WE HAD A HUGE FIVE EXCHANGE FOR RISKS ISSUANCES FOR GOLD, TOTALLING 18.4527 TONNES!.
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 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
jULY 0
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)
DETAILS ON JULY COMEX MONTH//INITIAL
IN TOTAL WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 2784 CONTRACTS DESPITE OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON WEDNESDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID VERY EARLY IN THE COMEX SESSION AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE IN JANUARY 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 JUNE AND NOW JULY CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS FAIR AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 2097 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 , FINAL STANDING WAS RECORDED AT 93.085 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.
HOWEVER JULY IS HUGE FOR A NON DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS TODAY’S STRONG QUEUE JUMP OF 0.6936 TONNES QUEUE JUMP = 21.042 TONNES OF GOLD
NEW TOTAL TONNES STANDING JULY: 21.042 TONNES
THE FED IS THE OTHER MAJOR SHORT OF AROUND 10+ 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 229 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) IS NOW COMPLIANT EFFECTIVE 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 700 EFP CONTRACT WAS ISSUED: : /AUGUST 700 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 700 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. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE OCC HEADQUARTERED IN BOTH LONDON AND WASHINGTON.
WE HAD :
ZERO LIQUIDATION OF OUR T.A.S. SPREADERS//
ZERO NET SPEC LIQUIDATION WITH OUR HUGE GAIN IN PRICE
T.A.S.SPREADER ISSUANCE
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY MORNING//THURSDAY NIGHT WAS A FAIR SIZED, 1026 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 TRADING;
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 FOR GOLD LAST 7 MONTHS OF 2025:
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: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0.6936 QUEUE JUMP = 21.042 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (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
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COMEX GOLD TRADING/JULY CONTRACT MONTH
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $15.40/ /) BUT THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A STROING SIZED GAIN IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD LITTLE T.A.S. SPREADER LIQUIDATION ////THURSDAY. THE BANKERS ARE QUITE NERVOUS ABOUT BASEL III WITH ITS IMPLEMENTATION COMMENCING YESTERDAY. THEY ARE VERY CONCERNED WITH THEIR HIGH AMOUNT OF DERIVATIVES LOSSES ON THEIR BOOKS
FRIDAY MORNING//THURSDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /JULY 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 OF APRIL//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 JULY DELIVERY MONTH GOING FROM FIRST DAY NOTICE// JULY COMEX CONTRACT
WE HAVE GAINED A STRONG SIZED TOTAL OF 8.659 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JULY FIRST RECORDED AT 17.947 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S STRONG QUEUE JUMP OF 22300 OZ OR 0.6936 TONNES OF GOLD//NEW STANDING ADVANCES TO 21.042 TONNES
ALL OF THIS QUITE GOOD STANDING FOR JULY WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE TO THE TUNE OF $15.40
WE HAD A HUGE 3127 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET GAIN ON THE TWO EXCHANGES 278400 CONTRACTS OR 278,400 0Z (8.659 TONNES)
Total monthly oz gold served (contracts) so far this month
6469 notices 646900 oz 20.121 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 0 customer entry
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customer withdrawal
2 ENTRIES
i) Out of JPMorgan: 15,818.262 OZ (492 KILOBARS)
ii) Out of Brinks 52,663.338 oz (1638 kilobares)
total withdrawal 68,481.630 oz 2134 kilobars
adjustments: 0
AMOUNT OF GOLD STANDING FOR JUNE
THE FRONT MONTH OF JULY STANDS AT 306 CONTRACTS FOR A LOSS OF 558 CONTRACTS. ON THURSDAY WE HAD 781 NOTICES FILED SO WE GAINED A STRONG 223 CONTRACTS OR 22,300 OZ (0.6936 TONNES) ENTERTAINED WITH A QUEUE JUMP WHERE THESE BOYS DEMANDED PHYSICAL DELIVERY OVER ON THIS SIDE OF POND UPON EXERCISING AN EFP THROUGH LONDON. THIS IS CENTRAL BANKERS DEMANDING PHYSICAL GOLD
AUGUST LOST 3129 CONTRACTS DOWN TO 311,717
SEPT GAINED 60 CONTRACTS TO 1287
We had 10 contracts filed for today representing 1000 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 10 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 3 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for JULY /2025. contract month, we take the total number of notices filed so far for the month (6469 X 100 oz ) to which we add the difference between the open interest for the front month of JULY (306 CONTRACTS) minus the number of notices served upon today (10 x 100 oz per contract) equals 674500 OZ OR 21.042 TONNES to which we add 0 tonnes of gold issued under exchange for risk// total standing 21.042 tonnes
thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (6469 x 100 oz +we add the difference for front month of JULY (306 OI} minus the number of notices served upon today (10 x 100 oz) which equals 674,500 OZ OR 21.042 TONNES + 0 tonnes EX FOR RISK = 21.042 tonnes
TOTAL COMEX GOLD STANDING FOR JULY.: 21.042 TONNES WHICH IS VERY STRONG FOR THIS NORMALLY NON ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
i) Out of JPMorgan 972,043.100 ooz ii) Out of Loomis 600,836.550 oz
total withdrawal 1,572,879.550 oz
ADJUSTMENTs 0
TOTAL REGISTERED SILVER: 192.681 MILLION OZ//.TOTAL REG + ELIGIBLE. 498.306 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE
silver open interest data:
FRONT MONTH OF JULY /2025 OI: 1466 OPEN INTEREST CONTRACTS FOR A GAIN OF 239 CONTRACTS. WE HAD 196 CONTRACTS SERVED UPON THURSDAY SO WE GAINED 426 CONTRACTS OR 2.175 MILLION OZ ENTERTAINED A MASSIVE QUEUE JUMP WHERE THESE BOYS DECIDED TO TAKE DELIVERY OVER ON THIS SIDE OF THE POND.
AUGUST GAINED 51 CONTRACTS TO 2451
SEPTEMBER GAINED 779 CONTRACTS UP TO 132,552 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 477 or 2.385 oz
CONFIRMED volume; ON THURSDAY 60,640 small//
AND NOW JULY DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JULY. we take the total number of notices filed for the month so far at 6586 X5,000 oz = 32.930 MILLION oz
to which we add the difference between the open interest for the front month of JULY (1466) AND the number of notices served upon today (477 )x (5000 oz)
Thus the standings for silver for the JULY 2025 contract month: (6586) Notices served so far) x 5000 oz + OI for the front month of JULY(1466) minus number of notices served upon today (477)x 5000 oz equals silver standing for the JULY contract month equating to 35.105 MILLION OZ .
New total standing: 35.105 million oz which is huge for this active delivery month of JULY.
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 192.681 million oz of registered silver
JPMorgan as a percentage of total silver: 214.173/498.306 million. 42.88%
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
JULY 3 WITH GOLD UP $0.50 TODAY// NO CHANGES IN GOLD AT THE GLD //: /// ///INVENTORY RESTS AT 947.66 TONNES/
JULY 3 WITH GOLD DOWN $15.40 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.57 TONNES OF GOLD OUT OF THE GLD //: /// ///INVENTORY RESTS AT 947.66 TONNES/
JULY 2 WITH GOLD UP $8.95 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 4.30 TONNES OF GOLD OUT OF THE GLD //: /// ///INVENTORY RESTS AT 948.23 TONNES/
JULY 1 WITH GOLD UP $43.85 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 2.29 TONNES OF GOLD OUT OF THE GLD //: /// ///INVENTORY RESTS AT 952.53 TONNES/
JUNE 30 WITH GOLD UP $20.00 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.43 TONNES OF GOLD INOT THE GLD //: /// ///INVENTORY RESTS AT 954.82 TONNES/
JUNE 27 WITH GOLD DOWN $58.50 TODAY// NO CHANGES IN GOLD AT THE GLD //: /// ///INVENTORY RESTS AT 953.39 TONNES/
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
GLD INVENTORY: 947.66 TONNES, TONIGHTS TOTAL
SILVER
JULY 7 WITH SILVER DOWN $0.14/ HUGE CHANGES AT THE SLV A DEPOST OF 0.727 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 477.313 MILLION OZ.//
JULY 3 WITH SILVER UP $0.34/ HUGE CHANGES AT THE SLV A WITHDRAWAL OF 0.917 MILLION OZ IOUT OF THE SLV//:.////INVENTORY RESTS AT 477.313 MILLION OZ.//
JULY 2 WITH SILVER UP $0.36/ HUGE CHANGES AT THE SLV A DEPOSIT OF 1.363 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 478.049 MILLION OZ.//
JULY 1 WITH SILVER UP $0.21/ HUGE CHANGES AT THE SLVA WITHDRAWAL OF 1.272 MILLION OZ FROM THE SLV//:.////INVENTORY RESTS AT 476,686 MILLION OZ.//
JUNE 30 WITH SILVER DOWN $0.20/ NO CHANGES AT THE SLV:.////INVENTORY RESTS AT 477.958 MILLION OZ.//
JUNE 27 WITH SILVER DOWN $0.53/ HUGE CHANGES AT THE SLV:. A WITHDRAWAL OF 1.636 MILLION OZ IOUT OF THE SLV..////INVENTORY RESTS AT 477.958 MILLION OZ.//
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
It’s been a spectacular 2025 for precious metals so far. Will it continue into H2? With fiat currencies losing credibility, the answer is a resounding YES
In quiet trading during a week foreshortened by US Independence Day, gold has held up well, while silver has been squeezed higher. In European trading this morning, gold was $4,340, up $65 from last Friday’s close and silver at $36.80 was up 86 cents.
Monday was the last trading session of the first half of this calendar year, and precious metals have beaten the socks off all other investment categories. Platinum is up 47%, palladium 24%, gold 23%, and silver 22.7%. Even copper previously recognised as monetary in coinage was up 21%.
On behalf of their clients, portfolio managers hold almost none of these categories or their derivatives. Their mindsets are stuck in Nasdaq, up 6%, the S&P up 4%, and the 30-year T-bond up 1%. On these numbers, no one appears to be complaining to their managers —yet.
But there is a silent cohort which is losing big money: foreign investors who own nearly $40 trillion invested in dollar-denominated deposits and underlying financial assets. The dollar’s trade weighted index has declined a net 10.7% since 1 January, wiping out modest gains in equities and bonds. The TWI’s chart is shown next:
For now, against other currencies the dollar appears to be in free-fall. And it is no comfort to foreigners that President Trump is racking up more debt and calling for a lower dollar and lower interest rates. Foreigners will increasingly realise the prospect of currency losses is wiping out the value of underlying financial investments. The prospect of a dollar cascading lower is highly likely when $40 trillion seeks an exit.
Not that other currencies are in a better position, demonstrated in the UK this week. Starmer’s government failed to force through some relatively minor changes to welfare costs, alerting everyone to the political impossibility of reducing spending at a time when tax revenues are falling short due to the unarguable calculus of the Laffer curve. The top 1% of UK earners pay 30% of all income tax receipts and thanks to the chancellor’s first budget, these milk cows are leaving in droves.
This is the developing background for gold and silver for the rest of the year. Gold is on an unstoppable tear:
The price has found solid support in the region of the 55-day moving average. Importantly, the long-term 12-month MA is gaining upward momentum, which is immensely bullish limiting any price consolidation.
Comex open interest is still remarkably low, confirming that the gold price is running away without speculative interest. This is next:
It is further confirmation of investor indifference. Just imagine what happens when investors realise that they are missing the best game in town.
When they do, they will probably buy silver on the basis that gold has already risen but silver has been left behind, with a gold/silver ratio still over 90. That being the case, silver’s surge is in its infancy:
Again, we see moving average momentum accelerating in a commodity which has been in supply deficit for several years. Silver is a more restricted market than gold and therefore more volatile.
It is not so much gold, silver, and other metal prices rising bullishly, but led by the dollar fiat currencies are rapidly losing purchasing power. Evidence is mounting that the fiat currency era is coming to an end.
Central banks realise this, which is why they are scrambling to secure bullion in place of dollars in their reserves. National wealth funds and wealthy Chinese and Indian families are also buying. In the first half of this year, stand-for-deliveries on Comex’s main gold contract totalled over 24 million ounces (746.5 tonnes), a rate that’s accelerating from H2 2024’s 649 tonnes. Comex has become a source of supply for foreign buyers of gold bullion.
Silver’s stand-for-deliveries in H1 2025 were over 250 million ounces at 7,786 tonnes. Much if this demand is likely to be commercial. Nevertheless, it will put a squeeze on markets desperate for physical liquidity.
END
PETER REAGAN
3/ CHRIS POWELL AND GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 230
WITH CRAIG HEMKE
5. COMMODITY REPORT…PLATINUM
ASIAN MARKETS THIS THURSDAY MORNING:
SHANGHAI CLOSED UP 0.81 PTS OR 0.02%
//Hang Seng CLOSED DOWN 28.23 PTS OR 0.12%
// Nikkei CLOSED DOWN 223.20 PTS OR 0.56% //Australia’s all ordinaries CLOSED DOWN 0.16%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1723 OFFSHORE CLOSED DOWN AT 7.1770/ Oil UP TO 66.99 dollars per barrel for WTI and BRENT UP TO 68.67 Stocks in Europe OPENED MOSTLY ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN TRADING AT 7.1723 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1770 AGAINST US DOLLAR/ AND THUS WEAKER
END
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YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.1723 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: DOWN TO 7.1770 (CCP MANIPULATED)
SHANGHAI CLOSED UP 0.81 PTS OR 0.02%
HANG SENG CLOSED DOWN 28.23 PTS OR .12%
2. Nikkei closed DOWN 223.20 PTS OR 0.56%
3. Europe stocks SO FAR: MOSTLLY ALL GREEN
USA dollar INDEX UP TO 97.05/ EURO FALLS TO 1.1727 DOWN 31 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.4730//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 145.43…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and 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 +2.5800/Italian 10 Yr bond yield UP to 3.493 SPAIN 10 YR BOND YIELD UP TO 3.234%
3i Greek 10 year bond yield UP TO 3.329
3j Gold at $3302.20 Silver at: 36.30 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 1 /100 roubles/dollar; ROUBLE AT 78.34
3m oil (WTI) into the 66 dollar handle for WTI and 68 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 145.43// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.4730% 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 0.7977 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9350 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: 4.357 UP 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.857 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.874 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 39.99
10 YR UK BOND YIELD: 4.550 UP 1 PTS
10 YR CANADA BOND YIELD: 3.374 UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.927 UP 1 PTS
2a New York OPENING REPORT
Futures Drop Ahead Of July 9 Tariff Deadline
Monday, Jul 07, 2025 – 08:27 AM
US equity futures are weaker with investors on edge about the potential for more tariffs from the Trump administration as we head into the July 9 deadline which appears to have been rolled to Aug 1. As of 8:15am ET, S&P 500 contracts declined 0.2% although well off session lows after Treasury Secretary Bessent indicated that some countries may get a three-week extension to trade negotiations. Nasdaq 100 futures dipped 0.4% with small caps underperforming but tech is being dragged by TSLA sliding 6% after Elon Musk announced he will form a new political party. Apple (-1.0%) after phone shipments from China in May were down 9.7% Y/Y for the tranche that includes iPhones. Semis/Cyclicals under pressure. Trump said either a deal will be done, or a country will get a letter on Monday with 12 letters set to be sent today. Additionally, the president said late on Sunday that Anyone aligning with BRICS “Anti-American” stance is subject to an additional 10% tariff. Oil was flat, rebounding from session lows after OPEC+ did another supply hike, this time for 548k bpd. Yield curve is twisting steeper, USD stronger, and cmdtys declining (Ags, metals). This is a light macro data week into next week’s CPI and kick off to earnings season.
In premarket trading, Mag7 stocks were mixed: Tesla was the biggest drag among Magnificent 7 stocks, falling 6%, as President Donald Trump slams Elon Musk’s bid to form a new political party (Microsoft +0.1%, Amazon +0.09%, Meta Platforms -0.3%, Apple -0.5%, Alphabet -0.5%, Nvidia -0.7%).
Apogee Therapeutics (APGE) gains 20% after saying the Phase 2 Apex part A trial of APG777 in patients with moderate-to-severe atopic dermatitis met all primary and key secondary endpoints.
Cogent Biosciences (COGT) rises 23% after announcing positive top-line results from the Summit trial of bezuclastinib in patients with non-advanced systemic mastocytosis.
CrowdStrike Holdings (CRWD) slides 1.8% in premarket trading as Piper Sandler cut the software company to neutral from overweight after it surpassed the investment bank’s price target.
Goldman Sachs initiates coverage of MGM Resorts International (MGM -1.8%) with a recommendation of sell due to a volatile Las Vegas market, while Caesars Entertainment (CZR -0.5%) gets a buy rating.
Geo Group (GEO) gains 6% and CoreCivic (CXW) climbs 4% after the Senate and House of Representatives approved Donald Trump’s tax and spending bill that will add billions of dollars for immigrant detention centers.
MGM Resorts International (MGM) slips 1.8% after Goldman Sachs initiates coverage of with a recommendation of sell due to a volatile Las Vegas market.
Progressive Corp. (PGR) declines 1% after Morgan Stanley cut its recommendation on the insurance company to equal-weight as competition increases.
Shoals Technologies Group (SHLS) rises 4.7% after Jefferies upgraded its recommendation on the renewable energy equipment company to buy, saying President Donald Trump’s tax-and-spend legislation will spur short-term activity in solar.
WNS Holdings Ltd. (WNS) soars 14% after France’s Capgemini SE plans to acquire IT outsourcing company for $3.3 billion in cash.
Trade tensions are back on investors’ radar, with Trump pledging to impose unilateral rates on dozens of countries in the coming days. US officials have signaled Aug. 1 as the start date for higher levies, while Treasury Secretary Scott Bessent indicated some countries may be offered a three-week extension. The deadline “will create near-term uncertainty,” noted Mohit Kumar, chief European strategist at Jefferies International. “But the letters are meant as an incentive for other countries to agree to come to a deal quickly. Any dips in risky assets should be used as a buying opportunity.”
The dollar rose 0.4%, putting the greenback on course for its biggest advance in three weeks on growing trade fears. Emerging-market currencies fell, with the South African rand sliding 1%, after US President Donald Trump warned he would add extra tariffs on any country that aligns with “the Anti-American policies of BRICS.”
European stocks gained with the Stoxx 600 climbs 0.2% with insurance, travel and financial services as the strongest-performing sectors. DAX outperforms peers, adding 0.6%. Shell and Capgemini are the day’s most notable movers, the former falling on a second-quarter update while the latter retreats after announcing it will acquire US firm WNS. Here are the biggest movers Monday:
Swissquote shares increase as much as 6.4%, the most since April 10, after the Swiss financial services company bought out partner PostFinance and took complete control of digital finance app Yuh
Bilfinger rises as much as 5.6% after analysts at Bankhaus Metzler raised their price target on the industrial services business to a new Street-high, arguing it has stronger pricing power than previously thought
European shipping companies are outperforming on Monday after Israel launched airstrikes on Houthi-controlled ports in Yemen, raising the prospect of higher freight rates if shippers avoid the Red Sea
Shell shares fall as much as 3.2% after the oil giant’s second-quarter update pointed to a weaker performance than anticipated, which is set to hit earnings expectations, according to analysts
Capgemini shares fall as much as 4.4% to the lowest since April 30 after the French IT firm said it will acquire business process management company WNS Holdings for $3.3b in cash
Stellantis falls as much as 3.3% as Bank of America cuts the automaker to neutral from buy, with the broker expecting to see a “very weak” first-half report on July 29, as well as bad positioning in Europe
Currys drops as much as 7.2% after RBC downgrades to hold, saying the UK consumer-electronics retailer’s valuation is “more reasonable now” after strong gains for the shares since late 2023
Pandora shares fall as much as 2.3% after the Danish jeweler is downgraded to hold at HSBC, which cites a lack of short-term positive catalysts; Broker also cuts price target to DKK1,250 from DKK1,450
Pantheon Resources shares drop as much as 12% after the oil and gas producer raised cash through a placing and subscription priced at a discount to Friday’s close
Krones shares fall as much as 5.7%, the most since April, after Oddo BHF downgraded the German manufacturer of packaging and bottling machines to neutral from outperform
European medical technology stocks pare drop, with Philips reversing declines, after China hit back at the European Union’s restrictions on its medical device makers. Analysts see limited impact from the curbs
Earlier in the session, Asian stocks fell as investors remained on edge ahead of the deadline for President Donald Trump’s pause on reciprocal tariffs, even after the administration hinted at possible extensions. The MSCI Asia Pacific Index dropped as much as 0.8%, the most in two weeks, with TSMC and Samsung Electronics among the biggest drags. Benchmarks in Taiwan and Japan underperformed. Stocks dropped in Malaysia and Thailand after news that the US plans to restrict shipments of AI chips to these nations. Trump’s latest threat to charge an additional 10% tariff on any country aligning themselves with “the Anti-American policies of BRICS” caused further uncertainty Monday. Still, investors are waiting to see what actually happens. “Reactions are often short-lived, especially as he usually fails to deliver on his threats,” said Vey-Sern Ling, a managing director at Union Bancaire Privee.
Japan’s 30-year yield surged 10 basis points to 2.96% on concerns that the outcome of this month’s upper house election may result in bigger fiscal spending. US Treasuries were little changed, with the 10-year yield at 4.35%
“Treasuries are starting to find their footing a bit, but the problem is if the tariff impact on inflation comes back and the Fed needs to back-pedal, at least temporarily, I think Treasuries, unfortunately, are also a bit vulnerable,” Christian Mueller-Glissman, head of asset allocation research at Goldman Sachs Group Inc., told Bloomberg TV.
In FX, the dollar extends gains, outperforming most of its G-10 peers in anticipation of US tariff letters from today. EM currencies slump, with the South African rand and Indian rupee among the session’s laggards after President Trump said any country aligning with BRICS’ “Anti-American policies” would face an additional 10% tariff.
In rates, treasuries are mixed with the yield curve steeper after US officials signaled that trading partners will have until Aug 1 before tariffs kick in, about three weeks beyond their July 9 deadline to reach agreements. Bonds are relatively muted versus other assets, with slight outperformance seen in gilts across the curve compared to Treasuries and bunds. Front-end yields are about 1bp richer on the day with long-end tenors cheaper by ~2bp, steepening 2s10s and 5s30s spreads by 2bp-3bp. 10-year near 4.3576% is 1bp higher, outperforming German counterpart by 1bp and lagging UK by 1bp. Japan’s 30-year yield surged 10 basis points to 2.96% on concerns that the outcome of this month’s upper house election may result in bigger fiscal spending. US Treasuries were little changed, with the 10-year yield at 4.35%. Treasury auction calendar resumes Tuesday with $58 billion 3-year notes, followed by $39 billion 10-year notes and $22 billion 30-year bonds Wednesday and Thursday.
In commodities, Brent crude futures erase losses, trading up 0.3% to above $68/bbl even after OPEC+ agreed to a bigger-than-expected production increase next month. Spot gold fell $28 to trade near $3,309/oz.
“OPEC’s production pivot, after years of cutting output, is a sign that they remain confident over demand,” wrote Kathleen Brooks, research director at XTB. “This is good news for inflation across the world.”
Looking at today’s calendar, the US economic data slate is empty for Monday. Fed speaker slate also blank, with Musalem and Daly schedule later in the week
Market Snapshot
S&P 500 mini -0.2%
Nasdaq 100 mini -0.4%
Russell 2000 mini -0.3%
Stoxx Europe 600 +0.2%
DAX +0.5%
CAC 40 little changed
10-year Treasury yield +1 basis point at 4.35%
VIX +0.4 points at 17.83
Bloomberg Dollar Index +0.5% at 1196.42
euro -0.4% at $1.1727
WTI crude -0.3% at $66.8/barrel
Top Overnight News
Trump has warned that any country embracing the “anti-American policies” of the Brics bloc of nations will face an extra 10% tariff on exports, in a new threat at the start of a pivotal week for Trump’s trade war. FT
TSLA -6.7% in the pre mkt after Elon Musk said he formed a new “America Party” and hinted it may back a presidential candidate, as well as noted that increasing the deficit from USD 2tln under Biden to USD 2.5tln is insane and will bankrupt the US. Trump derided the effort, calling it “ridiculous.” BBG
Tariffs will revert back to their April 2 rates on Aug. 1 for countries that fail to nail down new trade deals with the United States, Treasury Secretary Scott Bessent said Sunday. The announcement pushes back on the original deadline of July 9. Politico
Trump will have dinner with Benjamin Netanyahu at the White House as he seeks to put Israel and Hamas on a path toward ending the war in Gaza this week. Indirect talks between the two sides started in Qatar, the AFP reported. BBG
Trump’s administration plans to restrict shipments of AI chips from the likes of Nvidia Corp. to Malaysia and Thailand, part of an effort to crack down on suspected semiconductor smuggling into China. BBG
EU-China tensions ramped up. Beijing said it will exclude EU-based companies from Chinese government procurement for certain medical devices, while France’s Finance Minister urged tariff barriers to counter Chinese imports. BBG
China is reviewing and approving applications for exports of controlled items to the U.S., as Beijing and Washington speed up the implementation of their trade framework, the Chinese commerce ministry said. American officials have informed China that they are lifting a series of restrictive trade measures, a ministry spokesperson said Friday. WSJ
Japanese real wages in May fell at the fastest pace in nearly two years as persistent inflation continued to outpace wage growth and hinder consumption-led growth in the world’s fourth-largest economy, government data showed on Monday. RTRS
German industrial production unexpectedly rose 1.2% in May from a month earlier, suggesting companies rushed production before potentially much higher tariffs on exports to the US. BBG
Corporate News
President Donald Trump blasted Elon Musk’s bid to start a new political party, intensifying a feud between former allies and deepening investors’ concerns about implications for Tesla Inc. and other companies led by the world’s richest man.
France’s Capgemini SE plans to acquire IT outsourcing firm WNS Holdings Ltd. for $3.3 billion, beating rival suitors to a deal aimed at expanding its AI operations.
Apple Inc. appealed a €500 million ($580 million) fine from the European Union, calling the penalty “unprecedented” and the regulator’s required changes to its App Store as “unlawful.”
Shell Plc said its second-quarter trading results in both gas and oil will be significantly lower than the previous three months, in an indication of how major energy companies have navigated recent market volatility.
Nissan Motor Co. plans to sell about $5 billion in debt to help fund Chief Executive Officer Ivan Espinosa’s turnaround of the ailing automaker, part of a broader financing initiative to keep operations on track.
Billionaire Richard Li’s FWD Group Holdings Ltd. rose in its trading debut in Hong Kong after raising HK$3.5 billion ($442 million) in an initial public offering.
Tariffs/Trade
Trump said trade letters are signed and are going out on Monday addressed to 12 countries but declined to say which countries or the different tariff levels involved. Trump later commented that they will have a deal or letter with most nations done by July 9th and could send out 12 or 15 letters on tariffs on Monday.
Trump posted “I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th”
Trump posted “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy.”
Bessent said Trump will send letters to trading partners notifying them if no deal is reached, they will revert to April 2nd tariff levels with the tariffs to take effect on August 1st, while Bessent added that they are close to several deals and expect to see some big announcements in the next days. Furthermore, Bessent said 100 smaller countries will get set a tariff rate and many never even contacted the US.
Russian President Putin told BRICS through a video link that it is important to enhance cooperation at BRICS and the usage of national currencies, while he commented that the liberal globalisation model is becoming obsolete.
White House Economic Adviser Hassett said it is possible that some trade negotiations will push past the deadline, while he added that trade deals with the UK and Vietnam provide guidelines for additional agreements with other countries, according to a CBS interview.
EU diplomats said on Friday that EU negotiators failed to achieve a breakthrough in US trade talks and negotiations to continue into the weekend, while EU negotiators were looking to secure a US tariff pause extension if no wider trade deal is agreed. It was also separately reported that the US threatened the EU with a 17% tariff on food exports, according to FT.
Japan’s tariff negotiator Akazawa held in-depth phone talks with US Commerce Secretary Lutnick on Thursday and Saturday, according to Japan’s government.
Japanese automakers are reportedly exploring all options to help reduce trade imbalances with the US, via Nikkei; one idea is Toyota Motor (7203 JT) importing cars made in the US back to Japan.
China retaliated against the EU ban regarding public tenders for medical devices by imposing import restrictions on medical devices. China’s Finance Ministry said it is to exclude imports of medical devices exceeding CNY 45mln from the European Union from July 6th, while imports of medical devices from non-EU countries should not contain EU-made components worth more than 50% of the contract value.
India and the US are likely to take the final decision on a mini trade deal in the next 24-48 hours (reported on Sunday), with an average tariff under the mini trade deal likely to be 10%, while talks have currently only been completed on a mini-trade deal and negotiations on a larger bilateral trade agreement will begin after July 9th, according to CNBC-TV18.
Thailand is to offer the US more trade concessions to avert a 36% tariff with Thailand’s Finance Minister expected to submit the revised orders before July 9th with a proposal to boost bilateral trade volume and reduce Thailand’s USD 46bln trade surplus with the US by 70% within 5 years, according to Bloomberg.
