332 H STANDARD CHARTERED B 2
661 C JP MORGAN SECURITIES 3
686 C STONEX FINANCIAL INC 7
709 C BARCLAYS 5
737 C ADVANTAGE FUTURES 3
GOLD: NUMBER OF NOTICES FILED FOR JULY/2024: 10 CONTRACTs NOTICES FOR 1000 OZ or 0.0211 TONNES
total notices so far: 7782 contracts for 778,200 OR 24.205 tonnes)
SILVER NOTICES: 407 NOTICE(S) FILED FOR 2.035 million OZ/
total number of notices filed so far this month : 7,859 CONTRACTS (NOTICES) for 39.295 million oz
EXCHANGE FOR RISK ISSUANCE FOR SILVER/MAY
JULY: 23.12 MILLION OZ
AND JULY: 41.535 MILLION OZ//
JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III)
AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.
SEPT: 335 .104 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE. WE WILL PROBABLY END JUST SHORT OF THE 3RD HIGHEST ISSUANCE EVER RECORDED.
OCT. 277.71 TONNES (THIS WILL BE A GOOD ISSUANCE THIS MONTH)
NOV: 393.875 TONNES ( A HUGE MONTH////NOW SURPASSED THE PREVIOUS 3RD AND 2ND HIGHEST EVER RECORDED EX FOR PHYSICAL ISSUANCE TO BECOME THE 2ND HIGHEST EVER RECORDED
DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE
TOTAL 2024 YEAR. 3,597.846 TONNES
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STILL A SMALL TO FAIR ISSUANCE FOR THE MONTH.
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 39.847 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 MEGA MEGA HUGE SIZED 5406 CONTRACTS OI TO 167,582 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 1445 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 1445 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1445 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 5406 CONTRACTS AND ADD TO THE 1445 E.FP. ISSUED
WE OBTAIN A MEGA MEGA HUGE SIZED GAIN OF 6851 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.47 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 34.260 MILLION PAPER OZ
OCCURRED WITH OUR $0.47 GAIN IN PRICE.
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED UP 0.05 PTS OR 0.01%
//Hang Seng CLOSED UP 144.54 PTS OR 0.40%
// Nikkei CLOSED DOWN 76.68 PTS OR 0.19% //Australia’s all ordinaries CLOSED DOWN 0.07%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1716 OFFSHORE CLOSED UP AT 7.1706/ Oil UP TO 68.85 dollars per barrel for WTI and BRENT UP TO 68.77 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1716 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1706 AGAINST US DOLLAR/ AND THUS STRONGER
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END
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 8180 CONTRACTS TO A STILL LOW NUMBER OF 431,906 OI DESPITE OUR GAIN IN PRICE OF $4.75 WITH RESPECT TO THURSDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (5485 ). WE HAD LITTLE 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 LOSS ON OUR TWO EXCHANGES OF 2695 CONTRACTS DESPITE OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON TUESDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID VERY EARLY IN THE COMEX SESSION AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE 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 ANOTHER MEGA MEGA HUGE T.A.S. AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 26,725 T.A.S CONTRACTS. IF HISTORY SERVES US CORRECTLY, WE WILL NOW ENDURE 2 MORE OF THESE MEGA HUGE ISSUANCE OF T.A.S. AS THE CROOKS NEED TO RAID OUR PRECIOUS METALS SOUTHBOND IN PRICE BUT THEY ARE NOT HAVING MUCH LUCK ON THAT SCORE DUE TO THE LOW COMEX OI (NOBODY TO FLEECE)
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 QUEUE JUMP OF 0.4727 TONNES QUEUE JUMP = 24.864 TONNES OF GOLD
NEW TOTAL TONNES STANDING JULY: 24.864 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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 5485 EFP CONTRACT WAS ISSUED: : /AUGUST 5485 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 5485 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 :
- SOME LIQUIDATION OF OUR T.A.S. SPREADERS//
- ZERO NET SPEC LIQUIDATION WITH OUR 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 MEGA MEGA AND CRIMINAL SIZED, 26,725 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 OUR 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 HUGE 0.4727 TONNES QUEUE JUMP = 24.864 TONNES
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HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 54 MONTHS OF 2021-2025:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING/JULY CONTRACT MONTH
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $4.75/ /) AND THEY WERE UNSUCCESSFUL IN KNOCKING OFF SOME NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED LOSS IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD SOME T.A.S. SPREADER LIQUIDATION ////THURSDAY. THE BANKERS ARE QUITE NERVOUS ABOUT BASEL III WITH ITS IMPLEMENTATION COMMENCING JULY 1. THEY ARE VERY CONCERNED WITH THEIR HIGH AMOUNT OF DERIVATIVES LOSSES ON THEIR BOOKS. THUS THE REASON THEY NEEDED THESE MEGA MEGA T.A.S. ISSUANCES, FRIDAY MORNING THURSDAY EVENING, IN ORDER TO COMMENCE CONTINUAL RAIDS ON OUR PRECIOUS METALS. SO FAR TODAY, AGAIN THIS EXERCISE HAS BEEN A TOTAL FAILURE…
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 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.
JUNE ISSUANCE: ZERO
JULY ISSUANCE; ZERO SO FAR
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ANALYSIS JULY DELIVERY MONTH GOING FROM FIRST DAY NOTICE// JULY COMEX CONTRACT
WE HAVE LOST A FAIR SIZED TOTAL OF 8.382 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 15.200 OZ OR 0.4727 TONNES OF GOLD//NEW STANDING ADVANCES TO 24.864 TONNES
ALL OF THIS QUITE GOOD STANDING FOR JULY WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $4.75
WE HAD 6359 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET LOSS ON THE TWO EXCHANGES 2695 CONTRACTS OR 269500 0Z (8.382 TONNES)
confirmed volume THURSDAY 217,055 contracts FAIR
speculators have left the gold arena
END
INITIAL GOLD COMEX
JULY CONTRACT MONTH
JULY 11/2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 ENTRY . 1 ENTRY i) Out of BRINKS 32,151,000 OZ total withdrawal: 32,151.000 oz or 1.000 tonnes |
| Deposit to the Dealer Inventory in oz | 0 ENTRY |
| Deposits to the Customer Inventory, in oz | nil xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 10 notice(s) 1000 OZ 0.0311 TONNES |
| No of oz to be served (notices) | 212 contracts 21200 OZ 0.6494 TONNES |
| Total monthly oz gold served (contracts) so far this month | 7782 notices 778,200 oz 24.205 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
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
we have 0 customer entry
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
1 ENTRY
i) Out of BRINKS 32,151,000 OZ
total withdrawal: 32,151.000 oz
or 1.000 tonnes
adjustments: 0
AMOUNT OF GOLD STANDING FOR JUNE
THE FRONT MONTH OF JULY STANDS AT 222 CONTRACTS FOR A LOSS OF 71 CONTRACTS. ON THURSDAY WE HAD 223 NOTICES FILED, SO WE GAINED A STRONG 152 CONTRACTS OR 15200 OZ (0.4727 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 21,863 CONTRACTS DOWN TO 253,422 AS AUGUST BECOMES THE FRONT MONTH.
SEPT GAINED 68 CONTRACTS TO 1444
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 (7782 X 100 oz ) to which we add the difference between the open interest for the front month of JULY (222 CONTRACTS) minus the number of notices served upon today (10 x 100 oz per contract) equals 799,400 OZ OR 24.864 TONNES to which we add 0 tonnes of gold issued under exchange for risk// total standing 24.864 tonnes
thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (7782 x 100 oz +we add the difference for front month of JULY (222 OI} minus the number of notices served upon today (10 x 100 oz) which equals 799.400 OZ OR 24.864 TONNES + 0 tonnes EX FOR RISK = 24.864 tonnes
TOTAL COMEX GOLD STANDING FOR JULY.: 24.864 TONNES WHICH IS VERY STRONG FOR THIS NORMALLY NON ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 2,200,612.131 oz 68.44 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 36,747,054.499 oz
TOTAL REGISTERED GOLD 20,204,157,.318: or 628.434 tonnes
TOTAL OF ALL ELIGIBLE GOLD 16,542,897.181 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 18,003,545 oz (REG GOLD- PLEDGED GOLD)= 559.99 tonnes //
total inventories in gold declining rapidly
SILVER/COMEX
THE JULY 2025 SILVER CONTRACT//INITIAL
JULY 11
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 2 entries i) out of Brinks 986,800 oz ii) Out of JPMorgan: 645,497.200 oz total withdrawal 646,484.0000 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 1 DEPOSIT ENTRY/CUSTOMER ACCOUNT i) Into CNT 30,144.630 oz total deposit 30,144.630 oz |
| No of oz served today (contracts) | 407 CONTRACT(S) (2.035 MILLION OZ |
| No of oz to be served (notices) | 448 contracts (2.240 MILLION oz) |
| Total monthly oz silver served (contracts) | 7859 Contracts (39.295 million oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
1 deposits into dealer accounts
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
1 DEPOSIT ENTRY/CUSTOMER ACCOUNT
i) into CNT 30,144.630 oz
total deposit 30,144.630 oz oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
2 entries
i) out of Brinks 986,800 oz
ii) Out of JPMorgan: 645,497.200 oz
total withdrawal 646,484.0000 oz
ADJUSTMENTs 2
a) customer acct to dealer CNT: 1029,250.350 oz
b) dealer to customer: 1410,014.400 oz
TOTAL REGISTERED SILVER: 191.631 MILLION OZ//.TOTAL REG + ELIGIBLE. 494.919 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE
silver open interest data:
FRONT MONTH OF JULY /2025 OI: 935 OPEN INTEREST CONTRACTS FOR A GAIN OF 239 CONTRACTS. WE HAD 56 CONTRACTS SERVED UPON THURSDAY SO WE GAINED 295 CONTRACTS OR 1.475 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 2395
SEPTEMBER GAINED 4256 CONTRACTS UP TO 129,957 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 56 or 0.280 MILLION oz
CONFIRMED volume; ON WEDNESDAY 89,633 huge//
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 7859 X5,000 oz = 39.295 MILLION oz
to which we add the difference between the open interest for the front month of JULY (935) AND the number of notices served upon today (407 )x (5000 oz)
Thus the standings for silver for the JULY 2025 contract month: (7859) Notices served so far) x 5000 oz + OI for the front month of JULY(935) minus number of notices served upon today (407)x 5000 oz equals silver standing for the JULY contract month equating to 41.535 MILLION OZ .
New total standing: 41.535 million oz which is huge for this active delivery month of JULY. THE SILVER COMEX IS NOW UNDER SIEGE!!
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 191.631 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/494,919 million. 42.42%
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 11 WITH GOLD UP $32.35 TODAY//HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.44 TONNES OF GOLD INOT THE GLD //: /// ///INVENTORY RESTS AT 948.81 TONNES/
JULY 10 WITH GOLD UP $4.75 TODAY//HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 0.860 TONNES OF GOLD INOT THE GLD //: /// ///INVENTORY RESTS AT 947.37 TONNES/
JULY 9 WITH GOLD UP $4.05 TODAY//HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT OF THE GLD //: /// ///INVENTORY RESTS AT 946.51 TONNES/
JULY 8 WITH GOLD $24.65 TODAY// NO CHANGES IN GOLD AT THE GLD //: /// ///INVENTORY RESTS AT 947.66 TONNES/
JULY 7 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
GLD INVENTORY: 948.81 TONNES, TONIGHTS TOTAL
SILVER
JULY 11 WITH SILVER UP $1.42/ HUGE CHANGES AT THE SLV// A WITHDRAWAL OF 2.453 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 478.722 MILLION OZ.//
JULY 10 WITH SILVER UP $0.47/ NO CHANGES AT THE SLV// A DEPOST OF 0.999 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 481.175 MILLION OZ.//
JULY 9 WITH SILVER DOWN $0.18/ NO CHANGES AT THE SLV// A DEPOST OF 2.136 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 480.176 MILLION OZ.//
JULY 8 WITH SILVER DOWN $0.16/ NO CHANGES AT THE SLV A DEPOST OF 0.000 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 478.040 MILLION OZ.//
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 478.040 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.
CLOSING INVENTORY 478,722 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
PETER SCHIFF
2. MATHEW PIEPENBERG
ALASDAIR MACLEOD
Silver is leading the way
For the first time in recent trading sessions, overnight demand from Asia drove gold and silver higher this morning. It should be a wake-up call for western bullion markets.
| Alasdair MacleodJul 11∙Paid |
Gold was almost unchanged over the week, but silver gained in subdued post-July 4 holiday trade. This morning in Europe, gold was $3335, down $2 on balance from last Friday’s close. Silver at a new high for the year at $37.45 was up 70 cents on the same timescale.
Both contracts continue to trade differently, with general indifference in gold reflected in low open interest on Comex while the price remains close to all-time highs:
The credible explanation is that we in the west are in our summer slumbers while Asian demand is accumulating physical on the dips. That appeared to change slightly this morning, when in Asian demand during Hong Kong and Shanghai trading hours both metal prices rose for the first time in weeks, indicating that buying the dips has probably drained liquidity with important implications.
This week, HSBC’s Affluent Investor Snapshot revealed that investors with $100,000—$2,000,000 portfolios have doubled their allocations to gold from 5% to 11%, with the survey indicating “one in two” affluent investors plan to buy more.
But hang on — how can this be right when interest in gold in western capital markets is close to zero? The answer is that only 4 of the twelve markets surveyed were outside Asia: US, UK, Mexico, and Australia. We have no information on whether any country weighting was applied. But clearly, this survey represents Asian interest: China, India, Hong Kong, Singapore, Indonesia, Malaysia, Taiwan, and UAE being the other jurisdictions.
No wonder Asians are driving the gold price if their affluent investors are buying gold. Their numbers are increasing rapidly as well. And there are other categories buying physical gold, — central banks, government agencies, family offices, and even the millions of Chinese housewives through gold accumulation bank accounts.
In the four non-Asian jurisdictions gold is not even a regulated investment and has therefore been off the table. In our cosy dollar-driven fiat currency world, we fail to grasp what the Asians understand: our currencies are failing, and the only way out is to sell them for gold.
The few of us who understand this are buying silver instead as the cheap way in to escape declining currency values, given that gold has already risen. We can see this reflected on Comex, where silver has been rising with futures demand behind it:
But the recent fall in open interest while silver is hitting new highs is particularly notable. This is immensely bullish, indicating capitulation by the shorts. This being the case, the price is likely to move significantly higher in the short-term. Next up is the technical chart, which confirms this analysis:
Not only is $40 in sight, but even higher prices beckon, with the gold/silver ratio falling like a stone from the time of Trump’s liberation day of 2 April (in other words triggering buying of silver relative to gold). It is a trend likely to continue, with Trump still threatening new tariffs. This week it was 50% on imported copper.
There is little doubt that US trade policies and the uncertainty surrounding them is driving the dollar lower, not just against gold and silver, but against other commodities as well. The dollar’s trade weighed index tells the story best:
Foreigners own 40 trillion dollars, 30% more that the entire US GDP, and are underwater in all their investment categories. It is probably only a matter of very little time before they begin to liquidate their dollar exposure in earnest, driving gold and particularly silver considerably higher priced in those declining dollars.
JOHN RUBINO
3. CHRIS POWELL OF GATA/DAILY DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 231
5. COMMODITY REPORT…IRON ORE
Iron Ore Soars As China Pledges Crackdown On Industrial Overcapacity
Thursday, Jul 10, 2025 – 08:30 PM
Iron ore futures in Singapore surged toward $100 a ton — the highest since May — fueled by renewed pledges from the Chinese government to curb overcapacity in key industrial sectors. Beijing’s comments have boosted sentiment across ferrous markets.
Singapore futures jumped as much as 3.6% during the session, marking the largest daily gain since September. Iron ore futures have traded in a tight range between $90 and $110 a ton for more than 18 months. Futures on the Dalian Exchange — which are more influenced by the Chinese market — closed at their highest level since April.
“Iron ore has gained more than 5% in two weeks, having recovered a third of its early year tariff related loss in just the last 10 sessions. Lead is up almost 4% in the last three weeks,” UBS analyst Simon Penn wrote in a note.
“Many industries are currently caught in a wave of anti-overcapacity, leading to rising prices,” after top officials pledged to tackle the problem, said Steven Yu, a researcher at Mysteel, who Bloomberg quoted. He was referring to iron ore’s month-long slide of almost 10% from mid-May. He noted that “ferrous prices were kept low during the previous decline, making the rebound particularly strong.”
Here’s more from Bloomberg:
The rebound has been spurred by vows from the Chinese government to crack down on excessive competition and supply in core industries including steel. President Xi Jinping visited a valve manufacturer in industrial heartland Shanxi province this week, where he stressed that the nation’s traditional industries remained vital and shouldn’t be abandoned.
. . .
The renewed demand has also been seen in futures of Dalian coking coal — a key ingredient in the steel-making process — which surged more than 4.5% on Thursday and topped 900 yuan ($125.40) a ton, the highest since May, before paring some gains.
