JULY 24/GOLD DOWN $17.30 TO $3371.50 WITH SILVER DOWN ONLY 11 CENTS TO $39.05//PLATINUM WAS DOWN $14.25 TO $1409.10 AND PALLADIUM WAS DOWN $28.35 TO $1240.95//LEASE RATES CONTINUE TO BE HIGH FOR PLATINUM AND SILVER INDICATING SCARCITY//GOLD COMMENTARIES TONIGHT FROM JOHN RUBINO AND ALASDAIR MACLEOD//GERMAN ECONOMY CONTINUES TO FALTER AND YET BRUSSELS GETS ITS TRIBUTE MONEY//ISRAEL ET AL SUMMARY PROVIDED/ISRAEL VS IRAN: IRAN DROUGHT WORSENS AND THAT WILL BE DANGEROUS TO IT//ISRAEL VS WEST BANK/RUSSIA VS UKRAINE/COVID UPDATES/VACCINE INJURY REPORT//NEWSWIZE AND NEWS ADDICTS/EVOL NEWS/RABOBANK COMMENTS ON THE DAILY EVENTS//OIL IS DISCUSSED//USA DATA RELEASES//TULSI GABBARD RELEASES MORE DOCUMENTS NAILING THE CRIMINAL DEEP STATE OF OBAMA AND COMPANY/SWAMP STORIES FOR YOU TONIGHT//
Here it is… it is the first photograph in history in which man appears in front of the camera.
This photograph is the first in which a person appears in front of the camera and is also the first photo of the city of Paris. The used camera needs about 5 minutes to collect the light and scene. The street was full of people, but as they moved during the shot they failed to impress themselves in the photo except for one person who stopped for a few minutes to shine his shoes and history immortalized him. It was the year 1839.
*CANADIAN GOLD: $4,597.24 DOWN 3.60 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)
*BRITISH GOLD: 2494.80 DOWN 1.60 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025
*EURO GOLD: 2865.81 DOWN 13.40 Euros per oz //* (ALL TIME CLOSING HIGH: 3018.80 EUROS PER OZ/ APRIL 21 //2025)
EXCHANGE: COMEX
ZERO
JULY
GOLD: NUMBER OF NOTICES FILED FOR JULY/2024: 0 CONTRACTs NOTICES FOR 0 OZ or 0. TONNES
total notices so far: 10,261 contracts for 1,026,100 OR 31.916 tonnes)
FOR JULY
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 25 NOTICE(S) FILED FOR 0.125 million OZ/
total number of notices filed so far this month : 9255 CONTRACTS (NOTICES) for 46.275 million oz
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
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 DOWN $17.30 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD: NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 954.80 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $0.11 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ///A FRAUDULENT CRIMINAL DEPOSIT OF 1.589 MILLION OZ INTO THE SLV///
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 488.942 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A STRONG SIZED 580 CONTRACTS TO 174,253 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 SMALL GAIN OF $0.04 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING. WE FINALLY ARE MOVING MUCH HIGHER THAN THE BASE $34.40 SILVER PRICE BARRIER. WE HAD A STRONG SIZED GAIN OF 680 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A SMALL 100 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD ZERO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO WEDNESDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $36.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON WEDNESDAY WITH SILVER’S SMALL GAIN IN PRICE. THE PRICE FINISHED MILES ABOVE THE MAGIC NUMBER OF $36.00 SILVER SPOT PRICE CLOSING AT $39.16 . WE HAVE A STRONG T.A.S. ISSUANCE AT 490 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 100 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR FAIR SIZED 490 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN THURSDAY’S ATTEMPTED RAID// TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A STRONG SIZED 680 CONTRACTS ON OUR TWO EXCHANGES WITH OUR TINY GAIN IN PRICE OF $0.04.
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 WEDNESDAY NIGHT/THURSDAY MORNING: A STRONG SIZED 490 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 $0.04) AND WERE UNSUCCESSFUL IN KNOCKING OF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HADE A STRONG GAIN OF 680 CONTRACTS ON OUR TWO EXCHANGES WITH ZERO T.A.S. SPREADER LIQUIDATION AND ZERO MONTHLY SPREADER LIQUIDATION..