South African Trade Department spokesperson says it remains committed to a trade deal with the US; conversations are constructive and fruitful.
US-Indonesia trade deal includes buying US soybean, corn and energy products, according to an official.
German government spokesperson says time is money when it comes to tariff negotiations; adds, Chancellor Merz is coordinating with EU President von der Leyen, Italy PM Meloni, and French PM Macron on tariff talks.
A more detailed look at global markets courtesy of Newquawk
APAC stocks were mostly subdued following a lack of bullish catalysts from over the weekend and with the region cautious ahead of upcoming key events, including central bank announcements and the July 9th tariff deadline. ASX 200 marginally retreated amid weakness in miners and as gold producers suffered due to a decline in the precious metal, although the downside in the broader market was limited by resilience in defensives and ahead of tomorrow’s RBA announcement where the central bank is widely expected to deliver a consecutive 25bps rate cut. Nikkei 225 was pressured following softer-than-expected growth in Labour Cash Earnings which resulted in the largest decline in Japan’s real wages in almost two years, while automakers were weighed on by the ongoing US tariff threat. Hang Seng and Shanghai Comp conformed to the uninspired mood amid trade uncertainty and frictions with China retaliating against the EU ban on public tenders for medical devices by imposing import restrictions on medical devices.
Top Asian News
China released a plan to expand the domestic service industry and help promote rural revitalisation.
China signed an agreement with Brazil to strengthen cooperation in infrastructure, medicine and new energy.
US President Trump said they pretty much have a deal on TikTok and the US will start talks with China regarding TikTok on Monday or Tuesday. It was separately reported that TikTok is building a new version of the app planned for the US with the existing app to eventually shut down in the US in March 2026, according to The Information.
South Korea passed an expanded extra budget worth KRW 31.8tln.
European bourses began the session with modest gains but overall action is choppy/tentative as we await trade updates, Euro Stoxx 50 +0.3%; awaiting Trump to send the letters to 12-15 nations today and clarity on whether the July 9th tariffs have been pushed to August 1st, as commentary indicates. Sectors are mixed and split down the middle, Energy names show the deepest pressure after OPEC+ increased oil output more than expected at its weekend meeting, sources signalling further supply increases at the upcoming August meeting; furthermore, Shell (+2.8%) trimmed production guidance for Q2 across LNG and integrated gas. Insurance names outperform, benefitting from a broker upgraded to Generali (+1.5%) while Travel & Leisure names cheer lower crude benchmarks this morning, in the first part of the session at least.
Top European News
UK Chancellor Reeves has warned ministers that taxes will need to increase after the government U-turned on its welfare bill, despite repeated pledges not to increase the taxes of working people, according to CityAM.
UK ministers are to launch a GBP 500mln scheme to help struggling families, according to FT.
EU is to stockpile critical minerals due to war risk, according to FT.
ECB’s Centeno says he “does not know if 25bps will do the trick”, says risks remain tilted to the downside. Current stance will remain restrictive at 2% if output does not recover, via Econostream’s X; amount and timing of further cuts is difficult to say. Big risk that the investment level will be short of projections. Article adds: a correction in EUR/USD is likely if the economy is too weak to support appreciation; undershooting inflation is currently the main risk for the ECB and it is conceivable to cut or pause at the July meeting.
ECB’s Nagel says, on the German economy, growth at the start of the year was stronger than anticipated. “the German economy faces significant headwinds in the short term. Nevertheless, there are grounds for cautious optimism as we look to the future.”
UBS expects the ECB to cut by 25bps in its July meeting; adds, if there is a benign outcome in EU trade talks, will abandon forecast for a July cut.
FX
USD firmer vs all major peers. Strength comes despite uncertainty on the trade front as we await the tariff letters. Instead, the USD is potentially drawing support from the pro-Dollar approach the administration is taking as Trump threatened an additional 10% tariff on nations aligning themselves with “Anti-American policies of BRICS”; DXY at a 97.439 peak, marginally taking out last week’s 97.42 best.
Antipodeans suffer the most given the risk tone, though specific newsflow has been light. However, this will pickup with the RBA and RBNZ rate decisions due on Tuesday and Wednesday, respectively.
JPY hit by the USD and softer-than-expected domestic wage data which has further trimmed the odds of a BoJ hike by end-2025, now at sub-50%. USD/JPY as high as 145.48, looking to 145.95 from June 25th.
GBP also suffers. Pressure remains on the Pound after the PMQ-sparked sell off for UK assets last week. Since, reports suggest the Chancellor has told the Cabinet taxes will need to increase. Otherwise, UK specific news light and potentially to remain the case as the UK already has a US deal. GBP/USD sub-1.36 to a 1.3576 base.
EUR also hit, though not to quite the same degree as the above peers; EUR/USD at the low-end of a 1.1723 to 1.1790 band. Single currency attentive to the imminent trade letters, as newsflow in recent days has been on the negative side. Elsewhere, a handful of ECB speakers on the wires but nothing that has fundamentally shifted the narrative.
PBoC set USD/CNY mid-point at 7.1506 vs exp. 7.1626 (Prev. 7.1535).
PBoC surveyed financial institutions about their views on recent USD weakness, according Reuters sources; did not explicitly state the purpose of the survey but once source said they interpreted it as a sign authorities are concerned about sharp CNY appreciation
Fixed Income
Generally speaking, contained two-way trade into Trump’s tariff letters.
USTs had a firmer start, posting gains of around five ticks though this waned alongside pressure in EGBs into/after the European cash equity open. Since, developments have been light as we await a tariff update. Holding around the unchanged mark in a 111-05+ to 111-12+ band.
Bunds also contained at first, but then succumbed to around 10 ticks of pressure on strong German industrial data. However, this was then quickly retraced and Bunds lifted to a 130.62 peak before waning into and after the cash equity open, to a 130.19 low. No move to Sentix or ECB speakers since, but Bunds have managed to pick themselves up off worst but remain in the red.
Gilts the marginal outperformer. No tariff update expected, as the UK already has a deal. The reported honesty from the Chancellor around the need for tax increases potentially welcome by Gilts, with gains of around 25 ticks at best; however, they remain shy of Friday’s 92.79 best and markedly shy of Wednesday’s pre-PMQs 93.41 peak. As a reminder, BoE Gilt ops. recommence today with a short-term offering.
Commodities
Crude began on the backfoot, with modest discrepancy in terms of performance amid the lack of settlement. Follows on from OPEC+ action at the weekend which saw a larger than expected supply increase and further bearish sources via Reuters since (outlined in detail below), updates that pushed WTI and Brent to lows of USD 65.40/bbl and USD 67.22/bbl.
Across the European morning benchmarks had been gradually lifting off lows, potentially driven by a refocussing on Saudi lifting its August OSPs by more than expected and/or a fading of some of the OPEC+ driven pressure. More recently, a modest bounce to highs of USD 67.04/bbl and USD 68.72/bbl has occurred, though with no clear fundamental driver behind the move.
Metals await trade updates. Despite the tepid risk tone, XAU is under pressure this morning hit by the USD strength. XAU down to USD 3300/oz at worst, but is currently holding modestly off that low. A base that takes XAU back to support from the last few weeks at USD 3255/oz and USD 3246/oz.
Base metals also in the red, with the tepid tone and USD strength weighing. 3M LME Copper is under pressure, drifting further from the USD 10k mark it reclaimed on July 1st, hit a three-month peak at USD 10.02k in the following session and since has been on a downward trajectory. Today, as low as USD 9.77k
OPEC+ said eight member countries agreed to raise oil output by 548k bpd in August (prev. 411k bpd increases) and will next meet on August 3rd.
OPEC+ “will likely” approve another output increase of around 550k BPD for September, according to Reuters sources; September hike will complete the return of 2.17mln BPD in voluntary output cuts. A September hike would also accommodate 300k BPD production quota rise for the UAE.
Saudi Arabia set the August Arab light crude to Asia at plus USD 2.20/bbl vs Oman/Dubai average, while it set the OSP to NW Europe at plus USD 4.65 vs ICE Brent and set the OSP to the US at plus USD 3.90 vs ASCI.
Qatar set the August Marine Crude OSP at Oman/Dubai plus USD 1.40/bbl and Land Crude OSP at Oman/Dubai plus USD 1.30.
Geopolitics: Middle East
Israeli military issued an evacuation order to people at Yemen’s ports of Hodeidah, Ras Isa and Al-Salif, as well as to those inside the Hodeidah power station, while it announced to carry out airstrikes in those areas due to military activities being conducted there. Israel’s Defence Minister later confirmed military strikes on Houthi targets in Yemen’s ports of Hodeidah, Salif, Ras Isa, as well as the Ras Qatib power plant
A Liberia-flagged, Greek-owned bulk carrier was attacked 51NM off Yemen’s Hodeidah, while the UKMTO later announced that all crew abandoned a ship that was attacked southwest of Yemen’s Hodeidah.
Israeli PM’s office said the changes requested by Hamas to the Qatari proposal are not acceptable to Israel, while the negotiating team will depart to Qatar for Gaza talks.
Israeli PM Netanyahu said he is determined to ensure hostages’ return to Israel and remove the Hamas threat from Gaza, while he said his negotiators in ceasefire talks have clear instructions to achieve an agreement under conditions Israel has accepted. Furthermore, Netanyahu said ahead of his White House meeting that he believes the discussion with US President Trump can certainly help advance these results.
US President Trump said he will discuss Iran with Israeli PM Netanyahu and noted Iran’s nuclear program was set back permanently but they may restart in a different location, while Trump also said there could be a Gaza deal during the week ahead.
First session of indirect ceasefire talks between Israel and Hamas in Qatar ended inconclusively and the Israeli delegation does not have sufficient mandate to reach an agreement with Hamas as it has no real power, according to two Palestinian officials cited by Reuters.
Hamas government office rejected a US State Department accusation that Hamas was involved in an attack on Americans at a Gaza Humanitarian Foundation site on Saturday.
UK government re-established diplomatic relations with Syria.
The second round of (Israel-Hamas) negotiations in Doha will begin this afternoon, via Al Arabiya sources. Subsequently, there is reportedly a positive atmosphere in Israel-Hamas negotiations, no breakthrough so far, according to Al Hadath.
Geopolitics: Ukraine
US President Trump said they won’t be sending patriot missiles to Ukraine but talked about it and noted they have to be protected, while he said Russian President Putin is worried about sanctions and understands it may be coming.
Russian military forces gained control of Sobolivka in Ukraine’s Kharkiv region and Piddubne in Donetsk region.
Russian Foreign Minister says Russia does not need a temporary ceasefire, but rather a lasting peace.
2b European opening report
Tentative mood with Tariff letters expected after midday, Trump threatens 10% tariff on those aligned with BRICS – Newsquawk US Market Open
Monday, Jul 07, 2025 – 05:59 AM
US President Trump said 12 nations will receive tariff letters on Monday (deliveries to start from 17:00BST). Also, threatened 10% additional tariff for those aligned with BRICS.
US Treasury Secretary Bessent said letters to trading partners will notify them that if no deal is reached, they will revert to April 2nd tariff levels; tariffs to take effect on August 1st.
European bourses began the day with modest gains but action is tentative, Euro Stoxx 50 +0.3%; ES -0.4% amid trade uncertainty, NQ -0.5% underperforms on TSLA -6.5%
USD firmer vs all major peers. Antipodeans hit by the tone, JPY on the USD strength and soft domestic wage data, Cable below 1.36 and EUR/USD at a 1.1723 low
Fixed benchmarks contained and experiencing two-way trade into the tariff letters, USTs near-enough unchanged, Bunds lower but off worst
Crude began on the backfoot after OPEC+ eight agreeing to increase output by 548k (prev. 411k); since, benchmarks off lows and modestly firmer. Metals dented by the USD.
Looking ahead, highlights include supply from the UK (BoE Gilt sale), US President Trump meeting Israeli PM Netanyahu & US tariff letters
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TARIFFS/TRADE
US President Trump said trade letters are signed and are going out on Monday addressed to 12 countries but declined to say which countries or the different tariff levels involved. Trump later commented that they will have a deal or letter with most nations done by July 9th and could send out 12 or 15 letters on tariffs on Monday.
US President Trump posted “I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th”
US President Trump posted “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy.”
US Treasury Secretary Bessent said President Trump will send letters to trading partners notifying them if no deal is reached, they will revert to April 2nd tariff levels with the tariffs to take effect on August 1st, while Bessent added that they are close to several deals and expect to see some big announcements in the next days. Furthermore, Bessent said 100 smaller countries will get set a tariff rate and many never even contacted the US.
White House Economic Adviser Hassett said it is possible that some trade negotiations will push past the deadline, while he added that trade deals with the UK and Vietnam provide guidelines for additional agreements with other countries, according to a CBS interview.
EU diplomats said on Friday that EU negotiators failed to achieve a breakthrough in US trade talks and negotiations to continue into the weekend, while EU negotiators were looking to secure a US tariff pause extension if no wider trade deal is agreed. It was also separately reported that the US threatened the EU with a 17% tariff on food exports, according to FT.
Japan’s tariff negotiator Akazawa held in-depth phone talks with US Commerce Secretary Lutnick on Thursday and Saturday, according to Japan’s government.
Japanese automakers are reportedly exploring all options to help reduce trade imbalances with the US, via Nikkei; one idea is Toyota Motor (7203 JT) importing cars made in the US back to Japan.
China retaliated against the EU ban regarding public tenders for medical devices by imposing import restrictions on medical devices. China’s Finance Ministry said it is to exclude imports of medical devices exceeding CNY 45mln from the European Union from July 6th, while imports of medical devices from non-EU countries should not contain EU-made components worth more than 50% of the contract value.
India and the US are likely to take the final decision on a mini trade deal in the next 24-48 hours (reported on Sunday), with an average tariff under the mini trade deal likely to be 10%, while talks have currently only been completed on a mini-trade deal and negotiations on a larger bilateral trade agreement will begin after July 9th, according to CNBC-TV18.
Thailand is to offer the US more trade concessions to avert a 36% tariff with Thailand’s Finance Minister expected to submit the revised orders before July 9th with a proposal to boost bilateral trade volume and reduce Thailand’s USD 46bln trade surplus with the US by 70% within 5 years, according to Bloomberg.
South African Trade Department spokesperson says it remains committed to a trade deal with the US; conversations are constructive and fruitful.
US-Indonesia trade deal includes buying US soybean, corn and energy products, according to an official.
German government spokesperson says time is money when it comes to tariff negotiations; adds, Chancellor Merz is coordinating with EU President von der Leyen, Italy PM Meloni, and French PM Macron on tariff talks.
EUROPEAN TRADE
EQUITIES
European bourses began the session with modest gains but overall action is choppy/tentative as we await trade updates, Euro Stoxx 50 +0.3%; awaiting Trump to send the letters to 12-15 nations today and clarity on whether the July 9th tariffs have been pushed to August 1st, as commentary indicates.
Sectors are mixed and split down the middle, Energy names show the deepest pressure after OPEC+ increased oil output more than expected at its weekend meeting, sources signalling further supply increases at the upcoming August meeting; furthermore, Shell (+2.8%) trimmed production guidance for Q2 across LNG and integrated gas.
Insurance names outperform, benefitting from a broker upgraded to Generali (+1.5%) while Travel & Leisure names cheer lower crude benchmarks this morning, in the first part of the session at least.
Stateside, futures are in the red, ES -0.4%. As the market awaits clarity on the trade front as outlined above.
Modest underperformance is seen in the NQ -0.6%; hit by Tesla (-6.5%), as Musk considers a new political party within the US and Apple (-1.0%) after phone shipments from China in May were down 9.7% Y/Y for the tranche that includes iPhones.
USD firmer vs all major peers. Strength comes despite uncertainty on the trade front as we await the tariff letters. Instead, the USD is potentially drawing support from the pro-Dollar approach the administration is taking as Trump threatened an additional 10% tariff on nations aligning themselves with “Anti-American policies of BRICS”; DXY at a 97.439 peak, marginally taking out last week’s 97.42 best.
Antipodeans suffer the most given the risk tone, though specific newsflow has been light. However, this will pickup with the RBA and RBNZ rate decisions due on Tuesday and Wednesday, respectively.
JPY hit by the USD and softer-than-expected domestic wage data which has further trimmed the odds of a BoJ hike by end-2025, now at sub-50%. USD/JPY as high as 145.48, looking to 145.95 from June 25th.
GBP also suffers. Pressure remains on the Pound after the PMQ-sparked sell off for UK assets last week. Since, reports suggest the Chancellor has told the Cabinet taxes will need to increase. Otherwise, UK specific news light and potentially to remain the case as the UK already has a US deal. GBP/USD sub-1.36 to a 1.3576 base.
EUR also hit, though not to quite the same degree as the above peers; EUR/USD at the low-end of a 1.1723 to 1.1790 band. Single currency attentive to the imminent trade letters, as newsflow in recent days has been on the negative side. Elsewhere, a handful of ECB speakers on the wires but nothing that has fundamentally shifted the narrative.
PBoC set USD/CNY mid-point at 7.1506 vs exp. 7.1626 (Prev. 7.1535).
PBoC surveyed financial institutions about their views on recent USD weakness, according Reuters sources; did not explicitly state the purpose of the survey but once source said they interpreted it as a sign authorities are concerned about sharp CNY appreciation
Generally speaking, contained two-way trade into Trump’s tariff letters.
USTs had a firmer start, posting gains of around five ticks though this waned alongside pressure in EGBs into/after the European cash equity open. Since, developments have been light as we await a tariff update. Holding around the unchanged mark in a 111-05+ to 111-12+ band.
Bunds also contained at first, but then succumbed to around 10 ticks of pressure on strong German industrial data. However, this was then quickly retraced and Bunds lifted to a 130.62 peak before waning into and after the cash equity open, to a 130.19 low. No move to Sentix or ECB speakers since, but Bunds have managed to pick themselves up off worst but remain in the red.
Gilts the marginal outperformer. No tariff update expected, as the UK already has a deal. The reported honesty from the Chancellor around the need for tax increases potentially welcome by Gilts, with gains of around 25 ticks at best; however, they remain shy of Friday’s 92.79 best and markedly shy of Wednesday’s pre-PMQs 93.41 peak. As a reminder, BoE Gilt ops. recommence today with a short-term offering.
Crude began on the backfoot, with modest discrepancy in terms of performance amid the lack of settlement. Follows on from OPEC+ action at the weekend which saw a larger than expected supply increase and further bearish sources via Reuters since (outlined in detail below), updates that pushed WTI and Brent to lows of USD 65.40/bbl and USD 67.22/bbl.
Across the European morning benchmarks had been gradually lifting off lows, potentially driven by a refocussing on Saudi lifting its August OSPs by more than expected and/or a fading of some of the OPEC+ driven pressure. More recently, a modest bounce to highs of USD 67.04/bbl and USD 68.72/bbl has occurred, though with no clear fundamental driver behind the move.
Metals await trade updates. Despite the tepid risk tone, XAU is under pressure this morning hit by the USD strength. XAU down to USD 3300/oz at worst, but is currently holding modestly off that low. A base that takes XAU back to support from the last few weeks at USD 3255/oz and USD 3246/oz.
Base metals also in the red, with the tepid tone and USD strength weighing. 3M LME Copper is under pressure, drifting further from the USD 10k mark it reclaimed on July 1st, hit a three-month peak at USD 10.02k in the following session and since has been on a downward trajectory. Today, as low as USD 9.77k
OPEC+ said eight member countries agreed to raise oil output by 548k bpd in August (prev. 411k bpd increases) and will next meet on August 3rd.
OPEC+ “will likely” approve another output increase of around 550k BPD for September, according to Reuters sources; September hike will complete the return of 2.17mln BPD in voluntary output cuts. A September hike would also accommodate 300k BPD production quota rise for the UAE.
Saudi Arabia set the August Arab light crude to Asia at plus USD 2.20/bbl vs Oman/Dubai average, while it set the OSP to NW Europe at plus USD 4.65 vs ICE Brent and set the OSP to the US at plus USD 3.90 vs ASCI.
Qatar set the August Marine Crude OSP at Oman/Dubai plus USD 1.40/bbl and Land Crude OSP at Oman/Dubai plus USD 1.30.
German Industrial Output MM (May) 1.2% (Prev. -1.4%)
EU Sentix Index (Jul) 4.5 vs. Exp. 1.1 (Prev. 0.2)
EU Retail Sales MM (May) -0.7% vs. Exp. -0.7% (Prev. 0.1%, Rev. 0.3%); YY (May) 1.8% vs. Exp. 1.2% (Prev. 2.3%, Rev. 2.7%)
Swedish CPIF Flash YY (Jun) 2.9% vs. Exp. 2.5% (Prev. 2.3%); Ex Energy Flash YY 3.3% vs. Exp. 3.0% (Prev. 2.5%)
UK Halifax House Prices MM (Jun) 0.0% vs. Exp. 0.0% (Prev. -0.4%, Rev. -0.3%); YY 2.5% (Prev. 2.50%, Rev. 2.6%)
Swiss Sight Deposits (w/e Jul 4) of domestic banks 424.433bln (prev. 425.831bln); total sight deposits 459.83bln (prev. 460.702bln)
NOTABLE EUROPEAN HEADLINES
UK Chancellor Reeves has warned ministers that taxes will need to increase after the government U-turned on its welfare bill, despite repeated pledges not to increase the taxes of working people, according to CityAM.
UK ministers are to launch a GBP 500mln scheme to help struggling families, according to FT.
EU is to stockpile critical minerals due to war risk, according to FT.
ECB’s Centeno says he “does not know if 25bps will do the trick”, says risks remain tilted to the downside. Current stance will remain restrictive at 2% if output does not recover, via Econostream’s X; amount and timing of further cuts is difficult to say. Big risk that the investment level will be short of projections. Article adds: a correction in EUR/USD is likely if the economy is too weak to support appreciation; undershooting inflation is currently the main risk for the ECB and it is conceivable to cut or pause at the July meeting.
ECB’s Nagel says, on the German economy, growth at the start of the year was stronger than anticipated. “the German economy faces significant headwinds in the short term. Nevertheless, there are grounds for cautious optimism as we look to the future.”
UBS expects the ECB to cut by 25bps in its July meeting; adds, if there is a benign outcome in EU trade talks, will abandon forecast for a July cut.
NOTABLE US HEADLINES
US President Trump signed the One Big Beautiful Bill Act into law at the White House.
Elon Musk launched a new political party and commented regarding why he changed his stance on Trump, as well as noted that increasing the deficit from USD 2tln under Biden to USD 2.5tln is insane and will bankrupt the US.
GEOPOLITICS
MIDDLE EAST
Israeli military issued an evacuation order to people at Yemen’s ports of Hodeidah, Ras Isa and Al-Salif, as well as to those inside the Hodeidah power station, while it announced to carry out airstrikes in those areas due to military activities being conducted there. Israel’s Defence Minister later confirmed military strikes on Houthi targets in Yemen’s ports of Hodeidah, Salif, Ras Isa, as well as the Ras Qatib power plant
A Liberia-flagged, Greek-owned bulk carrier was attacked 51NM off Yemen’s Hodeidah, while the UKMTO later announced that all crew abandoned a ship that was attacked southwest of Yemen’s Hodeidah.
Israeli PM’s office said the changes requested by Hamas to the Qatari proposal are not acceptable to Israel, while the negotiating team will depart to Qatar for Gaza talks.
Israeli PM Netanyahu said he is determined to ensure hostages’ return to Israel and remove the Hamas threat from Gaza, while he said his negotiators in ceasefire talks have clear instructions to achieve an agreement under conditions Israel has accepted. Furthermore, Netanyahu said ahead of his White House meeting that he believes the discussion with US President Trump can certainly help advance these results.
US President Trump said he will discuss Iran with Israeli PM Netanyahu and noted Iran’s nuclear program was set back permanently but they may restart in a different location, while Trump also said there could be a Gaza deal during the week ahead.
First session of indirect ceasefire talks between Israel and Hamas in Qatar ended inconclusively and the Israeli delegation does not have sufficient mandate to reach an agreement with Hamas as it has no real power, according to two Palestinian officials cited by Reuters.
Hamas government office rejected a US State Department accusation that Hamas was involved in an attack on Americans at a Gaza Humanitarian Foundation site on Saturday.
UK government re-established diplomatic relations with Syria.
The second round of (Israel-Hamas) negotiations in Doha will begin this afternoon, via Al Arabiya sources. Subsequently, there is reportedly a positive atmosphere in Israel-Hamas negotiations, no breakthrough so far, according to Al Hadath.
RUSSIA-UKRAINE
US President Trump said they won’t be sending patriot missiles to Ukraine but talked about it and noted they have to be protected, while he said Russian President Putin is worried about sanctions and understands it may be coming.
Russian military forces gained control of Sobolivka in Ukraine’s Kharkiv region and Piddubne in Donetsk region.
Russian Foreign Minister says Russia does not need a temporary ceasefire, but rather a lasting peace.
GLOBAL NEWS
Russian President Putin told BRICS through a video link that it is important to enhance cooperation at BRICS and the usage of national currencies, while he commented that the liberal globalisation model is becoming obsolete.
CRYPTO
Firmer, but Bitcoin is still shy of the USD 110k mark and by extension yet to retest peaks from last week. Specific newsflow light, focus firmly on broader market direction and tariff updates.
APAC TRADE
APAC stocks were mostly subdued following a lack of bullish catalysts from over the weekend and with the region cautious ahead of upcoming key events, including central bank announcements and the July 9th tariff deadline.
ASX 200 marginally retreated amid weakness in miners and as gold producers suffered due to a decline in the precious metal, although the downside in the broader market was limited by resilience in defensives and ahead of tomorrow’s RBA announcement where the central bank is widely expected to deliver a consecutive 25bps rate cut.
Nikkei 225 was pressured following softer-than-expected growth in Labour Cash Earnings which resulted in the largest decline in Japan’s real wages in almost two years, while automakers were weighed on by the ongoing US tariff threat.
Hang Seng and Shanghai Comp conformed to the uninspired mood amid trade uncertainty and frictions with China retaliating against the EU ban on public tenders for medical devices by imposing import restrictions on medical devices.
NOTABLE ASIA-PAC HEADLINES
China released a plan to expand the domestic service industry and help promote rural revitalisation.
China signed an agreement with Brazil to strengthen cooperation in infrastructure, medicine and new energy.
US President Trump said they pretty much have a deal on TikTok and the US will start talks with China regarding TikTok on Monday or Tuesday. It was separately reported that TikTok is building a new version of the app planned for the US with the existing app to eventually shut down in the US in March 2026, according to The Information.
South Korea passed an expanded extra budget worth KRW 31.8tln.
DATA RECAP
Japanese Labour Cash Earnings (May) 1.0% vs Exp. 2.4% (Prev. 2.3%, Rev. 2.0%)
Japanese Real Cash Earnings (May) -2.9% vs Exp. -1.7% (Prev. -1.8%, Rev. -2.0%)
2c Asian opening report
Stocks mixed ahead of Trump trade letters, to be sent out today – Newsquawk Europe Market Open
Monday, Jul 07, 2025 – 01:16 AM
APAC stocks were mostly subdued with the region cautious ahead of upcoming key events, including central bank announcements and the July 9th tariff deadline.
US President Trump said 12 nations will receive tariff letters on Monday (deliveries to start from 17:00BST). Also, threatened 10% additional tariff for those aligned with BRICS.
US Treasury Secretary Bessent said letters to trading partners will notify them that if no deal is reached, they will revert to April 2nd tariff levels; tariffs to take effect on August 1st.
European equity futures indicate a quiet open with Euro Stoxx 50 future flat after the cash market closed with losses of 1% on Friday.
DXY has kicked the week off on the front foot, antipodeans lag alongside the soft risk tone, EUR/USD remains on a 1.17 handle.
Crude pressured after OPEC+ accelerated its output hike with an increase of 548k bpd for August (prev. 411k bpd increase).
Looking ahead, highlights include German Industrial Output, Swedish CPIF (Flash), EZ Sentix & Retail Sales, BoE Gilt sale operation.
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US TRADE
EQUITIES
US markets were closed on Friday for Independence Day.
TARIFFS/TRADE
US President Trump said trade letters are signed and are going out on Monday addressed to 12 countries but declined to say which countries or the different tariff levels involved. Trump later commented that they will have a deal or letter with most nations done by July 9th and could send out 12 or 15 letters on tariffs on Monday.
US President Trump posted “I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th”
US President Trump posted “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy.”
US Treasury Secretary Bessent said President Trump will send letters to trading partners notifying them if no deal is reached, they will revert to April 2nd tariff levels with the tariffs to take effect on August 1st, while Bessent added that they are close to several deals and expect to see some big announcements in the next days. Furthermore, Bessent said 100 smaller countries will get set a tariff rate and many never even contacted the US.
White House Economic Adviser Hassett said it is possible that some trade negotiations will push past the deadline, while he added that trade deals with the UK and Vietnam provide guidelines for additional agreements with other countries, according to a CBS interview.