Meanwhile, data from Mysteel showed rebar steel inventories are still declining, despite stockpiles usually beginning to accumulate around this time of year. Hot-rolled steel has only seen a slight buildup, which indicates better-than-expected demand.
Separately, rumors of policy support sent Chinese property equities higher in the overnight hours. The Bloomberg Intelligence index of the nation’s real estate stocks jumped 11%, while Goldman’s China-H Real Estate basket gained 7.4%. Individual stocks, Logan Group Co. skyrocketed 85% in Hong Kong, and Sino-Ocean Group Holding Ltd soared 37%.
It appears Beijing is finally stepping up with more decisive policy measures to stabilize the economy. This may signal a move by the government to suppress mounting economic dissent.
END
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED UP 0.05 PTS OR 0.01%
//Hang Seng CLOSED UP 144.54 PTS OR 0.40%
// Nikkei CLOSED DOWN 76.68 PTS OR 0.19% //Australia’s all ordinaries CLOSED DOWN 0.07%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1716 OFFSHORE CLOSED UP AT 7.1706/ Oil UP TO 68.85 dollars per barrel for WTI and BRENT UP TO 68.77 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1716 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1706 AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1716 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.1706 (CCP MANIPULATED)
SHANGHAI CLOSED UP 0.50 PTS OR 0.01%
HANG SENG CLOSED UP 144.54 PTS OR 0.40%
2. Nikkei closed DOWN 76.68 PTS OR 0.19%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 97.42/ EURO FALLS TO 1.1691 DOWN 11 BASIS PTS
3b Japan 10 YR bond yield: R1SES TO. +1.528//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 146.78…… 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 +2.6830/Italian 10 Yr bond yield UP to 3.611 SPAIN 10 YR BOND YIELD UP TO 3.240%
3i Greek 10 year bond yield UP TO 3.4190
3j Gold at $3338.00 Silver at: 37.50 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 32 /100 roubles/dollar; ROUBLE AT 77.86
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 146.78// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.528% 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 0.7964 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9311 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: 4.382 UP 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.903 UP 4 BASIS PTS/
USA 2 YR BOND YIELD: 3.885 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 40.18
10 YR UK BOND YIELD: 4.6270 UP 2 PTS
10 YR CANADA BOND YIELD: 3.407 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.954 UP 0 PTS
2a New York OPENING REPORT
2b European opening report
Stocks subdued and DXY firm ahead of potential US/EU trade letter – Newsquawk US Market Open
Friday, Jul 11, 2025 – 05:28 AM
- US President Trump announced a 35% tariff for Canada and flagged a potential 20% blanket tariff for other countries; US is set to keep the tariff exemption for USMCA goods, according to a US official.
- Trump also noted the EU will receive a letter by Friday. Ahead of this, European bourses are in the red with sectors (ex-energy, post-BP) following suit.
- Stateside, futures are lower into a docket headlined by potential trade developments, ES -0.6%.
- USD extends on its recent recovery, resilient to trade updates. DXY notched a 97.89 peak, G10s broadly under pressure with the JPY lagging.
- Fixed was lifted by the above updates, since pulled back and moved into the red, a pullback intensified by a hawkish interview with ECB’s Schnabel.
- Choppy trade for crude awaiting developments on numerous in-play factors, precious metals glean from the risk tone while base peers are tarnished.
- Looking ahead, highlights include Canadian Jobs, Fitch on Germany, DBRS on Sweden, Speakers including ECB’s Cipollone.
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TARIFFS/TRADE
- US President Trump posted the tariff letter to Canada charging a 35% tariff on Canadian goods sent to the US starting August 1st separate from sectoral tariffs. US President Trump also said “we’re just going to say all of the remaining countries are going to pay, whether it is 20% or 15%.” He also noted the EU will receive a letter notifying them of new tariff rates by Friday.
- US President Trump is set to keep the tariff exemption for USMCA goods, according to a US official.
- White House Trade Advisor Navarro said the US will raise trillions from tariff revenue.
- Canadian PM Carney said throughout the current trade negotiations with the US, the Canadian government has steadfastly defended its workers and businesses, while it will continue to do so as it works towards the revised deadline of August 1st.
- Canadian tribunal finds steel dumping from China, South Korea, Turkey and Vietnam harming the domestic industry and finds reasonable indication that the subsidising of steel strapping from China is causing injury to the domestic industry.
- Proposed tariff of 50% on Brazil would halt the flow of Brazilian coffee to the US, according to Reuters citing trade sources.
- Chinese Foreign Minister Wang said China is ready to create new growth points with Thailand such as digital economy, artificial intelligence, cross-border e-commerce, and green development, while he noted regarding US tariffs, that he believes Thailand and ASEAN countries will safeguard their respective legitimate interests and resist unilateralism and bullying. Furthermore, he believes Southeast Asian countries have the ability to cope with a complex situation, stick to their principled positions, and safeguard their own interests and the common interests of all parties.
- US Secretary of State Rubio said had a “very constructive” meeting with China; odds are high for a meeting between US President Trump and Chinese President Xi. Does not have any date in mind for a Trump-Xi meeting. Obviously, there are some issues but going to have to work through them. US and China have to have relations and have to have communication.
- South Korea trade officials said the US is very reserved about including sectoral tariffs in a trade deal and has demanded that South Korea join efforts to curb China.
- Vietnam is said to be surprised by the 20% tariff and is seeking a lower rate, according to Bloomberg sources; Vietnam was surprised after pushing for tariffs in the 10-15% range.
- India said to be ready to offer concessions on non-ags products, according to Reuters sources; opposed to Australia’s demand for more tariff cuts on dairy and wine for second phase of the trade pact
EUROPEAN TRADE
EQUITIES
- European bourses are in the red, Euro Stoxx 50 -1.0%; as traders de-risk and await trade updates after US President Trump suggested the EU would receive a letter sometime on Friday.
- Sentiment generally also dented by the higher-than-expected tariff on Canada and Trump stating nations that don’t get a letter will be at 15% or 20%.
- Sectors follow suit with a negative bias. However, Energy bucks the trend bolstered by heavyweight BP after the Co. guided upstream production as likely being higher on the quarter. Laggards are primarily profit taking from the China-stimulus related gains seen on Thursdda, with Consumer Products & Services lagging.
- Stateside, futures are in the red, ES -0.5%. RTY -0.9% is faring the worst, pulling back after outperformance in small caps on Thursday.
- Specifics include: NVIDIA (-0.8%) CEO met Trump; Apple (-0.7%) plans new releases by early 2026; Cisco (-0.2%) takes CoreWeave (-2.6%) stake; Alphabet (-0.5%) to offer US govt discounts; DoJ clears USD 4.4bln T-Mobile (+0.7) deal with United States Cellular (+1.2); Levi Strauss (+7.2%) up after earnings, guidance.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- USD extends on its recent recovery, once again resilient to hostile trade updates relating to Canada and a possible blanket level as high as 20% for other nations. DXY is firmer, but contained towards the upper end of yesterday’s 97.27-97.92 range.
- EUR continues to slip, EUR/USD back on a 1.16 handle but has found a bit of a floor ahead of 1.1650 with the current trough at 1.1666. Focus in the Eurozone is on an expected imminent announcement by the Trump administration after the President stated that the EU will receive a letter notifying them of new tariff rates by Friday.
- JPY under pressure once again, USD/JPY above 147.00. Pressure is primarily a by-product of the ongoing lack of progress for Japan in striking a trade deal with the US.
- Sterling in the red, hit by soft UK GDP which adds pressure on the Chancellor, who was already in a tricky fiscal position. GBP/USD as low as 1.3529, but held above the WTD trough from Tuesday at 1.3524.
- Antipodeans are softer. Given the USD strength and soft risk tone. Domestic drivers limited, as such the USD will likely continue to dictate. Softer auction occurs despite AUD/USD hitting a fresh YTD high at 0.6595 overnight before fading. Kiwi weaker, but holding just above 0.6000 vs the USD.
- PBoC set USD/CNY mid-point at 7.1475 vs exp. 7.1771 (Prev. 7.1510)
- Click for a detailed summary
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FIXED INCOME
- Benchmarks derived support from overnight Trump updates on Canada and a potential 20% tariff for those who do not have a deal. Thereafter, gradually faded from highs in the European morning awaiting a fresh catalyst before extending to lows in the period after a hawkish text from Schnabel.
- Specifically, USTs notched a 111-08 peak which was a few ticks shy of Monday’s 111-12+ best and the WTD high at 111-13+. While under pressure since and falling into the red the move remains relatively minimal in nature and comfortably in existing 110-21+ to 111-13+ WTD parameters.
- Bunds a repeat of the above, hit 129.74 early doors before gradually fading. An intensification of pressure occurred as ECB’s Schnabel outlined that the bar to another cut is “very high”, an view justified by the assessment that the ECB is already becoming more accommodative due to bank lending activity and a more resilient economy. Furthermore, noting that recent German fiscal measures may have also lifted the natural interest rate.
- Gilts followed suit, opened at 92.00 before lifting to a 92.08 peak. Seemingly acknowledging the overnight move in USTs and reacting to weaker-than-expected UK GDP. Since, this has faded with Gilts now well into the red, hit a 91.70 trough; pushed lower in tandem with Bunds but also potentially as participants digest the further pressure on Reeves’ fiscal position from today’s growth data.
- Italy sells EUR 8.75bln vs exp. EUR 7.50-8.75bln 2.35% 2029, 3.25% 2032, and 3.85% 2040 BTP.
- Click for a detailed summary
COMMODITIES
- Choppy trade for crude benchmarks, held an upward bias for much of the morning but are now near-enough flat in respective USD 66.64-67.20/bbl and USD 68.65-69.21/bbl ranges for WTI and Brent.
- Numerous factors in play, including: Trump guiding participants to a “major” Russia statement on Monday; European Commission reportedly to propose a floating Russian price cap, via Reuters; remarks from Israel’s Netanyahu on Iran and other regional peers. Most recently, no move to reports that there have been no talks related to a possible OPEC+ pause of the increments, “all options are on the table for now,” according to Kpler.
- Precious metals firmer, despite the strong USD. Havens propped up by the risk tone amid the latest bout of tariff uncertainty. XAU hit a USD 3343/oz peak after surpassing the 50-DMA at USD 3325/oz, now looks to USD 3345/oz from July 8th.
- Base metals are softer, reacting to the stronger USD, downbeat risk tone and ongoing renewed tariff uncertainty, 3M LME Copper -0.8%. In contrast, Dalian iron ore concluded the overnight session with gains in excess of 2%, seemingly amid speculation of a Chinese crackdown on steel overcapacity,
- Saudi crude oil supply to China is set to rise to about 51mln bbls in August which would be the highest since 2023, according to sources cited by Reuters.
- “According to 3 OPEC+ delegates there have been no talks related to a possible pause of the increments, all options are on the table for now.”, via Kepler’s Baker.
- IEA OMR: trims 2025 world demand growth forecast by 20k BPD to 700k BPD from 720k BPD; trims 2026 demand growth forecast by 20k BPD to 720k BPD from 740k BPD. World oil supply to rise by 2.1mln BPD in 2025 following latest OPEC+ hike (prev. forecast 1.8mln BPD rise).
- Shell (SHEL LN) has been granted environmental authorisation to drill up to five deep-water wells off South Africa’s west coast, Reuters reports.
- Click for a detailed summary
NOTABLE DATA RECAP
- UK GDP Estimate MM (May) -0.1% vs. Exp. 0.1% (Prev. -0.3%); YY 0.7% vs. Exp. 0.7% (Prev. 0.9%, Rev. 1.1%)
- UK GDP Est 3M/3M (May) 0.5% vs. Exp. 0.4% (Prev. 0.7%)
- French CPI (EU Norm) Final YY (Jun) 0.9% vs. Exp. 0.8% (Prev. 0.8%); MM (Jun) 0.4% vs. Exp. 0.4% (Prev. 0.4%)
NOTABLE EUROPEAN HEADLINES
- UK PM Starmer accepted the invitation to visit US President Trump during his trip to Scotland this month.
- UK Chancellor Reeves is considering recommendations by the IMF that are said to aim to reduce pressure for frequent fiscal policy changes, according to FT.
- ECB’s Schnabel says there is no risk of a sustained undershooting of inflation over the mid term, the bar for another cut is very high, via Econostream. Would need material medium-term deviation from target to justify a cut, and a further rate cut is not appropriate. Fear of downward inflation pressure from euro ‘exaggerated’, pass-through to inflation from strong euro ‘limited’.
- ECB’s Panetta says if downside growth risks reinforce the disinflationary process, ECB should continue easing policy.
- BP (BP/ LN) Trading Statement (USD): Q2 results expected to include post-tax impairment of USD 0.5-1.5bln, upstream production now expected to be higher in Q2 than Q1; Co. expects slightly lower net debt at the end of Q2 vs Q1. Sees stronger realised margins in the range of USD 0.3-0.5bln.
- Italy Economy Minister Giorgetti says it is following, with concern, signs of a credit contraction for companies; would not exclude that this is due to supply factors.
NOTABLE US HEADLINES
- Fed’s Goolsbee (2025 voter) said the hard data on the economy was looking solid before April 2 Liberation Day tariffs but since then there has been potential disruption and ambiguity that the Fed needs to resolve, while he does not understand arguments the Fed should cut rates to make government debt cheaper and noted the mandate is on jobs and prices.
- Trump administration is reportedly backing away from abolishing FEMA, according to Washington Post.
GEOPOLITICS
MIDDLE EAST
- Israeli PM Netanyahu said he hopes they can complete a deal within a few days, while he stated that Iran is now behind several years and they will get peace soon with Arab neighbours, according to an interview with Newsmax.
- Israeli army said a rocket was fired from southern Syria and landed near the Golan, according to Al Arabiya.
- Israel and Hamas reportedly inching closer to Gaza ceasefire deal, according to FT; yet to agree on the positioning of Israeli troops inside the shattered Palestinian enclave, according to sources.
RUSSIA-UKRAINE
- US President Trump said he is disappointed in Russia, but will see what happens over the next couple of weeks and thinks he’ll have a major statement to make on Russia on Monday. Trump said the US is sending weapons to NATO which it is going to give to Ukraine and NATO is paying 100%, while he expects the Senate to pass the sanctions measure and said they’re going to pass a very major and very biting sanctions bill, but it is up to the President whether or not to exercise it.
CRYPTO
- Bitcoin is bid and at highs this morning, with the crypto complex bolstered amid optimism around potential crypto-trading licences in China, and expectations that more firms will gain regulatory approval for crypto trading. Following a Shanghai regulator saying a meeting was held for local officials to consider strategic responses to stablecoins and digital currencies.
APAC TRADE
- APAC stocks were ultimately mixed as the initial impetus from the mostly positive lead from Wall St, where the S&P 500 notched a fresh record high, was dampened by the latest tariff updates after President Trump announced a 35% tariff for Canada and flagged a potential 20% blanket tariffs for other countries.
- ASX 200 failed to sustain its early momentum as gains in the mining, materials and resources sectors were offset by underperformance in real estate, consumer discretionary and tech, while there was a surge in Johns Lyng Group after it agreed to a takeover from a private equity group.
- Nikkei 225 was choppy as tailwinds from a weaker currency were counterbalanced by ongoing trade uncertainty.
- Hang Seng and Shanghai Comp were on the front foot despite the lack of obvious bullish catalysts although US Secretary of State Rubio and Chinese Foreign Minister Wang Yi are set to meet today in Malaysia at the sidelines of ASEAN.
2c) Asian opening report
European stocks indecisive with EU-US letter said to be sent Friday – Newsquawk Europe Market Open
Friday, Jul 11, 2025 – 01:32 AM
- US President Trump announced a 35% tariff for Canada and flagged a potential 20% blanket tariffs for other countries; US is set to keep the tariff exemption for USMCA goods, according to a US official.
- Brazil’s President Lula said the main thing is the reciprocity law, and if US charges 50%, they will charge him 50%.
- US President Trump noted the EU will receive a letter notifying them of new tariff rates by Friday.
- APAC stocks were ultimately mixed; European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.2% after the cash market finished with losses of 0.1%.
- Looking ahead, highlights include German WPI, UK GDP Estimate, Canadian Jobs, IEA OMR, Fitch on Germany, DBRS on Sweden, Speakers including ECB’s Panetta & Cipollone.
SNAPSHOT
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US TRADE
EQUITIES
- US stocks finished mostly in the green but with gains capped and underperformance was seen in the Nasdaq which was weighed on by pressure in heavy-cap stocks, while sectors were predominantly higher with Consumer Discretionary leading the gains, but Communication and Tech lagged.
- Elsewhere, T-notes saw two-way price action after falling claims data and dovish Fed speak in which Waller reiterated arguments on why a July cut could be appropriate although Musalem took a different view and noted he is not seeing a tremendous amount of restrictiveness from policy, while Daly said it is time to think about adjusting the interest rate and sees two cuts as a likely outcome but is thinking about rate cuts during the fall.
