JULY 21/WHAT A DAY: LEASE RATES ON PLATINUM, GOLD AND SILVER SKYROCKET//PROBABLY ALSO PALLADIUM BUT THEY KEEP THAT SECRET: GOLD CLOSED UP $40.30 TO $3392.20 WITH SILVER CLOSING AT THE VERY PIVOTAL $39.00 MARK//PLATINUM WAS UP ANOTHER $20.50 WITH OUR SKYROCKETING LEASE RATE//PALLADIUM CLOSED UP $11.70 TO $1270.80///GOLD COMMENTARY TONIGHT FROM ALASDAIR MACLEOD AND ROBERT H.//MAKE SURE YOU VIEW ANDREW’S TAPE WITH ALASDAIR MACLEOD PROVIDED BELOW//CHINA LOOSENS ITS GRIP ON RARE EARTHS A BIT//MIGRANT PROBLEMS GALORE IN ENGLAND//TRUMP ANGRY WITH THE EU AS THE USA DEFICIT WITH EUROPE RISES HUGELY AND YET THE BUDGET FOR THE YEAR IS 2 TRILLION EUROS//SPENDING IN EUROPE INCREASES DRAMATICALLY AS WELL WITH THEIR NEW 5% NATO SPENDING//ISRAEL VS HAMAS UPDATES/ISRAEL ATTACKS YEMEN’S KEY PORT//ISRAEL GUARDS THE DRUZE IN SYRIA//COVID UPDATES/VACCINE INJURY REPORT/MARK CRISPIN MILLER/DR PAUL ALEXANDER//NEWS ADDICTS ETC/OBAMA IN SERIOUS TROUBLE FOR TREASON AS HE HEADED THE FALSE RUSSIAN COLLUSION HOAX//USA MIGRANT CRIMES/SWAMP STORIES FOR YOU TONIGHT///
Gold 1-month lease rate: Not specified in the post, but other sources indicate gold lease rates were negative or very low (e.g., -0.14% per annum on June 5, 2025).
July 15, 2025 (from an X post and web sources):
Silver 1-month lease rate: Approximately 6% per annum, noted as spiking to levels not seen since the 2021 silver squeeze.
Platinum 1-month lease rate: Not explicitly stated, but referenced as having surged prior to a price breakout a few weeks earlier.
Gold 1-month lease rate: Not explicitly stated, but earlier data (e.g., January 20, 2025) reported a 1-month gold lease rate of 3.25% per annum, up from 0.08% on January 2, 2025, indicating tight supply.
Bitcoin morning price:$118,560 UP 770 DOLLARS.(RIDICULOUS)
Bitcoin: afternoon price: $117,310 DOWN 480 DOLLARS
Platinum price closing UP $20.80 TO $1449.95
Palladium price; UP $11.70 AT: $1270.80
END
*CANADIAN GOLD: $4,651.47 UP 60.41 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)
*BRITISH GOLD: 2520.44 UP 22.51 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025
*EURO GOLD: 2907.64 UP 28.78 Euros per oz //* (ALL TIME CLOSING HIGH: 3018.80 EUROS PER OZ/ APRIL 21 //2025)
118 C MACQUARIE FUTURES US 19 323 C HSBC 315 363 H WELLS FARGO SECURITI 189 435 H SCOTIA CAPITAL (USA) 12 624 H BOFA SECURITIES 55 661 C JP MORGAN SECURITIES 97 686 C STONEX FINANCIAL INC 2 5 709 C BARCLAYS 13 880 H CITIGROUP 67 905 C ADM 8 2
TOTAL: 392 392 MONTH TO DATE: 9,905
JPMORGAN STOPPED 97 / 392
JULY
GOLD: NUMBER OF NOTICES FILED FOR JULY/2024: 392 CONTRACTs NOTICES FOR 39,200 OZ or 1.2193 TONNES
total notices so far: 9905 contracts for 990,500 OR 30.208 tonnes)
FOR JULY
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SILVER NOTICES: 49 NOTICE(S) FILED FOR 0.245 million OZ/
total number of notices filed so far this month : 9139 CONTRACTS (NOTICES) for 45.695 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $40.30 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A HUGE CRIMINAL WITHDRAWAL OF 4.87 TONNES OF GOLD OUT OF THE GLD//
INVENTORY RESTS AT 943.63 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.78 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ///A FRAUDULENT WITHDRAWAL OF 1.181 MILLION OZ OUT OF THE SLV///
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 471.272 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUGE SIZED 1143 CONTRACTS TO 171,722 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GAIN OF $0.13 IN SILVER PRICING AT THE COMEX WITH RESPECT TO FRIDAY’S TRADING. WE FINALLY ARE MOVING MUCH HIGHER THAN THE BASE $34.40 SILVER PRICE BARRIER. WE HAD A HUGE SIZED LOSS OF 843 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A FAIR 300 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS EARLY IN COMEX TRADING WITH RESPECT TO FRIDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $36.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON FRIDAY WITH SILVER’S SMALL GAIN IN PRICE. THE PRICE FINISHED MILES ABOVE THE MAGIC NUMBER OF $36.00 SILVER SPOT PRICE CLOSING AT $38.22 . WE HAVE ANOTHER STRONG T.A.S. ISSUANCE AT 493 CONTRACTS ISSUED BY THE CME AND THAT STILL SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING WELL ABOVE THE 38.00 DOLLAR MARK!!. THE NEXT LINE IN THE SAND IS THE ORIGINAL HIGH POINT OF 50.00 DOLLAR SILVER. WE HAD A FAIR 300 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR STRONG SIZED 493 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN MONDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A HUGE SIZED 843 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR SMALL GAIN IN PRICE OF $0.13.
EXCHANGE FOR RISK ISSUANCE FOR SILVER/MAY
THE CME NOTIFIED US THAT FOR THE FIRST TWO DAYS OF THE MONTH OF MAY, WE HAD TWO CONSECUTIVE ISSUANCE OF EXCHANGE FOR RISK CONTRACTS OF 12.93 MILLION OZ. THESE EXCHANGE FOR RISKS WERE ADDED TO OUR NORMAL DELIVERY SCHEDULE. THE RECIPIENT OF THIS LARGESS IS WITHOUT A DOUBT THE CENTRAL BANK OF INDIA. LOGICALLY ONLY A CENTRAL BANK WOULD ACCEPT THIS CRAZY CONTRACT WHEREBY THE CENTRAL BANK OF INDIA TAKES THE RISK OF DELIVERY FROM A BULLION BANK WHO CANNOT GUARANTEE DELIVERY OF PHYSICAL SILVER TO THEM.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT/SATURDAY MORNING: A STRONG SIZED 493 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.13) AND WERE UNSUCCESSFUL IN KNOCKING OF ANY NET SILVER LONGS FROM THEIR PERCH AS DESPITE HAVING A HUMONGOUS LOSS OF 803 CONTRACTS ON OUR TWO EXCHANGES, ALL OF THAT LOSS WAS DUE TO SPREADER LIQUIDATION.
WE HAD A 300 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 34.730 MILLION OZ PLUS TODAY’S SMALL QUEUE JUMP OF 50,000 OZ//NEW STANDING ADVANCES TO 45.855 MILLION OZ
THUS:
INITIAL STANDING FOR JULY: 45.865 MILLION OZ INCLUDING QUEUE JUMPS
WE HAD:
/ HUGE COMEX OI LOSS+// A FAIR SIZED EFP ISSUANCE 300 CONTRACTS (/ VI) A STRONG NUMBER OF T.A.S. CONTRACT ISSUANCE 493 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 7 CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JUNE. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JULY
TOTAL CONTRACTS for 14 DAY(S), total 7009 contracts: OR 35.045 MILLION OZ (500 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 35.045 MILLION OZ
LAST 24 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 111.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE
MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)
JUNE: 81.065 MILLION OZ
JULY: 35.045 MILLION OZ
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RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1143 CONTRACTS DESPITE OUR SMALL GAIN IN PRICE OF $0.13 IN SILVER PRICING AT THE COMEX// FRIDAY.,. . THE CME NOTIFIED US THAT WE HAD A FAIR 300 CONTRACT EFP ISSUANCE CONTRACTS: 300 ISSUED FOR SEPT., AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
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LAST 4 MONTHS OF SILVER DELIVERIES:
WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF 16.050 MILLION OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK
FINAL STANDING APRIL: 19.965 MILLION OZ
AND MAY:
NEW STANDING FOR MAY FINISHES AT: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ
AND JUNE: FINAL 16.995 MILLION OZ
AND JULY: 45.855 MILLION OZ//
THE NEW TAS ISSUANCE FRIDAY NIGHT (493 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE IN MONDAY’S TRADING OR BEYOND!
WE HAD 49 NOTICE(S) FILED TODAY FOR 0.245 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON COMPLETE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FAIR BY A STRONG SIZED 2232 OI CONTRACTS TO 446,753 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE A LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE 7252 CONTRACTS //.
WE HAD A FAIR SIZED INCREASE IN COMEX OI (2232 CONTRACTS) . THIS OCCURRED WITH OUR GAIN OF $11.10 IN PRICE// FRIDAY///.
LAST THREE MONTHS OF GOLD DELIVERIES:
MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD
JUNE CONTRACT MONTH: 93.085 TONNES OF GOLD (WHICH INCLUDES ALL QUEUE JUMPING AND 0 EX FOR RISK)
JULY INITIIAL STANDING FIRST DAY NOTICE: 17.847 TONNES. PLUS TODAY’S 1.4618 TONNES QUEUE JUMP = 32.096 TONNES STANDING
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1094 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 446,753 /NOW STILL AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!
SILVER ALSO HAS A LOW COMEX OI OF 171,722 CONTRACTS BUT GAINING RAPIDLY!!
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3327 CONTRACTS WITH 2232 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 1095 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3327 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1133 CONTRACTS
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(1095) ACCOMPANYING THE FAIR SIZED INCREASE IN COMEX OI OF 2232 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3327 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING FOR GOLD FOR JULY AT 17.947 TONNES COUPLED WITH TODAY’S 1.4618 TONNES QUEUE JUMP//STANDING ADVANCES TO 32.096 TONNES.
NEW STANDING FOR GOLD, JULY CONTRACT AT 32.096 TONNES OF GOLD.
.
/ 3) ZERO T.A.S. LIQUIDATION IN THE COMEX SESSION AS WE HAD 1)A $11.10 COMEX PRICE GAIN. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH THE GAIN IN PRICE AS WE HAD A FAIR GAIN OF 3327 CONTRACTS ON OUR TWO EXCHANGES COUPLED WITH ZERO LIQUIDATION OF OUR TAS SPREADERS // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4) STRONG SIZED COMEX OI GAIN// 5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (1095 CONTRACTS)/// FAIR T.A.S. ISSUANCE: 1133 T.A.S.CONTRACTS
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JULY :
TOTAL EFP CONTRACTS ISSUED: 21,829 CONTRACTS OR 2,182,900 OZ OR 67.897 TONNES IN 14 TRADING DAY(S) AND THUS AVERAGING: 1559 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN14 TRADING DAY(S) IN TONNES 67.897 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 67.897 TONNES DIVIDED BY 3550 x 100% TONNES = 1.91% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
2024 AND 2025:
JAN. 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 : 67.897 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 FELL BY A HUGE SIZED 1143 CONTRACTS OI TO 171,722 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 300 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 300 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 300 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1143 CONTRACTS AND ADD TO THE 300 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF 843 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR SMALL GAIN IN PRICE OF $0.13 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 4.215 MILLION PAPER OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED UP 17.66 PTS OR 0.50%
//Hang Seng CLOSED UP 326.71 PTS OR 1.33%
// Nikkei CLOSED DOWN 82.08 PTS OR 0.21% //Australia’s all ordinaries CLOSED UP 1.30%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1767 OFFSHORE CLOSED DOWN AT 7.1805/ Oil UP TO 66.45 dollars per barrel for WTI and BRENT UP TO 68.34 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1767 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1805 AGAINST US DOLLAR/ AND THUS WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 9484 CONTRACTS TO A STILL LOW NUMBER OF 454,005 OI WITH OUR GAIN IN PRICE OF $11.10 WITH RESPECT TO FRIDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1095 ). WE HAD ZERO T.A.S. LIQUIDATION //FRIDAY TRADING AS WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 10,579 CONTRACTS.
THE CME ANNOUNCED FRIDAY 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 STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 10,579 CONTRACTS WITH OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON FRIDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSION AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. 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 INCREASED TO 3.5 TO 5% AS 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 FINALLY ENDS OUR MEGA MEGA HUGE T.A.S ISSUANCE. AS THE CME NOTIFIES US THAT THEY HAVE ISSUED A MUCH MUCH LOWER 1133 T.A.S CONTRACTS THAN LAST MONDAY’S ISSUANCE OF 22,678. THESE T.A.S ISSUANCES ARE USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS.
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 1.4618 TONNES QUEUE JUMP = 32.096 TONNES OF GOLD
NEW TOTAL TONNES STANDING JULY: 32.096 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 232 EPISODE AS HE TACKLES THIS IMPORTANT TOPIC. THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT 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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 1133 EFP CONTRACT WAS ISSUED: : /AUGUST 1133 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1133 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE OCC HEADQUARTERED IN BOTH LONDON AND WASHINGTON.
WE HAD :
ZERO LIQUIDATION OF OUR T.A.S. SPREADERS//FRIDAY (EARLY IN THE COMEX SESSION)
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 SATURDAY MORNING/FRIDAY NIGHT WAS A FAIR SIZED 1075 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE THURSDAY, 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 FRIDAY DESPITE OUR GAIN IN PRICE DURING THE RAID PORTION IN TRADING WHICH ENDED IN TOTAL FAILURE
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 1.4618 TONNES QUEUE JUMP = 32.096 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING/JULY CONTRACT MONTH
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY 11.10/ /) AND THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE AN STRONG SIZED GAIN IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION ////FRIDAY. 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, LAST WEEK , IN ORDER TO FORMALIZE RAIDS ON OUR PRECIOUS METALS.
SATURDAY MORNING//FRIDAY 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 FRIDAY EVENING/ SATURDAY 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.
ANALYSIS JULY DELIVERY MONTH GOING FROM FIRST DAY NOTICE// JULY COMEX CONTRACT
WE HAVE GAINED A STRONG SIZED TOTAL OF 32.905 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 QUEUE JUMP OF 47,000 OZ OR 1.4618 TONNES OF GOLD//NEW STANDING ADVANCES TO 32.096 TONNES
ALL OF THIS QUITE GOOD STANDING FOR JULY WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $11.10
WE HAD A MAMMOTH XXXX CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET GAIN ON THE TWO EXCHANGES 10,579 CONTRACTS OR 10,579 0Z (32.905 TONNES)
Total monthly oz gold served (contracts) so far this month
9905 notices 990,500 oz 30.808 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 0 entry
0 ENTRY
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DEPOSITS/CUSTOMER
0 ENTRY
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customer withdrawal
0 entries
adjustments: 1
a) JPMorgan customer to dealer: 48,322.953 oz (1503 kilobars)
AMOUNT OF GOLD STANDING FOR JUNE
THE FRONT MONTH OF JULY STANDS AT 806 CONTRACTS FOR A LOSS OF 32 CONTRACTS. ON FRIDAY WE HAD 502 NOTICES FILED, SO WE GAINED A HUGE SIZED 470 CONTRACTS OR 47,000 OZ (1.4618 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 SURPRISINGLY GAINED 1217 CONTRACTS DOWN TO 214,420 AS AUGUST BECOMES THE FRONT MONTH AND IT’S OI IS VERY HIGH AND NOT CONTRACTING ENOUGH. WE WILL PROBABLY HAVE A HIGH NUMBER OF TONNES STANDING.
SEPT LOST 144 CONTRACTS TO 1585
We had 392 contracts filed for today representing 39,200 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 392 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 97 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 (9905 X 100 oz ) to which we add the difference between the open interest for the front month of JULY (806 CONTRACTS) minus the number of notices served upon today (392 x 100 oz per contract) equals 1,031,900 OZ OR 32.096 TONNES to which we add 0 tonnes of gold issued under exchange for risk// total standing 32.096 tonnes
thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (9905 x 100 oz +we add the difference for front month of JULY (806 OI} minus the number of notices served upon today (392 x 100 oz) which equals 1,031,900 OZ OR 32.096 TONNES + 0 tonnes EX FOR RISK = 32.096 tonnes
TOTAL COMEX GOLD STANDING FOR JULY.: 32.096 TONNES WHICH IS VERY STRONG FOR THIS NORMALLY NON ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
TOTAL REGISTERED SILVER: 195.913 MILLION OZ//.TOTAL REG + ELIGIBLE. 497.645 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE
silver open interest data:
FRONT MONTH OF JULY /2025 OI: 81 OPEN INTEREST CONTRACTS FOR A LOSS OF 200 CONTRACTS. WE HAD 210 CONTRACTS SERVED UPON FRIDAY SO WE GAINED 10 CONTRACTS OR 50,000 OZ ENTERTAINED A QUEUE JUMP WHERE THESE BOYS DECIDED TO TAKE DELIVERY OVER ON THIS SIDE OF THE POND.
AUGUST LOST 10 CONTRACTS TO 2,352 AS THIS MONTH BECOMES THE FRONT MONTH FOR SILVER
SEPTEMBER LOST 1446 CONTRACTS UP TO 129,798 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY:49 or 0.240 MILLION oz
CONFIRMED volume; ON FRIDAY 44,919 poor//
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 9139 X5,000 oz = 45.695 MILLION oz
to which we add the difference between the open interest for the front month of JULY (81) AND the number of notices served upon today (49 )x (5000 oz)
Thus the standings for silver for the JULY 2025 contract month: (9139) Notices served so far) x 5000 oz + OI for the front month of JULY(81) minus number of notices served upon today (49)x 5000 oz equals silver standing for the JULY contract month equating to 45.855 MILLION OZ .
New total standing: 45.855 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 195.913 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/497.645 million. 42.25%
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 21 WITH GOLD UP $40.30 TODAY//HUGE CHANGES IN GOLD AT THE GLD:A FRAUDULENT WITHDRAWAL OF 4.87 TONNES OF GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 943.63 TONNES/
JULY 18 WITH GOLD UP $11.10 TODAY//HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 2.29 TONNES OF GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 948.50 TONNES/
JULY 17 WITH GOLD DOWN $11.10 TODAY//HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.14 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 950.79 TONNES/
JULY 16 WITH GOLD UP $22.70 TODAY//NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 947.64 TONNES/
JULY 15 WITH GOLD DOWN $20.80 TODAY//HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.17 TONNES OF GOLD INOT THE GLD //: /// ///INVENTORY RESTS AT 947.64 TONNES/
JULY 14 WITH GOLD UP $0.90 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 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: 943.63 TONNES, TONIGHTS TOTAL
SILVER
JULY 21 WITH SILVER UP $0.78/ HUGE CHANGES AT THE SLV// A FRAUDLENT WITHDRAWAL OF 1.181 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 471.272 MILLION OZ.//
JULY 18 WITH SILVER UP $0.13/ HUGE CHANGES AT THE SLV// A FRAUDLENT WITHDRAWAL OF 3.998 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 472.453 MILLION OZ.//
JULY 17 WITH SILVER UP $0.22/ HUGE CHANGES AT THE SLV// A FRAUDLENT WITHDRAWAL OF 1.181 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 476.451 MILLION OZ.//
JULY 16 WITH SILVER UP $0.09/ HUGE CHANGES AT THE SLV// A FRAUDLENT WITHDRAWAL OF 3.543 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 477.632 MILLION OZ.//
JULY 15 WITH SILVER DOWN $0.65/ HUGE CHANGES AT THE SLV// A DEPOSIT OF 2.453 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 481.175 MILLION OZ.//
JULY 14 WITH SILVER UP $0.14/ HUGE CHANGES AT THE SLV// A WITHDRAWAL OF 2.453 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 478.722 MILLION OZ.//
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.
Severe under-valuations of base metals priced in gold point to far higher prices for them when they normalise. This is driving a significant rerating for silver.
In this article I examine the prospects for silver relative to gold, not from the customary gold-to-silver ratio but on the assumption of its use-value as an industrial base metal. I find that the entire base metal basket is more undervalued than it has ever been in gold terms since 1900, and almost certainly during the industrial revolution when base metals began to be more widely used.
Acting as an industrial metal with no monetary premium, silver appears to be in the earliest stages of correcting this severe undervaluation, outperforming its base metal peers at a time when the purchasing powers of the dollar and other G7 currencies are beginning to decline at an accelerating rate. The bullish case is fully justified, and almost certainly silver’s price potential relative to gold and in fiat currencies is greatly underestimated.
The historical background
It is over 150 years since silver was valued as metallic money, when Germany and other European nations abandoned it as their monetary standard in favour of gold. Ever since, silver has been valued as an industrial metal, more in common with base metals than gold.
The price of silver still has a long way to climb before it can be said to reflect any value as metallic money. Silver bulls have its history of monetary status as their lodestar, but on close examination it is even undervalued as an industrial metal, a position which it is only starting to correct.
Before we consider why this is so, we must first assess the prospects for gold. Gold bugs are unequivocally bullish, but they always promote positive evidence for their cause. Perhaps their cheerleading suggests that their vociferous bullishness is overblown and a correction to shake out flaky bulls is overdue.
But we should bear in mind that in the wider investment context precious metal enthusiasts are actually in a miniscule minority. It’s estimated that investment funds globally amount to about $270 trillion (MSCI, 2023), the bulk of which are regulated, and physical gold is not a regulated investment. Physically backed gold ETFs which replaces bullion, technically not actually gold but gold substitutes, total 3,445 tonnes currently worth $370 billion which is only 0.14% of total investment funds.
Of course, there are unknown quantities of unrecorded bullion held. These are inactive holdings as part of personal wealth held outside the investment industry’s statistics. The point is that globally gold is hardly owned at all in regulated portfolios, and the global investment industry has yet to invest.
Despite this, gold has risen substantially in recent years, priced in declining fiat currencies. In conventional terms, we would say that investors have yet to pile in, certain to drive gold far higher. But that wrongly assumes that gold is an investment. The error is to compare incorporeal credit instruments such as currencies and derivative investments with corporeal money in common law without counterparty risk. The true relationship is actually one of an escape from credit into security; and credit includes fiat currencies issued by central banks as government departments.
The correct way to regard gold is as the ultimate hedge against currency risk. Therefore, the currency quantity per gold ounce as the way to describe the relationship should be expressed the other way round, which is actually how gold standards were always expressed in law.
Therefore, by inverting the familiar gold chart, we can illustrate the true relationship:
It is notable how the dollar’s decline has accelerated, particularly over the last 30 months. Far from being a bullish gold chart, we can see that instead it is a very bearish chart for the dollar. What matters is not whether the gold price is too high, but what will the US authorities do to stop the dollar declining further.
Prices expressed in gold are remarkably stable
The long-term evidence over many centuries is of price stability for commodities and common items measured in gold. While there is variation in individual items, in a widespread basket of commodities and goods the purchasing power of gold is remarkably constant. By way of explaining this phenomenon, we should note that gold is universally accepted as final settlement extinguishing all credit. And for as long as we have reliable records, above ground quantities of bullion have grown at a similar pace to the world’s population.
The next chart demonstrates the relative stability of gold as a pricing medium, showing the price evolution of a basket of base metals listed in the box since 1900 in both gold and US dollars.
Since 1934, dollar debasement has led to prices indexed at 1.00 in 1900 increasing 2800% to date with considerable volatility along the way. Meanwhile, priced in gold the basket of base metals has been extremely stable.
The next chart looks at the relationships between the basket and gold in more detail.
It should be noted that under a gold standard, a widely used currency such as the US dollar has the ability to distort pricing in gold by dragging gold up or down with it, or in the case where the standard is maintained by buying or selling bullion into and from reserves lowering or increasing commodity values priced in gold respectively. These distortions have played a major part in varying gold’s purchasing power since 1900, which should be borne in mind with respect to the comments which follow:
1. Valued in gold, the value of the basket jumped 148% during the First World War. At that time, the dollar was on a gold standard at $20.67 per ounce. By 1921 it had returned to 1900 levels. The expansion of dollar credit and subsequent post-war slump dragged gold’s purchasing power down and then up (metals prices first higher then lower) through the currency’s link with the gold standard.
2. The Fed’s 1920s credit expansion led to prices rising by 42% by 1927, a level broadly maintained until the Wall Street crash, Smoot-Hawley tariffs, and the developing slump undermined commodity values. Again, the dollar dragged gold’s purchasing power down and then back up when credit was extinguished by the slump.
3. At the end of 1933, the index was back at 1. In January 1934 the dollar was devalued to $35 and by 1935 the index had fallen to 0.75 while the dollar rate (not shown) rose to 1.18. Base metal values in gold then rose by 155% to 2.55 by 1951 with a secondary peak in 1956. In effect, base metal prices were set in dollars whose money supply had increased substantially, pulling the purchasing power of gold down by virtue of its link through the $35 gold standard.
4. After falling back to 1.60 in 1958, the index rose to 2.58 in 1970, an all-time high. While US money M3 supply more than doubled between 1958—1970, US gold reserves almost halved to 9,839.2. It was only by selling down gold reserves and effectively suppressing the gold/dollar rate that the dollar maintained the peg and prevented devaluation, actions which effectively devalued gold relative to the dollar instead.
5. Bretton Woods was abandoned in August 1971. Freed from the dollar’s suppression, gold’s value rose, reflected in a fall in the index back to 1900-levels in 1974 before sinking further to 0.48 in 1980.
6. Gold then entered a bear market against the dollar, taking it down from a peak of $850 in 1981 to $257 in 1922. After briefly recovering to 1.0 in 2008, following the Lehman crisis the base metal index in gold resumed its decline to 0.23 currently, which is 77% below its level in 1900.
What now for base metals?
With a gathering crisis for the dollar pointing to higher inflation, recession, and rising bond yields, the downside for gold priced in dollars is almost certainly very limited. Yet, in an historical context the prices of base metals are exceptionally low measured in gold. Looking ahead, the Asian hegemons backed by members of the Shanghai Cooperation Organisation and a growing BRICS already account for the majority of the global population and on purchasing power parity estimates about 40% of global economic activity. The dollar’s dominance and the G7’s economic influence on commodity prices are both declining.
The rapid industrialisation of this new emerging world will ensure continuing and growing demand for base metals. Therefore, we can expect their values priced in gold to return towards a norm, closer to 1.00 on the index. That represents a tripling of prices relative to gold on average. But as pointed out at the beginning of this article, relative to the dollar gold is also set to continue rising as the dollar’s purchasing power and the faith in it as a fiat currency continues to decline. Therefore, over time a quadrupling of base metal prices measured in gold should be regarded as a minimum.
Silver is being turbocharged as an industrial metal
On the evidence presented in this article, without any monetary considerations and as an industrial metal silver is starting to recover from an extreme undervaluation. This is beginning to be reflected in the gold/silver ratio, which has declined from an all-time high of 121 in March 2020 to 87 currently. Putting silver into a base metal context is the subject of my final chart. Both the base metal basket and silver priced in gold are rebased to 1.00 in 1978, when the metal basket had the same value as in 1900, the basis of the previous two charts.