EU diplomats said on Friday that EU negotiators failed to achieve a breakthrough in US trade talks and negotiations to continue into the weekend, while EU negotiators were looking to secure a US tariff pause extension if no wider trade deal is agreed. It was also separately reported that the US threatened the EU with a 17% tariff on food exports, according to FT.
Japan’s tariff negotiator Akazawa held in-depth phone talks with US Commerce Secretary Lutnick on Thursday and Saturday, according to Japan’s government.
China retaliated against the EU ban regarding public tenders for medical devices by imposing import restrictions on medical devices. China’s Finance Ministry said it is to exclude imports of medical devices exceeding CNY 45mln from the European Union from July 6th, while imports of medical devices from non-EU countries should not contain EU-made components worth more than 50% of the contract value.
India and the US are likely to take the final decision on a mini trade deal in the next 24-48 hours (reported on Sunday), with an average tariff under the mini trade deal likely to be 10%, while talks have currently only been completed on a mini-trade deal and negotiations on a larger bilateral trade agreement will begin after July 9th, according to CNBC-TV18.
Thailand is to offer the US more trade concessions to avert a 36% tariff with Thailand’s Finance Minister expected to submit the revised orders before July 9th with a proposal to boost bilateral trade volume and reduce Thailand’s USD 46bln trade surplus with the US by 70% within 5 years, according to Bloomberg.
NOTABLE HEADLINES
US President Trump signed the One Big Beautiful Bill Act into law at the White House.
Elon Musk launched a new political party and commented regarding why he changed his stance on Trump, as well as noted that increasing the deficit from USD 2tln under Biden to USD 2.5tln is insane and will bankrupt the US.
APAC TRADE
EQUITIES
APAC stocks were mostly subdued following a lack of bullish catalysts from over the weekend and with the region cautious ahead of upcoming key events, including central bank announcements and the July 9th tariff deadline.
ASX 200 marginally retreated amid weakness in miners and as gold producers suffered due to a decline in the precious metal, although the downside in the broader market was limited by resilience in defensives and ahead of tomorrow’s RBA announcement where the central bank is widely expected to deliver a consecutive 25bps rate cut.
Nikkei 225 was pressured following softer-than-expected growth in Labour Cash Earnings which resulted in the largest decline in Japan’s real wages in almost two years, while automakers were weighed on by the ongoing US tariff threat.
Hang Seng and Shanghai Comp conformed to the uninspired mood amid trade uncertainty and frictions with China retaliating against the EU ban on public tenders for medical devices by imposing import restrictions on medical devices.
US equity futures (ES -0.5%, NQ -0.5%) remained subdued following the declines seen late last week during holiday-thinned conditions.
European equity futures indicate a quiet open with Euro Stoxx 50 future flat after the cash market closed with losses of 1% on Friday.
FX
DXY eked mild gains in quiet trade owing to the lack of drivers and with participants sidelined ahead of this week’s key events including several central bank rate decisions, FOMC Minutes, and the July 9th tariff deadline, while the US is to begin sending tariff letters from today which are to take effect on August 1st. Furthermore, President Trump recently threatened an additional 10% tariff on any country aligning with anti-American BRICS policies.
EUR/USD traded little changed amid light pertinent newsflow from the bloc, while trade uncertainty lingers after EU negotiators failed to achieve a breakthrough in US trade talks last week and with China retaliating against the EU ban regarding public tenders for medical devices by imposing import restrictions on medical devices from the EU.
GBP/USD was lacklustre and conformed to the predominantly humdrum mood across the FX space, while a report that UK ministers are to launch a GBP 500mln scheme to help struggling families garnered very little reaction.
USD/JPY saw two-way price action but ultimately gained with the yen not helped by softer-than-expected wages data.
Antipodeans retreated amid the subdued risk appetite, softer yuan and ahead of the central bank rate decisions beginning with the RBA tomorrow which is expected to deliver a back-to-back rate cut.
PBoC set USD/CNY mid-point at 7.1506 vs exp. 7.1626 (Prev. 7.1535).
FIXED INCOME
10yr UST futures traded in a narrow range following the lack of major fresh macro catalysts from over the weekend, but remained afloat amid the cautious risk tone.
Bund futures were little changed amid a lack of drivers and as German Industrial Production and EU Retail Sales loom.
10yr JGB futures lacked firm direction despite the softer-than-expected wages data from Japan.
COMMODITIES
Crude futures were pressured at the reopen after OPEC+ accelerated its output hike with an increase of 548k bpd for August which stoked some supply glut concerns.
OPEC+ said eight member countries agreed to raise oil output by 548k bpd in August (prev. 411k bpd increases) and will next meet on August 3rd.
Saudi Arabia set the August Arab light crude to Asia at plus USD 2.20/bbl vs Oman/Dubai average, while it set the OSP to NW Europe at plus USD 4.65 vs ICE Brent and set the OSP to the US at plus USD 3.90 vs ASCI.
Qatar set the August Marine Crude OSP at Oman/Dubai plus USD 1.40/bbl and Land Crude OSP at Oman/Dubai plus USD 1.30.
Spot gold retreated amid weakness across the commodities complex but remained above the USD 3,300/oz level.
Copper futures declined amid the subdued risk appetite and trade uncertainty ahead of the July 9th tariff deadline.
CRYPTO
Bitcoin heads into the European morning relatively flat after recovering from a brief dip beneath the USD 109k level.
NOTABLE ASIA-PAC HEADLINES
China released a plan to expand the domestic service industry and help promote rural revitalisation.
China signed an agreement with Brazil to strengthen cooperation in infrastructure, medicine and new energy.
US President Trump said they pretty much have a deal on TikTok and the US will start talks with China regarding TikTok on Monday or Tuesday. It was separately reported that TikTok is building a new version of the app planned for the US with the existing app to eventually shut down in the US in March 2026, according to The Information.
South Korea passed an expanded extra budget worth KRW 31.8tln.
DATA RECAP
Japanese Labour Cash Earnings (May) 1.0% vs Exp. 2.4% (Prev. 2.3%, Rev. 2.0%)
Japanese Real Cash Earnings (May) -2.9% vs Exp. -1.7% (Prev. -1.8%, Rev. -2.0%)
GEOPOLITICS
MIDDLE EAST
Israeli military issued an evacuation order to people at Yemen’s ports of Hodeidah, Ras Isa and Al-Salif, as well as to those inside the Hodeidah power station, while it announced to carry out airstrikes in those areas due to military activities being conducted there. Israel’s Defence Minister later confirmed military strikes on Houthi targets in Yemen’s ports of Hodeidah, Salif, Ras Isa, as well as the Ras Qatib power plant
A Liberia-flagged, Greek-owned bulk carrier was attacked 51NM off Yemen’s Hodeidah, while the UKMTO later announced that all crew abandoned a ship that was attacked southwest of Yemen’s Hodeidah.
Israeli PM’s office said the changes requested by Hamas to the Qatari proposal are not acceptable to Israel, while the negotiating team will depart to Qatar for Gaza talks.
Israeli PM Netanyahu said he is determined to ensure hostages’ return to Israel and remove the Hamas threat from Gaza, while he said his negotiators in ceasefire talks have clear instructions to achieve an agreement under conditions Israel has accepted. Furthermore, Netanyahu said ahead of his White House meeting that he believes the discussion with US President Trump can certainly help advance these results.
US President Trump said he will discuss Iran with Israeli PM Netanyahu and noted Iran’s nuclear program was set back permanently but they may restart in a different location, while Trump also said there could be a Gaza deal during the week ahead.
First session of indirect ceasefire talks between Israel and Hamas in Qatar ended inconclusively and the Israeli delegation does not have sufficient mandate to reach an agreement with Hamas as it has no real power, according to two Palestinian officials cited by Reuters.
Hamas government office rejected a US State Department accusation that Hamas was involved in an attack on Americans at a Gaza Humanitarian Foundation site on Saturday.
UK government re-established diplomatic relations with Syria.
RUSSIA-UKRAINE
US President Trump said they won’t be sending patriot missiles to Ukraine but talked about it and noted they have to be protected, while he said Russian President Putin is worried about sanctions and understands it may be coming.
Russian military forces gained control of Sobolivka in Ukraine’s Kharkiv region and Piddubne in Donetsk region.
GLOBAL NEWS
Russian President Putin told BRICS through a video link that it is important to enhance cooperation at BRICS and the usage of national currencies, while he commented that the liberal globalisation model is becoming obsolete.
EU/UK
NOTABLE HEADLINES
UK Chancellor Reeves has warned ministers that taxes will need to increase after the government U-turned on its welfare bill, despite repeated pledges not to increase the taxes of working people, according to CityAM.
UK ministers are to launch a GBP 500mln scheme to help struggling families, according to FT.
EU is to stockpile critical minerals due to war risk, according to FT.
FRIDAY/JULY 4 NEWS FROM ASIA (CHINA) AND EUROPE:
Futures Slide On Latest Trump Tariff Salvo
Friday, Jul 04, 2025 – 09:00 AM
US equity futures slumped on Friday after the latest threat on tariffs from the Trump administration sparked selling across global markets on a day the US cash market is closed for the July 4th holiday. S&P 500 futures fell 0.6% after the index melted up all week, and closed at a fresh all-time high, with payrolls data affirming the economy’s resilience. Trump dialed up trade tensions after Thursday’s close, warning partners he may start setting levies of as much as 70% unilaterally as soon as today ahead of a July 9 deadline for negotiations.
Trump told reporters that about “10 or 12” letters would go out Friday, with additional letters coming “over the next few days.”
“We’re probably going to be sending some letters out, starting probably tomorrow, maybe 10 a day to various countries saying what they’re going to pay to do business with the US,” Trump told reporters on Thursday as he left Washington for an event in Iowa.
“By the ninth they’ll be fully covered,” Trump added, referring to a July 9 deadline he initially set for countries to reach deals with the US to avoid higher import duties he has threatened. “They’ll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,” he added.
While global markets have staged a furious rebound since April’s tariff-related volatility, some investors remain cautious as uncertainties surrounding the trade war and its potential impact on the US economy and corporate earnings persist.
“There’s a little bit of doubt of creeping in, especially after the bump up this week,” said Neil Wilson, investor strategist at Saxo UK. “Today’s a good day to take a little bit of risk off. But I don’t think there’s a fundamental shift, it’s all on the margins at the moment.”
In signs of diplomatic and trade tensions escalating between China and the European Union, Beijing said it intends to cancel part of a two-day summit with EU leaders planned for later this month. China also imposed anti-dumping duties on European brandy for five years, while exempting major cognac makers that meet a price commitment. Remy Cointreau SA briefly slipped before trading higher. Pernod Ricard SA pared losses.
The S&P 500’s surge has put it on the verge of triggering a sell signal, according to BofA’s Michael Hartnett. The CIO advised that investors consider trimming their holdings once the index climbs beyond 6,300, a level just 0.3% above where it closed on Thursday. He also reiterated that bubble risks are mounting into the summer, especially following the House’s approval of a $3.4 trillion fiscal package featuring tax cuts.
END
FRIDAY:Trump says 10-12 tariff letters to be sent out on Friday, Bessent expects deals ahead of deadline – Newsquawk Europe Market Open
Friday, Jul 04, 2025 – 01:09 AM
Desk Schedule: The desk will shut for the week at 18:00BST/13:00EDT amid the US market holiday.
US President Trump said they will start sending letters regarding tariffs and 10 to 12 countries will get a letter on Friday, with tariffs to range from 10%-20% and 60%-70%, while countries are to start paying the new tariff on August 1st.
US Treasury Secretary Bessent said to expect a flurry of trade deals before July 9th and expect to see about 100 countries get a minimum 10% reciprocal tariff, while he added they are going to be announcing several deals.
US House voted 218-214 to pass President Trump’s sweeping tax cut and spending bill, sending it to President Trump to sign into law, while the White House said Trump will sign the bill on Friday at 17:00EDT/20:00BST.
APAC stocks traded mixed with gains limited; European equity futures indicate a negative cash market open with Euro Stoxx 50 futures lower by 0.5% after the cash market closed with gains of 0.5% on Thursday.
Looking ahead, highlights include German & French Industrial Orders, EZ, UK Construction PMI, Italian Retail Sales, EZ Producer Prices, Speakers include BoE’s Taylor, ECB President Lagarde & Elderson, US Independence Day Holiday.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN/SOUTH KOREA
Trump Imposes 25% Tariffs On Japan, South Korea After Failing To Reach Deal
Monday, Jul 07, 2025 – 12:46 PM
Update (1246ET):
U.S. main equity indexes, the S&P 500 and Nasdaq, fell to session lows after the Trump administration released tariff letters to a handful of countries, citing “persistent trade imbalances” and the failure to reach trade deals before the July 9 deadline. The tariffs are expected to take effect on August 1.
The first two trade letters were sent to South Korea and Japan, imposing a 25% tariff on all goods, effective August 1.
Here are the key points from the letter addressed to South Korea that was posted on President Trump’s Truth Social page:
The U.S. views the trade relationship as unbalanced and non-reciprocal.
The 25% tariff applies to all Korean goods, unless they are produced within the U.S.
The tariff is separate from sectoral tariffs and will be increased if Korea retaliates with its own tariff hikes.
The U.S. encourages Korea to open its markets and remove trade barriers—offering a possible tariff reduction if this happens.
The trade deficit is framed as a national security threat.
Full Letter US Sent South Korea
Here are the key points from the letter addressed to Japan that that was posted on Trump’s Truth Social page:
A 25% tariff will be imposed on all Japanese products entering the U.S. starting August 1, 2025.
This tariff applies separately from all existing sectoral tariffs.
The U.S. cites Japan’s tariffs, non-tariff policies, and trade barriers as causes of a persistent and unsustainable trade deficit; The U.S. claims the relationship has been non-reciprocal for too long.
No tariffs will apply if Japanese companies manufacture products within the U.S.
If Japan raises its tariffs, the U.S. will add that amount to the existing 25% tariff.
The U.S. expresses willingness to reconsider or adjust tariffs if Japan opens its markets and removes trade barriers.
Full Letter US Sent To Japan//SAME
The instant reaction in U.S. markets was traders hitting the ‘sell button,’ with the S&P 500 and Nasdaq sliding to session lows.
Both yen and won tumbled on the news…
All in all, this is a trade ultimatum from the Trump administration to South Korea, Japan, and other countries, pressuring them to reduce trade barriers and tariffs and to reshore manufacturing in the U.S. The letter signals a broader ‘America First’ agenda and tariff diplomacy, aimed at reducing trade deficits by penalizing countries with perceived unfair trade practices. We suspect the other letters will be sent out shortly.
Vietnam has become the benchmark—both the ceiling for countries striking deals with the U.S. Trump is giving Japan and South Korea a final three-week deadline to reach a deal—failure to do so could mean severe consequences.
* * *
Trade tensions are back in view as the 90-day deadline to reciprocal tariffs (which sparked a painful but extremely short market correction) approaches on July 9, with Trump pledging to start issuing unilateral rates to dozens of countries in the coming days. Stocks retreated at the start of a potentially volatile week as US trading partners rushed to finalize trade deals with the Trump administration ahead of the Wednesday deadline. However, one potential offset is that there are increasingly suggestions that August 1st might be the new July 9th (more below).
As a benchmark, DB’s economists believe the current effective tariff rate is around 15% (same as Morgan Stanley, see chart below), which is obviously a good deal below the implied rate from Liberation Day, but well above the low single figures before Trump returned to office. It is good news for markets that Section 899 (the revenge tax) has been consigned to the history books after not making it into the tax bill. It’s also good news that Bessent has recently sounded more positive on the direction of travel in recent talks.
However, with financial conditions easy again and with the S&P 500 back at all-time highs, it wouldn’t be a surprise to see the Trump Administration take a tough stance with those who they don’t think negotiations are going in the right direction (this was discussed over the weekend in “The Risk For Stocks Is That The Administration Decides It Was Correct All Along On Tariffs“).
President Trump said at the end of last week that by the July 9 deadline, tariffs would be “fully covered and they’ll range in value from maybe 60 or 70% tariffs to 10 and 20%.” Then over the weekend he said that he’d “signed some letters and they’ll go out on Monday – probably 12”. Overnight this was firmed up to noon Washington time today, so expect a flurry of headlines at noon!
On Thursday Trump mentioned that the letters could go out on the Friday holiday and apply from August 1st if no deal can be made. This gave some comfort that there could be yet another extension and time to do deals. Bessent has also reiterated over the weekend that some countries would be able to negotiate a three-week extension to August 1st. So maybe we’ll just be here again in three weeks when everyone is on the beach apart from the trade negotiators.
Bessent also said Trump will send letters to trading partners notifying them if no deal is reached, they will revert to April 2nd tariff levels while also adding that they are close to several deals and expect to see some big announcements in the next days. Furthermore, Bessent said 100 smaller countries will get set a tariff rate and many never even contacted the US.
For Europe, Bloomberg reported that the union is willing to accept a 10% universal tariff if exemptions for areas such as autos (25%) and steel and aluminum (50%) are provided. For Japan, the mood turned negative last week as President Trump said that they should “pay 30%, 35%, or whatever the number is that we determine, because we also have a very big trade deficit with Japan.” On the bright side, Treasury Secretary Bessent said they were “very close” to a deal with India, and on Thursday the US reached a trade deal with Vietnam.
Then overnight Trump posted on social media that “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff”
This follows a BRICs summit in Rio over the weekend where the group leaders, including China and India, condemned and called for a “just and lasting” resolution to conflicts across the Middle East.
Courtesy of Newsquawk, here is a summary of all the latest trade/tariff news from the weekend and this morning:
Trump said trade letters are signed and are going out on Monday addressed to 12 countries but declined to say which countries or the different tariff levels involved. Trump later commented that they will have a deal or letter with most nations done by July 9th and could send out 12 or 15 letters on tariffs on Monday.
Trump posted “I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th”
Trump posted “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy.”
Bessent said Trump will send letters to trading partners notifying them if no deal is reached, they will revert to April 2nd tariff levels with the tariffs to take effect on August 1st, while Bessent added that they are close to several deals and expect to see some big announcements in the next days. Furthermore, Bessent said 100 smaller countries will get set a tariff rate and many never even contacted the US.
Russian President Putin told BRICS through a video link that it is important to enhance cooperation at BRICS and the usage of national currencies, while he commented that the liberal globalisation model is becoming obsolete.
White House Economic Adviser Hassett said it is possible that some trade negotiations will push past the deadline, while he added that trade deals with the UK and Vietnam provide guidelines for additional agreements with other countries, according to a CBS interview.
EU diplomats said on Friday that EU negotiators failed to achieve a breakthrough in US trade talks and negotiations to continue into the weekend, while EU negotiators were looking to secure a US tariff pause extension if no wider trade deal is agreed. It was also separately reported that the US threatened the EU with a 17% tariff on food exports, according to FT.
Japan’s tariff negotiator Akazawa held in-depth phone talks with US Commerce Secretary Lutnick on Thursday and Saturday, according to Japan’s government.
Japanese automakers are reportedly exploring all options to help reduce trade imbalances with the US, via Nikkei; one idea is Toyota Motor (7203 JT) importing cars made in the US back to Japan.
China retaliated against the EU ban regarding public tenders for medical devices by imposing import restrictions on medical devices. China’s Finance Ministry said it is to exclude imports of medical devices exceeding CNY 45mln from the European Union from July 6th, while imports of medical devices from non-EU countries should not contain EU-made components worth more than 50% of the contract value.
India and the US are likely to take the final decision on a mini trade deal in the next 24-48 hours (reported on Sunday), with an average tariff under the mini trade deal likely to be 10%, while talks have currently only been completed on a mini-trade deal and negotiations on a larger bilateral trade agreement will begin after July 9th, according to CNBC-TV18.
Thailand is to offer the US more trade concessions to avert a 36% tariff with Thailand’s Finance Minister expected to submit the revised orders before July 9th with a proposal to boost bilateral trade volume and reduce Thailand’s USD 46bln trade surplus with the US by 70% within 5 years, according to Bloomberg.
South African Trade Department spokesperson says it remains committed to a trade deal with the US; conversations are constructive and fruitful.
US-Indonesia trade deal includes buying US soybean, corn and energy products, according to an official.
German government spokesperson says time is money when it comes to tariff negotiations; adds, Chancellor Merz is coordinating with EU President von der Leyen, Italy PM Meloni, and French PM Macron on tariff talks.
3C CHINA
CHINA/USA
DOJ Arrests Two Chinese Nationals For Spying, Trying To Recruit U.S. Military Members To Work For PRC
Thursday, Jul 03, 2025 – 05:10 PM
Two Chinese nationals, Yuance Chen of Happy Valley, Oregon, and Liren Lai, who entered the U.S. on a tourist visa in April 2025, have been charged with acting as agents for China’s Ministry of State Security (MSS).
According to a Monday report, the Department of Justice alleges the men gathered intelligence on U.S. Navy personnel and military bases and attempted to recruit other military members to spy for the MSS, according to The Conservative Brief.
They also allegedly facilitated a “dead drop” cash payment on behalf of the MSS.
The Conservative Brief article writes that the FBI arrested Chen in Happy Valley and Lai in Houston on Friday, with help from the Naval Criminal Investigative Service (NCIS).
“Today’s arrests reflect the FBI’s unwavering commitment to protecting our national security and safeguarding the integrity of our military,” said FBI Director Kash Patel. He added, “The individuals charged were acting on behalf of a hostile foreign intelligence service — part of the Chinese Communist Party’s broader effort to infiltrate and undermine our institutions.”
“The FBI arrested two Chinese nationals who were allegedly attempting to recruit U.S. military service members on behalf of the PRC,” he said.
A DOJ press release read: “The defendants…were arrested Friday on a criminal complaint charging them with overseeing and carrying out various clandestine intelligence taskings in the United States on behalf of the PRC Government’s principal foreign intelligence service, the Ministry of State Security (MSS).”
“These activities included facilitating a “dead drop” payment of cash for information relating to the national security of the United States previously provided to the MSS, gathering intelligence about U.S. Navy service members and bases, and assisting with efforts to recruit other individuals from within the U.S. military as potential MSS assets.”
Attorney Craig H. Missakian for the Northern District of California added: “These charges reflect the breadth of the efforts by our foreign adversaries to target the United States — this time by conducting illegal intelligence-gathering operations aimed at our national security information and military service members.”
“My office and the FBI remain ever vigilant in guarding against these threats to the United States. We will continue to undertake counterespionage investigations and prosecutions, no matter how complex and sensitive, to disrupt attempts to weaken our national security.”
Attorney General Pamela Bondi concluded: “This case underscores the Chinese government’s sustained and aggressive effort to infiltrate our military and undermine our national security from within. The Justice Department will not stand by while hostile nations embed spies in our country – we will expose foreign operatives, hold their agents to account, and protect the American people from covert threats to our national security.”
4.European affairs
FRANCE
France’s Fiscal Reckoning: Is The Eurozone’s Second Giant Next In Line?
Sunday, Jul 06, 2025 – 07:00 AM
Submitted by Thomas Kolbe
France is caught in a debt spiral. Now the president of the French Court of Auditors is warning of the consequences of political inaction.
Pierre Moscovici has served as president of the French Court of Auditors for five years, overseeing regular audits of the nation’s public finances. From 2012 to 2014, he was France’s finance minister and then spent five years as EU Commissioner for Economic and Financial Affairs, Taxation and Customs. The man knows his way around empty coffers.
On Wednesday, Moscovici called on Prime Minister François Bayrou to take urgent steps to consolidate public finances. France’s budgetary situation, he said, has spun out of control, especially in 2023 and 2024. If a turnaround is not achieved soon, the capital markets will force one. “We can still act voluntarily,” he warned the government, “but tomorrow, the markets may impose austerity.”
For Now, Calm in the Bond Markets
Once the dominoes start falling, it goes fast. Investors dump French government bonds en masse. Yields spike, prices plummet, and refinancing the country’s massive debt becomes even more costly. Already, interest payments consume 10.6% of France’s state budget—roughly the same as education spending. As debt levels rise, fiscal maneuvering space shrinks.
With sovereign debt at 114% of GDP, the trap could snap shut unexpectedly. For now, European officials still point fingers at the U.S., whose debt ratios are similar. But no one can say how long that deflection tactic will work. Credit risk materializes suddenly—usually without warning.
Point of No Return
What we do know is this: historically, a debt ratio above 100% of GDP is already considered critical. At that point, even ambitious reform efforts are rarely enough to grow out of the mess. And unless the indebted country happens to issue the world’s reserve currency, capital markets will deliver their verdict—as we saw during the Eurozone debt crisis fifteen years ago.
What follows is familiar: central bank intervention to keep government finances liquid by running the printing presses—transferring the bill to citizens through inflation.
France has never been known for fiscal conservatism. Years of political stalemate, shifting majorities, and unstable coalitions have pushed annual deficits far beyond the Maastricht 3% threshold. In 2024, the deficit reached 5.8% of GDP. Even with early consolidation steps, it is expected to remain at 5.5% this year—far above the target.
No Economic Comeback in Sight
If French policymakers are banking on a comeback in economic growth, they may be disappointed. In May, the Purchasing Managers’ Index (PMI) for manufacturing came in at 48.1 and for services at 49.6—both in contraction territory. PMIs reflect business sentiment, with readings above 50 indicating growth and below 50 signaling decline. They are considered early indicators of economic and industrial trends.
In other words: despite—or perhaps because of—massive government spending, the French economy is stuck in recession.
Contagion Risk
France’s brewing fiscal crisis is more than a national tragedy. Alongside Germany and Italy, France is under close scrutiny from analysts and investors worldwide. Can Paris pull off fiscal consolidation? Confidence in France’s creditworthiness has been shaky for years. In 2023, Moody’s was the last major rating agency to downgrade France’s AAA status, assigning a negative outlook.
If capital markets further downgrade French debt, the consequences would spill across the Eurozone. Here, the old rule applies: hang together, or hang separately. Bond markets tend to move from one weak link to the next, rigorously reassessing creditworthiness in crisis situations. Those who falter pay higher interest—or lose market access altogether. Moscovici knows this.
The pressure is mounting on national governments: either push through tough budget reforms or increase the tax burden on citizens.
The French Exception
France is a special case. With a government spending ratio of 57.3% of GDP, it ranks among the top welfare states in the world. Accordingly, the overall tax burden has risen to 45.6%—well above the EU average of around 40%. Citizens are already surrendering nearly half their income to maintain Paris’s welfare illusions.
Social peace is being purchased with money that no longer exists—financed by debt and propped up by the illusion of fiscal sovereignty. When even the nation’s top auditor demands consolidation, one thing is clear: it’s about to get serious. The social budget—the bedrock of the political quiet pact keeping unrest in the banlieues at bay—is at stake.
History teaches us: when governments cut social programs in France, social peace crumbles. Then the suburbs—from Paris to Marseille to Lyon—go up in flames.
* * *
About Thomas Kolbe: for over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
SWITZERLAND
Swiss To Vote On 50% Inheritance Tax That Risks Exodus Of The Super-Rich
Friday, Jul 04, 2025 – 05:35 AM
In a national referendum set for November, the people of Switzerland will vote on whether the country should impose a 50% inheritance tax on the wealthiest of people — under a regimen so harsh that not even surviving spouses would be spared from the rapacious confiscation. Naturally, this is triggering predictions of a mass-exodus of wealthy people, with opponents pointing to a wave of departures the United Kingdom has witnessed in the wake of its own recent wealth-seizure move.
Under the proposal, a 50% federal tax would apply to inheritances and gifts above 50 million francs — about $63 million. The measure isn’t supported by the legislative Federal Assembly nor the executive Federal Council. However, under Swiss law, public proposals must be put to a nationwide plebiscite if 100,000 supporting signatures are collected. The signature campaign was led by Switzerland’s Young Socialists.
Reliably sounding like an elementary school group project, under the Young Socialists proposal, the confiscated wealth would be thrown down a woke rathole, with all proceeds used to combat “climate change.” While Swiss inheritance taxes at the cantonal level provide an inheritance tax exemption for transfers to spouses and direct descendants, the socialists’ proposal for the 50% federal tax would not. Peter Spuhler, 66-year-old owner of steel giant Stadler Rail, decried the proposal as a pending “disaster for Switzerland,” estimating the tax would seize upwards of 2 billion Swiss francs
A popular vote for the new inheritance tax on Nov 30 could hammer Switzerland’s long-held status as a premier tax haven for the world’s wealthiest people. A consortium of opponents that includes centrists and conservatives is already working to dissuade Swiss voters from indulging any impulses to soak the rich. “The brutal 50% inheritance tax threatens the existence of family businesses and causes high economic costs. It’s a setback for everyone,” said the organization in a statement.
