JULY 22/GOLD SKYROCKETS UP ANOTHER $36.60 TO $3428.80//SILVER FINISHES THE DAY UP $0.20 TO $39.20//PLATINUM WAS DOWN $8.30 TO $1441.65 WITH PALLADIUM UP $9.80 TO $1280.60/ISRAEL VS HAMAS; ISRAEL PUSHES INTO THE CENTRAL PART OF THE GAZA STRIP //IRAN: SUPPOSEDLY TO BEGIN NUCLEAR TALKS WITH FRANCE AND GERMANY//RUSSIA VS UKRAINE; RUSSIA DOWNPLAYS 3RD MEETING TO END THE WAR//COVID UPDATES/VACCINE INJURY REPORT/DR PAUL ALEXANDER/MARK CRISPIN MILLER//NEWS ADDICTS ETC//EXCELLENT COMMENTARY TONIGHT FROM DR LACALLE//SWAMP STORIES FOR YOU TONIGHT//
118 C MACQUARIE FUTURES US 16 332 H STANDARD CHARTERED B 1 363 H WELLS FARGO SECURITI 159 435 H SCOTIA CAPITAL (USA) 8 624 H BOFA SECURITIES 63 661 C JP MORGAN SECURITIES 77 686 C STONEX FINANCIAL INC 5 10 686 H STONEX FINANCIAL INC 319 709 C BARCLAYS 9 905 C ADM 22 3
TOTAL: 346 346 MONTH TO DATE: 10,251
JPMORGAN STOPPED 77/340
JULY
GOLD: NUMBER OF NOTICES FILED FOR JULY/2024: 346 CONTRACTs NOTICES FOR 34,600 OZ or 1.076 TONNES
total notices so far: 10,251 contracts for 1,025,100 OR 31.884 tonnes)
FOR JULY
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SILVER NOTICES: 59 NOTICE(S) FILED FOR 0.295 million OZ/
total number of notices filed so far this month : 9198 CONTRACTS (NOTICES) for 45.990 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 $36.60 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A HUGE DEPOSIT OF 3.43 TONNES OF GOLD OUT OF THE GLD//
INVENTORY RESTS AT 947.06 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.20 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ///A FRAUDULENT CRINAL OF 11.175 MILLION OZ INTO THE SLV///
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 482.447 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 1690 CONTRACTS TO 173,412 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR GAIN OF $0.78 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S TRADING. WE FINALLY ARE MOVING MUCH HIGHER THAN THE BASE $34.40 SILVER PRICE BARRIER. WE HAD A HUGE SIZED GAIN OF 1730 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A SMALL 40 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD ZERO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO MONDAY’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 HUGE GAIN IN PRICE. THE PRICE FINISHED MILES ABOVE THE MAGIC NUMBER OF $36.00 SILVER SPOT PRICE CLOSING AT $39.00 . WE HAVE ANOTHER HUGE T.A.S. ISSUANCE AT 859 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 SMALL 40 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 859 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TUESDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A MEGA HUGE SIZED 1730 CONTRACTS ON OUR TWO EXCHANGES WITH OUR STRONG GAIN IN PRICE OF $0.78.
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 MONDAY NIGHT/TUESDAY MORNING: A HUGE SIZED 859 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 $0.78) AND WERE UNSUCCESSFUL IN KNOCKING OF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HADV A HUMONGOUS GAIN OF 1730 CONTRACTS ON OUR TWO EXCHANGES WITH ZERO T.A.S. SPREADER LIQUIDATION.
WE HAD A 40 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 34.730 MILLION OZ PLUS TODAY’S GOOD SIZED QUEUE JUMP OF 300,000 OZ//NEW STANDING ADVANCES TO 46.155 MILLION OZ
THUS:
INITIAL STANDING FOR JULY: 46.155 MILLION OZ INCLUDING QUEUE JUMPS
WE HAD:
/ HUGE COMEX OI GAIN+// A SMALL SIZED EFP ISSUANCE 40 CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 859 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 188 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 15 DAY(S), total 7049 contracts: OR 35.245 MILLION OZ (469 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 35.245 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: 35.245 MILLION OZ
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RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1730 CONTRACTS WITH OUR GAIN IN PRICE OF $0.78 IN SILVER PRICING AT THE COMEX// MONDAY.,. . THE CME NOTIFIED US THAT WE HAD A SMALL 40 CONTRACT EFP ISSUANCE CONTRACTS: 40 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: 46.155 MILLION OZ//
THE NEW TAS ISSUANCE MONDAY NIGHT (959 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE IN TUESDAY’S TRADING OR BEYOND!
WE HAD 59 NOTICE(S) FILED TODAY FOR 0.295 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 ROSE BY A MEGA HUMONGOUS SIZED 24,568 OI CONTRACTS TO 477,796 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 STILL 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 6475 CONTRACTS //.
WE HAD A MEGA HUMONGOUS SIZED INCREASE IN COMEX OI (24,568 CONTRACTS) . THIS OCCURRED WITH OUR GAIN OF $40.30 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 0.1275 TONNES QUEUE JUMP = 32.223 TONNES STANDING
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3751 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 471,321 /NOW STILL AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!
SILVER ALSO HAS A LOW COMEX OI OF 173,412 CONTRACTS BUT GAINING RAPIDLY!!
IN ESSENCE WE HAVE A MEGA HUMONGOUS SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 28,319 CONTRACTS WITH 24,568 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 3751 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 28,319 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1696 CONTRACTS
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(3751) ACCOMPANYING THE HUGE SIZED INCREASE IN COMEX OI OF 24,568 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 28,319 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING FOR GOLD FOR JULY AT 17.947 TONNES COUPLED WITH TODAY’S 0.1275 TONNES QUEUE JUMP//STANDING ADVANCES TO 32.223 TONNES.
NEW STANDING FOR GOLD, JULY CONTRACT AT 32.223 TONNES OF GOLD.
.
/ 3) ZERO T.A.S. LIQUIDATION IN THE COMEX SESSION AS WE HAD 1)A $40.30 COMEX PRICE GAIN. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED WITH THE GAIN IN PRICE AS WE HAD A MEGA HUMONGOUS GAIN OF 28,319 CONTRACTS ON OUR TWO EXCHANGES COUPLED WITH ZERO LIQUIDATION OF OUR TAS SPREADERS // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4) MEGA HUMONGOUS SIZED COMEX OI GAIN// 5) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (3751 CONTRACTS)/// FAIR T.A.S. ISSUANCE: 1696 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: 25,580 CONTRACTS OR 2,558,000 OZ OR 79.564 TONNES IN 15 TRADING DAY(S) AND THUS AVERAGING: 1705 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN15 TRADING DAY(S) IN TONNES 79.564 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 79.564 TONNES DIVIDED BY 3550 x 100% TONNES = 2.24% 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 : 79.564 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A MEGA HUGE SIZED 1690 CONTRACTS OI TO 173,600 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 40 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 40 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 40 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1690 CONTRACTS AND ADD TO THE 40 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF 1730 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.77 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 8.65 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 TUESDAY MORNING:
SHANGHAI CLOSED UP 22.07 PTS OR 0.62%
//Hang Seng CLOSED UP 97.24 PTS OR 0.39%
// Nikkei CLOSED DOWN 44.19 PTS OR .11% //Australia’s all ordinaries CLOSED UP 0.17%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1741 OFFSHORE CLOSED UP AT 7.1773/ Oil UP TO 66.88 dollars per barrel for WTI and BRENT UP TO 68.24 Stocks in Europe OPENED MOSTLY ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1741 AND STRONG//OFF SHORE YUAN TRADING UP TO 7.1773 AGAINST US DOLLAR/ AND THUS STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A MEGA MEGA HUMONGOUS SIZED 24,568 CONTRACTS TO 471,321 OI WITH OUR GAIN IN PRICE OF $40.30 WITH RESPECT TO MONDAY’S // TRADING. THIS IS THE HIGHEST GAIN IN COMEX IN QUITE SOME TIME. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3751 ). WE HAD ZERO T.A.S. LIQUIDATION //MONDAY TRADING AS WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 34,794 CONTRACTS.
THE CME ANNOUNCED MONDAY 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 MEGA MEGA HUMONGOUS SIZED GAIN ON OUR TWO EXCHANGES OF 28,319 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 1696 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 ACTIVE 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 231 TO 232 EPISODES 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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 3751 EFP CONTRACT WAS ISSUED: : /AUGUST 3751 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3751 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//MONDAY
ZERO NET SPEC LIQUIDATION WITH OUR STRONG 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 TUESDAY MORNING/MONDAY NIGHT WAS A FAIR SIZED 1696 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE LAST FRIDAY, 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 LAST FRIDAY DESPITE OUR SMALL GAIN IN PRICE DURING THE RAID PORTION IN TRADING WHICH ENDED IN TOTAL FAILURE. THAT SET UP YESTERDAY’S (MONDAY) HUMONGOUS GAIN IN PRICE IN GOLD AND SILVER AND A CORRESPONDING MASSIVE BUILDUP OF COMEX OI.
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 A HUGE 40.30/ /) AND THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A MASSIVE HUMONGOUS SIZED GAIN IN OI FROM TWO EXCHANGES. AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION ////MONDAY. 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.
TUES MORNING//MONDAY 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 MONDAY EVENING/ TUESDAY 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 MEGA HUMONGOUS SIZED TOTAL OF 88.08 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 $40.30
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 28319 CONTRACTS OR 2,831,900 0Z (88.08 TONNES)
2 ENTRIES i) Into HSBC 210,624.226 oz ii) Into HSBC enhanced 53,292.125 oz
(133 London good delivery bars)
total deposit: 263,916.35 oz
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No of oz served (contracts) today
346 notice(s) 34,600 OZ 1.076 TONNES
No of oz to be served (notices)
109 contracts 10,900 OZ 0.3390 TONNES
Total monthly oz gold served (contracts) so far this month
10,251 notices 1,025,100 oz 31.884 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
dealer deposits: 1 entry
1 ENTRY
Loomis: 32,015.330 oz
total deposit: 32,015.330 oz
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DEPOSITS/CUSTOMER
2 ENTRY
i) Into HSBC 210,624.226 oz ii) Into HSBC enhanced 53,292.125 oz
(133 London good delivery bars)
total deposit: 263,916.35 oz
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customer withdrawal
0 entry
adjustments: 1
a) JPMorgan dealer to customer 8069.86 oz (251 kilobars)
AMOUNT OF GOLD STANDING FOR JUNE
THE FRONT MONTH OF JULY STANDS AT 455 CONTRACTS FOR A LOSS OF 351 CONTRACTS. ON MONDAY WE HAD 392 NOTICES FILED, SO WE GAINED A FAIR SIZED 41 CONTRACTS OR 4,100 OZ (0.1275 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 SHOCKINGLY GAINED 3344 CONTRACTS UP TO 215,738 AS AUGUST BECOMES THE FRONT MONTH AND IT’S OI IS VERY HIGH AND NOT CONTRACTING ENOUGH. WE WILL PROBABLY HAVE A HUGE NUMBER OF TONNES STANDING. WE HAVE ONLY 7 MORE TRADING DAYS BEFORE FIRST DAY NOTICE JULY 31.
SEPT GAINED 170 CONTRACTS TO 1755
We had 346 contracts filed for today representing 34,600 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 346 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 77 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 (10,251 X 100 oz ) to which we add the difference between the open interest for the front month of JULY (455 CONTRACTS) minus the number of notices served upon today (346 x 100 oz per contract) equals 1,036,000 OZ OR 32.223 TONNES to which we add 0 tonnes of gold issued under exchange for risk// total standing 32.223 tonnes
thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (10,251 x 100 oz +we add the difference for front month of JULY (455 OI} minus the number of notices served upon today (346 x 100 oz) which equals 1,036,900 OZ OR 32.223 TONNES + 0 tonnes EX FOR RISK = 32.223 tonnes
TOTAL COMEX GOLD STANDING FOR JULY.: 32.223 TONNES WHICH IS VERY STRONG FOR THIS NORMALLY NON ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
i) out of De;aware 1997.844 oz ii) Out of Loomis 599,960.200 oz
total withdrawal: 609,958.046 oz
ADJUSTMENTs 1
customer to dealer; Brinks
49,373.400 oz
TOTAL REGISTERED SILVER: 195.863 MILLION OZ//.TOTAL REG + ELIGIBLE. 497.984 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE
silver open interest data:
FRONT MONTH OF JULY /2025 OI: 92 OPEN INTEREST CONTRACTS FOR A GAIN OF 11 CONTRACTS. WE HAD 49 CONTRACTS SERVED ON MONDAY SO WE GAINED 60 CONTRACTS OR 300,000 OZ ENTERTAINED A QUEUE JUMP WHERE THESE BOYS DECIDED TO TAKE DELIVERY OVER ON THIS SIDE OF THE POND.
AUGUST LOST 161 CONTRACTS TO 2,191 AS THIS MONTH BECOMES THE FRONT MONTH FOR SILVER
SEPTEMBER GAINED 1371 CONTRACTS UP TO 129,717 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY:59 or 0.295 MILLION oz
CONFIRMED volume; ON MONDAY 54,553 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 9198 X5,000 oz = 45.990 MILLION oz
to which we add the difference between the open interest for the front month of JULY (92) AND the number of notices served upon today (59 )x (5000 oz)
Thus the standings for silver for the JULY 2025 contract month: (9198) Notices served so far) x 5000 oz + OI for the front month of JULY(92) minus number of notices served upon today (59)x 5000 oz equals silver standing for the JULY contract month equating to 46.155 MILLION OZ .
New total standing: 46.155 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 195.863 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/497.984 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 22 WITH GOLD UP $36.60 TODAY//HUGE CHANGES IN GOLD AT THE GLD:A FRAUDULENT DEPOSIT OF 3.43 TONNES OF GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 947.06 TONNES/
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 22 WITH SILVER UP $0.20/ HUGE CHANGES AT THE SLV// A FRAUDLENT DEPOSIT OF 11.175 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 482.447 MILLION OZ.//
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.
If Donald Trump has his way and recent reports are accurate, Federal Reserve Chair Jerome Powell is considering stepping down from his position. While extremely rare, Fed Chairs resigning before the end of their term isn’t entirely unheard of. Powell’s obligations would ordinarily extend to May 2026.
But if he abdicates, Trump would replace him with an ultra-dove who is committed to aggressively cutting short-term interest rates, delivering the cheap money he craves. This new dove will crush the dollar, eviscerate savers, and send long-term interest rates soaring much higher.
Markets are watching Powell closely, and pundits are speculating on who might replace him in the extraordinary event that he decides to leave the Fed. But even if he doesn’t resign, the end result of central bankers tinkering with the economy is always net inflationary. Whether you’re talking about the Fed or the Bank of Japan, the end result on a long enough timeline is always an expanded money supply, a currency crisis, and a reset driven by economic catastrophe.
The Fed Funds rate is 4.25%–4.5%. Trump said it should be 1.25%–1.5%. Rumors are that Powell may resign by Monday, so his replacement can slash rates to that level. This would put the nail in the dollar's coffin, sending long-term interest rates, consumer prices, & gold soaring.
In today’s low rate-addicted economy, 5% and up is considered being on the “high” end. In a self-correcting free market, they would be drastically higher. Forcing low interest rates on the economy is like trying to keep a greased beach ball underwater, pushing it deeper and deeper as it continues inflating with even more air.
You’re not in control, and you never were. When you finally lose your grip, it rockets out of the surface of the pool even harder and faster.
What makes the dollar different is its exorbitant privilege as the world reserve currency, and our ability to force that reality economically and geopolitically. But that privilege has been ending for many years in slow motion, and now, economic policies like capricious tariffs and “Big, Beautiful Bills” are accelerating its demise. Touted as a form of economic stimulus, Trump’s economic policies mean higher deficits.
Debt skyrockets, interest rates remain too low, deficits remain sky-high, growth remains low, and the cycle receives more and more fuel until something inevitably finally breaks the market’s trust. That’s when it all falls apart. Both Trump’s fiscal policy and Federal Reserve monetary policy, with or without Powell, are partners in crime for an economic crash.
“We are not changing course, we are headed on a course to a fiscal disaster. And we’re not veering from that course…we’re just stepping on the gas.”
Claims that the BBB’s spending will be magically funded by tariff revenues are nonsense. Tariffs will reduce demand for those goods, meaning the real revenue collected is always drastically lower than what hopeful projections like to pretend. Companies aren’t all going to pack up and move their manufacturing to the US, they’ll just stop selling to Americans. At absolute best, any companies that do move their manufacturing will take years, compromising Trump’s political dependence on instant results.
Despite a surprisingly good fiscal quarter for the US Government, the BBB makes it unlikely to last. We can rely on both Republican and Democrat administrations to be much better spenders than savers. When the government spends, it’s always with someone else’s money, and over 14% of that spending is just interest on the debt.
The Big, Beautiful Bill contains 1,116 pages, yet not a single page reduces future deficits. In fact, they make them larger. Only two House Republicans had the courage to vote against this monstrosity, @RepThomasMassie and @Rep_Davidson. The bill is a total fraud and a betrayal.
With or without the fiscal policies, inflation is all central bankers really know how to do. Sometimes they inflate slowly, at what they claim is the ideal 2% level, and sometimes they inflate a lot all at once, like in response to the 2008 financial crisis and COVID. The impact of monetary policy on ordinary Americans isn’t apparent right away. But eventually, the devastating effects of inflation are felt in the form of higher prices for everything people need to survive.
In the meantime we’re left with a boom and bust cycle where central bankers decide the “right time” to engineer a recession to try and stave off an all-out collapse. They always return to low interest rates and money printing because without them, the easy money-addicted system would collapse.
If Powell remains the Fed Chair, rate cuts will still come. It’s a matter of If, not When. But if he resigns, and is replaced with a dove hand-picked by Trump, inflation won’t just start to boil over —it will rocket into the stratosphere.
2. MATHEW PIEPENBERG
ALASDAIR MACLEOD
3. CHRIS POWELL AND GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 232
5. COMMODITY REPORT…gold
ASIAN MARKETS THIS TUESDAY MORNING:
SHANGHAI CLOSED UP 22.07 PTS OR 0.62%
//Hang Seng CLOSED UP 97.24 PTS OR 0.39%
// Nikkei CLOSED DOWN 44.19 PTS OR .11% //Australia’s all ordinaries CLOSED UP 0.17%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1741 OFFSHORE CLOSED UP AT 7.1773/ Oil UP TO 66.88 dollars per barrel for WTI and BRENT UP TO 68.24 Stocks in Europe OPENED MOSTLY ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1741 AND STRONG//OFF SHORE YUAN TRADING UP TO 7.1773 AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1741 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.1773 (CCP MANIPULATED)
SHANGHAI CLOSED UP 22.07 PTS OR 0.62%
HANG SENG CLOSED DOWN 97.24 PTS OR 0.39%
2. Nikkei closed DOWN 44.19 PTS OR .11%
3. Europe stocks SO FAR: MOSTLY ALL RED
USA dollar INDEX UP TO 97.71/ EURO RISES TO 1.1685 DOWN 9 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.504//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.84…… 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 DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6200/Italian 10 Yr bond yield UP to 3.494 SPAIN 10 YR BOND YIELD UP TO 3.229%
3i Greek 10 year bond yield UP TO 3.329
3j Gold at $3384.70 Silver at: 38.88 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 24 /100 roubles/dollar; ROUBLE AT 77.95
3m oil (WTI) into the 66 dollar handle for WTI and 68 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 147.84// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.504% 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 0.7980 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9326 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: 4.385 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.958 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.863 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 40.42
10 YR UK BOND YIELD: 4.6290 UP 1 PTS
10 YR CANADA BOND YIELD: 3.519 DOWN 0 BASIS PTS
5 YR CANADA BOND YIELD: 3.041 DOWN 0 PTS
2a New York OPENING REPORT
Futures Rally Pauses At All Time High With Mag7 Earnings On Deck
Tuesday, Jul 22, 2025 – 08:29 AM
US equity futures are trading flat, erasing an earlier loss following record highs in both the S&P and Nasdaq while the small cap Russell 2000 sits 8.5% below its ATH. As of 8:00am ET, S&P futures are unchanged while Nasdaq futures are down 0.1% as investors brace for corporate news on how tariffs are filtering through to their earnings. In pre-market trading Mag7 names are mixed with AAPL, GOOG, and META higher and NVDA pulling semis lower. Cyclicals are weaker with Industrials outperforming. Treasuries and the dollar steadied before an 830am speech from Fed Chair Jerome Powell in which he is not expected to discuss monetary policy. Powell has faced relentless criticism from the Trump administration, mostly over decisions to hold interest rates steady so far in 2025. The yield curve is seeing a slight twist steeper with 10s and 30s +1bp; USD is modestly lower after yesterday seeing its largest daily decline since June 12. Commodities are weaker with Energy/precious lower, base metals higher, and Ags mixed. Today’s macro data focus is on regional Fed activity indicators.