Besides the silver spike in 1979—1980 when the Hunt Brothers tried to corner the market, silver has correlated reasonably with base metals valued in gold. In the last two years, it has begun to outperform the base metal index, probably reflecting the general flight out of fiat currencies into gold.
This recent outperformance relative to base metals suggests it is only in the very early stages of being recognised as a monetary metal. But from an undervaluation relative to gold of 67%, silver should at least double from the current level at $38 with gold at $3350, before there would be any theoretical premium as a monetary metal in the price.
Conclusion
In this article we have examined the prospects for silver relative to gold, not from the customary gold to silver ratio but on the assumption of its use-value as an industrial base metal. The entire base metal basket is the most undervalued it has ever been in gold terms since 1900, and probably in industrial history.
Silver appears to be in the earliest stages of correcting this undervaluation, outperforming its base metal peers at a time when the purchasing powers of the dollar and other G7 currencies are beginning to decline at an accelerating rate. The bullish case is fully justified, and almost certainly wildly underestimated.
3. CHRIS POWELL AND GATA DISPATCHES
a must view..
On LFTV, Maguire and Macleod discuss debt trap and derivatives risk
Submitted by admin on Sat, 2025-07-19 08:55 Section: Daily Dispatches
8:53a ET Saturday, July 19, 2025
Dear Friend of GATA and Gold:
This week’s edition of Kinesis Money’s “Live from the Vault” is a discussion between London metals trader Andrew Maguire and economist, market analyst, and newsletter writer Alasdair Macleod about the debt trap in which most major Western countries are caught. They also review the threat to the Western financial system posed by gold derivatives unbacked by real metal.
The program is 56 minutes long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
end
Bank of England worried about the USA dollar falling in value and creating risk for the global economy
(Reuters|)
Bank of England scrutinizes lenders for dollar risk amid Trump worries, sources tell Reuters
Submitted by admin on Fri, 2025-07-18 12:18 Section: Daily Dispatches
By Stefania Spezzati, Jesus Aguado, and Lawrence White Reuters Friday, July 18, 2025
LONDON — The Bank of England has asked some lenders to test their resilience to potential U.S. dollar shocks, three sources said, the latest sign of how the Trump administration’s policies are eroding trust in the U.S. as a bedrock of financial stability.
As the leading currency for global trade and capital flows, the U.S. dollar is the lifeblood of global finance.
However, President Donald Trump’s break from long-standing U.S. policy in areas such as free trade and defence has forced policymakers to consider whether the emergency provision of dollars in times of financial stress can still be relied on.
While the U.S. Federal Reserve has said that the central bank wants to continue to make dollars available in the financial system, Trump’s policy shifts have prompted European allies to reexamine their dependence on Washington. …
New state laws pave the way for using gold as legal tender
Submitted by admin on Thu, 2025-07-17 15:02 Section: Daily Dispatches
And somehow The Washington Post has noticed.
* * *
By Shannon Najmabadi The Washington Post via MSN News, Redmond, Washington Thursday, July 17, 2025
Imagine you’re in the supermarket checkout line. The cashier scans and bags your groceries as usual, then offers you a new way to pay: “Cash, card … or gold?”
The scenario may sound far-fetched. But people in Missouri, Texas, and other states will be able to buy household items with gold and silver under a series of new laws that treat precious metals like currency.
Supporters of the measures — among dozens of gold- and silver-related bills considered by states this year — don’t envision people pulling out gold coins and bullion bars at the cash register and don’t require that retailers accept gold as payment. The bipartisan laws are instead designed to make it easier and cheaper for people to spend their gold investments — including by allowing officials to set up electronic payment platforms and by challenging the federal capital gains tax on precious metals.
Russia To Begin Trading Gold On St. Petersburg Exchange – RUSSIA’S PIVOT TO ASIA
Long ago it was realized that a thief rarely changes or reforms. Not to say that one should not try to reform or right a wrong. But in the end when a cast is cast it is cast not to change. Sun Tzu wrote that the pen carries more might than a sword. And he went on to say that one in the Art of War should let an opponent defeat himself by his own actions. Naturally, it is against the grain not to fight but to wait and allow another party to fail by their own hand. Thus, what happened over 20 years ago and what was globally acknowledged 15 years ago with various Heads of State served as a basis for what is happening today. No one likes to party with a thief who steals the fruits of labor in a fixed odds game. Do you know that gold is the 2nd largest trade value point for settlement after the Federal Reserve Dollar? Do not mistake this as the Treasury issued currency as the Federal Reserve is as Federal as Federal Express. It is a privately owned Central Bank who just happens to be a sizable shareholder in BIS. Yes, the plot is thick. When Asian State parties realized that the Rule of Law in monetary transfers was controlled by a scoundrel cabal, plans were made to avoid the USE of such a system and not just such money. There is a reason why Central Banks hold Treasuries and not simple Federal Reserve dollars. They know. In 2018 a certain young Russian Programmer from Toronto met with Putin in Singapore and while the hype was on Bitcoin the realization of blockchain digital settlements was programmed to be settled in gold. After this was done for Russia, the same individual replicated the same system for China at the request of China. It is well known in certain circles that that China has been a fierce collector of gold, buying in London. And it is not well known that the BRICS are quickly buying gold as perhaps is the entire Global South, as well as other actors. Although, some countries are entering into separate deals with China to solely use the Yuan ( the international Yuan will be gold based) and not settle against actual gold value at the point of settlement of a trade of goods. What you see here is a timeline for a new gold value to be established outside the clutch’s of London and the London fix will not matter as Russia and China will call fix on gold and it will be used as a SETTLEMENT value point for trade in national currencies. Over time this will move to a closer relationship and position as countries build up their own currencies which will measure against a new Standard of Value allowing each party to control the value of their own currency and thus the value of the output of their citizens. And this will be all recorded on a blockchain based system to allow authentication of corresponding transactions and wealth. There is no Western involvement. With this in mind the actions of America are a reaction to what is in motion as there is no alternative. Yes, war can occur but the train on the Federal Reserve Dollar has left the station. And in so doing the Federal Reserve is no longer in Control as America must return to real money generated by the labor of it’s people. It matters not whether it is the result of purchases of goods and services from abroad. Because new liquidity with new money will be value settled against a new gold price set not by America or London. And it is why the value of the Federal Reserve Dollar is falling against the backdrop of gold. And do ask in what currency must a tariff be paid to Treasury. This will result in decentralization of control by new output. This is what the current conflict in Ukraine is about. Because fools believe they can conquer Russia and take over the wealth of the nation and rule the world with new captured wealth. As was done with the Petrodollar after Nixon took America off the gold standard. The conquering of Russia will not happen. This too was known and time allowed for Russia to increase its’ might to fight with a depth of mass. War with Russia is a lost cause and will ruin those parties who try. As it is known that China and others will not let Russia lose. Russia is not fighting alone. Just like Ukraine is not fighting alone with many soldiers of fortune dying from many countries. Thus, expect much change to come from coming future events. And remember this comment that Putin made “the loss of hundreds of billions is worth the price of freedom”. The freedom to create and enjoy the fruits of your labor. So as tension start to rise this week leading into an increasing trend in August do remember the game being played out.
“Effective Immediately”: Shipping Line Suspends EV Cargo Due To Lithium Battery Fire Concerns
Monday, Jul 21, 2025 – 07:45 AM
U.S. shipping and navigation services company Matson surprised customers in recent days by announcing new policies that halt all electric vehicle shipments due to the fire risk posed by lithium-ion batteries. This comes after the Morning Midas—a RoRo carrier transporting EVs and hybrids—erupted in flames early last month in the Pacific and subsequently sank.
Shipping news website The Maritime Executive reports that Matson abruptly suspended the transport of EVs and plug-in hybrids, citing growing safety concerns over lithium-ion battery fires in a letter to clients. The new shipping policy took effect immediately and impacts trade routes across the U.S. mainland, Hawaii, Alaska, and Guam.
“Due to increasing concern for the safety of transporting vehicles powered by large lithium-ion batteries, Matson is suspending acceptance of used or new electric vehicles (EVs) and plug-in hybrid vehicles for transport aboard its vessels. Effective immediately, we have ceased accepting new bookings for these shipments to/from all trades,” the letter stated.
There was no definitive timeframe for when Matson plans to resume shipping EVs, but the company noted that it will do so once all appropriate safety solutions are in place.
The letter said, “Matson continues to support industry efforts to develop comprehensive standards and procedures to address fire risk posed by lithium-ion batteries at sea and plans to resume acceptance of them when appropriate safety solutions that meet our requirements can be implemented.”
The letter comes after the Morning Midas sank in the Pacific Ocean in early June following a fire on the ship. Cargo consisted of 70 EVs and nearly 700 hybrids.
Aerial reconnaissance imagery published on X showed white smoke billowing from Morning Midas’ stern section.
The incident mirrors the 2023 disaster off the Dutch coast, when a RoRo vessel carrying 3,000 vehicles—including 500 EVs—erupted in flames, raising global concerns over the fire risks while transporting EVs at sea.
“Matson continues to transport conventional cars. It offers the service both trans-ocean and also moves the containers interisland in Hawaii as part of its barge service,” The Maritime Executive said.
Insurance giant Allianz has repeatedly warned about the importance of enhanced safety protocols for maritime shipments involving lithium-ion batteries, citing the global surge in green technology—much of it produced by Chinese manufacturers.
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED UP 25.31 PTS OR 0.72%
//Hang Seng CLOSED UP 168.48 PTS OR 0.68%
// Nikkei CLOSED //Australia’s all ordinaries CLOSED DOWN 0.89%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1764 OFFSHORE CLOSED UP AT 7.1776/ Oil UP TO 66.45 dollars per barrel for WTI and BRENT UP TO 68.34 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1764 AND STRONG//OFF SHORE YUAN TRADING UP TO 7.1776 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 7.1764 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.1776 (CCP MANIPULATED)
SHANGHAI CLOSED UP 25.31 PTS OR 0.72%
HANG SENG CLOSED DOWN 168.48 PTS OR 0.68%
2. Nikkei closed
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 97.96/ EURO RISES TO 1.1654 UP 29 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.522//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.76…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil 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 DOWN TO +2.6330/Italian 10 Yr bond yield DOWN to 3.510 SPAIN 10 YR BOND YIELD DOWN TO 3.246%
3i Greek 10 year bond yield DOWN TO 3.351
3j Gold at $3369.70 Silver at: 38.49 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 48 /100 roubles/dollar; ROUBLE AT 78.22
3m oil (WTI) into the 67 dollar handle for WTI and 69 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 147.76// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.522% 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 0.8003 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9319 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: 4.376 DOWN 6 BASIS PTS…
USA 30 YR BOND YIELD: 4.956 DOWN 5 BASIS PTS/
USA 2 YR BOND YIELD: 3.848 DOWN 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 40.40
10 YR UK BOND YIELD: 4.6250 DOWN 4 PTS
10 YR CANADA BOND YIELD: 3.542 DOWN 4 BASIS PTS
5 YR CANADA BOND YIELD: 3.079 DOWN 3 PTS
2a New York OPENING REPORT
US Futures Rise Back To All Time High Ahead Of Huge Earnings Week
Monday, Jul 21, 2025 – 08:35 AM
US equity futures are higher and approaching a new record high. Over the weekend, headlines were relatively muted in the US, while globally, Japan’s ruling party lost its majority in the upper house, but PM Ishiba still pledged to stay in office in a creeping setup for the latest Japanese political crisis. While the yen has rallied overnight after Japan’s ruling coalition loses its majority in the upper house election, this appears to be a kneejerk reaction with Japanese markets closed today; expect much more weakness for the JPY as Japan now opens the fiscal stimulus floodgates forcing the BOJ to monetize much more Japanese debt. As of 8:00am ET, S&P and Nasdaq futures are both up 0.2% and Europe’s Stoxx 600 Index posted small moves. In premarket trading Mag 7 shares are higher: TSLA (+1.6%) leading gains, followed by GOOGL (+0.9%) and META (+0.6%); the only exception is Microsoft which was down 0.2% after a cyberattack. Utilities and Consumer Discretionary are outperforming. The yen strengthened 0.7% while the dollar slipped. After last week’s selloff, Treasuries yields are lower: 2-, 5-, 10-, 30yr yields are 2bp, 3bp, 4bp lower. Commodities are mixed with base and precious metals higher and oil lower.
In premarket trading, Mag 7 stocks are mostly higher with the exception of MSFT whose server software was exploited by unidentified hackers, with analysts warning of widespread cybersecurity breaches. Nvidia is said to have told clients that it only has limited availability of its H20 AI chips, the Information reported. (Tesla +1.4%, Alphabet +0.8%, Meta +0.5%, Apple +0.6%, Amazon +0.3%, Nvidia +0.1%, Microsoft -0.1%).
Aveanna Healthcare Holdings Inc. (AVAH) gains 6% as Jefferies turns bullish on the company, saying he expects “continued fundamental strength and positive earnings surprises.”
Block (XYZ) jumps 9% as Jack Dorsey’s fintech firm is set to join the S&P 500 index.
Domino’s Pizza (DPZ) climbs 6% after posting second-quarter comparable sales growth that topped Wall Street expectations.
Dynamix Corp. (DYNXU) climbs 62% after the blank check company announced that it was combining with the Ether Reserve LLC to create an Ether treasury company.
Invesco Ltd. (IVZ) rises 2% after TD Cowen analyst Bill Katz raised the recommendation on the investment management company to buy from hold, calling its move to unlock fee revenue from the QQQ ETF a “game changing event.”
Sarepta Therapeutics (SRPT) drops 11% after the drugmaker refused to pause all shipments of its Elevidys treatment after three deaths were linked to the company’s gene therapies.
Verizon Communications Inc. (VZ) climbs 4% after the company posted second-quarter revenue that surpassed analysts’ estimates and raised its profit outlook, buoyed by wireless price increases and recent tax legislation.
Markets seem to be paying less and less attention to tariff headlines, while strategists are making positive noises about earnings and the economy. Morgan Stanley strategists said investors should stay bullish on US stocks, as earnings momentum, positive operating leverage and cash tax savings are under-appreciated tailwinds. Peers at Goldman Sachs said the earnings season has had a solid start while recent dollar weakness should provide a small tailwind to US earnings.
The positivity comes as a huge week of earnings (if quiet for macro) kicks off, with Verizon, General Motors, Tesla and Alphabet among companies reporting in the next few days. Investors will be watching a slate of corporate reports this week for signs of economic resilience in the face of tariff risks. Companies accounting for about a fifth of the S&P 500’s market capitalization are expected to post results this week. Tesla and Alphabet report Wednesday. Also up are Lockheed Martin Corp. and Coca-Cola Co. on Tuesday.
“Equities still have, particularly in the US, a little bit of room to run further,” Max Kettner, chief multi-asset strategist at HSBC Holdings Plc, said on Bloomberg TV. “Let’s remember that we were going into this reporting season with very low expectations.”
Outside of earnings, Bloomberg reports that Wall Street is looking for a “Powell hedge” to trade the possibility of Trump firing the Fed Chair. And the EU and US are heading into another week of intensive trade talks as they seek to clinch a trade deal by an Aug. 1 deadline. In options, investor demand for yield in the US is helping fuel growth in the market for S&P 500 Index dividend futures and options — a niche corner of the derivatives world where America has long trailed Europe. Trading in CME dividend futures climbed 40% in the first half of 2025.
European stocks are mostly steady as investors digest corporate earnings reports and contend with global trade jitters. The automotive and healthcare sectors are the biggest laggards, while miners outperform driven by demand optimism related to a mega dam project in Tibet and Chinese efforts to curb steel oversupply. Stellantis NV slid after reporting a €2.3 billion ($2.7 billion) net loss in the first half due to restructuring expenses, waning sales and the impact of tariffs. Here are the most notable movers:
Ryanair shares jump as much as 9.9%, reaching a record high after the budget airline delivered a strong beat in the first quarter, more than doubling net income from the previous year.
Galp Energia rises as much as 3.7% after the oil and gas firm delivered a healthy earnings beat in the second quarter and lifted its outlook for the full year.
Covivio shares rise as much as 3.5%, the most in over three months, after the real estate investment trust raised its earnings outlook for the year.
Schindler shares jump as much as 3.4% after Kepler Cheuvreux raised its recommendation on the Swiss elevator maker to hold from reduce, citing an improved US outlook
Oxford Nanopore shares jump as much as 20%, the most in more than six months, after the British DNA-sequencing firm said it expects to report 1H revenue up 28% from a year earlier on a constant currency basis
Belimo shares gain as much as 9.5%, to a record, after the Swiss manufacturer of heating, ventilation and air conditioning equipment reported sales that beat estimates, boosted by high demand from data centers.
The Stoxx 600 mining sector is the best-performing subgroup in the European bourse as iron ore and steel prices climbed on the back of China’s plan for a mega dam in Tibet which bolstered the outlook for demand.
Nokian Renkaat gains as much as 7%, after Danske Bank raised its recommendation on the Finnish tire maker to hold from sell, saying there is “finally some positive progress” from the company.
Stellantis shares drop as much as 3.8%, to a three-month low, after the Italian automaker reported a preliminary first-half loss of €2.3 billion, due to restructuring expenses, waning sales and the impact of US tariffs.
Saab falls as much as 7.3% on Monday, slipping from a record close at the end of last week, as Danske Bank downgrades its rating on the defense technology firm to sell, and Pareto cuts to hold.
Roche shares fall as much as 1.6% after the drugmaker’s late-stage trials for astegolimab — the medicine being developed to treat chronic obstructive pulmonary disease, or COPD — got mixed results in trials.
Lundbeck shares trade 0.2% lower, paring an earlier drop of 3.3%, after its medicine for post-traumatic stress disorder failed to win the backing of US regulatory advisers.
Earlier in the session, Asian equities traded in a narrow range, with Japan stock futures overcoming initial decline to trade steady, after Prime Minister Shigeru Ishiba’s ruling coalition lost its majority in an upper house election. The MSCI Asia Pacific Index gained as much as 0.2%, erasing losses earlier during the session on Monday. Alibaba Group Holding Ltd., HDFC Bank Ltd. and Samsung Electronics Co Ltd. lifted the index, whereas Taiwan Semiconductor Manufacturing Co., Reliance Industries Ltd. and Commonwealth Bank of Australia were key decliners. Chinese, Indian and Korean equities advanced while Australia and Taiwan’s markets ended lower. Nikkei futures fell as much as 0.5% as Japan’s markets were shut for a public holiday. The ruling coalition’s loss of a majority in Japan could dampen global investor appetite for the country’s assets — particularly as it navigates sensitive tariff negotiations with the US. Ishiba said that he intended to remain in the role in spite of the loss, which would make him the first Liberal Democratic Party leader since 1955 to govern the country without a majority in at least one of the legislative bodies.
“If uncertainty lingers, I think equities will take the brunt of the hit, especially domestic-facing stocks sensitive to policy shifts,” said Dilin Wu, a research strategist at Pepperstone Group Ltd. However, some losses might be pared if Ishiba signals a clear recovery plan or reshuffles his cabinet effectively, Wu added.
Elsewhere in the region, the Hang Seng Index briefly topped 25,000 points to reach its highest level since February 2022. The rally in Hong Kong stocks is set to extend on increasing optimism for tech shares and more southbound investment from the mainland.
In FX, the yen is rallying after Japan’s ruling coalition loses its majority in the upper house election. It’s the best performer in the G-10 sphere against a broadly weaker dollar. A public holiday means Japanese stocks and bonds aren’t trading. Beyond the yen, the dollar has fallen 0.3% to session lows against most of its G-10 peers, with sterling and the Swedish krona also outperforming.
In rates, Treasuries and European bonds are higher, with gilts marginally underperforming. Failure of trade negotiations to reach an agreement that would avert a 30% US tariff on most EU exports is driving sentiment. US yields are lower by 2bp-4bp across tenors with 2- to 10-year at lowest levels in more than a week; the 10-year near 4.36% is lower by about 6bps vs declines of 5bp to 7bp for UK and most euro-zone counterparts. Treasury auctions this week include $13 billion 20-year bond reopening Wednesday and $21 billion 10-year TIPS new issue Thursday.
In commodities, iron ore and copper gained, gold is up about $15 to $3,365/oz. Brent futures are choppy but in a tight range, trading down about 0.6% to slightly under $69/barrel.
US economic data calendar includes only June Leading Index (10am). Later this week, housing data will be closely watched: The data is “the canary in the coalmine, and it’s looking queasy,” according to Bloomberg Economist Anna Wong. Fed officials are in external communications blackout ahead of their July 30 rate decision, anticipated to be no change in the fed funds target range of 4.25%-4.5%
Market Snapshot
S&P 500 mini +0.3%,
Nasdaq 100 mini +0.3%
Russell 2000 mini +0.6%
Stoxx Europe 600 little changed
DAX little changed, CAC 40 -0.2%
10-year Treasury yield -4 basis points at 4.38%
VIX +0.5 points at 16.88
Bloomberg Dollar Index -0.2% at 1204.25
euro +0.1% at $1.1641
WTI crude -0.4% at $67.04/barrel
Top Overnight News
European Union and US negotiators are heading into another week of intensive talks, as they seek to clinch a trade deal by Aug. 1, when US President Donald Trump has threatened to hit most EU exports with 30% tariffs.
US stock futures climbed ahead of a busy earnings week that will include results from Tesla Inc. and Alphabet Inc.
Under the surface of the US stock market’s march to record highs this month, there are signs the rally is running out of gas.
Japanese Prime Minister Shigeru Ishiba said he intended to stay on even as his ruling coalition suffered a historic setback in an upper house election on Sunday, an outcome that may further unsettle markets.
The Bank of England is facing pressure to hold onto more than a quarter of its bond holdings, potentially for decades, after recent market turmoil highlighted the fragility of demand for long-dated UK government debt.
China’s Foreign Ministry says, on the Wells Fargo (WFC) bankers exit ban, that Ms Mao is involved in a criminal case and is temporarily unable to leave China.
Trade/Tariffs
US Commerce Secretary Lutnick said he is confident they will get a deal done with the EU, while Lutnick said that President Trump is ‘absolutely’ going to renegotiate the USMCA.
EU envoys are set to meet as early as this week to formalise a retaliation plan in the event of a possible no-deal scenario with US President Trump, according to Bloomberg.
US State Department announced visa restrictions on Brazilian judicial officials including Supreme Court Justice Moraes and his allies in court, as well as their immediate family members. It was later reported that Brazilian President Lula said US visa restrictions on Brazilian officials are another arbitrary and baseless move by the US government, while he added that interference by one country in another’s justice system is unacceptable. Furthermore, Lula said this violates the basic principles of respect and sovereignty between nations and no form of intimidation or threat from anyone will undermine Brazil’s powers and institutions’ mission to preserve democracy.
Japanese PM Ishiba said he will tackle US tariff issues before the August 1st deadline and they cannot give up the negotiation bases they’ve built through US tariff talks, while he added that tariff negotiator Akazawa is to visit the US on Monday.
Japanese tariff negotiator Akazawa said he will visit the US this week and they are making arrangements for ministerial-level tariffs talks with the US to take place this week, while he also noted that he did not discuss tariffs with US Treasury Secretary Bessent on Saturday.
South Korea’s Industry Ministry said US tariff negotiations are in a serious situation and it pledged an all-out effort to smoothly wrap up US tariff talks.
China’s Commerce Ministry commented regarding Chinese firms being sanctioned, stating that the EU’s actions have a serious negative impact on China-EU economic and trade relations and financial cooperation, while it will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises and financial institutions.
Japanese Upper House Election
Results, according to NHK, have the LDP-Komeito coalition securing 47 seats and losing the Upper House majority (50 were required).
Since, PM Ishiba has reiterated that he will remain as PM and the LDP will continue to govern with Komeito. Need to stay in office to deal with tariff talks, rising prices, and economic issues. Opposition proposals to cut taxes would take too long, need quicker action to help struggling households. Seeking the cooperation of other parties to deal with increasing prices. Will not expand the formal government coalition.
Earlier, exit polls showed the ruling coalition is likely to lose its majority in the upper house with the LDP and coalition partner Komeito projected to win a combined 32 to 51 seats out of a total of 125 seats contested, according to NHK. Thereafter, Japanese PM Ishiba vowed to stay on despite the exit polls from the election and stated he “solemnly” accepts the “harsh result” but noted his focus was on trade negotiations, according to the BBC.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks began the week mostly in the green but with gains capped following relatively light macro catalysts from over the weekend, aside from Japan’s upper house election with the ruling coalition set to lose a majority, although markets in Japan were shut for a holiday. ASX 200 retreated with the index dragged lower by underperformance in its top-weighted financial sector, while miners were showing some resilience as South32 gained following its quarterly and full-year production update. Hang Seng and Shanghai Comp were kept afloat amid strength in tech and energy stocks, while China’s LPRs were unsurprisingly maintained and there were also recent reports that US President Trump could meet with Chinese President Xi ahead of or during the October APEC meeting in South Korea.
Top Asian News
Chinese Loan Prime Rate 1 Year (Jul) 3.00% vs. Exp. 3.00% (Prev. 3.00%); 5 Year 3.50% vs. Exp. 3.50% (Prev. 3.50%)
US President Trump and Chinese President Xi could meet ahead of or during the APEC summit in South Korea.
Chinese Foreign Ministry said European Commission President von der Leyen and European Council President Costa will visit China on July 24th and will meet with President Xi, while Chinese Premier Li will co-chair the 25th China-EU summit with the EU presidents.
European bourses (STOXX 600 -0.1%) opened mixed and on either side of the unchanged mark. Though as the morning progressed, sentiment waned a touch to display a modestly negative picture in Europe. European sectors are mixed. Travel & Leisure was buoyed by post-earning upside in Ryanair (+5%); the Co. beat on its headline metrics and noted that Q2 demand is strong. Elsewhere, more bad news for Autos which is pressured by losses in Stellantis (-2.5%) after the Co. reported significant net losses. US equity futures (ES +0.3% NQ +0.3% RTY +0.7%) are modestly firmer across the board, ahead of a week which includes earnings from the likes of Alphabet and Tesla. Deutsche Bank turns Neutral from Overweight on European equities vs US equities.
Top European News
London Stock Exchange Group (LSEG LN) considers the launch of 24-hour trading, according to FT.
UK pensions overhaul looms as pension minister Bell warns of a slump in retirement income, while he noted the government would revive the Pensions Commission that heralded sweeping changes under the Blair Labour government in the early 2000s and argued that reforms were only “a job half done”, according to FT.
EU reportedly cracks down on state meddling in bank M&A as it recently issued warnings last week against meddling by the Italian and Spanish governments in banking tie-ups, according to the FT.
EU is to force car rental companies to purchase EVs only from 2030, according to Bild.
ECB Survey: Firms’ 1-year ahead inflation expectation 2.5% (prev. 2.9%), 3-year and 5-year unchanged at 3.0% “Most firms affected by trade tensions,” especially manufacturers and companies exporting to the US, are highly exposed to trade issues. A net 23% of firms are optimistic about developments in the next quarter but report a deterioration in their profits.
Germany reportedly intends to reverse the increase in air traffic tax, according to Bild.