In April, a new tax rule took effect in the UK, imposing a 40% inheritance tax on the global assets of “non-doms,” a term that refers to residents of the UK who are considered under British law to have their permanent home — their domicile — in another country. Chancellor Rachel Reeves is already considering avenues by which the change can be undone, after it promptly triggered an exodus of wealthy people eyeing alternatives like the United Arab Emirates, Italy and, yes, Switzerland. Among those who are either considering departure from the UK or have already done so: Egypt’s richest man, Nassef Sawiris, and Indian steel tycoon Lakshmi Mittal, who has lived in the UK for 30 years.
Georgia Fotiou, a lawyer advising private clients at Zurich-based Staiger Law, says the proposal is already harming Switzerland’s ability to benefit from the UK’s own inheritance-tax folly. “In terms of the chance for Switzerland to attract people leaving the UK, the damage has been done. The timing was terrible,” she told the Financial Times. “It hasn’t stopped everyone from coming but more have chosen Italy, Greece, the United Arab Emirates and elsewhere instead.”
To become law, the proposal must clear two hurdles, garnering not only a majority of support nationwide, but also in a majority of Switzerland’s 26 cantons. Despite the substantial likelihood of failure, the proposal already has some wealthy people on the move, say Swiss tax advisors and wealth managers. They caution that even a defeat — if it’s by a relatively modest margin — could leave mega-wealthy individuals hesitant about the country.
Germany’s Pension Ponzi Scheme Is Collapsing: What Comes Next
Monday, Jul 07, 2025 – 05:00 AM
Submitted by Thomas Kolbe
If you’ve ever wanted to witness the slow-motion collapse of a Ponzi scheme, you might want to keep an eye on Germany’s public pension system.
Rhetorically and politically sugar-coated as a “pay-as-you-go” system — where today’s workers finance the retirement of yesterday’s — this bureaucratic redistribution leviathan is utterly dependent on an ever-growing pool of contributors. Problem is: Germany is aging, shrinking, and losing its industrial base.
Just in time for this demographic crunch — declining birth rates, increasing life expectancy, and longer pension payout durations — policymakers have decided to torch what’s left of the country’s industrial foundation in a green frenzy. Year after year, around €70 billion in value creation is being sent up the chimney, while more than half a million jobs have disappeared in recent years. That’s half a million fewer contributors to the pension Ponzi.
Tax Payer´s Money To Maintain The Illusion
To keep the locomotive rolling — even as it barrels in the wrong direction — the federal government now plugs the pension system’s gaping cash hole with roughly €123 billion annually from the general budget. In other words: workers pay a second time, in the form of taxes, to support the same unsustainable system they already fund through record-high payroll deductions.
With a government spending ratio now exceeding 50% of GDP, Germany has erected a full-scale hyperstate. Attached to its bloated bureaucracy are ever-growing administrative tentacles: layers of social insurance agencies and subsidized institutions now serving as the domestic enforcement arm of Brussels’ self-destructive Green Deal.
The coming deep economic depression, which has been foreshadowed by three years of quasi-permanent recession, will test just how resilient — and solvent — the savings and wealth accumulation of past generations truly are. It may be their prudence that softens the blow of the present generation’s green delirium.
Trapped in the Logic of a Ponzi Scheme and Keynesian Voodoo Economics
Entirely captive to the logic of Ponzi finance and Keynesian voodoo economics, Germany’s new federal government now plans its grand escape from all woes. With a debt hammer of one trillion euros over the coming years, it aims to wipe away every problem while putting the economy back on track.
Broadly speaking, the money is supposed to raise the defense budget to 5% of GDP, as demanded by the latest NATO summit, pour into the country’s crumbling infrastructure, and plug countless holes in the overstrained welfare apparatus.
We don’t need to go into detail here to recall that such stimulus-fueled bonfires leave behind nothing but more debt and inflation, misallocating printed capital into sectors with little or no real demand. It would suffice if politicians had even a passing familiarity with recent economic history — they’d realize they are once again slamming their heads against the very same wall as in decades past.
Socialists Debate Higher Contribution
Meanwhile, the SPD — junior coalition partner to Chancellor Friedrich Merz’s CDU-led government — is currently debating raising the pension contribution ceiling by €500 if one has at least €8,050 monthly salary. This increase would translate to an additional yearly burden of over €1,116 for anyone earning that amount. In other words, those who already carry the lion’s share of the country’s fiscal load as the last remaining productive pillars of society would be hit with yet another surcharge. The welfare state and social peace, they argue, are worth this sacrifice.
The coalition partner CDU’s reaction was not long in coming. There was unanimous rejection of the SPD proposal to once again burden the country’s top earners. Wolfgang Steiger, Secretary General of the CDU’s Economic Council, stated:
“We strictly oppose the move to raise the contribution ceiling in statutory health insurance. It would further increase the cost of labor.”
That sounds good at first and has its merits. After all, it’s about time fiscal policy wielded the Milei chainsaw instead of continuing with the socialist cornucopia. Yet recent history has shown us that the CDU flips positions faster than expected.
It is, not least, Chancellor Friedrich Merz’s fault that trust in his party has hit rock bottom. After multiple broken campaign promises — like cutting the electricity tax or securing the country’s external borders once and for all — no one believes his party anymore.
After all, the community, acting as a global social welfare office, also needs to provide compensatory payments across other social insurance branches — which, thanks to successful recruitment efforts related to illegal migration, are facing significant special financing needs.
Germany is the Victim of Its Own Success
Two successful postwar generations built the capital and economic foundation on which the neo-socialist aberration could flourish — manifesting itself in an overgrown welfare system.
At the root of the problem lies not only the crushing tax and contribution burden in Germany but also its stagnating productivity, which together make rapid private capital formation nearly impossible for large parts of the population.
Even though politicians occasionally flirt with the idea of introducing elements of a capital-funded pension system, such proposals are a suicide mission in light of the sheer weight of the public pay-as-you-go system. Germans hold almost exclusively cash-based savings, which makes them highly vulnerable whenever the state — in concert with the ECB — fires up the inflation engine. On top of that, they remain deeply risk-averse investors, culturally and historically allergic to equity markets or private pension schemes.
Powerful Voting Block
The pension insurance provides the perfect case study. With over 21 million pension recipients, every reform attempt at the expense of this group faces a homogeneous voting block. Germany could raise the retirement age, which it is attempting to do to 67 years. It could reduce benefits, which it does not. Pensions are tied to inflation and productivity growth in the economy.
Politicians could reject the green-socialist agenda and return to the economic rationality of the free market to expand the contributor base and attract investment. They do not. The bureaucracy — the political front organization — is simply too powerful. Regulation is its product, and additional welfare recipients are its customers.
The path of least resistance will be taken: further increasing contribution rates for the productive pillars. Federal subsidies from the tax pool will supplement this to ease the pressure. But due to demographic development and the destructive economic policies in the EU, especially in Germany, the Ponzi scheme is steering toward an abyss.
* * *
About the author: for over 25 years, Thomas Kolbe has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
One under-appreciated aspect of the Israeli-Iranian conflict was how it has galvanized the hardliners in Iran, with some believing that it effectively centralized power around the military hawk faction, rather than fomenting discord and disarray as the West had hoped.
We saw that during the conflict, Grand Ayatollah Khamenei delegated war decisions to an IRGC shura council, allowing them to make all necessary military responses without his immediate oversight.
Now Economist writes how the Israeli—and previous American—strikes actually helped wipe out the ‘moderates’ and install a far hardier class of military commanders:
As the IRGC gains control its elite is being transformed at speed by Israel’s assassinations. Gone are the veteran commanders who for years pursued “strategic patience”, limiting their fire when their totemic leader, Qassem Soleimani, was assassinated in 2020, and holding it when Israel battered their proxies, Hamas and Hizbullah, in 2024. Now a new generation, impatient and more dogmatic, has taken their place and is bent on redeeming national pride.“The maximalist position has been strengthened,” says an academic close to the reformist camp. He claims the decision-makers in place before the war were debating whether to ditch their anti-Israel stance. But “everyone is now a hardliner”.
They even declare that for the first time since the 1979 revolution, the military has gained supremacy over the ‘clerics’, which could explain why Khamenei had notably gone ‘absent’ during the latter half of the brief war.
But in the medium term it could signal that the regime becomes more extreme, not more pragmatic, under the pressure of a devastating military campaign.
What’s more is that Iran’s elites appear to be ‘coalescing’, whereas a year ago there was great infighting and disagreement on the direction of the country vis-a-vis international pressures; now the ‘moderate’ faction is silenced in favor of the bold patriots. This is similar to the natural selection process which took place in the Russian elite circles around the time of the SMO. This was most obviously seen when the Majlis declared its unanimity in closing the Strait of Hormuz, which we’ll get to in a minute.
Most eye-opening was the Economist’s admission that Israel’s strikes on civilian targets had actually served to unite Iranian society. This alone flies in the face of daily narratives we’ve been fed about Iran being in tatters, and that disillusioned citizens are waiting with open arms for Reza Pahlavi to depose the ‘theocratic regime’. One supposes Iranian citizens didn’t particularly enjoy scenes like this one released today for the first time, showing an Israeli strike on central Tehran during last month’s attacks:
From the article—speaking on Iranian citizens and dissidents:
Early admiration for Israel’s military prowess has turned to outrage as its targets have widened and the death toll has mounted. Scorn for the IRGC’s haplessness has turned to pride at the speed with which it has reconstituted. Iranians who fled the capital are coming back. Those who once championed Israel are now handing over suspected Israeli agents to the police. Female political prisoners, the mothers of executed protesters and exiled Iranian pop stars have all issued calls to rally to Iran’s defence. “It’s backfired on Bibi,” says a former official turned dissident…
The Economist’s sources are convinced that Israeli strikes have made it certain that Iran will now “dash” to get the bomb—and why shouldn’t it?
Just compare Iran’s new Chief of Staff, Major General Mousavi (left), to his predecessor Mohammad Bagheri (right) who was killed in the Israeli strikes:
“Should the need come for a military response, it will be stronger and more crushing than before.”
— Iran’s new Chief of Staff, Maj. General Mousavi
Now it has come to light that the possible real reason for why the US decided to pull the plug on mission Iran so fast was because after the affirming parliamentary vote, Iran did in fact begin loading up ships with naval mines in preparation to close the Strait of Hormuz.
The U.S. was seriously concerned about a potential blockade of the Strait of Hormuz, Reuters reports, citing sources. Following Israel’s first missile strike on June 13, Iran reportedly loaded naval mines onto vessels in the Persian Gulf.
A blockade of this key global shipping route could have dealt a major blow to international trade and driven up energy prices, as roughly 20% of the world’s oil and gas supply passes through the strait.
However, U.S. officials acknowledged it may have been an Iranian bluff.
Sure, we know the prevailing excuse that only 11% of US oil comes through Hormuz, and such a blockade would have affected China and its spheres more. This is a simplistic projection, as secondary effects on the global markets would have still resulted in major repercussions for the US economy via supply chain disruptions, manufacturing cost spikes, massive political pressure and perceived weakness of US’ capabilities as regional enforcer, etc.
While diplomats are doing their job, Iran’s position hardening like nobody’s business after US air strike. Trump badly misjudged Iran’s national mood, psyche. Broujerdi a hugely influential politician & veteran diplomat [is] articulating majority opinion in the Majlis.
US seems to factor in collision course/ confrontation/conflict with Iran, having played out all its diplomatic cards. Politico, New York Times report US is holding back supplies of ammo, air defence, etc. for Ukraine as Pentagon stocks are running low & Israel gets priority.
He refers to Iranian MP and member of the National Security Committee Broujerdi who states below that Iran will now enrich uranium to whatever level it sees fit, including 90%:
Iran has likewise continued to stay defiant against the criminal IAEA, suspending cooperation with them and banning director Rafael Grossi from its nuclear sites. It seems Iran is confident of the deterrence gained by the damage it served upon Israel with its strikes, and is not willing to bow or kneel to further pressure.
Interestingly, there are now unverified reports that claim Israel is secretly urging Russia to intervene:
-“Israel is holding quiet high-level talks with Russia to pursue a diplomatic solution on Iran and Syria, as the ceasefire with Iran remains in effect,” – Israeli Broadcasting Corporation.
Israel has outlined its desire for a status quo where it gets to merely bombard Iran at will, any time it chooses, in order to “enforce” the made up regulations it pretends to impose on Iran; i.e. the same status quo now accepted as normal with regard to Lebanon, Syria, Yemen, and Palestine—where Israel can bomb at its whim.
Just read this stunning new revelation from the Israeli Ma’ariv paper:
JUST IN:
IAF Dropped leftover Interception munitions on Gaza, It was first voluntary then it became a policy.
During Israel’s 12-day war against Iran, Israeli Air Force pilots returning from intercept missions still carrying unused munitions asked to drop them on Gaza instead of landing fully loaded.
This began as a ‘local initiative’ but quickly became a routine. Pilots dropped leftover bombs in Gaza to ‘support ground forces in Khan Younis and northern Gaza’. Air Force Commander Tomer Bar approved expanding the practice to all squadrons. As a result, Gaza was hit with intensified airstrikes daily, with dozens of jets dropping hundreds of munitions on Palestinians without needing extra deployments. A military official said this strategy boosted the Air Force’s efficiency, saving resources and increasing firepower across multiple fronts.
Source: Hebrew Maariv.
The problem is, each time it does this Iran will likely respond with another round of crushing blows on Israeli cities which will not go over well with the frayed citizenry.
It will be politically disastrous as the populace will see the government’s “unnecessary” provocations on Iran as greatly endangering them for no tangible benefits.
Where things stand now is Iran—via FM Araghchi—demands some kind of guarantee that any future negotiations would not be used as another ruse to attack Iran, as was just done twice in a row by Trump. But at this point, who can trust the US’ word?
The US appears to be acting out of a greater sense of desperation to restart talks than Iran, which is in no hurry:
London Times article with Washington dateline, apparently well sourced, says that Witkoff is “frantically” communicating with Iranian officials “through direct and indirect channels” to get talks restarted; the “race is on” to secure a nuclear deal urgently despite Trump’s insistence to the contrary; Witkoff can offer sanctions relief as inducement to Iran to negotiate and “signing up to a long term deal to replace” the 2015 JCPOA, which is expiring in October.
Even as of this writing Iranian government planes have reportedly returned from Oman, which signals possible talks with US counterparts. We can only hope that behind Trump’s outward bluster, the US has some sense and is able to compromise toward a broader Mideast deal.
—
As a corollary, here’s CNN stunned by the latest polls showing the sea change in Democrats’ perceptions of Israel:
This is a major reason for why Israel is in such dire straits—the next generation of Americans will no longer support Israel’s domination of the US Congress. Israel will have no choice but to come up with inventive new methods or false flags to keep Americans in line, because without the US’ support, Israel will cease to be as a nation in the Middle East.
But Israeli hardliners know this, and it’s one of the reasons they have chosen to destroy or break up Iran now, before it’s too late.
END
ISRAEL VS HAMAS
A ‘positive response’ with conditions: Inside Hamas’s response to ceasefire mediators – explainer
While Hamas appears to be moving forward with ceasefire negotiations, the terror organization still has details in the latest draft of ceasefire arrangements that have yet to be ironed out.
IDF tank in Gaza, July 4, 2025.(photo credit: IDF SPOKESPERSON’S UNIT)ByJERUSALEM POST STAFFJULY 5, 2025 14:27Updated: JULY 5, 2025 15:30
Hamas gave a “positive response” to a ceasefire and hostage deal to mediators on Friday, Palestinian officials told Reuters.
However, there seem to be several details in the response that have not been clarified yet.
Qatari outlet Al-Araby reported that Hamas requested “minor amendments” to the plan, which mediators in Doha based on the Witkoff proposal.
Ynet reported that the three changes to the deal that Hamas is seeking regard aid distribution in the Gaza Strip, the withdrawal of IDF troops, and a commitment to not resume fighting after the 60-day period ends.
Hamas terrorists carry grenade launchers at the funeral of Marwan Issa, a senior Hamas deputy military commander who was killed in the central Gaza Strip, February 7, 2025. (credit: REUTERS/Ramadan Abed/File Photo)
What did Hamas request to change in the proposed ceasefire?
On Thursday, senior Hamas officials met in Turkey to discuss the proposed framework.
In the deal, 10 hostages are supposed to be released over the course of 60 days.
Under the terms of the deal, eight hostages would be freed on the first day, with two more released on day 50. The bodies of 18 deceased hostages would be returned in three phases across the two-month ceasefire.
The Jerusalem Post originally reported that in exchange for the hostages, 125 Palestinian prisoners plus 1,111 Gazans arrested after October 7 would be released.
Hamas is reportedly demanding that the Gaza Humanitarian Foundation (GHF) be removed from the enclave and that the distribution of aid return to the format from previous ceasefires.
The Ynet report noted that the agreement, as originally seen by Hamas, only stated that “aid will be distributed through agreed channels, including the UN and the Red Crescent,” and did not mention the GHF.
Hamas also allegedly is pushing for a segmented withdrawal of the IDF from Gaza, which was outlined in an earlier version of the agreement.
However, the current Qatari-drafted agreement states that the IDF will redeploy its forces to “maps to be agreed upon,” thus indicating some discrepancies.
In the original Witkoff framework, the IDF will redeploy to northern Gaza and the Netzarim corridor at the start of the ceasefire. However, after a week and pending the release of several hostages’ remains, the IDF will pivot and redeploy to southern Gaza.
A source from the IDF told Ynet that “during the ceasefire, the IDF will remain in the original perimeter set in the buffer zone, plus 250 meters (820 feet) into the Strip.” This implies a new buffer zone extending 1.2 to 1.4 kilometers (0.75 to 0.87 miles) into the Gaza Strip. Additionally, the IDF “will not withdraw from the Philadelphi Corridor.”
Hamas is also reportedly demanding a complete end to the war at the end of the 60-day period and wants security guarantees from the US, Qatar, and Egypt.
Notably, sources told the Arab-language paper Asharq al-Aswat that the deal on the table does not currently state a clear end date for the war.
Within Gaza, there appears to be mutual support for the ceasefire deal.
Palestinian Islamic Jihad stated that Hamas had informed it of the deal and that it was “interested in progressing towards an agreement.”
Israeli ministers have expressed their views against ending the war in Gaza
Notable members of Prime Minister Benjamin Netanyahu’s coalition have openly expressed their aversion to ending the war in Gaza.
National Security Minister Itamar Ben-Gvir said that Hamas must be eliminated and that Israel should encourage emigration to Gaza.
“It is time to stop the slogging in the Strip and strive for a quick resolution of Hamas, which is the ultimate goal of the war,” he said.
Similarly, Finance Minister Bezalel Smotrich said that he would oppose any agreements that would end the fighting in Gaza.
“I can tell you with all my heart that it won’t happen. I’m talking to [Prime Minister Benjamin] Netanyahu about it, and I don’t get the impression that he’s on his way there,” Smotrich said.
Netanyahu has only said that he was seeking a total end to Hamas and has not mentioned an end date to the Israel-Hamas War.
“There will not be a Hamas. There will not be a Hamastan. We’re not going back to that. It’s over. We will free all our hostages,” Netanyahu said last week.
“We will eliminate them down to the ground.”
However, US President Donald Trump has said that he intends to be “very firm” with Netanyahu about ending the war in Gaza.
END
ISRAEL HAMAS
IDF launches series of attacks in Gaza Strip, ten killed – reports
Israeli media reported Thursday on the presence of two new, Israeli-backed armed groups operating against Hamas in the Gaza Strip. According to Israeli news outlet Ynet, “one group is active in Gaza City, and the other in Khan Yunis” – where the Israeli military is currently present.
Ynet had previously reported, citing sources affiliated with the Palestinian Authority (PA), that “new Fatah-aligned militias would soon begin operations in the strip.” The same sources told the outlet this week that “these are the very groups now coordinating directly with the IDF,” with both receiving salaries from the PA.
One of the groups is based in Gaza City’s Shujaiya neighborhood – an area known historically as a hotbed of resistance, where Israeli forces are currently preparing to escalate operations. This faction is reportedly linked to Rami Halles, an anti-Hamas activist in Gaza linked to the PA Fatah party.
The Halles clan has had bad blood with Hamas since the Islamist’s movement’s takeover of Gaza years ago. “Halles and his men are heavily armed and are now receiving Israeli protection and operational cover,” sources cited by Ynet say.
The second militia, based in the southern city of Khan Yunis, is said to be led by a man named Yasser Hnaidek, who “is receiving Israeli aid – both in weapons and humanitarian supplies – as well as a salary from the PA.” He also hails from a Fatah-linked family in Gaza, according to what has been circulating.
Hnaidek has denied involvement in any such organization. In a video circulating on social media on Thursday, he refutes reports in Hebrew media that he has cooperated with Israel, affirming, “I am with the resistance and the internal front in Gaza,” adding that “Hamas knows who I am.”
The Halles clan has also released a statement denying “any act of treason or cooperation with Israel.”
The Ynet report follows recent information about an Israeli-backed gang operating in the southernmost city of Rafah – led by the Fatah-linked Yasser Abu Shabab, also allegedly linked to ISIS.
Abu Shabab and his group were confirmed to have been receiving Israeli support, and are behind the looting of humanitarian aid convoys in Gaza. The gang is also responsible for scouting and securing territory ahead of Israeli military operations. Additionally, Abu Shabab has been accused of drug trafficking.
Hamas has given Abu Shabab 10 days to surrender to authorities on charges of treason, armed rebellion, and forming an armed gang, or face trial in absentia, according to a statement by the Hamas-run Interior Ministry in Gaza on 1 July.
In late 2024, the Hamas-run Interior Ministry in Gaza established a police force in the strip called the Arrow (‘Sahem’) Unit, aimed at combating aid looters and militias linked to Israel.
⚡️NEW: Israel Is Now Operating Three Militias Inside Gaza—With Help From the Palestinian Authority
Israel is now working with three separate militias inside Gaza, including two newly revealed Fatah-linked armed groups in Gaza City and Khan Younis—both operating with Israeli… pic.twitter.com/26UEjx63bM
Clashes have been breaking out recently between the Arrow Unit and these militants.
Abu Shabab’s militia said in early June 2025 that the Arrow Unit had killed “over 50 of our volunteers, including relatives of our leader, Yasser, as we guarded aid convoys and redistributed supplies that were otherwise destined for corrupt entities linked to Hamas.”
Israel continues to accuse Hamas of diverting humanitarian aid for itself – a claim which the UN has publicly rejected.
END
‘No stopping a civil war against Hamas,’ Gaza militia chief Abu Shabab tells KAN
This follows an earlier interview with Army Radio, where Abu Shabab denied working with Israel but added that he hadn’t ruled out cooperating with the IDF on aid distribution in the future.
Gaza militia leader Yasser Abu Shabab with the backdrop of the Gaza Strip.(photo credit: SECTION 27A COPYRIGHT ACT, Reuters/Ronen Zvulun, Ebrahim Hajjaj/File Photo)ByJERUSALEM POST STAFFJULY 7, 2025 11:09Updated: JULY 7, 2025 12:55
Yasser Abu Shabab, leader of the allegedly Israel-backed, anti-Hamas Popular Forces group, revealed to Israeli public broadcaster KAN on Sunday that his militia is actively working against Hamas in the Gaza Strip, particularly operating in the Rafah area.
“There is no stopping a civil war against Hamas,” Abu Shabab said in the interview.
He told KAN that those who comprise his militia do not belong to any political or organizational ideology. However, Abu Shabab told Army Radio in an interview last month that he denied working with Israel and confirmed his group’s relationship with the Palestinian Authority. In that interview, he said that he wouldn’t rule out cooperating with the IDF on issues such as humanitarian aid distribution in the future.
In Sunday’s KAN interview, he said, “We have tasted the bitterness and injustice inflicted on us by Hamas and we have taken it upon ourselves to confront this aggression,” KAN quoted him as saying. “We support any legitimate force that will adopt the idea of removing injustice and corruption.”
The militia leader has also emphasized that the Popular Forces receive logistical and financial assistance from several sources but refrained from naming specific sources.
Palestinians seeking aid gather near an aid distribution site in Rafah, in the southern Gaza Strip, May 27, 2025 (credit: REUTERS/Hatem Khaled)
‘The next heirs in Gaza’
Abu Shabab claimed that after Hamas leaves power, the Popular Forces will rule the enclave afterwards. “Hamas knows and understands this; the Popular Forces will be the heirs in Gaza after they are crushed and defeated,” KAN quoted him.
He noted that there is no dispute between his group and the Palestinian Authority (PA). “There is administrative coordination regarding certain goals, but not military; the PA has nothing to do with arming the Popular Forces organization or providing assistance; any coordination is only administrative.”
Facing an ultimatum
Abu Shabab’s interview with KAN came a few days after Hamas announced that its Interior Ministry issued a 10-day ultimatum for him to surrender or face trial.
The ultimatum states that Abu Shabab is accused of “treason, collaborating with hostile entities, forming an armed gang, and insurrection.”
When asked by KAN about the ultimatum, he said, “They [Hamas] committed the crime of October 7. They are the cause of the trouble of the Palestinian people, the persecution of civilians, and the killing of innocents. They should put themselves on trial, not other people.”
Liran Aharoni contributed to this report.
END
ISRAEL HAMAS/REPORT
‘Security situation has completely collapsed’: Hamas has lost 80% of its control over Gaza- report
“Let’s be realistic here, there’s barely anything left of the security structure. Most of the leadership, about 95%, are now dead,” the Hamas official told the BBC.”
Hamas terrorists carry grenade launchers at the funeral of Marwan Issa, a senior Hamas deputy military commander who was killed in an Israeli airstrike during the conflict between Israel and Hamas, amid a ceasefire between Israel and Hamas, in the central Gaza Strip, February 7, 2025.(photo credit: REUTERS/Ramadan Abed/File Photo)ByJERUSALEM POST STAFFJULY 7, 2025 01:59
Hamas has reportedly lost about 80% of its control over Gaza, a senior official from the terrorist organization told the BBC in an interview published Sunday.
The official explained that the terrorist group’s command and control infrastructure had collapsed after months of Israeli airstrikes, which wiped out its political, military, and security leadership.
“Let’s be realistic here – there’s barely anything left of the security structure. Most of the leadership, about 95%, are now dead… The active figures have all been killed,” the official said in an interview BBC.
“Logically, it has to continue until the end,” the Hamas official told the BBC. “All the conditions are aligned: Israel has the upper hand, the world is silent, the Arab regimes are silent, criminal gangs are everywhere, and society is collapsing.”
He further clarified, “Let me be clear: the security situation has completely collapsed. There is no control anywhere.”
Palestinian Hamas terrorists keep guard on the day Hamas handed over deceased hostages in Khan Younis in the southern Gaza Strip February 20, 2025. (credit: REUTERS/Hatem Khaled/File Photo)
“So, the security situation is zero. Hamas’s control is zero. There’s no leadership, no command, no communication. Salaries are delayed, and when they arrive, they are barely usable. Some die just trying to collect them. It’s total collapse.”
Hamas’ weakening grip on Gaza
In June, IDF Spokesperson Brig.-Gen. Effie Deffrin stated that Hamas’s grip on Gaza was weakening as Israeli forces continued operations both above and below ground, The Jerusalem Post previously reported
“Hamas is losing control. It continues to operate against its own civilians,” Deffrin stated. He emphasized that “the distribution of food severely harms Hamas and its rule. Tens of thousands of meals are distributed daily to Gazans.”
The IDF has recently been operating near Gaza Humanitarian Foundation food distribution sites in southern Gaza in order to prevent Hamas terrorists and local clans from taking control of the food and allowing Palestinian civilians to safely receive aid.
In a statement, the IDF reaffirmed its commitment to supporting humanitarian efforts while ensuring the safety and security of those involved in the aid distribution.
end
ISRAEL/HAMAS/DEAL OUTLINE
Proposed Gaza Ceasefire Details Revealed As Netanyahu Visits White House Monday
Monday, Jul 07, 2025 – 09:00 AM
With Israeli Prime Minister Benjamin Netanyahu set to visit the White House on Monday for the third time in President Trump’s second term, Associated Press has obtained a copy of the latest ceasefire proposal — which now incorporates a personal guarantee from Trump that Israel won’t violate this ceasefire as it did a previous one.
Contrary to the wishes of Hamas, the proposed arrangement is a truce rather than an assured permanent end to the war, which has killed at least 55,000 people, according to Gaza’s health authority, while rendering much of the territory uninhabitable. Here are the key provisions reported by AP:
The deal centers on a 60-day ceasefire, during which Hamas would transfer 10 living captives to Israel along with 18 dead ones. It’s believed Hamas is still holding upwards of 25 living hostages.
While the ceasefire is going, the Israel Defense Forces would withdraw from Gaza to a buffer zone along the territory’s Israeli and Egyptian borders.
During that time, a major increase in humanitarian aid would flow into Gaza. Notably, it would be distributed by United Nations organizations and the Palestinian Red Cross. Since late May, a shadowy group led by a pro-Israel American evangelical who’s a mutual friend of Trump and Netanyahu — the Gaza Humanitarian Foundation — has been taking the lead on aid distribution. The group and IDF have faced withering condemnation during that time, as hundreds of Palestinians have been killed at the distribution points, with IDF soldiers confirming they’ve been using deadly weapons as a barbaric form of crowd control.