In premarket trading, Mag7 stocks are mixed (Alphabet +0.4%, Meta +0.3%, Apple +0.2%, Amazon +0.09%, Microsoft is little changed, Tesla -0.2%, Nvidia -0.6%). Here are some other notable premarket movers:
Calix (CALX) rises 3% after the communication software company reported second-quarter results that beat expectations and gave an outlook that is seen as strong.
Circle Internet Group (CRCL) falls 2% after the stablecoin issuer was downgraded to sell from neutral at Compass Point Research & Trading LLC as it sees more competition for Circle now that the US stablecoin bill has passed.
CSX (CSX) rises 4% after Semafor reported that Berkshire Hathaway-owned BNSF is working with Goldman Sachs to explore a takeover of a rival. It wasn’t immediately clear whether BNSF has its eye on Norfolk Southern or CSX, report says.
Danaher (DHR) slips 1% after the company reported operating loss in its life sciences unit for the second quarter, surprising analysts who’d forecasted a profit.
D.R. Horton (DHI) gains 6% after the homebuilder narrowed its revenue forecast for the full year.
General Motors Co. (GM) falls 3% after second-quarter profit fell as President Donald Trump’s tariffs on foreign-made vehicles and parts chopped $1.1 billion from adjusted earnings.
Medpace (MEDP) gains 44% after the clinical research company raised its sales and profit guidance.
Norwegian Cruise Line Holdings Ltd. (NCLH) climbs 1% after receiving a bullish initiation from TD Cowen, which added the cruise operator to its top picks ahead of the the Florida-based company’s earnings next week.
NXP Semiconductors (NXPI) falls 6% after the chipmaker issued a third-quarter revenue forecast that missed some bullish analysts’ estimates.
Sarepta Therapeutics (SRPT) falls 2%, on course to extend losses into a third session, as Barclays downgrades the stock to equal-weight from overweight. Separately, the drugmaker said it will temporarily pause shipments of Elevidys, its gene therapy to treat Duchenne muscular dystrophy, reversing its prior stance.
Sherwin-Williams (SHW) drops 3% after the paint company cut its adjusted earnings per share guidance for the full year.
Shopify’s US-listed shares (SHOP) fall 2.7% after Loop Capital Markets cut its recommendation on the stock to hold from buy, citing valuation concerns.
In earnings, NXP Semiconductors gave a less bullish third-quarter forecast than some investors had anticipated, while Steel Dynamics second-quarter adjusted EPS missed.
A record-breaking stock rally has powered on in the face of growing uncertainty over trade negotiations ahead of the Aug 1 tariff deadline. But with valuations stretched, the strong second-quarter earnings season is failing to illicit much of a reaction from investors so far, as they wait for more concrete information on the tariff fallout.
“Of course we see beats, but that won’t tell us a huge amount about where we are going forward,” JP Morgan Asset Management Global Market Strategist Hugh Gimber told Bloomberg TV. “That’s where we are spending our energy on this earnings season, trying to gauge where the hit from tariffs will come through.”
After hitting a series of all-time highs, the S&P 500 is trading around 22 times expected 12-month profits. The S&P 500 hasn’t posted a 1% up or down day since late June. Reports from megacaps Tesla Inc. and Alphabet Inc. are due Wednesday.
Wall Street giants such as Invesco, Fidelity and JPMorgan Asset Management are leaning harder into the rally in risk assets. The high-octane wager is that while Trump is threatening to disrupt the economic order anew, he will step back from the brink.
The 50 global companies with the highest US sales exposure are now expected to post average earnings growth of 10% this year, down nearly 400 basis points from estimates at the start of the year, according to BI strategists. The 50 firms with the least US exposure have seen upward estimate revisions. Elsewhere, Goldman Sachs traders said chip stocks are the most crowded pocket of tech, if not the market, on AI enthusiasm.
On the trade front, President Donald Trump may issue more unilateral tariff letters before the tariff deadline, White House Press Secretary Karoline Leavitt said. More trade deals may also be reached before the deadline, she added. Philippine President Ferdinand Marcos Jr. will be the latest foreign leader eager to make a deal before the deadline when he visits Trump in the Oval Office later Tuesday. A team of US officials will visit India in the second half of August to hold talks on a bilateral trade deal, the Financial Express reported Tuesday.
Firms such as Invesco Ltd., Fidelity International Ltd. and JPMorgan Asset Management are leaning harder into the rally in risk assets. The high-octane wager is that while Trump is threatening to disrupt the economic order anew, he will step back from the brink.
European stocks are in the red amid a mixed batch of earnings as investors await the results of trade negotiations between Brussels and Washington. The Stoxx 600 is down 0.5%. Chemical and tech shares are lagging, while utilities and miners are gaining. Among individual stocks, Akzo Nobel falls after cutting its profit forecast for the year. Here are the biggest movers:
Norsk Hydro gains as much as 4.3%, the most since April, after reporting a solid set of second-quarter figures, according to analysts, with weakness in the Aluminum Metal arm offset by strength elsewhere, with a significant beat in its Energy division.
Compass Group gains as much as 8.9% after the catering and support services company lifted its full-year guidance and announced the acquisition of Dutch caterer Vermaat.
Centrica shares gain as much as 6.8%, most in five months, after the energy company agreed to take a 15% stake in the UK’s Sizewell C nuclear power plant.
GB Group shares rise as much as 4.8%, after the cybersecurity company reassured investors with in-line trading during the first quarter following disappointing annual results back in June.
Greencore Group shares jump as much as 9.3%, trading at their highest level since January 2020, after the food manufacturer lifted its profit outlook for the year.
Akzo Nobel shares fall as much as 5.3%, the most since early April, with Morgan Stanley analysts calling it a “disappointing set of results” with pricing/mix coming in below their expectations.
Lindt & Spruengli shares fall as much as 5.8%, after the chocolate maker reported weaker-than-expected volume growth and first-half earnings missed estimates amid soaring cocoa prices.
Givaudan shares drop as much as 7.2%, the most in over three months, after like-for like sales missed in the second quarter.
Sartorius shares drop as much as 7.9%, the most since April 7, after the German lab equipment maker reported results for the second quarter.
Kier drops as much as 8.6%, snapping a run of four straight gains, after the UK construction company announced that CEO Andrew Davies will retire at the end of October.
Asker Healthcare falls as much as 6.4%, the most since April, after reporting its first earnings since its listing on Stockholm in March.
Alfa Laval shares fall as much as 5.3%, the most since April, after the Swedish industrial group reported earnings.
TietoEVRY falls as much as 8.4%, the most since February, after the Finnish software and services firm reported “another soft quarter,” according to Morgan Stanley.
A key Asian stock benchmark erased a gain and dipped, weighed down by losses in South Korean and Taiwanese chipmaker shares. The MSCI Asia Pacific Index fell as much as 0.5%, set for its first decline in four sessions. Taiwan Semiconductor Manufacturing and Samsung Electronics were the biggest drags. Lenders in Australia weighed down the index further ahead of the earnings season. South Korean stocks retreated from near an all-time high ahead of this week’s tariff talks with the US and upcoming earnings releases. Japanese shares had a volatile session as investors weighed policy implications from the ruling Liberal Democratic Party’s historic setback in Sunday’s elections. Prime Minister Shigeru Ishiba’s plan to remain in his role alleviated some worry of a sudden upheaval, though uncertainty has risen over the stability of his government. Among other nations hoping for positive trade talks, Malaysia is said to be seeking a milder US tariff rate of 20%, while Philippine President Ferdinand Marcos Jr. plans to meet with President Donald Trump later Tuesday. Elsewhere, Thailand is set to name its new central bank chief on Tuesday, ending a months-long search.
In FX, the dollar kicked off the day stronger but has seen that fade. The Bloomberg Dollar Spot Index is now down for the day after having yesterday seeing its largest daily decline since June 12. The New Zealand dollar is the worst G-10 performer after seeing first quarterly decline in exports for two years, and the yen continues its wild gyrations as markets are in denial over the coming fiscal easing tsunami that will send the currency tumbling.
In rates, Treasuries are under slight pressure as US trading day begins, after Monday’s rally sent yields across tenors to lowest levels in more than a week. 10- to 30-year yields are higher by 1bp-2bp with shorter-maturity tenors little changed; the 10-year near 4.39% is back above the 200-day moving average level it dipped below Monday and hasn’t closed below since July 2. Potential catalysts are in short supply as the US economic calendar is light and Fed policymakers are in self-imposed external communications blackout ahead of their July 29-30 meeting, however Chair Powell is slated to give welcoming remarks at a regulatory conference in Washington at 8:30am, and Governor Michelle Bowman, the Fed’s vice chair for supervision, is slated to appear on CNBC at 7:30am. UK bonds are falling after the country’s budget deficit hit the highest since April 2021. The yield on 10-year gilt bonds is up four basis points, lagging comparable Treasuries and bunds, where their respective yields are each up by a basis points.
Oil is falling, with tariff worries and supply concerns the culprits. Brent futures down 1.1% and below $69/barrel. Gold weaker, down around $8 to about $3,388/oz.
In commodities, oil fell for a third session, and gold slipped. Iron ore headed toward the highest in nearly five months as traders eyed China’s prospective supply-side reforms for the steel industry and plans for a massive dam project
The US economic data calendar includes July Philadelphia Fed non-manufacturing activity (8:30am) and July Richmond Fed manufacturing index and business conditions (10am). 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 -0.1%
Nasdaq 100 mini -0.3%
Russell 2000 mini -0.1%
Stoxx Europe 600 -0.4%
DAX -0.8%, CAC 40 -0.5%
10-year Treasury yield +1 basis point at 4.39%
VIX +0.3 points at 16.95
Bloomberg Dollar Index little changed at 1200.52
euro little changed at $1.1701
WTI crude -1.1% at $66.47/barrel
Top Overnight News
Scott Bessent called for a review of the Fed’s HQ renovation, urging the central bank to also scrutinize its non-monetary policy operations. He warned of “significant mission creep.” BBG
SoftBank and OpenAI’s $500bln AI project struggles to get off the ground with the Stargate venture, introduced at a White House event earlier this year, now setting a more modest goal of building a small data centre by year-end: WSJ.
Trump’s targeting of trade loopholes would threaten 70% of China’s US exports and more than 2.1% of GDP. BBG
The prospects of an interim trade deal between India and the United States before Washington’s August 1 deadline have dimmed, as talks remain deadlocked over tariff cuts on key agricultural and dairy products. RTRS
A growing number of European Union member states, including Germany, are considering using wide-ranging “anti-coercion” measures targeting U.S. services if the EU cannot reach a trade deal with U.S. President Donald Trump
Japan’s chief trade negotiator Ryosei Akazawa spoke with Howard Lutnick for two hours yesterday to discuss a tariff agreement. BBG
Bank of Japan officials see little need to shift their policy stance of gradually raising interest rates in the wake of Prime Minister Shigeru Ishiba’s latest election setback. BBG
France urges Brussels to take a more confrontational approach to trade talks w/Washington. Politico
The UK borrowed billions more than forecast in June as a surge in debt-interest payments sent the budget deficit to £20.7 billion. BBG
GM’s second-quarter profit fell as Trump’s tariffs chopped $1.1 billion from earnings. Shares retreated -285 bps premarket. Goldman thinks positioning was longer and thinks expectations were for lower tariff impact. Details: EPS beat ($2.53x vs. $2.34 cons) on Q2 net sales of $47bn (slightly above $46bn cons). BBG
Trade/Tariffs
Canadian PM Carney issued a statement following a meeting with US Senators and stated they discussed work to strengthen continental defence and security, as well as Canada’s successes in dismantling illegal drug smuggling and securing the border.
Canada’s Minister of Intergovernmental Affairs Leblanc will be in Washington this week for trade discussions.
Japan’s tariff negotiator Akazawa and US Commerce Secretary Lutnick met for over two hours in Washington on Monday and held frank talks to seek agreement benefiting both Japan and the US, while Japan will continue to seek common ground on tariff issues with the US, according to the Japanese government.
South Korean Finance Minister Koo said he will hold trade talks with his US counterpart on July 25th, while Koo added that the Foreign Minister and Industry Minister will conduct meetings with US counterparts as soon as possible.
India and US mini trade deal is ruled out before August 1st, according to CNBC TV18, citing sources.
India-US trade deal prospects are dim ahead of the August 1st deadline, sides remain deadlocked over ags and dairy products, according to Reuters sources.
Malaysia has been asked by the US to extend tax exemptions for US EVs, while Malaysia is seeking a 20% US levy, but is said to be resisting EV and ownership demands, according to Bloomberg.
“Chinese experts warned that if the US attempts to weaponize trade talks and tariffs…Beijing will not yield to the pressure. Such moves would also risk undermining the trade negotiation mechanism between the two countries”, via Global Times.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed after failing to sustain the early upward momentum seen at the open following the fresh record intraday highs on Wall St and with two-way price action seen in Japan following the ruling coalition’s upper house election loss. ASX 200 was rangebound as strength in the mining, materials, resources and healthcare sectors offset the losses in financials, energy and industrials, while the RBA Minutes from the July meeting provided very little to shift the dial but continued to signal future cuts ahead. Nikkei 225 initially surged to above the 40,000 level as participants returned from the long weekend, but then wiped out its gains and then some, as participants second-guessed the ramifications of the ruling coalition’s upper house election setback. Hang Seng and Shanghai Comp kept afloat in rangebound trade amid a lack of major fresh catalysts and after the Hong Kong benchmark breached the 25,000 level.
Top Asian News
Japanese Finance Minister Kato said it was a tough upper house election result for the LDP and the government will take the outcome of the upper house elections seriously, while he added that the government has repeated that sales tax cuts are not appropriate.
RBA Minutes from the July meeting stated the Board agreed further rate cuts are warranted over time, while the focus was on the timing and extent of easing. The Minutes stated that the Board considered whether to leave rates at 3.85% or to cut by 25bps and a majority agreed it was prudent to await confirmation on inflation slowdown before easing, while the majority felt cutting rates three times in four meetings would not be cautious and gradual. The case for no change cited some data as inflation had been slightly firmer than expected, the job market had also not loosened as expected and there was less risk of a severe global downturn. Furthermore, members agreed monetary policy was modestly restrictive, though financial conditions had eased and it was difficult to know how far rates can fall before policy is no longer restrictive, so prudence is needed.
BoJ is likely to leave its benchmark rate unchanged next week, according to Bloomberg sources; sees little impact from election on rate stance; watching for trade talk impact before any hikes; sees upward price risks if there is large fiscal loosening.
China’s Forex Regulator says overseas investors in general net increased their onshore equity and bond holdings in Q2; supply and demand in the FX market is “basically stable”; Yuan has been basically stable at reasonable and balanced levels this year.
PBoC Shanghai Head Office says foreign holdings of yuan-denominated bonds traded on China’s interbank market totalled CNY 4.23tln at the end of June.
European bourses (STOXX 600 -0.4%) opened mostly lower and sentiment continued to deteriorate as the session progressed. Downside, which followed a mixed APAC session, where indices failed to sustain early upward momentum. European sectors hold a slight negative bias, with only a handful of industries managing to stay afloat. Utilities takes the top spot, joined closely by Basic Resources and then Travel & Leisure to complete the top three. Chemicals sits at the foot of the pile, with two of the top 10 industry constituents reporting today; Givaudan reported weak sales and Akzo Nobel missed across its headline figures, alongside a cut to its FY Adj. EBITDA view.
Top European News
BoE Governor Bailey says they have seen steeper yield curves and it’s a global phenomenon; UK experience is not out of line with other markets. The cause of the steeper yield curve reflects greater uncertainty on trade policy. The steeper yield curve also reflects global uncertainty on fiscal policy.
UK Deputy PM Rayner is pushing for councils to be given new powers to tax tourists, despite opposition from Chancellor Reeves, according to The Telegraph.
ECB July Bank Lending Survey: Corporate credit demand is weak but rose in Q2 and expected to rise further in Q3 Credit standards for firm loans remained broadly unchanged. Credit standards tightened slightly for housing loans and more markedly for consumer credit. Housing loan demand continued to increase strongly, while demand for firm loans remained weak. Trade war was a drag on demand but did not lead to a tightening in credit standards.
UK FCA says “borrowers will find it easier to remortgage, saving time and money, under changes confirmed by the FCA”. Under these changes, buyers will: Find it easier to reduce their mortgage term, helping to lower the total cost of borrowing and reduce the risk of repayment extending into retirement. More easily remortgage with a new lender, helping them access cheaper products. Be able to discuss options with their mortgage provider and get advice when they need it.
FX
DXY is flat after declining around 0.6% on Monday. There was no obvious fundamental catalyst for the pullback in the USD on Monday with some pinning the move on the flattening of the US curve and price action being exaggerated by summer trading conditions. The macro narrative since the start of the week is relatively unchanged, with trade deals between the US and global trading partners remaining elusive and the Fed in its blackout period. On the latter, both Powell and Bowman are due on the speaker slate today but are not expected to comment on monetary policy. DXY has failed to make its way back onto a 98 handle with a current session peak at 97.99.
EUR is flat. Focus at the start of the week has been on the trade agenda with the EU reportedly looking at a wider set of potential countermeasures against the US in the event that a deal is not reached by August 1st. Note, if a deal is not reached by the deadline, the EU will be subject to a 30% tariff rate by the US. As August 1st draws closer and a deal is lacking, the EUR will likely embed a greater risk premium. EUR/USD currently trading around the 1.17 mark, session high at 1.1703.
JPY is softer vs. the USD as Japanese participants return to market and digest the upper house election results, which saw the ruling majority lose its coalition. Today’s losses appear to be more of a scaling back of Monday’s upside vs. the USD rather than a reassessment of the outcome of the election.
GBP is flat vs the Dollar. Today’s main macro highlight from the UK has come via a worse-than-expected outturn for UK borrowing figures with Borrowing in June coming in at GBP 20.7bln vs. Exp. GBP 16.75bln; the second-highest June borrowing since monthly records began in 1993, after that of June 2020. BoE Governor Bailey is currently speaking with the Treasury Select Committee; nothing too pertinent thus far. Cable is back on a 1.34 handle and trades in a 1.3462-91 range.
Antipodeans are both at the bottom of the G10 leaderboard alongside the current flimsy risk tone. Little follow-through was seen into AUD following the RBA minutes, which provided very little incrementally. The account noted that the majority agreed it was prudent to await confirmation on inflation slowdown before easing, although the Board agreed further rate cuts are warranted over time with focus on the timing and extent of easing.
Fixed Income
JGBs climbed higher overnight in reaction to Sunday’s Japanese Upper House election. At best, posted gains of 40 ticks to a 138.71 peak but ended the Japanese day off highs, though still markedly clear of the 138.31 open.
USTs are in the red, but only marginally. In a thin 111-01+ to 111-06+ band as fresh catalysts are light and the US docket, ex-earnings, is limited on account of the Fed blackout. Note, a handful of Fed speakers due today incl. Chair Powell; however, remarks are not expected to be pertinent to monetary policy. Elsewhere, Richmond Fed Index is also due. If the current marginal pressure extends, Friday’s low resides at 110-21+, that week’s low at 110-10+, and the current WTD base at 110-08.
Bunds are in-fitting with USTs. Softer in a 130.24 to 130.49 band. Specifics this morning have been light with no pertinent EU trade updates, data or speakers thus far; as is the case for the Fed, the ECB is currently in its quiet period, so while President Lagarde is scheduled today, she is not expected to provide any pertinent commentary. No reaction to this morning’s ECB Bank Lending Survey, where credit standards were broadly unchanged for firm loans in Q2, tightened slightly for households but more markedly for consumer credit. If the morning’s bearish bias extends, then the July 7th low stands at 130.02 before the figure and then numerous levels from the last two weeks between 129.73 and 129.02.
Gilts are underperforming a touch, began the morning lower by 12 ticks in-fitting with the above modest bearish bias before slipping another 20 to a 91.46 base. While in the red by just over 30 ticks at worst, the benchmark remains clear of Monday’s 91.29 low and last week’s 91.08 trough. This morning’s underperformance is seemingly a function of the latest PSNB data. A series that showed borrowing in June was above market consensus and the second-highest June figure since records began; highest was in 2020, during COVID. A series that provides no relief for the Chancellor’s fiscal position and keeps the narrative for the Autumn Budget firmly towards tax increases. Elsewhere, BoE Governor Bailey is currently speaking with the Treasury Select Committee; nothing too pertinent thus far.