- SPX +0.27% at 6,280, NDX -0.16% at 22,829, DJI +0.43% at 44,651, RUT +0.48% at 2,263.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump posted the tariff letter to Canada charging a 35% tariff on Canadian goods sent to the US starting August 1st separate from sectoral tariffs. US President Trump also said “we’re just going to say all of the remaining countries are going to pay, whether it is 20% or 15%.” He also noted the EU will receive a letter notifying them of new tariff rates by Friday.
- US President Trump is set to keep the tariff exemption for USMCA goods, according to a US official.
- White House Trade Advisor Navarro said the US will raise trillions from tariff revenue.
- Canadian PM Carney said throughout the current trade negotiations with the US, the Canadian government has steadfastly defended its workers and businesses, while it will continue to do so as it works towards the revised deadline of August 1st.
- Canadian tribunal finds steel dumping from China, South Korea, Turkey and Vietnam harming the domestic industry and finds reasonable indication that the subsidising of steel strapping from China is causing injury to the domestic industry.
- Brazil’s President Lula said regarding US tariffs that they can appeal to the WTO and propose international investigations and demand explanations, but added the main thing is the reciprocity law, and if US charges 50%, they will charge the US 50%. It was separately reported that the proposed tariff of 50% on Brazil would halt the flow of Brazilian coffee to the US, according to Reuters citing trade sources.
- Chinese Foreign Minister Wang said China is ready to create new growth points with Thailand such as digital economy, artificial intelligence, cross-border e-commerce, and green development, while he noted regarding US tariffs, that he believes Thailand and ASEAN countries will safeguard their respective legitimate interests and resist unilateralism and bullying. Furthermore, he believes Southeast Asian countries have the ability to cope with a complex situation, stick to their principled positions, and safeguard their own interests and the common interests of all parties.
- South Korea trade officials said the US is very reserved about including sectoral tariffs in a trade deal and has demanded that South Korea join efforts to curb China.
NOTABLE HEADLINES
- Fed’s Waller (voter) said the Fed likely has some ways to go in shrinking the size of its holdings and a hypothetical USD 5.8tln balance sheet might be right level to aim for vs. current USD 6.7tln, while USD 2.7tln in reserves might be the right level to aim for vs. current USD 3.3tln. Waller said the Fed can lower rates because the short-term rate is still “pretty restrictive” and he thinks rates are 1.5 ppts above a long-run, steady state neutral, while he added “We’re just too tight” but acknowledged he is in the minority on this.
- Fed’s Goolsbee (2025 voter) said the hard data on the economy was looking solid before April 2 Liberation Day tariffs but since then there has been potential disruption and ambiguity that the Fed needs to resolve, while he does not understand arguments the Fed should cut rates to make government debt cheaper and noted the mandate is on jobs and prices.
- Fed’s Daly (2027 voter) said the economy is in a good place with growth and jobs solid and inflation is easing, while she added the Fed has the ability to restore price stability gently given the state of the economy and monetary policy is still restrictive. Daly said it is time to think about adjusting the interest rate and she sees two cuts as a likely outcome for the Fed, but noted to cut rates, they need a continuation of current data trends and is thinking about rate cuts in the fall.
- Fed seeks comment on proposed changes to how it supervises large banks and would adjust supervisory framework to make it easier for large banks to be considered “well managed” and not subject to activity restrictions.
- US diplomats are said to be bracing for cuts to the State Department workforce, with dismissal notices expected as soon as Friday, according to NBC sources. “The layoffs are part of a mass reorganisation of the federal agency, including the dissolution or merging of more than 300 bureaus and offices and a 15% reduction in employees.”
APAC TRADE
EQUITIES
- APAC stocks were ultimately mixed as the initial impetus from the mostly positive lead from Wall St, where the S&P 500 notched a fresh record high, was dampened by the latest tariff updates after President Trump announced a 35% tariff for Canada and flagged a potential 20% blanket tariffs for other countries.
- ASX 200 failed to sustain its early momentum as gains in the mining, materials and resources sectors were offset by underperformance in real estate, consumer discretionary and tech, while there was a surge in Johns Lyng Group after it agreed to a takeover from a private equity group.
- Nikkei 225 was choppy as tailwinds from a weaker currency were counterbalanced by ongoing trade uncertainty.
- Hang Seng and Shanghai Comp were on the front foot despite the lack of obvious bullish catalysts although US Secretary of State Rubio and Chinese Foreign Minister Wang Yi are set to meet today in Malaysia at the sidelines of ASEAN.
- US equity futures declined following US President Trump’s tariff letter announcement for Canada.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.2% after the cash market finished with losses of 0.1%.
FX
- DXY strengthened following US President Trump’s latest tariff letter in which he announced a 35% tariff for Canadian goods sent to the US from August 1st which pressured CAD, while he also commented that they are just going to say all of the remaining countries are going to pay, whether it is 20% or 15%, and suggested the EU will receive a letter by Friday.
- EUR/USD retreated beneath the 1.1700 handle amid trade uncertainty and as Trump’s tariff letter to the EU looms.
- GBP/USD languished at a sub-1.3600 territory amid a lack of pertinent drivers and with participants now looking ahead to UK GDP, Industrial Production and Manufacturing Output data.
- USD/JPY resumed its recent advances to reclaim the 147.00 level to the upside as the dollar was lifted by Trump’s latest tariff salvo in which he also flagged a potential 20% blanket tariff for other countries.
- Antipodeans pared some of the recent advances but with downside limited amid the mixed risk appetite and following the PBoC’s firmer yuan reference rate setting.
- PBoC set USD/CNY mid-point at 7.1475 vs exp. 7.1771 (Prev. 7.1510)
FIXED INCOME
- 10yr UST futures lacked conviction after yesterday’s indecisive performance owing to falling jobless claims and Fed speak.
- Bund futures languished beneath the 130.00 level following recent declines but are off the lows amid cautiousness as participants await US President Trump’s tariff letter to the EU.
- 10yr JGB futures remained lacklustre amid the indecisive risk sentiment in Japan and a quiet calendar.
COMMODITIES
- Crude futures attempted to nurse losses after declining yesterday amid ongoing trade angst and hopes of a Gaza ceasefire.
- Saudi crude oil supply to China is set to rise to about 51mln bbls in August which would be the highest since 2023, according to sources cited by Reuters.
- Spot gold edged higher amid trade-related uncertainty but with upside capped by a firmer dollar.
- Copper futures were rangebound amid the mixed risk tone and tariff-related headwinds.
- Chile Codelco May copper production rose 16.5% Y/Y to 130.1k tonnes, while Escondida copper production rose 24.4% Y/Y to 132k tonnes and Collahuasi copper production fell 16.9% Y/Y in May to 38.4k tonnes.
CRYPTO
- Bitcoin mildly extended to fresh record highs above the USD 116k level.
NOTABLE ASIA-PAC HEADLINES
- US Secretary of State Rubio is to meet with Chinese Foreign Minister Wang today in Malaysia at 15:00 local time (08.00BST/03:00EDT).
GEOPOLITICS
MIDDLE EAST
- Israeli PM Netanyahu said he hopes they can complete a deal within a few days, while he stated that Iran is now behind several years and they will get peace soon with Arab neighbours, according to an interview with Newsmax.
- Israeli army said a rocket was fired from southern Syria and landed near the Golan, according to Al Arabiya.
- Israeli official said some of Iran’s enriched uranium survived attacks, according to the NYT.
RUSSIA-UKRAINE
- US President Trump said he is disappointed in Russia, but will see what happens over the next couple of weeks and thinks he’ll have a major statement to make on Russia on Monday. Trump said the US is sending weapons to NATO which it is going to give to Ukraine and NATO is paying 100%, while he expects the Senate to pass the sanctions measure and said they’re going to pass a very major and very biting sanctions bill, but it is up to the President whether or not to exercise it.
- Ukrainian President Zelensky said Germany is ready to pay for two patriot systems and Norway is ready to pay for one.
- European Commission is expected to propose a floating Russian oil price cap as part of the 18th sanctions package, according to EU sources cited by Reuters.
EU/UK
NOTABLE HEADLINES
- UK PM Starmer accepted the invitation to visit US President Trump during his trip to Scotland this month.
- UK Chancellor Reeves is considering recommendations by the IMF that are said to aim to reduce pressure for frequent fiscal policy changes, according to FT.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN/SOUTH KOREA
3C CHINA
Wishful thinking
China’s Big Housing Stimulus Rescue Is Wishful Thinking
Thursday, Jul 10, 2025 – 09:55 PM
By George Lei, Bloomberg Markets Live reporter and strategist
Expectations of policy actions to bolster the housing sector have helped real estate stocks close the gap with the broader CSI 300 benchmark over the past few sessions. That has some market participants referencing 2015 and Beijing’s housing-rescue efforts that pulled the world’s second-largest economy out of a deflationary trap. But economic and market circumstances are vastly different now, leaving policymakers neither willing nor able to repeat what they achieved a decade ago.
Rumors are circulating that a new round of shantytown renovation — a catchphrase used a decade ago as part of the rescue package — could be in the works, according to Clocktower Group LP, an asset management and advisory firm based in Santa Monica, California. Back then, Beijing flexed its financial muscles to help a slumping real estate market, with a series of policies putting an end to falling producer prices.
The stimulus, however, resulted in double-digit home price growth in the following years, and the aftermath of that property bubble has haunted China up to this day. With the country’s population poised to keep declining in the years to come, homeowners have grown more bearish on the price outlook. The threshold for Beijing to turn things around is much higher now than a decade ago.
The expectation of renewed shantytown renovation “is likely to prove wishful thinking,” Clocktower said in a client email on Thursday. Ten years ago, PBOC’s pledged supplementary lending program enabled local authorities to redevelop land and then quickly sell to homebuilders.
The resulting land-sale revenue allowed local governments to service their PSL loans and sustain the cycle. With nationwide land-sale revenues falling last month to a decade low, market conditions are “fundamentally different” and new PSL loans could increase risks of new, hidden local debt, Clocktower cautioned.
China’s housing slump – which has shown no signs of ending – could emerge as a major growth drag in the rest of 2025. Investors, meanwhile, have also shifted their focus “to the domestic economy and policy” amid fading tariff concerns, Macquarie said in a research report after a series of meetings in the past few weeks.
Policymakers could act to stabilize the property sector after disappointing data, though any aid will be measured and taylored to containing risks only, according to Macquarie analysts Larry Hu and Yuxiao Zhang. Since 1H growth is set to exceed 5%, “stimulus will stay modest until exports fall, as Beijing will do just enough to hit the 5% GDP target,” the Australian bank argued.
Back in 2015, the housing boom engineered by Beijing helped absorb overcapacity in steel and cement. This time, however, it is much harder to cut capacity — and end deflation — as oversupply is more concentrated in consumer sectors such as auto, solar panels and batteries, Macquarie noted. Another housing bubble will only do more harm than good.
4. EUROPEAN AFFAIRS
GERMANY
German Immigration Officer Jailed For Accepting Cash Bribes From Migrants In Exchange For Citizenship Documents
Friday, Jul 11, 2025 – 02:00 AM
By Thomas Brooke of Remix News
A German court has sentenced an immigration officer to prison for accepting bribes in exchange for issuing fraudulent residence and citizenship documents.
As reported by Bild, the Lüneburg Regional Court ruled on Tuesday that the officer from the district of Lüchow-Dannenberg in Lower Saxony illegally issued permanent residence permits, settlement papers, and naturalizations to foreigners in at least 16 cases between January 2022 and July 2023, in return for cash payments.
Among those who obtained papers were individuals from Turkey, Georgia, Albania, and several Arab countries. Many had presented forged residence documents from other EU states, such as Greece, when applying for legal status in Germany. In some cases, requirements such as language proficiency certificates were waived.
The court found that the official became known for his ability to process cases “without complications,” a reputation that spread across the country, according to a district councilor. He was consequently jailed for six and a half years.
The scheme involved a co-defendant, 32-year-old Kastriot G., who knew the official from a local football club. He acted as an intermediary, arranging “customer orders” for the fraudulent documents. Kastriot G. was sentenced to nine years in prison, with his term including a previous conviction for kidnapping for ransom.
The court stated that both men had received around €154,000 from their dealings, which they are now required to repay in full. Both defendants partially admitted the charges, though they did not fully confess.
“They were only interested in the money; they wanted to split the proceeds equally,” said presiding judge Christoph Paglotke, according to the German press agency dpa.
The verdict is not yet final and can still be appealed.
Illegal immigration means big money for some, and fraudulent activity has been known to occur in several European member states.
In February, Spanish police uncovered a criminal network arranging sham marriages between Spanish women and foreign men seeking residency. Three people, including a lawyer, were arrested for their involvement in the scheme, which charged around €10,000 per client.
Continue reading on Remix news
END
HUNGARY/EU
Insanity!!
EU Justice Commissioner Signals Brussels Will Continue To Blackmail Hungary In Run Up To National Elections
Friday, Jul 11, 2025 – 05:00 AM
Using the “Poland method,” the European Union elite played a pivotal role in toppling the conservative Polish government by freezing billions in EU funds. Once Donald Tusk came to power, the money began flowing again.
Now, the same method is set to be used against Hungary in the run-up to national elections next year.
The European Commission published its 2025 Rule of Law Report on Tuesday, before which European Commissioner for Justice Michael McGrath told RedaktionsNetzwerk Deutschland that they are concerned about the situation in Hungary and are ready to use all means available to force Hungary to fall in line.
What does that mean in practice? Withholding billions in cohesion funds from Hungary, and possibly much more in the future.
“As far as Hungary is concerned, the Commission remains seriously concerned about the rule of law situation,” the EU justice commissioner said before the report was published, as cited by the Mandiner news portal.
McGrath noted that various tools were at Brussels’ disposal to take action, from freezing EU funds to referring the case to the European Court of Justice. The rule of law, he said, “means justice instead of arbitrariness, and trust instead of fear.” He said he refused to allow it to be deemed some form of “abstract value.”
The EC’s report targets the Hungarian judiciary, which they say is compromised by political influence, and Hungary’s case allocation and appointment system, which they deem insufficiently transparent. They considered that progress had been made in terms of corruption, but they found the anti-corruption institutions, including the Integrity Authority, insufficiently effective.
The EU also claims that the allocation of public funds and EU funds is not transparent.
The document makes note of the fact that Transparency International’s 2024 Corruption Perceptions Index (CPI) ranks Hungary as the “most corrupt country” in the EU.
TI has long been funded in part by George Soros’ Open Society Foundation. As Remix News has reported in the past, the organization is highly partisan, and often ranks Hungary on par with corruption as war-torn African countries.
Regarding domestic media, it is claimed that “state advertising distorts the market” and that opposition media is marginalized. No mention of countries like Germany, where media outlets are raided by police, including the publisher and journalists, and then completely erased from the internet, only for courts to later say the entire action was illegal.
Moreover, the room for civil society organizations to maneuver has narrowed, it reads, and oversight of the executive branch is lacking.
In addition to the report on 2024, the document also reports on the consultation with civil society organizations in 2025. Based on the reports of the NGOs, they write about the shortcomings of the institutional system for preventing corruption and the weakening of independent institutions.
Given its findings and what it believes to be a worsening situation in Hungary, the EU will continue to withhold some €6.3 billion in cohesion funds.
“Stakeholders note that the distribution of public funding continues to be uneven, untransparent, privileging government-aligned organizations against CSOs critical of government policies, which are not able to secure public funding in Hungary. Overall, no progress has been made on the recommendation and the situation has instead further deteriorated.”
The Commission’s report was prepared based on the report of a five-member delegation, the LIBE committee, who had visited Hungary. Mandiner has called out the credibility of the report, partly due to those in the delegation. The Green Party’s Tineke Strik, whom the Center for Fundamental Rights called “a real hard-line globalist,” is one member of the delegation, alongside left-wing and liberal politicians, including Michał Wawrykiewicz from the European People’s Party, who gave a speech at a Tisza Party event and is a big supporter of opposition leader Péter Magyar.
The LIBE committee’s visit has been criticized, as the delegation met primarily with opposition media outlets and organizations and also because no video or audio recording was allowed during a meeting with Hungary’s Office for the Protection of Sovereignty. The action prevented “Hungarian and European citizens from getting a credible and accurate picture of the conceptual procedure being conducted by Brussels against Hungary,” according to the Hungary’s Office for the Protection of Sovereignty.
In response to the report, Hungary’s Nézőpont Institute has come out with its own report, calling on Brussels to abide by the rule of law as well. It highlighted four main areas of particular concern when it comes to EU institutions: unchecked corruption, persistent conflicts of interest, opaque funding practices regarding NGOs, and the entrenched double standards applied by various EU bodies.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL VS IRAN
You’ve been warned: Gallant threatens to attack Iran ‘again and again’ if nuclear program resumes
“With every passing month, the gap grows. Our knowledge deepens. Our target sets expand. Your options narrow,” Gallant wrote.