Also the ceasefire, negotiations for a permanent ceasefire would take place.
One of the more interesting elements of the proposal is its inclusion of Trump’s personal guarantee of Israel’s compliance with the 60-day ceasefire. “President Trump guarantees Israel’s adherence,” the document reads, noting that Trump “will personally announce the ceasefire agreement.” Israel violated the last ceasefire in March, resuming its attacks and blockading humanitarian aid. That prompted Yemen’s Houthis to resume their attacks on Israeli-linked shipping and other targets, which in turn led to the United States engaging in a large and expensive military operation against the Houthis that will best be remembered for two F/A 18 Super Hornets ending up at the bottom of the sea.
Talking to reporters beside Air Force One on Sunday, Trump sounded optimistic notes:“I think there’s a good chance we have a deal with Hamas during the coming week, pertaining to quite a few of the hostages….We think we’ll have that done this week.” On Friday, Hamas announced that it had delivered a “positive” response to the latest US-backed ceasefire and hostage release proposal.
‘We’re close to a deal on Gaza, we could have it THIS WEEK’ – Trump
‘I think there’s a good chance we have a deal with Hamas during the week’
“There are 20 hostages that are alive, 30 dead. I am determined, we are determined, to bring them all back. And we will also be determined to ensure that Gaza will no longer pose a threat to Israel,” said Netanyahu before leaving Israel for the United States.
While the international community and some domestic elements are pressuring him to secure a permanent ceasefire, Netanyahu faces intense pressure from within his own ruling coalition to continue the war. On Sunday, Finance Minister Bezalel Smotrich lashed out at Netanyahu after the cabinet decided to allow more aid to flow into the besieged, diseased and malnourished territory, saying it would route of the aid “also benefits Hamas.” In January, Smotrich threatened to collapse Netanyahu’s government by withdrawing his Religious Zionism Party if Netanyahu ended the war without completely eradicating Hamas as a political and military force in Gaza.
You can also expect the public elements of Netanyahu’s White House visit to include an emphatic round of self-congratulations in the wake of last month’s Israel-initiated war on Iran, which was launched just two days before US and Iranian delegations were set to conduct their sixth round of negotiations over the country’s nuclear program, which Iran insists is peaceful — a claim that’s been repeatedly echoed by the US intelligence community since 2007.
As the experience of several foreign leaders has shown, however, Oval Office visits hold the possibility of public embarrassment. That risk to Netanyahu may be elevated on Monday, as Trump has faced widespread social media ridicule from a significant swath of the American right, which views him as being easily manipulated and disrespected by Netanyahu. He could view the public session as a chance to demonstrate dominance. This was Trump when he was told Israel was immediately violating the ceasefire that ended last month’s 12-day war:
On his last visit in April, Netanyahu had to sit and endure Trump’s public announcement that the United States would engage in direct discussions with Iran. It’s been reported that Netanyahu had used that visit to pitch Trump on assaulting Iran, an idea Trump rejected. According to some accounts, Netanyahu in June unilaterally decided to attack Iran anyway, with Trump then bending to Israel’s agenda and providing military support.
Trump seems eager to “move on” from the war on Iran. However, with the toppling of the Iranian government having been a goal of Netanyahu and his US allies for decades now, we can expect he’ll use his visit to continue trying to maneuver Trump into breaking his campaign pledge to refrain from Middle East regime-change operations.
HOUTHIS/WEST
Merchant Ship Attacked With RPGs In Southern Red Sea Chokepoint
On Saturday evening, air raid sirens sounded across the Dead Sea region and parts of the West Bank following the launch of a ballistic missile from Yemen toward Israel. The launch, attributed to Iran-backed Houthi forces, marks an alarming expansion of their missile capabilities beyond the Red Sea maritime chokepoint.
Hours later, on Sunday morning, the UK Maritime Trade Operations (UKMTO) received a report that a merchant vessel transiting 51 nautical miles southwest of Al Hudaydah, Yemen, came under attack by multiple boats armed with small arms and rocket-propelled grenades. The vessel’s onboard security team returned fire. The incident remains ongoing.
UKTMO wrote:
UKMTO has received a report of an incident 51NM southwest of Al Hudaydah, Yemen. The vessel has been engaged by multiple small vessels who have opened fire with small arms and self-propelled grenades. Armed Security Team have returned fire and situation is ongoing. Authorities are investigating. Vessels are advised to transit with caution and report any suspicious activity to UKMTO.
The missile launch and maritime attack appear to be coordinated escalatory actions by the Iranian proxy group across multiple domains—air and maritime.
An update on Iran-Israel-U.S. tensions: The situation has calmed since the U.S. stealth bomber airstrikes on three Iranian nuclear facilities. However, President Trump stated on Friday that Tehran has yet to agree to nuclear inspections or cease uranium enrichment.
Trump told reporters on board Air Force One that he believed Tehran’s nuclear program had been “set back permanently,” although he warned Iran could restart at a different location.
Looking ahead, Israeli Prime Minister Benjamin Netanyahu is scheduled to visit the White House on Monday, where a potential ceasefire deal could materialize to end the 21-month war in Gaza. Trump has previously announced a “final proposal” for a 60-day ceasefire.
END
ISRAEL HOUTHIS
ISRAEL STRIKES!
Israel strikes Houthi ports across Yemen, ‘Galaxy Leader’ ship
The IDF struck three ports, a power station, and a ship used for terrorist purposes in the Red Sea, Defense Minister Katz noted.
Houthi supporters burn Israeli and US flags in solidarity with Palestinians and Iran, in Sanaa, Yemen June 20, 2025(photo credit: REUTERS/KHALED ABDULLAH)ByJERUSALEM POST STAFFJULY 7, 2025 00:34Updated: JULY 7, 2025 01:23
The IDF struck three Houthi-controlled naval ports, a power station, and a ship used for terror purposes docked in Yemen early Monday morning.
The Israel Air Force attacked the Hodeidah, Ras Issa, and Al-Salif ports. In a statement, the IDF noted that these three ports were “used by the Houthi terrorist regime to transfer weapons of the Iranian regime that are used to carry out terrorist plots against the State of Israel and its allies.”
Defense Minister Israel Katz said that the strikes were part of an IDF operation to eliminate Houthi terror infrastructure in Yemen.
🔴 إعلام حوثي: نحو 20 غارة إسرائيلية على عدة مواقع في الحديدة باليمن.
▪️ وزير الدفاع الإسرائيلي: هاجمنا أهدافا إرهابية في موانئ الحديدة والصليف ورأس عيسى ومحطة رأس الخطيب للطاقة.
According to the IDF, the Houthis installed a radar system on the Galaxy Leader and use it to track ships in the Red Sea. The vessel was hijacked by the Houthis in 2023; it is reportedly leased by a British company that is partially owned by an Israeli national, but it sails under the flag of the Bahamas.
The Galaxy Leader‘s crew was not heard from for months after they had been taken by the Houthis, and were released in January 2025.
Houthi channels claimed that the group confronted the Israeli strike with missiles.
The United Kingdom Maritime Trade Operations reported that the incident happened about 50 nautical miles south of Hodeidah. The Magic Seas was first targeted on Sunday by gunfire and self-propelled grenades launched from eight small boats, with armed security on the ship returning fire.
All of the crew were later rescued and taken to safety.
Al-Masirah TV noted at the time that the release was carried out “in support of the ceasefire agreement in Gaza” which had entered into effect at the time and would last until mid-March.
END
IDF carries out ‘intense’ strikes on Houthi targets in Yemen, says defense minister
Strikes include ports and ‘Galaxy Leader’ ship captured by Houthis * IDF to introduce new measures against draft dodgers and deserters, send 54,000 draft notices to ultra-Orthodox men
The IDF confirms it carried out airstrikes on multiple Houthi terror targets in Yemen, including the ports of Hodeidah, Ras Isa and Salif, and the Ras Khatib power station.
According to the military, the targets were used by the Iran-backed Houthi regime to transfer weapons and conduct terror activity against Israel and global shipping.
Among the sites hit was the “Galaxy Leader” vessel, hijacked by the Houthis in November 2023 and used for maritime surveillance and operational planning.
The IDF says the strikes come in response to repeated Houthi missile and drone attacks on Israeli territory and highlight the group’s ongoing use of civilian infrastructure for military purposes.
END
SAME STORY AS ABOVE ZEROHEDGE
Israel Bombs Ports, Power Plant In Yemen After Month-Long Pause
Monday, Jul 07, 2025 – 12:00 PM
On Sunday Israel’s military launched airstrikes on three ports and a power facility against Houthi-controlled Yemen, resulting in the group launching a barrage of missiles in retaliation. Israel is calling the major new initiative ‘Operation Black Flag’.
The Israeli military (IDF) announced it had targeted the Red Sea ports of Hodeidah, Ras Isa, and as-Salif, as well as the Ras Kathib power station. Additionally, it described striking a radar system aboard the Galaxy Leader, a ship previously seized by the Houthis and currently docked in Hodeidah.
This is the first escalation of its kind in nearly a month, and the IDF defended the action as necessary and warranted after intercepting a missile launched from Yemen earlier that day.
At least two more missiles were fired on Israel following the port strikes, with Houthi military spokesperson Yehyaa Saree later confirmed the launches, saying they again targeted Ben Gurion Airport, as well as the ports of Ashdod and Eilat and a power station in Ashkelon.
Israeli defense systems were active in seeking to intercept the inbound missiles, with possible damage on the ground still being assessed. No casualties on either side of this fresh flare-up were initially reported.
There are meanwhile new fears that another war could erupt in the Red Sea, as we also reported earlier.
On Saturday evening, air raid sirens sounded across the Dead Sea region and parts of the West Bank following the launch of a ballistic missile from Yemen toward Israel. The launch, attributed to Iran-backed Houthi forces, marked an alarming expansion of their missile capabilities beyond the Red Sea maritime chokepoint.
Hours later, on Sunday morning, the UK Maritime Trade Operations (UKMTO) received a report that a merchant vessel transiting 51 nautical miles southwest of Al Hudaydah, Yemen, came under attack by multiple boats armed with small arms and rocket-propelled grenades. The vessel’s onboard security team returned fire. The incident remains ongoing.
Israel has launched 'Operation Black Flag' against Yemen.
Warplanes have dropped at least 60 munitions across the country, including on the ports of Hodeidah and Ras Issa after the Yemeni Armed Forces targeted the Magic Seas in the Red Sea, a vessel linked to Israel, earlier… pic.twitter.com/IPqYm3H7Qc
Israeli Prime Minister Benjamin Netanyahu is visiting the White House on Monday, where a potential ceasefire deal could materialize to end the 21-month war in Gaza. Trump has previously announced a “final proposal” for a 60-day ceasefire. Renewed conflict in Yemen is likely to also be on the agenda, after the US military formally ended its Red Sea mission.
* * *
Below are more developing events and headlines via Newsquawk:
Middle East
Israeli military issued an evacuation order to people at Yemen’s ports of Hodeidah, Ras Isa and Al-Salif, as well as to those inside the Hodeidah power station, while it announced to carry out airstrikes in those areas due to military activities being conducted there. Israel’s Defence Minister later confirmed military strikes on Houthi targets in Yemen’s ports of Hodeidah, Salif, Ras Isa, as well as the Ras Qatib power plant
A Liberia-flagged, Greek-owned bulk carrier was attacked 51NM off Yemen’s Hodeidah, while the UKMTO later announced that all crew abandoned a ship that was attacked southwest of Yemen’s Hodeidah.
Israeli PM’s office said the changes requested by Hamas to the Qatari proposal are not acceptable to Israel, while the negotiating team will depart to Qatar for Gaza talks.
Israeli PM Netanyahu said he is determined to ensure hostages’ return to Israel and remove the Hamas threat from Gaza, while he said his negotiators in ceasefire talks have clear instructions to achieve an agreement under conditions Israel has accepted. Furthermore, Netanyahu said ahead of his White House meeting that he believes the discussion with US President Trump can certainly help advance these results.
US President Trump said he will discuss Iran with Israeli PM Netanyahu and noted Iran’s nuclear program was set back permanently but they may restart in a different location, while Trump also said there could be a Gaza deal during the week ahead.
First session of indirect ceasefire talks between Israel and Hamas in Qatar ended inconclusively and the Israeli delegation does not have sufficient mandate to reach an agreement with Hamas as it has no real power, according to two Palestinian officials cited by Reuters.
Hamas government office rejected a US State Department accusation that Hamas was involved in an attack on Americans at a Gaza Humanitarian Foundation site on Saturday.
UK government re-established diplomatic relations with Syria.
The second round of (Israel-Hamas) negotiations in Doha will begin this afternoon, via Al Arabiya sources. Subsequently, there is reportedly a positive atmosphere in Israel-Hamas negotiations, no breakthrough so far, according to Al Hadath.
Ukraine
US President Trump said they won’t be sending patriot missiles to Ukraine but talked about it and noted they have to be protected, while he said Russian President Putin is worried about sanctions and understands it may be coming.
Russian military forces gained control of Sobolivka in Ukraine’s Kharkiv region and Piddubne in Donetsk region.
Russian Foreign Minister says Russia does not need a temporary ceasefire, but rather a lasting peace.
HEZBOLLAH
Trump will discuss Iran with Netanyahu on Monday, Hezbollah tells US it will start disarming talks
• IDF launches series of attacks in Gaza Strip, say Arab reports • Trump says Gaza deal could be reached next week
A general view shows destruction in North Gaza, as seen from Israel, May 27, 2025.(photo credit: REUTERS/AMIR COHEN)
Lebanese channel Al-Jadeed reported on Saturday that Hezbollah confirmed in an official response to American mediator Thomas Barak that it is willing to discuss the conditions under which it would hand over its weapons.
SYRIA/USA
US Ends Foreign Terror Designation On Syria’s HTS, Nearly 2 Months AFTER Trump Met Its Leader
by Tyler Durden
Monday, Jul 07, 2025 – 03:25 PM
The United States announced Monday that has formally revoked the foreign terrorist organization designation for Syria’s ruling Hay’at Tahrir al-Sham (HTS) group, ironically coming nearly two months after President Trump met with its leader, Syria’s self-declared interim president, Ahmad al-Sharaa (formerly Abu Mohammad al-Jolani).
It’s not just ironic, but scandalous, that Trump met with a US-designated terrorist during this Gulf tour while in Saudi Arabia. If any individual American citizen did the same, they would likely be investigated and prosecuted by the FBI. But Sharaa is the “former” al-Qaeda in Syria man who helped overthrow Bashar al-Assad, and that’s apparently all that Washington cares about.
The newly published State Department memo, signed by Secretary of State Marco Rubio, reads as follows: “In consultation with the Attorney General and the Secretary of the Treasury, I hereby revoke the designation of al-Nusra Front, also known as Hay’at Tahrir al-Sham.”
The memo is actually dated to June 23, but has gone into effect at the time of publication.
Recall that Trump had gone so far as to praise al-Sharaa as a “young, attractive guy” who has a “real shot at doing a good job”. There was no mention at the time of protecting some of the world’s most ancient churches and Syria’s sizeable Christian community.
The fruit of that ‘good job’ thus far has been a genocidal campaign launched against Alawites near Latakia, as well as attacks on churches, including last month’s suicide bombing of St. Elias Orthodox Church in Damascus, which left at least 25 people – including children – dead. A group affiliated with Hayat Tahrir al-Sham actually took responsibility.
Why aren’t Christian leaders in the West more vocal about the plight of Syria’s blood-soaked churches?
"Shouldn't American Christians care about Syrian Christians, about their brothers in Christ? …where are the Christians in this country when the IDF rolls into an all-Christian town in the West Bank?" — @TuckerCarlson with @scotthortonshow@BradRHoffpic.twitter.com/w6SpdZgLDC
— Christian Malazarte (@ChristianMalaza) July 4, 2025
Not only has Trump dropped sanctions on post-Assad Syria, but is even encouraging historic rapprochement and normalization with Israel:
Since assuming power, Sharaa has admitted that his government is holding “indirect talks” with Israel, and last week, Syrian authorities said they were willing to cooperate with Washington on reimplementing a 1974 disengagement agreement with Israel.
Speaking earlier on Monday, the US special envoy to Syria and Lebanon, Tom Barrack, said “dialogue has started” between the two countries.
Sharaa is likely to face opposition from his base and the broader Syrian population over a possible normalization deal, as Israel continues to wage war on hungry and besieged Palestinians in Gaza.
Sadly, the message from the White House seems to be that Syria should prioritize ending the long-running state of conflict with Israel, but there’s been barely a peep about the massacres being conducted against Syria’s ancient Christian, Alawite, and Druze populations.
While you're busy chasing the Epstein client list, here's what you missed:
The Trump administration revoked the Foreign Terrorist Organization designation from Hay'at Tahrir al-Sham—aka al-Nusra Front, aka Al-Qaeda’s branch in Syria. pic.twitter.com/x9HIAVyd1i
— Kevork Almassian (@KevorkAlmassian) July 7, 2025
But this was all about the US-Gulf-Israeli push for regime change, and Jolani is now their #1 terrorist ‘man in Damascus’. Assad and the Syrian Army ultimately lost the proxy war which was waged since 2011, with billions of dollars sunk into the effort from the Gulf and Western alliance.
RUSSIA VS UKRAINE
Putin will not like this! late Thursday night
Deputy Head Of Russian Navy Killed In Ukraine Missile Strike
Thursday, Jul 03, 2025 – 02:00 PM
In a rare battlefield development, a very high-ranking general officer for Russia’s military has been killed by Ukrainian forces, and it actually happened on Russian soil.
Major General Mikhail Gudkov, deputy commander of the Russian Navy and a brigade leader in the Ukraine war, has been confirmed dead in Russia’s Kursk region, according to a statement Thursday by a Kremlin official.
The news broke when Russian and Ukrainian military Telegram channels reported that Gudkov was killed along with 10 other soldiers in a Ukrainian strike targeting a command post in Korenevo, which lies near the Ukrainian border.
Gudkov is among the highest-ranking Russian military figures killed by Ukrainian forces since the conflict began. A slew of international headlines are reporting his death on Thursday.
Kozhemyako, who said he had spoken to Gudkov a lot over the years, said in a statement that Gudkov had been killed “carrying out his duty as an officer” along with others, and expressed his condolences to the dead men’s relatives.
“When he became Deputy Chief of the Navy, he did not stop personally visiting the positions of our marines,” Kozhemyako said on Telegram.
The 42-year old general had only been promoted by President Putin to the number two command spot over the Navy in late March, according to the Institute for the Study of War think tank.
According to more emerging details in regional media, “An obituary posted by a Russian Navy servicemen’s organization states that on July 2, 2025, the Ukrainian Armed Forces launched a missile strike on the command post of the 155th Marine Brigade.”
Further, “The post said four missiles hit a forward command post in Korenovo, killing more than 10 people, including Gudkov and several senior officers.”
Were Western-supplied systems use in the attack? The possibility that Ukraine may have used US or NATO-sourced missiles to kill a top navy officer in an attack on Russian soil would mark another massive escalation.
end
Putin responds: Friday
Russia vs Ukraine
Russian Drones & Missiles “Rained Down” On Kiev In One Of The War’s Most Devastating Attacks Yet
Friday, Jul 04, 2025 – 08:30 AM
Russia launched one of the largest aerial assaults of the war on Ukraine overnight, unleashing more than 500 drones, with Kyiv as the primary target. The timing of the attack—just hours after a phone call between President Trump and Russian President Vladimir Putin—yielded no success toward ending the war in Eastern Europe.
On X, Minister of Foreign Affairs of Ukraine Andrii Sybiha said, “Hundreds of Russian drones and ballistic missiles rained down on the Ukrainian capital.” He described the attack as “one of the worst so far.”
Here is Sybiha’s complete statement:
Minister of Foreign Affairs of Ukraine Andrii Sybiha: “Absolutely horrible and sleepless night in Kyiv. One of the worst so far.
Hundreds of Russian drones and ballistic missiles rained down on the Ukrainian capital.
Right after Putin spoke with President Trump. And he does it on purpose.
Enough of waiting! Putin clearly shows his complete disregard for the United States and everyone who has called for an end to the war.
Moscow must be slapped with the toughest sanctions without delay. Ukraine must be provided with all necessary means to defend itself.
Wrong decisions can only encourage the aggressor to escalate terror. Every criminal regime in the world is now watching closely Putin’s actions and responses to them. If he gets away with all of this, everyone will get a very clear message.
Stop waiting for peace. Act to achieve peace. Peace through strength.”
Absolutely horrible and sleepless night in Kyiv. One of the worst so far.
Hundreds of Russian drones and ballistic missiles rained down on the Ukrainian capital.
Right after Putin spoke with President Trump. And he does it on purpose.
Kyiv, Ukraine’s capital, tonight after Russia launched a massive drone and missile attack on the city.
Numerous sites across Kyiv were hit, including multiple civilian and residential buildings, just days after the U.S. froze shipments of air defense munitions. pic.twitter.com/aQg8XRKUZE
Kyiv, Ukraine’s capital, tonight after Russia launched a massive drone and missile attack on the city.
Numerous sites across Kyiv were hit, including multiple civilian and residential buildings, just days after the U.S. froze shipments of air defense munitions. pic.twitter.com/aQg8XRKUZE— OSINTtechnical (@Osinttechnical) July 4, 2025
This war is literally squeezing the blood out of Ukraine. What a heavy, horrible night for the entire country, especially for Kyiv. It's just a stunning coincidence how the residents of the capital are greeting this morning, right after yesterday's conversation between Trump and… pic.twitter.com/hjHn685TOB
— Katerina Horbunova (@blue_eyedKeti) July 4, 2025
This war is literally squeezing the blood out of Ukraine. What a heavy, horrible night for the entire country, especially for Kyiv. It’s just a stunning coincidence how the residents of the capital are greeting this morning, right after yesterday’s conversation between Trump and… pic.twitter.com/hjHn685TOB— Katerina Horbunova (@blue_eyedKeti) July 4, 2025
This war is literally squeezing the blood out of Ukraine. What a heavy, horrible night for the entire country, especially for Kyiv. It's just a stunning coincidence how the residents of the capital are greeting this morning, right after yesterday's conversation between Trump and… pic.twitter.com/hjHn685TOB
— Katerina Horbunova (@blue_eyedKeti) July 4, 2025
The Russian drone and missile attack comes just hours after President Trump and President Putin held a call that yielded little to no progress toward ending the years-long war.
Trump told reporters on Thursday before boarding Air Force One on his way to Iowa that he was “not happy” with the conflict raging on, adding, “I didn’t make any progress with him at all.”
Earlier in the week, U.S. Defense Secretary Pete Hegseth ordered a pause in sending a shipment of missiles and ammunition to Ukraine over concerns about rapidly depleting U.S. stockpiles.
Axios noted that President Volodymyr Zelensky is set to speak with Trump later today to discuss the pause of the weapons shipments.
END
TURKEY/AZERBAIJAN/RUSSIA
Why’d Erdogan Decide To Expand Turkiye’s Sphere Of Influence Eastwards?
Assad’s downfall set into motion a fast-moving sequence of events that now threatens Russian influence in the South Caucasus, the Caspian Sea, and Central Asia; i.e. its entire southern periphery…
The latest developments in the South Caucasus are connected to the expansion of Turkiye’s sphere of influence eastwards towards the Caspian Sea and thenceforth Central Asia. The unrest in Armenia is driven by the opposition’s concerns that Prime Minister Nikol Pashinyan is prepared to turn the country into a joint Azeri-Turkish protectorate. That could occur if he reaches a deal with them like some have reported to open the “Zangezur Corridor” without allowing it to come under Russian control like agreed.
The Moscow-mediated Armenian-Azerbaijani ceasefire of November 2020 mandates the creation of a Russian-controlled corridor across Armenia’s southern Syunik Province, which Baku calls the Zangezur Corridor, for connecting both parts of Azerbaijan. Russian control would prevent Turkiye from streamlining its military logistics to Central Asia via these means for replacing Russia’s influence there with its own as part of a grand strategic powerplay that autonomously aligns with the West’s agenda.
The second development is directly connected with the first and relates to the newfound trouble in Russian-Azerbaijani relations. President Ilham Aliyev evidently believes that his country has a brighter future as part of a Turkish-led regional order instead of continuing to multi-align between it and Russia. He likely arrived at this conclusion due to the earlier cited reports about the Zangezur Corridor, which could have led to his policy recalibration that then emboldened him to bully Russia for regional prestige.
The catalyst for these developments is the credible possibility that the Zangezur Corridor might open up without coming under Russian control like agreed, which itself was brought about to a large degree by Assad’s downfall and the US’ subsequently changed policy towards the broader region in the aftermath. Turkish influence briefly surged in Syria before spooking Israel, which prompted Trump to bring previously terrorist-designated Ahmad al-Sharaa (Jolani) in from the cold to help manage their tensions.
He met him, encouraged him to join the Abraham Accords with Israel (which the latest reports suggest that Sharaa is considering), and removed the US’ sanctions on Syria. This sequence of events will greatly limit Turkish influence in Syria, but it’s balanced out by the PKK’s disbandment and the possible consolation prize that Trump could have given his friend Erdogan. That might involve him ceding the US’ previously envisaged joint US-French protectorate in Armenia to Turkiye and Azerbaijan instead.
It wouldn’t just be a goodwill gesture on Trump’s part but a pragmatic move since the US’ efforts to turn Armenia into a bastion for dividing-and-ruling the region required subordinating or overthrowing the Georgian government, which repelled several rounds of Color Revolution unrest to this end. This Biden-era failure derailed the US and France’s military logistics to Armenia, hence why it’s better to jettison this deadweight, which can now turbocharge Turkiye’s rise as a Eurasian Great Power at Russia’s expense.
These calculations and associated policy changes, which stem from the black swan event of Assad’s downfall, account for the latest developments in the South Caucasus. Nevertheless, Aliyev didn’t have to abandon Azerbaijan’s Russian-Turkish balancing act nor bully Russia as he clearly ordered his officials to do by raiding Sputnik’s office and beating up other detained Russians. These emotional, short-sighted, and totally unexpected moves inadvertently risk Azerbaijan becoming Turkiye’s junior partner with time.
END
RUSSIA/UKRAINE
Tanker Explosion Reported At Russia’s Ust-Luga Seaport
by Tyler Durden
Monday, Jul 07, 2025 – 05:45 AM
An ammonia leak during loading operations on the LPG tanker “Eco Wizard” reportedly triggered an explosion, resulting in the tanker sinking at one of Russia’s most strategically important ports, located in the Leningrad Region of northwest Russia on the Gulf of Finland.
German public broadcaster Deutsche Welle reported that Eco Wizard experienced an explosion during onboard loading operations at Ust-Luga seaport. All crew members were safely evacuated…
On a tanker in the Leningrad Region of Russia, an ammonia leak occurred. This is already the sixth tanker this year that has been affected in some way by an explosion after entering Russian ports. The incident took place at the Russian port of Ust-Luga on the Baltic Sea during the loading of the tanker Eco Wizard, according to the Russian Ministry of Transport.
Telegram channel “MNS | Moscow • News • Events,” citing its sources, reports that an explosion occurred on board the tanker during ammonia pumping operations at the terminal of JSC “MHK Eurochem.” As a result, holes appeared in the hull of the ammonia carrier, through which water began to flood. Eco Wizard sails under the flag of the Marshall Islands and arrived in Ust-Luga from Belgium.
Current location of Eco Wizard.
The owner of the vessel is StealthGas Inc. Additional details about the owner:
Ust-Luga is one of the most strategically important ports in Russia—economically, logistically, and geopolitically, mainly because it handles over 100 million tons of cargo annually, including coal, oil products, fertilizers, and LNG.
The incident marks the sixth tanker explosion at a Russian port this year, raising suspicions of possible sabotage by Ukrainian special forces or Western intelligence operations—mysterious explosions for sure.
END
RUSSIA/UKRAINE
Russia Army Captures Two More Settlements In 3rd Straight Month Of Advance In Ukraine’s East
Monday, Jul 07, 2025 – 02:45 AM
Russia’s military announced on Sunday that its forces had taken control of two additional settlements in eastern Ukraine, specifically one in the Donetsk region and the other in Kharkiv.
The statements indicated the villages of Piddubne in Donetsk and Sobolivka in Kharkiv are now under Russian control, though the Ukrainian side has not yet acknowledged this.
Piddubne had an estimated pre-war population of about 500 and is located merely 4 miles from the Dnipropetrovsk oblast border.
As for, Sobolivka, it lies about two miles west of Kupiansk and is outside of areas previously claimed by Russia, according to the Institute for the Study of War (ISW).
Russia’s Defense Ministry said in a couple of social media posts that its troops had “liberated” the settlements, and made reference to “Poddubnoye” and “Sobolevka” – according to the Russian spellings.
According to analysis presented in AFP, this marks the third straight month of Russian forces’ advance in Ukraine’s east, after stagnant front lined during the winter.