FX
USD has kicked the week off on a slightly softer footing with DXY hampered by JPY strength (see JPY section for details). Macro drivers from the US have been quiet over the weekend and this could remain the case in the near-term with the Fed in its blackout period and this week’s data slate a light one aside from housing metrics on Wednesday and Thursday and flash PMI data. There was a WSJ piece over the weekend suggesting that US Treasury Secretary Bessent reportedly advised US President Trump not to fire Fed Chair Powell. As it stands, the next Fed cut is not fully priced until October with a total of 47bps of loosening seen by year-end. DXY is contained within Friday’s 98.09-57 range.
EUR is firmer vs. the USD in what could be a busy week for the bloc. Focus remains on the trade front with Bloomberg reporting that EU envoys are set to meet as early as this week to formalise a retaliation plan in the event of a possible no-deal scenario with the US. Though, US Commerce Secretary Lutnick said he is confident they will get a deal done with the EU. Additionally, EU’s von der Leyen and Costa are to visit China and meet with President Xi and co-chair the 25th China-EU summit.
JPY is the best performing currency in the aftermath of the Japanese Upper House election. Exit polls showed that the LDP-Komeito coalition failed to secure the 50 seats required to retain a majority. A result that means PM Ishiba no longer controls a majority in the Upper or Lower Houses. Despite this, Ishiba has made clear he intends to remain PM – something which has been viewed as a positive by the market. Additionally, ING noted that opposition parties are very splintered and have little chance of coming together as a political force. As such, some of the worst fears of the outcome may have been avoided and therefore are driving the JPY strength. USD/JPY briefly made its way onto a 147 handle with a session low at 147.79.
GBP is marginally firmer vs. the USD after an indecisive week last week which saw the UK leg of the pair focused on the data slate (CPI and Jobs metrics). Weekend reporting over the UK has been light with not much traction from the latest Rightmove house price data, which showed the largest M/M decline since records began in 2001. Cable remains on a 1.34 handle and around the mid-point of Friday’s 1.3405-75 range.
Antipodeans are lacklustre with mild headwinds seen in NZD following the softer-than-expected CPI data from New Zealand.
Fixed Income
Bonds are in the green today and generally trading near session highs, with the complex seemingly boosted by 1) PM Ishiba losing Upper House majority, but better than feared, 2) EU-US trade fears (details below).
PM Ishiba’s LDP-Komeito lost their Upper House majority. Going into the election, Japanese bonds were heavily sold, given the fiscal implications of PM Ishiba losing Upper House majoirty. Overall, his coalition secured 47 seats, which was a better outcome than some polls had suggested, which would therefore would mean Ishiba only needs to secure a handful of additional votes and thus may be able to avoid making very significant concessions. With cash JGB trade shut for the day, the upside across global fixed income could be attributed to some short covering, with the result not quiet as bad as feared.
USTs are higher by around 10 ticks today, and currently trades towards the upper end of a 110-24 to 111-04 range. Japan aside, nothing really US-specific driving the move, with the docket for the remainder of the day fairly light. On the ongoing Trump-Powell spat, US Treasury Secretary Bessent reportedly advised US President Trump not to fire Fed Chair Powell, may also explain some of the upside.
Bunds are also stronger today and trades just off the day’s high at 130.09, in a current 129.73-130.14 range. Ultimately following peers, but for the EU specifically, US Commerce Secretary Lutnick said he is confident they will get a deal done with the bloc; though Bloomberg reported that EU envoys are set to meet as early as this week to formalise a retaliation plan in the event of a possible no-deal scenario. Elsewhere, the ECB’s latest SAFE showed a drop in one year inflation expectations to 2.5% (prev. 2.9%), while the 3yr and 5yr views were maintained.
Gilts also firmer today, but to a lesser degree than European peers. Currently trades in a 91.29-55 range, in what has (and will remain to be) a quiet day. Focus for the remainder of the week on PMIs (Thu) and Retail Sales (Fri). One piece of notable newsflow over the weekend came via The Telegraph, who report that the government is looking at the creation of a “crypto storage and realisation framework” to manage and potentially sell seized assets.
Commodities
WTI and Brent are currently trading in negative territory, after trading rangebound overnight. Energy specific newsflow light over the weekend, with more focus on geopolitical updates. Iran confirmed that nuclear talks with France, Germany and the United Kingdom will be held in Istanbul on Friday; China and Russia will holds talks with Iran on Tuesday. Brent Sept’25 currently trading in a USD 69.08-63/bbl range.
Spot gold is modestly firmer today and trades towards the upper end of a USD 3,338.03-3,370.87/oz range. Firmer alongside upside across global havens and also benefiting from the slightly softer Dollar.
Base metals are broadly in the green today, with the complex boosted after China launched the construction of hydropower project in Tibet, which has significantly boosted iron ore and steel prices; the former rose to a multi-month high, with Dalion iron ore closing higher by 2.1%. Meanwhile, 3M LME copper trades +1% at the time of writing, in a USD 9,766.30-9,891.00/t range.
Geopolitics: Middle East
Iran and three European countries reached an agreement to resume nuclear talks, while an Iranian Foreign Ministry spokesperson said Iran and three European powers are to hold nuclear talks in Istanbul on Friday.
Israel issued an evacuation order for Deir al-Balah in central Gaza as it prepared to extend a Gaza offensive to areas not yet reached by ground forces.
Israel prepared a plan to control the Gaza Strip as an alternative to the idea of a humanitarian city, with the plan widely accepted among Israeli ministers and will be implemented if the Gaza negotiations fail, according to sources cited by Channel 12.
Israel’s military said it operated to disperse a violent gathering involving Israeli citizens across the border with Syria.
Syrian Presidency announced an immediate and comprehensive ceasefire, while it urged all parties to commit to a ceasefire and end all hostilities in all areas immediately. Furthermore, the Syrian Interior Ministry said the city of Sweida was cleared of Bedouin tribes fighters and clashes were halted after Syrian security forces were deployed to enforce a ceasefire.
“A senior Iranian lawmaker warned on Monday that Tehran could halt its regional maritime security cooperation, including in the Strait of Hormuz, if European powers move to reimpose UN sanctions through the so-called snapback mechanism”, via Iran Int.
“Israeli Army Radio: Raids begin on Houthi positions in Hodeidah and the western coast”, via Al Hadath.
Iranian Foreign Ministry spokesperson says trilateral meeting with China and Russia to be held on Tuesday regarding nuclear file and UN snapback mechanism; no plans for talks with the US at the moment.
Geopolitics: Ukraine
Ukrainian President Zelensky said a Russian attack damaged critical infrastructure in the Sumy region, while it was separately reported that Zelensky said Kyiv sent Moscow an offer to hold talks next week.
Russian President Putin met with senior advisers to Iran’s Supreme Leader in the Kremlin, according to RIA.
Kremlin spokesman said Russian President Putin repeated his desire to bring the Ukrainian settlement to a peaceful conclusion as soon as possible but it is a long and difficult process, while Russia is ready to move fast on Ukraine peace but the main thing is to achieve the goals which have not changed.
Russian Defence Ministry said Russian forces took control of Bila Gora in eastern Ukraine, according to RIA.
Geopolitics: Other
South Korean Unification Ministry spokesperson commented that the government is looking into various plans to improve relations with North Korea, regarding a report of South Korea potentially allowing tourism to North Korea.
US Event Calendar
10:00 am: Jun Leading Index, est. -0.3%, prior -0.1%
DB’s Jim Reid concludes the overnight wrap
It’s all about Japan this morning as the ruling coalition has lost their majority in the upper house, with a lot of uncertainty around what happens next. Out of 125 seats up for grab they’ve won 47 but needed 50 to maintain a majority in the 248-seat chamber. This is better than expected and Prime Minister Shigeru Ishiba’s (from the LDP) has vowed to stay on but history suggests this will be a challenge even if they still comfortably have the largest number of seats. In a trend reminiscent of many other countries’ mainstream parties, the long dominant LDP party has been losing support relative to populists and others. This is the first time they’ve been in power with a minority government in both houses since the party was formed in 1955 and they’ve been in government for around 64 of those 70 years. The fact that we’re under two weeks away from the August 1st trade deadline complicates things further. On the positive side only being three seats short may allow the coalition to pass legislation with non-affiliated independents. Ishiba is holding a press conference after I press send on this but details will likely be out by the time this hits your inbox. Ahead of that the Yen has settled +0.24% higher after being as high as +0.74% at the open. Nikkei futures are slightly lower with cash Japanese markets closed for a holiday.
Markets in the rest of Asia are mostly starting the week on the front foot with the Shanghai Composite (+0.50%), the Hang Seng (+0.38%), and the CSI (+0.28%) all experiencing gains following the PBOC’s decision to maintain the benchmark lending rate at historic lows. In addition, the KOSPI (+0.58%) is also higher. Australia’s ASX 200 has been the poorest performer in the region, declining by -1.12% after achieving a series of record highs last week. S&P 500 (+0.12%) and NASDAQ 100 (+0.19%) futures are edging higher.
Moving forward, this week looks pretty quiet in terms of planned events but this year has been as busy as I can remember outside of a crisis in terms of unplanned events so the first part of this sentence will likely be proved to be meaningless.
In terms of the known highlights, we have the global flash PMIs on Thursday alongside what is universally accepted to be an ECB on hold meeting. With the Fed on their blackout ahead of next week’s FOMC, the only noise will come from how hard Trump wants to continue to push on with criticising Powell. Powell does open a regulatory conference tomorrow but won’t discuss monetary policy given the blackout.
The key US data are some regional manufacturing surveys tomorrow, existing home sales on Wednesday, new home sales, jobless claims and the Chicago Fed survey on Thursday, and then durable goods on Friday.
In Europe our economists highlight that the key to the ECB meeting is how long they’re expected to pause. See more in their full preview of the meeting here. The central bank will also release its bank lending survey tomorrow.
In terms of economic data, other sentiment indicators out in the region will include consumer confidence in Germany (Thursday), the UK, France and Italy (Friday). The German Ifo survey is out on Friday.
In Asia after the dust settles on the Japanese election, we have Tokyo CPI for July due on Friday. Our Chief Japan economist sees core inflation ex. fresh food declining to 3.0% YoY (3.1% in June), while core-core inflation ex. fresh food and energy should ease to 3.0% (3.1%). Note that behind the headline softness in last Friday’s country wide CPI there was strength in core-core inflation.
We will start to see Q2 earnings get fleshed out a little more this week with 135 S&P 500 and 189 Stoxx 600 companies reporting. Two of the Magnificent 7, Alphabet and Tesla, will report on Wednesday. Other tech firms releasing results this week include IBM, ServiceNow and Intel. Defence firms including RTX, Lockheed Martin and Northrop Grumman also report.
In Europe, earnings will be due from the region’s largest company, SAP tomorrow. Three others from the top 10 by market cap – LVMH, Roche and Nestle – also report, along with several European banks. See the full day-by-day calendar of events as usual at the end
Recapping last week, US bond markets saw sizable intra-week moves amid questions about Fed independence and hawkish details from within the latest US CPI release. The major drama came on Wednesday following media reports that Trump was on the verge of dismissing Fed Chair Powell, though this was soon denied by Trump even as he maintained his call for the Fed to lower rates. At one point, pricing of a September rate cut rose from 57% to 80%, before swiftly reversing. This inched up again to 64% on Friday though, following comments by Fed Governor Waller, a potential candidate to replace Powell, who is in favour of a 25bps cut at the upcoming late July meeting. With all said and done, the Treasury curve saw a noteable steepening as the 2yr yield was -1.6bp lower on the week (-3.5bps Friday) while 30yr yields were up +3.8bps (-2.0bps on Friday) to 4.99%. The 10yr also rose +0.7bps (-3.5bs on Friday) to 4.42%.
Friday’s Treasury rally was also supported by the July University of Michigan survey that saw long-run inflation expectations decline for a third consecutive month (from 4.0% to 3.6%), while sentiment ticked up (+61.8 vs +60.7 previously). So that eased some of the concerns over second-round inflationary risks, The impact of tariffs on goods prices had become more visible in Tuesday’s US CPI data, even as softer services brought a downside headline surprise. Otherwise, last week’s data, including stronger retail sales and lower jobless claims, painted an optimistic picture on the US economy.
Against this backdrop, US equities saw new all-time highs. The S&P 500 was up +0.59% (-0.01% Friday), posting a record high on Thursday. Tech stocks outperformed, with the NASDAQ rising +1.51% (+0.05% Friday) to a new record high of its own. The Mag-7 were up +1.74% (+0.68% Friday), led by Nvidia’s +4.54% gain (-0.34% on Friday) after the US lifted some restrictions on its AI chip exports to China. The positive US mood also saw the dollar index (+0.64% on the week) post its best two-week run since early January.
Tariff news also jostled for the spotlight, with the FT reporting after Friday’s European close that Trump had escalated his demand on the EU to a 15%-20% minimum baseline tariff (previously 10%) ahead of his August 1 deadline. Ahead of the news, the STOXX 600 was largely flat over the week (-0.06%), with the DAX up +0.14% (-0.33% on Friday) supported by Thursday’s positive ZEW survey. Separately, Trump threatened to impose 100% secondary tariffs on importers of Russian energy if a ceasefire with Ukraine is not reached in 50 days, though this sizeable delay meant that Brent crude actually fell -1.53% on the week to $69.28/bbl. Meanwhile, European government bonds saw modest moves with 10yr bunds -2.9bps lower (+2.1bps Friday), though an ongoing curve steepening saw 30yr bunds (+0.6bps to 3.23%) and OAT yields (+2.1bps to 4.22%) post new post-2011 highs.
Lastly, crypto saw a significant run amidst last week’s “Crypto Week” in D.C., where the US House approved three landmark crypto bills. This includes the GENIUS Act, signed into law by Trump on Friday, which defines stablecoin legislation in the US. Bitcoin saw a record high of ~$123,000 on Tuesday, finishing +9.59% over the week, while the total crypto market exceeded $4trn for the first time.
2b European opening report
RTY outperforms & bonds boosted after Japan’s LDP-led coalition loses its Upper House majority – Newsquawk US Market Open
Monday, Jul 21, 2025 – 05:15 AM
Japanese PM Ishiba vowed to stay on despite exit polls from the election showing that the ruling coalition lost its majority.
EU envoys are set to meet as early as this week to formalise a retaliation plan in the event of a possible no-deal scenario with the US, according to Bloomberg.
European bourses are modestly lower, US equity futures are higher with outperformance in the RTY.
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TARIFFS/TRADE
US Commerce Secretary Lutnick said he is confident they will get a deal done with the EU, while Lutnick said that President Trump is ‘absolutely’ going to renegotiate the USMCA.
EU envoys are set to meet as early as this week to formalise a retaliation plan in the event of a possible no-deal scenario with US President Trump, according to Bloomberg.
US State Department announced visa restrictions on Brazilian judicial officials including Supreme Court Justice Moraes and his allies in court, as well as their immediate family members. It was later reported that Brazilian President Lula said US visa restrictions on Brazilian officials are another arbitrary and baseless move by the US government, while he added that interference by one country in another’s justice system is unacceptable. Furthermore, Lula said this violates the basic principles of respect and sovereignty between nations and no form of intimidation or threat from anyone will undermine Brazil’s powers and institutions’ mission to preserve democracy.
Japanese PM Ishiba said he will tackle US tariff issues before the August 1st deadline and they cannot give up the negotiation bases they’ve built through US tariff talks, while he added that tariff negotiator Akazawa is to visit the US on Monday.
Japanese tariff negotiator Akazawa said he will visit the US this week and they are making arrangements for ministerial-level tariffs talks with the US to take place this week, while he also noted that he did not discuss tariffs with US Treasury Secretary Bessent on Saturday.
South Korea’s Industry Ministry said US tariff negotiations are in a serious situation and it pledged an all-out effort to smoothly wrap up US tariff talks.
China’s Commerce Ministry commented regarding Chinese firms being sanctioned, stating that the EU’s actions have a serious negative impact on China-EU economic and trade relations and financial cooperation, while it will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises and financial institutions.
JAPANESE UPPER HOUSE ELECTION
Results, according to NHK, have the LDP-Komeito coalition securing 47 seats and losing the Upper House majority (50 were required).
Since, PM Ishiba has reiterated that he will remain as PM and the LDP will continue to govern with Komeito. Need to stay in office to deal with tariff talks, rising prices, and economic issues. Opposition proposals to cut taxes would take too long, need quicker action to help struggling households. Seeking the cooperation of other parties to deal with increasing prices. Will not expand the formal government coalition.
Earlier, exit polls showed the ruling coalition is likely to lose its majority in the upper house with the LDP and coalition partner Komeito projected to win a combined 32 to 51 seats out of a total of 125 seats contested, according to NHK. Thereafter, Japanese PM Ishiba vowed to stay on despite the exit polls from the election and stated he “solemnly” accepts the “harsh result” but noted his focus was on trade negotiations, according to the BBC.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -0.1%) opened mixed and on either side of the unchanged mark. Though as the morning progressed, sentiment waned a touch to display a modestly negative picture in Europe.
European sectors are mixed. Travel & Leisure was buoyed by post-earning upside in Ryanair (+5%); the Co. beat on its headline metrics and noted that Q2 demand is strong. Elsewhere, more bad news for Autos which is pressured by losses in Stellantis (-2.5%) after the Co. reported significant net losses.
US equity futures (ES +0.3% NQ +0.3% RTY +0.7%) are modestly firmer across the board, ahead of a week which includes earnings from the likes of Alphabet and Tesla.
Deutsche Bank turns Neutral from Overweight on European equities vs US equities.
USD has kicked the week off on a slightly softer footing with DXY hampered by JPY strength (see JPY section for details). Macro drivers from the US have been quiet over the weekend and this could remain the case in the near-term with the Fed in its blackout period and this week’s data slate a light one aside from housing metrics on Wednesday and Thursday and flash PMI data. There was a WSJ piece over the weekend suggesting that US Treasury Secretary Bessent reportedly advised US President Trump not to fire Fed Chair Powell. As it stands, the next Fed cut is not fully priced until October with a total of 47bps of loosening seen by year-end. DXY is contained within Friday’s 98.09-57 range.
EUR is firmer vs. the USD in what could be a busy week for the bloc. Focus remains on the trade front with Bloomberg reporting that EU envoys are set to meet as early as this week to formalise a retaliation plan in the event of a possible no-deal scenario with the US. Though, US Commerce Secretary Lutnick said he is confident they will get a deal done with the EU. Additionally, EU’s von der Leyen and Costa are to visit China and meet with President Xi and co-chair the 25th China-EU summit.
JPY is the best performing currency in the aftermath of the Japanese Upper House election. Exit polls showed that the LDP-Komeito coalition failed to secure the 50 seats required to retain a majority. A result that means PM Ishiba no longer controls a majority in the Upper or Lower Houses. Despite this, Ishiba has made clear he intends to remain PM – something which has been viewed as a positive by the market. Additionally, ING noted that opposition parties are very splintered and have little chance of coming together as a political force. As such, some of the worst fears of the outcome may have been avoided and therefore are driving the JPY strength. USD/JPY briefly made its way onto a 147 handle with a session low at 147.79.
GBP is marginally firmer vs. the USD after an indecisive week last week which saw the UK leg of the pair focused on the data slate (CPI and Jobs metrics). Weekend reporting over the UK has been light with not much traction from the latest Rightmove house price data, which showed the largest M/M decline since records began in 2001. Cable remains on a 1.34 handle and around the mid-point of Friday’s 1.3405-75 range.
Antipodeans are lacklustre with mild headwinds seen in NZD following the softer-than-expected CPI data from New Zealand.
Bonds are in the green today and generally trading near session highs, with the complex seemingly boosted by 1) PM Ishiba losing Upper House majority, but better than feared, 2) EU-US trade fears (details below).
PM Ishiba’s LDP-Komeito lost their Upper House majority. Going into the election, Japanese bonds were heavily sold, given the fiscal implications of PM Ishiba losing Upper House majoirty. Overall, his coalition secured 47 seats, which was a better outcome than some polls had suggested, which would therefore would mean Ishiba only needs to secure a handful of additional votes and thus may be able to avoid making very significant concessions. With cash JGB trade shut for the day, the upside across global fixed income could be attributed to some short covering, with the result not quiet as bad as feared.
USTs are higher by around 10 ticks today, and currently trades towards the upper end of a 110-24 to 111-04 range. Japan aside, nothing really US-specific driving the move, with the docket for the remainder of the day fairly light. On the ongoing Trump-Powell spat, US Treasury Secretary Bessent reportedly advised US President Trump not to fire Fed Chair Powell, may also explain some of the upside.
Bunds are also stronger today and trades just off the day’s high at 130.09, in a current 129.73-130.14 range. Ultimately following peers, but for the EU specifically, US Commerce Secretary Lutnick said he is confident they will get a deal done with the bloc; though Bloomberg reported that EU envoys are set to meet as early as this week to formalise a retaliation plan in the event of a possible no-deal scenario. Elsewhere, the ECB’s latest SAFE showed a drop in one year inflation expectations to 2.5% (prev. 2.9%), while the 3yr and 5yr views were maintained.
Gilts also firmer today, but to a lesser degree than European peers. Currently trades in a 91.29-55 range, in what has (and will remain to be) a quiet day. Focus for the remainder of the week on PMIs (Thu) and Retail Sales (Fri). One piece of notable newsflow over the weekend came via The Telegraph, who report that the government is looking at the creation of a “crypto storage and realisation framework” to manage and potentially sell seized assets.
WTI and Brent are currently trading in negative territory, after trading rangebound overnight. Energy specific newsflow light over the weekend, with more focus on geopolitical updates. Iran confirmed that nuclear talks with France, Germany and the United Kingdom will be held in Istanbul on Friday; China and Russia will holds talks with Iran on Tuesday. Brent Sept’25 currently trading in a USD 69.08-63/bbl range.
Spot gold is modestly firmer today and trades towards the upper end of a USD 3,338.03-3,370.87/oz range. Firmer alongside upside across global havens and also benefiting from the slightly softer Dollar.
Base metals are broadly in the green today, with the complex boosted after China launched the construction of hydropower project in Tibet, which has significantly boosted iron ore and steel prices; the former rose to a multi-month high, with Dalion iron ore closing higher by 2.1%. Meanwhile, 3M LME copper trades +1% at the time of writing, in a USD 9,766.30-9,891.00/t range.
UK Rightmove House Prices MM (Jul) -1.2% (Prev. -0.3%); YY 0.1% (Prev. 0.8%)
NOTABLE EUROPEAN HEADLINES
London Stock Exchange Group (LSEG LN) considers the launch of 24-hour trading, according to FT.
UK pensions overhaul looms as pension minister Bell warns of a slump in retirement income, while he noted the government would revive the Pensions Commission that heralded sweeping changes under the Blair Labour government in the early 2000s and argued that reforms were only “a job half done”, according to FT.
EU reportedly cracks down on state meddling in bank M&A as it recently issued warnings last week against meddling by the Italian and Spanish governments in banking tie-ups, according to the FT.
EU is to force car rental companies to purchase EVs only from 2030, according to Bild.
ECB Survey: Firms’ 1-year ahead inflation expectation 2.5% (prev. 2.9%), 3-year and 5-year unchanged at 3.0% “Most firms affected by trade tensions,” especially manufacturers and companies exporting to the US, are highly exposed to trade issues. A net 23% of firms are optimistic about developments in the next quarter but report a deterioration in their profits.
Germany reportedly intends to reverse the increase in air traffic tax, according to Bild.
NOTABLE US HEADLINES
China’s Foreign Ministry says, on the Wells Fargo (WFC) bankers exit ban, that Ms Mao is involved in a criminal case and is temporarily unable to leave China.
GEOPOLITICS
MIDDLE EAST
Iran and three European countries reached an agreement to resume nuclear talks, while an Iranian Foreign Ministry spokesperson said Iran and three European powers are to hold nuclear talks in Istanbul on Friday.
Israel issued an evacuation order for Deir al-Balah in central Gaza as it prepared to extend a Gaza offensive to areas not yet reached by ground forces.
Israel prepared a plan to control the Gaza Strip as an alternative to the idea of a humanitarian city, with the plan widely accepted among Israeli ministers and will be implemented if the Gaza negotiations fail, according to sources cited by Channel 12.
Israel’s military said it operated to disperse a violent gathering involving Israeli citizens across the border with Syria.
Syrian Presidency announced an immediate and comprehensive ceasefire, while it urged all parties to commit to a ceasefire and end all hostilities in all areas immediately. Furthermore, the Syrian Interior Ministry said the city of Sweida was cleared of Bedouin tribes fighters and clashes were halted after Syrian security forces were deployed to enforce a ceasefire.
“A senior Iranian lawmaker warned on Monday that Tehran could halt its regional maritime security cooperation, including in the Strait of Hormuz, if European powers move to reimpose UN sanctions through the so-called snapback mechanism”, via Iran Int.
“Israeli Army Radio: Raids begin on Houthi positions in Hodeidah and the western coast”, via Al Hadath.
Iranian Foreign Ministry spokesperson says trilateral meeting with China and Russia to be held on Tuesday regarding nuclear file and UN snapback mechanism; no plans for talks with the US at the moment.
RUSSIA-UKRAINE
Ukrainian President Zelensky said a Russian attack damaged critical infrastructure in the Sumy region, while it was separately reported that Zelensky said Kyiv sent Moscow an offer to hold talks next week.
Russian President Putin met with senior advisers to Iran’s Supreme Leader in the Kremlin, according to RIA.
Kremlin spokesman said Russian President Putin repeated his desire to bring the Ukrainian settlement to a peaceful conclusion as soon as possible but it is a long and difficult process, while Russia is ready to move fast on Ukraine peace but the main thing is to achieve the goals which have not changed.
Russian Defence Ministry said Russian forces took control of Bila Gora in eastern Ukraine, according to RIA.
OTHER
South Korean Unification Ministry spokesperson commented that the government is looking into various plans to improve relations with North Korea, regarding a report of South Korea potentially allowing tourism to North Korea.
CRYPTO
Bitcoin a little firmer today and trades around USD 118k.
APAC TRADE
APAC stocks began the week mostly in the green but with gains capped following relatively light macro catalysts from over the weekend, aside from Japan’s upper house election with the ruling coalition set to lose a majority, although markets in Japan were shut for a holiday.
ASX 200 retreated with the index dragged lower by underperformance in its top-weighted financial sector, while miners were showing some resilience as South32 gained following its quarterly and full-year production update.
Hang Seng and Shanghai Comp were kept afloat amid strength in tech and energy stocks, while China’s LPRs were unsurprisingly maintained and there were also recent reports that US President Trump could meet with Chinese President Xi ahead of or during the October APEC meeting in South Korea.
NOTABLE ASIA-PAC HEADLINES
Chinese Loan Prime Rate 1 Year (Jul) 3.00% vs. Exp. 3.00% (Prev. 3.00%); 5 Year 3.50% vs. Exp. 3.50% (Prev. 3.50%)
US President Trump and Chinese President Xi could meet ahead of or during the APEC summit in South Korea.
Chinese Foreign Ministry said European Commission President von der Leyen and European Council President Costa will visit China on July 24th and will meet with President Xi, while Chinese Premier Li will co-chair the 25th China-EU summit with the EU presidents.