Former defense minister Yoav Gallant and Iranian Supreme Leader Ali Khamenei over a backdrop of Isfahan Nuclear Technology Center(photo credit: Canva, Majid Asgaripour/WANA/via Reuters, MAXAR TECHNOLOGIES/HANDOUT VIA REUTERS, Via Maariv)ByJERUSALEM POST STAFFJULY 11, 2025 13:42
Former defense minister Yoav Gallant sent Iranian Supreme Leader Ali Khamenei a letter urging him to abandon his war against Israel on Thursday.
“We have never met, but I trust we know a great deal about one another,” Gallant began, explaining that he had watched Khamenei for nearly 30 years as he rose to power.
“As defense minister, I was responsible for turning decades of Israeli intelligence, air force capabilities, and strategic doctrine into a single, coordinated military plan. The plan that cut through your ‘Ring of Fire’ like a hot knife through butter and ultimately caused it to collapse,” he said.
According to Gallant, the plans he created as defense minister culminated in Operation Rising Lion.
“What unfolded in June 2025 was not merely a military campaign. It was the strategic collapse of a system you spent four decades constructing.”
Gallant wrote that despite the regime’s attempts to create a “Ring of Fire” around Israel – Hamas to the south, Hezbollah to the north, Syria and Iraq to the east, and Houthis to the southeast – they failed.
“The Israeli public, despite pain and loss, did not break. Our people endured. As you are now well aware, we responded,” he said, detailing the sequence of events that followed October 7 leading up to the Israel-Iran war.
“Israel systematically dismantled Hamas leadership, Hezbollah arsenals and command, and missile production facilities. We flew over Tehran as we did over Tel Aviv. We eliminated key military leaders and scientists. We struck the S300 systems. We eviscerated your air defense. Your nuclear program and infrastructure were set back by years. Your shield, long advertised, failed to protect.”
Can you build a secret nuclear program when you have no secrets?
In Gallant’s words, what mattered more than the physical damage dealt was the intelligence Israel gained.
“We see everything. We hear everything. We are everywhere,” he wrote.
“We knew your schedules. Your sites. Your communications. Your conversations with your closest allies, most of whom are no longer with you, in Beirut, Damascus, and Tehran. Your timelines. Your fallback plans. And your blind spots. In more ways than one, we knew more about you than you knew about yourselves.”
Gallant warned Khamenei that Iran would never be able to pursue nuclear weapons, and to do so would be to put his faith in systems that have already failed.
“Hope is not a strategy. Would you risk your future and your country’s on a race you cannot conceal and are unlikely to finish?”
Gallant reminded Khamenei that since October 7, Israel had succeeded in killing many of the regime’s top players.
“Hezbollah’s arsenal lies in ruins, buried with its commanders. Hamas is neutralized. Assad is gone. His successor has chosen a different path. The Gulf states now align against you, not with you. Iraq resists your grip. The region has moved on.”
Gallant told Khamenei there is still one way out
To close his letter, Gallant told Khamenei he could not rebuild his proxies or nuclear program without Israel destroying them as many times as necessary.
“But what you build, we will likely see. What we see, we will strike. And what we strike, you will struggle to replace,” he said.
“With every passing month, the gap grows. Our knowledge deepens. Our target sets expand. Your options narrow.”
Gallant issued a final warning: Abandon the war, or face Israel again.
He laid out the “defining moment” Khamenei faces, saying the regime could continue to pursue nuclear weapons, and pay the “heavy price” that Israel would demand, or they could move forward.
“Abandon your war against a small, determined country a thousand miles from your border, and focus instead on the welfare and future of your own people.”
“But if you choose wrong again, we will be there, waiting,” Gallant concluded.
ISRAEL VS HAMAS
‘A stalemate’: Hamas objects to Israel’s concessions on IDF troop deployment in Gaza
Netanyahu met with families of the hostages in Washington Wednesday night, saying that tremendous efforts are being made to bring everyone back.
Flames rise in Gaza, as seen from the Israeli side of the Israel-Gaza border, July 9, 2025(photo credit: REUTERS/AMIR COHEN)ByAMICHAI STEIN, JERUSALEM POST STAFFJULY 10, 2025 17:30Updated: JULY 10, 2025 22:33
Hamas has raised objections to Israel’s second ceasefire proposal, which was submitted to mediators and outlines the deployment of IDF forces in the Gaza Strip during the proposed 60-day ceasefire.
The updated offer, presented late on Wednesday, includes increased Israeli flexibility regarding the presence of the IDF during the ceasefire in the area stretching south from the Morag Corridor toward the Philadelphi Corridor, located along the Gaza-Egypt border.
One source described the situation to The Jerusalem Post as a “stalemate,” while another said, “We thought things would move faster due to American and Qatari pressure. At least a few more days of negotiations will be needed.”
Prime Minister Benjamin Netanyahu met with families of hostages on Wednesday and told them that, under the current circumstances, a comprehensive deal could not have been reached. “There was no such option,” Netanyahu said. In response to questions about who might be released under the deal, he told the families: “All of them are humanitarian cases. It will likely be Hamas that decides who will be released.”
In a statement issued by the Prime Minister’s Office, Netanyahu said that at the beginning of the 60-day ceasefire, “we will enter negotiations for a permanent end to the war, meaning a permanent ceasefire.”
He clarified Israel’s conditions: Hamas must disarm, Gaza must be demilitarized, and Hamas can no longer maintain any governing or military capabilities. “If this can be achieved through negotiations, all the better. If not, we will achieve it through other means – by force, through the strength of our heroic army.”
A source familiar with the negotiations told the Post that Trump’s Special Envoy to the Middle East, Steve Witkoff, is planning to push for talks on ending the war from the very first day. “He’s planning for the talks to begin immediately and intends to travel to Qatar in person to start them,” the source said.
Hamas claimed on Wednesday that on its side, there were several sticking points, including the flow of aid, withdrawal of Israeli forces from the Gaza Strip, and “genuine guarantees’ for a permanent ceasefire.” Although it has agreed to release 10 hostages, the terror group described the talks as “tough” due to Israel’s “intransigence.”
The families of hostages give a clear message: ‘Don’t leave anyone behind’
Families of hostages called for a complete deal that would see the return of all remaining 50 hostages in a rally at Washington DC on Monday.
“We are here to remind President Trump and PM Netanyahu that there are 50 hostages to be released. We cannot accept a deal for a partial release”, says Ilan Dalal, father of Guy Gilboa-Dalal.
He also added: “A partial deal would mean that some of the hostages will stay in the tunnels for more time, and this would be a death sentence. Please make a deal that will bring all the hostages home.”
END
ISRAEL VS HAMAS
Gaza’s deadly challenge: IDF faces renewed attacks as Hamas, allies regroup – analysis
As ceasefire talks continue, Hamas and other terrorist groups such as Islamic Jihad may be trying to go on the offensive in Gaza.
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.(photo credit: REUTERS/Ramadan Abed/File Photo)BySETH J. FRANTZMANJULY 10, 2025 19:01Updated: JULY 10, 2025 20:25
Two concerning incidents this week illustrate that terrorists in Gaza are still able to carry out offensive attacks.The attacks – in Beit Hanun, northern Gaza; and Khan Yunis, southern Gaza – are likely linked to Hamas. It’s also possible they are linked to other terrorist groups that operate alongside Hamas.
The overall context is that Hamas and its terrorist allies are capable of ambushes and complex attacks.
The two attacks are also concerning because Israel has cleared both Beit Hanun and Khan Yunis in the past. Since the beginning of the Israel-Hamas War, the IDF has generally refrained from entering key areas of Gaza. These include the central camps and parts of Gaza City.
This means that Hamas and other terrorist groups are able to remain in these areas, which are about 35% of Gaza. The terrorist groups can then plan attacks from these areas and re-infiltrate the other 65% of Gaza where the IDF operates.
Much of that 65% is now ruins and demolished buildings. The terrorists are able to operate in the rubble, however, and they also still have tunnels.
After the Beit Hanun attack in which five soldiers were killed, IDF Spokesperson Brig.-Gen Effie Defrin said: “IDF troops are currently encircling the Beit Hanun area from all directions – both above and below ground. Beit Hanun is a fortified target that currently contains dozens more terrorists and numerous underground tunnels that must be dismantled.”
Beit Hanun is near Sderot, less than two kilometers from the border. It can be seen easily from roads in the Gaza periphery and from built-up areas of Sderot.
Over the years, Beit Hanun was a launchpad for terrorists. After 642 days of war, it is still full of terrorists. This is concerning.
The IDF is attempting to re-clear Beit Hanun, which was cleared in September and December in 2024. This time, the Kfir Brigade’s 97th Battalion and elements of the Northern Gaza Brigade have been involved, under the command of the 99th Division.
After five soldiers were killed and 14 wounded in an ambush on June 7, the IDF reinforced its forces, sending the Givati Brigade’s combat team, under the 162nd Division, to help. The IDF softened up Beit Hanun using the IAF.
This plodding maneuver may have let the terrorists know that the IDF was coming. The tactic of softening up the enemy dates from World War I. It’s not clear why the IDF, which is supposed to be a very hi-tech military capable of rapid maneuver, still uses such an old tactic.
Explaining how the terrorist ambush happened, Defrin said: “During the nighttime operation, the troops advanced on foot alongside tanks and additional vehicles, securing the vehicles against various threats in the area. According to the initial inquiry, the troops were hit by three explosive devices that were detonated within minutes of each other.
“After the first device exploded and the initial report was made, a rescue squad was dispatched. During the evacuation, the troops encountered gunfire directed at them, wounding several soldiers. The troops continued the evacuation while engaged in combat under fire.”
After 642 days of war, Palestinian terrorists still planning attacks
This appears to indicate that the terrorists planned this attack. They also did it in the rubble that is normal in Beit Hanun. They did it after 642 days of war, when they were supposed to be largely beaten.
While in Washington this week, Prime Minister Benjamin Netanyahu said Hamas would be defeated, and there won’t be Hamas in Gaza when the war is over. Hamas appears to be trying to challenge this assertion, however, even as its leaders in Doha discuss a ceasefire.
Beit Hanun is now encircled. The battle not far from the border is still being fought against dozens of terrorists who are believed to be hiding in the ruins of this northern Gaza town.
There is no doubt the IDF can defeat Hamas. The question is whether the terrorists will continue to melt into the rubble and wait for targets of opportunity to continue its insurgency. This is the main challenge.
Meanwhile, in Khan Yunis, another incident took place on June 9 that was concerning. Khan Yunis was cleared by the 98th Division between December and April 2024. Nevertheless, it seems the terrorists are back.
In March and April 2024, the IDF estimated that Hamas was largely defeated in Gaza, and that 20 of its 24 battalions were dismantled. It’s not clear if this assessment was correct, however, and Hamas has recruited more terrorists over the past year.
“An initial inquiry suggests that during IDF operational activity in Khan Yunis, terrorists came out of an underground tunnel and attacked IDF troops,” the IDF said. “During the attack, the terrorists attempted to abduct a soldier who served as an engineering vehicle operator. The soldier fought the terrorists, and they shot and killed him. Security forces operating in the area opened fire toward the terrorists, hitting several of them and thwarting the abduction. The incident is under review.”
This is as concerning as the Beit Hanun ambush. It shows that the enemy is trying to carry out more complex ambushes.
Soldiers from the Golani Brigade, part of the 36th Division, are fighting in Khan Yunis. Golani and the 36th played a key role in taking the Morag Corridor in southern Gaza this past March and April.
Twenty IDF soldiers killed since Operation Gideon’s Chariots launched in May
The IDF has been engaged in operations as part of Gideon’s Chariots since mid-May. In June, 20 soldiers were killed. This shows that Gaza is still a deadly challenge. In Khan Yunis, the IDF found a tunnel 500 meters long and 13 meters deep.
“Over the past week, the troops eliminated dozens of terrorists and dismantled more than 130 terrorist infrastructure sites both above and below ground, including weapon stockpiles, booby-trapped buildings, observation posts, and launch positions directed at IDF troops,” the IDF said.
Hamas and other terrorist groups, including Palestinian Islamic Jihad, may be trying to go on the offensive in Gaza. They may be trying to take advantage of hopes for a ceasefire to claw back areas they lost. They may also want to show they can continue to “resist” the IDF.
This comes as Hezbollah is still active in Lebanon, and the Houthis have increased attacks on ships. The IDF has beaten many enemies, but the enemies still continue to threaten Israel.
END
ISRAEL VS HAMAS
IDF officer killed in apparent accidental explosion in southern Gaza
Cpt. Reei Biran (Israel Defense Forces)
An IDF officer was killed in an apparent accident in the southern Gaza Strip yesterday, the military announces.
The slain soldier is named as Cpt. Reei Biran, 21, a team commander in the Golani Brigade’s reconnaissance unit, from Shorashim.
According to an IDF probe, the incident took place during an ongoing offensive in Khan Younis.
Troops were operating in buildings suspected to be used by Hamas for terror activity, rigging them up with mines in order to demolish them.
Around two hours after the buildings were mined, an explosion occurred, and Biran was hit, possibly by shrapnel or debris. He was declared dead a short while later.
The IDF says the incident is under further investigation.
END
WEST BANK
West Bank terrorists were Palestinian Authority police officers, PA to probe attack
The two carried out a combined shooting and stabbing attack at the Gush Etzion junction, murdering 22-year-old Israeli Shalev Zevuloni.
Palestinian police officers seen during a military parade in the West Bank city of Nablus, July 1, 2025(photo credit: NASSER ISHTAYEH/FLASH90)ByJERUSALEM POST STAFFJULY 10, 2025 22:10
The two terrorists behind the deadly Thursday attack in the West Bank were members of the Palestinian Authority’s security services, Palestinian and Israeli media reported.
The two were named by local media as Mahmoud Yusef Abed and Malek Ibrahim Salem, both 23. They recently returned to the West Bank after completing their studies in Qatar.
The two carried out a combined shooting and stabbing attack at the Gush Etzion junction, murdering 22-year-old Israeli Shalev Zevuloni. They were both killed at the scene of the attack by Israeli security forces.
Mahmoud Yusef Abed was from the town of Halhul in the Hebron Governorate, and Malek Ibrahim Salem was from the town of Bizzaria, west of Nablus.
Eyewitnesses claimed that the terrorists arrived in a stolen vehicle armed with knives, stabbed Zevuloni, who was a security guard, and stole his weapon to carry out the shooting.
Hamas praises ‘heroic’ stabbing attack in West Bank, PA to probe
Hamas spokesman for the Al-Qassam Brigades, Abu Obeida, congratulated the terrorists on their “heroic operations from Hebron to Jenin, confronting Israeli forces and settler groups,” adding that they were retaliating against the “growing assault on Al-Aqsa Mosque and the escalation of crimes by the occupation forces and settlers.”
He also called for “intensified resistance” across the West Bank and Jerusalem after the attack.
N12 reported late on Thursday night, citing sources in Ramallah, that the PA was set to launch an internal investigation into the terror attack.
HOUTHIS
Israel: July 10, 11:45 PM/last night
Houthi missile fired at Israel falls in Jordan, Gaza truce talks at a stalemate
Netanyahu: Israel to enter talks for permanent ceasefire in Gaza after 60 days • Defense minister: Israel will strike Iran again if provoked • One murdered in West Bank terror attack
Flames rise in Gaza, as seen from the Israeli side of the Israel-Gaza border, July 9, 2025(photo credit: REUTERS/AMIR COHEN)
Rocket fired from Yemen’s Houthi’s falls in Jordan – report
A rocket fired from Yemen toward Israel fell in Jordan, Israeli media reported on Thursday
Israel said to urge US to resume strikes on Yemen’s Houthis, call for broad military coalition
Following this week’s intensified Houthi attacks on maritime traffic, including the deadly seizure of two vessels, Israel has asked the United States in recent days to renew its military strikes on the Iran-backed group in Yemen, the Kan public broadcaster reports.
Israel told the US that ongoing Houthi assaults on shipping “can no longer remain solely an Israeli problem,” and called for “more intense combined attacks against Houthi regime targets — not just [Israeli] air force fighter jet strikes, but also a renewal of American attacks and the formation of a coalition including additional countries,” the Hebrew-language network reports, citing a source familiar with the matter.
An unnamed security official tells Kan that the move comes in response to expanding Houthi aggression: “A broad coalition is needed to convey to the Houthi regime that it is in danger.”
In May, Washington and the Houthis reached an agreement that ended a US aerial campaign against the terror group, which controls much of Yemen.
The report comes on the final day of Prime Minister Benjamin Netanyahu’s visit to Washington. Kan does not say through which bodies the message was communicated.
END
Houthis/Israel
Houthis Again Target Tel Aviv, As Israelis Plead For More US Raids On Yemen
Friday, Jul 11, 2025 – 06:55 AM
The Houthis have clearly been ramping up their attacks on Israeli interests and assets out of Yemen, and on Thursday another ballistic missile strike on Tel Aviv was attempted.
Israel’s military said it intercepted a missile launched from Yemen, shortly after conducting airstrikes on Houthi targets. The Iran-aligned group later confirmed responsibility for the launch, calling it a “qualitative military operation” involving a ballistic missile.