“Russia’s military advance in June accelerated for a third consecutive month and made its largest advance since November, according to AFP’s analysis of data from US-based Institute for the Study of War (ISW),” AFP writes.
“The Russian army took 588 square kilometers (227 square miles) of Ukrainian territory in June, compared with 507 square kilometers in May, 379 square kilometers in April, and 240 square kilometers in March, according to ISW data,” the publication adds.
Drone assaults from both sides continues to be a feature of the war, with Russia just days ago having unleashed an unprecedented 500 drones on Ukraine.
Kiev was targeted again overnight Friday, and the next day the city’s mayor Vitali Klitschko said the number of people killed had increased to two, with an additional 31 people wounded.
NEW: Russian forces recently advanced northeast of Pokrovsk and may attempt to advance further toward Dobropillya as part of a mutually reinforcing effort to envelop Pokrovsk and bypass Ukraine's fortress belt in Donetsk Oblast from the west in the coming months.
— Institute for the Study of War (@TheStudyofWar) July 5, 2025
But Ukraine has been touting some successes, with the country’s General Staff on Saturday stating that it struck the Borisoglebsk air base in Russia’s Voronezh region. The statement characterized it as a strike on the home base of Russia’s Su-34, Su-35S and Su-30SM fighter jets.
END
RUSSIA
Russian Transport Minister Dies By Gunshot Hours After Getting Fired By Putin
Monday, Jul 07, 2025 – 01:25 PM
Russian Transport Minister Roman Starovoit is reported to have died by suicide on Monday, a mere hours after being dismissed from his post by President Vladimir Putin, according to Kremlin officials.
Hours prior to Starovoit’s death, Putin signed the order removing him from office, with the official decree having been quickly published on the Kremlin’s website. Deputy Minister Andrey Nikitin has been named as acting transport minister in the wake of the dismissal.
Kremlin spokesman Dmitry Peskov was questioned by reporters on the firing, but did not provide details or a specific reason for the sudden change, but he did deny that it was due to a “lack of trust” when asked.
According to emerging details conveyed through Russian state sources:
The Investigative Committee of Russia said in a statement that Starovoit’s body was found inside a car in Odintsovo, a suburb of Moscow. He was found with a gunshot wound, the committee said. It said the circumstances of his death were being investigated but the “main theory is suicide.”
Starovoit hadbarely served a year in the job, after being appointed in May 2024. Before that he was governor of the Kursk region bordering Ukraine for nearly half a decade.
As Kursk governor, he had faced severe criticism and scrutiny for security lapses which allowed for last summer’s Ukrainian invasion and occupation of large swathes of Russian soil, which lasted for well over six months.
Starovoit’s dismissal may have served as a public accountability scapegoat of sorts related to widespread public frustration and anger over weeks of commercial travel delays.
Russia has witnessed weeks of disruptions to air travel across almost every major city in the Western and most populated portion of the country, due to constant drone assaults out of Ukraine.
The Russian Federal Agency for Air Transport has lately said that 485 flights have been canceled, 88 rerouted, and approximately 1,900 experienced delays just over this past weekend and into Monday.
Ukraine’s military and intelligence leadership has lately openly boasted that its actions targeted against Russian soil have disrupted daily life there, in order to put pressure on the Putin government, and destabilize society.
Given the recent history of deaths of top officials, and even oil execs – often under mysterious circumstances -Starovoit’s death is also raising eyebrows and fueling speculation that it may be foul play. For example there was this headline from merely days ago…
CNBC highlights a potential corruption scandal: “A presidential decree published earlier on Monday gave no reason for the dismissal of Roman Starovoit after barely a year in the job, though political analysts were quick to raise the possibility that he may have been dismissed in connection with an investigation into corruption in the region he once ran,” the report says.
It continues: “Reuters could not independently confirm these suggestions, though a transport industry source, who declined to be named due to the sensitivity of the matter, said Starovoit’s position had been in question for months due to questions about the same corruption scandal, which centred on funds earmarked for fortifying Russia’s border with Ukraine in the Kursk region.”
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
ROBERT H;
BREAKING: Landmark Peer-Reviewed Research Library on mRNA Injection Harms Just Released
One cannot help but wonder at the incompetence of Government to allow such a thing to occur. We should not wonder why confidence in Government is declining nor that politicians will grow more despaired and desperate to cling to power.
Researcher's Note – Trump Admits Getting Covid Vaccine [sic] Booster—After Earlier Saying He ‘Probably’ Wouldn’t: Link
A total of 21 articles described 24 cases of new-onset psychotic symptoms following COVID-19 vaccination [sic]: Link
Heavy metal rocker David Roach hospitalized after ‘aggressive’ cancer diagnosis
June 30, 2025
David Roach has shared a shocking health update. The Junkyard frontman and his fiancée, Jennifer, took to Instagram on Thursday, June 26, to reveal that the heavy metal rocker has been hospitalized amid his ongoing battle with skin cancer. While the band first announced that Roach was fighting “an aggressive cancer diagnosis” back in January, a GoFundMe page set up in March further revealed that the “Hollywood” singer was battling “aggressive squamous cell carcinoma” affecting his “head, neck, and throat.” The couple explained that Roach had to visit the emergency room due to an “ongoing fever and cough” and, upon being admitted, he received “devastating” test results that “completely shattered our world.”
Former UFC fighter Ben Askren undergoes double lung transplant after pneumonia hospitalization
June 30, 2025
Former UFC fighter and Bellator champion Ben Askren underwent a double lung transplant one week after being placed on the waiting list due to severe pneumonia that left him on a ventilator in critical condition. His wife, Amy Askren, shared an emotional update on social media Monday morning, expressing gratitude and hope for his recovery. “We are so thankful to share that Ben has received a double lung transplant,” Amy wrote. “It still doesn’t feel real that he was walking around completely healthy just five weeks ago. So much can change so quickly. Askren, a 40-year-old father of three children, developed pneumonia following a staph infection. He was hospitalized in his home state of Wisconsin.
Jordan Walker Injury: Could resume assignment Saturday
June 27, 2025
Cardinals manager Oliver Marmol told reporters Friday that Walker (abdomen) could resume his rehab assignment with Triple-A Memphis as soon as Saturday, John Denton of MLB.com reports. Walker [23] landed on the 10-day injured list Wednesday due to appendicitis. He was able to avoid surgery after being treated with antibiotics and could be reinstated from the IL when eligible next Wednesday, per Denton.
Researcher's Note – Appendicitis has been suggested as an adverse event of special interest post-vaccination [sic] against COVID-19 after a numerical increase in the vaccine [sic] arm of a clinical trial: Link
An Israeli team have done a good study here on vaccine [sic] side effects. They found 40% increased risk of Appendicitis 42 days post vax [sic]: Link
MLB reducing COVID-19 measures for teams with 85% vaccination [sic] rate: Link
‘Dance Moms’ Kelly Highland to Undergo Heart Surgery After Cancer Battle
June 25, 2025
Kelly Hyland [54] is preparing for heart surgery after recently completing chemotherapy for breast cancer. The Dance Moms alum was diagnosed with stage 1, grade 3 invasive carcinomalast year after discovering a lump in her breast. She started her chemotherapy and celebrated her milestone by ringing a bell at the hospital just a month ago. This week, her eldest daughter, Brooke Hyland, hopped on TikTok to update fans on her mother’s current condition – and revealed her new diagnosis. “You guys all watched her finish up her chemo and all of her breast cancer-related things,” the 27-year-old dancer said on TikTok posted on June 24. “Unfortunately, right after that, she got news that she needs to get open heart surgery … She was originally supposed to have surgery on Friday but now she has to go in tomorrow,” she shared. “They are hoping to go in robotically, but if they aren’t able to reach her heart then they will have to go in the traditional way…terrifying. Her heart is currently leaking.”
‘DWTS’ Pro Rylee Arnold Receives Unexpected Diagnosis at Age 20
June 25, 2025
Rylee Arnold is dealing with a new medical condition—and it’s not one she expected to have at such a young age. The Dancing with the Stars pro, who just turned 20 earlier this month, revealed in a new TikTok video that she has been diagnosed with shingles, a virus that many people associate with affecting older populations. But as Arnold noted in her new post on Wednesday, June 25, it “turns out you can get shingles as a 20-year-old.”
Researcher's Note – Herpes Zoster (Shingles) has been suggested as an adverse event of special interest post-vaccination [sic] against COVID-19 after a numerical increase in the vaccine [sic] arm of a clinical trial: Link
An Israeli team have done a good study here on vaccine [sic] side effects. They found 43% increased risk of Shingles 42 days post vax [sic]: Link
Former Comeback Kid bassist Matt Keil diagnosed with ALS, GoFundMe launched
June 27, 2025
Matt Keil — ex-bassist/vocalist for Comeback Kid from 2008 to 2014 — has been diagnosed with ALS (Amyotrophic Lateral Sclerosis). With the disease being incurable and progressive, Keil’s family has launched a GoFundMe to help support his care and ongoing medical needs. On May 2, 2024, Matt was diagnosed with ALS (Amyotrophic Lateral Sclerosis), a progressive & fatal neurological disease that causes muscle weakness, paralysis, and respiratory failure.
Sen. Patrick Brazeau collapses while speaking during Senate debate on major projects bill
June 25, 2025
OTTAWA — Senate debate on the federal government’s major projects bill was briefly suspended after a senator collapsed on the floor of the chamber. Sen. Patrick Brazeau rose to speak before collapsing sideways onto the floor, though a Senate spokesman said that he appears to be recovering follow an examination by paramedics. The Quebec senator was speaking about Bill C-5, Prime Minister Mark Carney’s controversial legislation that would grant Ottawa sweeping new powers to fast-track project permits amid a trade war with the U.S.
Singer Jessie J undergoes surgery after breast cancer diagnosis
June 24, 2025
British singer Jessie J [37] has undergone surgery for breast cancer that was diagnosed earlier this month. The singer announced this in a post on Instagram. She shared some images of the surgery and her stay in the hospital. “I will always show the good and difficult sides of every journey I go through,” the singer writes.
“He has no job security, no savings, no pension, and when he can’t work, no income”: Fundraiser set up for leading rock music journalist after heart attack
June 24, 2025
A fundraiser has been set up to support rock music journalist Mick Wall [67] as he recovers from a second heart attack. Wall, who has written books on Led Zeppelin, Black Sabbath, Guns N’ Roses, Metallica, Eagles, Foo Fighters, Prince, Lemmy, Jimi Hendrix and more, was Classic Rock’s editor-in-chief for five years, and has also written for Metal Hammer, Prog, Kerrang!, Mojo, Rolling Stone, Playboy and others. The fundraiser has been set up by fellow Classic Rock writer Jon Hotten, who reports that Wall suffered a stress-related heart attack earlier this month. “Mick and his wife Linda are being evicted from their home by their landlord,” says Hotten. “As I write this, he has £70 in his bank account. He was already facing serious health problems after a disastrous bowel operation in December. Linda is a Senior Nursing Assistant at the John Radcliffe Hospital in Oxford. She works on the Complex Medicine ward with patients receiving end-of-life care, undertaking four 12-hour shifts per week.”
Emmelie Scholtens on the loss of her baby, her illness and her appointment
June 24, 2025
On May 19, [dressage rider] Emmelie Scholtens [39] shared a touching photo of the hand of her and Jeroen Witte’s stillborn child. Scholtens has been through a difficult period, during which a rare form of chronic leukemia was diagnosed last winter, which partly caused the baby to not be viable. The treatment for the leukemia was successful and last week research showed that the blood values are back to normal. Scholtens is now also back on the horse, about which – and of course also about the appointment to the KWPN stallion inspection committee (and the criticism of it) – Scholtens candidly tells in an interview with the Paardenkrant.
Spain star Bonmati in hospital with viral meningitis
June 29, 2025
Spain midfielder and two-time Ballon d’Or winner Aitana Bonmati is being treated in hospital for viral meningitis, the Spanish football federation (RFEF) said Saturday. The RFEF said in a statement that Bonmati was “under ongoing medical observation” after tests led to her being diagnosed with viral meningitis. Bonmati, 27, did not train Thursday after feeling unwell and later posted a photo of herself in a hospital bed watching the 3-1 victory over Japan. Spain coach Montse Tome said after the match she was unsure if Bonmati would recover in time to play at the European Championship, which runs from July 2-27 in Switzerland. “Talking about meningitis can be scary, but in theory it is under control,” said Tome. “We don’t know long she’s going to be absent. I can’t say anything more than that.
Researcher's Note – Barcelona's players to be vaccinated [sic] against Covid-19 ahead of preseason: Link
Possible safety signal for the COVID-19 vaccines [sic]: Herpes zoster meningitis and Herpes simplex meningitis (both can cause viral meningitis) have 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
VP Dhankhar collapses at function in Nainital, recovers soon after
June 26, 2025
Dehradun – Vice President Jagdeep Dhankhar [74] collapsed during the golden jubilee function of Kumaon University in Nainital today as he turned emotional while meeting his old-time parliamentary colleague Dr Mahendra Pal. The VP however returned to normal soon after, and was found hale and hearty as a team of doctors examined him at the event venue.
Hurricanes plead for donations after wider squad player’s partner diagnosed with rare, aggressive cancer
June 27, 2025
Auckland – The Hurricanes Super Rugby franchise has made a plea for donations for the partner of a wider training squad member, who has been diagnosed with a “rare and aggressive” form of cancer. Mereana Pearce, 20, the girlfriend of young halfback Nui Muriwai, was recently diagnosed with small cell carcinoma of the ovary, hypercalcaemic type (SCCOHT) – a form of ovarian cancer that affects only one in 10 million women worldwide. Pearce has been told she may have only months left to live. She has had intensive rounds of chemotherapy, two major abdominal surgeries, high-dose radiation, and ongoing immunotherapy since her diagnosis.
Georgia Thunderbolts halt UK tour; bodybuilder Ronnie Coleman rushed to hospital; golfer Steve Pate pulls out of PGA Championship match; Irish band Hozier cancels two shows; & more
We start with what is now the second of Paul Simon’s disabling health problems since the rollout of COVID “vaccination.” The first, duly noted here in 2023, was the severe loss of hearing (92%) in his left ear, forcing him to cease performing for some months. The second was reported yesterday:
Paul Simon, 83, cancels concerts due to ‘unmanageable’ chronic condition
June 28, 2025
Paul Simon has been a touring musician since the 1960s—and at 83, he’s still hitting the road. But this weekend, the Bridge Over Troubled Water singer was forced to canceltwo scheduled shows in Philadelphia due to ‘chronic and intense back pain.’ Simon shared a statement on Instagram just hours before he was set to perform at the city’s historic Academy of Music, informing fans and ticket holders of the cancellation. ‘Paul has been struggling with chronic and intense back pain,’ the statement read. ‘Today it became unmanageable and demands immediate attention. Unfortunately, we have to cancel these shows at this time, as we don’t have the ability to reschedule them,’ the statement continued. ‘However, we are hopeful after this minor surgical procedure which has been scheduled in the next few days, Paul will be able to complete the tour as well as look into returning to make up these dates,’ the statement explained. Simon performed at the venue on Thursday night—the first of what was meant to be a three-show run in Philadelphia as part of his A Quiet Celebration Tour. Simon announced the tour in February, marking his return to the stage after retiring from touring in 2018 due to hearing loss.
Simon would have had to be injected to take part in this big show in Central Park two years ago, along with Bruce Springsteen, Carlos Santana, Patti Smith and others who have fallen ill since they were jabbed (though the connection was, and is, unknown to them).
While most of “the science” on back pain since 2020 has discussed it as a COVID symptom (Simon sees it that way), some studies, like this one from Oman, make a credible case for COVID “vaccination” as the cause:
Prevalence of Chronic Back Pain after COVID-19 Astrazeneca and Pfizer/Biotech Vaccines in Sultanate of Oman: A Survey-Based Study
September 29, 2023
The study found that about 36% (72) of participants have developed back pain after being vaccinated. Six characteristics of pain were addressed including onset, intensity, character, location, temporal pattern and duration. Pain was graded using the 0-10 numeric pain rating scale[21]. It has been shown that pain was of sudden onset in 25% (18) individuals and gradual onset i
n 75% (54) individuals (table-2). The study revealed that pain was severe in 9.7% (7) individuals, moderate in 61.6% (44) individuals, and mild in 29.1% (21) individuals (table-2). Regarding character, 50% (36) of individuals said that the pain was dull aching, 43% (31) said it was unspecified, and 7% (5) of individuals described it as sharp (table-2). Anatomically, the pain affected the lower half in 72.2% (55) of individuals and the upper half in 27.8% (17) of individuals (table-2).
Bruce Springsteen’s Longtime Guitarist Steven Van Zandt Undergoes Emergency Surgery After Spain Performance
June 24, 2025
While making a few appearances in the hit show The Sopranos, most know Steven Van Zandt as the famed musician part of Bruce Springsteen’s E Street Band. While on the verge of turning 75 years old, the musician recently needed to undergo emergency surgery after performing in Spain for what he thought was just a case of food poisoning. But that wasn’t the case as he found himself in a hospital for appendicitis. Sharing the news on his Instagram page, Zandt revealed, “Got a sharp pain in my stomach, thought it was food poisoning, turned out to be appendicitis. Got lucky with an exceptional hospital in San Sebastian.” Although considering himself lucky, even with appendicitis, Zandt noted he would need to miss a few shows with Springsteen to focus on his recovery. “Operation was a complete success and I’m hoping to get back on stage for at least one of the shows in Milan. Thank you all for all the good vibes. See you soon.”
Researcher's Note – Appendicitis has been suggested as an adverse event of special interest post-vaccination [sic] against COVID-19 after a numerical increase in the vaccine [sic] arm of a clinical trial: Link
An Israeli team have done a good study here on vaccine [sic] side effects. They found 40% increased risk of Appendicitis 42 days post vax [sic]: Link
VanZandt in 2021: Listen folks. The reason why vaccination [sic] should be treated as an emergency, and it isn’t by our pathetic government [sic], is there are variants coming that are resistant to our current vaccine [sic]. Like Lambda. Look it up. Unless everyone is vaxxed [sic], and masked, mutations will kill us all
Yes, Dick Van Dyke is very old; like Queen Elizabeth, Prince Philip, Betty White and other elders who got jabbed, and then continued to be very busy, upbeat and looking forward to more work—before falling ill, then “dying suddenly.”
We include Van Dyke here, then, because of his eagerness to take part in “his long-planned Vandy Camp event,” which he’s now had to skip “due to illness.”
Dick Van Dyke, 99, Misses Long-Planned Fan Event Due to Illness
June 29, 2025
Dick Van Dyke pulled out of a planned live appearance at a musical-comedy event, sparking concern among fans. On June 28, the legendary actor, 99, skippedhis long-planned Vandy Camp event, which was held at the Arlene & Dick Van Dyke Theater at Malibu High School, due to illness, People magazine reported. Van Dyke’s wife, Arlene Silver broke the bad news to fans.
“I have to inform you that Dick is not up to coming to celebrate with us today. I’m sorry,” she said. “When you’re 99 and a half years old, you have good days and bad days … and unfortunately, today is not a good day for him, and he’s sick that he can’t be here.”
Silver, 53, told fans that she was “pretty confident” her husband would be at the next Vandy Camp event in person.
Van Dyke’s Vandy Camp fundraiser had been heavily promoted for weeks. In a post to Instagram, it was described as “An Afternoon with Dick Van Dyke, Arlene Van Dyke, the Vantastix and special guests entitled ‘VANDY CAMP.’” The promo teased performances by Van Dyke, Silver, and the Vantastix as well as live music, clips from Van Dyke’s films, a fan Q&A and more.
The first Vandy camp event was held in March, and Van Dyke charmed fans with tales from his iconic career.
In January, Van Dyke appeared on the Where Everybody Knows Your Name podcast, where he explained how he keeps himself healthy as he approaches his 100th birthday. “I get down and do a lot of stretching and yoga,” the Chitty Chitty Bang Bang star said. “I’ve always exercised. Three days a week we go to the gym, and I think that it’s why I’m not stove up like my equals.”
He added, “When you think… I go back to 1925, I’m almost 100. This is insane. I’m going to have a big party.”
Van Dyke will celebrate his 100th birthday on December 13.
Van Dyke wasn’t just “vaccinated,” but musically urged others to do likewise:
February 2, 2021:
Health Scare Forces Bret Michaels To Make Major Tour Changes
July 2, 2025
A popular ‘80s rock singer says he is going to make changes to his “insane” touring schedule after a recent health scare.
Bret Michaels revealed earlier this week that he struggled with low blood sugar at recent shows in Pittsburgh and Washington, Pennsylvania. The Poison frontman thanked fans for being patient during the packed meet-and-greet sessions, though he admits he should’ve been more patient himself.
“…Although I knew my blood sugar was low, I was excited to meet everyone and not let anyone down,” Michaels wrote on Instagram. “Unfortunately, the highs and lows of living with diabetes since I’ve been six years old occasionally just kick my butt. Last night, I went on stage and even added a song or two to the set to prove to myself & the fans that I could do it. At the end, my blood sugar walking off the stage was a real-life 39.”
Michaels, who has three Upstate New York concerts scheduled over the next three months, said he will “rearrange” some of his upcoming shows to prioritize his health. He did not say when the changes will be announced or if some concerts will be postponed and rescheduled or canceled altogether; at least one show in Spokane scheduled for this Saturday will move to a later date.
Back in July of 2022, Michaels was hospitalized due to a “bad reaction’“ to “COVID-19 medication” —a “bad reaction …. caused by his diabetes,” according to TMZ:
Bret Michaels hospitalized over ‘bad reaction’ to medication; Poison show in Nashville canceled
July 1, 2022
The band Poison was forced to cancel its Thursday night show in Nashville when frontman Bret Michaels was hospitalized just before he was set to take the stage, according to reports.
No official reason has been given for his hospitalization, but TMZ reported it may be connected to an adverse reaction to COVID-19 medication caused by his diabetes [sic].
Michaels has lived with diabetes all his life; but it appears to have become more serious lately—as we’d expect, since “vaccination” has been found to cause “diabetic complications”:
COVID-19 Vaccination and Its Relation to New-Onset Diabetes: A Narrative Review
and slaps the district court back saying “”I do not see how a district court can compel compliance with an order that this Court has stayed.” Bravo Justice Kagan & Tom Fitton of Judicial Watch is on
this money on this! Tom is a friend of mine, a real patriot, seeks to help injustices.
A win for POTUS Trump!
JUDICIAL COUP CONTEMPT OF SUPREME COURT: Justice Kagan joins conservative justices in slapping back judicial coupster who sought to do an end run around earlier Supreme Court decision to allow certain
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NEWSWIZE
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MICHAEL EVERY/OR PICTON OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
One Big Beautiful Budget Deficit
by Tyler Durden
Saturday, Jul 05, 2025 – 11:40 AM
By Philip Marey, Senior US strategist at Rabobank
Summary
On Thursday, Congress passed the “One Big Beautiful Bill” that is supposed to include all Trump’s promises on fiscal policy in his second term. The bill includes tax cuts and additional spending on Republican priorities. The bill will extend the income tax provisions in the Tax Cuts and Jobs Act (TCJA) of 2017, which were set to expire by the end of the year and would have caused a fiscal cliff. There will be tax deductions for taxes on tips, overtime and Social Security. The bill includes additional spending on defense and immigration enforcement.
To finance the tax cuts and additional spending, or at least some of it, there are tax increases for and spending cuts in Democratic priorities. The tax credits for purchasing electric vehicles from Biden’s Inflation Reduction Act will be terminated. What’s more, new taxes on wind and solar energy projects will be imposed if they use too much foreign content. Federal spending on the Supplemental Nutrition Assistance Program (SNAP) will be reduced and the slack should be picked up by the states. There will also be cuts in spending on Medicaid, the health care program for low-income people. Finally, at the request of Trump, and much to the dismay of the fiscal hawks, the debt limit will be raised by $5 trillion.
On balance, budget deficits are projected to rise by $3.4 trillion over the 2025-2034 period according to the nonpartisan Congressional Budget Office. However, the bill front-loads tax cuts and delays spending cuts, causing a fiscal cliff at the end of 2028 that will create political pressure in 2028 to extend the tax cuts and kick the spending cuts further down the road. Therefore, the upward impact on budget deficits in the next 10 years could be even larger.
Despite the large rise in the budget deficit, the upward impact on the growth trajectory of the US economy is likely to be limited. A large part of what the Republicans and their proxies are trying to sell as “tax cuts” are actually extensions of the TCJA, which have been widely anticipated.
Meanwhile, the increase in defense spending is relatively modest and keeps it below what other NATO members have pledged (as percentage of GDP). Despite all the talk about Trump’s “grand strategy”, this means that US foreign policy ambitions will be severely limited in the coming decade: a victory for the isolationists.
The One Big Beautiful Budget Act of 2025 underlines that two traditional wings of the Republican Party, the fiscal hawks and the foreign policy hawks, have been pushed aside by the MAGA movement.
Introduction
The US Congress has passed the “One Big Beautiful Bill” that is supposed to include all Trump’s promises on fiscal policy in his second term. The self-imposed deadline was for the Senate and the House of Representatives to get a uniform bill to President Trump’s desk by July 4. On Tuesday, in the Senate, Vice President Vance had to step in as the tie breaker, because 50 senators voted in favor of the bill (50 Republicans) and 50 against (all 47 Democrats and 3 Republicans). Rand Paul voted “nay” because of the rise in the debt limit. In contrast, Susan Collins and Thom Tillis found the Medicaid cuts too deep to support the bill. Today, in the final vote of the House of Representatives, there were 218 votes in favor of the bill (218 Republicans) and 214 against (all 212 Democrats and 2 Republicans). Thomas Massie voted against the bill because he wanted more spending cuts, calling the bill a “debt bomb”, and at the other end of the Republican spectrum Brian Fitzpatrick – who supported the earlier House version of the bill – objected to the deeper cuts in Medicaid and SNAP.
What’s in the bill?
The One Big Beautiful Budget Act (OBBBA) of 2025 includes tax cuts and additional spending on Republican priorities. The bill will extend the income tax provisions in the Tax Cuts and Jobs Act (TCJA) of 2017, the main fiscal policy package of Trump’s first term. These tax cuts were set to expire by the end of the year and would have caused a fiscal cliff. There will be tax deductions for taxes on tips, overtime and Social Security, in line with Trump’s promises of “no taxes” on these three sources of income during his 2024 campaign. There will also be a rise in child tax credits. The deduction cap on state and local taxes (SALT) will also be raised, at the request of Republican lawmakers in high tax states.
The bill includes additional spending on defense and immigration enforcement. The latter will be improved by extending the border wall, increased detention of migrants, and additional funds for ICE (Immigration and Customs Enforcement). The largest items in defense spending are shipbuilding, the Golden Dome defense system against foreign missiles, and replenishing the stock of ammunition. However, this would still leave defense spending at about 2.7% of GDP by 2034, which is well below the target that other NATO members have pledged at the recent summit in The Hague. Of course, compared to these countries the US has spent much more in cumulative terms, but the more relevant benchmark is what is needed against enemy countries. To put this in a historical perspective: when the US tried to outrun the Soviet Union during the Reagan years the US spent more than 6% of GDP.
To finance the tax cuts and additional spending, or at least some of it, there are tax increases for and spending cuts in Democratic priorities. The tax credits for purchasing electric vehicles from Biden’s Inflation Reduction Act will be terminated. This was one of Trump’s campaign pledges. What’s more, new taxes on wind and solar energy projects will be imposed if they use too much foreign content. Federal spending on the Supplemental Nutrition Assistance Program (SNAP) will be reduced and the slack should be picked up by the states. There will also be cuts in spending on Medicaid, the health care program for low-income people. However, they have been eased to keep the so-called “Medicaid moderates” on board. The fiscal hawks wanted more spending cuts, but the Republican leadership needed to keep the centrists on board, given the small margins in both the House of Representatives and the Senate. Finally, at the request of Trump, and much to the dismay of the fiscal hawks, the debt limit will be raised.
What’s not in the bill
To the relief of foreign investors, and spurred on by the US business sector, the proposed introduction of Section 899 to the Internal Revenue Code has been removed from the One Big Beautiful Bill because of a forthcoming international tax agreement announced by Treasury Secretary Scott Bessent. Section 899 would have introduced retaliatory taxes on foreign companies from countries that impose “unfair taxes” on US companies, such as undertaxed profits rules, digital services taxes, and diverted profits taxes. However, Senate Finance Committee Chairman Mike Crapo and House Ways and Means Committee Chairman Jason Smith have stated that the US Congress could still adopt Section 899 if the new international tax agreement is violated. What has never been in any version of the bill is a serious attempt to rein in spending on Social Security and Medicare. Consequently, US public debt remains on a trajectory that hardly seems sustainable in the long run.