DATA RECAP
New Zealand CPI QQ (Q2) 0.5% vs. Exp. 0.6% (Prev. 0.9%); YY 2.7% vs. Exp. 2.8% (Prev. 2.5%)
New Zealand RBNZ Sectoral Factor Model Inflation Index YY (Q2) 2.8% (Prev. 2.9%
2c Asian opening report
Europe set for a lower open, Japan’s LDP-led coalition loses its Upper House majority – Newsquawk Europe Market Open
Monday, Jul 21, 2025 – 01:22 AM
Japanese PM Ishiba vowed to stay on despite exit polls from the election showing that the ruling coalition lost its majority.
APAC stocks began the week mostly in the green, markets in Japan were shut for a holiday.
EU envoys are set to meet as early as this week to formalise a retaliation plan in the event of a possible no-deal scenario with the US, Bloomberg.
European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.3% after the cash market finished with losses of 0.3% on Friday.
DXY is a touch lower, JPY outperforms post-election, EUR/USD remains on a 1.16 handle.
Looking ahead, highlights include Canadian Producer Prices, US Leading Index Change.
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US TRADE
EQUITIES
US stocks were choppy on Friday, with early upside faded amid mixed sectoral performance. Utilities, Consumer Discretionary and Real Estate outperformed, while Energy, Healthcare and Communication lagged. The focus on Friday was largely on commentary from Fed Governor Waller, who reiterated his call for a 25bp rate cut in July. Meanwhile, US data saw strong housing data while the UoM also impressed, coinciding with easing inflation expectations.
SPX -0.01% at 6,296, NDX -0.07% at 23,065, DJI -0.32% at 44,342, RUT -0.62% at 2,239.
US Commerce Secretary Lutnick said he is confident they will get a deal done with the EU, while Lutnick said that President Trump is ‘absolutely’ going to renegotiate the USMCA.
EU envoys are set to meet as early as this week to formalise a retaliation plan in the event of a possible no-deal scenario with US President Trump, according to Bloomberg.
US State Department announced visa restrictions on Brazilian judicial officials including Supreme Court Justice Moraes and his allies in court, as well as their immediate family members. It was later reported that Brazilian President Lula said US visa restrictions on Brazilian officials are another arbitrary and baseless move by the US government, while he added that interference by one country in another’s justice system is unacceptable. Furthermore, Lula said this violates the basic principles of respect and sovereignty between nations and no form of intimidation or threat from anyone will undermine Brazil’s powers and institutions’ mission to preserve democracy.
Japanese PM Ishiba said he will tackle US tariff issues before the August 1st deadline and they cannot give up the negotiation bases they’ve built through US tariff talks, while he added that tariff negotiator Akazawa is to visit the US on Monday.
Japanese tariff negotiator Akazawa said he will visit the US this week and they are making arrangements for ministerial-level tariffs talks with the US to take place this week, while he also noted that he did not discuss tariffs with US Treasury Secretary Bessent on Saturday.
South Korea’s Industry Ministry said US tariff negotiations are in a serious situation and it pledged an all-out effort to smoothly wrap up US tariff talks.
China’s Commerce Ministry commented regarding Chinese firms being sanctioned, stating that the EU’s actions have a serious negative impact on China-EU economic and trade relations and financial cooperation, while it will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises and financial institutions.
NOTABLE HEADLINES
US Treasury Secretary Bessent reportedly advised US President Trump not to fire Fed Chair Powell and noted the Fed is already indicating it will cut rates later this year, while Bessent also warned Trump about economic and market risks over firing Powell, according to WSJ. However, US President Trump later posted “The Wall Street Journal ran a typically untruthful story today by saying that Secretary of the Treasury, Scott Bessent, explained to me that firing Jerome “Too Late” Powell, the Worst Federal Reserve Chairman in History, would be bad for the Market. Nobody had to explain that to me. I know better than anybody what’s good for the Market, and what’s good for the U.S.A. If it weren’t for me, the Market wouldn’t be at Record Highs right now, it probably would have CRASHED! So, get your information CORRECT. People don’t explain to me, I explain to them!”
US President Trump’s administration reviewed SpaceX’s government contracts following the feud between US President Trump and Elon Musk, although officials determined that most SpaceX contracts were critical to Defense Department and NASA missions, according to WSJ.
APAC TRADE
JAPANESE ELECTION
Exit polls from Japan’s upper house election showed the ruling coalition is likely to lose its majority in the upper house with the LDP and coalition partner Komeito projected to win a combined 32 to 51 seats out of a total of 125 seats contested, according to NHK.
Japanese PM Ishiba vowed to stay on despite the exit polls from the election and stated he “solemnly” accepts the “harsh result” but noted his focus was on trade negotiations, according to the BBC. LDP will continue to govern in a coalition with Komeito
EQUITIES
APAC stocks began the week mostly in the green but with gains capped following relatively light macro catalysts from over the weekend, aside from Japan’s upper house election with the ruling coalition set to lose a majority, although markets in Japan were shut for a holiday.
ASX 200 retreated with the index dragged lower by underperformance in its top-weighted financial sector, while miners were showing some resilience as South32 gained following its quarterly and full-year production update.
Hang Seng and Shanghai Comp were kept afloat amid strength in tech and energy stocks, while China’s LPRs were unsurprisingly maintained and there were also recent reports that US President Trump could meet with Chinese President Xi ahead of or during the October APEC meeting in South Korea.
US equity futures (ES +0.1%, NQ +0.2%) traded rangebound amid a lack of relevant drivers and as earnings season begins to pick up this week.
European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.3% after the cash market finished with losses of 0.3% on Friday.
FX
DXY kept within tight parameters following a lack of major fresh catalysts for the US over the weekend and with the Fed on a blackout period.
EUR/USD lacked direction after last week’s failure to reclaim the 1.1700 status and with participants looking ahead to upcoming events later in the week including the ECB policy meeting, Flash PMIs and EU’s von der Leyen and Costa to visit China and meet with President Xi, as well as co-chair the 25th China-EU summit.
GBP/USD just about held above the 1.3400 level, albeit with the upside limited amid quiet catalysts and a drop in UK Rightmove House Prices.
USD/JPY was pressured at the reopen amid early haven flows after exit polls showed Japanese PM Ishiba suffered a historic defeat on Sunday with the ruling coalition set to lose its majority, which risks political instability and effectively weakens the government’s position ahead of trade negotiations with the US.
Antipodeans were lacklustre with mild headwinds seen in NZD following the softer-than-expected CPI data from New Zealand.
FIXED INCOME
10yr UST futures were little changed amid light pertinent catalysts and with overnight cash treasuries trading shut due to the Tokyo holiday closure.
Bund futures eked mild gains after weathering last week’s choppy price action and with attention this week on the ECB and the China-EU summit.
COMMODITIES
Crude futures were rangebound after last Friday’s intraday pullback and with quiet energy-specific newsflow from over the weekend, while Iran also confirmed that nuclear talks with France, Germany and the United Kingdom will be held in Istanbul on Friday.
Spot gold traded both sides of the USD 3,350/oz level but with upside capped amid an uneventful dollar.
Copper futures were indecisive and failed to sustain the initial momentum seen as Chinese participants entered the fray.
CRYPTO
Bitcoin gradually climbed overnight and returned to above the USD 118k level.
NOTABLE ASIA-PAC HEADLINES
Chinese Loan Prime Rate 1 Year (Jul) 3.00% vs. Exp. 3.00% (Prev. 3.00%)
Chinese Loan Prime Rate 5 Year (Jul) 3.50% vs. Exp. 3.50% (Prev. 3.50%)
US President Trump and Chinese President Xi could meet ahead of or during the APEC summit in South Korea.
Chinese Foreign Ministry said European Commission President von der Leyen and European Council President Costa will visit China on July 24th and will meet with President Xi, while Chinese Premier Li will co-chair the 25th China-EU summit with the EU presidents.
DATA RECAP
New Zealand CPI QQ (Q2) 0.5% vs. Exp. 0.6% (Prev. 0.9%)
New Zealand CPI YY (Q2) 2.7% vs. Exp. 2.8% (Prev. 2.5%)
New Zealand RBNZ Sectoral Factor Model Inflation Index YY (Q2) 2.8% (Prev. 2.9%)
GEOPOLITICS
MIDDLE EAST
Iran and three European countries reached an agreement to resume nuclear talks, while an Iranian Foreign Ministry spokesperson said Iran and three European powers are to hold nuclear talks in Istanbul on Friday.
Israel issued an evacuation order for Deir al-Balah in central Gaza as it prepared to extend a Gaza offensive to areas not yet reached by ground forces.
Israel prepared a plan to control the Gaza Strip as an alternative to the idea of a humanitarian city, with the plan widely accepted among Israeli ministers and will be implemented if the Gaza negotiations fail, according to sources cited by Channel 12.
Israel’s military said it operated to disperse a violent gathering involving Israeli citizens across the border with Syria.
Syrian Presidency announced an immediate and comprehensive ceasefire, while it urged all parties to commit to a ceasefire and end all hostilities in all areas immediately. Furthermore, the Syrian Interior Ministry said the city of Sweida was cleared of Bedouin tribes fighters and clashes were halted after Syrian security forces were deployed to enforce a ceasefire.
RUSSIA-UKRAINE
Ukrainian President Zelensky said a Russian attack damaged critical infrastructure in the Sumy region, while it was separately reported that Zelensky said Kyiv sent Moscow an offer to hold talks next week.
Russian President Putin met with senior advisers to Iran’s Supreme Leader in the Kremlin, according to RIA.
Kremlin spokesman said Russian President Putin repeated his desire to bring the Ukrainian settlement to a peaceful conclusion as soon as possible but it is a long and difficult process, while Russia is ready to move fast on Ukraine peace but the main thing is to achieve the goals which have not changed.
Russian Defence Ministry said Russian forces took control of Bila Gora in eastern Ukraine, according to RIA.
OTHER
South Korean Unification Ministry spokesperson commented that the government is looking into various plans to improve relations with North Korea, regarding a report of South Korea potentially allowing tourism to North Korea.
EU/UK
NOTABLE HEADLINES
London Stock Exchange Group (LSEG LN) considers the launch of 24-hour trading, according to FT.
UK pensions overhaul looms as pension minister Bell warns of a slump in retirement income, while he noted the government would revive the Pensions Commission that heralded sweeping changes under the Blair Labour government in the early 2000s and argued that reforms were only “a job half done”, according to FT.
EU reportedly cracks down on state meddling in bank M&A as it recently issued warnings last week against meddling by the Italian and Spanish governments in banking tie-ups, according to the FT.
EU is to force car rental companies to purchase EVs only from 2030, according to Bild.
DATA RECAP
UK Rightmove House Prices MM (Jul) -1.2% (Prev. -0.3%)
UK Rightmove House Prices YY (Jul) 0.1% (Prev. 0.8%)
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN/
3C CHINA
CHINA/USA
China releases the valve on their chockhold on rare earths
(zerohedge)
China’s Rare Earth Chokehold Eases – Just Enough To Keep US Hooked
Monday, Jul 21, 2025 – 06:55 AM
China’s export controls on key rare earth elements (REEs) — particularly rare earth magnets essential for EVs, smartphones, fighter jets, and missiles — triggered a sharp drop in shipments to U.S. firms earlier this summer, disrupting production lines, including ones at Ford Motor Company. Now trade data shows a rebound in Chinese exports. Still, with Beijing controlling 90% of global REE supply, Washington has recognized the urgent need to build an “ex-China” supply chain.
The latest data from Bloomberg shows that China sharply increased exports of rare earth magnets in June — including to the U.S. Those shipments jumped to 3,188 tons in June from 1,238 tons in May, with U.S. imports rising to 353 tons from just 46 tons. Despite the rebound, exports remain depressed.
Beijing imposed REE restrictions in April on seven REEs that disrupted global supply chains and prompted President Trump to secure a trade truce. China has resumed shipments, but the volume is insufficient to meet all demand.
The Trump administration has recognized that America’s heavy reliance on imported REEs poses a growing national security risk and is now urgently working to map out an “ex-China supply chain.” Earlier this month, Morgan Stanley’s metals and mining team outlined the coming REE revolution — and how investors can profit from it (read here).
In addition to Morgan Stanley’s REE report, the current trends in the space include the Pentagon and Apple taking stakes in MP Materials. This is part of Washington’s re-shoring of REEs.
Rare Earths and permanent magnets are required for key defense applications…
Recall that one year ago, in our April 2024 note titled “Next Big Mineral Trade Revealed by Morgan Stanley,” we identified MP Materials as “one company that stands to benefit” from the restoration of America’s rare earth supply chain.
END
4. European affairs
GERMANY
the banning of AfD will be a nightmare scenario and must be avoided, They should never remove the populist movement (Eugyppius)
Banning Alternative Für Deutschland: A Nightmare Scenario
What will happen if Germany’s largest opposition party is prohibited and why it is in everybody’s interest for the centre-right CDU to bring down the firewall and normalise the populist right…
As all of my readers know, the Social Democrats (SPD) are fighting hard to force two hard-left justices onto the Federal Constitutional Court in Karlsruhe. Although the vote failed last week because Friedrich Merz messed it up, the SPD remain determined to give Frauke Brosius-Gersdorf and Ann-Katrin Kaufhold the red robes. They might still succeed.
This matters because Brosius-Gersdorf and Kaufhold have both argued in favour of ban proceedings against Alternative für Deutschland. What is more, both candidates would be appointed to the second senate of the Constitutional Court, which is the division responsible for banning political parties. And as if that were not enough, the SPD nominated both candidates in the wake of their party congress, where SPD chairman Lars Klingbeil said that banning the AfD was his party’s “historical duty.” Many have therefore concluded that the SPD are trying to stack the court in advance of an application to prohibit Germany’s second-strongest political party, banish all of its elected politicians and seize all of its assets.
I’m far from a sensationalist, and I’ve repeatedly discounted the likelihood of an AfD ban – not least because the German establishment and the left in particular have good reasons to keep the AfD around. Lately, however, I’ve begun to appreciate that there are deeper, systemic forces working against the AfD in this case. These forces are beyond anybody’s control and if nobody does anything, they may well end in political catastrophe that is much bigger than any single party.
Since the end of the Merkel era, the German left has become thematically scattered, and so they have retreated to the only coordinating issue the German left has ever had, which is hating the right. As climatism started to fade, the social welfare state exceeded its limits and mass migration went sour, AfD bashing became the sole unifying principle for much of the SPD, Die Linke and the Greens. Hating the right is particularly important because it keeps leftist politicians and their activist class on the same page. Without a crusade against the right, a great chasm opens between the antifa thugs who want to smash the state and destroy capitalism on the one hand and the schoolmarm leftoid establishment functionaries in the Bundestag who want to mandate gender-neutral language for the civil service on the other hand. What is more, the firewall against the AfD splits the right and keeps the shrinking left in government. It is a win-win for leftoids everywhere.
Recent events, however, show why things cannot continue as they are now indefinitely. Over time, our Constitutional Court will begin to fill with leftist justices supported by the left parties, who like the rest of the left will also want to ban the AfD. Brosius-Gersdorf and Kaufhold are omens here. Right now the system is held in perfect balance; the left talks a big game about wanting to stamp out the AfD, but they can always justify their hesitation by saying the outcome of ban proceedings is too uncertain. When the necessary judicial majority for an AfD ban is finally secured in Karlsruhe, everything changes. At that point, there will be no excuse for not proceeding with a ban. The activists and the NGOs will take to the streets if their political masters in Berlin don’t begin the process. The CDU will be brought around by media smear campaigns and antifa intimidation.
Keep in mind that this is not about the AfD, but about imperatives within the left itself.
No amount of moderation, polite messaging or triangulation on the part of the AfD can get the left to stop or pursue other goals. Unless some exogenous force introduces a new unifying obsession for the left parties and their activists, they will never stop gnawing on this particular chew toy.
Practically, this probably means that the AfD has an expiration date. If they can’t get into government at the federal level and if nothing else changes, they will find themselves facing ban proceedings before a court stacked with leftists who hate them in the next 10 or 15 years.
The federal elections in 2029 seem like the last opportunity to normalise the AfD before this final escalation.
People in the CDU need to realise how serious this is, because their fate hangs in the balance as much as the fate of the populist opposition to the right of them. It is absolutely necessary that they break the firewall and enter some kind of arrangement with the AfD before it is too late. It doesn’t matter how much the press freaks out. It doesn’t matter how many violent antifa thugs take to the streets. It doesn’t matter how many party headquarters the leftists invade and vandalise.
The firewall will fail in one direction or the other, and if it fails with an AfD ban, we are all in very deep shit.
Once the AfD is gone – once all their assets are confiscated, all their representatives are driven out of the federal and state parliaments and the authorities have hunted down all plausible successor organisations – the left would turn on the CDU and the CSU. They have to, because as I said above the left in its present form is an anti-right machine.1 Everything that is happening to the AfD right now would begin to happen to the centre-right Union parties. Left parties would suddenly have a majority almost everywhere; all the tools of defensive democracy would be at their exclusive disposal. Leftist forces in the Federal Office for the Protection of the Constitution would begin infiltrating CDU party ranks, what remains of the right flank of the CDU would be hunted down and criminalised, CDU civil service members would be subject to official harassment and intimidation and a great part of the CDU party programme would be declared beyond the pale. There is very little the CDU could do to stop any of this.
The DDR was not a single-party state; rather, the governing Socialist Unity Party (SED) tolerated the existence of several “bloc parties” alongside itself. Only the SED was really in charge, but the bloc parties allowed the SED to claim a broader basis of social support and to integrate different groups who could not identify directly with the reigning communists. The forces unleashed by an AfD ban would very likely reduce the CDU to a bloc party of the German left, while also encouraging the closer integration of the left parties themselves. A clear leader might emerge, and if history is to repeat a second time as farce, that might even be Die Linke – none other than the rebranded SED. Whatever happens, the left would have an iron monopoly on all major political issues. A lot of these would be decided internally, at party congresses and in back rooms, without the public ever having to hear much about it.
This is an extreme nightmare scenario, but I think it’s more likely than not what happens in the event of an AfD ban. The problem is that the Federal Republic is in many ways a provisional country, which was set up to counteract the distant political threats of yesteryear, like lingering National Socialist elements and eastern Communism. Built into the constitutional fabric of the Federal Republic are a series of tools that permit parliamentary majorities to appropriate the entire political system for themselves, and when they use these tools there’s not much anybody can do about it. If the CDU want to have any kind of future, they need to normalise relations with the AfD and come to some kind of compromise that gets the left out of the federal government. Otherwise we may all face a totally legal coup followed by a leftist political revolution that will land us in a kritocratic equivalent of the DDR.
END
UK
Just look at what is happening in the UK with the huge increase if migrants.
(Watson/Modernity News)
Close To One And A Half Million Immigrants Are Receiving Government Welfare In The UK
British government figures have revealed that a whopping 1.3 million foreigners are receiving Universal Credit benefits at the taxpayer’s expense.
The stats from the Department of Work and Pensions show that in June 1.26 million people, out of a total 7.9 million claimants, received the welfare subsidies.
While Conservative MPs attempted to jump on the Labour government over the findings, Reform leader Nigel Farage noted that it was the Conservative government that introduced the Universal Credit system and facilitated mass immigration for years.
These are staggering figures and are clear proof that the Labour government has lost control of our welfare system.
Under Kemi Badenoch, we’ve set out a clear, common-sense position. Universal Credit should be reserved for UK citizens only. This is about fairness, responsibility… pic.twitter.com/aj1mDoDWoX
The figures also show that the average payment was £1,010 a month, and the overwhelming majority of migrant claimants are unemployed.
Farage added “for the first time the Department of Work and Pensions have given us some figures that many have wanted for years. The result? There are 1.3 million migrants on Universal Credit, and over half of them don’t do any work at all.”
“This goes completely against the lie we’ve been told for 25 years that immigration’s fine because everyone’s working and everyone’s contributing,” Farage continued.
🚨 BREAKING NEWS 🚨
1.3m migrants are on Universal Credit and 750k of them don’t work at all.
“We can see from this that it’s not… some of this has happened since Labour came to power but nearly all of it happened during 14 years of Conservative government,” he further urged.
“And if they dare say a word about these numbers today don’t take them seriously and frankly they should be in hiding for what they’ve done to this country,” Farage asserted.
The stats indicate that the overall monthly cost of Universal Credit to migrants could be as high as one-and-a-quarter billion pounds ($1.6 billion), or £15.2 billion a year.
The number of migrants claiming the welfare is just exponentially increasing month on month.
We are funding a rapidly growing number of lazy foreigners to do sod all.
As we’ve repeatedly highlighted, many of these migrants get to spend their time in lavish hotels at taxpayer expense.
Or they’re sent to quaint villages where residents don’t know what has hit them.
Earlier this week it was also revealed that a British version of DOGE instituted in areas where Farage’s Reform won seats in the last round of elections has found that local government is spending hundreds of thousands in taxpayer money on unnecessary perks for illegal immigrants, including fast food, subscriptions to Netflix, outings to the circus and free Amazon vouchers.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
EUROPE
TRUMP ANGRY AS THE USA DEFICIT WITH THE EU RISES HUGELY
The transatlantic trade debate heats up again, but this time Europe isn’t backing down. Economic stability and investor inflows have emboldened EU leaders to push back harder. As Brussels toughens its stance, markets must weigh the odds of negotiation vs. escalation. TACO or Burrito?
More confrontational
End of last week’s tariff threats were an unwelcome surprise for the EU, which had been working toward an agreement that would have kept baseline tariffs at 10%, already a tough concession for some of its 27 countries. WSJ reports that the shift prompted Germany, Europe’s biggest economy and its largest exporter, which had previously been more dovish on U.S. retaliation, to swing closer to France’s more confrontational position, according to people close to the discussions.
“If they want war, they will get war.” (a German official)
With roughly $5 billion in goods traded daily, the stakes are high—and Europe is preparing to defend its interests decisively.
Source: WSJ
This pisses Trump off
US trade deficit with the EU deepening. Frontloading of imports caused deficit to double so far this year
Source: US Census Bureau
Transatlantic pressure points
The EU is seeking to avoid higher tariff rates on key sectors
Source: Bloomberg
Economic uncertainty easing
The general economic backdrop in Europe has of course been “less bad” over the recent months, which could help to explain the more “ballsy” European attitude towards Trump. Economic uncertainty has generally eased in Europe this year.
Source: Deutsche Bank
Strong surprises
Euro area data surprises are strong.
Source: Deutsche Bank
Q2 is ok
Most companies reported in line with expectations. In-line is pretty good in European terms…
Source: FactSet
The flows are all right
1m flows from Global investors into European equity funds.
Source: EPFR
Close to best in recent history
Calendarized flows from Global investors into European equity funds.
Source: EPFR
This too pisses of Trump
Europe has seen the largest inflows (as % of AUM), benefiting from diversification away from the US.
Source: EPFR
ECB not done yet
Inflation to undershoot the 2% target in 2026 the ECB easing cycle is probably not done yet.
Source: Deutsche Bank
European valuation
STOXX Europe 600 12m fwd P/E. Attractive, some might say…
Source: Datastream
end
EUROPE
an excellent commentary on the state of affairs inside Europe now;
(epochtimes)
The European ‘Surprise’ – Why We Misread The Continent’s Shifts
Europe’s political landscape continues to defy expectations, leaving analysts and policymakers scrambling to explain outcomes that, in hindsight, seem foreseeable. From the UK’s Brexit vote to Giorgia Meloni’s rise in Italy, the Alternative für Deutschland (AfD) surge in Germany, Dutch farmers’ revolts, and Marine Le Pen’s ascent in France, each development triggers a chorus of shocked “No one saw this coming.” Yet millions of Europeans did.
The persistent surprise may stem from a flawed lens—dominated by English-language media filters, historical overcorrections, and shrinking on-the-ground reporting—that distorts our understanding. As these shifts ripple globally, misreading Europe poses strategic risks we can no longer afford to ignore.
The pattern is unmistakable. Europe has been portrayed as a stable, liberal bastion—centrist coalitions driving climate action and European Union unity, embodying a progressive ideal. Yet reality diverges: The UK exited the EU in 2016, Meloni became Italy’s prime minister in 2022, Germany’s AfD polled second nationally in 2025, Dutch farmers blocked roads over nitrogen policies, and France’s center collapsed in 2024, elevating Le Pen. Each time, English-language coverage reacts with shock, missing signals visible to local populations.
The Media’s Blind Spot
This disconnect begins with a critical media filter. English-language European outlets, such as state-funded France 24, Deutsche Welle, Politico Europe, and center-left publications like Le Monde, cater to an urban, university-educated, globally minded audience. These sources are mostly credible and professional but reflect a narrow slice of society, underrepresenting conservative and rural perspectives.
A key disparity amplifies this bias: While mainstream liberal media regularly publish English editions, conservative and right-wing outlets across Europe—such as Germany’s Junge Freiheit or Italy’s Il Giornale—rarely do. This choice stems from several factors: a lack of perceived demand in English-speaking markets, suspicion of hostile Anglo-American coverage, and a strategic focus on local bases.
As a result, English-speaking audiences relying on European media’s English editions get an incomplete picture, skewed toward liberal narratives and missing the conservative currents driving political shifts.
Europe’s Hidden Currents
Country-specific examples reveal the depth of this gap. In Italy, Meloni’s 2022 victory, often labeled “neo-fascist” because of her party’s post-fascist roots, was misread by English outlets. Yet her platform—lower taxes, stronger borders, and national pride—reflected frustration with unelected technocrats and Brussels’ fiscal rules. She formed a coalition with Matteo Salvini’s League and Forza Italia, securing a parliamentary majority with 44 percent of the vote, appealing to millions disillusioned by years of instability, not extremism. Her government’s three-year record (2022 to 2025) has focused on economic recovery.
In Germany, AfD’s rise to more than 20 percent in state elections and a mayoral win in 2025 reflect discontent with soaring energy prices post-nuclear shutdown and immigration strains. Yet it’s framed as a dangerous anomaly, ignoring its roots in rural and eastern voter bases.
In the Netherlands, the government’s 2019 nitrogen reduction plan, mandating farm buyouts, sparked tractor blockades by farmers facing existential threats to generational livelihoods. The Farmer-Citizen Movement, formed in response, became the largest party in the Dutch Senate by 2023, a democratic revolt misread as a sideshow.
In France, President Emmanuel Macron’s 2024 dissolution of the National Assembly followed his party’s European election defeat, paving the way for Le Pen’s National Rally. Her movement, drawing working-class and youth voters from disaffected leftist unions, has softened its rhetoric—shifting from anti-immigrant hardline to economic populism—normalizing her appeal amid the center’s collapse.
Postwar Shadows
This blind spot is structural, rooted in postwar Europe’s “firewall” logic. After World War II, institutions like Germany’s Basic Law and France’s laïcité were designed to prevent fascism and nationalism, embedding a cultural consensus against these ideologies. The EU, as a moral project to dissolve rivalries, reinforced this stance.
Over time, this overcorrection stigmatized moderate conservatism—national flags or religious appeals were red flags, dissent from EU norms labeled “anti-democratic.” Repressing these voices buried resentment, fueling unexpected populism. The UK grooming gang scandals illustrate a similar pattern: institutional real fear of fomenting racism delayed action on abuse, worsening the crisis. In Europe, suppressing feedback has similarly driven political surprises.