UK sells GBP 1.7bln 1.125% 2035 I/L: b/c 3.35x (prev. 3.02x) & real yield 1.588% (prev. 1.386%).
Germany sells EUR 0.422bln vs exp. EUR 0.5bln 2.30% 2033 Green and EUR 0.931bln vs exp EUR 1bln 2.50% 2035 Green Bund.
Commodities
Subdued trade across the crude complex as prices move in tandem with broader sentiment, with just over a week left until US President Trump’s August 1st tariff deadline, with little in the way of deals announced in recent days. WTI trades towards the bottom of a USD 65.07-65.86/bbl range while Brent resides in a USD 68.36-69.12/bbl parameter.
Precious metals are taking a breather following Monday’s rise and with macro newsflow rather light ahead of the August 1st tariff deadline, which also coincides with the US jobs report and the ISM Manufacturing PMI. Spot gold trades in a USD 3,344.90-3401.65/oz range after failing to sustain above USD 3,400/oz in APAC hours.
Mostly but modestly subdued trade across base metals, although losses seem somewhat cushioned by the recent Chinese dam project, with iron ore prices overnight closing higher for a fifth consecutive session. 3M LME copper meanwhile trades flat in a notably narrow USD 9,827.70-9,883.00/t range at the time of writing.
Coking coal prices overnight surged by 8%, hitting the daily limit. Some cited unverified market chatter that the Chinese National Energy Administration has reportedly issued a verification notice requiring all mines that have exceeded production capacity to suspend operations for rectification.
Geopolitics
Iran’s Foreign Minister said Iran is open to talks with the US but not directly for now, while it was separately reported that Iran’s Foreign Minister told Fox News they cannot give up Iranian enrichment.
Iranian Foreign Minister reiterates that Iran will not give up uranium enrichment program, via IRNA.
World Health Organisation’s Tedros said WHO staff residence in Deir al Balah, Gaza, was attacked three times on Monday as well as its main warehouse, while he demanded the immediate release of the detained staff and protection of all its staff. Tedros said two WHO staff and two family members were detained although three were later released and one staff member remained in detention.
US Event Calendar
8:30 am: Fed’s Powell Gives Welcome Remarks at Regulatory Conference
8:30 am: Powell Gives Opening Remarks
1:00 pm: Fed’s Bowman in Fireside Chat with Sam Altman
Fed’s External Communications Blackout (July 19 – July 31)
DB’s Jim Reid concludes the overnight wrap
If you see any evidence of me working harder this week it’s because I was told last night how much it would cost to redecorate the house.There are people in the house who think that after 6 plus years post a complete renovation and having lived in it with three grubby kids, it is in desperate need of some fresh licks of paint. There are others (ok me) who disagree. I think we all know which argument will come out on top.
60/40 portfolios have generally come out on top over the last 24 hours with both equities and bonds continuing to rally even if the high-water mark for equities seemed to be the European close last night. The S&P 500 (+0.14%) crept up to a fresh record helped by the slew of good earnings reports but drifted around half a percent off its highs around the time Europe closed. The bigger move has been in sovereign bonds, with a large global rally that saw 10yr BTPs (-10.1bps) and OATs (-10.4bps) lead the way. 10yr bund yields (-8.3bps) posted their biggest daily decline since January (same for BTPs), and 10yr USTs (-3.9bps) also rallied. So this all helped to ease some fears about fiscal policy, as well as concerns about tighter financial conditions that had accompanied the recent rise in long-end bond yields. Overnight Japanese yields have re-opened after the election and holiday with 10yr yields -4bps lower but 30yr yields a couple of basis points higher. The ultra long end has marched to its own beat in recent weeks.
That small US equity rally was powered by the ongoing strength in big tech stocks, with the Magnificent 7 (+0.70%) posting a 9th consecutive advance for the first time since 2023. That left the index just half a percent beneath its all-time high from December, whilst the NASDAQ (+0.38%) hit an all-time of its own. We see Tesla and Alphabet report after the close tomorrow. As mentioned at the top, the equity rally did lose some steam later in the session, with almost two thirds of the S&P 500 constituents lower on the day, while the small cap Russell 2000 fell by -0.40%.
Another factor supporting bonds and equities in recent days has been a growing confidence that Fed Chair Powell was unlikely to be fired after the peak fears last week. However there were comments from Treasury Secretary Bessent yesterday that “we need to examine the entire Federal Reserve institution and whether they have been successful.” But they weren’t seen as particularly aggressive, and the 30yr Treasury yield came down -4.3bps to 4.94%, some way beneath the 5.07% intraday peak it reached last week. That was echoed across the yield curve, with 2yr yields down -0.9bps to 3.86%, and the 10yr yield as discussed at the top down -3.9bps to 4.38%. The flattening in the yield curve was the mirror image of the large steepening as Powell’s position came into focus last week. However, that decline in long-end yields also took out some support for the dollar, with the dollar index (-0.64%) seeing its biggest daily decline since mid-June after having rallied the previous two weeks.
Over in Europe, the picture was initially very different, as worries over the fate of the EU-US trade deal weighed on investors’ minds ahead of the August 1 deadline. Officials are expected to continue negotiating this week, and Bessent said on CNBC yesterday that things “don’t have to get ugly with the Europeans.” But the lack of concrete progress has continued to give investors pause. That meant the major indices were down for most of the session, although several managed to pare back their losses as the positive mood from US earnings spread more widely. So the STOXX 600, which had been down -0.41% intraday, recovered to close only -0.08% lower, and there were gains for the FTSE 100 (+0.23%) and the DAX (+0.08%) as well.
Japanese stocks opened significantly higher this morning (up around a percent) but have subsequently slipped with the Nikkei now -0.38% lower as focus shifts to the August 1st trade deadline and how the ruling coalition will deal with being three seats short of a majority.
Elsewhere in Asia the Hang Seng and Shanghai Composite are both up around a quarter of a percent but with the KOSPI (-1.58%) sliding after a strong start. It seems that August 1st is starting to focus investor minds in Korea as well. The S&P/ASX 200 (-0.17%) is slightly lower alongside S&P 500 (-0.05%) and NASDAQ 100 (-0.14%) futures.
Finally on geopolitics, Iran’s Tasnim news agency reported that Iran had agreed to hold talks with the UK, France and Germany over its nuclear program, expected to take place this Friday and separate to ongoing discussions on indirect talks with the US. And separately on Ukraine, Bloomberg reported that the US and Germany had agreed to send two Patriot systems to Kyiv. This follows last Friday’s announcement that the EU had approved “one of its strongest sanction packages” against Russia, including a lower oil price cap from $60 to $47.6/bbl. Brent crude fell as much as -1.23% intra-day on Monday but was a mere -0.10% lower at $69.21/bbl by the close. Those oil moves helped support the bond rally during European hours before its partial reversal later in the US session.
Now for the day ahead, we’ll get the US July Philadelphia Fed non-manufacturing activity, Richmond Fed manufacturing index, UK June public finances and France’s retail sales. We’ll also get the ECB’s bank lending survey and RBA minutes of the July meeting. Central Bank speakers include Fed Chair Powell and BoE Governor Bailey. Finally, today’s earnings reports include SAP and Coca-Cola.
2b European opening report
Stocks lower and DXY flat in quiet trade into a number of earnings – Newsquawk US Market Open
Tuesday, Jul 22, 2025 – 06:03 AM
White House Press Secretary Leavitt said they could see more tariff letters for August 1st.
European bourses are in the red and currently trade at session troughs, US equity futures also incrementally lower.
DXY is flat awaiting fresh catalysts, whilst Antipodeans lag given the risk-tone.
JGBs react to the election, bonds elsewhere have a bearish bias, Gilts lag.
Crude moves in lockstep with risk while base metals remain cushioned.
Looking ahead, US Richmond Fed Index, NBH Policy Announcement, Speakers including Fed Chair Powell & Bowman, ECB’s Lagarde. Earnings from SAP, Intuitive, Capital One, Baker Hughes, Coca Cola, Lockheed Martin, Philip Morris, RTX, DR Horton, Northrop Gruman, Danaher, MSCI & Pulte.
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TARIFFS/TRADE
Canadian PM Carney issued a statement following a meeting with US Senators and stated they discussed work to strengthen continental defence and security, as well as Canada’s successes in dismantling illegal drug smuggling and securing the border.
Canada’s Minister of Intergovernmental Affairs Leblanc will be in Washington this week for trade discussions.
Japan’s tariff negotiator Akazawa and US Commerce Secretary Lutnick met for over two hours in Washington on Monday and held frank talks to seek agreement benefiting both Japan and the US, while Japan will continue to seek common ground on tariff issues with the US, according to the Japanese government.
South Korean Finance Minister Koo said he will hold trade talks with his US counterpart on July 25th, while Koo added that the Foreign Minister and Industry Minister will conduct meetings with US counterparts as soon as possible.
India and US mini trade deal is ruled out before August 1st, according to CNBC TV18, citing sources.
India-US trade deal prospects are dim ahead of the August 1st deadline, sides remain deadlocked over ags and dairy products, according to Reuters sources.
Malaysia has been asked by the US to extend tax exemptions for US EVs, while Malaysia is seeking a 20% US levy, but is said to be resisting EV and ownership demands, according to Bloomberg.
“Chinese experts warned that if the US attempts to weaponize trade talks and tariffs…Beijing will not yield to the pressure. Such moves would also risk undermining the trade negotiation mechanism between the two countries”, via Global Times.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -0.4%) opened mostly lower and sentiment continued to deteriorate as the session progressed. Downside, which followed a mixed APAC session, where indices failed to sustain early upward momentum.
European sectors hold a slight negative bias, with only a handful of industries managing to stay afloat. Utilities takes the top spot, joined closely by Basic Resources and then Travel & Leisure to complete the top three. Chemicals sits at the foot of the pile, with two of the top 10 industry constituents reporting today; Givaudan reported weak sales and Akzo Nobel missed across its headline figures, alongside a cut to its FY Adj. EBITDA view.
US equity futures are modestly lower in quiet trade; the NQ marginally underperforms following poor earnings from NXP Semiconductor. The docket is void of any pertinent Tier 1 data releases (Richmond Fed Index is due), but earnings will pick up to keep markets busy.
DXY is flat after declining around 0.6% on Monday. There was no obvious fundamental catalyst for the pullback in the USD on Monday with some pinning the move on the flattening of the US curve and price action being exaggerated by summer trading conditions. The macro narrative since the start of the week is relatively unchanged, with trade deals between the US and global trading partners remaining elusive and the Fed in its blackout period. On the latter, both Powell and Bowman are due on the speaker slate today but are not expected to comment on monetary policy. DXY has failed to make its way back onto a 98 handle with a current session peak at 97.99.
EUR is flat. Focus at the start of the week has been on the trade agenda with the EU reportedly looking at a wider set of potential countermeasures against the US in the event that a deal is not reached by August 1st. Note, if a deal is not reached by the deadline, the EU will be subject to a 30% tariff rate by the US. As August 1st draws closer and a deal is lacking, the EUR will likely embed a greater risk premium. EUR/USD currently trading around the 1.17 mark, session high at 1.1703.
JPY is softer vs. the USD as Japanese participants return to market and digest the upper house election results, which saw the ruling majority lose its coalition. Today’s losses appear to be more of a scaling back of Monday’s upside vs. the USD rather than a reassessment of the outcome of the election.
GBP is flat vs the Dollar. Today’s main macro highlight from the UK has come via a worse-than-expected outturn for UK borrowing figures with Borrowing in June coming in at GBP 20.7bln vs. Exp. GBP 16.75bln; the second-highest June borrowing since monthly records began in 1993, after that of June 2020. BoE Governor Bailey is currently speaking with the Treasury Select Committee; nothing too pertinent thus far. Cable is back on a 1.34 handle and trades in a 1.3462-91 range.
Antipodeans are both at the bottom of the G10 leaderboard alongside the current flimsy risk tone. Little follow-through was seen into AUD following the RBA minutes, which provided very little incrementally. The account noted that the majority agreed it was prudent to await confirmation on inflation slowdown before easing, although the Board agreed further rate cuts are warranted over time with focus on the timing and extent of easing.
PBoC set USD/CNY mid-point at 7.1460 vs exp. 7.1635 (Prev. 7.1522).
JGBs climbed higher overnight in reaction to Sunday’s Japanese Upper House election. At best, posted gains of 40 ticks to a 138.71 peak but ended the Japanese day off highs, though still markedly clear of the 138.31 open.
USTs are in the red, but only marginally. In a thin 111-01+ to 111-06+ band as fresh catalysts are light and the US docket, ex-earnings, is limited on account of the Fed blackout. Note, a handful of Fed speakers due today incl. Chair Powell; however, remarks are not expected to be pertinent to monetary policy. Elsewhere, Richmond Fed Index is also due. If the current marginal pressure extends, Friday’s low resides at 110-21+, that week’s low at 110-10+, and the current WTD base at 110-08.
Bunds are in-fitting with USTs. Softer in a 130.24 to 130.49 band. Specifics this morning have been light with no pertinent EU trade updates, data or speakers thus far; as is the case for the Fed, the ECB is currently in its quiet period, so while President Lagarde is scheduled today, she is not expected to provide any pertinent commentary. No reaction to this morning’s ECB Bank Lending Survey, where credit standards were broadly unchanged for firm loans in Q2, tightened slightly for households but more markedly for consumer credit. If the morning’s bearish bias extends, then the July 7th low stands at 130.02 before the figure and then numerous levels from the last two weeks between 129.73 and 129.02.
Gilts are underperforming a touch, began the morning lower by 12 ticks in-fitting with the above modest bearish bias before slipping another 20 to a 91.46 base. While in the red by just over 30 ticks at worst, the benchmark remains clear of Monday’s 91.29 low and last week’s 91.08 trough. This morning’s underperformance is seemingly a function of the latest PSNB data. A series that showed borrowing in June was above market consensus and the second-highest June figure since records began; highest was in 2020, during COVID. A series that provides no relief for the Chancellor’s fiscal position and keeps the narrative for the Autumn Budget firmly towards tax increases. Elsewhere, BoE Governor Bailey is currently speaking with the Treasury Select Committee; nothing too pertinent thus far.
UK sells GBP 1.7bln 1.125% 2035 I/L: b/c 3.35x (prev. 3.02x) & real yield 1.588% (prev. 1.386%).
Germany sells EUR 0.422bln vs exp. EUR 0.5bln 2.30% 2033 Green and EUR 0.931bln vs exp EUR 1bln 2.50% 2035 Green Bund.
Subdued trade across the crude complex as prices move in tandem with broader sentiment, with just over a week left until US President Trump’s August 1st tariff deadline, with little in the way of deals announced in recent days. WTI trades towards the bottom of a USD 65.07-65.86/bbl range while Brent resides in a USD 68.36-69.12/bbl parameter.
Precious metals are taking a breather following Monday’s rise and with macro newsflow rather light ahead of the August 1st tariff deadline, which also coincides with the US jobs report and the ISM Manufacturing PMI. Spot gold trades in a USD 3,344.90-3401.65/oz range after failing to sustain above USD 3,400/oz in APAC hours.
Mostly but modestly subdued trade across base metals, although losses seem somewhat cushioned by the recent Chinese dam project, with iron ore prices overnight closing higher for a fifth consecutive session. 3M LME copper meanwhile trades flat in a notably narrow USD 9,827.70-9,883.00/t range at the time of writing.
Coking coal prices overnight surged by 8%, hitting the daily limit. Some cited unverified market chatter that the Chinese National Energy Administration has reportedly issued a verification notice requiring all mines that have exceeded production capacity to suspend operations for rectification.
UK PSNB, GBP (Jun) 20.684B GB vs. Exp. 16.75B GB (Prev. 17.686B GB, Rev. 17.440B GB)
UK grocery inflation stood at 5.2% in the four weeks to July 13th, via Kantar.
NOTABLE EUROPEAN HEADLINES
BoE Governor Bailey says they have seen steeper yield curves and it’s a global phenomenon; UK experience is not out of line with other markets. The cause of the steeper yield curve reflects greater uncertainty on trade policy. The steeper yield curve also reflects global uncertainty on fiscal policy.
UK Deputy PM Rayner is pushing for councils to be given new powers to tax tourists, despite opposition from Chancellor Reeves, according to The Telegraph.
ECB July Bank Lending Survey: Corporate credit demand is weak but rose in Q2 and expected to rise further in Q3 Credit standards for firm loans remained broadly unchanged. Credit standards tightened slightly for housing loans and more markedly for consumer credit. Housing loan demand continued to increase strongly, while demand for firm loans remained weak. Trade war was a drag on demand but did not lead to a tightening in credit standards.
UK FCA says “borrowers will find it easier to remortgage, saving time and money, under changes confirmed by the FCA”. Under these changes, buyers will: Find it easier to reduce their mortgage term, helping to lower the total cost of borrowing and reduce the risk of repayment extending into retirement. More easily remortgage with a new lender, helping them access cheaper products. Be able to discuss options with their mortgage provider and get advice when they need it.
NOTABLE US HEADLINES
US Treasury Secretary Bessent said the Fed should conduct an exhaustive internal review of non-monetary policy operations and its decision to undertake massive building renovation at a time of operating losses should be reviewed.
SoftBank (9984 JT) and OpenAI’s USD 500bln AI project struggles to get off the ground with the Stargate venture, introduced at a White House event earlier this year, now setting a more modest goal of building a small data centre by year-end, according to WSJ.
GEOPOLITICS
MIDDLE EAST
Iran’s Foreign Minister said Iran is open to talks with the US but not directly for now, while it was separately reported that Iran’s Foreign Minister told Fox News they cannot give up Iranian enrichment.
Iranian Foreign Minister reiterates that Iran will not give up uranium enrichment program, via IRNA.
World Health Organisation’s Tedros said WHO staff residence in Deir al Balah, Gaza, was attacked three times on Monday as well as its main warehouse, while he demanded the immediate release of the detained staff and protection of all its staff. Tedros said two WHO staff and two family members were detained although three were later released and one staff member remained in detention.
CRYPTO
Bitcoin is a little lower and trades just above the USD 118k whilst Ethereum posts deeper losses to USD 3.6k.
APAC TRADE
APAC stocks traded mixed after failing to sustain the early upward momentum seen at the open following the fresh record intraday highs on Wall St and with two-way price action seen in Japan following the ruling coalition’s upper house election loss.
ASX 200 was rangebound as strength in the mining, materials, resources and healthcare sectors offset the losses in financials, energy and industrials, while the RBA Minutes from the July meeting provided very little to shift the dial but continued to signal future cuts ahead.
Nikkei 225 initially surged to above the 40,000 level as participants returned from the long weekend, but then wiped out its gains and then some, as participants second-guessed the ramifications of the ruling coalition’s upper house election setback.
Hang Seng and Shanghai Comp kept afloat in rangebound trade amid a lack of major fresh catalysts and after the Hong Kong benchmark breached the 25,000 level.
NOTABLE ASIA-PAC HEADLINES
Japanese Finance Minister Kato said it was a tough upper house election result for the LDP and the government will take the outcome of the upper house elections seriously, while he added that the government has repeated that sales tax cuts are not appropriate.
RBA Minutes from the July meeting stated the Board agreed further rate cuts are warranted over time, while the focus was on the timing and extent of easing. The Minutes stated that the Board considered whether to leave rates at 3.85% or to cut by 25bps and a majority agreed it was prudent to await confirmation on inflation slowdown before easing, while the majority felt cutting rates three times in four meetings would not be cautious and gradual. The case for no change cited some data as inflation had been slightly firmer than expected, the job market had also not loosened as expected and there was less risk of a severe global downturn. Furthermore, members agreed monetary policy was modestly restrictive, though financial conditions had eased and it was difficult to know how far rates can fall before policy is no longer restrictive, so prudence is needed.
BoJ is likely to leave its benchmark rate unchanged next week, according to Bloomberg sources; sees little impact from election on rate stance; watching for trade talk impact before any hikes; sees upward price risks if there is large fiscal loosening.
China’s Forex Regulator says overseas investors in general net increased their onshore equity and bond holdings in Q2; supply and demand in the FX market is “basically stable”; Yuan has been basically stable at reasonable and balanced levels this year.
PBoC Shanghai Head Office says foreign holdings of yuan-denominated bonds traded on China’s interbank market totalled CNY 4.23tln at the end of June.
2c Asian opening REPORT
Mixed, but relatively contained trade into numerous earnings – Newsquawk Europe Market Open
Tuesday, Jul 22, 2025 – 01:14 AM
APAC stocks traded mixed after failing to sustain the early upward momentum seen at the open following the fresh record intraday highs on Wall St.