The budget impact of the bill
On July 1, the Congressional Budget Office estimated that the bill as passed by the Senate would decrease budget deficits by $0.4 trillion, relative to the budget enforcement baseline for consideration in the Senate. Of course this sounds great and is what the Republicans and their proxies are trying to sell to the public. However, this baseline – imposed by Senate Budget Committee Chairman Lindsay Graham – already assumes an extension of the TCJA income tax provisions. On its own this is a choice that could be defended, however when the CBO scored the TCJA in 2017 they assumed that these tax provisions would expire, in line with then current law and with the common practice of budget scoring by the CBO. So taken together, the budget impact of these tax extensions has been deleted. This is truly One Big Beautiful Magic Act. As Lindsay Graham put it last week: “I’m the king of the numbers, I’m Zeus, the budget king.” With a simple shift-in-accounting trick1, $3.8 trillion has disappeared into a black hole of time inconsistency. In the same letter on July 1, the nonpartisan CBO stated that compared with their January 2025 baseline budget projections, it would increase deficits over the 2025-2034 period by $3.4 trillion. So in reality, the OBBBA has a significant upward impact on the budget deficit.
What’s more, the bill front-loads tax cuts in the next few years and delays spending cuts, causing a rise in the budget deficit in the short run and political pressure down the road to extend the tax cuts, further increasing annual budget deficits. Many deficit-increasing measures are scheduled to expire in 2028, while many deficit-reducing measures do not start until after 2028.
This would create a large fiscal cliff in 2028 that could force another extension of tax cuts, similar to the response that we are seeing this year in anticipation of a 2025 fiscal cliff that would emerge if the OBBBA had been rejected. Keep in mind that in November 2028 elections will take place for the presidency, the House of Representatives and one third of the Senate. In addition to extending tax cuts, there may be pressure to undo much of the deficit reduction scheduled by the OBBBA to take place after 2028. This could increase the upward impact of the bill on the budget deficit in the next ten years from $3.3 trillion to $4.8 trillion according to the nonpartisan Committee for a Responsible Federal Budget (CRFB). In other words, the OBBBA of 2025 would repeat the same trick used in the TCJA of 2017 by keeping the projected upward impact on the federal deficit limited through sunsets that are very likely to cause extensions of deficit-increasing measures when the fiscal cliffs comes in sight. These measures are only temporary in name, in reality they are permanent.
The economic impact of the bill
Despite the large rise in the budget deficit, the upward impact on the growth trajectory of the US economy is likely to be limited. A large part of what the Republicans and their proxies are trying to sell as “tax cuts” are actually extensions of the income tax provisions in the TCJA. In fact, the One Big Beautiful Bill is removing the fiscal cliff that loomed at the end of this year. What’s more, the extension has been widely anticipated because the Republicans could not afford the fiscal cliff from an electoral perspective. So this should not change the growth projections of the US economy. The additional stimulus would come from the other tax cuts, which are considerably smaller.
No serious attempt has been made to improve the US public debt trajectory. Fiscal discipline has gone out of the window on Capitol Hill and the few remaining fiscal hawks are at best slowing down the upward trajectory of the debt. This leaves the enforcement of US fiscal discipline to the bond vigilantes. However, they are faced with limited alternatives to US treasuries. Nevertheless, as far as they are able and willing to diversify away from US treasuries, they could demand higher yields. In the long run, this is increasingly likely. Either through higher interest rates or through higher tax rates if US lawmakers are going to put their fiscal house in order, this budget explosion could slow down economic growth down the road. However for now, the low tax rates of the TCJA have been extended and some new tax cuts have been added. Just stop thinking about tomorrow.
The foreign policy impact of the bill
Despite all the talk about Trump’s “grand strategy”, defense spending in the One Big Beautiful Bill does not seem compatible with preserving US military dominance. Cutting taxes (or extending tax cuts) without touching Social Security and Medicare has left little room for increasing defense spending. This means that US foreign policy ambitions will be severely limited in the coming decade. In this sense the OBBBA is also a victory for the isolationists. While the recent US attack on Iran can be seen as a short-term victory for the foreign policy hawks in the Republican Party, the OBBBA will give the isolationists the upper hand in the long run.
Conclusion
In the end, this bill is essentially about extending the Trump tax cuts of 2017 and adding some new tax cuts promised during the presidential campaign of 2024. Despite spending cuts on clean energy programs and health care for low income Americans, the fiscal hawks saw their wings clipped again and the US public debt continues to rise. However, the foreign policy hawks are in for some big disappointments as well. They may be basking in the glory of the attack on Iran, but there is no budget for their future ambitions. The “One Big Beautiful Bill” underlines that these two traditional wings of the Republican Party, the fiscal hawks and the foreign policy hawks, have been pushed aside by the MAGA movement.
7.OIL/ENERGY COMMENTARIES:
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE
MEXICO CITY
A MESS
Mexico City Protest Against American Ex-Pat ‘Invasion’ Turns Violent
Sunday, Jul 06, 2025 – 06:05 PM
In a role reversal that underscores a universal resentment of economic and social impacts caused by a major influx of foreigners, demonstrators marched in Mexico City on Friday to protest against the city’s status as a hot new residential destination for American ex-pats and remote workers. Though it started peacefully, many demonstrators turned violent, with some of them accosting Americans and smashing the restaurants, banks and other businesses that cater to them.
Protesters destroying shit of some business
As far as I can tell, this happened next to a building called Casa Roma (not saying this structure belonged to "Casa Roma") pic.twitter.com/E32f2LjdWW
Angered by soaring rents they rationally blame on foreigners, hundreds of protesters marched through Condesa and Roma — two neighborhoods that are particularly popular with Americans living in or visiting Mexico City — and proceeded to the US embassy and to a metro station. Their signs expressed a variety of sentiments:
Gringo: Stop Stealing Our Home
Mexico For Mexicans
Pay Taxes, Speak Spanish, Use Pesos Or Get Out Of Here
Some of the demonstratorsstarted attacking businesses in Condesa and Roma, smashing windows, spray-painting graffiti, tearing down awnings, vandalizing cars, completely destroying a restaurant patio, and looting. A Starbucks outlet was among the most-damaged properties:
Anti-Gentrification (Anti-Gringo) Protest in Mexico City (CDMX) 🇲🇽
A Mexican protest telling Americans to go home that happened yesterday
Video captured protesters screaming at American-looking tourists as they sat at a sidewalk eatery, and a man spray-painting KILL A GRINGO on a the wall of a building.
"Gringos, stop stealing our homes."
Tourists were shouted at and store windows smashed during a protest against gentrification in Mexico City, where an influx of Americans and other "digital nomads" is driving up rents and pushing out locals. pic.twitter.com/OA0epvmKP7
Following the mayhem, Mexico City Governor Carla Brugada issued a lengthy statement, carefully walking a line that combined a condemnation of the violence with her own opposition to gentrification, and a defense of her administration’s efforts to promote affordable housing:
“Mexico City does not agree with gentrification…We know that gentrification can exclude those who have lived their entire lives in their neighborhoods, which is why we allocate unprecedented resources to create conditions that allow them to continue developing their life projects in their own communities.
However, we in no way endorse violence to address this issue. We reject violence as a method to resolve conflicts. This city stands for rights and freedoms. We respect demonstrations and social expressions in response to any situation, but not aggression.”
The city’s popularity with ex-pats soared in the Covid era, as so-called “digital nomads” — remote workers who live months at a time in exotic locales — came to Mexico City to escape Amerian lockdown regimes, take advantage of the lower cost of living, and enjoy the mild climate.
With the influx of Americans, rents in the popular zones soared, squeezing out the locals. Neighborhoods were transformed, not only demographically but architecturally. One protester, 19-year-old college student Michelle Castro, told Associated Press that she’s watched the transformation of apartment complexes from residences for locals to rentals for tourists:
“There are a lot of foreigners, namely Americans, coming to live here. Many say it’s xenophobia, but it’s not. It’s just thatso many foreigners come here, rents are skyrocketing because of Airbnb. Rents are so high that some people can’t even pay anymore.”
Mexico grants residency permits that start out on a one-year term, with the freedom to leave and re-enter as much as you like over that span. The permit can be renewed up to a cumulative four consecutive years, followed by options to apply for permanent residency or to start the temporary residency process over again…
…which brings us to an important point. While many of the angry sentiments directed against Americans in Mexico City mirror those that might be voiced against illegal Mexican immigrants in the United States, there’s one enormous distinction that can’t be ignored: The Americans in Mexico City entered the country legally.
END
CANADA
If Trump gives more tariffs, Canada is in deep trouble.
Canada’s manufacturing sector shrank for the fifth month in a row, with the S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) falling to 45.6 in June, down from 46.1 in May — well below the neutral 50 mark that separates growth from contraction, according to the Financial Post.
The latest data shows the steepest drop in production since the spring of 2020, when the pandemic hit. According to S&P Global, this downturn was driven by weak demand, a sharp fall in new orders, and ongoing trade challenges. “A lack of new orders underpinned the latest downturn and helped to explain the steepest reduction in production since the height of the pandemic,” said Paul Smith, economics director at S&P Global Market Intelligence.
The Financial Post writes that manufacturers reported a significant decline in export demand, particularly from the U.S., which accounts for around 75% of Canada’s exports. Rising costs due to U.S. tariffs have made Canadian goods less competitive. As a result, international orders dropped at one of the steepest rates in the survey’s history.
“Canada’s manufacturing economy continued to struggle in the face of tariffs and the ongoing uncertainty related to future trade policies,” Smith added.
The slump has forced firms to cut output and reduce purchasing, leading to the fastest drop in input inventories in five years. Some of this was due to intentional destocking, but supply chain delays also led companies to rely on existing stock.
Employment in the sector fell for the fifth consecutive month, with firms choosing not to replace departing staff or enacting layoffs to manage costs. “International sales unsurprisingly were especially subdued, and, against this backdrop, firms chose to make further cuts to their employment and purchasing activity,” said Smith.
Despite the grim data, some manufacturers are cautiously optimistic. Confidence in the outlook rose to its highest level since January, though it remains below the historical average. “Although sentiment improved on hopes of some stability in the year ahead, confidence in the outlook remains subdued and uncertain,” Smith concluded.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1727 DOWN 0.00031 PTS OR 31 BASIS POINTS
USA/ YEN 145.43 UP 1.101 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 1.3605 DOWN .0016 OR 16 BASIS PTS
USA/CAN DOLLAR: 1.3662 UP 0.0077(CDN DOLLAR DOWN 77 BASIS PTS)
Last night Shanghai COMPOSITE UP 0.81 PTS OR 0.02%
Hang Seng CLOSED DOWN 28.23 PTS OR .12%
AUSTRALIA CLOSED DOWN 0.18%
// EUROPEAN BOURSE: MOSTLY ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 28.23 PTS OR 0.12%
/SHANGHAI CLOSED UP 0.81 PTS OR 0.02%
AUSTRALIA BOURSE CLOSED DOWN 0.16 %
(Nikkei (Japan) CLOSED UP 23.42 PTS OR 0,06%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3305.00
silver:$36.29
USA dollar index early MONDAY morning: 97.05 UP 22 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.090% UP 2 in basis point(s) yield
JAPANESE BOND YIELD: +1.473% UP 2 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.258 UP 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.523 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.5999 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1739 DOWN 0.0020 OR 36 basis points
USA/Japan: 145.66 UP 1,345 OR YEN IS DOWN 135 BASIS PTS//
Great Britain 10 YR RATE 4.5820 UP 2 BASIS POINTS //
Canadian dollar DOWN .0037 OR 37 BASIS pts to 1.3641
Tariff Tantrum 2.0 Sends Stocks & Bonds Lower; Oil & The Dollar Surge
by Tyler Durden
Monday, Jul 07, 2025 – 08:00 PM
TACO Monday? Extend, delay, and pray…
After a long weekend, following some ‘certainty’ about US government spending, trade policy uncertainty is ticking higher again (as Trump sends letters to various nations – from Japan to Kazakhstan – increasing tariff threats to 25-40% but extending the deadline to Aug 1st for negotiation)…
Source: Bloomberg
…right as Trump 2.0 reverts back in line with Trump 1.0…
Source: Bloomberg
Goldman’s trading desk notes that non-fundamental players in the short term are not a tailwind: CTAs are small net sellers SPX over the next 1w (but large buyers over the next 1m) while Corporates are sitting on their hands, as the buyback window is now closed ahead of earnings (89% are in blackout window today with 92% in blackout by the end of the week)….
…but the broad indices were all lower on the day (despite Sunday night’s exuberant open after Friday’s futures fade as Americans celebrated their Independence). Small Caps were the biggest losers today while S&P and Nasdaq were the prettiest horses in the glue factory (still down around 1% on the day)…
Another thing that stood out today was the unwind of the unwind with Goldman’s Most Shorted Basket down more than -2% and driving their HF Performance Proxy higher for the 1st time in a week…
Source: Bloomberg
Additionally, Thursday’s post-payrolls’ surge in Mega-Cap tech was largely erased today…
Source: Bloomberg
TSLA tumbled on Musk’s ‘America Party’ posts on X…
Defensives were bid today (Utes green) relative to Cyclicals… decoupling from higher TSY yields….
Source: Bloomberg
Treasuries were dumped along side stocks today. The bond selling started as Europe opened – with some modest buying overnight in Asia – and didn’t stop through the US close. The long-end underperformed…
Source: Bloomberg
The yield curve (2s30s) reversed all of Thursday’s post-payrolls flattening today as yields kept pushing higher (Thursday bear flattening, Monday bear steepening)…
Source: Bloomberg
Rate-cut expectations fell for 2025 on the day…
Source: Bloomberg
…but despite the selling in stocks and bonds, the dollar rallied to two week highs…
Source: Bloomberg
Gold round-tripped to basically unchanged (despite the dollar strength)…
Source: Bloomberg
Bitcoin roundtripped yesterday’s gains, testing up to $110k and back down to $107k handle…
Source: Bloomberg
The bid in oil prices on Monday shows traders are focusing on immediate tightness rather than the increased supply promised by OPEC (and positioning has amplified the bounce). WTI is slowly creeping back from the Israel-Iran ‘peace’ plunge…
Source: Bloomberg
Finally, don’t forget that we are entering the strongest month for the S&P historically…
Source: Goldman Sachs
…July brings an average return of 1.67% looking back to 1928. Did we front-run that ‘outperformance’?
BIG NEWS OF THE DAY
USA DATA RELEASES
USA ECONOMIC NEWS
Tariff Time Again: Trump Sends Trade Letters Ahead Of Deadline, Threatens 10% Tariff On BRICS-Aligned Nations
Monday, Jul 07, 2025 – 09:40 AM
Trade tensions are once again front and center for investors as President Trump’s tariff deadline looms.
On Sunday night, the president announced that the U.S. will begin sending tariff letters to major trading partners, warning of levies on countries that have yet to strike a deal. The president expects letters to be sent to 12 countries.
Trump wrote on Truth Social:
I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7. Thank you for your attention to this matter! DONALD J. TRUMP, President of The United States of America.
Treasury Secretary Scott Bessent said President Trump will begin sending letters to U.S. trading partners, warning that if no agreement is reached, tariff rates will revert to April 2nd levels—set to take effect on August 1.
Bessent noted that several major deals are nearing completion and that “big announcements” could be made this week. He added that around 100 smaller countries will be assigned a default tariff rate, many of which never engaged in negotiations with the Trump administration.
Adding to the uncertainty, Trump said an additional 10% tariff will be imposed on any nation aligning with BRICS, the bloc of emerging market economies (Brazil, Russia, India, China, and South Africa) seen as increasingly hostile to U.S. interests.
Trump wrote on Truth Social:
Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!
The 10-member bloc of emerging-market nations has increasingly positioned itself as a geopolitical and economic contender to the US-led global economic order, which is seen as fracturing as the world stumbles into a dangerous bipolar state.
BRICS seeks to reduce the dominance of Western institutions like the IMF, World Bank, and the U.S. dollar system
Trump has previously threatened countries that back a new reserve currency…
“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump wrote on X in late 2024.
The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they…
Goldman analyst Nelson Armbrust commented on Trump’s tariff posts:
Trade tensions are back in view as the tariff deadline approaches, with Trump pledging to start issuing unilateral rates to dozens of countries in the coming days. Stocks retreated at the start of a potentially volatile week as U.S. trading partners rushed to finalize trade deals with the Trump administration ahead of a July 9 tariff deadline.
U.S. officials earlier signaled August 1 as the date for higher levies to kick in. Treasury Secretary Scott Bessent indicated some countries may be offered a three-week extension to negotiate.
On a side note, over the weekend BRICS leaders, including China and India, condemned U.S. and Israeli attacks on Iran and called for a “just and lasting” resolution to conflicts across the Middle East. President Donald Trump threatened to impose an additional 10% tariff on any country aligning with “the Anti-American policies of BRICS”. Metals fell, the yuan weakened and the dollar rose 0.4%
The inflection point appears to be the 2030s…
The broader message is clear: the Trump administration is drawing a very hard line—it will not allow BRICS to dismantle the dollar-based global order. This is shaping up to be a fight for economic and geopolitical survival, as the White House moves to ensure the American experiment endures the challenges of a bipolar world in the 2030s.
VICTOR DAVIS HANSON
Victor Davis Hanson Dismantles “Experts” Who Keep Getting Trump Wrong
Victor Davis Hanson just DISMANTLED the so-called “experts” who’ve been wrong about Trump’s policies at every turn.
He dropped three brutal examples that leave no room for doubt—and ended with this warning to the media elites:
“You should try to shed your Trump Derangement Syndrome, because it’s really affecting your powers of judgment and analysis, and you’re going to lose readers.”
Victor Davis Hanson has a message for the media and the self-anointed “experts” who’ve spent years forecasting disaster under Trump: look at the record.
In his eyes, their failures weren’t honest miscalculations but an unwillingness to admit they simply didn’t understand the country, or the president that they were so eager to condemn.
“I want to talk about our so-called experts,” he began, setting the tone for his argument with a reference to the infamous letter signed by intelligence veterans.
“We know they’ve been wrong when they sign these collective letters, 51 intelligence authorities assured us Hunter’s laptop was pretty much made up in Russia.”
It wasn’t, he argued, an isolated misfire.
Hanson accused major outlets of embracing analyses that fell apart under the weight of real events.
“Recently, in some of the marquee newspaper sites, Wall Street Journal, Bloomberg, of course, the New York Times, they made a series of statements by so-called experts that are absolutely confounded by reality.”
He was setting the stage for a bigger argument: that these repeated failures weren’t simply about being wrong.
They were about refusing to see what was right in front of their own eyes.
Victor Davis Hanson has a message for the media and the self-anointed “experts” who’ve spent years forecasting disaster under Trump: look at the record.
In his eyes, their failures weren’t honest miscalculations but an unwillingness to admit they simply didn’t understand the… pic.twitter.com/YrRMEQIkpg
That stubbornness, Hanson argued, was especially obvious when it came to Iran.
The recent strikes on uranium enrichment facilities provided a textbook case of the media seizing on convenient narratives while ignoring evidence that didn’t fit.
“Let’s take Iran,” he said, describing how reports downplayed the strikes’ effectiveness.
“We get all of these stories that the combined Israel and the later United States strikes on the three key sites of uranium enrichment and around may not have done very much.”
Much of that spin, he claimed, came from a single Pentagon leak describing “marginal damage”—a version of events many outlets picked up without question.
But the reality, he insisted, was harder to deny for anyone who looked at the photos.
“Anybody who looked at the post operation panel, photographs could see that there was substantial damage.”
It wasn’t just his opinion.
“David Albright, one of the most prestigious, an analyst of nuclear proliferation. He said there was serious damage.”
He cited similar assessments from the IAEA’s Mr. Grossi and Israeli intelligence, while the press clung to the one leak that fit their angle.
And the real twist? Hanson highlighted what he saw as absurd hypocrisy in how the threat was framed before and after the strikes.
“The left told us before there was no need to strike Iran because they were months or years away from developing a bomb,” he said.
Yet once the facilities were hit, the same voices panicked about the danger of rapid enrichment.
“They said, oh my gosh, there might be uranium that could be quickly enriched.”
Even some of Trump’s own supporters, Hanson argued, weren’t immune to overreaction.
“The same thing, the same inexactitude, is true of the reaction to the, around war,” he said, recalling grim forecasts of “30,000 people killed, could cause World War Three.”
But the real story was anticlimactic in a way no one seemed eager to admit.
“We were in Iranian airspace for about 25 minutes. No Americans were killed. Probably very few if any Iranians were killed.”
Trump negotiated a ceasefire almost immediately.
And when Iran retaliated by launching missiles at a US base in Qatar, Hanson noted it was “22 year old, 23 year old skeleton crews” manning Patriot batteries who intercepted them without issue.
“Trump did not reply. End of story. No World War Three, no 30,000 killed, no endless wars.”
That stubbornness, Hanson argued, was especially obvious when it came to Iran.
The recent strikes on uranium enrichment facilities provided a textbook case of the media seizing on convenient narratives while ignoring evidence that didn’t fit.
If the coverage of Iran revealed one kind of expert failure, the border crisis showed another—one that was more about stubborn dogma than leaked intelligence.
“Then we get to the border, and, we were told that there’s only one solution for the border, and that was comprehensive immigration reform.”
For years, the refrain was the same: without sweeping new laws, nothing could change.
Even Trump, they argued, couldn’t hope to make a real dent in illegal crossings.
But Hanson said those dire predictions met an inconvenient reality.
“We were said even Donald Trump should come in and get everything he wants. There’s no way you can reduce 10,000 people a day to zero,” he noted.
Then, with understated finality: “He did that. He did that.”
He revisited the idea of “self-deportation,” mocked for years as unworkable or even offensive.
Trump’s team, Hanson said, turned it into a policy with clear rules and real consequences.
“If you self-deport and you go back and you ever want to come back, you can legally you can reapply. But if you’re apprehended in the United States illegally, you can’t come back at least for ten years.”
They didn’t just make threats. They offered practical incentives.
“We will give you $1,000 to go back, and we will pay your air ticket deep into your country.”
According to Hanson, it worked on a scale the experts refused to believe possible.
“Almost a million people have self-deported,” he said, arguing the real border crisis today is largely about those who entered under Biden.
“They’re not coming because of these deterrents.”
If the coverage of Iran revealed one kind of expert failure, the border crisis showed another—one that was more about stubborn dogma than leaked intelligence.
“Then we get to the border, and, we were told that there's only one solution for the border, and that was comprehensive… pic.twitter.com/qAMZl2Rh9X
With that, Hanson turned to the final example where he felt the expert class had shown stunning overconfidence: the economy.
“Finally, the Wall Street Journal told us that the tariffs in March and April, they were going to crash the stock market. They were going to raise prices. We would have a hyperinflation. We were going to have a recession,” he recalled.
The predictions were dire, and they extended to fears that deporting hundreds of thousands of workers would gut industries and kill jobs.
But Hanson said the actual numbers tell a different story.
“Here we are in June and the stock market is at a record high. The Japanese, the Chinese, their prices for their products, despite the tariffs that they were paying, are the same, if not lower. Job creation is good.”
He argued Trump’s approach was less about ideology and more about pragmatism.
“Donald Trump is pretty common sensical.”
For Hanson, the logic was simple: remove the shadow workforce that suppressed wages and confront trade partners who benefited from asymmetric tariffs.
Instead of collapse, he said, the US economy proved resilient…and even thrived.
“You can have an economic renaissance,” he said, if you were willing to challenge the accepted wisdom.
With that, Hanson turned to the final example where he felt the expert class had shown stunning overconfidence: the economy.
“Finally, the Wall Street Journal told us that the tariffs in March and April, they were going to crash the stock market. They were going to raise prices.… pic.twitter.com/oFozR60FKC
In the end, Hanson’s critique was less about individual mistakes than a culture of certainty that refused to learn.
He closed by listing, point by point, the predictions he believed had been definitively disproven.
These cut like a dagger.
“So just to conclude,” he said, “on nuclear proliferation—WRONG.”
“On a forever war following the bombing of the uranium enrichment plants in Iran—WRONG.”
“Wrong on the border that couldn’t be defended, that you couldn’t stop illegal immigration, you couldn’t self-deport people.”
“Wrong on tariffs, wrong on the so-called trade war. No recession, no inflation, no sudden loss of jobs.”
But for Hanson, it wasn’t just about being wrong, it was about the refusal to admit it.
That’s when he dropped his BRUTAL warning to media elites:
“You should try to shed your Trump Derangement Syndrome, because it’s really affecting your powers of judgment and analysis, and you’re going to lose readers.”
He insisted that the real solutions were never complicated or extreme but rooted in common sense.
“Close the border. Tell people to leave who are here illegally. Tell countries not to put tariffs on our goods unless they want tariffs on theirs. And don’t ever underestimate the US Air Force when it flies into an undefended airspace.”
And while he didn’t expect the media to change course, he offered a final promise to his audience.
“Most of the criticism of Donald Trump was not based on reality. Is this going to stop that fraudulent reporting? No, it’s going to continue.”
“But we’re going to be astute and awake before their inconsistencies.”
Victor Davis Hanson: The Trump Deranged “Experts” Were Wrong. Again.
President Donald Trump’s track record flies in the face of conventional wisdom from so-called “experts”— but they will be the last to admit it.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge.
A NEWS/ANTISEMITISM..
KING NEWS
The King Report July 7, 2025 Issue 7627
Independent View of the News
June NFP 147k, 106k consensus, Whisper # 9k; May revised to 144k from 139k, April revised +1k Manufacturing -7k, -2k expected; May revised to -7k from -87 Government +73k (State +47k with Education +40.3, Federal -7k) ; Construction +15k; Health care & social assistance +58.6k (Healthcare +39.3k), Leisure & Hospitality +20k Average Hourly Wages 0.2% m/m & 3.7% y/y; 0.3% m/m & 3.8% y/y expected Workweek 34.2 hours, 34.3 expected and prior
The +40.3k Education jobs must be due to a faulty seasonal adjustment. Schools close in June!
Household Report Highlights Unemployment Rate 4.1%, 4.2% prior, 4.3% consensus Employed +93k, Unemployed -222k; Not in Labor Force +329k; Civilian Labor Force -130k Labor Force Participation Rate 62.3%, 62.4% consensus and prior Part-time for Economic Reasons -159k; Part-time for Non-Economic Reasons -32k https://www.bls.gov/news.release/empsit.a.htm
@EricLDaugh: In the latest US jobs report, native-born workers GAINED 830K while foreign-born LOST 348K… It’s happening. https://t.co/3BOM8pGzje
@FoxNews: Under @realDonaldTrump, American workers are winning again with 1.74 million jobs added in the past year, while foreign-born workers gained just 364,000.
June S&P Global US Services PMI 52.9, 53.1 expected and prior; Report: https://t.co/xxFBTllcV9
June ISM Services Index 50.8, 50.6 expected, prior 49.8; Prices Paid 67.5, 68.9 exp, 68.7 prior New Orders 51.3, 48.2 expected, 46.4 prior; Employment 47.2, 49.5 exp, 50.7 prior
May Factory Orders 8.2% m/m as expected, prior -3.9% from -3.7% Ex-Trans 0.2% as exp, prior -0.6% from -0.5%
May Durable Goods Orders 16.4% m/m as exp and prior; Ex-Trans 0.5% as expected & prior Nondef Ex-Air 1.7% as expected & prior, Shipments 0.4%, 0.5% exp & prior
EU ‘ready for a deal’ as deadline in tariffs conflict with US looms European Commission President Ursula von der Leyen on Thursday stressed that the EU is aiming for a breakthrough in negotiations with the US on suspended tariff hikes. “We are ready for a deal. We want a negotiated solution,” von der Leyen told reporters in Aarhus, Denmark… https://www.yahoo.com/news/eu-ready-deal-deadline-tariffs-133231578.html
Fangs soared on Friday. The DJIA rallied robustly while the DJTA rallied modestly. USUs sank early but recovered after Mr. Bond realized the details of the June Employment Report showed weakness.
USUs hit a high of 115 11/32 (+21/32) at 4:19 ET on expectations of a soft US June Employment Report. They tanked to a low of 113 31/32 (-23/32) one minute after the 8:30 ET official release of the jobs report. They rebounded to 114 18/32 at 8:56 ET.
Gold, oil, and gasoline declined moderately while the dollar rallied smartly.
ESUs traded within a 6-handle range, and mostly positive, from the Nikkei opening until they expanded the range to 14 handles after 22:26 ET. ESUs then traded in a 12-handle range, and mostly positive, until they exploded higher two minutes before the official 8:30 ET release of the June Employment Report.
ESUs hit 6295.50 at 8:35 ET and then sank to 6253.00 at 8:45 ET on a profession ‘dump.’ ESUs then went wild to the upside, hitting a daily high of 6333.25 at 12:43 ET. Profit taking ahead of the holiday weekend pushed ESUs down to 6318.50 at 12:50 ET. ESUs rose to 6223.75 at 13:11 ET.
@financialjuice: Nearly 85% economists in a poll, 21 of 25, say they are concerned about the quality of official UK economic data. 10 say they are very concerned.