Anglosphere’s Distance
The Anglosphere’s media compounds this. Decades ago, outlets like The New York Times or CBS maintained lively European bureaus, offering nuance and real understanding of reality on the ground. Budget cuts and shifting priorities have shuttered many, replacing correspondents with wire services and freelancers. Walter Duranty’s downplaying of Joseph Stalin’s Holodomor, despite his Moscow base, shows proximity isn’t a cure-all, but its absence distorts coverage, even by the mere addition of intermediaries.
Today’s reports—relying on embassy briefings, nongovernmental organization releases, the European media’s English language editions, or echo-chamber articles—many times lack critical context. For example, there was the framing of Dutch tractor protests as climate backlash rather than a livelihood crisis. For policymakers and investors, this distance misjudges risks, from policy legitimacy to market stability.
Global Stakes at Risk
The stakes are high. Misreading Europe leads to ill-fated policies, regulatory backlash, and eroding trust in journalism, fueling polarization. Each “shock result” signals analytical failure with global repercussions—markets shift, alliances waver, and migration patterns change. The postwar consensus, while essential, has ossified into dogma, blinding elites to new threats.
A Call for Clarity
To see Europe clearly, we ought to think and act like historians. We stop waiting for “The Truth” to arrive in a statement and start building our own mosaic. This means reading across ideological spectra, using artificial intelligence to translate non-English conservative sources like Junge Freiheit (even if one vehemently disagrees with its editorial line), tracking polling trends, and listening beyond capitals.
This is not about endorsing right-wing or conservative parties over liberal and progressive ideologies; rather, it underscores that navigating with a flawed map—lacking the full true picture—hurts everyone’s performance. Understanding Europe’s diverse political currents, progressive gains and conservative surges alike, reduces the risk of costly surprises.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
Summary of weekend events throughout the middle east
IDF set to begin ground operations in central Gaza’s Deir al-Balah for first time
Hamas has held captives in city, which saw hostage release in February; 2.7 kilometers of tunnels destroyed in Jabalia, other terror infrastructure razed in Beit Hanoun
Palestinians carry containers for water at a camp for the displaced in Deir al-Balah, Gaza Strip, July 7, 2025. (AP Photo/Abdel Kareem Hana)
The Israeli military said Sunday that it was set to begin ground operations in Deir al-Balah for the first time since the start of the war, issuing an evacuation order for Palestinians in the southwest of the city in the central Gaza Strip.
“The IDF continues to operate with great force to destroy the enemy’s capabilities and terror infrastructure in the area, as it expands its activities into an area where it has not operated before,” the IDF’s Arabic-language spokesperson, Col. Avichay Adraee, said on X.
The expansion into Deir al-Balah was announced as fighting continued across the Strip, and alongside ongoing ceasefire negotiations in Qatar, where Israel has accused Hamas of dragging out its response to an Israeli proposal. On Saturday night, thousands of protesters gathered in Tel Aviv to call for the release of the remaining hostages in Gaza.
Deir al-Balah is one of the few places in the Strip where the military has not yet operated with ground troops because it believed Hamas to be holding hostages there, though it has conducted airstrikes in the city. Hamas has vowed to execute captives if the IDF approaches.
The IDF has avoided ground operations in areas where it believes Hamas to be holding hostages, in order not to endanger them.
“Can anyone promise us that this decision will not come at the cost of the loss of our loved ones?” the Hostage and Missing Families Forum said in a statement after the announcement.
Smoke and fire rise to the sky following an Israeli airstrike in the northern Gaza Strip, as seen from southern Israel, Friday, July 18, 2025. (AP Photo/Leo Correa)
Because of the relatively light fighting in the Deir al-Balah area, refugees from other parts of Gaza have sought shelter there, and most buildings remain standing. During a ceasefire in February, Hamas released three Israeli hostages — Eli Sharabi, Or Levy, and Ohad Ben Ami — in a ceremony in Deir al-Balah that sparked outrage in Israel.
Sunday’s announcement told civilians to head south to the Mawasi area on the coast, where hundreds of thousands of Palestinians are already massed.
According to IDF estimates from May, some 350,000 Palestinians reside in all of central Gaza. It is unclear how many are in the newly evacuated zone.
Overnight, the IDF demolished Hamas infrastructure in northern Gaza's Beit Hanoun, amid an ongoing offensive against Hamas there.
A video from the Israeli border community of Netiv Haasara shows the large explosions that shook the region just after 3 a.m. pic.twitter.com/EBVgPEqmGD
— Emanuel (Mannie) Fabian (@manniefabian) July 20, 2025
Meanwhile, overnight, the IDF demolished Hamas infrastructure in northern Gaza’s Beit Hanoun, amid an ongoing offensive against the terror group there.
A video from the Israeli border community of Netiv Ha’asara showed a large explosions that shook the region just after 3 a.m.
Overnight, the IDF demolished Hamas infrastructure in northern Gaza's Beit Hanoun, amid an ongoing offensive against Hamas there.
A video from the Israeli border community of Netiv Haasara shows the large explosions that shook the region just after 3 a.m. pic.twitter.com/EBVgPEqmGD
— Emanuel (Mannie) Fabian (@manniefabian) July 20, 2025
Also on Sunday, the IDF said it demolished 2.7 kilometers’ (1.7 miles’) worth of tunnels in recent operations carried out by the 401st Armored Brigade in the area. The underground passages were some 20 meters (66 feet) deep, according to the military, and were destroyed by combat engineers.
The IDF said on Saturday that the Israeli Air Force struck approximately 90 targets in the Gaza Strip over the preceding day, including buildings used by terror operatives and tunnels. That day, two reserve combat engineers were seriously wounded by a roadside bomb in the south of the enclave.
The Hamas-run health ministry in Gaza reported on Saturday that 98 Palestinians were killed and 511 were wounded in the previous 48 hours. One strike killed the head of the Hamas-run police force in Nuseirat in central Gaza, and 11 of his family members.
The reported toll included dozens killed near aid distribution sites. The Israeli military said it had fired warning shots at suspects who approached its troops after they did not heed calls to stop, about a kilometer away from an aid site that was not active at the time.
The Gaza Humanitarian Foundation, a US-backed group that runs the aid site, said there were no incidents or fatalities there on Saturday and that it has repeatedly warned people not to travel to its distribution points in the dark.
The war has been going on since October 7, 2023, when Hamas-led terrorists invaded Israel to kill some 1,200 people and kidnap 251. Fifty hostages remain in Gaza, including the bodies of at least 28 confirmed dead by the IDF; one of them is an IDF soldier killed in Gaza in 2014.
Palestinians carry bags of flour after storming a UN World Food Program warehouse in Zawaida, Deir Al-Balah, Central Gaza Strip, on May 28, 2025. (Abdel Kareem Hana/AP)
Israel’s toll in the ground offensive against Hamas in Gaza and in military operations along the border with the Strip stands at 454.
The Hamas-run Gaza health ministry says more than 58,000 people in the Strip have been killed or are presumed dead in the fighting so far, though the toll cannot be verified and does not differentiate between civilians and fighters. Israel says it has killed some 20,000 combatants in battle as of January and another 1,600 terrorists inside Israel during the October 7 onslaught.
Israel has said it seeks to minimize civilian fatalities and stresses that Hamas uses Gaza’s civilians as human shields, fighting from civilian areas, including homes, hospitals, schools, and mosques.
US President Donald Trump has repeatedly urged Israel and Hamas to reach a deal to free captives and end the war, and the sides have been negotiating an agreement for weeks in Qatar. Israel recently softened its position regarding where the IDF will remain deployed during a truce, and has accused Hamas of dragging its feet in response. The delay is reportedly due in part to difficulties in getting a response from the terror group’s leadership in Gaza.
Israelis attend a rally calling for the release of captives held hostage in Gaza by Hamas, at Hostages Square in Tel Aviv, July 19, 2025. (Avshalom Sassoni/Flash90)
On Saturday night, thousands of people gathered in Hostages Square in Tel Aviv, and then outside the US embassy’s branch office in the city, to urge the sides to reach a ceasefire and release the hostages. Protesters stood behind a large banner urging US President Donald Trump to reach a “big, beautiful deal” — a nod to the name of his recent spending bill.
Among the speakers were released hostages and their relatives. Doron Steinbrecher, who was freed during a two-month ceasefire earlier this year, addressed Trump in remarks at the earlier rally.
“We have met and spoken; I know how personally important this is to you, how deeply you are involved, and I know what you are capable of,” she said in English. “Make it happen. Let everyone emerge through the gates of hell so that we may rise.”
Noam Lehmann and Times of Israel staff contributed to this report.
end
ISRAEL HOUTHIS
Israel Pummels Hodeidah Port, Says ‘Yemen’s Fate – The Same As Tehran’
Monday, Jul 21, 2025 – 12:25 PM
Israeli Defense Minister Israel Katz confirmed that the Israel Defense Forces (IDF) carried out large-scale strikes on Houthi targets in Yemen on Monday, in order to halt missile fire targeting Israel and tankers bound for Israeli ports traversing the Red Sea. At one point he said in his statement, “As I have made clear — Yemen’s fate will be the same as Tehran.”
According to the IDF, the operation targeted and destroyed military infrastructure belonging to the Houthi forces at the port of Hodeidah, including engineering equipment used to rebuild port facilities, fuel tanks, and naval vessels involved in military operations against Israel. The IDF also struck boats in nearby waters said to be linked to Houthi operations.
“The IDF has identified the continuous efforts and actions of the Houthi terrorist regime to reestablish terrorist infrastructure at the port, and as such, the components used to advance these efforts were struck,” the IDF said.
“The Houthi terrorist regime exploits the maritime zone for the use of force and to carry out terrorist attacks against passing vessels and global maritime trade. The targets struck demonstrate how the Houthi terrorist regime utilizes civilian infrastructure for military and terrorist purposes.”
And Defense Minister Katz announced separately, “The IDF is now attacking terrorist targets of the Houthi terrorist regime in the port of Hodeidah and is vigorously enforcing any attempt to restore the terrorist infrastructures that were attacked in the past. As I have made clear – Yemen’s law is Tehran’s law.”
He followed by threatening there could be more to come: “The Houthis will pay a heavy price for firing missiles at the State of Israel. We will continue to act at all times and in all places to defend the State of Israel,” the defense chief said.
The last significant Israeli aerial attacks occurred on July 7. But these operations aren’t shutting down Houthi aggression against Israel. This latest strike operation appears to have primarily been done through drones.
Still, the Houthis remain committed to attacking Israel so long as the IDF is operating in the Gaza Strip. Israeli media reports say there have been at least six Houthi ballistic missiles as well as several drones launched on Israel since the last IDF strikes of early July.
Shutting down of the Eilat port It is Israel's third busiest port and the only port with access to the Red Sea. The blockade imposed by Yemen's Ansarallah has caused a major drop in shipping activity, some estimates say 85%. Regardless of the exact level of activity, definetly… pic.twitter.com/TzPIehhAFB
In Gaza, Israel’s military actually looks poised to expand the ground offensive, with Channel 12 news quoting military sources saying there is currently a plan “for taking over Gaza,” widening the Israel Defense Force’s hold on the territory beyond its current control of around 70 to 75 percent.
Gaza Health Ministry figures say the overall Palestinian death toll is now approaching 60,000 – as hundreds continue to die almost by the day.
SYRIA
clashes persist despite ceasefire in Sweida (home to Syrian Druze)
Israel prepares to send medical gear to Sweida as clashes persist despite ceasefire
Tribal and Bedouin fighters deploy in southern Syria’s predominantly Druze city of Sweida, amid clashes with Druze gunmen on July 19, 2025 (Abdulaziz KETAZ / AFP)
The Health Ministry says it is preparing to send medical equipment and medicine to a hospital in Sweida, southern Syria, after reports the facility was severely damaged in recent sectarian fighting.
The supplies will be transferred by Israel’s security forces once full authorization is obtained from all relevant authorities, a statement from the ministry says.
“Our brotherhood with the Druze community is well known, but beyond that, we are committed to a ‘covenant of life.’ We cannot stand idly by when members of the community—inside or outside Israel—are in danger,” Health Minister Uriel Buso says.
Ministry Director-General Moshe Bar Siman Tov adds: “This initiative reflects the values that guide Israel’s healthcare system and our longstanding alliance with the Druze community. Providing medical assistance to the injured is a moral obligation.”
Syrian Bedouin and their allies battled Druze fighters in the community’s Sweida heartland for a seventh day today despite a ceasefire ordered by the government following a US-brokered deal to avert further Israeli military intervention.
AFP correspondents reported clashes in the west of the provincial capital as Druze fighters clashed with Bedouin supported by tribal gunmen from other parts of Syria.
The Syrian interior ministry announced that internal security forces had begun deploying in Sweida province and AFP correspondents saw them manning checkpoints trying to prevent more people from joining the fighting.
END
not good
SYRIA
Nearly 1,000 Killed In Clashes In Syria’s South, With 80,000 Displaced
Saturday, Jul 19, 2025 – 07:15 PM
The death toll from a past week of spiraling violence in Syria’s Sweida province, a stronghold of the Druze minority – which also has a presence of Christians – has climbed to 940 since last weekend, according to the Syrian Observatory for Human Rights, despite a recent declared ceasefire.
Among the dead are 326 Druze fighters and 262 Druze civilians, including 182 reportedly executed on the spot by forces from Syria’s Hayat Tahrir al-Sham government fighters.
The Observatory also reported the deaths of 312 government security forces and 21 Sunni Bedouins—three of whom were civilians allegedly executed by Druze fighters. Additionally, some 15 Syrian government troops were killed in Israeli airstrikes amid the intermittent intervention by Israeli warplanes.
Damascus announced a ceasefire early on Saturday, saying in a statement the truce is badly needed in order “to spare Syrian blood, preserve the unity of Syrian territory, the safety of its people.”
In a televised address, the country’s self-appointed president Ahmed al-Sharaa stated that he “received international calls to intervene in what is happening in Suwayda and restore security to the country.”
He described that Israeli military intervention has “reignited tensions” in the city of Sweida, with fighting there at “a dangerous turning point.” Interestingly he also at one point thanked the United States for its support.
According to Syria’s Health Ministry, the death toll from fighting in the Druze-majority city is now at least 260. An estimated 80,000 people have fled the area, according to the International Organization for Migration.
“A lot of extrajudicial killings [are] being reported,” said Vall. “People are suffering, even those who have been killed or forced to flee, they don’t have electricity, they don’t have water, because most of those services have been badly affected by the fighting.”
Government forces further say they want to defeat Druze leaders who have allied themselves with a foreign power – Israel.
Israel has of late made no secret that it is backing the Druze cause, but critics see Netanyahu expansionist ‘divide and rule’ policies at work.
Heartbreaking, Father Tony Boutros, representative of the Greek Catholic Church in Sweida, Syria, makes an appeal to the international community to save Christians and Druze from an Islamist genocide.
HTS has just taken off the US-designated terrorism list earlier this month, after Trump had posed with its leader Sharaa (Jolani, who had earlier been a member of ISIS) while visiting Riyadh, expressing hope that he’ll make for a good post-Assad ruler. HTS fighters have lately been massacring Druze, Christians, and Alawites – waging war against non-Sunni minorities.
end
israel/iron beam..
this will absolutely nullify all drone attacks
(JerusalemPost)
What does it mean IDF’s laser will be fully deployed within four months? – explainer
Israel’s enemies have known that 85%-95% of their short-range rockets would be shot down by Iron Dome. But they also knew some would get through.
The IDF on Wednesday announced that its Iron Beam laser defense system has shot down dozens of aerial threats during the war May 28, 2025(photo credit: IDF SPOKESPERSON’S UNIT)ByYONAH JEREMY BOBJULY 20, 2025 16:04Updated: JULY 20, 2025 17:08
In dual revelations on May 28 and June 4, the IDF and Rafael said they have developed three laser platforms to use for air defense, and that one of the platforms shot down about 40 Hezbollah drones last fall.
They also confirmed earlier announcements that the laser would be fully and regularly deployed by the end of 2025, which is now only four months away.
How will this change Israeli security and life on the home front? There are several aspects that need to be addressed to answer that question. The most important one, cost, has been the most covered so far.
Iron Dome interceptors currently cost Israel $40,000 to $100,000. Before the war, Hamas spent an estimated $300 to $800 on its cheaper rockets, with costs less well-known regarding some of its better rockets.
Iron Beam, Iron Beam M (mobile), and Lite Beam cost almost nothing, since each time they fire, it is equivalent in many ways to turning on a light with a brief burst of electricity.
The IDF announced that its Iron Beam-like laser defense system has shot down dozens of aerial threats during the war, May 28, 2025. (credit: IDF SPOKESPERSON’S UNIT)
Less covered has been how Israeli lasers will project greater power to intimidate enemies from even bothering to fire short-range rockets and drones.
These lasers can shoot down threatening projectiles much faster and earlier in their trajectory, because a laser moves basically at the speed of light. They can also fire multiple laser beams at once to provide wider defense coverage than one defensive shot by Iron Dome.
How motivated will a Hamas or Hezbollah terrorist be to keep firing rockets when he sees the rocket shot down just over his head shortly after it leaves its launcher and long before it gets into any position of being able to be a threat?
Israel’s enemies have known that 85%-95% of their short-range rockets would be shot down by Iron Dome. But they also knew some would get through, and they got to watch their rockets sail off into the distance, with the moment they were shot down usually being too far off for them to see.
This change of hitting the threatening rocket or drone much earlier in their trajectory could also extraordinarily change life on the home front.
Until now, as soon as Israel’s enemies’ rockets lifted off, IDF warning sirens had to go off in a number of areas to give civilians enough time to reach safe rooms and bomb shelters should the rocket succeed at striking a residential area.
If the lasers can shoot down the rockets earlier in their trajectory, there may be no need to activate the air-raid sirens.
The psychological war, in which Israel’s enemies feel they have accomplished something by getting two million Israelis to run into safe areas in the middle of the night, even if they do not kill anyone, could be removed, thereby decreasing the motivation for firing such rockets.
Terrorist organizations have been shown to adapt
But Hezbollah and Hamas have shown they can learn and adapt. After all, the tunnel, rocket, and drone threats were all adaptations to use asymmetric, cheap weapons against Israel in areas where the Jewish state’s defenses were costlier and less hermetic. One alternative would be for these groups to switch to the Iranian and Houthi ballistic-missile threat.
Their problem would be that ballistic missiles are a much more complex operation to build, set up to fire, train firing teams, conceal before firing, and pay for. But if they can gain ballistic missiles, the lasers would likely still be useless for now, with a range limited to about 10 kilometers and focused on following much slower targets.
The Arrow 2 and 3 missile-defense systems shoot down ballistic missiles much higher in the Earth’s atmosphere, a place where lasers are not even close to reaching. Lasers lose their intensity over distance, especially if they have to travel through clouds and other inclement weather.
No one knows how long it will take to provide lasers that can shoot down long-range threats such as ballistic missiles, but no one is even really working on that yet. Given how long it took to develop Iron Beam, a 10-year waiting period could be a realistic prediction, and a lot can change in war and security in 10 years.
There is another time factor that could delay Iron Beam’s effectiveness.
Each shot is cheap, but producing enough laser batteries for it to be used on a large-scale basis, like Iron Dome, will be very expensive.
Iron Dome was first deployed in 2011, but there was a limited number of batteries. The real number is classified, but over time, public reports have placed the number of Iron Dome batteries as high as 12.
How long will it take to produce enough Iron Beam batteries to cover what 12 Iron Dome batteries can cover? While it will probably take less than 10 years, it will also probably take more than a year or two.
Make no mistake, the Iron Beam is a game changer, but it still may take some time for that c
end
IRAN
getting a lot of these fires/explosions lately; probably Mossad!
Large fire reported at oil products factory in Iran’s Isfahan
AU: footy Sam Backo’s “life-threatening tropical disease”; SI: JJ Lin tells audience of heart ailment, keeps singing through his pain; DE: comic Joel Hyrland in hospital with weird sore throat; more
Sunday Brunch star diagnosed with cancer – after being misdiagnosed by two doctors
July 10, 2025
Sunday Brunch star Morgan McGlynn Carr has been diagnosed with triple-negative breast cancer. The 38-year-old Channel 4 star said it was “earth-shattering” when she was diagnosed with triple-negative breast cancer in October 2024 – after she got a “third opinion”. It came as a breast consultant said she was “99 per cent sure it was nothing” and Morgan’s GP insisted it was “definitely breastfeeding-related”. In a statement, Morgan – who married husband Ben Carr in 2022 and have a daughter together – wrote alongside a photo of her lying in a hospital bed: “In October 2024, I was diagnosed with triple-negative breast cancer. It was nothing short of earth-shattering. I was given a week before chemo to get my ducks in a row, which included chopping my hair off and IVF and egg retrieval, something I’m incredibly grateful I was able to do. Then came six months of weekly chemotherapy. The hardest thing I’ve ever done. Morgan added: “Two weeks ago, I had surgery – and a few days later, we got some very, very good news.”
Fundraiser launched for musical star Ben Lewis following inoperable bowel cancer diagnosis
July 9, 2025
A fundraiser has been launched for West End star Ben Lewis [45], known for his work in Australia and the UK, who is currently undergoing treatment for incurable bowelcancer. Diagnosed with bowel cancer in February 2023, Lewis recently stopped chemotherapy after the continued spread of the cancer. He is now undergoing targeted inhibitor treatment to slow the cancer’s progression. Treatment side effects have included severe neuropathy in his hands and feet. Alongside managing his own diagnosis, Lewis has also been the full-time carer for his wife, Melle Stewart. A new GoFundMe campaign has now been launched to assist with medical expenses, palliative care, and future support for Stewart.
Researcher’s Note – Meanwhile, Lewis’ wife, Melle Stewart (above), has her own medical problems: An Australian actor who got a Covid jab while living in the UK has told of her heartbreak after suffering a rare but devastating side effect of vaccination [sic]. In February 2020, just weeks before Covid ripped across the globe, Melle Stewart was enjoying standing ovations in Belfast for her role in the musical ‘Kiss Me, Kate’. Now the 42-year-old struggles to put a sentence together, speaking only slowly, and ‘grieving’ for the successful stage career she has lost. Ms Stewart is a victim of a vanishingly rare side effect of the AstraZeneca Covid vaccine [sic], which she received in May 2021 as part of the nation’s historic jab rollout. Like a handful of other Brits, she suffered a devastating blood clot complication from the jab, resulting in a stroke that robbed her of her ability to talk and walk. Ms Stewart, alongside other claimants, is now taking AstraZeneca to court, with husband Ben Lewis saying they felt misled by the Government over the jab’s safety. Though having suffered greatly, she was and continues to be a ‘staunch and proud’ advocate for vaccination [sic], having gone on to receive other non-AstraZeneca Covid vaccines [sic] since her injury. Scans revealed she had suffered a stroke caused by two blood clots that had formed in the main vein of her brain. Surgeons battled to save her life, eventually being forced to remove part of her skull, in a desperate bid to reduce the pressure building up in her brain. Investigations revealed she was a victim of Vaccine-Induced Thrombocytopenic Thrombosis (VITT): Link
Gregg Wallace treated for ‘heart attack’ after misconduct probe stress as BBC reveals 50 new claims against sacked host
July 8, 2025
Axed MasterChef host Gregg Wallace last night declared war on the BBC, raging: “I will not go quietly. I will not be cancelled for convenience.” The 60-year-old star’s outburst came as the Beeb announced he had been sacked following an inquiry into alleged misconduct. And we can reveal that on Sunday he was rushed to hospital in Ashford, Kent, with a suspected heart attack after two days of agonising chest pains. The star’s mum died from a heart attack in March.
Danish comedian hospitalized – didn’t listen to ChatGPT
July 12, 2025
Comedian Joel Hyrland received advice about illness via ChatGPT. And it’s not the first time that Danes have sought answers from chatbots. This is how comedian Joel Hyrland started a TikTok video on Friday evening, in which he explains a sore throat to his approximately 230,000 followers on the social media. It was only after several days of throat pain – and several warnings from the chatbot ChatGPT – that Joel Hyrland ended up picking up the phone and calling the doctor. A call that ended with an admission to the emergency department at Rigshospitalet. Joel Hyrland apologizes in the Tiktok video for his rusty voice and tells how he began to experience pain in his throat a few days earlier. “I tell my symptoms to ChatGPT, who said I should go to the doctor and get it checked out,” he says in the video. But Joel Hyrland, who for many years was known as one half of the popular comedy duo Adam & Noah, saw the chatbot’s instructions as a “total overreaction” as he has experienced sore throats before. ChatGPT continued with the calls, which according to Joel Hyrland were that he should go to the doctor “right now” and that the throat pain required hospitalization. When Joel Hyrland went to bed the next day, the situation worsened. Without having had any sleep, he got up in the morning and thought to himself: “Maybe ChatGPT was right?” “At 8:00 a.m. I call my doctor and get an emergency appointment with the doctor, who says: “You need to see an ear, nose and throat doctor right away.’ Joel Hyrland had a short visit to the ear, nose and throat doctor. After he had his throat looked down with binoculars, it was quickly decided that the comedian should head to Rigshospitalet in the emergency department. Joel Hyrland remains hospitalized for observation at Rigshospitalet on Saturday and has not been informed of the exact cause of his throat pain, he says.
Researcher’s Note - Is this another way to get people to go to the doctor more often?
Ralf Tillenburg and Katja – Nothing is the same as it used to be!! ️
July 9, 2025
When I received my first Covid-19 vaccine [sic] in April 2021, I had no idea that this moment would change my entire life. Today, 4 years later, I sit severely injured in the practice of Dr. Ralf Tillenburg, who specializes in the treatment of vaccine injured. Over 30 diagnoses I’ve been proven to get through these are hard and some irreversible, everyday is a struggle to survive. (She had went back for a second shot and later a booster) The whole video is here:
Bastianini diagnosed with appendicitis ahead of German GP
July 10, 2025
Enea Bastianini [27] (Red Bull KTM Tech 3) has been diagnosed with appendicitis ahead of this weekend’s German GP, following feeling unwell coming into the round. The #23 is currently undergoing treatment to try and recover as smoothly as possible and avoid surgery. The Red Bull KTM Tech3 team shared this update on the ‘Beast’: “With his fever not going down and the pain still intense, Enea Bastianini chose to go to his home hospital this morning, to get checked. After further examination, the doctors have diagnosed Enea with appendicitis. Enea will remain hospitalised overnight as he is currently under treatment to avoid surgery. More updates will follow on Friday morning. Get well soon, Enea.”