White House Press Secretary Leavitt said they could see more tariff letters for August 1st.
European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.4% after the cash market finished with losses of 0.3% on Monday.
DXY is steady, JPY is the marginal laggard as Japan returns from holiday, EUR/USD failed to hold onto the 1.17 handle.
Looking ahead, highlights include US Richmond Fed Index, NBH Policy Announcement, Fed Chair Powell & Bowman, ECB’s Lagarde, BoE’s Bailey, Supply from UK & Germany.
Earnings from Akzo Nobel, ASM International, Dassault Aviation, Julius Baer, Lindt, SAP, Intuitive, Capital One, Baker Hughes, Coca Cola, Lockheed Martin, Philip Morris, RTX, DR Horton, Northrop Gruman, Danaher, MSCI & Pulte.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 day
US TRADE
EQUITIES
US stocks saw two-way price action and ultimately finished mixed amid light pertinent catalysts and a quiet calendar to start the week. Nonetheless, there was mild outperformance in the Nasdaq owing to the gains in the heavyweight tech stocks, while the equal-weighted S&P (RSP) and the small-cap Russell 2000 were the laggards. Sectors were also mixed with notable strength seen in the communication sector and with health and energy at the other end of the spectrum.
SPX +0.14% at 6,306, NDX +0.50% at 23,180, DJI -0.04% at 44,323, RUT -0.40% at 2,231.
White House Press Secretary Leavitt said they could see more tariff letters for August 1st.
Canadian PM Carney issued a statement following a meeting with US Senators and stated they discussed work to strengthen continental defence and security, as well as Canada’s successes in dismantling illegal drug smuggling and securing the border.
Canada’s Minister of Intergovernmental Affairs Leblanc will be in Washington this week for trade discussions.
Japan’s tariff negotiator Akazawa and US Commerce Secretary Lutnick met for over two hours in Washington on Monday and held frank talks to seek agreement benefiting both Japan and the US, while Japan will continue to seek common ground on tariff issues with the US, according to the Japanese government.
South Korean Finance Minister Koo said he will hold trade talks with his US counterpart on July 25th, while Koo added the Foreign Minister and Industry Minister will conduct meetings with US counterparts as soon as possible.
India and US mini trade deal is ruled out before August 1st, according to CNBC TV18 citing sources.
Malaysia has been asked by the US to extend tax exemptions for US EVs, while Malaysia is seeking a 20% US levy, but is said to be resisting EV and ownership demands, according to Bloomberg.
NOTABLE HEADLINES
US Treasury Secretary Bessent said the Fed should conduct an exhaustive internal review of non-monetary policy operations and its decision to undertake massive building renovation at a time of operating losses should be reviewed.
US CBO said the One Big Beautiful Bill will add USD 3.4tln to the deficit over a decade.
SoftBank (9984 JT) and OpenAI’s USD 500bln AI project struggles to get off the ground with the Stargate venture, introduced at a White House event earlier this year, now setting a more modest goal of building a small data centre by year-end, according to WSJ.
APAC TRADE
EQUITIES
APAC stocks traded mixed after failing to sustain the early upward momentum seen at the open following the fresh record intraday highs on Wall St and with two-way price action seen in Japan following the ruling coalition’s upper house election loss.
ASX 200 was rangebound as strength in the mining, materials, resources and healthcare sectors offset the losses in financials, energy and industrials, while the RBA Minutes from the July meeting provided very little to shift the dial but continued to signal future cuts ahead.
Nikkei 225 initially surged to above the 40,000 level as participants returned from the long weekend, but then wiped out its gains and then some, as participants second-guessed the ramifications of the ruling coalition’s upper house election setback.
Hang Seng and Shanghai Comp kept afloat in rangebound trade amid a lack of major fresh catalysts and after the Hong Kong benchmark breached the 25,000 level.
US equity futures (ES -0.1%, NQ -0.2%) were little changed after the recent price swings amid a lack of drivers and as participants await upcoming key earnings releases.
European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.4% after the cash market finished with losses of 0.3% on Monday.
FX
DXY traded little changed overnight and got some respite from the prior day’s selling pressure which dragged the DXY beneath the 98.00 level amid the softer yield environment in a session devoid of any major news catalysts or notable data releases and with the Fed in a blackout period. Note, the data calendar for the US remains light for the week, leaving the focus on the weekly jobless claims report and trade-related developments.
EUR/USD proceeded sideways and held on to most of its recent spoils after having benefitted from the dollar’s demise, although is off yesterday’s best levels after failing to sustain the 1.1700 status. On the trade front, EU diplomats said the bloc is exploring a wider set of possible counter-measures against US tariffs and there were also comments by US Treasury Secretary Bessent that the EU have become more engaged and thinks they would want to negotiate faster.
GBP/USD trickled lower from the 1.3500 mark but with the pullback limited amid quiet catalysts and ahead of comments from BoE Governor Bailey.
USD/JPY rebounded off its lows but remained firmly beneath the 148.00 level after retreating yesterday alongside a weaker buck and with some solace in Japan provided by hopes of government stability following Japanese PM Ishiba’s vow to remain in his post.
Antipodeans were rangebound amid the lack of conviction in risk sentiment and after the RBA minutes provided very little incrementally and noted the majority agreed it was prudent to await confirmation on inflation slowdown before easing, although the Board agreed further rate cuts are warranted over time with focus on the timing and extent of easing.
PBoC set USD/CNY mid-point at 7.1460 vs exp. 7.1635 (Prev. 7.1522).
FIXED INCOME
10yr UST futures took a breather after bull flattening in US trade despite light catalysts and with the Fed in a blackout period which likely puts the attention stateside on trade updates this week amid a relatively quiet data calendar, while on the fiscal situation, CBO estimated that Trump’s Big Beautiful Bill will add USD 3.4tln to the deficit over a decade.
Bund futures lingered around the prior day’s highs after rallying north of the 130.00 level and with participants now looking ahead to today’s Bund supply.
10yr JGB futures climbed higher and the curve marginally steepened as Japanese participants took their first opportunity to react to the ruling coalition losing its majority in the upper house, with the minority government facing pressure from opposition parties to cut taxes.
COMMODITIES
Crude futures remained subdued after the prior day’s lacklustre performance amid quiet newsflow and with a Ukraine-Russia meeting planned for Wednesday in Turkey.
Iraq said Turkey seeks a broader energy agreement and has submitted a new draft deal, while Iraq will review and negotiate the new Turkish proposal to renew the energy pact and expand it into oil, gas, and electricity.
Spot gold mildly pulled back after rallying yesterday to briefly above the USD 3,400/oz level alongside a softer dollar and lower yield environment.
Copper futures lacked demand after the prior day’s choppy mood and amid the overall mixed risk appetite in Asia-Pac trade.
CRYPTO
Bitcoin was choppy overnight and tested the USD 117k level to the downside.
NOTABLE ASIA-PAC HEADLINES
Japanese Finance Minister Kato said it was a tough upper house election result for the LDP and the government will take the outcome of the upper house elections seriously, while he added the government has repeated that sales tax cuts are not appropriate.
RBA Minutes from the July meeting stated the Board agreed further rate cuts are warranted over time, while the focus was on the timing and extent of easing. The Minutes stated that the Board considered whether to leave rates at 3.85% or to cut by 25bps and a majority agreed it was prudent to await confirmation on inflation slowdown before easing, while the majority felt cutting rates three times in four meetings would not be cautious and gradual. The case for no change cited some data as inflation had been slightly firmer than expected, the job market had also not loosened as expected and there was less risk of a severe global downturn. Furthermore, members agreed monetary policy was modestly restrictive, though financial conditions had eased and it was difficult to know how far rates can fall before policy is no longer restrictive, so prudence is needed.
GEOPOLITICS
MIDDLE EAST
Iran’s Foreign Minister said Iran is open to talks with the US but not directly for now, while it was separately reported that Iran’s Foreign Minister told Fox News they cannot give up Iranian enrichment.
World Health Organisation’s Tedros said WHO staff residence in Deir al Balah, Gaza, was attacked three times on Monday as well as its main warehouse, while he demanded the immediate release of the detained staff and protection of all its staff. Tedros said two WHO staff and two family members were detained although three were later released and one staff member remained in detention.
RUSSIA-UKRAINE
Ukrainian President Zelensky said the next Ukraine-Russia meeting is planned for Wednesday in Turkey.
Netherlands will make a “substantial contribution” regarding the delivery of patriots to Ukraine, according to Dutch press.
OTHER
US House lawmakers asked Microsoft (MSFT), Alphabet (GOOGL), Meta (META) and Amazon (AMZN) CEOs to answer if they have adequate safeguards to address concerns about China and Russia targeting submarine cables, according to a letter seen by Reuters.
EU/UK
NOTABLE HEADLINES
UK Deputy PM Rayner is pushing for councils to be given new powers to tax tourists, despite opposition from Chancellor Reeves, according to The Telegraph.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN/
3C CHINA
CHINA/USA
4. EUROPEAN AFFAIRS
GERMANY
‘It Would Be A Safe Path To Civil War’ – Majority Of Germans Against An AfD Ban
New polling shows that Germans are firmly against a ban of the Alternative for Germany (AfD), with one historian even warning in the wake of the results that a ban of the AfD would lead to a civil war.
The poll, which was conducted by the prestigious Allensbach Institute for Frankfurter Allgemeine Zeitung (FAZ), is sure to come as a shock for the liberal wing of the German elite promoting a ban of the party.
It shows that 52 percent of Germans are against a ban of the AfD, while only 27 percent are in favor. Among East Germans, two-thirds are opposed to a ban, while in the West, 49 percent are opposed to a ban.
There are now even warnings that a ban could lead to a civil war, and not from an AfD politician. CDU member and historian Andreas Rödder told Euronews that an AfD ban represents a serious threat.
“A ban procedure that leads to the loss of all votes for the AfD and thus to red-red-green parliamentary majorities across the board would be the sure path to civil war,” he warned.
The Allensbach poll results also come despite a concerted media and government spy campaign to demonize the party. The Federal Office for the Protection of the Constitution (BfV) has already labeled the AfD as having “right-wing extremist elements.” In some German states, the AfD is “confirmed right-wing extremist.”
"I think it's really too late for a ban. The AfD is already too strong."
Despite ongoing fears of an AfD ban, @Dieter_Stein, the EIC of the influential @Junge_Freiheit, says it would be "ludicrous."
In fact, he predicts an end to the firewall against the AfD within 1-2 years. pic.twitter.com/We7hIQZrjS
One of the main reasons why Germans are against an AfD ban is that many Germans know an AfD supporter in their social circle. The poll shows that 67 percent of West Germans say they know an AfD supporter, and 88 percent of East Germans say they know an AfD supporter. These acquaintances are viewed differently from the party itself. While 54 percent of Germans believe the AfD is right-wing extremist, only 5 percent believe their AfD supporter friends and family are also right-wing extremist.
Another reason is that many Germans view the banning of the AfD as anti-democratic. They hold the belief that parties advocating for a ban are looking to eliminate the political opposition.
In fact, these were the words of the chancellor of Germany, with Friedrich Merz stating that efforts to ban the AfD are essentially undemocratic.
Speaking to Die Zeit in May, Merz said, “Working ‘aggressively and militantly’ against the free democratic basic order must be proven. And the burden of proof lies solely with the state. That is a classic task of the executive branch. And I have always internally resisted initiating ban proceedings from within the Bundestag. That smacks too much of political competition elimination to me.”
The poll also shows that banning the party in Germany would not solve the country’s political problems, with 54 percent saying that the AfD party would just reform under a different name with the same ideology.
However, the poll results are not deterring the left. In fact, they may only serve to hasten the left’s anti-democratic efforts as the AfD grows in popularity. A number of recent polls show the AfD is supported by 25 percent of the population, including a YouGov poll from last week.
Minister President of Rhineland-Palatinate Alexander Schweitzer (SPD) said he remains in favor of preparing a ban procedure against the AfD.
He told Welt am Sonntag, “I’m for preparing ban proceedings against the AfD, and I am against quick fixes, so I hope that it is well prepared and not set in motion too quickly.”
He emphasized that “our state must be able to defend itself against those who want to abolish it,” and that AfD approval ratings are not an argument against a ban, but rather about “consolidating and protecting our democracy. You can’t say there are many, so we’d rather leave it alone.”
So far, the CDU, the SPD’s coalition partner, is against the ban. In fact, the CDU may have good reason to be against such a dramatic move. For one thing, with the AfD eliminated, the left will then set its sights on the CDU, potentially even labeling the CDU the “new right.” Furthermore, the CDU may want to leave the door open to future cooperation with the AfD, or at least keep the threat open against left-wing parties like the SPD, which helps the CDU drive its own agenda.
Klaus Schwab Blasts WEF Board, Denies Report He Fudged Data, Racked Up $1.1M In Expenses
Tuesday, Jul 22, 2025 – 09:00 AM
The founder of the World Economic Forum is firing back after a bombshell investigation accused him of cooking economic reports and billing over a million dollars in questionable expenses.
Klaus Schwab, the 87-year-old architect of Davos and the WEF’s global elite gatherings, slammed the organization’s board of trustees on Sunday, accusing them of breaking a confidentiality deal by letting media outlets get wind of the allegations.
“I am in a position to refute all the accusations brought up against me,” Schwab said in a statement after Swiss newspaper SonntagsZeitung detailed preliminary findings from a law firm’s probe.
The investigation, conducted by Swiss law firm Homburger and ordered by the WEF’s own board, reportedly found that Schwab interfered with the forum’s flagship economic rankings to favor political allies and avoid controversy – and submitted 900,000 Swiss francs (about $1.1 million) in expenses that investigators say lacked proper justification.
Three months ago we reported that Schwab was under investigation by the WEF after a whistleblower alleged financial and ethical misconduct by Mr. “eat the bugs” and his wife.
In an anonymous letter from sent to the board of directors by ‘current and former Forum employees,’ Schwab and his wife are accused of commingling their personal affairs with WEF resources without proper oversight, and much more…
Among the most serious allegations:
Schwab asked junior employees to withdraw thousands of dollars from ATMs on his behalf and used Forum funds to pay for private, in-room massages at hotels.
His wife Hilde, a former Forum employee, scheduled “token” Forum-funded meetings in order to justify luxury holiday travel at the organization’s expense.
The letter also raises concerns about how Klaus Schwab treated female employees and how his leadership over decades allegedly allowed instances of sexual harassment and other discriminatory behavior to go unchecked in the workplace
Other allegations include the Schwab family’s use of Villa Mundi – a luxury property bought before the pandemic by the Forum located next to the organization’s Geneva headquarters, which the whistleblower letter maintains that Hilde Schwab maintains tight control over, and which the forum paid $30 million to purchase and another $20 million to renovate – also overseen by Hilde.
Schwab says he paid the WEF back for said ‘in-room massages’, and denied the allegations about luxury travel and withdrawing funds.
According to the WEF, its board unanimously supported the decision to launch an independent investigation “following a whistleblower letter containing allegations against former Chairman Klaus Schwab. This decision was made after consultation with external legal counsel.”
Schwab abruptly resigned from the WEF in April after the allegations surfaced. A replacement has yet to be named.
The report claims Schwab personally intervened to tweak the WEF’s Global Competitiveness Report to protect ties with key leaders like Indian Prime Minister Narendra Modi. In 2017, Schwab allegedly ordered a delay in releasing the rankings to avoid souring relations with India, whose score took a dive. He also reportedly advised holding back on boosting the UK’s ranking to avoid giving ammo to Brexit supporters.
In another incident in 2022, Schwab allegedly shared draft rankings with an unnamed country official whose position slipped, pushing to kill that year’s report entirely. The WEF later blamed the cancellation on COVID-related disruptions.
Schwab insists he’s been deceived, saying he offered to sit for an interview with investigators on July 15 and was promised a chance to review the findings before any conclusions were published.
“In this respect I feel deceived,” he said. “I am willing to defend my interests with all my strength, even in the context of a legal dispute.”
The WEF stayed tight-lipped when contacted by Bloomberg, saying only that it would comment once the probe concludes, likely by late August.
Sunday’s revelations ramp up an already heated battle between Schwab and his former colleagues. Just weeks ago, the WEF and its founder released a joint statement claiming they were working to “normalize” their strained relationship.
But with accusations of data manipulation and lavish spending now in the open, that détente looks increasingly shaky.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL VS IRAN
Tehran won’t give up nuclear program despite ‘serious damage’, Iran’s FM says
“We cannot give up enrichment because it is an achievement of our own scientists. And now, more than that, it is a question of national pride,” Araghchi told Fox.
Iranian Foreign Minister Abbas Araqchi meets with Lebanese Parliament Speaker Nabih Berri (unseen), in Beirut, Lebanon, June 3, 2025.(photo credit: REUTERS/MOHAMED AZAKIR/FILE PHOTO)ByJERUSALEM POST STAFFJULY 21, 2025 23:32Updated: JULY 22, 2025 05:18
Iranian Foreign Minister Abbas Araghchi said Tehran cannot give up on its nuclear enrichment program despite “serious damage” to its nuclear facilities, he told Fox News on Monday.
“Our facilities have been damaged, seriously damaged. The extent of which is now under evaluation by our automechanical organization. But as far as I know, they are seriously damaged,” Araghchi said when asked of the extent of the damage to the nuclear enrichment program after the attacks by Israel and the US.
He further explained that he had no specific information regarding whether any of the already enriched material survived or if it is accessible.
“As I said, our automechanical organization is responsible for that. They are now trying to evaluate what has exactly happened to our nuclear material,” Araghchi said.
He concluded by stating that Tehran cannot give up on its nuclear enrichment program even as it was severely damaged.
“It is stopped because, yes, damages are serious and severe. But obviously we cannot give up of enrichment because it is an achievement of our own scientists. And now, more than that, it is a question of national pride,” Araghchi told Fox News.
Satellite imagery from Iran’s Fordow nuclear facility June 22, 2025. (credit: MAXAR TECHNOLOGIES/VIA REUTERS )
US assessment on Iran strikes
Recently, a US assessment found that US strikes in June mostly destroyed one of three targeted Iranian nuclear sites, but the other two were not as badly damaged, NBC News reported.
The report said that US officials believe the attack on Iran’s Fordow nuclear facility was successful in setting back enrichment capabilities there by as much as two years, citing two current officials.
In June, US President Donald Trump said ahead of meeting other world leaders at a NATO Summit in The Hague that Iran’s nuclear program had been pushed back decades, The Jerusalem Post previously reported.
“This was a devastating attack,” Trump told reporters.
“Israel is doing a report on it now, I understand, and I was told that they said that it was total obliteration.”
Reuters contributed to this report.
END
ISRAEL VS HAMAS
Soldier killed in blast, as IDF pushes into central Gaza’s Deir al-Balah for 1st time
Staff Sgt. Amit Cohen killed in Khan Younis; hostage families alarmed by new ground offensive; undercover troops said to nab Hamas health official in Rafah
An Israeli soldier was killed by an explosion in southern Gaza on Monday, the Israel Defense Forces announced, as troops began ground operations in the Deir al-Balah area in the Strip’s center for the first time since the beginning of the war.
The soldier was named as Staff Sgt. Amit Cohen, 19, of the Golani Brigade’s 13th Battalion, from Holon.
According to a preliminary IDF investigation, Cohen was killed by a blast from Israeli military munitions that detonated inside a building in Khan Younis.
The explosion also seriously wounded an officer in the 13th Battalion, the IDF said.
The military said it was further investigating the cause of the explosion, including the possibility that it was an “operational accident.”
Cohen’s death brought Israel’s toll in the ground offensive against Hamas in Gaza and in military operations along the border with the Strip to 455.
Palestinians carry sacks of humanitarian aid unloaded from a convoy of trucks that were heading to Gaza City, in the northern Gaza Strip, July 20, 2025. (AP Photo/ Jehad Alshrafi)
Earlier Monday, media in Gaza reported that IDF tanks had pushed into the southern and eastern districts of Deir al-Balah.
It is one of the few places in the Strip where the IDF has, until now, not 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.
As a matter of policy, the IDF has said it avoids ground operations in areas of Gaza where it believes Hamas to be holding hostages or cannot rule out the presence of captives, in order not to endanger them.
The push into the southeast of Deir al-Balah was being led by troops of the Golani Infantry Brigade, along with tanks and combat engineers, according to military sources. The ground operations came after Palestinian reports of artillery shelling and airstrikes overnight and on Monday morning in the area.