As a result, multiple alert sirens were active across Israel during the dawn hours. All of this comes after the Houthis attacked and sank two commercial vessels bound for Israel, in complex operations which they boasted of and captured on film.
Israel is now reportedly formally asking the United States to renew its military strikes on the Iran-backed group, according to Kan public broadcaster..
Israel told the US that the attacks on shipping “can no longer remain solely an Israeli problem,” and called for “more intense combined attacks against Houthi regime targets — not just [Israeli] air force fighter jet strikes, but also a renewal of American attacks and the formation of a coalition including additional countries.”
“A broad coalition is needed to convey to the Houthi regime that it is in danger,” an anonymous Israeli defense official told Kan.
At the moment, the Houthis are still actively targeting Tel Aviv international airport, along with any vessel in the Red Sea bound for Israel. Ben Gurion airport has been directly hit at least once during the conflict.
President Trump had in May declared a US ceasefire with the Houthis, to the chagrin of Israel, which stepped up its own aerial attacks on Yemen.
Trump, perhaps realizing the futility of the US bombing raids – amid Houthi resolve – essentially declared ‘victory’ and departed the war theatre. Many war analysts believe that the Houthis cannot ultimately be defeated short of a full, comprehensive ground operation.
HOUTHIS USA
Trump Admin Teases Resumption Of Anti-Houthi Airstrikes After Ship Attacks
Friday, Jul 11, 2025 – 07:45 AM
The Trump administration this week teased the possibility that it could order resumed airstrikes in Yemen following the two latest attacks by the Houthis on two commercial vessels in the Red Sea. The Houthis have repeatedly claimed the operations would cease if Israel ends its ongoing military campaign and blockade in Gaza.
“These attacks highlight the continued danger posed by Iran-backed Houthi rebels to maritime trade and regional security,” said State Department spokesperson Tammy Bruce in a briefing earlier this week.
She emphasized that the US remains committed to defending commercial shipping and freedom of navigation. That’s when she followed with what appeared to be a direct threat of more action.
“The United States has been clear: We will continue to take necessary action to protect freedom of navigation and commercial shipping from Houthi terrorist attacks,” she said.
That didn’t sway the Houthis given on Wednesday they confirmed responsibility for a Monday strike on the Eternity C, a Greek-owned cargo ship headed to Israel’s port of Eilat. Israel has also been conducting occasional major aerial operations over Yemen.
Some 14 or 15 crew members have been taken hostage in the aftermath, with four killed. A Houthi military spokesman had described that the assault involved an unmanned boat along with six cruise and ballistic missiles.
The vessel was totally destroyed and sank, with the Houthis proudly boasting of the operation in a detailed, slick montage and video production of the raid.
Prior to that, the attack on the Magic Seas vessel drew international criticism. “It is the first such attack against a commercial vessel in 2025, a serious escalation endangering maritime security in a vital waterway for the region and the world,” the EU warned.
“These attacks directly threaten regional peace and stability, global commerce and freedom of navigation as a global public good. They can negatively impact the already dire humanitarian situation in Yemen.”
The EU also has a freedom of navigation military patrol in the region, after Washington had long urged for the bloc to step up and shoulder some of the defense responsibility to protect international shipping.
The Houthis have meanwhile announced fresh missile attacks on Israel:
The Yemeni Armed Forces (YAF) announced on 10 July that it targeted Tel Aviv with a ballistic missile, hours after releasing new footage of an attack on a commercial vessel headed to Israel’s southern port of Eilat.
“The missile force of the Yemeni Armed Forces carried out a qualitative military operation, targeting Lod Airport in the occupied Jaffa area with a Zolfiqar ballistic missile,” the YAF said in a statement on Thursday morning.
If the White House reverses course on its de facto ceasefire in the Red Sea, this would mark yet another major foreign policy reversal, coming off the decision to ramp up weapons shipments to Ukraine, after recently halting transfers.
END
TURKEY
Erdogan Crackdown Continues With 500 Opposition Figures Arrested In ‘Octopus’ Probe
Friday, Jul 11, 2025 – 03:30 AM
Turkish authorities have detained more than 500 members and officials of the opposition Republican People’s Party (CHP) since October 2024 in an intensifying crackdown that has exclusively targeted municipalities held by the secularist party, according to a Reuters review of legal filings and state disclosures published on Thursday.
President Recep Tayyip Erdogan has defended the campaign as an effort to dismantle a corrupt “octopus” network with arms stretching “to other parts of Turkiye and abroad.”
His office has not responded to requests for comment on accusations of political interference or selective prosecution.
The probe initially focused on Istanbul but has since spread to CHP-run cities including Izmir, Adana, Antalya, and Adiyaman – territories seized from the ruling Justice and Development Party (AKP) in last year’s municipal elections.
More than 220 individuals have been imprisoned or placed under house arrest, with 202 detained in the past week alone.
Among those jailed is Ekrem Imamoglu, mayor of Istanbul and Erdogan’s leading political rival, who was arrested in March on corruption charges he denies.
A 121-page police transcript reviewed by Reuters alleges that Imamoglu’s phone repeatedly connected to the same cell tower as individuals accused of bribery, to which he responded that his home was located nearby. Prosecutors have yet to issue indictments.
Lawyers and party officials say the arrests lack a legal foundation. Mehmet Pehlivan, Imamoglu’s lawyer, who was also jailed, said the probe attempts “for the first time to criminalize the right to practice law.”
Former AKP minister Ertugrul Gunay described the campaign as a “tool for political attrition,” warning it reflects panic within Erdogan’s camp over future elections. CHP Chairman Ozgur Ozel called it “a coup against Ataturk’s party,” prompting a separate investigation against him for allegedly insulting the president.
Three CHP mayors – Zeydan Karalar of Adana, Muhittin Bocek of Antalya, and Abdurrahman Tutdere of Adiyaman – were arrested on 5 July in what the party described as a “political operation.” Their arrests followed the detention of over 120 individuals in Izmir.
Ankara Mayor Mansur Yavas responded on X, saying, “In a system where the law is bent and twisted according to politics … no one should expect us to trust the rule of law or believe in justice.”
END
RUSSIA VS UKRAINE
White House Acts Surprised At Ukraine Weapons Pause
Friday, Jul 11, 2025 – 04:15 AM
Two US officials who spoke to The Associated Press on condition of anonymity have confirmed the resumption of arms and ammo deliveries to Ukraine’s military which include 155 mm artillery shells and GMLRS precision-guided rockets.
Last week’s ordered pause affected a specific shipment and was reportedly initiated by Defense Secretary Pete Hegseth to review US weapons inventory levels amid fears of dwindling American stockpiles.
The Ukrainians too appear to have confirmed receipt of the paused shipments, and have said they are ‘impressed’ with Trump’s decision-making.
But interestingly, the White House has acted surprised that the pause was ever given:
During a meeting of his Cabinet on Tuesday, with Defense Secretary Pete Hegseth sitting next to him, Trump said he didn’t know who signed off on the weapons pause.
“I don’t know. Why don’t you tell me?” Trump told a reporter who asked who ordered the pause.
Trump also repeated he was “very unhappy” with Putin and said he was looking into sanctions on Russia as a consequence.
And on Wednesday the president was questioned by a reporter as follows:
“Yesterday, you said that you were not sure who ordered the munitions halted to Ukraine. Have you since been able to figure that out?” a reporter asked the president.
“Well, I haven’t thought about it, because we’re looking at Ukraine right now and munitions, but I have, no I have not gone into it,” he said.
The reporter followed up by asking, “What does it say that such a big decision could be made inside your government without you knowing?”
“I would know if a decision was made, I will know,” Trump stressed. “I’ll be the first to know. In fact, most likely I’d give the order, but I haven’t done that yet.”
Such obfuscation could be the result of rising anger among Trump’s base concerning the policy U-turn. Trump voters have wondered how keeping up the flow of massive monetary and defense aid to Ukraine is ‘America first’.
This is especially as Trump had earlier swiped at Zelensky over the aid, calling him the “world’s greatest salesman”. But more recently Trump has expressed frustration at lack of peace negotiations between Moscow and Kiev getting off the ground.
END
RUSSIA/UKRAINE
Russia Unveils New Tactic In Latest Drone Swarms On Ukraine
Friday, Jul 11, 2025 – 02:45 AM
It has now become the norm for hundreds of drones to be exchanged each night across borders between Russia and Ukraine. In the overnight and into Thursday morning hours, Russia once again sent some 400 drones into Ukraine. The attack also included close to 20 ballistic and cruise missiles.
CNN and others, who have correspondents on the ground, have witnessed a ‘new tactic’ in the war. Russia sent drones on the Ukrainian capital “flying from all directions” – in yet another effective effort at confusing and breaking past anti-air defenses.
“Russia has been intensifying its aerial attacks against Ukraine in recent weeks, but the assault on Thursday appeared to mark a change in approach from Moscow,” CNN notes, before adding:
They were flying at different altitudes, and attacking from all directions — with some of the drones initially bypassing the capital before abruptly changing direction and speeding back towards the city.
Still, Ukraine’s military says it was able to shootdown or disable 382 of the 415 aerial weapons Russia launched overnight.
Local authorities said a 22-year-old female police officer was killed in these latest Russian attacks, along with one other person, and over a dozen more people were wounded.
“This is an obvious build-up of terror by Russia,” President Zelensky said on Thursday, while issuing another plea for the United States and the Western allies to provide more air defense systems and missiles.
Clearly, the two warring sides are further away from direct peace negotiations than ever before. The US appears to have somewhat stepped back, content to let the war drag on, after President Trump has expressed deep frustration.
But Washington is still apparently working on the bilateral relationship with Moscow, as top diplomats from both sides held a “frank exchange” during talks in Malaysia on Thursday on the sidelines of the Association of Southeast Asian Nations (ASEAN) foreign ministers’ summit.
Reports say US Secretary of State Marco Rubio has issued a “new idea” on resolving the war to his Russian counterpart Sergei Lavrov.
“It’s not a new approach. It’s a new idea or a new concept that I’ll take back to the president to discuss,” Rubio said. He underscored was not something that “automatically leads to peace, but it could potentially open the door to a path.”
But if it’s anything less than Kiev making territorial concessions, the Kremlin is unlikely to be interested, also as it keeps making slow but steady gains in the east.
END
RUSSIA UKRAINE/USA
Not a very smart move:
Trump To Send $300M In Weapons To Ukraine Drawn From Pentagon Reserves
Friday, Jul 11, 2025 – 12:05 PM
For the first time, President Donald Trump is set to use his authority to send weapons directly to Ukraine from Pentagon reserves, Reuters reports, citing two sources familiar with the matter, after last week’s brief halt in shipments and now subsequent reversal.
Until now, the Trump administration had only transferred arms that were previously approved during Biden’s prior term. Trump is likely to use the Presidential Drawdown Authority (PDA), which enables the president to quickly provide military aid in ’emergencies’, despite long-running fears that America could lack for key military hardware if fighting its own wars against a major power, Reuters says. It remains that the US hasn’t fought a direct war with a ‘great power’ in quite some time, going back the WW2-era.
Trump on Tuesday indicated he would send more weapons to Ukraine amid intensifying Russian advances and aerial strikes, after the prior week saw hundreds of drones sent nightly.
“More than three years after Russia’s invasion of its neighbor, Trump’s team will identify arms from U.S. stockpiles to send to Ukraine under the Presidential Drawdown Authority, the sources said, with one saying they could be worth around $300 million,” Reuters reports.
This is expected to include Patriot air defense missiles and medium-range rockets, which is somewhat surprising and alarming given the amount of Patriots the Pentagon has just blown through defending Israel, and mid Iranian attacks.
According to the Guardian, “The United States only has about 25% of the Patriot missile interceptors it needs for all of the Pentagon’s military plans after burning through stockpiles in the Middle East in recent months, an alarming depletion that led to the Trump administration freezing the latest transfer of munitions to Ukraine.”
And as we noted earlier, US weapons manufacturers can only produce approximately 500 Patriot missiles per year. The US stockpile of air and missile defenses has been drained to aid Ukraine during the war with Russia. Missile interceptors are in short supply in the West.
Trump’s fresh (up to) $300 million infusion would reverse Defense Secretary Pete Hegseth’s decision to pause shipments while a more thorough review can be made, after he expressed wariness of expanding support to Ukraine.
He reportedly made that call without first consulting the president, and the White House earlier this week acted like it was surprised that the pause ever happened. On Wednesday the president was questioned by a reporter as follows:
“Yesterday, you said that you were not sure who ordered the munitions halted to Ukraine. Have you since been able to figure that out?” a reporter asked the president.
“Well, I haven’t thought about it, because we’re looking at Ukraine right now and munitions, but I have, no I have not gone into it,” he said.
The reporter followed up by asking, “What does it say that such a big decision could be made inside your government without you knowing?”
“I would know if a decision was made, I will know,” Trump stressed. “I’ll be the first to know. In fact, most likely I’d give the order, but I haven’t done that yet.”
Such obfuscation could be the result of rising anger among Trump’s base concerning the policy U-turn. Trump voters have wondered how keeping up the flow of massive monetary and defense aid to Ukraine is ‘America first’.
END
RUSSIA UKRAINE USA
Trump Teases ‘Major Statement’ On Russia Coming In Days
Friday, Jul 11, 2025 – 12:45 PM
President Donald Trump has stated that America’s NATO allies will be required to pay the full cost for US-made weapons while hinting that some of those arms may eventually be transferred to Ukraine.
As is well known, Trump has long pushed European NATO members to take on greater defense const-sharing burden, and in new remarks given to NBC published Friday he said “We send weapons to NATO, and NATO is going to reimburse the full cost of those weapons.” He emphasized, “NATO is paying for those weapons, 100%.”
He went on to preview that once the weapons are purchased by NATO allies, “then NATO is going to be giving those weapons” to Ukraine. He described that the deal was struck in June at the NATO summit in the Netherlands:
“We’re sending weapons to NATO, and NATO is paying for those weapons, 100%. So what we’re doing is the weapons that are going out are going to NATO, and then NATO is going to be giving those weapons [to Ukraine], and NATO is paying for those weapons,” Trump said.
Another very interesting part of the interview came when he teased a major Russia-related announcement planned for Monday.
Could it be new sanctions, which Ukraine’s Zelensky and others have been aggressively lobbying for?
“I’m disappointed in Russia, but we’ll see what happens over the next couple of weeks,” Trump said. “I think I’ll have a major statement to make on Russia on Monday,” he added without elaborating.
As for new weapons systems for Ukraine, a fresh Reuters report has said this could total up to $300 million in new arms. Alarmingly, the Pentagon has been running low on its own stockpiles, with Patriot missiles in particular in short supply and high demand, and slow to replace.
Secretary of Defense Marco Rubio told reporters while in Malaysia this week of the Patriots, “Well, the Spaniards have them. They’re really far from Ukraine and they have one. The Germans have, others have them — I’m not singling them out, but I’m just telling you those are two that I know.”
“There are other Patriot batteries, and there are other opportunities,” he added.
“Countries that have ordered Patriot batteries that are about to receive shipments of them, it’d be great if one of them volunteered to defer that shipment and send it to Ukraine instead,” Rubio said.
Rubio has been teasing a ‘new’ approach and potential strategy toward resolving the Russia-Ukraine war, after meeting with Russian Foreign Minister Sergei Lavrov this week.
END
It’s A Smart Move For Russia To Strike Ukrainian Draft Centers
Friday, Jul 11, 2025 – 01:45 PM
Authored by Andrew Korybko via Substack,
The Financial Times (FT) reported that “Russia attacks Ukraine’s draft offices in effort to undermine armed forces”, which drew attention to its latest strategy nearly three and a half years into the conflict.
What began as a special operation quickly transformed into a proxy war that’s since become a “race of logistics”/“war of attrition”.
Accordingly, without Trump coercing Zelensky to comply with Putin’s demands for peace and given his promise to send more “defensive weapons”, the conflict will continue.
It therefore makes sense that Russia would finally target Ukraine’s military logistics, particularly its draft centers, with a view towards preventing Kiev from replenishing its frontline losses in order to consequently raise the chances of a game-changing breakthrough somewhere along the front. Russia still won’t destroy Ukraine’s bridges across the Dnieper, possibly for the reasons speculated here last year, but striking its draft centers is better than nothing and could give also Russia a soft power edge.
As the FT acknowledged in their report, these draft centers are incredibly unpopular among the people, so it therefore follows that Russia’s destruction of them could lead to average Ukrainians breathing a sigh of relief and perhaps becoming more inclined towards a political solution to this long-running conflict. Those that already were anti-Russian or became so throughout the course of the hostilities might not change their political views, but what’s important is that they might not oppose concessions to Russia.
To be sure, the primary reason why Zelensky doesn’t want to comply with any of Putin’s demands for peace is because it could set into motion fast-moving events that remove him from power, but public opinion also plays a role in falsely justifying this self-interested position to the population. The independent organization of large-scale protests is practically impossible in Ukraine nowadays due to the SBU’s domestic dominance, but decisive shifts in public opinion could prompt a power struggle.