Researcher’s Note – Bastianini: malaise after second vaccine [sic] dose. Fever and vomiting during the night: should be present for the GP: Link
Appendicitis as a possible safety signal for the COVID-19 vaccines [sic] Appendicitis has been suggested as an adverse event of special interest post-vaccination [sic] against COVID-19 after a numerical increase in the vaccine [sic] arm of a clinical trial: Link
An Israeli team have done a good study on vaccine [sic] side effects. They found 40% increased risk of Appendicitis 42 days post vax [sic]: Link
JJ Lin reveals heart condition during concert, continues performing despite apparent discomfort
July 14, 2025
Singaporean singer JJ Lin [44] dropped a bombshell during the final show of his ‘JJ20 Final Lap’ world tour, revealing to a stunned audience that he suffers from heart problems and now relies on daily medication. The Mandopop star had been holding a nine-night run at Beijing’s National Stadium, also known as the Bird’s Nest. On Sunday (13 July), during the final concert, he made the unexpected announcement. “In April 2024, I was diagnosed with heart problems,” he told the crowd, prompting a collective gasp. “I have to rely on daily medication to control it. The news truly left me stunned — I never thought something like this could happen to me.” With his voice heavy with emotion, Lin continued: “In that moment, I felt the hourglass of life speeding up. I asked myself, ‘How much longer can I keep singing?’” But then Lin smiled and added: “Still, I told myself — even if my heartbeat goes out of rhythm, I’ll keep pushing forward.” While he resumed the concert after his heartfelt speech, the performance took a dramatic turn. Midway through the show, Lin suddenlydoubled over in pain, clutching his shoulder and then his abdomen. “Don’t die!” one fan cried out in distress as Lin turned away from the audience, taking a moment to compose himself. Wincing and visibly tensing from the pain, Lin steadied himself before pushing through and continuing to sing. “Now that the tour has concluded, he will be taking more time to rest and focus on his health after completing his remaining commitments.”
Researcher’s Note – JJ Lin, 40, Really Wants To Come Back To Singapore To Get Vaccinated [sic]: Link
Footy [Rugby] legend Sam Backo is unrecognisable in intensive care as he battles life-threatening tropical disease that has killed 34 Aussies this year alone
July 10, 2025
Footy legend Sam Backo is in the fight of his life in hospital after being diagnosed with melioidosis earlier this year. The tropical disease has killed 34 Aussies this year – and the cult-hero prop, who played seven matches for Queensland – watched Wednesday’s Origin decider from the intensive care unit at Cairns Hospital. ‘I’m very grateful for my wife, who’s been beside me through this journey…(and) all my family that have been praying for me,’ Backo, 64, told the ABC. Backo – who has been in hospital since April – believes he was infected following a swim in Freshwater Creek at Goomboora Park in Cairns. Backo’s diagnosis also comes after he suffered a massive heart attack in 2023, which saw the former front-rower placed in an induced coma. Backo recently revealed he was over the worst of the melioidosis – but given his other medical dramas, doctors urged him to ‘get his affairs in order’.
Broadcaster ‘overwhelmed with outpouring of love and support’ following cancer diagnosis
July 9, 2025
Auckland – Broadcaster Mel Homerhas been “overwhelmed with the outpouring of love and support” after sharing her cancer diagnosis. Radio station The Breeze told listeners on Wednesday that Homer – the host of The House of Wellness, which airs on Sundays – had been diagnosed with Acute Myeloid Leukaemia after undergoing routine blood tests last week.
Homer told Stuff the support from colleagues, friends and listeners meant so much to her and “will help me keep my outlook positive as I start this crazy cancer journey”. The diagnosis came as a shock as Homer reportedly had no symptoms.“It is treatable, and she will be starting her first round of aggressive chemotherapy this week,” The Breeze said in a statement on social media.
leg veins become damaged, the values in them that work to move blood back to the heart from lower limbs; these valves along the veins help move blood to the heart (de-oxygenated blood)
CVI causes damage to the valves, and the result is leg swelling and blood pools in the legs. One can get swelling or ulcers. The reality is the blood in lower limbs have a harder time in getting back to the heart. Impacts 1 in 20 adults (older folk). Because the blood pools in lower legs, the pressure increases there, and the smallest of blood vessels (capillaries) bust. Skin may become red-brown in that area. POTUS Trump is likely impacted this way, and it is way common among many of us as we age.
‘CVI usually isn’t life-threatening and doesn’t result in amputation. But it’s a progressive disease that can cause discomfort, pain and reduced quality of life. Treatment can help manage your symptoms and give you a better quality of life.’
I am sharing this as a PSA given seems POTUS Trump has this, and it is not unusual.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
‘President Trump underwent medical testing for “mild swelling” in his legs and bruising on his hand, which revealed a vein condition that is common in people over the age of 70, the White House said Thursday.
White House press secretary Karoline Leavitt shared a note from Trump’s physician during a press briefing that detailed the exam. Trump underwent ultrasounds and a “comprehensive exam” that included a diagnostic vascular study.’
The exam found Trump, 79, has chronic venous insufficiency. The condition happens when an individual’s leg veins struggle to pump blood back to the heart, causing blood to pool, according to the Cleveland Clinic.’
Symptoms and Causes
Chronic venous insufficiency causes many symptoms in your legs and feet. The symptoms may get worse, or you may notice new symptoms, as your condition progresses.
What are the signs and symptoms of chronic venous insufficiency?
Chronic venous insufficiency signs and symptoms include:
Achy or tired legs.
Burning, tingling or “pins and needles” sensation in your legs.
Edema (swelling) in your lower legs and ankles, especially after standing a while or at the end of the day.
Flaking or itching skin on your legs or feet.
Full or heavy feeling in your legs.
Leathery-looking skin on your legs.
Ulcers (open sores), usually near your ankles. If they’re very painful, they may be infected.
Varicose veins.
Severe edema in your lower leg can cause scar tissue to develop. This scar tissue traps fluid in your tissues. Your calf may feel large and hard to the touch. When this happens, your skin is more vulnerable to persistent ulcers.
You may not have all of these issues at once. Instead, you may only have one or two. Your signs and symptoms depend on how far your condition has progressed.
What are the stages of chronic venous insufficiency?
The stages of venous disorders range from 0 to 6. “Venous disorders” is a general category for many possible issues with your veins, including CVI. The stages are based on clinical signs, which are things your provider can see or feel when they examine your legs.
Venous disorder stages include:
Stage 0: No signs that can be seen or felt. You may feel symptoms like achy or tired legs.
Stage 1: Visible blood vessels, including spider veins.
Stage 2: Varicose veins at least 3 millimeters wide.
Stage 3: Edema (swelling) but no skin changes.
Stage 4: Changes to your skin’s color and/or texture.
Stage 5: Healed ulcer.
Stage 6: Acute (active) ulcer.
You’ll be diagnosed with chronic venous insufficiency if you’re at stage 3 or above. In other words, having varicose veins doesn’t mean you have CVI. But varicose veins are a sign of blood flow problems that could get worse over time. So, it’s important to tell your provider about any new varicose veins you notice.
What causes chronic venous insufficiency?
Chronic venous insufficiency happens when the valves in your leg veins don’t work properly. Your leg veins contain valves that help your blood flow in the correct direction (toward your heart). If a valve becomes damaged, it can’t close properly. Gravity takes over, and blood struggles to flow upward toward your heart. It instead flows backward, a situation known as venous reflux.
Causes of valve malfunction may be congenital, primary or secondary.
Congenital causes are malformations in your leg veins that you’re born with. For example, some people are born without valves in their leg veins.
Primary causes are any changes to your leg veins that prevent them from working as they should. For example, your vein may get too wide, preventing its valve from closing all the way.
Secondary causes are other medical issues that damage your leg veins. Deep vein thrombosis (DVT) is usually the culprit. The thrombus (blood clot) leaves behind scar tissue that damages your valve.
What is the most common cause of chronic venous insufficiency?
Deep vein thrombosis (DVT) is the most common cause of chronic venous insufficiency. The blood clot damages the valve in your leg vein. People with a history of DVT face a higher risk of developing CVI.
Diagnosis and Tests
How is chronic venous insufficiency diagnosed?
Chronic venous insufficiency is diagnosed through a physical exam and ultrasound imaging. During the physical exam, your provider will:
Carefully examine your legs. Your provider will look for clinical signs of CVI, like ulcers or changes in skin color.
Perform a vascular ultrasound. This painless test uses sound waves to create an image of your veins. It shows which parts of your veins are damaged.
Your provider will also rule out other medical conditions that could be causing your symptoms. This may involve other tests like an MRI.
Many people with CVI also have peripheral artery disease (PAD). So, your provider may ask questions or run tests to check you for PAD. If you have both CVI and PAD, your provider will advise you on treatment methods and precautions you need to take with compression therapy.
Management and Treatment
What are the treatments for chronic venous insufficiency?
Treatment for chronic venous sufficiency involves lifestyle changes and compression therapy. If these measures aren’t enough, your provider may recommend a procedure or surgery. The best treatment for you depends on how far your condition has progressed and other medical conditions you have. Your provider will tailor treatment to your individual needs.
The goals of treatment are to:
Help your blood flow better in your veins.
Help ulcers heal and limit their chances of coming back.
Improve your skin’s appearance.
Reduce pain and swelling.
Lifestyle changes
Usually, providers recommend lifestyle changes as the first method of treatment for CVI. These include:
Leg elevation: Lifting your legs above the level of your heart can help reduce pressure in your leg veins. Your provider may suggest you do this for 30 minutes or longer at least three times per day.
Exercise: Walking and other forms of exercise can help blood flow better in your leg veins. Each time you take a step, your calf muscle squeezes and helps your veins pump blood back up to your heart. This “calf muscle pump” is known as your “second heart.” It helps blood in your legs defy gravity, and it’s vital for your circulation. So, making your calf muscles stronger can help improve your blood flow. Your provider may also recommend foot and ankle flexing exercises.
Weight management: Extra weight can put pressure on your veins and damage the valves. Ask your provider what a healthy weight is for you. Work with your provider to come up with a healthy and manageable plan for achieving that weight.
Compression therapy
Providers commonly recommend compression therapy for treating CVI. Compression therapy helps ease swelling and discomfort in your legs.
There are many types of compression bandages and stockings. Some offer more compression than others. Very tight stockings require a prescription.
Some stockings are “graduated,” meaning they’re tighter down by your ankles and less tight further up your leg. It’s essential that you follow your provider’s guidance on the type of compression you need and when to use it.
Many people with CVI struggle to wear compression stockings over the long term. But compression therapy is very important to help your veins work better and ease your symptoms. If you struggle with compression therapy, talk with your provider. You may need a different type of stocking. Or, your provider may offer advice to make the treatment plan more doable for you.
If stockings don’t help, your provider may suggest intermittent pneumatic compression (IPC). IPC devices are inflatable sleeves you wear on your legs that help blood flow through your veins.
People who have peripheral artery disease (PAD) need to be careful with compression therapy. Your provider may caution you not to use it at all depending on the extent of your PAD. Closely follow your provider’s instructions.
Medications
Medications used to treat CVI include:
Antibiotics to clear skin infections or ulcers caused by CVI. These medications don’t treat the underlying disease.
Anticoagulants, or “blood thinners,” to treat blood clots and prevent future blood clots from forming.
Medicated wrap known as an Unna boot. This wrap combines multilayer compression with a zinc oxide gel-based wound cover that forms a semi-rigid bandage.
What can I expect if I have chronic venous insufficiency?
CVI usually isn’t life-threatening and doesn’t result in amputation. But it’s a progressive disease that can cause discomfort, pain and reduced quality of life. Treatment can help manage your symptoms and give you a better quality of life.
Venous ulcers are difficult to treat, and they may return even after treatment. It’s important to keep all your medical appointments and closely follow your provider’s guidance.’
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NEWSWIZE
AG Bondi Announces She Will Release Pertinent Epstein Grand Jury TestimonyPresident Donald Trump on Thursday instructed Attorney General Pam Bondi to request the unsealing of grand jury transcripts related to the Jeffrey Epstein case. The DOJ is expected to file the motion in court on Friday, pending judicial approval.“Based on the ridiculous amount of publicity given to Jeffrey Epstein, I have asked Attorney General Pam Bondi to produce any and …READ THE FULL REPORT
White House Reveals Medical Condition Causing Swelling in Trump’s LegsThe White House confirmed Thursday that President Donald Trump has been diagnosed with a common circulatory condition in his legs but remains in strong health overall.White House Press Secretary Karoline Leavitt told reporters that Trump was evaluated after noticing mild swelling in his lower legs and some bruising on the back of his right hand.“In the effort of transparency, the …READ THE FULL REPORT
CBS Cancels Late Show with Stephen ColbertCBS announced Thursday it will cancel “The Late Show with Stephen Colbert” at the end of the next TV season, retiring the entire franchise in May 2026.The network insisted the move was “purely a financial decision,” but the timing and circumstances tell a bigger story.“I’m Not Being Replaced — It’s Just Going Away”Colbert, who rose to fame mocking conservatives, appeared …READ THE FULL REPORT
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MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL /ENERGY ISSUES/WORLD WIDE
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE
BRAZIL/USA
Trump is going to bat for Bolsonaro against this criminal Supreme Court Justice Moraes (Darth Vader) and Lulu
(zerohedge)
US Revokes Visas For Brazilian Judge, His Allies Over Bolsonaro Prosecution
Saturday, Jul 19, 2025 – 10:45 PM
U.S. Secretary of State Marco Rubio announced late Friday that he has revoked the visas of Brazilian Supreme Court Justice Alexandre de Moraes, his “allies on the court,” and their close relatives, citing an ongoing “political witch hunt” targeting former Brazilian President Jair Bolsonaro and “censorship of protected expression in the United States.”
The decision came hours after Brazil’s Supreme Court ordered police to search Bolsonaro’s home and attach an electronic monitor to the former leader’s ankle. Bolsonaro, who has already had his passport confiscated, is now also subject to a nightly and weekend curfew.
Under the same order signed by de Moraes, Bolsonaro is barred from using social media, communicating with foreign diplomats, or getting close to foreign embassies. Earlier this year, he was denied a request to temporarily get his passport back so he could attend President Donald Trump’s second inauguration ceremony.
Separately, de Moraes is leading an aggressive investigation into so-called “digital militias” accused of spreading disinformation and hate speech during the Bolsonaro administration.
Last year, he temporarily banned X across the country after the Elon Musk-owned social media platform refused to remove certain accounts—many linked to Bolsonaro supporters—that de Moraes said had violated Brazilian law.
“President Trump made clear that his administration will hold accountable foreign nationals who are responsible for censorship of protected expression in the United States,” Rubio said in a statement.
“Brazilian Supreme Federal Court Justice Alexandre de Moraes’s political witch hunt against Jair Bolsonaro created a persecution and censorship complex so sweeping that it not only violates basic rights of Brazilians, but also extends beyond Brazil’s shores to target Americans,” he continued.
“I have therefore ordered visa revocations for Moraes and his allies on the court, as well as their immediate family members, effective immediately.”
De Moraes is presiding over Bolsonaro’s trial, in which the former president faces charges of an attempted coup related to the Jan. 8, 2023, protests at Brazil’s federal government buildings.
Authorities allege the protests were part of a broader conspiracy to overturn the 2022 election results that brought Bolsonaro’s left-wing rival Luiz Inácio Lula da Silva to power.
Bolsonaro has consistently denied wrongdoing or any involvement in the alleged coup plot. He has not been convicted, but is nonetheless barred from running for public office until 2030.
His treatment has become a flashpoint in the escalating standoff between the Trump and Lula administrations. Last week, the U.S. president threatened to impose a 50 percent tariff on Brazilian goods unless Bolsonaro’s prosecution was dropped.
Trump also cited Brazil’s non-tariff trade barriers in his decision to impose the new tariff rate. Meanwhile, Brazil is one of the roughly two dozen countries that run a trade deficit with the United States, while almost all other countries targeted by Trump’s tariff measures post large surpluses.
“There will be no Tariff if Brazil, or companies within your Country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely—in other words, in a matter of weeks,” Trump wrote.
Following Friday’s police raid, Bolsonaro’s son, Senator Flávio Bolsonaro, took to social media to urge Trump to “suspend the 50 percent tariff on Brazilian imports and impose individual sanctions instead.”
The post was later deleted.
Lula has dismissed Trump’s accusations of unfair trade practices as false and denounced Rubio’s visa revocations as improper interference in Brazil’s judiciary.
“The interference of one country in another’s justice system is unacceptable and violates the basic principles of respect and sovereignty among nations,” Lula wrote on X.
“I am certain that no form of intimidation or threat, from anyone, will compromise the most important mission of national powers and institutions, which is to act permanently in defense and preservation of the Democratic Rule of Law.”
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1644 UP 0.0029 PTS OR 29 BASIS POINTS
USA/ YEN 147.76 DOWN 939 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 1.3456 UP .0058 OR 9 BASIS PTS
USA/CAN DOLLAR: 1.3721 UP 0.0005 (CDN DOLLAR DOWN 5 BASIS PTS)
Last night Shanghai COMPOSITE UP 25.31 PTS OR 0.72%
Hang Seng CLOSED UP 168.48 PTS OR 0.68%
AUSTRALIA CLOSED DOWN 0.890%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 168.48 PTS OR 0.68%
/SHANGHAI CLOSED UP 25.81 PTS OR 0.72%
AUSTRALIA BOURSE CLOSED DOWN 0.89 %
(Nikkei (Japan) CLOSED HOLIDAY
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3364.90
silver:$38.48
USA dollar index early MONDAY morning: 97.96 DOWN 24 BASIS POINTS FROM FRIDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.06% DOWN 8 in basis point(s) yield
JAPANESE BOND YIELD: +1.519% DOWN 2 FULL POINTS AND 00/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.228 DOWN 8 in basis points yield
ITALIAN 10 YR BOND YIELD 3.494 DOWN 8 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.622 DOWN 7 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1661 UP 0.0046 OR 46 basis points
USA/Japan: 147.65 DOWN 1.050 OR YEN IS UP 105 BASIS PTS//
Great Britain 10 YR RATE 4.6230 DOWN 4 BASIS POINTS //
Bonds, Bullion, & Big-Tech Bid; Meme-Stocks Melt Up Into Seasonal Shift
Monday, Jul 21, 2025 – 08:00 PM
Quiet macro today but we did see The Conference Board’s Leading Index tumble for the 6th month in the last 7…
Source: Bloomberg
But for the market, it’s that time of the month… when seasonals shift to bearish from bullish…
There may be some more water-treading to do before we see any selling pressure…
Source: Bloomberg
But after spiking once more, global trade policy uncertainty has started to fall again…
Source: Bloomberg
Small Caps were higher overnight but as the cash equity market opened, we saw rotation back from Small Caps into Nasdaq. Stocks all slipped lower around 1200ET after this headline hit “*REP. LUNA REFERS POWELL TO DOJ FOR CRIMINAL CHARGES: FOX NEWS” but Nasdaq bounced back as money flowed into Mag7 stocks. Around 1445ET we saw another big wave of selling pressure (with no obvious headline-driven catalyst) which dragged Small Caps into the red for the day (and The Dow unch) but Nasdaq closed solidly green…
While there was no immediately evident catalysts for the selling wave, we not that 0-DTE negative delta flow accelerated dramatically when overall Delta flipped from positive to negative…
Mag7 stocks notably outperformed the S&P 493 today…
Source: Bloomberg
Goldman’s trading desk notes that activity levels running hot to start the week with volumes up +25% and on track for the highest share count since the Russell Rebal (today tracking to 21.4B vs 23.7B on 6/27)
Driving that activity is the Retail footprint which has continued to grow since 930am – OPEN has traded 1B shares, making up ~9% of tape volumes so far:
(last Monday we wrote: “Retail feels much less involved this so far – one easy way to tell: NVDA is the 3rd most active stock on the session (on “heavy” Retail days, there are generally a dozen or so penny stocks that are more active)”… today there are 19 more active stocks than NVDA (half of which trade < $1)
Meme stocks are melting up…
Source: Bloomberg
Additionally, Goldman’s Buybacks Desk says we’re still 1 week away from an open window period with 40% set to come out of Blackout on Monday. What’s more notable is August accounts for the largest % of Corporates’ annual spend for the entire year at 11%
With all that in mind, Goldman’s Brian Garrett notes it ‘getting chasey out there’: calls are almost 70% of the total market volume (10am observation) … hasn’t been this high since 2021 meme days…
Shorts continue to be squeezed higher…
Source: Bloomberg
Treasury yields were down across the curve with the long-end outperforming…
Source: Bloomberg
The 10Y Yield broke below its 50DMA and tested down to its 200DMA…
Source: Bloomberg
The yield curve flattened, erasing most of last week’s sudden spike on Trump/Powell comments…
Source: Bloomberg
The dollar tumbled to last week’s lows…
Source: Bloomberg
Oil prices ended very marginally lower on the day
Source: Bloomberg
As the dollar declined, gold surged back above $3400 intraday…
Source: Bloomberg
After a big week of inflows, Bitcoin trod water over the weekend into today, copping between $117k and $119k…
Source: Bloomberg
Ethereum continues to significantly outperform Bitcoin…
Source: Bloomberg
Finally, remember what happened in 2024…
Source: Bloomberg
…with a wave of potential event risk catalysts (tariff deadline and FOMC to name a couple), it is no surprise that vol markets are starting to price in some ‘action’…
Source: Bloomberg
But Spot Indices remain near record highs.
USA DATA RELEASES
USA ECONOMIC NEWS
this is treason!
“A Treasonous Conspiracy” – DNI Gabbard Exposes Obama At Center Of Trump ‘Russia Hoax’
Friday, Jul 18, 2025 – 04:40 PM
Director of National Intelligence, Tulsi Gabbard, has declassified documents revealing “overwhelming evidence” showing how then-President Barack Obama and his national security team laid the groundwork for what would become the years-long Trump-Russia collusion investigation after President Trump won the 2016 election.
Americans will finally learn the truth about how in 2016, intelligence was politicized and weaponized by the most powerful people in the Obama Administration to lay the groundwork for what was essentially a years-long coup against President Trump, subverting the will of the American people and undermining our democratic republic.
Here’s how:
For months preceding the 2016 election, the Intelligence Community shared a consensus view: Russia lacked the intent and capability to hack U.S. elections.
But weeks after President Trump’s historic 2016 victory defeating Hillary Clinton, everything changed.
On Dec 8, 2016, IC officials prepared an assessment for the President’s Daily Brief, finding that Russia “did not impact recent U.S. election results” by conducting cyber attacks on infrastructure.
Before it could reach the President, it was abruptly pulled “based on new guidance.” This key intelligence assessment was never published.
The next day, top national security officials including FBI Dir James Comey, CIA Dir John Brennan and DNI James Clapper gathered at the Obama White House to discuss Russia.
Obama directed the IC to create a new intelligence assessment that detailed Russian election meddling, even though it would contradict multiple intelligence assessments released over the previous several months.
Obama officials immediately leaned on their allies in the media to advance their falsehoods.
Anonymous IC sources leaked classified information to the Washington Post and others that Russia had intervened to hack the election in Trump’s favor.
On January 6, 2017, just days before President Trump took office, DNI Clapper unveiled the Obama-directed politicized assessment, a gross weaponization of intelligence that laid the groundwork for a years-long coup intended to subvert President Trump’s entire presidency.
According to whistleblower emails shared with us today, we know Clapper and Brennan used the baseless discredited Steele Dossier as a source to push this false narrative in the intelligence assessment.
These documents detail a treasonous conspiracy by officials at the highest levels of the Obama White House to subvert the will of the American people and try to usurp the President from fulfilling his mandate.
This betrayal concerns every American.
The integrity of our democratic republic demands that every person involved be investigated and brought to justice to prevent this from ever happening again.
I am providing all documents to the Department of Justice to deliver the accountability that President Trump, his family, and the American people deserve.
Distraction from Epstein or not… there’s a lot here!
END
‘Betrayal Of Every American’ – Barack Obama Now Squarely In Russiagate Crosshairs
Saturday, Jul 19, 2025 – 04:40 PM
New disclosures from a Tulsi Gabbard-led working group point directly to the top, as the legacy of “Hope and Change” begins a plunge to the ocean floor…
As Matt Taibbi writes for Racket News, Barack Obama entered national politics with a smile that looked like Hope and Change. Amid rumors of family discord and disarray within the political party he once led, his face has hardened. He lately looks bitter, resentful, exhausted by the act.
In the wake of reportsreleased by fellow Hawaiian and former Democrat Tulsi Gabbard, he also has a new problem. It once seemed a lock that Obama would be remembered as the winsome hero of Shepard Fairey’s portrait, but Gabbard’s documents place him at the center of an unprecedented act of political sabotage, committed in his last Oval Office days as a humiliated lame-duck in the winter of 2016-2017. The new Director of National Intelligence is targeting Obama’s legacy and maybe even his freedom, detailing a “treasonous conspiracy committed by officials at the highest level of our government,” announcing that everyone involved “must be investigated and prosecuted to the fullest extent of the law.”
All week, Washington buzzed with rumors about imminent document releases, but what came out wasn’t what many expected. Gabbard’s documents show the Obama White House overruling months of reports downplaying Russian interference and ordering subordinates to set a time bomb of manipulated intelligence, with the aim of trying to, as Gabbard described it, “usurp” an incoming president. No longer a tertiary character, Obama is now “center square” in the Russiagate scam, as one source put it.
Mainstream press outlets like the New York Times and Politico have already run pieces quoting Democratic Party mouthpieces shrugging off Gabbard’s reports as “baseless” and an attempt to “change the subject,” but coverage may not matter, as the investigation into the Trump-Russia hoax is no longer about trying to change hearts and minds. Multiple sources say Gabbard’s team is focused on “accountability” by gathering evidence for court-ready cases. The matter may soon need a special prosecutor, putting Obama in the same position Trump occupied in the first two years of his presidency, on the run from a high-profile fox hunt.
The information from Gabbard’s office was not the only news on the Russiagate front. This investigation is not just about “ten-year-old news,” as has been a common talking point, but may also involve never-reported Biden-era issues. A source close to the investigation said yesterday that the DOJ is focusing on conspiracy charges and looking at conduct “from 2016 to 2024.” Another with ties to the administration said “President Trump’s national security team is looking at evidence that members of his 2024 campaign were spied on as well.”
All of that is yet to be determined.
…
Not everyone in Trumpworld is thrilled with the new developments. The failure of senior intelligence officials who served in Trump’s last term to find and/or release these documents has a number of high profile figures upset. “So much corruption,” said one disgusted former Trump official. Another expressed skepticism that anything of significance would come of these investigations, and pointed to Special Counsel John Durham’s ill-fated probe: “It’s always something.” Thanks to the investigation kicked off by this ICA and the subsequent probe by Special Counsel Robert Mueller, there are people who went to jail, fell ill, went through family crises, and dealt with other serious problems. As a result, there are a lot of eyes on this investigation, and high expectations. Failure for Gabbard’s team to deliver real consequences would bring heavy criticism from both sides.
Gabbard’s team seems to understand they will be judged on the “accountability” question, and remain determined to continue.
As we detailed earlier, Director of National Intelligence, Tulsi Gabbard, has declassified documents revealing “overwhelming evidence” showing how then-President Barack Obama and his national security team laid the groundwork for what would become the years-long Trump-Russia collusion investigation after President Trump won the 2016 election.
Americans will finally learn the truth about how in 2016, intelligence was politicized and weaponized by the most powerful people in the Obama Administration to lay the groundwork for what was essentially a years-long coup against President Trump, subverting the will of the American people and undermining our democratic republic.
These documents detail a treasonous conspiracy by officials at the highest levels of the Obama White House to subvert the will of the American people and try to usurp the President from fulfilling his mandate.
This betrayal concerns every American.
The integrity of our democratic republic demands that every person involved be investigated and brought to justice to prevent this from ever happening again.
I am providing all documents to the Department of Justice to deliver the accountability that President Trump, his family, and the American people deserve.
Distraction from Epstein or not… there’s a lot here!