A day earlier, the IDF issued an evacuation warning for several zones in the southwest of Deir al-Balah, where many Palestinians had sought refuge. According to United Nations figures, between 50,000 and 80,000 people were in the area when Sunday’s evacuation order was issued.
A man and woman ride in a donkey-drawn cart while behind smoke billows from Israeli strikes, along Salaheddin road in Deir el-Balah in the central Gaza Strip on July 21, 2025. (Eyad BABA / AFP)
Sunday’s announcement told civilians to head south to the Mawasi area on the coast, where at least 600,000 Palestinians were already massed.
During a briefing on Monday, UN spokesperson Stéphane Dujarric warned that the southern Gaza desalination plant and other vital water infrastructure are located within the Deir al-Balah areas from which the IDF has ordered Palestinians to evacuate.
The plant is a main source of drinking water for hundreds of thousands of internally displaced people in the coastal Mawasi zone, producing 660,430 gallons of water per day.
“The loss of this facility would be catastrophic for the people who depend on it for access to fresh water,” Dujarric said.
As of early July, 80 percent of water, sanitation and hygiene facilities fall within Israeli-militarized zones or in areas that have been placed under evacuation orders, said the UN spokesperson, adding that 93% of households in Gaza had no access to water as of last month.
Over 87% of Gaza is currently under Israeli evacuation order, which has squeezed about 2.1 million people into fragmented areas of the Strip where hardly any services are available, Dujarric said.
A camp of tents housing displaced Palestinians extends across Gaza City, Thursday, July 17, 2025. (AP Photo/Jehad Alshrafi)
He noted that UN humanitarian staff will remain in Deir al-Balah areas that the IDF has ordered to evacuate and has shared its coordinates with all parties of the conflict.
Following reports of the IDF’s push toward the city, the Hostages and Missing Families Forum said it was “shocked and alarmed” at the decision, and the mother of one of the hostages thought to be alive said she was perplexed by it.
The expanded military operation commenced as global criticism mounted over the war and the US- and Israeli-backed aid distribution mechanism in Gaza. At the same time, negotiations over a ceasefire and hostage release deal were ongoing in Qatar. Should those talks prove fruitless, the IDF is proposing a further intensification of the fighting, even as it acknowledges burnout among troops after more than 21 months of war.
Deir al-Balah resident Abdullah Abu Saleem, 48, told AFP that “during the night, we heard huge and powerful explosions shaking the area, as if it were an earthquake,” which he attributed to “artillery shelling in the south-central part of Deir al-Balah and the southeastern area.”
“We are extremely worried and fearful that the army is planning a ground operation in Deir al-Balah and the central camps where hundreds of thousands of displaced people are sheltering,” he said.
A boy looks over a Palestinian tent city in the al-Mawasi area in Khan Younis, in the southern Gaza Strip, July 6, 2025. (Abed Rahim Khatib/Flash90)
Local medics said tank shelling in the area hit houses and mosques, killing at least three Palestinians and wounding several others. At least 130 Palestinians were killed and more than 1,000 wounded by Israeli gunfire and military strikes across the territory in the past 24 hours, Gaza’s Hamas-run health ministry said Monday.
The ministry’s figures cannot be verified and do not differentiate between civilians and fighters. 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.
Also on Monday, Marwan al-Hams, an official in the Hamas-run health ministry in Gaza, was reportedly detained by an undercover Israeli force outside the field hospital of the International Committee of the Red Cross in the southern Gaza Strip.
Hams is the director of Yusuf al-Najjar Hospital in the city of Rafah, and also serves as the head of all field hospitals in the Gaza Strip.
The Hamas health ministry said that Hams was on his way to visit the ICRC hospital in Rafah when an Israeli force “abducted” him after opening fire, killing one person and wounding another civilian nearby.
Medics said the person killed was a local journalist who was filming an interview with Hams when the incident happened.
An ICRC spokesperson said the ICRC hospital had admitted and treated patients injured in the incident but would not comment further on their status in order to protect their privacy. It said it was “very concerned about safety and security” around the field hospital.
The IDF did not immediately comment on the incident.
🚨 BREAKING: An Israeli special forces unit has arrested Dr. Marwan Al-Hams, director of Abu Youssef Al-Najjar Hospital in southern Gaza.
Meanwhile, their ambulance driver was injured in front of the Red Cross field hospital south of the Gaza Strip. pic.twitter.com/qGxD7Kov3J
Meanwhile, the Hostages and Missing Families Forum, which represents the relatives of many of the 50 remaining hostages, at least 20 of whom are believed to be alive, asked the government to explain the move into Deir al-Balah.
“The families demand that the prime minister, defense minister, chief of staff, and IDF spokesperson appear before them and the Israeli public this evening to clearly explain why the offensive in the Deir al-Balah area does not put the hostages at serious risk,” said the group. “The people of Israel will not forgive anyone who knowingly endangered the hostages — both the living and the deceased.”
Ruhama Bohbot, whose son Elkana Bohbot is held captive by Hamas and thought to be alive, told a gathering of supporters Monday that she felt “a little tense” over the military’s entry into the city.
“The IDF have begun operating in Gaza in the place where Elkana is being held, and I’m a little worried and suspicious like the other families,” Bohbot said. “I don’t have any idea why they started doing this now — now, when there’s supposed to be a deal.”
“I hope that the army will know what to do and how to do it,” she said. “And God forbid not touch the hostages. The government said it wouldn’t be the worst thing if some hostages were harmed, an unbelievably terrible thing to say.”
Ruhama Bohbot, mother of hostage Elkana Bohbot, poses for a portrait at home in Mevaseret Zion, Israel, May 7, 2025. (Maya Alleruzzo/AP)
It was an apparent reference to Orit Strock, the minister of national missions and settlements, who said in an interview Monday that while the IDF should make a “great effort” to avoid harming hostages, “it’s not right to refrain from vanquishing Hamas” in areas where they might be held.
“That also risks lives,” said Strock, a member of the far-right Religious Zionism party, adding that she “cannot make calculations about whether this person’s life is more important than that person’s life.”
Negotiations over a 60-day ceasefire that would see the release of about half the hostages are continuing in Qatar, though difficulties reaching Hamas’s Gaza leadership are reportedly slowing the process. Should those talks fail, IDF Chief of Staff Lt. Gen. Eyal Zamir was drawing up plans for an expansion of the fighting.
A Channel 12 news report that quoted sources familiar with the proposal described it as “the plan for taking over Gaza,” and said it was an alternative to the controversial “humanitarian city” in Rafah pushed by Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz, which Zamir opposes.
Front L-R: 98th Division commander Brig. Gen. Guy Levy, IDF Chief of Staff Lt. Gen. Eyal Zamir, Southern Command chief Maj. Gen. Yaniv Asor in Gaza City’s Shejaiya neighborhood, July 20, 2025. (Israel Defense Forces)
Global criticism of the war, and reports of a growing humanitarian crisis in Gaza, mounted on Monday. In a call for the war to end, 25 countries zeroed in on criticism of the Gaza Humanitarian Foundation, which began operating aid distribution sites in May under American and Israeli backing.
Hundreds of people have been reported killed around the sites, according to Hamas officials. Israel has acknowledged deaths near aid sites and has confirmed that troops have fired warning shots when crowds have gotten too close, but says the death tolls, which mostly come from Hamas-run authorities, are exaggerated.
The UN’s World Food Program, in a rare condemnation, said a crowd surrounding its aid convoy in northern Gaza on Sunday “came under fire from Israeli tanks, snipers and other gunfire.” It said “countless lives” were lost. Hamas authorities reported nearly 80 dead from Israeli gunfire in the area of the convoy, which is unrelated to the GHF aid distribution sites.
Responding to the reports, the IDF said it had fired “warning shots to remove an immediate threat posed to the troops” in northern Gaza, but denied the steep death toll, insisting that the “reported number of casualties does not align with the existing information.”
Tents and shelters for Palestinians displaced by conflict are pictured erected at a makeshift camp along the beach near the seaport in the west of Gaza City on July 19, 2025. (Omar AL-QATTAA / AFP)
An Israeli reservist told the Wall Street Journal that soldiers fired at aid-seeking Palestinians who veered off approved paths even though some of them were carrying white flags. The report, published Monday, said that Israeli soldiers fired on Palestinians who strayed from the paths or came too close to the troops.
“We have an unwritten rule that if you are worried and they get too close and you see that it could be something that puts you and your team at risk, you don’t take that risk,” the reservist said.
A spokesman for the GHF, Chapin Fay, said Monday that it was willing to deliver food to Palestinians for the UN, which he says “has given up distribution altogether.” He added that “desperation levels” in Gaza are rising.
“We can get their aid into Gaza safely and securely and have offered to help repeatedly, but they continue to reject our offers,” Fay said in a media briefing.
The UN has argued that it will not cooperate with the GHF, as its distribution mechanism has placed Palestinians at risk.
UN Secretary-General Antonio Guterres on Monday condemned the “accelerating breakdown of humanitarian conditions” in Gaza.
“The last lifelines keeping people alive are collapsing,” his spokesman said in a statement. The United Nations chief “deplores the growing reports of children and adults suffering from malnutrition.”
Jessica Steinberg, agencies and Times of Israel staff contributed to this report.
END
ISRAEL HAMAS/IRAN
Soldier killed in southern Gaza, Iran says int’l sanctions will complicate nuclear talks
Half of Israelis view Iran as greatest threat to country, 17% say Hamas • IDF announces death of St.-Sgt. Amit Cohen
IDF soldiers operating in the Gaza Strip, July 17, 2025.(photo credit: IDF SPOKESPERSON’S UNIT)
Master Sergeant Vladimir Loza, age 36 from Ashkelon, was killed in combat in southern Gaza, the IDF said on Tuesday.
Loza served in Battalion 7020 in the fifth brigade.
His death marks the second fallen soldier in the past day after the IDF announced late on Monday that Staff-Sergeant Amit Cohen was killed while fighting in the southern Gaza Strip.
St.-Sgt. Cohen, 19, from Holon, served in Battalion 13 in the Golani Brigade.
This is a developing story.
Reservist M.-Sgt. Vladimir Loza killed in combat in southern Gaza
Loza served in Battalion 7020 in the fifth brigade
END
GAZA
Food distributed with no shots fired as it quite away from Hamas:
IDF’s new strategy: All borders must have buffer zones, defense achieved through offense
Unlike before October 7, the Israeli military decided it would achieve most of its defensive needs by preemptive offense going forward.
IDF operates in the buffer zone between Israel and Syria on December 13, 2024.(photo credit: IDF SPOKESPERSON’S UNIT)ByYONAH JEREMY BOBJULY 22, 2025 11:06Updated: JULY 22, 2025 12:12
The IDF high command, presided over by IDF Chief of Staff Lt.-Gen. Eyal Zamir held a special session with other top commanders across the military to carry out a full strategic review of security challenges facing Israel, with no similar such in-depth session having taken place in around two years.
Some of the most important conclusions from the session were that, from now on, all Israeli borders must have a built-in buffer zone
Israel has accomplished this to date in Gaza, Syria, and Lebanon.
There is less of a clear buffer zone with Egypt and Jordan, though Jerusalem has peace with those two countries.
In addition, aspects of the 1978 Egypt-Israel Camp David Accords still limit how much Egypt‘s military deploys near Israel’s border.
Police at the scene where three Israelis were killed in a terror shooting attack at Allenby bridge, a crossing between West Bank and Jordan, September 8, 2024 (credit: YONATAN SINDEL/FLASH90)
Jordan has a much smaller and less potentially threatening military, and the Jordan valley forms somewhat of an additional buffer zone for much of Israel, while not protecting small Israeli villages in the valley.
Both Egypt and Jordan have also seen small-scale penetrations into Israel of smugglers or terrorists.
Offense is best form of defense, IDF decides
The IDF also said that, unlike before October 7, it will achieve most of its defensive needs by preemptive offense.
Currently, in Gaza, Syria, and Lebanon, IDF forces periodically continue to attack potentially hostile forces to prevent them from reconstituting larger threats they pose to the Jewish state before the current war.
Red alert sirens sounded in multiple areas across Israel, including the West Bank and Beit Shemesh, on Tuesday morning.
Prior to the sirens, the IDF said it identified a missile launch from Yemen headed toward Israeli territory, and aerial defense systems were working to intercept the threat.
IDF says it downed Houthi missile that set off sirens across central Israel
2nd missile falls short of Israel; latest attacks from Yemen comes a day after Israeli drone strikes on Iran-backed group’s ‘military infrastructure’ at Hodeida port
Illustrative: An Arrow interceptor missile is launched to take down a Houthi ballistic missile fired from Yemen, early in the morning on July 10, 2025. (X Screenshot)
A ballistic missile launched Tuesday morning at Israel by the Iran-backed Houthis in Yemen was intercepted by air defenses, the Israel Defense Forces said.
There were no reports of injuries or damage from the attack, which set off warning sirens in numerous towns across central Israel, sending hundreds of thousands of people to shelters in the pre-dawn attack.
The Houthis later issued a statement claiming responsibility for firing the missile, saying it targeted Ben Gurion Airport.
A second missile fired several hours later fell short outside the country’s borders, according to a military official.
The IDF identified the launch, but no sirens sounded in Israel because the missile did not pose a threat.
On Monday, the Houthis took responsibility for launching a drone at Israel, which the IDF said was also shot down.
The Houthi drone attack came hours after Israeli Air Force drones struck the Houthi-controlled Hodeida port in response to the group’s continued attacks on Israel.
The IDF said that the airstrikes destroyed “military infrastructure of the Houthi terror regime” at the port in western Yemen, after attempts were made by the Houthis to repair areas previously targeted by Israel in response to missile and drone attacks.
Monday’s sortie marked the thirteenth time that Israel has attacked Yemen, located some 1,800 kilometers away.
Destruction at the port in Yemen’s city of Hodeida after Israeli warplanes struck Houthi rebel-held positions, on May 6, 2025. (AFP)
The Houthis — whose slogan calls for “Death to America, Death to Israel, [and] a Curse on the Jews” — began attacking Israel and maritime traffic in November 2023, a month after the October 7 Hamas massacre.
Traffic through the Red Sea, a critical waterway for the world’s oil and commodities, has markedly dropped due to the targeting of ships, which the Houthis claim are linked to Israel.
The group, which agreed to a deal with the US in May to stop targeting American ships, appeared to step up attacks on maritime traffic earlier this month, destroying two ships and killing several sailors.
The Houthis held their fire when a ceasefire was reached between Israel and Hamas in January 2025. By that point, they had fired over 40 ballistic missiles and dozens of attack drones and cruise missiles at Israel, including one that killed a civilian and wounded several others in Tel Aviv in July 2024, prompting Israel’s first strike in Yemen.
Since March 18, when the IDF resumed its offensive against Hamas in the Gaza Strip, the Houthis have launched 63 ballistic missiles and at least 15 drones at Israel. Several of the missiles have fallen short.
The various regional conflicts are increasingly becoming a standoff between the West and the Global South…
Global events increasingly reflect the growing confrontation between the Western bloc, led by the United States and its allies, and the countries of the so-called “World Majority,” coalescing around BRICS.
This geopolitical tension is particularly evident against the backdrop of escalating conflicts in the Middle East, where the actions of the US and Israel are seen as manifestations of Western hegemony, while BRICS nations and their partners are increasingly positioning themselves as defenders of multipolarity, sovereignty, and a just international order.
On July 7, US President Donald Trump hosted Israeli Prime Minister Benjamin Netanyahu at the White House. The two leaders discussed two major issues: the upcoming negotiations with Iran and the controversial initiative to relocate Palestinians from Gaza. These topics underscored Washington and West Jerusalem’s efforts to reshape the Middle East’s security architecture – framed under the banner of offering a “better future,” yet unfolding amid growing accusations of violations of international law.
During a working dinner, Netanyahu stated that Israel and the US had been consulting with several countries allegedly willing to accept Palestinians wishing to leave Gaza. He emphasized that the proposed relocation would be “voluntary,” offering a better future to those who seek it. According to him, agreements with a number of countries were already nearing completion.
Initially, Trump refrained from making a clear statement on the matter, but later remarked that “neighboring countries have been extremely cooperative,”expressing confidence that “something good will happen.” This ambiguity may reflect either an attempt to soften the political sensitivity of the issue or a reluctance to prematurely reveal the details of a plan that has drawn considerable criticism.
Previously, Trump had proposed transforming Gaza into the “Riviera of the Middle East” and relocating its population – an idea harshly rejected both by the residents of the enclave and by international human rights organizations, which characterized it as a form of ethnic cleansing. Behind the scenes of the dinner, indirect negotiations between Israel and Hamas were ongoing, focused on securing a ceasefire and a hostage exchange.
The meeting marked the third in-person encounter between Trump and Netanyahu since the Republican leader’s return to the White House in January. Just two weeks earlier, the US had carried out strikes on Iranian nuclear facilities in support of Israeli military action. Days later, Trump helped broker a short-term ceasefire in the 12-day war between Israel and Iran – an achievement likely intended to bolster his own diplomatic credentials.
During the meeting, Trump announced that his administration had scheduled formal talks with Iran. He said that Tehran had shown a willingness to negotiate following substantial military and economic pressure. US Special Envoy for the Middle East Steve Witkoff confirmed that the meeting was expected to take place “within the next week.”
Trump also indicated he was open to lifting sanctions on Iran under the right circumstances. Meanwhile, Iran’s newly elected president, Masoud Pezeshkian, expressed hope that tensions with the United States could be resolved through diplomacy. These statements suggested a potential, albeit limited, window for resetting US-Iranian relations, though both sides appeared driven primarily by tactical considerations.
The political significance of the Trump-Netanyahu meeting was further underscored by protests outside the White House. Hundreds of demonstrators, waving Palestinian flags, demanded an end to US military support for Israel and called for Netanyahu’s arrest in light of the International Criminal Court’s warrant against him for alleged war crimes in Gaza.
Earlier that day, Netanyahu had met with Witkoff and Secretary of State Marco Rubio. The following day, he held talks with congressional leaders. During his meeting with Trump, the Israeli prime minister also handed the president a letter nominating him for the Nobel Peace Prize – a symbolic gesture aimed at reinforcing the strategic bond between the two leaders and appealing to their respective domestic audiences.
The Israeli side expressed hope that the outcome of the conflict with Iran could help advance the normalization of relations with several Arab states, including Lebanon, Syria, and Saudi Arabia. In this sense, the actions of Israel and the US in the region appear to be aimed not only at immediate security concerns but also at a long-term strategic reshaping of the Middle Eastern landscape.
However, the situation is far from straightforward. It seems that Netanyahu is trying to create the appearance of active engagement in peace processes, while in reality showing little interest in achieving meaningful change. Israeli media have reported that Netanyahu is under “intense pressure” from Trump, who is pushing for a Gaza ceasefire deal. Nevertheless, no substantial progress has yet been made.
Media sources indicate that Witkoff’s planned trip to Doha has been postponed. Earlier that evening, Witkoff had expressed optimism, claiming that only one issue remained unresolved: where the Israeli army would redeploy. This question is crucial, as Israel insists on retaining control over the city of Rafah in southern Gaza and securing the release of hostages. Current estimates suggest that around 50 hostages remain in Gaza, with approximately 20 believed to be alive.
Israeli Defense Minister Israel Katz has announced plans to establish a tent city in Rafah to relocate up to 600,000 Palestinians. Israel would control entry into the camp, prevent residents from leaving, and subsequently begin the process of transferring them out of Gaza altogether. This is all part of what has been referred to as the “Trump Plan” for the “depopulation” of the enclave and the establishment of full Israeli control.
According to Katz’s broader plan, the remainder of Gaza’s 2.1 million residents could eventually be expelled as well. Critics argue that this approach would amount to the forced displacement of Palestinians to third countries. Annelle Sheline, a fellow with the Quincy Institute’s Middle East program, described the proposed camps as “concentration camps” and expressed doubt that the Trump administration would intervene to stop the implementation of Israeli plans.
“Although Washington wields considerable influence over the details of what’s happening, Trump effectively sidestepped the question of forced displacement by deferring responsibility to Netanyahu,”Sheline told Al Jazeera.
She further stated that Trump is surrounded by advisors who are unlikely to challenge him on moral or legal grounds. “What’s happening isn’t just a potential crime against humanity – it’s an effort to legitimize genocide and the subsequent deportation of survivors. And it implicates the United States directly,” the expert emphasized.
Trump himself has continued to strongly support Netanyahu, including by interfering in Israel’s internal politics – he has openly criticized the prosecutors leading the corruption investigation against the Israeli prime minister, who faces charges of bribery, fraud, and breach of trust. Netanyahu has denied all allegations.