That institution and/or others could potentially see an opportunity in that scenario to allow some controlled protests for the purpose of pressuring Zelensky “from below” into doing what’s needed to end the conflict, which could then legitimize pressure upon him from their institution(s) too. The goal would be to remove him from power, even if only through the new elections that he promised would shortly follow the end of the conflict, and then potentially profit from lucrative reconstruction contracts.
For as compelling as this sequence might seem, it can’t be taken for granted, but the possibility still remains that Russia might at least obtain a soft power edge if it continues striking these draft centers. More average Ukrainians will likely appreciate that since they don’t want to die for Zelensky. Even JD Vance recognizes this reality as proven by him telling the world in late February during his fight with Zelensky in the White House about Ukraine’s forcible conscription policy and recruitment problems.
It’s therefore a smart move for Russia to finally start striking Ukrainian draft centers since this could raise the chances for a breakthrough somewhere along the front, help to decisively shift domestic public opinion against the conflict, and thus make it easier for “deep state” forces to conspire against Zelensky.
Russia has nothing to lose and everything to gain by keeping up and possibly expanding these strikes since they hit Zelensky where it hurts in more ways than one.
END
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
You can blame the vaccine on the huge rise in measles cases
(zerohedge)
Measles Cases In US Climb To Highest Number In 33 Years: CDC
Thursday, Jul 10, 2025 – 10:10 PM
Confirmed measles cases in the United States have hit the highest number since 1992, according to new data from the Centers for Disease Control and Prevention.
In the United States, so far in 2025, 1,288 cases have been recorded as of July 8, the CDC said in an update on Wednesday.
That’s the highest number in one year since 1992, when 2,126 cases were logged.
Zachary Stieber reports that spokespersons for the CDC and its parent agency, the Department of Health and Human Services (HHS), said in emails to The Epoch Times that HHS “continues to support community efforts in dealing with the measles outbreaks” while the CDC “continues to provide technical assistance, laboratory support, and vaccines as requested.”
Officials say they’ve sent nearly 12,000 mumps, measles, rubella (MMR) vaccine doses to states since cases began appearing in January.
Measles was marked as eliminated from the United States in 2000. That designation means measles was not spreading within the country and that new cases only cropped up when individuals contracted measles in other countries and returned to the United States.
The United States is likely on the way to losing the elimination status, Dr. Monica Gandhi, professor of medicine at the University of California–San Francisco, wrote on social media platform X.
The previous annual peak of case numbers since the elimination was in 2019, when 1,274 cases were confirmed.
That number was primarily driven by an outbreak that occurred in New York.
Cases this year have been recorded in 38 states. More than half of the cases happened in Texas, where an outbreak broke out and spread among Mennonite communities, according to health officials. The source of the outbreak has not been identified.
Of the Texas patients, 5 percent had received at least one dose of the MMR vaccine. Nationwide, 8 percent of patients have a confirmed vaccination history.
The remaining patients are either unvaccinated or have unknown vaccination status.
Three patients have died in the United States in 2025. None of them had received a vaccine.
Measles has also been spreading in other countries.
Canada, which has a much smaller population, said this week that nearly 3,400 measles cases have been confirmed there this year.
“The risk of measles infection is low for the overall U.S. population, with a case rate of less than 0.4 per 100,000 people—lower than peer developed countries including Canada, the United Kingdom, France, Spain, and Italy,” the CDC and HHS spokespersons said.
“Measles risk is higher in U.S. communities with low vaccination rates in areas with active measles outbreaks or with close social and/or geographic linkages to areas with active measles outbreaks. CDC continues to recommend MMR vaccines as the best way to protect against measles. The decision to vaccinate is a personal one. People should consult with their healthcare provider to understand their options to get inoculated and should be informed about the potential risks and benefits associated with vaccines.”
The Partnership to Fight Infectious Disease, a nonprofit whose advisory board members include pharmaceutical company officials, said in a statement that the measles case count “represents an alarming low in today’s fight against vaccine-preventable disease” and called on health leaders and lawmakers “to encourage people to protect themselves and others through vaccination.”
The CDC on its website recommends two doses of the measles, mumps, rubella (MMR) vaccine for all children beginning at 12 months of age. The vaccine is required for school attendance in every state.
Coverage with many childhood vaccines has decreased in recent years. For the MMR vaccine, coverage among kindergartners dropped from 95.2 percent during the school year that started in 2019 to 92.7 percent during the school year that began in 2023. Coverage is even lower in the counties with the most cases in Texas.
Health Secretary Robert F. Kennedy Jr., the head of HHS, has said that people should get a measles vaccine. He has also noted the vaccine has side effects and said that its protection wanes “very quickly.” Some studies have found a waning of MMR vaccine protection or antibodies among some recipients, including a 2007 paper from the United States and a 2023 paper.
The CDC estimates that one dose of the vaccine is 94 percent effective against measles and that two doses bring the effectiveness to 97 percent. The estimates are drawn from a 2013 paper analyzing studies that were performed more than a decade ago, a CDC spokesperson told The Epoch Times in an email.
The immunity provided by the vaccine is “long-term and probably lifelong in most persons,” the agency states on its website. “Some studies indicate that waning immunity may occur after successful vaccination, but this appears to occur rarely and to play only a minor role in measles transmission and outbreaks.”
It also says that approximately 2 to 7 percent of children who receive one dose of the MMR vaccine, and less than 1 percent of kids who receive two doses, do not develop antibodies against measles.
“The secretary has been very clear, it’s his priority to stop the measles outbreak,” Susan Monarez, President Donald Trump’s nominee to head the CDC, told senators during her recent confirmation hearing. “He has been very clear that the MMR vaccine is a critical component to stopping this outbreak.”
A Senate panel on Wednesday advanced Monarez’s nomination. The full Senate has yet to take up the matter.
People exposed to measles can contract the illness, particularly unvaccinated individuals, according to the CDC. Symptoms typically start appearing seven to 14 days after infection, and include a high fever, coughing, and red eyes.
There are no medicines approved by federal regulators specifically for measles. Doctors are encouraged to provide supportive care and focus on relieving symptoms.
Some doctors administer vitamin A, as recommended by the World Health Organization. Kennedy has promoted other treatments such as steroids and cod liver oil.
MARK CRISPIN MILLER
DR PAUL ALEXANDER
NEWS ADDICTS
EVOL NEWS
NEWSWIZE
 LATEST NEWSTrump Admin Prepares Massive Shake-Up After Major SCOTUS RulingThe U.S. State Department is preparing for sweeping layoffs following a Supreme Court decision that lifted a legal barrier blocking the Trump administration’s reorganization plan. According to a report from Semafor, “reduction in force” notices could begin as early as this week, with thousands of jobs potentially on the line. The administration’s plan, spearheaded by Secretary of State Marco Rubio, calls for …READ MOREMAGA Furious After Trump Admin Backtracks on Key InitiativeThe Food and Drug Administration (FDA) has granted full approval to Moderna’s COVID-19 vaccine for young children—but only for those with underlying health conditions that put them at greater risk of severe illness—prompting sharp criticism from President Donald Trump’s MAGA base.The decision makes Moderna’s Spikevax the first pediatric COVID vaccine to receive full authorization in the United States, but the …READ MOREAlan Dershowitz Shocks With Jaw-Dropping One-Liner on Epstein CaseAlan Dershowitz has come forward with claims that sensitive documents are being kept from the public in an effort to protect powerful individuals. In a recent interview with Sean Spicer, Dershowitz, a legal expert, said he has personally reviewed Epstein-related files and alleged that certain names are being shielded.“Documents are being suppressed to protect individuals,” he said. “I know the names …READ MOREJudge Blindsides Trump Admin With Shocking Ruling in High-Stakes CaseA federal judge in New Hampshire has temporarily blocked President Donald Trump’s executive order aimed at ending birthright citizenship for children born to illegal immigrants. The decision, delivered Thursday by U.S. District Judge Joseph LaPlante, represents a major setback to one of the administration’s central second-term immigration priorities.The order, which was scheduled to take effect July 27, sought to deny automatic …READ MOREEpstein’s Brother Makes Bombshell Claim About Who Was Behind Jeffrey’s DeathMark Epstein, the brother of disgraced financier Jeffrey Epstein, is renewing questions about the suspicious 2019 death of his brother—this time directly pointing to President Donald Trump and key members of his administration as possible figures behind what he believes was a coordinated cover-up.In a recent appearance on NewsNation’s “Cuomo,” Mark expressed open disbelief in the official narrative that his …READ MORE |
EVOL NEWS
MICHAEL EVERY/OR PICTON OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL /ENERGY ISSUES/WORLD WIDE
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE
CANADA/USA
Trump To Impose 35% Canadian Tariff, But USMCA Goods To Stay Exempt
Thursday, Jul 10, 2025 – 09:37 PM
Trump issued another letter late on Thursday, saying he will levy a 35% tariff on some goods coming into the US from Canada, in a blow to Canadian Prime Minister Mark Carney’s bid to avoid punishing levies on goods sold to the US. The tariff level would take effect from August 1.
“Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, Non-Tariff, Policies and Trade Barriers, which cause unsustainable Trade Deficits against the United States,” Trump said in a letter to Carney posted Thursday. “Tariffs to our Dairy Farmers – up to 400% – and that is even assuming our Dairy Farmers even have access to sell their products to the people of Canada.”
Trump did allow that he would “consider an adjustment to this letter” if Canada worked with him to stop the flow of fentanyl. But he criticized Canadian authorities for their existing tariffs on US dairy products and said the government had “financially retaliated against the United States.”
The announced rate will be an increase from the current 25% tariff on Canadian imports not covered by the trade deal negotiated between the US, Canada and Mexico, which do not and will not face additional tariffs. That exclusion would remain unchanged, Bloomberg reported citing an unnamed government official. Trump is also leaving in place a lower 10% tariff on energy related imports as well as his increased levies on key goods including metals, the official said.
The situation remains fluid and the legal order has not yet been drafted, they cautioned.
In order to not shake up the market, which has once again emerged as the only true barometer of Trump’s actions, that formula would be a far more modest change to the trading relationship than an across-the-board 35% rate, and would preserve exceptions for closely integrated sectors like the auto industry.
While most Canadian exports were shielded from Trump’s tariffs thanks to the trade agreement, known as USMCA, the president had imposed a 25% tariff on many goods citing the threat of fentanyl. Metals, including steel and aluminum, were already subject to a 50% tariff.
Still, Bloomberg notes that the letter suggests Trump is intent on ratcheting up rather than scaling back his trade war with the US’s northern neighbor (which he has mused publicly should consider becoming the 51st state) despite furious efforts by Canadian officials to broker a deal.
Trump’s letter came after he told NBC News Thursday he is eyeing blanket tariffs of 15% to 20% on most trading partners, adding that the exact levels are being worked out now. The current blanket tariff rate is 10%.
Taken together, the moves signal no retreat from his flagship economic policy, with Trump noting to NBC the recent rise in US equity markets even as Trump plans higher tariff rates on major trading partners that would start within weeks.
US stock futures briefly slumped, before recovering some losses when it became clear that USMCA goods would remain exempt. Almost as if Trump wants to keep imposing tariffs while watching the stock market hit record highs day after day: since the two are mutually exclusive, either Trump has to TACO on tariffs, or watch as markets tumble once more a la Liberation day. The greenback climbed against major peers in Asian trading. The Canadian dollar led losses among Group-of-10 currencies, followed by risk sensitive Australian and New Zealand dollars in fear a further disruption to trade may impact global growth.
Trump’s Canada announcement came after officials in Ottawa already moved this week to denounce US plans to impose a 50% import tariff on copper.
“We are waiting for the details of this decision by the White House and by the president, but we’ll fight against it, period,” Canada Industry Minister Melanie Joly said earlier Thursday.
The talks between the US and Canada had already shown signs of stress. Last month, Trump cut off negotiations temporarily after Canada moved to impose a digital services tax, only for the Canadian government to drop the initiative just hours later.
END
JUNO NEWS CANADA//CARNEY HAS YET TO RESPOND
BREAKING: As Carney vacations, Trump announces 35% tariff over supply management, fentanyl
The Prime Minister’s Office has yet to respond, as the PM is on holidays at an undisclosed location
| Cosmin DzsurdzsaJul 11∙Guest post |
With Prime Minister Mark Carney on vacation, U.S. President Donald Trump has fired a blistering letter threatening to hammer Canadian exports with a brutal 35% tariff starting August 1.
In the strongly worded letter, Trump said that unless Canada cracks down on the flow of fentanyl and backs off its trade barriers, including supply management, the tariffs will go in effect.
In an explosive two-page letter sent from the White House on July 10, Trump accused Canada of financially retaliating against the U.S., failing to stop the influx of deadly opioids, and waging economic war through protectionist trade policies.
“Instead of working with the United States, Canada retaliated with its own Tariffs,” Trump wrote. “Starting August 1, 2025, we will charge Canada a Tariff of 35% on Canadian products sent into the United States.”
Industry-specific ‘carve outs’ for items like Canadian energy are not mentioned, nor are exemptions for CUSMA/USMCA-compliant goods.
The letter appears to leave little room for negotiation. Trump warned that any effort by Canada to increase its own tariffs would result in a matching hike from the U.S.
“If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 35%,” he said.
The fentanyl crisis wasn’t his only target. Trump tore into Canada’s long-standing supply management system, slamming what he called “extraordinary Tariffs to our Dairy Farmers — up to 400%.”
He called the U.S.-Canada trade imbalance a “major threat to our Economy and, indeed, our National Security!”
Become a Juno News premium subscriber today for more critical updates.
The former president dangled a potential olive branch, saying that if Canada works with him to stop the fentanyl flow, “we will, perhaps, consider an adjustment to this letter.”
The diplomatic bombshell dropped just as Prime Minister Carney quietly retreated for a summer vacation somewhere in the National Capital Region, after attending the Calgary Stampede. His office refused to disclose the location, citing security reasons.
On June 16, Carney committed to a 30 day deadline for achieving a trade deal with the United States. Despite this tight timeline, Carney opted to head on vacation.
Tensions have been rising for weeks, but Trump’s direct personal intervention — and threat of broad-based tariffs — marks a dramatic escalation.
Neither Global Affairs Canada nor the Prime Minister’s Office has issued a public reply at the time of publication.
MEXICO/USA
US Orders “Immediate Shutdown” Of Mexican Cattle Trade After Cross-Border Parasitic Fly Threat
Thursday, Jul 10, 2025 – 11:00 PM
U.S. Agriculture Secretary Brooke Rollins has ordered the immediate suspension of all live cattle, bison, and horse imports from Mexico via the southern border. The move comes in response to a newly confirmed case of New World Screwworm in Mexico—a highly destructive parasite that poses a massive threat to U.S. livestock and the broader food supply chain.
“I have ordered an immediate shutdown of live cattle, bison, and horse trade through the southern U.S.–Mexico border,” Rollins wrote on X, adding, “This decisive action comes after Mexico confirmed another case of New World Screwworm in Veracruz. As promised, @USDA remains vigilant to ensure the protection of America’s livestock and food supply.”
She quoted a U.S. Department of Agriculture press release that announced the trade suspension, which signals heightened biosecurity concerns within the USDA and reflects a zero-tolerance posture toward potential cross-border parasitic threats.
Related:
- US Warns Mexican Beef Imports May Halt Next Week Over Flesh-Eating Fly Crisis
- U.S. Cattle Futures Hit New Highs After Mexican Beef Imports Halted To Stop “Pest Invasion”
With the U.S. cattle herd at its smallest since the 1950s, meatpackers have increasingly sourced from countries like Mexico. Meanwhile, 50% tariffs on Brazilian goods could further tighten U.S. beef supplies. The latest USDA data shows retail ground beef prices have surged above $6 per pound—a new record high.
However, there is good news: the globalist meatpacking giant JBS CEO revealed weeks ago that the U.S. cattle industry is in the beginning stages of rebuilding. Read more here.
Also, Goldman is looking for a bottom in the beef cycle…
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1691 DOWN 0.0011 PTS OR 11 BASIS POINTS
USA/ YEN 146.78 UP 0.502 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 1.3541 DOWN .0039 OR 39 BASIS PTS
USA/CAN DOLLAR: 1.3699 UP 0.0042(CDN DOLLAR DOWN 42 BASIS PTS)
Last night Shanghai COMPOSITE UP 0.50 PTS OR 0.01%
Hang Seng CLOSED UP 144.54 PTS OR 0.40%
AUSTRALIA CLOSED DOWN 0.07%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 144.54 PTS OR 0.40%
/SHANGHAI CLOSED UP 0.50 PTS OR 0.01%
AUSTRALIA BOURSE CLOSED DOWN 0.07 %
(Nikkei (Japan) CLOSED DOWN 76.68 PTS OR 0,19%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3339.20
silver:$37.46
USA dollar index early FRIDAY morning: 97.42 UP 11 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.158% UP 3 in basis point(s) yield
JAPANESE BOND YIELD: +1.506% UP 0 FULL POINTS AND 01/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.266 UP 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.576 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6820 UP 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1698 DOWN 0.0003 OR 3 basis points
USA/Japan: 146,96 UP 0.682 OR YEN IS DOWN 68 BASIS PTS//
Great Britain 10 YR RATE 4.6230 UP 3 BASIS POINTS //
Canadian dollar DOWN .0027 OR 27 BASIS pts to 1.3683
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The USA/Yuan CNY UP AT 7.1677 CNY ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.1682
TURKISH LIRA: 40.18 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.506
Your closing 10 yr US bond yield UP 4 in basis points from THURSDAY at 4.396% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.923 UP 6 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.898 UP 3 BASIS PTS.