END
TheStormHasArrived on X: “Everyone needs to watch this, soak it in, and understand the magnitude of what we are watching play out. Accountability is coming. DNI Tulsi Gabbard talks in detail about what she found in the newly declassified documents that prove Obama and many in his administration https://t.co/Y3I51aHYNz”
The reality of what she is saying is that America was overthrown by a Cabal. And more than likely in the future the so called autopen is an extension of the Cabal. You would have to return to days of Kennedy to sort this out.
Everyone needs to watch this, soak it in, and understand the magnitude of what we are watching play out. Accountability is coming.
DNI Tulsi Gabbard talks in detail about what she found in the newly declassified documents that prove Obama and many in his administration… pic.twitter.com/Y3I51aHYNz
A central bank digital currency (CBDC) will not be allowed in the United States, President Donald Trump said at a White House event on July 18, promising to take legislative action to prevent such a situation.
“I also remain fully committed to my pledge, never to allow the creation of a central bank digital currency in America,” Trump said. “My first week in office, I signed an executive order to ban the creation of a CBDC in the United States. And very soon, I look forward to signing legislation that will codify and make it a permanent law.”
Trump’s comments came amid the signing of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law.
During a campaign event in January last year, Trump had said that once he became president, “I will never allow the creation of a central bank digital currency. Such a currency would give the federal government absolute control of your money,” which would be “a dangerous threat to freedom.”
On Jan. 23 this year, the first week after becoming president, Trump signed the executive order banning CBDCs.
“Agencies are hereby prohibited from undertaking any action to establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad,” the order said.
Globally, various nations are at different stages when it comes to their approach towards CBDCs and introducing such currencies into their economy.
According to a July update from the Central Bank Digital Currency Tracker from the Atlantic Council, of the 137 countries or currency unions tracked by the group, three have already launched a CBDC—Nigeria, Jamaica, and the Bahamas.
Moreover, 49 nations or currency unions are piloting CBDCs, 36 are researching such a currency, and 20 are engaged in the development of such a currency.
In addition, 21 are in an inactive status, while two have canceled launching a central bank digital currency, according to the analysis.
GENIUS Act
Stablecoins are a type of crypto asset that tracks a reference asset, such as currency or commodities, on a 1:1 basis. For instance, if a stablecoin references the U.S. dollar, the issuer of stablecoins will offer one stablecoin for every dollar.
The GENIUS Act establishes a regulatory framework for stablecoins.
The Act requires stablecoins to have “100 percent reserve backing with liquid assets like U.S. dollars or short-term Treasuries,” according to a July 18 White House Fact Sheet. It also requires issuers of stablecoins to “make monthly, public disclosures of the composition of reserves.”
“Stablecoin issuers must comply with strict marketing rules to protect consumers from deceptive practices. Crucially, they are forbidden from making misleading claims that their stablecoins are backed by the U.S. government, federally insured, or legal tender.”
In case a stablecoin issuer becomes insolvent, the GENIUS Act will prioritize the claims of stablecoin holders over all other creditors, ensuring very strong consumer protection, the Fact Sheet said.
Since stablecoin issuers have to back their assets with U.S. Treasuries and dollars, the GENIUS Act is expected to generate higher demand for U.S. debt and “cement the dollar’s status as the global reserve currency,” according to the White House.
During the White House event, Trump said the Act unleashes the “immense power” of U.S. dollar-backed stablecoins.
“This could be perhaps the greatest revolution in financial technology since the birth of the internet,” the president said.
In addition to boosting demand for U.S. Treasuries, stablecoins can also bring down interest rates, according to Trump. “This revolution has the potential to supercharge American economic growth and empower billions of people to save and transfer U.S. dollars.”
Crypto czar David Sacks called the passage of the GENIUS Act a “historical legislative achievement,” with stablecoins estimated to create trillions of dollars in demand for U.S. Treasury securities.
Trump’s promotion of stablecoins while opposing CBDCs, despite both being crypto assets, comes from concerns over threats to freedom.
END
the USA is turning into a failed state
(zerohedge)
Illegal Migrant Accused Of Decapitating Illinois Woman Captured By ICE
Sunday, Jul 20, 2025 – 02:35 PM
The problem of leftist activist judges is growing more worrisome by the day, and one has to wonder how may crimes these officials have facilitated in their efforts set criminal illegals free and “stick it to Republicans”.
Immigration authorities in Chicago have arrested a Mexican illegal immigrant this week accused of decapitating a missing Illinois woman.
Jose Luis Mendoza-Gonzalez, 52, of Waukegan, Illinois, was arrested in April and charged with concealing a corpse, abusing a corpse and obstruction of justice, according to the Department of Homeland Security (DHS). Gonzalez reportedly claims that the victim, 37-year-old Megan Bros, had “died of an overdose” at his home.
However, instead of reporting the death to authorities, Gonzalez allegedly broke her cell phone and is accused of abusing the corpse, decapitating her and storing her body in a storage container of bleach on his property (The kind of precaution a murderer might take to hide evidence, though the suspect has not yet been charged with murder).
Megan Bros was reported missing by her family in February and she was found dead on the suspect’s property in April, two months later. Immediately after his first court appearance, Lake County Judge Randie (Rhonda) Bruno released Mendoza-Gonzalez from custody. ICE was apparently not informed of the release despite the man’s illegal status.
Bruno ran in the Democratic field in Illinois in 2019 for a judicial position. In her “Beyond the Bench” bio, Bruno notes great admiration for communist activist Nelson Mandela and she believes in:
“Treating everyone with kindness, respect, dignity, and sensitivity. To remember that everyone is going through some personal struggles which may not be outwardly apparent and to give people grace and space…”
Antioch Mayor Scott Gartner criticized laws that allowed Gonzalez to be released, stating:
“I was shocked to find out literally the next day that the person that they had arrested for this had been released from prison under the SAFE-T Act less than, detained less, I think, than 48 hours…There’s other extenuating circumstances in this case. Not only the type of crime, how long the crime was concealed, the fact that the person that was arrested for this is not a U.S. citizen, and, you know, can maybe [flee] the country.”
Luckily, the suspect was recently apprehended by ICE in a Chicago market and remains in custody. The incident highlights an ongoing trend of hundreds of “catch and release” cases among leftist judges in sanctuary cities across the US.
Numerous illegal migrants charged with heinous crimes have been set free before going to trial or they have enjoyed greatly reduced sentences and are allowed to return to the general population. Immigration authorities are kept out of the loop, which allows migrants to freely commit offenses with impunity knowing the consequences will be limited.
END
Awful..another murder of USA border control agent.
What an awful mess!
(zerohedge)
“Illegal Alien Monster” Shoots Border Patrol Agent Point-Blank In Manhattan
Sunday, Jul 20, 2025 – 05:50 PM
Update (1750ET):
An off-duty U.S. Border Patrol agent was shot in the face by a moped-riding illegal alien in a New York City park. The suspect, 21-year-old Dominican national Miguel Francisco Mora Nunez, reportedly entered the country under the Biden-Harris regime’s open-border policies. Despite having a criminal record and an active deportation order, he remained in the sanctuary city.
Suspect Miguel Francisco Mora Nunez is a national and citizen of the Dominican Republic.
RE ENTERED and RELEASED under Biden— on April 4, 2023 the United States Border Patrol apprehended him at/near San Luis, AZ.
“Footage shows two assailants, one an illegal alien with criminal charges, ambushing and shooting a @CBP officer yesterday in New York City,” Homeland Security wrote on X.
UPDATE: footage shows two assailants, one an illegal alien with criminal charges, ambushing and shooting a @CBP officer yesterday in New York City. pic.twitter.com/m4BHRjhXpD
On Truth Social, President Trump chimed in, “Last night, in New York City, an incredible CBP Officer was shot in the face by an Illegal Alien Monster freed into the Country under Joe Biden.”
Trump continued, “He was apprehended at the Border in April 2023 but, instead of being deported, was RELEASED. The CBP Officer bravely fought off his attacker, despite his wounds, demonstrating enormous Skill and Courage.”
“The Democrats have flooded our Nation with Criminal Invaders, and now, they must all be thrown out or, in some cases, immediately prosecuted in that we cannot take a chance that they are able to come back. That’s how evil and dangerous they are!” the president emphasized.
All remains quiet from Alexandria Ocasio-Cortez and her squad of far-left lawmakers who have shielded illegals from ICE enforcement. Meanwhile, her party’s rhetoric—very hostile toward ICE—has coincided with a surge in assaults against federal agents. Under the Biden-Harris regime, Democrats appeared intent on undermining national sovereignty through open border policies that facilitated a third-world invasion. This is a national security risk that President Trump is working to correct.
* * *
An off-duty U.S. Border Patrol agent was shot in the face while walking through a park in New York City. Initial reports describe the suspects as “Hispanic males,” and one has been arrested. Authorities say the incident appears to have been a botched robbery, though, given the Democratic Party’s increasingly hostile rhetoric toward Border Patrol and ICE agents, a targeted attack cannot be ruled out. At this time, nothing is conclusive.
Local media outlet amNewYork’s Dean Moses reports that the off-duty Border Patrol agent was shot in the face inside Fort Washington Park in the early morning hours of Sunday.
Moses continued:
Officers from the 33rd Precinct rushed to the greenspace directly below the Washington Bridge after a 911 caller reported that a man had been shot.
Upon arrival at the scene, cops discovered the victim, a 42-year-old man, with gunshot wounds to his face and arm. One of the bullets entered his cheek, sources familiar with the case reported.
EMS responded and transported the victim to Harlem Hospital, where he is listed in stable condition and expected to survive.
X account Viral News NYC reported:
The suspects are described as two Hispanic males who fled on a scooter. In a shocking twist, one of the alleged suspects walked into the 44th Precinct with multiple gunshot wounds to the chest. That individual is now in custody. The second suspect remains on the run.
. . .
Meanwhile, chaos is erupting across the city tonight. Police scanners are flooded with reports of robberies, many involving suspects described as Hispanic males on scooters. The pattern suggests another violent crime wave may be hitting New York City.
NYPD scanner confirms the Border Patrol agent was shot in the mouth.
BREAKING: NYPD scanner confirms that a Border Patrol Agent was shot in face by two moped-riding Hispanic males just hours ago near the George Washington Bridge in NYC. pic.twitter.com/qIWxRWFF8m
Moses noted, “The victim was not in uniform at the time, and sources believe the shooting stemmed from an attempted robbery.” However, the investigation is still in its early stages.
More concerning, the Department of Homeland Security warned ICE agents faced an 830% increase in assaults from January 21st to July 14th compared with the same period in 2024. This is primarily because Democratic members of Congress have unleashed a dangerous anti-ICE propaganda campaign.
Jason Curtis Anderson from NYC-based One City Rising puts the chaos into perspective:
America is facing a multi-front war, and the safety of our borders is one of the most critical. Our nation’s sovereignty depends on it. Yet in recent years, an activist class has convinced too many Americans to oppose even the idea of border enforcement—without understanding the dark consequences of their virtue signaling.
The truth is staggering: over 500,000 children trafficked during this administration, 60% of women are sexually assaulted during the journey, 70,000 pounds of fentanyl flooding our communities from cartels fueled by Chinese precursors, and nearly 400 terrorists caught trying to cross—while thousands more slip through undetected. For every human life trafficked, cartels collect $8-12,000 in blood money, earning billions annually from human suffering.
If our borders were secure, fewer women and children would be brutalized, less poison would flow into our cities, and fewer terrorists would be plotting to kill us. But despite this, the hard left still sees law enforcement—not the cartels—as the only villain in this story. Last night’s shooting of a Border Patrol agent in New York is yet another reminder that when we vilify those sworn to protect us, we empower those who seek to destroy us.
end
VICTOR DAVIS HANSON
USA NEWS/ANTISEMITISM..
KING NEWS
The King Report July 21, 2025 Issue 7537
Independent View of the News
July University of Michigan Sentiment 61.8, 61.5 exp; Current Conditions 66.5, 63.9 exp; Expectations 58.6, 56.9 exp; 1-yr Inflation 4.4%, 5.0% exp; 5-10-year Inflation 3.6%, 3.9% expected
@M_McDonough: UMich Inflation expectations by Political Party Affiliation: (Dems 7.7%, Ind 5.6%, Republicans 1.3%) https://t.co/UB3E8udYhX
June Housing Starts 1.32m, 1.298m expected; Permits 1.397m, 1.387m expected.
Fed Governor Waller on Thursday night: The Case for Cutting Now First, tariffs are one-off increases in the price level and do not cause inflation beyond a temporary surge… Second, a host of data argues that monetary policy should be close to neutral, not restrictive… My final reason to favor a cut now is that while the labor market looks fine on the surface, once we account for expected data revisions, private-sector payroll growth is near stall speed… https://www.federalreserve.gov/newsevents/speech/waller20250717a.htm
ESUs vacillated between small gains and losses during early Nikkei trading on Friday. After 19:00 ET, ESUs performed a 5-wave rally to the daily high of 6357.00. Buying for July Expiration on Friday and Fed Gov. Waller’s latest pimping for the Fed Chair (called for rate cut in July) were the catalysts.
After an extended A-B-C decline to 6339.50 at 7:18 ET, ESUs commenced the rally for the NYSE opening. After hitting 6352.75 at 9:10 ET, ESUs gyrated wildly as pump & dump professional traders eagerly fed the Army Ants that wanted to get long for the expected Friday Rally.
After jumping to 6353.00 at 9:59 ET, ESUs commenced a sharp decline after the 10:00 ET release of the UM Sentiment. Professional traders reasoned that stronger consumer sentiment and housing starts negated Waller’s braying for a July rate cut.
The Dollar Index, which had declined sharply on Waller’s rate cut remarks, hit a bottom of 98.099 at the release of the UM Sentiment report and then rallied to 98.426 at12:23 ET.
USUs initially declined modestly on the UM Sentiment but then rallied on the reduced odds of Fed rate cuts, hitting +16/32 at 11:41 ET.
ESUs sank to a daily low of 6327.25 at 11:01 ET. ESUs then rallied to 6340.50 at 12:01 ET.
ESUs sank to a new daily low of 6323.25 at 13:02 ET on the above FT tariff story. ESUs then vacillated in a pennant formation (lower highs & higher lows) until the last-hour rally began at 15:16 ET. The rally quickly aborted after a 3-handle gain. ESUs then went inert until Another rallied attempt appeared at 15:47 ET. ESUs rallied to 6337.00 at 15:56 ET and then eased a tad lower into the NYSE close.
Too many traders were long, especially in Fangs, for the July Expiration and Friday Rally.
Netflix, which reported EPS of 7.19 (7.08 consensus) sank as much as 6.5% because the whisper number for EPS was larger. Netflix’s tumble pulled other Fangs lower. It is also a sign of excessive longs!
Trump: “Too Late,” and the Fed, are choking out the housing market with their high rate, making it difficult for people, especially the young, to buy a house. He is truly one of my worst appointments. Sleepy Joe saw how bad he was and reappointed him anyway – And the Fed Board has done nothing to stop this “numbskull” from hurting so many people. In many ways the Board is equally to blame! The USA is Rockin’, there is VERY LOW INFLATION, and we deserve to be at 1%, saving One Trillion Dollars a year on Interest Costs. I can’t tell you how dumb Too Late is – So bad for our Country!
Trump bashed Powell on Friday. For a change, DJT bashed the Fed Board. Trump, again, claims the US and its economy is astounding, and opines that this means Powell should cut rates. Trump reveals the truth when he notes that lower rates would lower US interest expense. In the early days of Trump II, Bessent got Trump to focus on the 10-year yield instead of Fed Funds.
However, Trump cannot control himself and enjoys the puerile mocking people he perceives as foes. DJT is under the delusion that Mr. Bond is a paid-in-full Trump Cultist and DJT Kool-Aid imbiber. He thinks Mr. Bond will follow marching orders.
We have noted regularly that the bond market globally is in a secular bear market. Any major fiscal or monetary error could torpedo the offending country’s bond market. But the King of Deb is too obdurate to realize or admit that unserviceable US debt is threatening to provoke a crisis for the US.
If not for the looming US debt crisis, gold would not be soaring and cryptos would not be bubbling.
@GlobalMktObserv: The US debt crisis is getting worse: The US federal debt has hit $36.66 TRILLION, an all-time high. The public debt has skyrocketed $441 billion over the last 2 weeks after the statutory debt limit was extended. Over the last 2 years, the US debt has risen $5 TRILLION. https://x.com/GlobalMktObserv/status/1946925560451453310
@PeterMallouk: Manufacturing jobs have fallen from 43% of all private jobs in 1945 to just 9% today. But that doesn’t mean we’re making less — real manufacturing output in the US has increased 6.7x over the last 80 years thanks to automation, innovation, and productivity gains.https://x.com/PeterMallouk/status/1945832610309005658
Positive aspects of previous session Nasdaq rallied a tad and closed at an all-time high.
Negative aspects of previous session Stocks declined on July Expiration despite Waller’s call for a rate cut in July. Gold rallied sharply while the dollar declined (but rallied smartly from its Waller low). Netflix declined sharply and led Fangs lower despite beating consensus EPS. The US is facing the greatest political scandal in its history: Obamagate! Details below
Ambiguous aspects of previous session It appears the gold vs. Bitcoin trade is operative again. Is NFLX’s tumble a sign that traders are excessively long Fangs?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6299.22 Previous session S&P 500 Index High/Low: 6315.61; 6285.27
@GlobalMktObserv: The US market concentration is BIBLICAL: The market cap weight of the top 10% largest US stocks hit ~76%, the biggest share EVER. Since the Financial Crisis, the share has risen over 15 percentage pts. Not even the 1930s saw such a big concentrationhttps://x.com/GlobalMktObserv/status/1946419746175410256
Trump self-aggrandizing, again, on Sunday: “The Wall Street Journal ran a typically untruthful story today by saying that Secretary of the Treasury,Scott Bessent, explained to me that firing Jerome “Too Late” Powell, the Worst Federal Reserve Chairman in History, would be bad for the Market. Nobody had to explain that to me. I know better than anybody what’s good for the Market, and what’s good for the U.S.A. If it weren’t for me, the Market wouldn’t be at Record Highs right now, it probably would have CRASHED! So, get your information CORRECT. People don’t explain to me; I explain to them!”
Today – When Expiration Day is soft and there is no impact news, the likely reason is that too many Army Ants were long expiring calls. This put pressure on stocks. Over the past few years, when this dynamic has appeared, there has been a robust rally on the ensuing session on reducing selling pressure.
Expected Economic Data: June LEI -0.2%; Fed in blackout for July 29-30 FOMC
ESUs are +8.00; NQUs are +36.50; USUs are +3/32; and gold is -1.60 at 20:15 ET.
S&P Index 50-day MA: 6028; 100-day MA: 5798; 150-day MA: 5868; 200-day MA: 5871 DJIA 50-day MA: 42,952; 100-day MA: 42,072; 150-day MA: 42,613; 200-day MA: 42,772 (Green is positive slope; Red is negative slope)
S&P 500 Index (6296.79 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 5668.57 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 6212.07 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6272.07 triggers a sell signal
Obama admin ‘manufactured’ intelligence to create 2016 Russian election interference narrative, documents show – ‘There was a treasonous conspiracy in 2016 committed by officials at the highest level of our government,” Gabbard said Obama administration “manufactured and politicized intelligence” to create the narrative that Russia was attempting to influence the 2016 presidential election, despite information from the intelligence community stating otherwise… One instance was on Dec. 7, 2016, weeks after the election, then-Director of National Intelligence James Clapper’s talking points stated: “Foreign adversaries did not use cyberattacks on election infrastructure to alter the U.S. presidential election outcome.”… “We assess that Russian and criminal actors did not impact recent US election results by conducting malicious cyber activities against election infrastructure,” the Presidential Daily Brief stated. “Russian Government-affiliated actors most likely compromised an Illinois voter registration database and unsuccessfully attempted the same in other states.” After the meeting, according to the Office of the Director of National Intelligence, Clapper’s executive assistant emailed intelligence community leaders tasking them to create a new intelligence community assessment “per the president’s request,” that detailed the “tools Moscow used and actions it took to influence the 2016 election.” “ODNI will lead this effort with participation from CIA, FBI, NSA, and DHS,” the record states. Later, Obama officials “leaked false statements to media outlets” claiming that “Russia has attempted through cyber means to interfere in, if not actively influence, the outcome of an election.” “The information we are releasing today clearly shows there was a treasonous conspiracy in 2016 committed by officials at the highest level of our government,” Gabbard told Fox News Digital. “Their goal was to subvert the will of the American people and enact what was essentially a years-long coup… Gabbard added: “As such, I am providing all documents to the Department of Justice to deliver the accountability that President Trump, his family, and the American people deserve.”… https://www.foxnews.com/politics/obama-admin-manufactured-intelligence-create-2016-russian-election-interference-narrative-documents-show
@DNIGabbard: Their goal was to usurp President Trump and subvert the will of the American people. No matter how powerful, every person involved in this conspiracy must be investigated and prosecuted to the fullest extent of the law. The integrity of our democratic republic depends on it. We are turning over all documents to the DOJ for criminal referral. https://x.com/DNIGabbard/status/1946293600976785453
On Sunday, Gabbard told Fox’s Maria Bartiromo 100+ documents show Obama created and directed the conspiracy to undermine Trump; more documents will be released this week that prove the conspiracy; and ‘whistleblowers are coming out of the woodwork’ with details of misdeeds and crimes. https://x.com/LangmanVince/status/1946960306548203817
Gabbard: “”I will do all that I can, and…we have whistleblowers actually, Maria, coming forward now after we released these documented because there were people who were around-who were working within the intelligence community at this time who were so disgusted by what happened, we’re starting to see some of them come out of the woodwork here because they too, like you and I and the American people, want to see justice delivered.” https://t.co/zjCuNeeA3D
Gabbard also said she cannot fathom how Special Counsels Durham and Burham missed the evidence. We will add that Bill Barr has a lot of questions to answer.
@JackPosobiec: There are emails in here where intel analysts are warning they don’t have evidence that Russia interfered in the election, despite the orders from the political appointees.
@RealSLokhova: The declassified email shows that Susan Rice noted Obama and Comey agreeing to hide Russia Hoax investigation from President Trump’s National Security Advisor, General Flynn. Conspiracy.https://x.com/RealSLokhova/status/1946557922609389884
It was Barack Hussein Obama that fabricated the Russia Collusion Hoax! That’s why he remained in DC after his term. The only other POTUS to remain in DC after a term was the infirmed Woodrow Wilson.
Robert F. Kennedy Jr. @RFKJr_Official: Barack Hussein Obama orchestrated a coup against democratically elected President Trump, subverting the will of the American people. He needs to be in jail for treason, along with co-conspirators James Comey, John Brennan, etc.
Barack Obama Now Squarely in Russiagate Crosshairs Multiple sources say Gabbard’s team is focused on “accountability” by gathering evidence for court-ready cases… the DOJ is focusing on conspiracy charges and looking at conduct “from 2016 to 2024.” Another with ties to the administration said “President Trump’s national security team is looking at evidence that members of his 2024 campaign were spied on as well.”… https://www.racket.news/p/barack-obama-now-squarely-in-russiagate
Greg Jarrett: Never before in American history has a departing president connived to sabotage and destroy the man who would replace him… the FBI is reportedly examining the possibility of bringing a “grand conspiracy” case that would encompass many of the above-noted acts that were intended to unduly influence three presidential elections, 2016, 2020, and 2024… The advantage of adopting this legal avenue is two-fold. First, it would extend any expired statute of limitations to the date of more recent overt acts such as the raid on Mar-a-Lago and events thereafter. Second, it would allow any prosecutions to be brought in a venue other than Washington, D.C., where the endemic bias of jurors make it nearly impossible to gain convictions… There is little doubt that top officials at the FBI, CIA, Department of Justice and the White House abused their authority for political purposes…he only remedy for lawlessness is justice. https://www.foxnews.com/opinion/gregg-jarrett-how-obama-cronies-created-trump-russia-hoax-what-happens-next
@CarolineWren: Here’s the document that Tulsi just declassified showing Ben Rhodes attended the #Russiagate intelligence briefing in the White House on December 9.Here’s Ben Rhodes saying that he had no idea about the Russiagate investigation while working in the White House and that he only found out about it as a private citizen in the Washington Post. Ben Rhodes: “We didn’t know that there was an FBI investigation of Trump. I didn’t, President Obama didn’t. We actually abided by the firewalls. If there were any investigations that took place, those decisions were made in the Justice Department, in the FBI, not in the White House. They will find nothing that suggests there was any political or White House involvement in any of that. Literally, I learned about the FBI investigation of Trump as a private citizen in the frickin Washington Post. You have to understand, we actually abided by the longstanding practice of the White House not getting involved in that kind of stuff.” https://x.com/CarolineWren/status/1946287809171464461
Obama might have immunity for some misdeeds, but not for treason and acts outside of his ‘normal’ duties. BHO has NO immunity for acts after he left officie.
GOP Sen. @SenTomCotton: It will take decades for the Intelligence Community to recover from the damage done during the Obama and Biden presidencies. These partisan democrats were desperate to defeat and undermine President Trump.
@HansMahn get-Trump Russia-Russia-Russia “assessment” was “shared” with 200 officials to guarantee illegal leaks!
@HansMahncke on Sat: Five years ago today, a group of random internet users exposed what still stands as the biggest breakthrough in the Russiagate hoax: the identification of Igor Danchenko, the Clinton operative who fabricated a litany of lies about Trump-Russia collusion, and whom the FBI had painstakingly buried deep inside its darkest files to prevent the truth from ever coming out. That truth was as simple as it was devastating: The entire Russiagate hoax had been fabricated from start to finish, every single part of it… What we found in Danchenko was a total nobody who knew nothing about anything, other than how to invent fairytales. To make matters worse, he wasn’t even in Russia. He was living in Washington, D.C., hustling for scraps, including at the Democrat-aligned Brookings Institution, where anti-Trump impeachment witness Fiona Hill served as his mentor…https://x.com/HansMahncke/status/1946521397729095694
@themarketswork: When the FBI discovered that Igor Danchenko (Steele’s source) was a nobody who lied they responded by making him a Confidential Human Source (CHS) and paid him more than $400K…to keep Danchenko hidden from Congressional investigators and keep the Russia Hoax alive.
@mazemoore: After the 2016 election, John McCain, Lindsey Graham, and Amy Klobuchar traveled to Ukraine together. After the trip they held a press conference and declared that Russia attacked the USA by hacking the 2016 election. It was all lies.https://x.com/mazemoore/status/1946361234489511983
Ex-liberal icon @mtaibbi: I can’t wait to see how/if MSM explains away the fact that the Obama White House planned to announce this on December 8, 2016: “Russian and criminal actors did not impact recent US election results by conducting malicious cyber activities against election infrastructure”: https://x.com/mtaibbi/status/1946355358546432003 There was a PDB (President’s Daily Briefing) scheduled to be published on December 8, 2016 saying the opposite of what the later ICA said about Russia and the election… The new documents released by @TulsiGabbard leave no doubt – none – that the @BarackObama White House invented a phony espionage scandal to hang on the incoming Trump administration. The sole question is, why? What idiot thought this would work, that it was a good idea?