According to the latest figures, the war in Gaza has killed at least 57,575 Palestinians and injured another 136,879.
The majority of Gaza’s population has been displaced, and UN estimates suggest that nearly half a million people are now on the brink of famine.
Against the backdrop of Netanyahu’s visit to Washington, the day before – on July 6 – the BRICS leaders issued a joint declaration condemning the June strikes by Israel and the US on Iran, particularly targeting nuclear facilities. “We condemn the military strikes against Iran that have taken place since June 13, 2025, which constitute a violation of international law and the UN Charter,” the statement read.
Specifically, the BRICS leaders expressed concern over attacks on civilian infrastructure and nuclear facilities. They also voiced alarm over the escalating tensions in the Middle East and called for diplomatic efforts to resolve regional crises. The declaration demanded a complete withdrawal of Israeli forces from Gaza and other occupied Palestinian territories and urged an immediate, lasting, and unconditional ceasefire. It further affirmed that Gaza is an integral part of the State of Palestine, which must be granted full independence.
The summit participants also called for the urgent delivery of humanitarian aid to Gaza and advocated for the prompt release of both Israeli hostages and Palestinian prisoners. The declaration emphasized that Gaza and the West Bank should be administered by the future government of a sovereign Palestinian state.
Unsurprisingly, Trump – along with Netanyahu – was deeply displeased by the BRICS statement. He has repeatedly threatened sanctions against BRICS member states and their allies. According to Politico, Trump sent a letter to the Brazilian government threatening to impose 50% tariffs, accusing the country of politically persecuting former President Jair Bolsonaro, who is under investigation for his alleged role in the attempted coup of 2022. The White House reportedly chose swift and effective trade pressure over more complex sanctions mechanisms. According to former US Special Envoy to Latin America Mauricio Claver-Carone, the BRICS summit was “the last straw” for Washington.
Trump’s anger, his allies say, stems not only from the situation around Bolsonaro but also from BRICS’s ongoing efforts to de-dollarize the global economy. The group’s condemnation of the strikes on Iran and Israeli actions in the Middle East was also met with frustration in Washington. Former White House strategist Steve Bannon noted that Trump is irritated by every step the bloc takes to undermine the US dollar, and that the summit in Rio de Janeiro only intensified that irritation. In response to Washington’s threats, Brazilian President Luiz Inacio Lula da Silva announced retaliatory 50% tariffs on US goods. Meanwhile, Trump continues to ramp up pressure on other BRICS-aligned countries, threatening 10% tariffs – and previously even floated 100% tariffs – should the bloc attempt to replace the dollar in global trade.
Analyzing current global developments – from the BRICS summit in Rio to the escalating tensions in the Middle East – it is becoming increasingly clear that the world is moving toward a pronounced geopolitical divide. The interconnected nature of political, economic, and military processes across continents demonstrates that the era of unipolar dominance is fading. A growing confrontation is unfolding between two major blocs: the so-called West, led by the US, and the emerging non-Western world, whose political and economic core is increasingly represented by BRICS. This coalition is steadily solidifying its role as the voice of the Global South, positioning itself as the flagship of a movement advocating for multipolarity and greater equity in international affairs.
In its bid to preserve global dominance, the US has increasingly resorted to political and economic coercion, viewing BRICS’ efforts as a direct challenge to the existing order. Yet, the global rift is not merely economic or ideological. The Middle East has become a frontline where this confrontation takes on the form of open conflict. Israel’s actions, backed by Washington, are increasingly perceived in the non-Western world as a Western offensive against the interests of the “World Majority” – nations that reject the dictates of traditional power centers. Within this context, Russia and China – both staunch supporters of Iran and other regional actors – are seen as natural allies to those resisting what is perceived as destructive Western policy. The contours of this global divide are becoming ever more defined: on one side, the US and its allies and proxies; on the other, those advocating for a reimagined world order based on fairness, sovereignty, and a balance of interests.
From this, one clear conclusion emerges: conflicts in the Middle East are set to intensify. Gaza will likely remain a flashpoint of violence and humanitarian crisis, as the root political and geopolitical causes of the conflict go unaddressed. The confrontation between Israel and Iran – already escalating through direct military engagements and cyber operations – may evolve into a wider and more dangerous conflict. Moreover, the arc of tension is likely to draw in additional regional players, including Türkiye and various Arab states. Despite longstanding economic and military ties with the West, many of these countries are increasingly gravitating toward the non-Western camp, which champions reforms to global institutions, challenges hegemonic structures, and upholds sovereignty and equality in international relations. This trend lays the groundwork for a profound transformation – not only of the Middle East, but of the global system itself – where the battle over new rules of engagement becomes a driving force behind enduring instability and conflict.
END
SYRIA
Reports That American Man & His Family Slaughtered By US-Backed Syrian Regime
Monday, Jul 21, 2025 – 11:00 PM
American diplomat and Trump admin official Richard Grenell has issued the following message on X: “I have just been given horrific news and videos of what is said to be an American citizen from Oklahoma who has been brutally killed in Syria. He is Druse. I have passed it on to a senior State Department official and a Member of Congress to check the facts.”
Unconfirmed reports have identified the slain American as Hosam Saraya, a member of the Druze community, who was among those killed in the outbreak of sectarian violence earlier this month. Hardline Sunnis of the Jolani/Sharaa regime have been sent to disarm the Druze community of Syria’s Sweida region, resulting in ethno-religious cleansing.
Further, a video circulating online allegedly shows Saraya and his whole family being executed by unidentified militants. A State Department official has told one regional media source, “The department is reviewing reports regarding the death of an individual believed to be a U.S. citizen in Syria.”
The fighting which erupted on July 13 has left hundreds dead, mostly Druze and many civilians, as fighting broke out between Druze militias and Sunni Bedouin groups.
Hayat Tahrir al-Sham fighters from Damascus, representing the government, have even before this latest flare-up in violence been conducting brutal attacks against Druze areas, often torturing young men and conducting street executions.
Over the weekend, Secretary of State Marco Rubio urged the Syrian government to stop “violent jihadists” from committing atrocities in the south – but a ceasefire has reportedly held since then.
There are further reports that Druze women and children have been kidnapped by HTS jihadists, also following widespread accusations that Alawite women have been targeted for forced marriages and sex slavery.
Still the US ambassador to Turkey, who is also special envoy to Syria, is standing by the new post-Assad regime and its fanatical jihadists:
A U.S. envoy doubled down on Washington’s support for Syria’s new government, saying Monday there is “no Plan B” to working with it to unite the country still reeling from years of civil war and wracked by new sectarian violence.
Barrack told the AP that “the killing, the revenge, the massacres on both sides” are “intolerable,” but that “the current government of Syria, in my opinion, has conducted themselves as best they can as a nascent government with very few resources to address the multiplicity of issues that arise in trying to bring a diverse society together.”
At a press conference later, he said Syrian authorities “need to be held accountable” for violations.
Jolani’s TV station accidentally exposed the kidnapping of Druze women & children at the hands of forces loyal to the self-appointed president, then the interviewer was asked to cut the interview.
There are now dozens of confirmed cases of kidnapped of Druze civilians in Suwayda pic.twitter.com/ZjLsH2a47Z
It was Washington who played a very large role in ousting Assad in the first place, and it is sticking by its band of “former” al-Qaeda terrorists now running Damascus.
And yet it will be the country’s ancient Christian community, as well as all Alawites, Druze, Shia, and any non-Salafi Sunni which continue to suffer. The country’s prior secular identity continues to be stamped out.
RUSSIA VS UKRAINE/USA
Kremlin Teases Possible Trump-Putin-Xi Meeting In Beijing
Tuesday, Jul 22, 2025 – 02:45 AM
The Kremlin stated on Monday that a meeting between Vladimir Putin and Donald Trump is possible if both leaders are in Beijing at the same time this September.
Kremlin spokesman Dmitry Peskov confirmed that Putin plans to travel to China to attend events commemorating the 80th anniversary of the end of World War II. However, he noted that Moscow has not received any information regarding Trump’s potential attendance, but he teased the possibility of a face-to-face meeting.
“You know that we are preparing for a trip to Beijing, our president is preparing for this trip… But we have not heard that President Trump is also going there, to Beijing,” Peskov said when asked on the matter of if the two leaders could meet, including even possibly a three-way format with Chinese President Xi Jinping.
“If it so happens that (Trump) is there, then, of course, we cannot rule out that the question of the expediency of holding a meeting will be raised,” Peskov continued.
Interestingly, a report in The Times (UK) just days ago said that China has been angling to play hosts precisely to such a historic meeting, as tensions with Washington continue to thaw.
“A series of trade deals between Washington and China has reversed President Trump’s hostility to Beijing and raised suggestions that he will be invited to meet both President Xi and President Putin for a summit in September,” the report began.
“A visit by Trump to Beijing would mark a striking U-turn after his months of criticism of China over America’s trade deficits and his accusations of its complicity in drugs trafficking,” The Times continued.
One popular Chinese analyst laid out that this would be a win for each nation involved:
China and the United States co-operated closely during the war, when both were attacked by Japan, and analysts as well as some ordinary Chinese have urged Xi to seize the opportunity and host both Trump and Putin for a three-way summit.
“Why not align Trump’s visit with the September 3 parade?” Jin Canrong, one of China’s most prominent nationalist commentators, said in an interview with Guancha, a Shanghai-based news website. “From 1941 to 1945, China and the US were allies against Japanese militarism.”
“If President Trump visits China and attends the parade on September 3, it would send a strong, positive signal to the world. The image of the Chinese, Russian and American leaders standing together could be a powerful message of peace and stability.”
Certainly President Trump has been looking for some kind of breakthrough related to stalled efforts to negotiate peace between Russia and Ukraine, as well as seeking to heel ties between the US and Moscow. And he does like the optics of ‘going big’. A trilateral Putin, Xi, Trump summit would be very big and unexpected indeed.
Of course, the US national security establishment would positively hate it and mainstream media pundits would run “appeasing Putin” and “appeasing Xi” type headlines in response, but this is to be expected and likely has little impact among the public anymore.
end
‘No Miracles’: Russia Downplays 3rd Round Of Ukraine Talks Set For Wednesday
Tuesday, Jul 22, 2025 – 09:40 AM
President Zelensky’s office has confirmed that bilateral Russia-Ukraine peace talks are set to resume in Turkey on Wednesday, following deadly Russian ballistic missiles strikes on Kiev Monday. Tit-for-tat drone and missile strikes have become a nightly reality at this point in this tragic war of attrition which Russia has the clear upper-hand in.
Russia is meanwhile downplaying the likelihood of any major progress in these fresh peace talks. Ukrainian officials too remain pessimistic, given they’ve just reported that a child was killed and more than 20 people were injured in the latest overnight Russian attacks. The messaging from both sides is to expect no miracles or breakthroughs at the Turkey-hosted talks.
“We see no reason to expect any kind of breakthrough,” Kremlin spokesman Dmitry Peskov told reporters on Tuesday, adding that such a development is “hardly possible under the current circumstances.”
The engagement will mark the third round of direct talks in recent months, with past talks only having resulted in prisoner swaps and the return of fallen soldiers’ remains, but which failed to produce the broader goal of a ceasefire agreement.
Russia has not yet revealed who will represent its side in the talks – after the last round was led by Vladimir Medinsky, a conservative historian and head of the Russian Union of Writers, whom Ukraine dismissed as lacking real decision-making authority.
Indeed the broad Western media consensus was that Putin sent a mid-level or ‘B-team’ and that it showed he wasn’t serious. However, other analysts pointed to the reality that no major decisions could be made without Putin’s direct consultaion regardless, and that he chose a loyal team.
When asked in a press briefing about the Kremlin’s expectations for a possible timeline on reaching a peace deal, Peskov said he could not provide any estimates.
“There is a lot of work to be done before we can talk about the possibility of some top-level meetings,” Peskov also said, addressing the question of whether Zelensky and Putin would ever meet.
President Trump has meanwhile lately approved new weapons to Ukraine, but these are said to be defensive in nature, while the US has still apparently resisted the kind of long-range offensive weapons that Zelensky has been seeking. Trump has dismissed reports that he’s ready to give weapons ‘that can reach Moscow’ as fake news.
In the war itself, Russia’s air war continues to be crippling and punishing. As an example of the kind of nightly attacks Ukrainian cities are facing, Al Jazeera writes that “two powerful Russian glide bombs were dropped on Sumy city, wounding at least 13 people, including a six-year-old boy, and damaging five apartment buildings, two private homes and a shopping centre in the attack. The blasts shattered windows and destroyed balconies in residential buildings, acting Mayor Artem Kobzar said.”
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
WOW!
Moderna shots were approved without the knowledge of Kennedy. Two HHS aids then fired!
Fleetwood/JonFleetwood.com
FDA Approved Moderna COVID Shot For Kids Behind Kennedy’s Back – Two HHS Aides Fired
The U.S. Food and Drug Administration (FDA) quietly granted full approval to Moderna’s mRNA COVID-19 injection for children while Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. was on vacation – and without his knowledge or consent.
As head of the department overseeing the FDA, Kennedy should have been directly informed of any decision involving pediatric mRNA shots—especially one as politically and medically sensitive as full approval for children as young as six months.
On July 10, Moderna, Inc. announced the FDA approved the supplemental Biologics License Application (sBLA) for Spikevax®, the Company’s COVID shot, in “children 6 months through 11 years of age who are at increased risk for COVID-19 disease.”
The approval was made despite Moderna’s own scientists’ admission that there are “unacceptable toxicity” levels in mRNA vaccines, and that “lipid nanoparticle structural components, production methods, route of administration and proteins produced from complexed mRNAs all present toxicity concerns.”
It was also made without Secretary Kennedy’s knowledge.
According to multiple sources, neither Kennedy nor his Deputy Chief of Staff Stefanie Spears were briefed or consulted ahead of the decision, raising alarm over internal operations at one of the nation’s most powerful health agencies.
Only July 16, White House correspondent and media host Emerald Robinson reported on Twitter/X that FDA Commissioner Dr. Marty Makary “did not inform @RobertKennedyJr (who was on vacation) or his office that FDA was going to approve the mRNA shots for children,” citing sources familiar with the matter.
On July 17, CNN reported that Secretary Kennedy had fired two of his top aides “in an abrupt shakeup of the leadership at the nation’s sprawling health department,” also citing unnamed sources.
“Kennedy’s chief of staff, Heather Flick Melanson, and deputy chief of staff for policy Hannah Anderson left HHS after only a handful of months on the job, following internal clashes that culminated in both of their removals this week,” the report explained.
The CNN article didn’t connect the firings to the FDA’s decision to approve Moderna’s jab for kids.
However, the MAHA PAC (Make America Healthy Again Political Action Committee)—a pro-Trump super PAC founded by RFK Jr.’s former staff to promote his health-focused agenda—corroborated Robinson’s account and connected the firings to the FDA’s Moderna decision.
On July 20, MAHA PAC cited Dr. Robert Malone—now serving on the newly restructured ACIP vaccine panel—as confirming that neither Kennedy nor Spears were informed of the FDA’s decision regarding Moderna and that a major HHS leadership purge unfolded upon their return.
“The unfortunate facts are that this decision… was made public when both the Secretary of HHS and his trusted deputy Chief of Staff Stefanie Spears were on vacation,” said Dr. Malone, citing insider knowledge. “Neither Sec. HHS nor his deputy Chief of Staff (dCOS) were briefed or read in on this decision.”
The move apparently set off a chain reaction.
According to Malone, shortly after Kennedy and Spears returned, “a major reorganization of HHS leadership occurred.”
Anderson was “walked off the premises and was so upset that she crashed her car into the Secretary’s government-provided vehicle.”
Melanson, a veteran of the Trump-era HHS, claimed she resigned voluntarily.
CNN sources say otherwise, alleging she was fired after Kennedy lost confidence in her leadership following the dismissal of Anderson.
A spokesperson for HHS said that Matt Buckham, the department’s White House liaison, will serve as acting Chief of Staff.
The FDA’s end-run around Kennedy not only signals potential deeper insubordination within HHS, but also highlights a promising shift under his leadership—one where incompetence, secrecy, and disloyalty are no longer tolerated, and where restoring integrity, transparency, and public trust could be the new standard.
While activity for COVID-19 remains low in the United States, recent statistics released by the Centers for Disease Control and Prevention (CDC) show that infections are rising in parts of the country.
The CDC said in a July 18 update that “COVID-19 activity is increasing in many Southeast, Southern, and West Coast states. COVID-19 levels are ranked as ”low,” the second-lowest level on the CDC’s scale, according to the update.
Citing wastewater data for COVID-19, the agency said that positive tests are increasing around the United States, while emergency department visits appear to be increasing among children ages 0 to 4.
Wastewater detections for COVID-19 updated by the CDC suggest that high levels of the virus are being reported in California, Florida, Hawaii, Louisiana, Nevada, South Carolina, and Texas. No states were experiencing very high levels, according to a map from the agency.
Seasonal influenza activity is considered by the CDC to be low, and RSV activity is considered very low, the CDC said. Overall, U.S. respiratory illness activity, which refers to “how frequently a wide variety of respiratory symptoms and conditions are diagnosed by emergency department doctors,” remains very low.
Other illnesses that are covered in the update include Mycoplasma pneumoniae, sometimes called “walking pneumonia,” which the CDC said has become elevated in some parts of the United States over the past several weeks. Mycoplasma pneumoniae, a type of bacteria, can cause upper respiratory tract infections but sometimes causes pneumonia, researchers say.
Meanwhile, cases of whooping cough, or pertussis, “are lower than their peak in November 2024, although they remain elevated in 2025 compared with immediately before the COVID-19 pandemic.” Whooping cough has the highest risk of causing severe disease and complications in children ages 1 and younger, according to the Mayo Clinic.
Symptoms of the bacterial infection include a bout of coughing fits that can last weeks, vomiting while coughing, as well as a characteristic “whooping” sound that occurs during inhalation after the coughing fits.
The CDC has not updated its COVID-19 variant estimates since mid-June. In the last update, it noted that there were growing proportions of variants such as NB.1.8.1 and XFG, which were both declared “variants under monitoring” by the World Health Organization (WHO) in May and June, respectively.
“The available evidence on NB.1.8.1 does not suggest additional public health risks relative to the other currently circulating Omicron descendent lineages,” the WHO said about the NB.1.8.1 strain. The U.N. health body issued a similar statement about the XFG variant in June.
The NB.1.8.1 appears to have been driving a rise in cases across mainland China since earlier this year. Because of the Chinese Communist Party’s history of blocking access to information and publishing inaccurate data, including underreporting COVID-19 infections and related deaths since 2020, information provided by local doctors and health workers is more valuable for understanding the situation on the ground there.
The recent CDC update comes after agency researchers said that COVID-19 appears to follow a twice-per-year pattern. Cases usually peak in the summer, or July through September, before peaking again in the winter, or December through February.
“Our analysis revealed biannual COVID-19 peaks in late summer and winter, a pattern that is expected to persist as long as the rapid evolution of SARS-CoV-2 and cyclical S1 diversity continues,” CDC researchers wrote in a report released earlier this month.
end
about time he was released
(American Greatness)
AG Pam Bondi Drops Charges Against Utah Doctor Who Issued Fake COVID Vaccination Cards
U.S. Attorney General Pam Bondi has dropped all charges against a Utah physician who was accused of issuing fake vaccination cards and destroying thousands of vials of mRNA vaccine.
58-year-old plastic surgeon Dr. Kirk Moore was facing up to 35 years in prison after being charged with conspiracy to defraud the government; conspiracy to convert, sell, convey and dispose of government property; and aiding and abetting in those efforts by the Biden administration’s Department of Justice (DOJ).
Moore was accused of throwing away $28,000 worth of government-provided COVID-19 vaccine and providing at least 1937 fraudulently completed vaccine cards in return for cash or a donation to a specified charitable organization.
The physician was also accused of injecting children with saline solution, at their parents’ request, rather than with the vaccine.
Moore’s attorneys had argued that the Centers for Disease Control (CDC) regulations that were in place were unconstitutional and
Bondi, in a post on X, said, “Dr. Moore gave his patients a choice when the federal government refused to do so. He did not deserve the years in prison he was facing. It ends today.”
Moore was described as a “threat to public safety” by the DOJ when he and 3 other co-defendants were indicted by the DOJ in 2023.
The plastic surgeon and another co-defendant pleaded not guilty to the charges while one co-defendant entered into a plea agreement for a misdemeanor charge and another co-defendant entered into a diversion agreement.
According to CBS News, the DOJ did not respond to questions as to whether the charges for the co-defendants would be dropped as well.
Following the dismissal of the charges, an emotional Moore described why he took the actions he did to help those who wished to avoid the shot that was being pushed on them against their will, describing it as “doing what’s right.”