Positive aspects of previous session The 4ht of July Rally appeared; Fangs and the DJIA rallied robustly. Gold, gasoline, and oil declined moderately while the dollar rallied
Negative aspects of previous session The DJTA was soft all session and closed -10.52 points. USUs declined as much as 31/32. The odds of a Fed rate in July collapsed.
Ambiguous aspects of previous session Are US stocks forming some type of top?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6214.44 Previous session S&P 500 Index High/Low: 6284.65; 6270.15
On Thursday afternoon, the House passed DJT’s Big Beautiful Bill on a 218-214 vote. GOP Reps Massie (KY), who will lose his primary, and Ex-FBI agent Fitzpatrick (PA) voted with Dems. Fitz reportedly was miffed that Ukraine funding was lacking. The bill: Reverses Biden’s tax hikes; $100B thru 2029 for ICE; and hikes the debt ceiling by $5 trillion.
@HebbiaAI: House just passed the final Big Beautiful Bill—here’s what changed since the Senate version: AI moratorium is out (states can regulate AI) – $40k SALT cap locked for 5 years – Child Tax Credit cut to $2,200 – Medicaid work rules tightened – Debt ceiling raised $5T(Trump signed the bill on the 4th of July.)
@ScottPresler: The House passed President Trump’s Big Beautiful Bill…: No tax on tips; No tax on overtime; Largest tax cut in American history; Largest tax cut for seniors in history; Largest tax cut for NY families by raising SALT cap; Funds hiring 10,000 new ICE officers to deport criminal illegal aliens
Time: ICE’s current annual budget is around $10 billion. Under the version of the bill that passed the Senate, the agency would receive an infusion of more than $100 billion through 2029: $45 billion for detention facilities, $46 billion for border wall operations in the U.S.-Mexico border and $14 billion for deportation operations… https://time.com/7299360/big-beautiful-bill-trump-ice-immigration/
Trump pitches plan allowing farmers to vouch for illegal immigrant workers facing deportationhttps://trib.al/tfuQfnX
Iran won’t retaliate against the US — but will continue uranium enrichment, official sayshttps://trib.al/hvPzNvY
@Osint613: “Israel Defense Minister Israel Katz: The fate of Yemen is the fate of Tehran. As part of Operation ‘Black Flag,’ the IDF has now powerfully struck terrorist targets of the Houthi terror regime in the ports of Hodeidah, Al-Salif, and Ras Issa, the Ras Katib power station, and the ship ‘Galaxy Leader,’ which was hijacked by the Houthis about two years ago and is currently used for terrorist activities in the Red Sea.”
@MacroEdgeRes: Total U.S. stock market cap has hit – $63.8T – more than the combined value of Europe, China, Japan, India, and Hong Kong.
@dlacalle_IA: The Tariff Tantrum was the most dishonest fearmongering narrative created in decades… but markets reacted quickly and reality kicked in with the fastest recovery in history.
For decades, US tariffs were politicized as destructive acts – despite other countries’ tariffs. WHY? Because academics, the media, and Dems needed to blame something for the Great Depression other than RDR’s (socialist and communistic) policies plus his usurpation of the US Constitution.
European stocks sank on Friday after Trump said he would notify trading partners of new US tariffs effective August 1. DJT added that 10 or 12 letters would be sent this week.
Euro Stoxx 50 -1.02%, FTSE 0.0%, CAC -0.75%, DAX -0.61%, Ibex -1.48%, MIB -0.8% Nikkei +0.06%, Hang Seng -0.64%, CSI 300 +0.36%, Shanghai Comp 0.32%, Shenzhen Comp -0.43%
China’s Share of US Imports Falls to 7.1% (in May, lowest since 2001) as Vietnam Closes in – BBG China’s share of imports was recently as high as 1.4.8% in September 2024…
Fed Balance Sheet: -$2.602B; Reserves: -$143.348B
@DOGE__news: Milton Friedman: “I have long been in favor of abolishing (the Fed) on the whole, it has a very poor record, it’s done far more harm than good.” https://t.co/DxTRkpKTNf
@GlobalMktObserv: McDonald’s prices have skyrocketed since 2014: • McChicken: +199% ($1.00 → $2.99) • McDouble: +168% ($1.19 → $3.19) • Medium Fries: +138% ($1.59 → $3.79) • Quarter Pounder with Cheese Meal: +122% ($5.39 → $11.99) Even fast food is expensive
FHFA Chief @pulte: Based on the materials my team has seen and Powell’s $2.5 Billion Renovation (Fed HQ), I believe there is overwhelming evidence to justify a for cause termination of Jay Powell.
@RapidResponse47: @SecScottBessent responds to Dana Bash on the “Yale Budget Lab” Big Beautiful Bill analysis: “This week, I actually went on their website. They’re all ex-Biden officials, so I think we can discount everything they say … What we have here is a middle class and working-class bill.” https://x.com/RapidResponse47/status/1941851683404894400
Bessent on Sunday noted that Democrats and their media allies are bashing the GOP for including work requirements even though Medicaid work requirements were “very popular under Bill Clinton… popular under President Obama. Work requirements even poll well with the median Democratic voter.’ https://x.com/RapidResponse47/status/1941857780085801447
WSJ Editorial Board: No One is ‘Gutting’ the Safety Net – The GOP will have to rebut the Democratic and media distortions about their reforms or lose the 2026 election. Medicaid spending has risen by roughly 60% since 2019… The work requirement doesn’t apply to anyone who is disabled, pregnant or caring for a child younger than age 14. Volunteering 20 hours a week or enrolled in school? You can get Medicaid… Don’t buy the Democratic talking point that the working poor will be lost in red tape as they try to prove they’re on the job. States have handled work requirements in food stamps and cash assistance for decades… The Democratic position is that Medicaid should be a free universal benefit for men who refuse to work… https://www.wsj.com/opinion/no-one-is-gutting-the-safety-net-e3029eb4?st=DcUHzL
@SecScottBessent: Only in D.C. is a 20% hike to Medicaid over 10 years considered a ‘cut’. Medicaid should focus on helping the vulnerable people it was designed for. Work requirements are broadly supported by the public and already implemented in many states. Able-bodied adults are not vulnerable.
Bessent said several trade deals are close ahead of the July 9 deadline. However, Trump confirmed that tariffs will go into effect August 1, not July 9.
@unusual_whales on Sunday: Reporter: Are you open to the idea of pulling away from your personal crypto ventures just for the next two years if that helps get these crypto bills passed? Trump: I became a fan of crypto and to me it’s an industry and I’m president, and if we didn’t have it China would. https://t.co/ZmQ2VAWGcZ
We have NO idea why the media and Dems are NOT attacking Trump’s crypto conflict of interest. PS – The prime rationalization for owning crypto is the dollar will free fall due to US spending and debt. And there’s Trump shilling for cryptos while pumping up the US debt!
@SJosephBurns: The U.S. Dollar is back down to a dangerous 13-year long-term trendline. https://t.co/EHCrub5Ire
Musk: What’s the point of DOGE if the government’s just going to add $5 trillion more in debt?
On Sunday, Trump said, “Iam saddened to watch Elon Musk go completely “off the rails,” essentially becoming a TRAIN WRECK over the past five weeks… I think it’s ridiculous to start a third party…” https://truthsocial.com/@realDonaldTrump/posts/114808616176041421
Today – Instead of the usual Sunday buying, ESUs are -21.00; NQUs are -76.00; USUs are +1/32; and gold is -9.80 at 20:20 ET on Trump Tariff Angst. However, the usual suspects will try to create the ingrained Monday Rally. It would be best for stocks to rest early in the week so impact traders can regroup and prepare for the rally for Q2 results that effectively begins when big banks report on July 15.
S&P Index 50-day MA: 5888; 100-day MA: 5780; 150-day MA: 5854; 200-day MA: 5843 DJIA 50-day MA: 42,185; 100-day MA: 42,064; 150-day MA: 42,639; 200-day MA: 42,651 (Green is positive slope; Red is negative slope)
S&P 500 Index (6279.35 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signal Weekly: Trender and MACD are positive – a close below 5481.62 triggers a sell signal Daily: Trender and MACD are positive – a close below 6137.50 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6236.00 triggers a sell signal
@Byron_Wan: The China super-embassy in London will have on-site accommodation for more than 200 intelligence officers. Planning documents for the embassy include ‘spy dungeons’ — two suites of basement rooms and a tunnel, with their purpose redacted for security reasons. “There will effectively be a student-style campus for spies in the heart of the City … And those spy dungeons are so deep that the sensitive cables are virtually at head height.” The embassy plans exempt a ‘cultural exchange’ section from ‘inspection and verification’ by UK authorities.
@mrbcyber: Democracies are not even defending themselves against China’s espionage operations, because they are already deeply compromised.
Democrats Stage Embarrassing Protests Against Trump’s America First Bill [WATCH] The six-member group, composed of Democratic Reps. Ami Bera (California), Herb Conaway Jr. (New Jersey), Maxine Dexter (Oregon), Kelly Morrison (Minnesota), Raul Ruiz (California), and Kim Schrier (Washington), wore white medical jackets as they addressed the press. However, the event was repeatedly disrupted by crowds of tourists passing through the area… https://t.co/NW31bXZ0kc
Dems drag rep from camera view after she dozed off during Hakeem Jeffries’ grandstanding speech https://trib.al/n9gByCm
BBC on Thursday: Democratic Minority House Leader Hakeem Jeffries broke a record by speaking for more than eight hours on the floor in an effort to delay the final vote
House Speaker Mike Johnson torched the hapless Rep. Jeffries with this trenchant rebuke: “You know, Ronald Reagan said one time that no speech should be longer than 20 minutes… I just want to say something that many of us learned when we were children. We were taught, you know, it takes a lot longer to build a lie than to tell the simple truth.”https://x.com/VigilantFox/status/1940833047491797191
@theblaze: Democrat Rep. Hakeem Jeffries says that Trump’s Big Beautiful Bill would unleash “a deportation machine on steroids.” (That’s precisely what most Americans want!)
Titular Dem House Leader Jeffries held the House floor for over 6 hours on Thursday to delay the final vote on DJT’s Big, Beautiful Bill. It was a puerile, whiny, and futile act that was intended to appease the Dems’ whacko base. Dems have nothing to sell except DJT hate, USA hate, Israel hate, etc. And to appease their whacko base, they perform symbolic but futile stunts.
Supreme Court Lets Trump Deport Eight Migrants to South Sudan Justices Sotomayor and Brown Jackson dissented… Kagan, who dissented previously, this time issued a concurring opinion. “I do not see how a district court can compel compliance with an order that this court has stayed.”… https://www.nytimes.com/2025/07/03/us/supreme-court-migrants-south-sudan.html?smtyp=cur
@camiloreports: Judge Randolph Moss blocks the Trump administration from deporting 8 men with criminal records to South Sudan, just hours after the Supreme Court cleared the way for the group to be moved from a base in Djibouti and deported…https://t.co/86jRabmacs
Ex-Gorsuch clerk @mrddmia on the 4th: Illegal aliens are avoiding deportation by pretending they’re persecuted back home. So, the Trump administration sends them to third countries. A Boston Democrat judge unlawfully blocked this. More than two months later, the Supreme Court finally reversed. The same day, that same judge defied the Court and unlawfully blocked again. Ten days later, the Supreme Court finally reversed again—but with no consequence to that judge. The next day, a DC Democrat judge unlawfully blocked again. Today, that DC judge attempted to further delay by sending back to the Boston judge a bogus habeas petition. The Boston judge relented… The Trump administration will immediately resume sending these illegals to third countries. The Chief Justice really needs to retire. He has lost control of the federal judiciary. Activist judges are openly defying the Supreme Court. The Chief has allowed this to happen since January 20th.
Black New Yorkers rage over Mamdani’s ‘African American’ claim: ‘He’s a fraud’https://t.co/zIqMXYUC2u
The NYT and Mamdani contorted themselves to excuse the deceitful application.
New York Times Struggles to Explain Why It Reported News to Traumatized Readers – Turley The paper was denounced by its own staff and liberal pundits called for the entire editorial staff to be canned. Why? Because The New York Times actually reported news that was deemed harmful to the Democrats, specifically Democratic mayoral nominee Zohran Mamdani… The newspaper took the additional step of publishing a cringing explanation of why it reported the news that Mamdani lied on his Columbia application in claiming to be black. For liberals, it was an utter nightmare. For a party still defined by identity politics, Mamdani’s false claim over his race left many uncertain about how to react… The problem is when a news eco-chamber for many readers is shattered by an errant outbreak of journalism. Many Times readers live within a hermetically sealed news silo, relying on MSNBC for cable, The New York Times for print, and BlueSky for social media. You can literally go all day without being exposed to an opposing view or fact… The Times readers were outraged to the point that the paper published a lengthy statement from the Times’ assistant managing editor for Standards and Trust, Patrick Healy, attempting to explain why it decided to publish facts that undermined a Democratic candidate… In “The Indispensable Right,” I discuss the radical shift in American journalism that occurred with the rejection of neutrality and objectivity in favor of advocacy journalism. J-schools now teach that objectivity is a dated concept… https://jonathanturley.org/2025/07/06/new-york-times-struggles-to-explain-why-it-reported-news-to-traumatized-readers/
@EYakoby: Zohran Mamdani: “My mom made all the white actors in her movie play waiters” If a white person said this about any other racial group, “progressives,” would cancel them immediately. Why the double standard? https://x.com/EYakoby/status/1940838466973323727
‘Nepo baby’ Zohran Mamdani claims to have less than $2K in the bank — despite his salary and privileged upbringing https://trib.al/Q52mloR
@JackPosobiec: Leninists were largely the sons of overeducated urban elites who didn’t have anything better to do so they pretended they were working class to start killing normal people
“Some ideas are so stupid only intellectuals (and extremists) believe them.” — George Orwell
@libsoftiktok: Leftist activist says he’s protesting Trump by wearing red lipstick and encourages others to do the same. How will Trump ever recover from this?https://x.com/libsoftiktok/status/1940789071523336280
Hate-American factions had rallies in Big-Blue cities on the 4th, including the paid-to-protest old timers.
@ScooterCasterNY: “F*** the 4th! We need a new flag!” chant protesters as they burn American flag in Washington Square Park in NYChttps://t.co/XKqE9QrsDY
@ScooterCasterNY: Black-Clad Protesters Mourn America with SCREAMS Outside NYC Federal Courthouse on Independence Day. Protesters dressed in black gathered at dawn outside the Federal Courthouse at 40 Foley Square, staging a one-hour demonstration in mourning and resistance. The group circled… https://t.co/y66FJUAdrx
@Libs_OfChicago: Downtown Chicago @pslnational Party for Socialism & Liberation), @cairchicago (Muslims) @DemSocialists & @CTULocal1 (Teacher’s Union) are at it again. There’s a couple ppl telling a group of morons what to say & there’s not an independent thought amongst this group of clowns. https://t.co/Sr13cTHYHNWhat are they protesting? Nobody is sure. If you talk to any of them there they’ll come up with some nonsense but nothing with any substance, it’s all just feelings & things they’ve been told to say.https://t.co/hgokbC7MZ4
@GuntherEagleman: Democrat Senator John Fetterman slams Democrats for not loving America. The Democrat Party has collapsed! 19% approval rating makes sense.https://t.co/0KMvaba8lx
Hating the US is another purity test for Dems because their whacko base factions demand it.
12 Things Everyone Should Know About the Psychology of Victimhood Psychologists have identified a personality trait they call the Tendency for Interpersonal Victimhood (TIV). It reflects a chronic sense of being wronged… Victim Signaling as a Manipulation Tactic… “Not every claim of victimhood is genuine.People with manipulative, narcissistic, or psychopathic tendencies sometimes weaponize victimhood: They exaggerate harm, fabricate grievances, and leverage sympathy to exploit others’ better nature.”… https://www.stevestewartwilliams.com/p/12-things-everyone-should-know-about-a31
(Actress) Cynthia Nixon and the Sociopathic Left Cynthia Nixon has become a symbol of the hollowed-out left. With no real power to win elections or make policy or provide a vision for the future, they’ve devolved into sadistic sociopaths… Cynthia Nixon thinks she’s a real badass for wearing this hat (Make Abortion Great Again) and putting it on Instagram… I see someone who is so disconnected from not just reality, but humanity. I see an idiot. A narcissist. Someone so desperate for attention that she has to be all the things. She’s the “I have a trans kid” thing. She’s the “I’m a lesbian” thing. She’s the “I’m a socialist Zohran supporter” thing. She’s the “Free Palestine” thing. She’s everything someone like her believes that makes her feel like a radical… The best argument to make is that they should be “safe, legal, and rare.” That’s not the argument Cynthia Nixon is making. She wants us to celebrate abortion. She wants everyone to think it’s great… https://sashastone.substack.com/p/cynthia-nixon-and-the-sociopathic
The usual whackos and their media allies are blaming climate change and Trump for the Texas flash flood that killed at least 80 people, including 21 children. The National Weather Service had extra personnel in New Braunfels on duty for the expected flood and issued warnings 12-15 hours before the flood occurred.
@paulsperry_: U.S. intelligence official: “Obama ordered the ICA to set Trump up and knock him off balance before he could even get started. This was an influence operation far more consequential than anything Putin cooked up. Obama and Hillary schemed the op, and the CIA and FBI ran it.”
John Brennan May Face Perjury Issues After CIA Director Ratcliffe’s Review Uncovers Russia Hoax Testimony Problems – On page 5 of the newly released review, career CIA officers admit that the Steele Dossier was included in the 2016 ICA by Brennan, and that he did it over the objections of career intelligence officials… Brennan overrode the career CIA officials who told him to not include the dossier in the formal ICA about Russian interference in the 2016 election. This sentence in the report Ratcliffe released stunned members of Congress and senior staff who recalled in conversations with Breitbart News that Brennan had testified behind closed doors that he did not advocate for the dossier to be included in the ICA… https://www.breitbart.com/politics/2025/07/06/exclusive-john-brennan-may-face-perjury-issues-after-cia-director-ratcliffes-review-uncovers-russia-hoax-testimony-problems/
Trump enacted his fiscal policy. He’s laboring to get trade deals and peace agreements (Russia-Ukraine, Iran, Hamas-Israel). He’s arrested illegal immigration and now has the tools for vast deportation. What’s next? Election integrity, which includes investigations and prosecutions of those that rigged the past few general elections including those in the Deep State that illegally went after Trump and his associates.
@BreannaMorello: New York City spent $5 million to install five stainless steel public toilets, called “Portland Loos,” in parks. Each toilet cost $1 million, including plumbing, electrical, and pavement work, though their retail price is about $185,000. https://t.co/M7YtmygIVk
@SubxNews on Saturday morning: Chicago July Bloodbath: 4 Days of Hell Over four days of terror from July 1–5, Chicago saw at least 81 people shot and 12 dead in a spree of gunfire, stabbings, arson, and a deadly crash. There were five confirmed mass shootings — including the 18-shot, 4-dead Buckzz Massacre at Artis Restaurant and Lounge, 311 W. Chicago, on July 3 — and four other incidents where 4 or more victims were struck, including seven in the Back of the Yards neighborhood on the Fourth of July… https://x.com/SubxNews/status/1941451037107192204 (Where’s the national media and the outrage about guns?)
NYPD Chief Jessica S. Tisch @NYPDPC: ZERO shootings or murders in New York City on July 4th. The last time in recorded history that happened was…never…
Tucker Carlson interviewed Iran’s president. It was a disgraceful softball toss.
@EYakoby: Tucker Carlson: “I didn’t ask hard questions because I wouldn’t get an honest answer.” I don’t even understand how this makes sense. https://t.co/JoGnbO0l0i
Topline: A weekly allowance or a lemonade stand are great ways to teach young kids how to manage their money. A loan from the Small Business Administration is not.
Yet according to the Department of Government Efficiency, the SBA issued 5,593 loans in 2020 and 2021 worth $312 million to businesses whose listed owners were 11 years old or younger. Either America’s children have suddenly become expert entrepreneurs or, more likely, another round of fraud from the Covid-19 pandemic has been uncovered.
DOGE also claimed that the SBA gave 3,095 loans worth $333 million to borrowers who were listed as 115 years or older, bringing the total age-related fraud to $645 million.
Key facts: An SBA spokesperson confirmed to the fact-checking site Snopes that “According to our preliminary analysis, SBA can confirm that over 5,500 loans, totaling about $312M, were distributed to businesses whose only listed owner was 11 years old or younger at the time of the disbursement.”
The White House did not offer additional context to Snopes or FOX News, and it’s unclear how the loans were actually used. Isabel Casillas Guzman, the SBA administrator at the time when the loans were paid, also did not return Snopes’ request for comment.
Snopes noted that it’s possible the loans were paid to adult borrowers, but the recipients appear as children in the government database because of poor recordkeeping.
Either way, the mistake is serious. The Pandemic Response Accountability Committee recently claimed that at least $79 billion of fraud during the pandemic was “readily preventable,” but government officials were not verifying Social Security numbers before paying out loans.
Search all federal, state and local salaries and vendor spending with the world’s largest government spending database at OpenTheBooks.com.
Background: Though DOGE provided taxpayers with a great service by announcing the potential fraud publicly, full transparency would require the government to release records showing the loans so DOGE’s claims can be independently verified.
That’s a common theme with DOGE’s efforts to fight government waste. After DOGE announced it had cancelled 7 million active Social Security numbers for people 120 years or older, OpenTheBooks filed a Freedom of Information Act request for a list of Social Security disbursements by age group. The Social Security Administration claimed that no records exist.
OpenTheBooks also analyzed every program cancelled by DOGE as of May 27 and found that the average person can only verify the dollar figures for 42% of the contracts and 27% of the grants. That doesn’t necessarily mean DOGE’s dollar figures are mistaken, but it means that public sites like USAspending.gov that record government spending data are insufficient for full transparency because they do not update in real time.
Summary: Whether or not 11-year-olds actually received loans from the SBA, it’s clear that government recordkeeping and fraud prevention measures need a serious overhaul.
The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com
GREG HUNTER..INTERVIEWING CATHERINE FITTS
Omniwar – Weaponization of Everything – Catherine Austin Fitts
Omniwar – Weaponization of Everything – Catherine Austin Fitts
Catherine Austin Fitts (CAF), publisher of “The Solari Report,” is back with a new cutting-edge publication called “Omniwar.” Mankind is under attack from all angles, and it’s not simply to control us but to kill us too. CAF says, “Omniwar is the weaponization of everything. It’s the weaponization of all the different systems we use, including food, health and finance. . .. There are literally injections that are bioweapons, and this is the weaponization of our healthcare system. I do a screen for a mutual fund, and one of the funeral home companies is a stock, which has more than doubled or about doubled since we bought it. So, you’ve got a recent healthcare insurance stock going down 40%, while the funeral homes are going up significantly. People have been observing this because this is not the first insurance company to take a nosedive from the drop in life expectancy and acceleration of the deaths.”
The poison we are getting is being delivered to us on purpose. It is high tech, and it’s not just in the CV19 bioweapon injections. Fitts says, “We are ingesting these nanoparticles or nanobots. We have done interviews at Solari.com about the mysterious ingredients in the food. So, it’s in the injections, it’s in the spray and it’s in the food. This is one of the things I believe causes all this sickness. . .. This is all part of the great poisoning. I have subscribers who have been hip to this for more than a decade. They understand the great poisoning is happening. They are in a war, it’s an Omniwar and they started to take action on how they organized their health, food and finances. You know something, they are doing great. . . . I know it’s depressing. As Curtis Mayfield says, ‘It’s a New World Order. It’s a brand-new day. It’s a New World Order, and brother, you are the prey.’ It is not supportive of your social prestige knowing you are in a war and you are the prey. At the same time, once you understand, and you can get in the game, you can start to protect your health, finances and food, and what a difference it makes.”
CAF talks about many war fronts in “Omniwar.” She does a deep dive on the ever-increasing control grid. Writer David Hughs (PhD) describes the phenomenon of “Omniwar” as “a war in every conceivable domain by a transnational ruling class against the rest of humanity.” They uncover how evil forces are “targeting your brain.” CAF shows how humans are being reengineered with “synthetic biology.” CAF encourages people and shows them how freedom “starts with one person at a time.” These are just a few of the Omniwar fronts. CAF shows you how to fight back too with an “action check list.”
In closing, CAF points out why she is still bullish on gold. CAF says, “One of the reasons I am bullish on gold is what the Trump Administration is going to do with Stablecoins. . .. they will have a lot of the big banks and other companies working on creating subsidiaries to issue Stablecoins. This is very much like a CBDC (central bank digital currency) but more dangerous. . .. the first goal of Stablecoin is to get people not using the dollar on to the dollar. . . . I think there are going to be a lot of countries with big debt problems to switch to the dollar. The goal is to build a vast new market for Treasuries. There is going to be an explosion or tsunami of Stablecoin along with credit. That could be one of the biggest hyperinflationary events in the world. This could give a whole new meaning to ‘helicopter money’ because it’s going to be global. Think of the Iraqi pallets of cash. This is the Iraqi pallets of cash in digital form. We are just going to spread dollars all around the world. This could give another 10-15 years to the dollar as the reserve currency. . .. Real assets are going to shine. That means gold, and that means silver. . .. There is a big push to monetize gold.”
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with the Publisher of The Solari Report, Catherine Austin Fitts, as she sounds the warning on the Omniwar we all face 7.5.25.
Catherine Austin Fitts (CAF), publisher of “The Solari Report,” is back with a new cutting-edge publication called “Omniwar.” Mankind is under attack from all angles, and it’s not simply to control us but to kill us too. CAF says, “Omniwar is the weaponization of everything. It’s the weaponization of all the different systems we use, including food, health and finance. . .. There are literally injections that are bioweapons, and this is the weaponization of our healthcare system. I do a screen for a mutual fund, and one of the funeral home companies is a stock, which has more than doubled or about doubled since we bought it. So, you’ve got a recent healthcare insurance stock going down 40%, while the funeral homes are going up significantly. People have been observing this because this is not the first insurance company to take a nosedive from the drop in life expectancy and acceleration of the deaths.”
The poison we are getting is being delivered to us on purpose. It is high tech, and it’s not just in the CV19 bioweapon injections. Fitts says, “We are ingesting these nanoparticles or nanobots. We have done interviews at Solari.com about the mysterious ingredients in the food. So, it’s in the injections, it’s in the spray and it’s in the food. This is one of the things I believe causes all this sickness. . .. This is all part of the great poisoning. I have subscribers who have been hip to this for more than a decade. They understand the great poisoning is happening. They are in a war, it’s an Omniwar and they started to take action on how they organized their health, food and finances. You know something, they are doing great. . . . I know it’s depressing. As Curtis Mayfield says, ‘It’s a New World Order. It’s a brand-new day. It’s a New World Order, and brother, you are the prey.’ It is not supportive of your social prestige knowing you are in a war and you are the prey. At the same time, once you understand, and you can get in the game, you can start to protect your health, finances and food, and what a difference it makes.”
CAF talks about many war fronts in “Omniwar.” She does a deep dive on the ever-increasing control grid. Writer David Hughs (PhD) describes the phenomenon of “Omniwar” as “a war in every conceivable domain by a transnational ruling class against the rest of humanity.” They uncover how evil forces are “targeting your brain.” CAF shows how humans are being reengineered with “synthetic biology.” CAF encourages people and shows them how freedom “starts with one person at a time.” These are just a few of the Omniwar fronts. CAF shows you how to fight back too with an “action check list.”
In closing, CAF points out why she is still bullish on gold. CAF says, “One of the reasons I am bullish on gold is what the Trump Administration is going to do with Stablecoins. . .. they will have a lot of the big banks and other companies working on creating subsidiaries to issue Stablecoins. This is very much like a CBDC (central bank digital currency) but more dangerous. . .. the first goal of Stablecoin is to get people not using the dollar on to the dollar. . . . I think there are going to be a lot of countries with big debt problems to switch to the dollar. The goal is to build a vast new market for Treasuries. There is going to be an explosion or tsunami of Stablecoin along with credit. That could be one of the biggest hyperinflationary events in the world. This could give a whole new meaning to ‘helicopter money’ because it’s going to be global. Think of the Iraqi pallets of cash. This is the Iraqi pallets of cash in digital form. We are just going to spread dollars all around the world. This could give another 10-15 years to the dollar as the reserve currency. . .. Real assets are going to shine. That means gold, and that means silver. . .. There is a big push to monetize gold.”
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with the Publisher of The Solari Report, Catherine Austin Fitts, as she sounds the warning on the Omniwar we all face 7.5.25.
CAF: HARVEY where do you find this horse shit? We are being fed nano Bots, gimme a freaking break. Everytime you publish this kind of crap you lose credibility. Maybe you just can’t tell fact from fiction, that would explain it…
harveyorganblog.com 
CAF: HARVEY where do you find this horse shit? We are being fed nano Bots, gimme a freaking break. Everytime you publish this kind of crap you lose credibility. Maybe you just can’t tell fact from fiction, that would explain it…
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