GOLD AT 11;00 AM 3355.10
SILVER AT 11;00: 37.80
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 34.54 PTS OR 0.38%
GERMAN DAX: DOWN 201.50 pts or 0.82%
FRANCE: CLOSED DOWN 72.96 pts or 0.92%
Spain IBEX CLOSED DOWN 132.40 pts or 0.94%
Italian MIB: CLOSED DOWN 450.29 or 1.11%
WTI Oil price 67.46 11 EST/
Brent Oil: 69.59 1:00 EST
USA /RUSSIAN ROUBLE /// AT: 78.36 ROUBLE DOWN 0 AND 82/ 100
CDN 10 YEAR RATE: 3.476 UP 7 BASIS PTS.
CDN 5 YEAR RATE: 3.01 UP 6 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1688 DOWN 0.0013 OR 13 BASIS POINTS//
British Pound: 1.3503 DOWN .0077 OR 77 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.6300 up 4 FULL BASIS PTS//
JAPAN 10 YR YIELD: 1.529 UP 4 FULL BASIS PT
USA dollar vs Japanese Yen: 147.44 UP 1.162 BASIS PTS
USA dollar vs Canadian dollar: 1.3674 UP 0.0019 BASIS PTS// CDN DOLLAR DOWN 19 BASIS PTS
West Texas intermediate oil: 68.62
Brent OIL: 70.49
USA 10 yr bond yield UP 7 BASIS pts to 4.429
USA 30 yr bond yield UP 10 PTS to 4.965%
USA 2 YR BOND: UP 4 PTS AT 3.904%
CDN 10 YR RATE 3.510 UP 10 BASIS PTS
CDN 5 YEAR RATE: 3.038 UP 8 BASIS PTS
USA dollar index: 97.53 UP 21 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 40.17 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 78.30 DOWN 0 AND 75/100 roubles
GOLD $3356.70 (3:30 PM)
SILVER: 38.49 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 279.32 OR .63%
NASDAQ 100 DOWN 50.42 PTS OR 0.22%
VOLATILITY INDEX: 16.22 UP 0.44 PTS OR 2.79%
GLD: $ 309.14 UP 2.94 PTS OR 0.96%
SLV/ $35.03 UP 1.28 PTS OR OR 3.79%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 71.04 PTS OR .26%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Bitcoin, Bullion, & Black Gold Soar To End Weak Week For Stocks & Bonds
Friday, Jul 11, 2025 – 08:00 PM
A slow (but positive) week for US macro data lifted the surprise index back above zero…
Source: Bloomberg
But at the same time, global tariff policy uncertainty started to spike once again following Trump’s ‘letters’ to various nations…
This week was an active one on the tariff front with President Trump announcing a flurry of modifications and potentially new tariffs across a range of countries and products, including:
1. Delay. An extension of the tariff pause deadline from Jul-9 (Wednesday) to Aug-1;
2. Asia. 25%-40% tariff rates on 14 countries starting on Aug-1, including Japan, Korea, and Indonesia;
3. Copper. A 50% tariff on copper imports ; And
4. Canada. On Thursday night, President Trump threatened to raise tariffs on Canadian goods to 35% on Aug-1.
Source: Bloomberg
…left 2025 rate-cut expectations pretty much unchanged after the positive payrolls plunge from last Thursday…
Source: Bloomberg
But, overall, stocks were not impressed as all the majors ended lower on the week with The Dow the laggard. After a big week of squeezing higher, Small Caps significantly underperformed today to drop back into the red for the week…
Mag7 stocks rallied 1% on the week while the S&P 493 lost around 1%…
Source: Bloomberg
Momentum stocks suffered their 3rd weekly loss in a row (6 of last 7 weeks) as momentum shorts were squeezed drastically higher and momentum longs underperformed overall…
Source: Bloomberg
Goldman thinks the long-leg of momentum is fine, but, the short leg has been squeezing as the risk backdrop is very friendly and friendlier than expected.
With ‘most shorted’ stocks squeezing higher for the 7th straight week to its highest close since Aug 2022…
Source: Bloomberg
Bonds were dumped today to push yields higher across the curve on the week. The long-end underperformed…
Source: Bloomberg
The yield curve (2s30s) steepened on the week…
Source: Bloomberg
Bitcoin broke out to a new record high this week, above $118k…
Source: Bloomberg
…amid very heavy inflows into ETFs…
Source: Bloomberg
…as investors believe there is more to come as liquidity soars (and demand outstrips supply)…
Source: Bloomberg
Ethereum also had a big week of ETF inflows, pushing the DeFi platform back above $3,000 (and back above pre-election levels)…
Source: Bloomberg
With ETH outperforming BTC for the 3rd week in a row…
Source: Bloomberg
Oil traded higher Friday (and on the week) as traders focus on President Trump’s planned “major statement” on Russia over worries that the already expected second-half supply glut may increase further. WTI continues to test up to its 200DMA (and for now keeps failing)…
Source: Bloomberg
The dollar rallied strongly this week (its best week since February), but in context, it is just off three year lows…
Source: Bloomberg
Gold is up for the 3rd days in a row (and two weeks in a row) finding constant support at the 50DMA…
Source: Bloomberg
Palladium had a big positive week too, but Platinum stalled (after 5 straight weeks higher)…
Source: Bloomberg
But Copper was commodities’ biggest gainer, rallying to a new record high after Trump unleashed 50% tariffs on imports (and sparked a major arb driven decoupling between COMEX and LME)…
Source: Bloomberg
Finally, you are here…
As @RyanDetrick notes, yesterday capped-off one of the greatest 3-month rallies in history, up more than 25%…
Only 5 other times in history has this happened and continued strength was perfectly normal.
…up another 22% a year later on average and never lower.
BIG NEWS OF THE DAY
USA DATA RELEASES
USA ECONOMIC NEWS
red tape off: Hegseth is rebuilding USA military in new military training and implementation
(JerusalemPost)
US bureaucratic gloves are off: Hegseth says he has rescinded all drone production red tape
In a memorandum released to the Pentagon, Pete Hegseth announced unhindered US drone production and new implementation of drone combat in military training.
US Defense Secretary Pete Hegseth over an undated US Air Force handout photo of a RQ-4 Global Hawk unmanned aircraft(photo credit: REUTERS/Nathan Howard, U.S. AIR FORCE/BOBBI ZAPKA/HANDOUT/FILES VIA REUTERS)ByJERUSALEM POST STAFFJULY 11, 2025 13:12Updated: JULY 11, 2025 13:13
In response to United States President Donald Trump’s June executive order in support of the American drone industry, Defense Secretary Pete Hegseth announced that he has rescinded all restrictions on US drone production in a memorandum to the Pentagon published late on Thursday local time.
“While our adversaries have produced millions of cheap drones,” he stated in a video accompaniment to the memo, global production of military-use drones has skyrocketed in the past three years. For that, the US must keep up with and surpass its adversaries’ capabilities.
END
California To Lose 17% Of Oil Refining Capacity: EIA
Friday, Jul 11, 2025 – 02:25 PM
Authored by Naveen Athrappully via The Epoch Times,
California could lose 17 percent of its oil refinery capacity over the next 12 months due to two scheduled refinery closures, the Energy Information Administration (EIA) said in a July 9 statement.
In October, energy company Phillips 66 announced plans to shut down its Wilmington refinery in the Los Angeles area by the fourth quarter of this year. The facility processes 139,000 barrels per day of oil.
In April, Valero Energy Corporation said it would cease operations at Benicia refinery in the Bay Area, which processes 145,000 barrels per day, by April 2026.
Closure of the facilities can lead to “increases in fuel price volatility on the West Coast,” EIA said, highlighting that California “usually has higher retail gasoline prices compared with the national average.”
According to data from the American Automobile Association, the average price of regular gasoline was $4.53 per gallon in California as of July 10, the highest among all 50 states and up by almost 43 percent compared to the national average price of $3.17 per gallon. Mississippi had the lowest price at $2.71 per gallon.
In a May 30 commentary, Vance Ginn, president of Ginn Economic Consulting, LLC, called California’s high gasoline prices a “man-made problem—a case study in government failure, not market failure.”
Ginn blames decades of state taxes, and what he called misguided climate mandates and regulatory overreach, for distorting California’s gasoline market. He pointed out that regulatory costs and taxes alone make up over $1.30 per gallon in costs, which he said was “nearly double the national average.”
“California has the highest gas tax in the country, at $0.678 per gallon, not including additional fees and environmental surcharges,” he said.
“Add in the Cap-and-Trade program, the Low Carbon Fuel Standard (LCFS), and boutique fuel blends that are required only in California, and it becomes clear why Californians pay more.”
According to a May 5 post by the EIA, California mandates a special gasoline blend in a bid to cut down pollution and improve air quality. Such fuel is more costly to produce due to expensive blending components and processing steps involved, the agency said.
In its July 9 statement, the EIA said a reason for high gasoline prices in California was the “relative lack of logistical connectivity” on the West Coast compared to other refinery hubs such as the Gulf Coast.
The supply shortfall created by the closure of Wilmington refinery in the Los Angeles area and Valero’s Benicia refinery is likely to result in an “outsized impact” on the West Coast “because it cannot be easily filled by other refineries elsewhere in the country,” the EIA warned.
“Given the limited connectivity to other U.S. refining hubs, the most likely source of replacement fuels will be imports from Asia, particularly imports of jet fuel and gasoline,” it added. “Phillips 66 is planning to produce some California-grade gasoline at its refinery in Washington, and some refineries in India and South Korea can meet these specifications.”
The EIA forecasts a small increase in retail gasoline prices on the West Coast next year due to capacity closures. In contrast, gasoline prices elsewhere in the country are predicted to decline.
VICTOR DAVIS HANSON
Victor Davis Hanson Reveals What’s Really Beneath Mamdani’s Carefully Crafted Image
Via VigilantFox.com,
Cracks are beginning to show in the carefully curated image of New York City mayoral candidate Zohran Mamdani. Questions about his past and controversial positions are surfacing, drawing fresh scrutiny to his campaign.
Historian and classicist Victor Davis Hanson highlighted three particularly troubling revelations that have recently come to light, warning that this might just be the start.
“I guarantee you more will come out every day because he’s a pampered, privileged, angry, young socialist-communist,” Hanson said.
Victor Davis Hanson says the façade is cracking around New York’s radical socialist mayoral candidate Zohran Mamdani, and the revelations aren’t pretty.
He lays out a portrait of a candidate who, despite a carefully managed public image, has a record steeped in hard-left ideology and contradictions that are starting to catch up with him.
“We’ve talked before about the front runner in the New York mayoral race, Zohran Mamdani,” he reminded viewers, setting the stage for what he described as a necessary unmasking.
Mamdani’s history of openly embracing Marxist ideas, Hanson argues, is not some youthful indiscretion but a core part of his politics.
“And we’ve mentioned before that he talked about seizing the means of production, which comes out right out of Karl Marx and Friedrich Engels ‘Das Kapital,’ ‘The Communist Manifesto.’”
It’s an approach that extends beyond slogans.
Hanson pointed to a pattern of denying inconvenient truths, like Mamdani’s insistence he never supported defunding the police….even with clear evidence to the contrary.
“We talked about his claims that he never advocated defunding the police, even though there was an extensive social media trail where he advocates just that.”
And there’s the question of targeted taxation. Mamdani’s proposal to focus tax hikes specifically on “Whiter” neighborhoods isn’t just about class….it’s about exploiting racial division, Hanson says.
“He talked about going into richer and Whiter areas and taxing them specifically at a higher rate,” he explained, pointing out the selective language that conveniently skipped over the fact that Indian Americans….like Mamdani’s own family….are statistically among the nation’s highest earners.
“He didn’t say, in other words, richer and Indian American. He just use the word white because he was trying to cater himself to the African-American vote.”
But Hanson said that because Mamdani grew up with a silver spoon in his mouth, he was never actually forced to go out and get a job or go through audits.
This has allowed Mamdani’s extremist past to remain out of the public, until now.
“He has an extensive left wing record and now that he’s in the public realm, everything is starting to come out.”
Mamdani’s father had extremist views which were clearly passed on Zohran.
“His father was in a, discussion of, you know, a conference discussion and said that Adolf Hitler’s idea for the final solution and many of his, policies toward the Jews came from Abraham Lincoln, the way Lincoln supposedly created or treated Indians on reservations.”
“That’s—that’s crazy.”
But ideology wasn’t the only problem.
Hanson turned to an incident that he argued should alarm any voter: Mamdani’s defense of Islamic terrorist Anwar al-Awlaki.
“He was an American citizen that went to Yemen, and he advocated killing Americans, and he was a terrorist.”
This wasn’t a controversial figure on the margins of debate….he was a known terrorist targeted by a drone strike under President Obama.
“Barack Obama, when he was president, ordered a predator hit team on him and killed Awlaki in a targeted assassination. Who was that, by the way, an ISIS supporter, but he was also a U.S. citizen.”
Years after that, Mamdani publicly defended him, offering an absurd rationale that Hanson dismissed outright.
“But now we learned in 2015, years after that Obama hit on him—on this ISIS figure—Mamdani was defending them and saying, basically, he turned radical because the FBI surveilled him.”
The logic, he argued, simply didn’t hold up.
“That’s like saying that Kash Patel turned radical because the FBI surveil him. People don’t go become terrorist kingpins because the American FBI thinks you’re a person of interest.”
Hanson also questioned Mamdani’s personal credibility, describing a pattern that, to him, reveals something deeper about the candidate’s approach to politics.
He EXPOSED Mamdani for trying to claim African American identity on college applications to gain an edge, despite having no connection to that experience.
“He’s very, sensitive about the African-American and Latino vote, which I don’t think he’s going to win,” Hanson noted.
“But now we learned that when he applied to college, to Bowdoin, and I think further to graduate school—in which he was not admitted, he claimed that he was an African American.”
It wasn’t just a one-off misrepresentation, Hanson suggested, but part of a larger disconnect between public messaging and private behavior.
It was, in Hanson’s view, part of a pattern he’d seen many times in academia.
“As someone who was in academia for three decades, I used to have students that were from North Africa, Egypt or Morocco or Algeria, but were not African American. That is, they were not Blacks, and they tried that trick and they were not successful. Neither was Mamdani.”
What bothered him most wasn’t just the strategy but the hypocrisy of someone willing to lecture Americans about inequality while privately trying to benefit from the very system he criticizes.
“But imagine he’s giving lectures, moral lectures, sanctimonious lectures, self-righteous lectures about how unequal the United States is,” he continued.
“And then yet he tries to mimic or pass on a Elizabeth Warren or Ward Churchill-like fraud that he’s African American, that he’s a Black African, just because his parents who were Indian and immigrants to Uganda, and were one of the 1% elite in that country—he’s now claiming that he should he should have had special—I shouldn’t say he’s now claiming, he claimed that he should have had special preference in admissions because he was Black.”
With the election fast approaching, Hanson dropped a stunning prediction: these revelations are just the start.
“You add all of this up, and I guarantee you more will come out every day because he’s a pampered, privileged, angry, young socialist-communist.”
He painted a picture of a candidate whose carefully managed image can’t hide the reality of a life with no debt, no real-world experience, and a sprawling public record waiting to be examined.
“He’s had no experience. He’s out of debt and he has a long social media record.”
In the end, Hanson offered less of a conclusion than a question….one he admitted he didn’t know how to answer himself.
The question itself was a testament to the times we are living in.
“And, the only question that I have for you, the audience and me, because I’m genuinely puzzled about it, the more that we hear that he’s a lunatic and unhinged and anti-American and socialist, does that help him or does that hurt him, given the demographics of New York?”
A NEWS/ANTISEMITISM..