🚨 JUST IN: Attorney General Pam Bondi just dropped all charges against Dr. Kirk Moore.
Dr. Moore, a Utah physician, was accused of destroying thousands of mRNA vials and issuing fake vax cards.
“Dr. Moore gave his patients a choice when the federal government REFUSED TO DO… pic.twitter.com/115QzPLPAa
Moore’s case had been publicized by Congresswoman Marjorie Taylor Greene (R-GA) who last week urged Attorney General Bondi to drop the charges against the doctor.
In a post on X, Greene described Moore as a, “hero who refused to inject his patients with a government mandated unsafe vaccine!”
BREAKING: Heroic freedom physician Dr. Kirk Moore was being prosecuted because he helped patients avoid unwanted Covid jabs
Esophageal cancer is “rare,” according to the National Cancer Institute:
How common is esophageal cancer?
Esophageal cancer is a rare type of cancer, making up about 1% of cancer cases in the United States. The rate of new cases per year is about 4 for every 100,000 people. In other parts of the world, esophageal cancer is more common. In the United States, esophageal adenocarcinoma is more common than esophageal squamous cell carcinoma and makes up about 80% of esophageal cancer cases.
One of many recent studies showing that cancer is an adverse effect of “vaccination”:
Japan Confirms Covid ‘Vaccines’ Cause ‘Turbo Cancer’
April 26, 2025
A major new study from top Japanese scientists has found that Covid mRNA “vaccines” cause cancers to spread more rapidly and aggressively while dramatically reducing the survival rate of patients. The study found that “vaccinated” patients had far worse prognoses, the severity and acceleration of the spread of the cancer increasing with repeated doses. Disturbingly, the researchers found that the average survival period halved among those who received Covid “vaccines.”
Note: Our list of 109 more “adverse event” studies showing the link between “vaccines” and cancer (and more diseases): Link
Our worldwide team of volunteer researchers, however, discovered that esophageal cancer isn’t so rare…at least, not anymore. Here are nearly 90 examples from our archives:
UNITED STATES
‘Sick of It All’ Frontman Lou Koller Diagnosed With Esophageal Tumor; European Tour Canceled
This Meltdown is a guide to the Tulsi Gabbard release of documents proving Obama and his deep state cabal were behind the phoney Russia election interference story. The ramifications of this revelation are huge and should reverberate through the whole country if not the world.
Our Latest PostsDC Hit by Repeated Power OutagesWashington, D.C. residents in the Dupont Circle neighborhood woke up Sunday morning to a familiar frustration: the third power outage in three days, leaving homes, traffic signals, and local businesses in the dark.According to Pepco, the utility provider for the region, a recurring equipment failure at the 22nd Street substation was responsible for the outage that began Thursday.As of Sunday …READ THE FULL REPORT9-Year-Old Canadian Tourist Found Dead in NY After Dad Claimed She Was KidnappedA 9-year-old Canadian girl, Melina Galanis Frattolin, was found dead Sunday afternoon in Ticonderoga, New York, just hours after her father reported her missing in what police now say was a false kidnapping report.Melina’s body was discovered roughly 30 miles from Lake George, where her father, Luciano Frattolin, 45, initially claimed she had disappeared Saturday night.The case triggered an Amber …READ THE FULL REPORTICE Issues Fact Check About the Actual Condition of Detention CentersThe Department of Homeland Security (DHS) issued a blistering fact-check on Friday in response to NBC News, accusing the outlet of publishing false and misleading claims about conditions inside ICE detention centers.NBC’s report included allegations from illegal aliens who claimed they were underfed and held in overcrowded facilities. But DHS pushed back hard, calling the network’s coverage inaccurate and irresponsible.“Why …READ THE FULL REPORTGabbard: ‘We Have Evidence’ to Prosecute Obama for 2016 Election NarrativeDirector of National Intelligence Tulsi Gabbard declared on Fox News that newly declassified documents provide sufficient grounds to prosecute former President Barack Obama and senior administration officials over the Russia collusion narrative pushed after the 2016 election.Gabbard said the evidence shows top Obama national security advisers “manufactured and politicized intelligence” in order to justify the FBI’s investigation into alleged Russia-Trump …READ THE FULL REPORTBorder Patrol Agent Shot in Face by Illegal Migrant During NYC Park RobberyAn illegal alien who entered the U.S. under President Joe Biden’s open border policies shot an off-duty Border Patrol agent in the face and arm during a robbery in New York City Saturday night, according to law enforcement.The attack occurred around 11:50 p.m. in Fort Washington Park in Manhattan, while the 42-year-old agent and a female companion were sitting by …
Army Official Under Investigation Over Viral ActAn Army drill sergeant is under investigation after a video surfaced showing soldiers performing physical exercises beneath a political banner supporting former President Donald Trump.Staff Sgt. Thomas Mitchell allegedly posted the video, which featured trainees doing pushups and burpees under a flag that read, “This is Ultra MAGA Country,” while stationed at a military base in Georgia.The original video was …READ MORE
Trump White House Threatens Mexico With Huge MoveTransportation Secretary Sean Duffy issued a warning to Mexico on Saturday, stating the U.S. may begin denying flight requests from the country.This comes after Mexico removed American cargo carriers from Mexico City and revoked flight slots previously held by U.S. airlines.Duffy, a Trump administration official, claimed Mexico violated a 2022 bilateral aviation agreement.He said the country improperly stripped American carriers …READ MORE
Bombshell Docs Expose Huge Biden ScandalNewly released documents obtained by America First Legal provide insight into how the Biden administration’s Department of Justice handled the issue of school board meetings and parental involvement.These materials reportedly confirm that then-Attorney General Merrick Garland authorized federal action targeting concerned parents, labeling them potential domestic threats.On Oct. 4, 2021, Garland issued a memo to the FBI instructing the agency …READ MORE
Rogan Praises Texas Dem Who Issued Head-Scratching Gender ClaimDemocratic Texas state Representative James Talarico (D) appeared on Joe Rogan’s podcast Friday, where he received unexpected praise from the host.Rogan, a well-known comedian and commentator, told the lawmaker that he should consider a presidential run.The endorsement came at the conclusion of a lengthy discussion on “The Joe Rogan Experience.”Talarico, 36, represents Texas’s 50th District and is a former teacher. …READ MORE
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL /ENERGY ISSUES/WORLD WIDE
AI generation is causing uSA grid to be maxed out
(zerohedge)
“No Spare Capacity”: Watchdog Warns Largest US Grid Is Maxed Out Amid Data Center Buildout
Tuesday, Jul 22, 2025 – 10:20 AM
America’s largest power grid has issued multiple ‘Maximum Generation‘ and ‘Load Management‘ alerts this summer, as summer heat pushes power demand to the brink with air conditioners running at full blast across the eastern half of the U.S. The deeper issue: there’s not enough baseload capacity to support the explosive growth of power-hungry AI server racks at new data centers.
“There is simply no new capacity to meet new loads,” said Joe Bowring, president of Monitoring Analytics, which is the independent watchdog for PJM Interconnection, who Bloomberg quoted. “The solution is to make sure that people who want to build data centers are serious enough about it to bring their own generation.”
New AI data centers are popping up across the PJM Interconnection—the largest U.S. power grid, serving 65 million people across 13 states and Washington, D.C. Part of PJM’s territory includes Loudoun County, Virginia—known as ‘Data Center Alley‘—which is recognized as one of the world’s largest hubs for data centers.
The problem is that next-generation server racks at AI data centers are now consuming more than twice the power they did just a few years ago. For example, Nvidia’s GB200 AI rack draws 120 kW, compared to 60–80 kW for the earlier HGX models. Multiply that by thousands of racks in large, hyperscale centers, and it’s clear that AI computing is rapidly gobbling up grid capacity while baseload power in the form of fossil fuel power generation has been retired.
On Sunday, we cited the EIA’s Short-Term Energy Outlook for July, which showed that average summer wholesale power prices across the PJM, NYISO, and ISO-NE grids are the highest in the nation. These prices now far exceed those in Texas’ ERCOT, the U.S. average, and even the traditionally high-cost West Coast markets. The blame is squarely focused on the Democrats’ initiative to recklessly decarbonize power grids.
Bowring is entirely right about grid limitations in the era of data center buildouts. Take, for example, just how fragile the grid is across the Mid-Atlantic area:
The result of failed green policies and surging power demand has created a perfect storm that could constrain AI data center buildouts across the region.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE
CANADA/MEXICO/USA
Lutnick Says Trump Will Renegotiate Trade Pact With Canada, Mexico Next Year
Secretary of Commerce Howard Lutnick said on Sunday that President Donald Trump will renegotiate the United States-Mexico-Canada Agreement (USMCA) when the trade pact is due for review next year.
The USMCA, enacted during President Donald Trump’s first term in July 2020, replaced the North American Free Trade Agreement.
The agreement requires that 75 percent of automobile components be made in the United States, Mexico, or Canada for a vehicle to qualify for tariff-free treatment. The trade agreement also mandates that up to 45 percent of parts and components be made by workers earning at least $16 per hour, according to the U.S. Trade Representative’s office.
It also includes a provision requiring the three nations to review the deal every six years from its enactment.
In an interview with CBS News that aired on July 20, Lutnick said that it would make “perfect sense” for Trump to renegotiate the deal as part of an effort to protect U.S. workers.
“He wants to protect American jobs. He doesn’t want cars built in Canada or Mexico when they could be built in Michigan and Ohio. It’s just better for American workers,” he told CBS’s “Face The Nation.”
Lutnick said that about 75 percent of imports from both countries are covered under the USMCA, which exempts those imports from tariffs.
“I think the president is absolutely going to renegotiate USMCA, but that’s a year from today,” the commerce secretary said.
Trump has announced 35 percent tariffs on Canadian imports and 30 percent on Mexican goods, which are set to take effect on Aug. 1. Lutnick called the date “a hard deadline” for implementing those tariffs and the rates imposed on other trading partners, including the European Union.
Lutnick noted that the United States will continue to engage in trade negotiations with other nations even after the new tariff rates take effect.
“Nothing stops countries from talking to us after August 1, but they’re going to start paying the tariffs on August 1,” he said.
Trump told Fox News in October 2024 that he plans to invoke the six-year review provision of the USMCA upon taking office for a second term, pledging to make it “a much better deal.”
Since returning to the White House for a second term, Trump has imposed a universal 10 percent baseline tariff on U.S. trading partners, alongside reciprocal tariffs announced in April that vary depending on each country’s trade barriers with the United States. Initially, he applied a 90-day pause on most of these reciprocal tariffs and later extended that reprieve to Aug. 1 through an executive order.
Over the past week, Trump has sent letters to more than 20 U.S. trading partners, notifying them of the tariff rates they will face on exports to the United States if they fail to reach trade deals with his administration.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1685 DOWN 0.0019 PTS OR 19 BASIS POINTS
USA/ YEN 147.84 UP 0.444 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 1.3469 DOWN .0020 OR 20 BASIS PTS
USA/CAN DOLLAR: 1.3689 UP 0.0013 (CDN DOLLAR DOWN 13 BASIS PTS)
Last night Shanghai COMPOSITE UP 22.07 PTS OR 0.62%
Hang Seng CLOSED UP 97.24 PTS OR 0.39%
AUSTRALIA CLOSED UP 0.17%
// EUROPEAN BOURSE: MOSTLY ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 97.24 PTS OR 0.39%
/SHANGHAI CLOSED UP 22.07 PTS OR 0.62%
AUSTRALIA BOURSE CLOSED UP 0.17 %
(Nikkei (Japan) CLOSED DOWN 44.19 PTS OR .11%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3384.20
silver:$38.85
USA dollar index early TUESDAY morning: 97.71 UP 12 BASIS POINTS FROM MONDAY’s CLOSE
MONDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.051% DOWN 1 in basis point(s) yield
JAPANESE BOND YIELD: +1.505% DOWN 0 FULL POINTS AND 50/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.211 DOWN 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.466 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.593 DOWN 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1697 DOWN 0.0001 OR 1 basis points
USA/Japan: 146.55 DOWN 0.855 OR YEN IS UP 86 BASIS PTS//
Great Britain 10 YR RATE 4.5840 DOWN 2 BASIS POINTS //
Canadian dollar UP .0012 OR 12 BASIS pts to 1.3660
Momo Massacred As Meme-Stocks Melt-Up; Bonds, Bullion, & Bitcoin Surge
Tuesday, Jul 22, 2025 – 08:00 PM
A day of secondary data disappointments with regional Fed surveys not showing any silver linings, reversing ‘soft’ data’s recent rebound
Source: Bloomberg
At the index level, it was relatively quiet with the S&P trading in a narrow range around unchanged, Nasdaq lagging and Small Caps leading on the day…
But, despite the muted day at the index level, Goldman’s trading desk notes that it’s another aggressive sell off in momentum with our Momo Pair having a greater-than-3-sigma move (as meme stocks melted up)…
Source: Bloomberg
… with both legs today (long and short) of the momo pair driving the unwind:
Source: Bloomberg
UBS confirms that it’s a very painful session in US equities with momentum unwinds broadly across the market and many wrong way movers under the surface in Industrials/Materials.
Mag7 stocks did nothing to help today as the S&P 493 outperformed…
Source: Bloomberg
Treasuries were bid today with the whole curve around 3-4bps lower in yield…
Source: Bloomberg
The dollar tumbled for the third straight day back near two-week lows (reversing lower off its 50DMA resistance)…
Source: Bloomberg
Gold mirrored the dollar’s decline and rallied up to near record highs (back above $3400)…
Source: Bloomberg
Bitcoin had a choppy day today but rallied back above $120k by the end of the US day session…
Source: Bloomberg
…on its way to $200k…
Source: Bloomberg
Oil prices limped lower on the day with WTI finding support at $65…
Source: Bloomberg
Finally, circling back to the beginning, July has been a one way street higher for meme stocks as momo just can’t catch a consistent bid…
Source: Bloomberg
…a ‘Bloodbath in Paradise’ for momo traders riding the ‘Crazy Train’…
RIP, Ozzy Osbourne
USA DATA RELEASES
USA ECONOMIC NEWS
The Fed Is To Blame For The Dollar’s Recent Weakness. Still, There Is No Fiat Alternative…
There are plenty of comments about the death of the US dollar as the world’s reserve currency. These tend to appear when the dollar index declines. However, these “dollar death” reports are greatly exaggerated and fail to answer a simple question: What is the alternative?
If you want to bet on the euro as a global reserve currency ahead of the imposition of the digital euro, which will obliterate all limits to central bank surveillance and excess, be my guest.
Furthermore, the enormous military spending and public expenditure plans that have been announced in 2025 add to the giant committed unfunded liabilities of member states, moving from 350% in the case of Germany to 500% of GDP in the case of Spain.
The Chinese yuan is only used in 4.5% of global transactions. With capital controls, exchange rate fixing and significant legal and investor insecurity due to government control of institutions, it is difficult to believe that China’s yuan will be an alternative to the US dollar. Additionally, I do not believe that the Chinese government wants to eliminate those barriers and, as such, has no desire to be a world reserve currency. This is a similar problem with the currency of Brazil, Russia, India, or South Africa. Would you accept your salary and savings in a currency issued by countries with capital controls as well as significant legal and investor security challenges?
Gold and bitcoin are reserve-value alternatives to fiat currencies for investors but cannot replace the US dollar due to the low liquidity and supply.
Currently, we are observing a decline in the value of the dollar as investors take on more risk, following the euro’s collapse to nearly parity in 2024 and the yen’s drop to 40-year lows against the US dollar. This is driven by the Federal Reserve’s stubborn rate policy.
How is the Fed responsible for a weaker dollar?
For international investors, buying US treasuries can be uneconomical due to the large hedging costs created by elevated US rates. At the same time, rates are plummeting in Europe, making it more reasonable to purchase European assets and debt despite the weak fundamentals and solvency. Fearing a non-existent inflation burst, the Fed is engineering a dollar decline by maintaining high rates.
One can criticise tariffs for a variety of reasons, but they don’t trigger inflation. Tariffs do not create more units of currency in the system and do not drive higher monetary velocity. What causes inflation is government spending and money printing. Furthermore, those that fear tariff impacts on prices never consider the elevated levels of overcapacity in the export world, the complexity of supply chains, or the working capital challenges created by not exporting to the United States.
Even with all the negative headlines and the Fed’s negative impact, the US dollar index is significantly above where it was in 2009-2018 and is only reflecting a short bounce of the euro and yen (73% of the index).
The dollar index (DXY) is at 98.5 at the close of July 18th. The DXY averaged approximately 93.15 during Obama’s presidency and 100.0 through Biden’s tenure. Furthermore, the Broad Trade-Weighted Dollar Index is at 120.35. It averaged 98 during Obama and 118 with Biden. It is hard to call the current level “a collapse”.
Higher US rates and carry trade bets are driving a typical risk-on bounce.
A set of structural, institutional, and market realities support the dollar’s dominance, despite frequent calls for de-dollarization or speculation about emerging alternatives.
1. Deep and Liquid Financial Markets
The United States boasts the largest, most transparent and most liquid capital market in the world.
US Treasuries continue to be the main reserve asset for central banks worldwide, followed by gold. If there is anything we have seen, it is the decline of the euro as a central bank reserve asset, according to the latest Bloomberg figures.
In 2025, nearly 90% of all global foreign exchange transactions involved the US dollar, according to the Bank for International Settlements.
2. Trusted Legal and Institutional Frameworks
A transparent legal system, strong property rights, and independent institutions attract global investors and underpin confidence in the dollar.
The dollar’s supremacy requires more than economic size; it depends on the trust that legal and political checks and balances will endure.
3. Global Trade and The Network Effect
The dollar is used in about 54% of global export invoicing—far ahead of other major currencies. The euro stands at about 30%, while the Chinese yuan is at just 4%.
Entire commodity markets—including oil—are dollarised, and over 48% of global SWIFT payments settle in dollars, compared to the yuan’s 4.5%. Think about this: not even the Chinese or Russian oil companies use local currency for all their activities.
To be a world reserve currency, alternatives must have open markets, full capital account convertibility, legal transparency, and sizable, investable assets. There is no alternative to the US dollar with these criteria. The euro faces redenomination risk and the imposition of the central bank digital euro and lacks a truly unified fiscal policy. The Chinese yuan is constricted by capital controls, state intervention, and a less open legal system.
The US dollar’s status as a world reserve currency remains because there is no fiat alternative. Gold and Bitcoin may be investment options, but they do not fulfil the functions or trust needed at a global level.
The only risk for the United States is that all the benefits of having the world reserve currency become enormous liabilities if confidence is lost due to fiscal indiscipline. However, the fiat world is not about who wins but who loses first.
No fiat currency can be an alternative to the US dollar if the government is more fiscally imprudent, institutions are less independent and capital markets less open than in the United States.
What saves the US dollar from losing its status as a world reserve currency is that the fiscal, legal and economic situation of the alleged alternatives is even worse.
The U.S. dollar remains the world reserve currency because it has no contenders. This is not because the government and Federal Reserve policies are always sound, but because others are much worse. The greatest threat to the dollar’s dominance is internal: fiscal and trade deficits and political dysfunction. Yet, unless and until another currency can match the US dollar’s unparalleled combination of depth, trust, liquidity, and legal robustness, the dollar’s primacy endures. You cannot dethrone the US dollar by being worse than the king.
It is sad, but true. The dollar’s biggest strength is the atrocious monetary, legal and fiscal irresponsibility of its alternatives.
Treasury Secretary Scott Bessent called out the Federal Reserve on Monday, blasting Chair Jerome Powell’s stewardship and demanding an institution-wide review of the central bank’s performance, bloated bureaucracy, and disturbing deviation from its core mission.
“What we need to do is examine the entire Federal Reserve institution and whether they have been successful,” Bessent said during CNBC interview. “If this were the [Federal Aviation Administration] and we were having this many mistakes, we would go back and look at why has this happened.”
Bessent specifically torched the Fed for its elitist groupthink and catastrophic predictions on tariffs and inflation.
“They were fear-mongering over tariffs, and thus far we have seen very little, if any, inflation. We’ve had great inflation numbers. So, you know, I think this idea [is] of them not being able to break out of a certain mindset. All these Ph.D.s over there, I don’t know what they do.”
Later, Bessent took to X to double down, releasing a scathing statement demanding a full-scale institutional audit — not just of monetary policy, but of the Fed’s ever-growing empire of unchecked influence and wasteful expenditures.