@paulsperry_: Obama’s intel czar James Clapper had an intel analyst “immediately removed” for questioning the 2016 ICA’s conclusion Putin helped Trump win. Now a whistleblower, the ODNI analyst was “not allowed to see” evidence backing the conclusion which included the Steele dossier New doc reveals Lisa Monaco attended a high-level Dec. 9, 2016 WH meeting ordered by Obama to cook up intel against Trump related to Russia, along w/ Mary McCord, Celeste Wallander & Victoria Nuland. The meeting was held in the Situation Room w/ McCabe & Brennan.
@Peoples_Pundit: It goes without saying that if a Democratic DNI under Obama or Biden posted a tweet like @DNIGabbard posted yesterday, corporate media coverage would be non-stop until the “traitors” were brought to justice. And they’d have a jurisdiction to do it. Republicans do not.
DJT confidant @LauraLoomer: If nobody goes to jail over this, then that’s how you know it’s just a game and justice is dead.
@nataliegwinters: Wow, the WSJ reporter behind the Trump-Epstein story was conveniently behind bogus Stormy Daniels reporting too. He was credited for “helping set in motion the first criminal prosecution of a former president” by NYMag https://x.com/nataliegwinters/status/1946199099688026576
Trump: The Wall Street Journal, and Rupert Murdoch, personally, were warned directly by President Donald J. Trump that the supposed letter they printed by President Trump to Epstein was a FAKE and, if they print it, they will be sued. Mr. Murdoch stated that he would take care of it but, obviously, did not have the power to do so. The Editor of The Wall Street Journal, Emma Tucker, was told directly by Karoline Leavitt, and by President Trump, that the letter was a FAKE, but Emma Tucker didn’t want to hear that. Instead, they are going with a false, malicious, and defamatory story anyway. President Trump will be suing The Wall Street Journal, NewsCorp, and Mr. Murdoch, shortly. The Press has to learn to be truthful, and not rely on sources that probably don’t even exist. President Trump has already beaten George Stephanopoulos/ABC, 60 Minutes/CBS, and others, and looks forward to suing and holding accountable the once great Wall Street Journal. It has truly turned out to be a “Disgusting and Filthy Rag” and, writing defamatory lies like this, shows their desperation to remain relevant. If there were any truth at all on the Epstein Hoax, as it pertains to President Trump, this information would have been revealed by Comey, Brennan, Crooked Hillary, and other Radical Left Lunatics years ago. It certainly would not have sat in a file waiting for “TRUMP” to have won three Elections. This is yet another example of FAKE NEWS! https://truthsocial.com/@realDonaldTrump/posts/114871422727186590
Trump on Thursday night: The Wall Street Journal printed a FAKE letter, supposedly to Epstein. These are not my words, not the way I talk. Also, I don’t draw pictures. I told Rupert Murdoch it was a Scam, that he shouldn’t print this Fake Story. But he did, and now I’m going to sue his ass off, and that of his third-rate newspaper. Thank you for your attention to this matter! DJT “Based on the ridiculous amount of publicity given to Jeffrey Epstein, I have asked Attorney General Pam Bondi to produce any and all pertinent Grand Jury testimony, subject to Court approval. This SCAM, perpetuated by the Democrats, should end, right now!”
AG Bondi: “President Trump, we are ready to move the court tomorrow to unseal the grand jury transcripts.”
@FoxNews: Annie Tomasini, former Biden senior advisor and deputy chief of staff, pleads the Fifth to House questions about mental competence
Trump: Adam Schiff is a THIEF! He should be prosecuted, just like they tried to prosecute me, and everyone else — The only difference is, WE WERE TOTALLY INNOCENT, IT WAS ALL A GIANT HOAX!” (DJT posted Schiff’s affidavit in which the US Senator from CA swears his primary residence is in Maryland. See link) https://x.com/RealAmVoice/status/1946997134454100408/photo/1
@JasonJournoDC: Alan Dershowitz says Trump should “DEFINITELY” sue AOC for calling him “rapist.” “It’s a far stronger suit than it would be against The Wall Street Journal. Because everybody knows that not only was he not convicted of being a rapist, he was acquitted of that charge specifically.” “She’s making it up in the face of knowledge that it isn’t true. So it would be much easier to prove malice against her than to prove it against The Wall Street Journal.” “So I don’t see any reason — if he’s gonna sue The Wall Street Journal — why he shouldn’t sue her as well.” https://x.com/JasonJournoDC/status/1946978511077736686
@America1stLegal: AFL has obtained new documents CONCLUSIVELY PROVING that AG Merrick Garland’s infamous Oct. 4 memo labeling concerned parents at school board meetings “domestic terrorists” was POLITICALLY ORCHESTRATED and DRIVEN by the Biden White House.“WH has been in touch.”These new documents expose the Biden White House’s involvement in AG Garland’s memo targeting parents — and reveal that career lawyers at DOJ warned that there was no federal authority or legal basis to target these parents in the first place because their speech is protected by the First Amendment. The documents show that after receiving the National School Board Association (NSBA) memo, which called on DOJ to use the Patriot Act to prevent parents from objecting to mask mandates in schools and Critical Race Theory in the curriculum, DOJ’s political leadership worked to identify anything — any authority — they could use to bring the full weight of the Justice Department down on parents. https://x.com/America1stLegal/status/1946284989626138683
LA Mayor Karen Bass’s shocking connection to mom who ‘faked ICE raid for GoFundMe cash’ exposed – Bass, 71, claimed that Calderon had been snatched from her car by officers urging her to ‘self-deport’… since then Calderon, 41, has been charged with conspiracy and making false statements to federal officers. The charges came after family of Calderon – an illegal immigrant from Mexico living in Los Angeles – claimed she was ambushed by armed men in two unmarked trucks at a Jack in the Box parking lot in the downtown LA area… Mayor, you pushed a HOAX,’ the DHS X account posted. ‘There is still time to delete this. Yuriana Julia Pelaez Calderon was NEVER arrested or kidnapped by ICE or bounty hunters — this criminal illegal alien scammed innocent Americans for money and diverted limited DHS resources from Los Angeles.’… https://www.dailymail.co.uk/news/article-14919517/los-angeles-mayor-karen-bass-ICE-mom-hoax.html
Trump rages over CBP officer shot in the face by illegal migrant in NYC: ‘Democrats have flooded our Nation with Criminal Invaders’ https://t.co/uRCfF50BEO
@libsoftiktok: Illinois governor JB Pritzker: Illegals in Illinois do not receive taxpayer funded Medicaid Also Illinois: Medicaid rolls back coverage for illegals. @JBPritzker lied to Congress https://x.com/libsoftiktok/status/1946983911617155105
The NY Post reports the ‘Late Show’ was losing as much as $50m a year.
Dems whined that CBS axing the ‘Late Show’ was due to politics. No, keeping the ‘Late Show’ on the air for many years while losing $40m/year was a political move.
Democrats catered to Somalis in Minnesota to procure their votes. But just like in Big Blue cities, minority voters eventually elect one of their own.
“A nation can survive its fools, but it cannot survive treason from within. An enemy at the gates is less formidable, for he carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself.” – Attributed to Cicero in a 1965 fictional novel by Taylor Caldwell called “A Pillar of Iron.”
“Ben Rhodes, Obama, All of Them, They’re Going to Rot in Freaking Prison!… This is the Coup Against Trump!” – Steve Bannon Goes Off After Newly Released Documents PIN DOWN Obama Leading the Criminal Coup Against Trump
Barack Obama bids President Trump a farewell after his Inauguration. We now know Obama was running a coup against the Trump behind the scenes at the time. – Wikicommons
On Friday, Director of National Intelligence Tulsi Gabbard released newly declassified presidential briefing documents that prove that puts Barack Obama at the center of the Trump-Russia collusion narrative hoax.
It was recently reported that former FBI Director James Comey, CIA Director John Brennan, and DNI James Clapper worked together to purposely corrupt the Trump-Russia investigation in 2016 before Trump entered office.
Today we discovered what we all suspected — Barack Obama was in on it too and leading the coup against President Trump!
Documents prove that Barack Obama knew it was a hoax and he was involved in manufacturing and politicizing the intelligence to create the Trump-Russia collusion canard.
The Obama Administration knew that Russia did not interfere with the 2016 election, but they pushed the hoax through their friends in the fake news media.
This afternoon, Steve Bannon on The War Room discussed this bombshell with Jack Posobiec.
Bannon exploded! He called out Obama and Company for committing treason and seditious conspiracy!
Steve Bannon: Let me read this. The press release, new evidence of Obama administration’s conspiracy to subvert President Trump’s 2016 victory and presidency, Washington, DC. Today’s date, Friday.
This is from the Director of National Intelligence. Tulsi Gabbard revealed overwhelming evidence that demonstrates how after President Trump won the 2016 election against Hilary Clinton, President Obama and his National Security cabinet members manufactured and politicized intelligence to lay the groundwork for what was essentially a year’s long coup against President Trump.
This is from the Director of National Intelligence, that language.
Also, she puts in a tweet atop, Their goal was to usurp President Trump and subvert the will of the American people. No matter how powerful every person involved in this conspiracy must be investigated and prosecuted to the fullest extent of the law. The integrity of our Democratic Republic depends on it. We are turning over all documents to the Department of Justice for criminal referral…
…Have you ever… Have you ever heard language like this from a Director of National Intelligence or any senior intelligence official, sir?…
(…)
…I’m going to give you a scoop. This is what we got, the President because the President Daily’s brief is given to the President-elect. None of this, when CNN reported they were going to ship the 73, we said, hang on. Where did it come from? Because Trump was getting that. We called the Chief of Staff. This is why the meeting that took place, I’ll explain this more later. This is why the meeting took place on the 3rd to explain it, where they slipped in at the end, the dossier in a brown paper envelope and gave it to BuzzFeed, Ben Smith and that team, I think, BuzzFeed, that afternoon. That’s where that all came from.
They didn’t do the President’s Daily Briefing because they knew we got the… The President-Elect gets the same briefing that the President of the United States in transition. They withheld it.
This is how duplicitous they are. This is how guilty they are. Ben Rhodes, Obama, all of them are going to rot in a freaking prison. This is why we got to get on top of this. This is the deep state. This is the coup against Trump. You can see it all right there.
END
is there anything that the Democrats did was right/good for the nation?
(zerohedge)
Multi-Billion Dollar Boondoggle: Biden Admin Plan For Electric Mail Trucks Flops Massively
Sunday, Jul 20, 2025 – 10:45 PM
A Biden administration effort to electrify the U.S. Postal Service has produced just 250 electric mail trucks in over two years—far behind schedule and slammed by Republicans as a multibillion-dollar “boondoggle.”
The nearly $10 billion project aimed to roll out 35,000 battery-powered USPS vehicles by September 2028, with $3 billion funded through President Biden’s 2022 Inflation Reduction Act (IRA), according to the NY Post.
But despite $1.7 billion already spent, only a small portion of the fleet exists, prompting Republicans to push for canceling the remaining $1.3 billion in funding.
“Biden’s multi-billion-dollar EV fleet for the USPS is lost in the mail and more than $1 billion is postmarked to order more,” said Sen. Joni Ernst (R-Iowa). “I am working to cancel the order and return the money to the sender, the American people.”
Wisconsin-based Oshkosh was awarded $2.6 billion to build the trucks. Yet as of late 2024, just 93 had been delivered—far short of the 3,000 expected. Production has been plagued by engineering issues, including airbag calibration failures and leaks so bad water poured out of the trucks.
“This is the bottom line: We don’t know how to make a damn truck,” one insider told The Washington Post.
The Post wrote late last week that a 2022 attempt by an Oshkosh executive to warn USPS about the problems was blocked by superiors. Former Postmaster General Louis DeJoy reportedly distanced himself from the delays.
“I’m in the parcel delivery business, not the vehicle manufacturing business,” he told colleagues.
By mid-2025, Oshkosh’s factory was producing only one truck per day—far below its projection of 80. The cost per vehicle: $77,692 for 28,195 units. USPS says it has ordered 51,500 Next Generation Delivery Vehicles (NGDVs), including 35,000 battery electric models. To date, just over 250 electric NGDVs have been delivered.
USPS also ordered 9,250 Ford E-Transit EVs, nearly 8,000 of which have arrived.
“Modernization of the Postal Service’s delivery fleet is part of the organization’s $40 billion investment strategy,” a USPS rep said.
The new trucks are meant to replace aging Grumman Long Life Vehicles from 1987, which are noisy, costly, inefficient, and known to catch fire.
Despite Biden’s goal for a fully electric USPS fleet by 2026, the project has stalled. In a February 2025 report, the Government Accountability Office listed USPS as “high risk,” citing its inability to fund its services.
USPS lost $9.5 billion in fiscal year 2024. Former President Donald Trump proposed merging it with the Department of Commerce.
“[USPS has] been just a tremendous loser for this country… We want to have a post office that works well and doesn’t lose massive amounts of money,” he said.
Now, new Postmaster General David Steiner, appointed in July 2025, inherits the troubled program just as USPS approaches its 250th anniversary.
END
end
TRUMP is right on this issue
Trump Threatens To Block Stadium Deal Unless Washington Commanders Restores Old Name
President Donald Trump said Sunday that he would block a stadium deal for the Washington Commanders unless the National Football League (NFL) team returns to its former name, the “Washington Redskins.”
The team dropped the “Redskins” name in 2020 after criticism that it was offensive to Native Americans, rebranding as the Washington Football Team and later adopting the name Washington Commanders in 2022.
“The Washington ‘Whatever’s’ should IMMEDIATELY change their name back to the Washington Redskins Football Team. There is a big clamoring for this,” Trump stated in a Truth Social post.
In a subsequent post, Trump said the team would be “much more valuable” if it reverted to its original name and warned of potential restrictions if the team refused to do so.
“I may put a restriction on them that if they don’t change the name back to the original ‘Washington Redskins,’ and get rid of the ridiculous moniker, ‘Washington Commanders,’ I won’t make a deal for them to build a Stadium in Washington,” he stated.
The Washington Commanders reached a $3.7 billion deal with the District of Columbia on April 28 to have the NFL team move back to the nation’s capital. The agreement will see the team play at the site of the defunct Robert F. Kennedy Memorial Stadium, which will be demolished. The stadium is scheduled to break ground in 2026 and open in 2030.
The team currently plays at Northwest Field in Landover, Maryland. Its lease is set to expire in 2031, though the agreement does not prevent the Commanders from moving to another venue.
In his post, Trump also urged the Cleveland Guardians baseball team to revert to its former name, the Cleveland Indians, saying that “massive numbers” of Indian people want the name change to happen.
“Their heritage and prestige is systematically being taken away from them. Times are different now than they were three or four years ago. We are a country of passion and common sense,” he stated.
The Epoch Times has sought comment from both the Washington Commanders and the Cleveland Guardians but did not receive a response by publication time.
In November 2023, the Native American Guardian Association (NAGA) filed a complaint with the U.S. District Court of North Dakota calling for the restoration of the name Redskins to the NFL Washington team.
NAGA stated in the filing that the Commanders, formerly known as the Redskins, were “the only team in the NFL to honor an actual Native American.”
The National Congress of American Indians, which advocates for Native American communities, has previously expressed support for the team’s decision to retire the Redskins name.
END
FBI And NSA Had Low Confidence That Russia Was Behind The DNC Hack
The FBI and the National Security Agency, in the heat of the 2016 election, dissented from an intelligence community assessment, which judged that Russia was behind the alleged hack of the Democratic National Committee servers and the subsequent release of stolen emails.
The FBI and NSA instead had “low confidence” in the attribution to Russia, according to a Sept. 12, 2016, Intelligence Community Assessment released to the public for the first time on July 18, 2025, as part of a batch of records declassified by the Office of the Director of National Intelligence.
“FBI and NSA, however, have low confidence in the attribution of the data leaks to Russia,” the assessment states. “They agree that the disclosures appear consistent with what we might expect from Russian influence activities but note that we lack sufficient technical details to correlate the information posted online to Russian state-sponsored actors.”
A memo prepared for President Barack Obama, dated two days after the assessment, blames Russia for the hack and leak and does not mention the dissent by the FBI and NSA, according to the newly released documents.
The revelation is the latest twist in the decade-long controversy over the DNC hack, which lies at the very root of the now-discredited Russia collusion narrative, which ensnared the nascent Trump administration in 2017 and metamorphosed into the special counsel investigation by Robert Mueller. Mueller concluded the investigation with no evidence to support the claim that Russia colluded with then-candidate Donald Trump to influence the election.
The hacking of the DNC was central to the collusion narrative. The FBI’s having low confidence that Russia was behind the breach is significant because the bureau had received, three weeks prior to dissenting with the assessment, the final report on the hack by Crowdstrike, the private cybersecurity firm hired by the DNC to remediate the hack in the spring of 2016. The Crowdstrike reports have never been made public. The company’s then-president, Shawn Henry, told the House Intelligence Committee in late 2017 that his firm had no evidence that files were stolen from the DNC systems.
On Oct. 7, 2016, less than a month after the assessment marked by the FBI and NSA dissent, the United States accused Russia of hacking the DNC and leaking the files with the intent “to interfere with the U.S. election process.” Obama approved the release of the statement, which was made public via a joint release by the Office of the Director of National Intelligence and the Department of Homeland Security.
Oct. 7 was one of the most eventful days of the 2016 presidential cycle. This was the day of the release of the Access Hollywood audio recording of Trump. It was also the day of the release of the first batch of the emails of former Obama counselor John Podesta.
Oct. 7 was also a time when the FBI was still working on obtaining a copy of the DNC server images to conduct a forensic analysis. It is unclear if the FBI had changed its “low confidence” assessment before the release of the public statement accusing Russia.
The newly released documents show that by Dec. 7, 2016, two months after accusing Russia of hacking the DNC, the U.S. intelligence community was still relying on Crowdstrike’s analysis for its assessment.
“The U.S. Intelligence Community has high confidence in its attribution of the intrusions into the Democratic National Committee (DNC) and the Democratic Congressional Campaign Committee (DCCC) networks, based on the forensic evidence identified by a private cyber-firm and the IC’s review and understanding of cyber activities by the Russian Government,” states a memo drafted in preparation for a principals committee meeting.
At the time of the drafting of the memo, the intelligence community had still not reached a consensus on who leaked the DNC emails. The same memo states that “most IC agencies assess with moderate confidence that Russian services probably orchestrated at least some of the disclosures of U.S. political information.”
A day later, on Dec. 8, 2016, the FBI renewed its dissent with the assessment.
“FBI will be drafting a dissent this afternoon. Please remove our seal an [sic] annotations of co-authorship,” states an FBI email to the group preparing the presidential daily brief for Obama. Obama requested the preparation of the brief to be ready for release on Dec. 9, 2016.
An hour after the FBI expressed its intention to dissent from the assessment, an email from a DNI official to more than 110 intelligence community recipients said that the presidential brief would be postponed.
“Based on some new guidance, we are going to push back publication of the PDB. It will not run tomorrow and is not likely to run until next week,” the email from Director PDB/ODNI stated. The acronyms stand for presidential daily brief and the Office of the Director of National Intelligence.
While the briefing memo was postponed, the principals committee meeting took place as scheduled in the Situation Room at the White House on Dec. 9. In attendance were the head of the key Obama administration agencies, including National Security Advisor Susan Rice, Secretary of State John Kerry, Attorney General Loretta Lynch, Department of Homeland Security Secretary Jeh Johnson, and CIA Director John Brennan, among others.
Notably absent from this meeting were the directors of the two dissenting agencies: the FBI Director James Comey and NSA Director Michael Rogers. Instead, attending for the FBI was Deputy Director Andrew McCabe, and for the NSA, Deputy Director Richard Ledgett, according to the Summary of Conclusions for Meeting of the Principals Committee dated Dec. 9, 2016.
The conclusion of the memo from the Principals Committee meeting outlined a list of recommended punitive measures against Russia. The list concludes with a bullet point stating that the principals in the meeting agreed to “publicly release and attribute to Russian intelligence services technical and other information” about the intrusion and a spearphishing campaign.
That directive, set to be actioned by Dec. 19, appears to have resulted in a joint analysis report by the FBI and DHS released to the public on Dec. 29, 2016. This technical review included a mapping of the cyber intrusion, a sample snippet of code, and a set of IP addresses used by the attackers. Wordfence, a cybersecurity firm with millions of clients, analyzed the code snippet and traced it back to a malware provider based in Ukraine.
“The IP addresses that DHS provided may have been used for an attack by a state actor like Russia. But they don’t appear to provide any association with Russia. They are probably used by a wide range of other malicious actors, especially the 15% of IP addresses that are Tor exit nodes,” WordFence CEO Mark Maunder wrote in an analysis of the DHS data.
“The malware sample is old, widely used, and appears to be Ukrainian. It has no apparent relationship with Russian intelligence and it would be an indicator of compromise for any website.”
In the days and weeks after the meeting, emails show officials preparing an intelligence community assessment on Russia’s interference in the 2016 election. Obama ordered the assessment to be read by Jan. 9, 2017, and later moved the deadline up to Jan. 3.
The working plan was to brief Obama and the President-elect Trump on the assessment on Jan. 3–4, brief the Gang of Eight and the intelligence committees in Congress on Jan. 4–6, and to release a version of the assessment to the public on Jan. 6, 2017, the day when Congress was to convene to certify Trump’s election.
One of the fruits of those efforts, a version of the Intelligence Community Assessment dated Jan. 5, states that the FBI had high confidence that Russian President Vladimir Putin had ordered a campaign to meddle with the 2016 election in favor of Trump and that Russian intelligence services hacked the DNC and leaked stolen emails.
It is unclear how the FBI came to change its “low confidence” assessment.
In the years that followed, the FBI’s work on the investigation into Trump was heavily scrutinized by the House Intelligence Committee, the Senate Intelligence Committee, the Office of Inspector General, and special counsel John Durham.
To date, all of the public findings from these investigations include no further evidence for the assertion that Russia was behind the theft and release of the DNC emails. Instead, the inquiries by the House Intelligence Committee, Inspector General Michael Horowitz, and Durham, determined that the evidentiary core of the FBI’s probe consisted of the now-debunked reports by former British intelligence officer Christopher Steele.
Steele was retained by Fusion GPS, which was in turn retained by the Clinton campaign through Perkins Coie, the same law firm that recommended that the DNC hire Crowdstrike to handle the cyber intrusion.
While the FBI was ultimately unable to verify any of the Steele reporting, the dossier played a central role in the bureau’s decision to secure surveillance warrants to monitor Carter Page, a Trump campaign associate. An inspector general inquiry into the bureau’s work on securing the warrants found significant failures among the rank-and-file and supervisors involved.
END
They should nail him!
Fed Chair Powell Criminally Referred To DoJ For Perjury
Monday, Jul 21, 2025 – 01:25 PM
Last week saw President Trump kinda sorta deny reported plans to fire Fed Chair Jay Powell:
“We’re not planning on doing it,” he said Wednesday at the White House.
“I don’t rule out anything,” he added, “but I think it’s highly unlikely, unless he has to leave for fraud.”
But now, that latter comment is coming into play as Rep. Anna Paulina Luna, R-Fla., refers Powell to the Department of Justice (DOJ) for criminal charges, accusing him of two specific instances of lying under oath.
“On June 25, 2025, Chairman Powell provided testimony under oath before the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the renovation of the Federal Reserve’s Eccles Building. In his statements, he made several materially false claims,” Luna’s letter said.
Specifically, she accused him of lying about lavish amenities at the Federal Reserve’s Eccles Building and misrepresenting its state of maintenance.
“Separately, in a letter to the Office of Management and Budget (OMB) Director Russell Vought, Chairman Powell characterized the changes that escalated the cost of the project from $1.9 billion to $2.5 billion as minor. However, documents reviewed by congressional investigators indicate that the scope and cost overruns of this project were neither minor in nature nor in substance,” Luna wrote.
She claimed his statement that the cost increase was to simplify construction and avoid further delays was false.
“It is contradicted by the Federal Reserve’s final submission to the National Capital Planning Commission (NCPC) and by the assertions made in Director Vought’s own original letter to Chairman Powell,” Luna wrote.
“According to those records, the revised plan includes a VIP private dining room, premium marble finishes, modernized elevators, water features, and a roof terrace garden—features that Powell publicly denied existed. While Powell presented the changes as simplifications, the actual project plans suggest the opposite.”
Trade outlet Mortgage Professional reported that Powell denied all accusations of perjury and has directed a formal watchdog probe into renovation project costs of the Eccles Building.
She first announced she would be referring Powell last week on X.
Perjury can be punishable by up to five years in prison in addition to fines.
While Trump and his allies would clearly like to see a Fed Chair cut rates, there are unintended consequences they could be missing here. Firing and replacing Powell would make investors nervous about the stability of the Fed and its ability to deliver low and stable price inflation.
This could push longer-term interest rates up – the opposite of Trump’s goal.
END
GREG HUNTER INTERVIEWING MARTIN ARMSTRONG
“Plan On It!” Martin Armstrong Sees ‘100% Chance Of Nuclear War’
Six weeks ago, legendary financial and geopolitical cycle analyst Martin Armstrong was signaling a big turn toward war.
Now, Armstrong says, “The chances of war with a nuclear exchange is at 100%. . .. Plan on it, this is coming.”
Can the world avoid nuclear war with President Trump’s 50-day deadline given to Russia to make peace in Ukraine? Armstrong says, “You do not threaten your adversary that is at your same level, publicly. If you want to say something like that, you do it privately in a phone call…”
“Now, what will happen is Putin cannot possibly sign a peace deal.
What, are you crazy . . . to do this in 50 days?
We have staff in Germany, and I was told by my staff that a friend 60 years old was told to report to duty. I had a friend who was at the Vienna Peace Conference, and he called me when it was over and said, ‘Holy crap, this has nothing to do with peace anymore. This is all about preparing for war. Everybody should start getting ready for drafts, to start going that way.’ They want war. They are not backing off.”
Armstrong’s computer “Socrates” is signaling war as early as next month. Armstrong says,
“Starting in August, this whole thing is going to be escalating up. Our computer has what we call a ‘Panic Cycle’ with our war cycles for 2026.
That is not good. I don’t know what the hell Trump is smoking…
My computer has been projecting war, and it is projecting war going into 2026. This is not looking good, and Europe will lose. It is as simple as that.”
The other big event that happened that will change the economic system forever is the House just passed the so-called GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins). The bill is now headed to President Trump to sign into law. Armstrong contends that US debt is being sold by big holders of Treasuries, and we have to find a new market for our huge Treasury debt or we default.
Treasury bonds will supposedly backstop stablecoins that the banks will control. Armstrong says,
“This is really a repeat of 1863. In the Civil War, they issued national bank notes. The banks were told to buy the bonds. They could buy bonds to fund the war, and they were allowed to issue currency backed by the bonds. This is the same exact thing. These stablecoins are the same thing as the 1863 National Bank Act.”
Stablecoins and the GENIUS Act are not good news for financial freedom or any other kind of civil liberty. Armstrong says, “The government will say we don’t like this guy, debank him. The government cannot do it directly. So, they indirectly do it the other way…”
“I know guys that are gun dealers and bullion dealers, and they have been debanked. This is the world we are going into.
They know they are losing power. Europe is far worse. Spain now says you cannot take out $3,000 without government permission.
They are trying to eliminate cash. . .. The forms of government we have today are going to collapse. Republics are the most corrupt form of government — period.”
There is more in the 65-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Martin Armstrong who is giving a red alert for a very destructive nuclear war for 7.19.25.
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