KING NEWS
| The King Report July 11,2025 Issue 7531 | Independent View of the News |
| The S&P 500 Index, Nasdaq, and Bitcoin hit all-time highs on Thursday. The DJIA is less than 1% from its all-time high. After an historic run, gold is consolidating near its all-time high. The Dollar Index is at a 12-year low and has, reportedly, suffered its worst opening 6-month skid since 1973, which heralded the Great Inflation of 1973-1974. Cryptos are a bubble, and US debt and global M2 are mushrooming. Bitcoin jumped to an all-time high of $116,754, and is +102,63% y/y! Despite the above, the self-proclaimed “King of Debt” idiotically wants the Fed to cut rates to 1%! @realDonaldTrump 9:28 ET (to influence the NYSE open?): Tech Stocks, Industrial Stocks, & NASDAQ, HIT ALL-TIME, RECORD HIGHS! CRYPTO, “Through the Roof.” NVIDIA IS UP 47% SINCE TRUMP TARIFFS. USA is taking in Hundreds of Billions of Dollars in Tariffs. COUNTRY IS NOW “BACK.” A GREAT CREDIT! FED SHOULD RAPIDLY LOWER RATE TO REFLECT THIS STRENGTH. USA SHOULD BE AT THE “TOP OF THE LIST.” NO INFLATION!!! Trump inadvertently, but brashly and arrogantly, displayed abject ignorance about finance and the markets. The Fed is supposed to lean against an asset bubble, not feed it. If Powell had the guile and guts, he should publicly admonish Trump for pushing the Fed to further inflate an asset bubble that would enrich him and his family via cryptos but crush Americans. Can you image how cryptos would react if Powell proclaimed they were a tulip bulb-like bubble? Bessent is regarded as the ‘adult in the room’ among Team Trump. If so, he should put on his big-boy pants and ‘adult-in-the-room’ tie and explain to Trump the misery that rate cuts could provoke. JPMorgan CEO Dimon speaking in Dublin: “I hate to use the phrase ‘TACO trade’, because I think Trump did the right thing to ‘chicken out’ after his Liberation Day announcement.” I think there is complacency in financial markets. I would price in a 40%-50% chance of higher US interest rates; tariffs in my view are inflationary. Real Data on US Economy “Totally Impossible to Read” The EU has huge problem at the moment (in competitiveness) AI will disrupt jobs and companies Jamie Dimon warns markets ignoring chance Fed will raise interest rates: ‘Cause for concern’ Dimon said his higher probability was based on price pressures, citing tariffs, the US government’s migration policies and its budget deficit as inflationary… https://t.co/2gGilr9DPJ Jamie, like most globalists & elitists, is focused only on the inflationary effect of deportations on wages but ignores the deflation from reduced demand, especially for housing, medical, etc. Why are so many billionaires suddenly concerned about US debt? They dismissed it for decades. They are getting old; stocks are clearly overvalued, so much of their net worth is in US bonds. They fear the end of the 38-year Grand Super Cycle Bond Bull Market is heralding a long bear bond market.. Near the end of the first hour of NYSE trading, the NY Fang+ Index ticked -1.7% while the DJTA soared 3.1%. It looks like a valuation rotation. The DJIA was up 140 points at the time. Airlines led the rally: DAL +13.22%, AAL +12.85%, UAL +11.87%, ALK +8.61% LUV +6.31% (10:40) Delta Airline soared because the company restored full-year guidance: EPS of 5.35 to 6.25 FY 2025 When the Nikkei opened on Thursday, ESUs traded modestly lower but quickly rallied to a modest gain. The rally ended at 18:24 ET with ESUs at 6312.25. The ensuing decline took ESUs to 6287.50 at 3:13 ET. Traders then aggressively bought the opening dip in Europe. ESUs did an A-B-C rally to 6311.25 at 7:53 ET. After an A-B-C decline to 6296.00 at 9:59 ET, trades aggressively bought the dip after the NYSE opening, abetted by algorithms that mark 10:00 ET as the time when retail traders tend to pour into ESUs and stocks. ESUs soared to 6324.50 at 11:44 ET. After a retreat to 6316.50 at 12:15 ET, ESUs soared to the daily high of 6335.50 at 14:22 ET. Because most traders, especially retail, are eagerly long and institutions are more on the sell side, there were few patsies to absorb the trading longs. So, ESUs fell to 6318.25 at 15:52 ET. The late manipulation pushed ESUs to 6326.25 at 15:59 ET. Fed Governor Waller continues to shameless suck up to Trump to procure the Fed Chair. The Fed is too tight and can consider cutting in July. The Fed holds too many long-maturity assets right now. A shift toward greater bill holdings likely lies down the road. The Fed’s balance sheet may not need to shrink as much as some expect. Waller’s speech at: https://t.co/oRLE676vE1 Waller pines to be Trump’s Rudolf Havenstein (Reichsbank Pres that stoked Weimar Hyperinflation) ! Positive aspects of previous session The DJTA soared; the DJIA rallied smartly Gasoline and oil declined sharply. Negative aspects of previous session Fangs were sold on an apparent valuation asset allocation. USUs were soft ahead of an auction but rallied to +6/32 at the NYSE close. Precious metals rallied moderately. Ambiguous aspects of previous session Will there be more valuation rotations in equities? 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]: 6274.04 Previous session S&P 500 Index High/Low: 6290.22; 6251.44 WaPo’s @natalie_allison: Trump had dinner last week with Joe Rogan, who has been among the voices in the president’s ear urging him to back off deportations of immigrant workers. https://washingtonpost.com/politics/2025/07/09/trump-immigration-epstein-ukraine-maga/ @IranIntl_En: Israel has concluded that part of Iran’s underground stockpile of near-weapons-grade enriched uranium survived last month’s joint American and Israeli attacks and may still be accessible to Iranian nuclear engineers, The New York Times reported on Thursday, citing a senior Israeli official. @Osint613: Israeli officials aren’t worried about some stockpiles surviving the attack. They believe they would notice if Iran tries to rebuild, giving them a chance to attack again. Larry Kudlow: Both Kevins Will End the Fed’s Deep State The two Kevins are a former Federal Reserve governor, Kevin Warsh, and the director of the National Economic Council in the Trump White House, Kevin Hassett… The Fed has to be cleansed of its Deep State dislike of all things Donald Trump, and frankly its Deep State bureaucratic groupthink of deadwood economists with models that haven’t worked in 50 years… The Fed, over the past 50 years or so, has atrophied into a self-serving, central-planning Deep State… https://www.realclearpolitics.com/articles/2025/07/10/both_kevins_will_end_the_feds_deep_state_153018.html Fed Balance Sheet: +$ 2.314B; Reserves: +$104.269B Today – ESUs and stocks suffered the first meaningful last-hour decline in at least a week. Nevertheless, the usual suspects will play for the Summer Friday Rally (market is thinner on summer Fridays). The usual suspects will try to bounce Fangs/Mag stocks after the unexpected selling on Thursday. The dilemma for anyone with more than daily or weekly timeframe: Big Mo has pushed stocks, notably some Fangs/Mag, and cryptos into a bubble state. There is no telling how high or for how long a bubble will inflate. But it ends very badly. Most professional investors and traders know equity market breadth has been unfavorable. However, few realize that Fang breadth is troubling. NY Fang+ Index returns for 6/10/25 to 7/10 25: Nvidia +13.99%, Broadcom +12.58%, Microsoft +6.49%, Apple +4.81% (on a rebound still -10.32 for past 6 months), CrowdStrike +4.16%, Netflix +3.9%, Meta +3.54%, Amazon +2.14%, Alphabet -0.55% (-7.51% last 6 months), Service Now -4.13% (-5.51% last 6 months). ESUs fell from +6.0 to -24.25 at 20:23 ET after DJT put 35% tariffs on Canada. NQUs are -99.00; USUs are +2/32; and gold is +10.80 at 20:10 ET. Expected Economic Data: June Federal Budget -$33.5B S&P Index 50-day MA: 5934; 100-day MA: 5785; 150-day MA: 5858; 200-day MA: 5852 DJIA 50-day MA: 42,451; 100-day MA: 42,061; 150-day MA: 42,631; 200-day MA: 42,693 (Green is positive slope; Red is negative slope) S&P 500 Index (6280.46 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 6156.65 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6180.00 triggers a sell signal @DailySignal: @VDHanson: When the Left Loses Power, Violence Follows The American Left is no longer just protesting. It’s entering an era of open sedition and insurrection. This week alone, a Democrat official expressed joy that over 100 people—mostly white children—died in the Texas floods because, in her words, they were “discriminatory.” At the same time, there have now been two organized assassination attempts on ICE agents. This isn’t random. It’s the result of frustration. Democrats have lost the White House, the Congress, and the Supreme Court. The public rejected their radical agenda. Now, Donald Trump is back, and he’s not just treating the symptoms of progressivism, but targeting its root. And the Left knows: if he succeeds, their entire project collapses. https://t.co/Zr0cuFsBn2 Trump White House points finger at Democrats for rise in attacks on ICE https://t.co/m1msSDFRGc @ABC7: A protester was seen apparently firing some kind of weapon at federal agents during the immigration raid at a farm near Camarillo on Thursday. It’s unknown if anyone was injured in the chaos. https://abc7.la/3TAsUIl Another judge blocks Trump’s birthright citizenship order The Supreme Court last month narrowed the scope of prior injunctions against the order, finding that lower courts likely lacked the authority to issue sweeping injunctions… U.S. District Judge Joseph Laplante granted class-action status to babies who would be affected by the order, in an apparent attempt to circumvent the high court’s directives to limit injunctions to participating parties in the case… https://justthenews.com/government/courts-law/another-judge-blocks-trumps-birthright-citizenship-order @ProfMJCleveland: Folks, district court blocking Birthright EO is actually a “good thing” because it provides Trump Administration mechanism to have SCOTUS provide parameters for class actions in a case where there is no immediate impact on Trump governance & that will bind other judges… @BillMelugin: @FoxNews has learned that LA federal judge Maame Ewusi-Mensah Frimpong (Biden appointee), has written a tentative decision that sides w/ the ACLU & plaintiffs over the Trump administration & will potentially block DHS from carrying out arrests at Home Depots, car washes, etc in the LA area… her order will block ICE and Border Patrol from relying on race, Spanish speaking, location, and type of work when making immigration arrests. .. https://x.com/BillMelugin_/status/1943438894009323978 Turley: “Shameful”: Federal Judge Rules in Favor of Trump Administration but Adds His Own Personal Condemnation – U.S. District Judge Amit Mehta in Washington granted a motion to dismiss a case brought by five organizations to stop the cancellation of more than 360 grant awards by the Justice Department. However, in reaching this relatively straightforward conclusion, Judge Mehta opted to follow a pattern set by other judges in adding his own personal commentary on the wisdom of the policy change. Judge Mehta easily found that he lacked jurisdiction over such questions. However, he then vented his own personal views on the policy… Neither the court’s displeasure nor sympathy should be part of the decision of a court of law. With all due respect to Judge Mehta, some of us find it shameful that judges are using these opinions to express their political viewpoints… https://jonathanturley.org/2025/07/09/shameful-federal-judge-rules-in-favor-of-trump-administration-but-adds-his-own-personal-condemnation/ Secret Service suspended 6 personnel without pay or benefits after Trump assassination attempt https://www.cbsnews.com/news/trump-assassination-attempt-butler-secret-service-suspension/ Nation’s largest teachers union votes to sever ties with Anti-Defamation League over Israel support https://www.foxnews.com/media/nations-largest-teachers-union-votes-sever-ties-pro-israel-group-amid-gaza-conflict HHS bans illegal immigrants from accessing benefits “For too long, the government has diverted hardworking Americans’ tax dollars to incentivize illegal immigration,” HHS Secretary Robert F. Kennedy, Jr., said… https://justthenews.com/government/federal-agencies/hhs-bans-illegal-immigrants-accessing-benefits Karoline Leavitt WH @PressSec: Trump’s Education Dept Ends Free Tuition for Illegals @seanspicer: @AlanDersh said he saw the entire Epstein list while proving his innocence: “Documents are being suppressed to protect individuals. I know the names of the individuals. I know why they’re being suppressed. I know who’s suppressing them. But I’m bound by confidentiality.” https://x.com/seanspicer/status/1943322536189509719 @MikeBenzCyber: Watch this and you will understand there is simply no way Jeffrey Epstein was not on the CIA’s radar since at least 1983, when Epstein was just 30 years old. At that time, Epstein was managing the covert funds of the CIA’s top point man for its biggest covert action… Benz claims Epstein aligned with Adnan Khashoggi in the early ‘80s at the behest of the CIA after Carter neutered the CIA. He claims Epstein was involved in Iran Contra, and the State Department leased out a confiscated Iran apartment to Epstein, who then subleased the apartment. ‘Epstein is a product of the restructuring of US intel after Carter and Church Committee Hearings castrated the CIA.’ https://x.com/MikeBenzCyber/status/1942752401129365688 Socialist NYC mayoral candidate Mamdani once called to ‘seize’ luxury homes to house homeless during COVID – additional unearthed remarks showing him espousing radical policies… https://www.foxnews.com/politics/socialist-nyc-mayoral-candidate-mamdani-once-called-seize-luxury-homes-house-homeless-during-covid @libsoftiktok: Chuck Schumer is LYING about flood warnings in Texas, claiming that they “obviously didn’t occur.” FACT: The NWS issued a flood warning nearly 15 hours early on Thursday at 1:18pm. They also issued an additional flash flood warning at 1:14am on Friday morning, 3 hours before the Guadalupe River rapidly crested. Why do Democrats always lie? https://t.co/RxsL6HVqDP Texas AG candidate Aaron Reitz vows to dismantle DEI and hold Austin Fire Chief accountable after Texas flood revelations – Austin Fire Chief Joel Baker is a Woke DEI Hire He failed to pre-deploy rescue swimmers to Kerrville. FACT He fired a chaplain for opposing trans in sports. FACT He put ‘diversity’ as his highest priority. FACT https://t.co/Ysg32vEjdz The DoD just withdrew the nomination of Admiral Michael Donnelly for vice admiral and commander of the 7th Fleet after discovering he permitted drag shows on board the USS Ronald Reagan – DailyWire CNN polling guru surprised majority of Americans ‘aren’t afraid’ of climate change (only 40% are) Network analyst reveals climate activism has failed to convince public despite decades of messaging https://www.foxnews.com/media/cnn-polling-guru-surprised-majority-americans-arent-afraid-climate-change @DailySignal: “The president should know if there’s anyone coming up for a nomination through any committee of my jurisdiction that excused Jan. 6, that they’re not going to get confirmed in my remaining tenure in the U.S. Senate,” Retiring Gop Sen (DJT-hating) Tom Tillis said. https://t.co/pOUBesOTET State Farm to raise Illinois homeowners insurance rates by 27.2% in August https://t.co/d0jQAdozfU Chicago Office demand freefall resumes as downtown vacancy reaches a new record high (27%) Average vacancy at top-tier, or Class A, office buildings downtown is just 21.5%, while average Class B vacancy is 32.3%… More than half of all downtown workspace available for lease today has been empty for at least three years… https://www.chicagobusiness.com/commercial-real-estate/chicago-downtown-office-vacancy-reaches-new-record-high | |
SWAMP STORIES FOR YOU TONIGHT
‘Hand To God, I Know The Names’: Alan Dershowitz Says He Knows Who’s On The Epstein List
Thursday, Jul 10, 2025 – 05:20 PM
Two days after the FBI leaked a memo to Axios revealing that the Epstein case is effectively ‘closed’ (he killed himself and there’s no ‘list’ of clients) – former Epstein attorney and associate Alan Dershowitz says he knows exactly who’s on the ‘Epstein list,’ and why it’s being suppressed from the public.
“I have seen – remember I was accused falsely,” Dershowitz said on the Sean Spicer show.
“Let me tell you, I know for a fact documents are being suppressed. And they’re being suppressed to protect the individuals. I know the names of the individuals. I know why they’re being suppressed. I know who’s suppressing them. But I’m bound by confidentiality from a judge and cases, and I can’t disclose what I know. But I – hand to God, I know the names of people whose files are being suppressed in order to protect them, and that’s wrong.“
SPICER: Just out of curiosity without names, are these poiticians, business leaders, both?
DERSHOWITZ: They’re everything, and look – let me tell you… a lot of them are – at least one of them is somebody who was accused. Others are accusers, and the judges have said – if somebody calls themselves a victim, we’re not going to give any information about them – but they may not be victims, they may be perpetrators. So we don’t have information about false accusers. We know there have been many false accusers who have accused innocent people for money, and those records are being deliberately, willfully suppressed – and they shouldn’t be suppressed. If the accusation is allowed out, so should the material that diminishes the credibility of the accuser. We want total transparency on this. Every single document. No redactions. That’s what I’ve said from day one… I waive any of my rights to privacy, anything there is about me, I’m happy because it will be exculpatory.”
Watch:
On Wednesday, President Trump and AG Pam Bondi completely botched a reporter’s question over Epstein – with Trump lashing out, saying “Are you still talking about Jeffrey Epstein?”
Then Bondi jumped in – saying “First, to back up on that. In February, I did an interview on Fox and it’s been getting a lot of attention because I was asked a question about the client list. And my response was ‘it’s sitting on my desk to be reviewed,’ meaning the file – along with the JFK, MLK files as well. That’s what I meant by that. Also to the tens of thousands of video – they turned out to be child porn downloaded by that disgusting Jeffrey Epstein. Child porn is what they were. Never gonna be released. Never gonna see the light of day. To him being an agent; I have no knowledge of that. We can get back to you on that.”
GREG HUNTER
SEE YOU ON MONDAY
harveyorganblog.com 