“Today in a CNBC interview, I called for a review of the Federal Reserve. It is my belief that the central bank should conduct an exhaustive internal review of its non-monetary policy operations. Significant mission creep and institutional growth have taken the Fed into areas that potentially jeopardize the independence of its core monetary policy mission.
As I have said many times, the Fed’s conduct of monetary policy “is a jewel box” that should be walled off to preserve its independence. This independence is a cornerstone of continued U.S. economic growth and stability.
However, this autonomy is threatened by persistent mandate creep into areas beyond its core mission, provoking justifiable criticism that unnecessarily casts a cloud over the Fed’s valuable independence on monetary policy.
While I have no knowledge or opinion on the legal basis for the massive building renovations being undertaken on Constitution Avenue, a review of the decision to undertake such a project by an institution reporting operating losses of more than $100 billion per year should be conducted.
The Fed does regular reviews of its monetary policy framework. I would urge Fed leadership to similarly undertake, publish and implement a comprehensive institutional review across its entire mission to buttress its credibility. It will go a long way towards strengthening the Fed’s credibility with the American people on its core mission of guiding our nation’s monetary policy.”
VICTOR DAVIS HANSON
USA NEWS/ANTISEMITISM..
KING NEWS
The King Report July 22, 2025 Issue 7538
Independent View of the News
Due to the Monday rally, Earnings Season buying, and the propensity for stocks to rally after a down expiration, the S&P 500 Index, Nasdaq, and the Nasdaq 100 hit all-time highs.
USUs rallied as much as 1 11/32 but gold soared as the dollar declined smartly.
Monday King Report: When Expiration Day is soft and there is no impact news, the likely reason is that too many Army Ants were long expiring calls…. Over the past few years, when this dynamic has appeared,there has been a robust rally on the ensuing session on reducing selling pressure.
@SecScottBessent: “What we need to do is examine the entire Federal Reserve institution and whether they have been successful... If this were the FAA and we had this many mistakes, we’d look to see what was happening… All of these Ph.D.s over there, I don’t know what they do… This is like Universal Basic Income for academic economists… “https://x.com/RapidResponse47/status/1947266046404055417
Bessent also admonished the Fed for “fear mongering over tariffs.”
@wesbury: Finally…the Fed is getting looked at…Love that line…UBI for academic economists! And don’t forget, the entire Fed bureaucracy has become exactly like the Harvard faculty – woke.
@SecScottBessent: Today in a CNBC interview, I called for a review of the Federal Reserve. It is my belief that the central bank should conduct an exhaustive internal review of its non-monetary policy operations. Significant mission creep and institutional growth have taken the Fed into areas that potentially jeopardize the independence of its core monetary policy mission. As I have said many times, the Fed’s conduct of monetary policy “is a jewel box” that should be walled off to preserve its independence. This independence is a cornerstone of continued U.S. economic growth and stability. However, this autonomy is threatened by persistent mandate creep into areas beyond its core mission, provoking justifiable criticism that unnecessarily casts a cloud over the Fed’s valuable independence on monetary policy. While I have no knowledge or opinion on the legal basis for the massive building renovations being undertaken on Constitution Avenue, a review of the decision to undertake such a project by an institution reporting operating losses of more than $100 billion per year should be conducted. The Fed does regular reviews of its monetary policy framework. I would urge Fed leadership to similarly undertake, publish and implement a comprehensive institutional review across its entire mission to buttress its credibility. It will go a long way towards strengthening the Fed’s credibility with the American people on its core mission of guiding our nation’s monetary policy.
@GlobalMktObserv: Retail investors’ trading activity has rarely been this high: Mom-and-pop investors’ share of trading volume has recently crossed above 20%, the highest share since the 2020-2021 meme stock MANIA. They have been buying more stock than ever over the last 3 months. https://x.com/GlobalMktObserv/status/1947303049749221877
ESUs traded modestly lower when they opened on Sunday night but quickly commenced an elongated A-B-C rally that hit 6354.50 at 4:09 ET. After a decline that created a double bottom of 6339.75 at 8:59 ET and 9:13 ET, ESUs soared to 6369.00 at 10:02 on feverish buying from traders of various classes for the above noted reasons.
ESUs plodded to 6374.00 at 11:36 ET. After a retreat to 6363.50 at 12:26 ET, ESUs rallied to 6373.50 at 13:33 ET. ESUs then rolled over; professional traders reasoned that a double top had formed. ESUs tumbled to 6348.75 at 15:10 ET. A last-hour rally attempt pushed ESUs to 6356.00 at 15:18 ET. Sellers returned; ESUs slid to 6341.00 at 15:57 ET. A late manipulation forced ESUs to 6348.00 at 16:02 ET.
Positive aspects of previous session The S&P 500 Index, Nasdaq, and the Nasdaq 100 hit all-time highs. USUs rallied sharply. Gasoline declined sharply.
Negative aspects of previous session Gold rallied sharply while the dollar declined. ESUs and stocks sank in the afternoon, an indication traders got too long.
Ambiguous aspects of previous session Is the weak last-hour trading of the past few sessions an important warning sign?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6315. Previous session S&P 500 Index High/Low: 6336.08; 6303.79
GOP Sen. @Eric_Schmitt: How is this not a scandal? The president of Mexico is openly trying to help her fellow countrymen in America avoid our new remittance tax. Ironically, this is precisely WHY we need to crack down on remittances. My bill—the REMIT Act—will do just that… https://x.com/Eric_Schmitt/status/1947357663118889408 Mexico depends on U.S. remittances. That’s why their president is trying to give Mexican nationals in the U.S. guidance on how to maximize the flow of U.S. dollars into Mexico. Their economy is inextricably tied to this cash flow. Without our economy, theirs would crumble… This is the problem with mass migration: It’s a “ratchet effect”—the more it happens, the harder it is to control. Foreign governments now have a vested economic interest in continuing (and even accelerating) immigration into the U.S…
Today – Traders will play for the Turnaround Tuesday and TACO Tuesday rallies. It’s summer and prime vacation time; so, the markets will be thin. A determined few can dictate trading for a while.
The S&P 500 Index has rallied 1501 points (31.045) from its 4/7/25 low of 4735.04. It is extremely overbought on both a technical basis and historically overbought on a fundamental basis.
ESUs are +5.00; NQUs are +9.25; USUs are -3/32; and gold is +1.90 at 20:40 ET.
S&P Index 50-day MA: 6042; 100-day MA: 5802; 150-day MA: 5870; 200-day MA: 5874 DJIA 50-day MA: 43,016; 100-day MA: 42,079; 150-day MA: 42,614; 200-day MA: 42,782 (Green is positive slope; Red is negative slope)
S&P 500 Index (6305.60 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 6229.66 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6298.52 triggers a sell signal
Newly Declassified DOJ Watchdog Report Shows FBI Cut Corners in Clinton Email Investigation “This document shows an extreme lack of effort and due diligence in the FBI’s investigation of former Secretary Clinton’s email usage and mishandling of highly classified information,” Grassley said. “Under Comey’s leadership, the FBI failed to perform fundamental investigative work and left key pieces of evidence on the cutting room floor. The Comey FBI’s negligent approach and perhaps intentional lack of effort in the Clinton investigation is a stark contrast to its full-throated investigation of the Trump-Russia collusion hoax, which was based on the uncorroborated and now discredited Steele dossier. Comey’s decision-making process smacks of political infection.”… The DOJ OIG’s Clinton annex shows the FBI obtained thumb drives from a source during the Clinton investigation, but then-FBI Director James Comey, as well as then-Deputy FBI Director Andrew McCabe, former FBI Special Agent Peter Strzok and others, failed to perform additional, targeted searches of the drives, even though they contained information relevant to the inquiry… The FBI also obtained intelligence reports discussing purported communications between Rep. Debbie Wasserman Schultz (D-Fla.), who was chairwoman of the Democratic National Convention (DNC) at the time, and two different individuals who worked for the Soros Open Society Foundations. The intelligence reports alleged that the Obama administration took efforts to scuttle the investigation into Clinton and protect her candidacy… https://www.judiciary.senate.gov/press/rep/releases/newly-declassified-doj-watchdog-report-shows-fbi-cut-corners-in-clinton-email-investigation
FBI failed to probe key thumb drives in Clinton email probe: DOJ watchdog fileshttps://trib.al/2XSqAql
“The party told you to reject the evidence of your eyes and ears. It was their final, most essential command.” – George Orwell in “1984”
‘Clear corruption’: Jeffries faces complaint for pressing judges to oust Alina Habba Ethics complaint filed against Jeffries for ‘improperly inserting himself’ into criminal proceeding against fellow Democrat… Jeffries’ complaints about Habba stemmed from her decision to charge Rep. LaMonica McIver, D-N.J., with obstructing Homeland Security agents during an altercation at an immigration facility in Newark on May 9… https://www.foxnews.com/politics/clear-corruption-jeffries-faces-complaint-pressing-judges-fire-us-attorney-alina-habba
@mrddmia: House Democrat Leader @HakeemJeffries is corruptly strong-arming 17 New Jersey U.S. district judges–including 15 Obama and Biden judges–to fire New Jersey U.S. Attorney @AlinaHabba tomorrow at 10 am. @Article3Project just filed this House ethics complaint against Hakeem.https://x.com/mrddmia/status/1947125238287740933
Fox’s @BillMelugin_: DHS confirms that both of the men in custody for the shooting and attempted robbery of an off duty CBP officer in NYC are Dominican illegal aliens who were caught and released at the border during the Biden administration. DHS says both have active deportation orders, and both were protected by sanctuary policies with ICE detainers ignored on prior arrests…
@RapidResponse47: @Sec_Noem gives an update on the Border Patrol agent shot by an illegal in NYC: “There is absolutely zero reason that someone who is scum of the earth like this should be running loose … He was arrested four different times and … released back to do harm.” https://x.com/RapidResponse47/status/1947294261537374356 @Sec_Noem: “We’ve seen violence against our officers go up over 830% just in recent days because of the rhetoric out of politicians… I would call on everybody today to recognize what can happen — how in one moment, someone’s life can change.” https://x.com/RapidResponse47/status/1947296885674328525
DHS Secretary Kristi Noem takes aim at Mayor Adams over sanctuary city laws: ‘Families have suffered’https://trib.al/JtiWPim
@BreannaMorello: The DOJ has just charged a man for allegedly threatening to kill people on the Epstein list. That’s the same Epstein list the DOJ says does not exist… https://x.com/BreannaMorello/status/1947352168240963845
@FoxNews: @RealTomHoman rips liberal media for claiming @realDonaldTrump is targeting innocent people — says the facts tell a different story. “I’m sick and tired of reading in the media every day how ICE not doing what the @realDonaldTrump administration has promised that we’re not arresting criminals, that most of the people we arrested are not criminals.” https://x.com/FoxNews/status/1947298116119429410
‘F*** Clooney & Carville’ – Hunter Biden Goes on Expletive-Laced Rant About… Everything “James Carville hasn’t won a race in 40 f***ing years.” “David Axelrod had one success in his political life and that was Barack Obama and that was because of Barack Obama” “The Pod Save America guys were junior fucking speech writers on Barack Obama’s Senate staff who have been dining out on the relationship with him making millions.” “Anita Dunn has made $40-$50 million off the Democratic Party.” “What influence does Jake Tapper have over anything? He has the smallest audience on cable news.”,,, https://www.zerohedge.com/political/fk-clooney-carville-hunter-biden-goes-expletive-laced-rant-about-everything
White House flips script on Hunter Biden’s profanity-laced rant against Trump’s immigration policies – White House spokesperson references Biden’s pardon and calls out ‘Biden Crime Family’ after profanity-laced interview A CBP agent was just shot in the face by two criminal illegal aliens that Joe Biden let into the country but Hunter is more concerned about who is going to clean up his hotel room after his benders,” Abigail Jackson, White House spokeswoman, told Fox News Digital. “This sort of callous, self-interested maliciousness from the entire Biden Crime Family is exactly why Joe Biden left office with record-low approval ratings,” Jackson added… https://www.foxnews.com/politics/white-house-flips-script-hunter-bidens-profanity-laced-rant-trumps-immigration-policies
The U.K. is trying to tax the superrich. It’s off to a bumpy start.
“I’m on my way out,” said Bassim Haidar, a Nigerian-born Lebanese businessman who moved here in 2010. “There comes a time when you don’t feel welcome anymore, and it’s time to just start packing and leaving.”
Haidar is one of the estimated 74,000 who used a centuries-old tax loophole, abolished in April, that catered to the global rich. The nondomiciled—or non-dom status, as it is known—allowed foreigners living in the U.K. to pay tax only on what they earned domestically. Profits made abroad were ignored unless brought into the U.K.
Beset by high public debt and crumbling infrastructure, the U.K. hoped eliminating non-doms would bring in about $45 billion by 2030. But instead of paying up, wealthy expats are rushing for the exits, sparking questions about whether the effort will raise any money at all.
The British experiment has laid bare the difficult politics of taxing the rich. Taxing high earners has become a rallying cry on the left as a solution to income inequality and fraying social-safety nets. Low-tax advocates say taxes on the wealthy are counterproductive, driving away job creators and big spenders.
One challenge of taxing the wealthy is that they are highly mobile, with houses around the world, private jets and an army of advisers who can sort out visas and bureaucratic paperwork quickly. Jurisdictions such as Dubai, Italy and Monaco have rolled out the red carpet, offering no taxation or structures similar to the U.K.’s old non-dom status.
Haidar is selling his U.K. properties and plans to leave this summer. He’ll split his time between Dubai and Greece.
Wealthy Britons have been trying to escape the U.K.’s high tax rates for decades. In the 1970s, the Rolling Stones moved to France to avoid taxes, while David Bowie went to Switzerland.
The lucrative non-dom loophole had the opposite effect, drawing rich foreigners to London.
The U.K. always knew that some rich residents would leave because of the tax changes and built that into its forecasts. The U.K.’s independent budget watchdog, the Office for Budget Responsibility, estimated that among a large subset of non-doms, around 12% will move. But it warned this month that departures could be higher and said the U.K.’s “growing reliance on this small and mobile group of taxpayers therefore represents a fiscal risk.”
A report from the Centre for Economics and Business Research, commissioned by the Land of Opportunity campaign, forecast that a higher share of non-doms would leave and suggested the government could lose money if the migration rate tops 25%.
Campaign Platform of Democrat Zohran Mamdani
In New York City, here is the campaign platform of Democrat Zohran Mamdani
Freeze rent
Create affordable, union-built, rent-stabilized homes – constructing 200,000 new units over the next 10 years.
Create a network of city-owned grocery stores
Free bus transportation
Free childcare for every New Yorker aged 6 weeks to 5 years, ensuring high quality programming for all families.
Wages for childcare workers to be at parity with public school teachers.
New York City will renovate 500 public schools with renewable energy infrastructure and HVAC upgrades, transform 500 asphalt schoolyards into vibrant green spaces, create 15,000 union jobs, and build resilience hubs in 50 schools that provide resources and safe spaces during emergencies.
The Mamdani administration will protect LGBTQIA+ New Yorkers by expanding and protecting gender-affirming care citywide, making NYC an LGBTQIA+ sanctuary city, and creating the Office of LGBTQIA+ Affairs. He’ll make NYC an LGBTQIA+ sanctuary city and protect reproductive rights.
As Mayor, Zohran will reject Medicare Advantage, and reject higher copays for inservice workers.
As Mayor, Zohran will champion a new local law bringing the NYC wage floor up to $30/hour by 2030.
How Will Zohran Pay for the Above?
Zohran’s revenue plan will raise the corporate tax rate to match New Jersey’s 11.5%, bringing in $5 billion
He will tax the wealthiest 1% of New Yorkers—those earning above $1 million annually—a flat 2% tax (right now city income tax rates are essentially the same whether you make $50,000 or $50 million).
Prisons Are Obsolete
Zohran Mamdani on abolishing prisons and jail: "What purpose do they serve, besides making people feel good?" pic.twitter.com/KYgD1nRP8U
Mamdani now says he does not support defunding the police.
Don't believe the MAGA billionaires funding Andrew Cuomo's fear-driven campaign: I will not defund the police.
I will let them do their actual jobs by investing in social and mental health workers, and pursuing evidence-based policies that deliver safety. pic.twitter.com/vcSOKuZYDA
— Zohran Kwame Mamdani (@ZohranKMamdani) June 13, 2025
Wait a Second
This is the same Zohran Mamdani who said he would defund the police by $1 billion.
Zohran Mamdani is a state assemblyman and democratic socialist who stunned the political establishment with his victory in the Democratic primary.
Curtis Sliwa, a Republican, lost the general election to Mr. Adams in 2021. He is running for the Republican nomination again.
Eric Adams ran for mayor in 2021 as a former police officer who vowed to bring down crime, and his message four years later is similar. But he faces many challenges. He was indicted on federal corruption charges that were later dismissed by the Trump administration; his administration has been plagued by investigations and high-profile resignations; his approval rating is at record lows.
Andrew Cuomo was elected to three terms as governor and resigned in 2021 after roughly a dozen women accused him of sexual harassment. He also faced criticism for his handling of nursing home deaths during the pandemic.
Jim Walden, a former federal prosecutor who has handled high-profile cases, is running as an independent.
What a pathetic lot.
Sliwa, a Republican, has no chance and he won’t back out. That’s likely irrelevant.
However, three candidates running as independents is relevant. If they all stay in, they will split the vote ending what little chance they did have.
To tackle affordability, he’s pledged $1 billion a year in rent relief for the city’s most rent-burdened tenants, funded immediately by cutting ineffective programs and using the city’s budget surplus, and in the future, by instituting a 0.75% “micro-tax” on goods and services, which he said would raise an estimated $60 billion over four years. Walden said the tax is small enough that it won’t cause companies to alter their business decisions. He would need state approval for the tax.
He also wants to create a contract-based rent-stabilization program to incentive more affordable housing.
Pretty Much Over
Marxist Zohran Mamdani wants to defund the police
He wants to forcibly “seize the means of production”
He wants to tax whiter neighborhoods to pay for everyone else
He defends the violent phrase “Globalize the Intifada”
Given that anyone would be better than Zohran Mamdani, I suggest Andrew Cuomo, Eric Adams, and Jim Walden agree to pulling a single name out of the hat to run as the independent.
Otherwise, and perhaps anyway, a Marxist will be running New York City.
end
DOJ Announces Imminent Meeting With Ghislaine Maxwell
Attorney General Pam Bondi revealed Tuesday morning that the Department of Justice is to meet with Ghislaine Maxwell, Jeffrey Epstein’s ‘madam’ who has expressed a desire to talk about the so called ‘client list’.
“This Department of Justice does not shy away from uncomfortable truths, nor from the responsibility to pursue justice wherever the facts may lead,” Deputy Attorney General Todd Blanche announced in a statement shard by Bondi.
He added, “The joint statement by the DOJ and FBI of July 6 remains as accurate today as it was when it was written. Namely, that in the recent thorough review of the files maintained by the FBI in the Epstein case, no evidence was uncovered that could predicate an investigation against uncharged third parties.”
This Department of Justice does not shy away from uncomfortable truths, nor from the responsibility to pursue justice wherever the facts may lead. The joint statement by the DOJ and FBI of July 6 remains as accurate today as it was when it was…
— Attorney General Pamela Bondi (@AGPamBondi) July 22, 2025
Blanche added that “President Trump has told us to release all credible evidence. If Ghislane Maxwell has information about anyone who has committed crimes against victims, the FBI and the DOJ will hear what she has to say.”
“Therefore, at the direction of Attorney General Bondi, I have communicated with counsel for Ms. Maxwell to determine whether she would be willing to speak with prosecutors from the Department. I anticipate meeting with Ms. Maxwell in the coming days. Until now, no administration on behalf of the Department had inquired about her willingness to meet with the government. That changes now,” Blanche further urged.
Maxwell, currently serving a 20 year prison sentence for sexually trafficking and abusing underage girls, is the only person who has been held accountable for Epstein’s crimes.
The handling of the Epstein case by Trump’s DOJ has been nothing less than farcical, with accusations of a whitewash leading to internal fallouts and calls for Bondi to go.
It has allowed Democrats to seize on the saga for their own political agenda.
The lack of transparency and action has also left a vacuum for all manner of bullshit to be stirred up.
Many who have been following the entire debacle are unimpressed with the DOJ’s latest announcement.
So a guy committed suicide for a hoax and a lady is in prison for trafficking children to no one for a few years now and you haven't talked to her to find out who the pedophiles were this whole time and only decided to do so after public pressure? How exactly is it that you're…
A private meeting between Trump’s former personal attorney and current appointee and Ghislaine Maxwell, who has been biding her time waiting for the administration to have a reason to pardon her or mitigate her sentence.
harveyorganblog.com 