WE HAD A 100 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 155,000 OZ//NEW STANDING ADVANCES TO 46.450 MILLION OZ
THUS:
INITIAL STANDING FOR JULY: 46.450 MILLION OZ INCLUDING QUEUE JUMPS
WE HAD:
/ HUGE COMEX OI GAIN+// A SMALL SIZED EFP ISSUANCE 100 CONTRACTS (/ VI) A STRONG NUMBER OF T.A.S. CONTRACT ISSUANCE 490 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 250 CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JULY. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JULY
TOTAL CONTRACTS for 17 DAY(S), total 7499 contracts: OR 37.495 MILLION OZ (441 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 37.495 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: 37.495 MILLION OZ
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RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 580 CONTRACTS DESPITE OUR SMALL GAIN IN PRICE OF $0.04 IN SILVER PRICING AT THE COMEX// WEDNESDAY.,. . THE CME NOTIFIED US THAT WE HAD A SMALL 100 CONTRACT EFP ISSUANCE CONTRACTS: 100 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: 46.450 MILLION OZ//
THE NEW TAS ISSUANCE WEDNESDAY NIGHT (490 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE IN THURSDAY’S RAID/ TRADING.
WE HAD 25 NOTICE(S) FILED TODAY FOR 0.125 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 FELL BY A STRONG SIZED 5,311 OI CONTRACTS TO 484,112 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 1664 CONTRACTS //.
WE HAD A STRONG DECREASE IN COMEX OI (5,311 CONTRACTS) . THIS OCCURRED WITH OUR LOSS OF $40.00 IN PRICE// TUESDAY///.
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 0.0342 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK = 33.847 TONNES STANDING
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4175 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 484,112 /NOW STILL AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!
SILVER ALSO HAS A LOW COMEX OI OF 174,259 CONTRACTS BUT GAINING RAPIDLY!!
IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1136 CONTRACTS WITH 5311 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 4175 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 1136 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED AND CRIMINAL 3531 CONTRACTS AND THESE ISSUANCES ARE JOINED WITH OUR MONTHLY SPREADER LIQUIDATION TO CREATE OUR RAID IN GOLD/.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(4175) ACCOMPANYING THE STRONG SIZED DECREASE IN COMEX OI OF 5311 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 1136 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 0.0342 TONNES QUEUE JUMP + 1.555 TONNES EX. FOR RISK//STANDING ADVANCES TO 33.847 TONNES.
NEW STANDING FOR GOLD, JULY CONTRACT AT 32.258 TONNES OF GOLD + 1.555 TONNES EX FOR RI.SK = 33.847 TONNES
.
/ 3) ZERO T.A.S. LIQUIDATION IN THE COMEX SESSION AS DESPITE HAVING 1)A $40.00 COMEX PRICE LOSS. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A FAIR LOSS OF 1136 CONTRACTS ON OUR TWO EXCHANGES COUPLED WITH CONSIDERABLE LIQUIDATION OF OUR TAS SPREADERS AND MONTHLY SPREADERS // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL
4) STRONG SIZED COMEX OI GAIN// 5) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (4175 CONTRACTS)/// STRONG T.A.S. ISSUANCE: 3531 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: 34,803 CONTRACTS OR 3,480,300 OZ OR 108.25 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 2047 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN17 TRADING DAY(S) IN TONNES 108.25 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 108.25 TONNES DIVIDED BY 3550 x 100% TONNES = 3.04% 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//
UNE: 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 : 108.25 TONNES//STILL QUITE SMALL
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A STRONG SIZED 580 CONTRACTS OI TO 174,403 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 100 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 100 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 100 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 580 CONTRACTS AND ADD TO THE 100 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 680 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR SMALL GAIN IN PRICE OF $0.04 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 3.40 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 THURSDAY MORNING:
SHANGHAI CLOSED UP 0.44 PTS OR 0.01%
//Hang Seng CLOSED UP 358.71 PTS OR 1.43%
// Nikkei CLOSED UP 1396.40 PTS OR 3.51% //Australia’s all ordinaries CLOSED UP 0.67%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1614 OFFSHORE CLOSED UP AT 7.1599/ Oil DOWN TO 65.43 dollars per barrel for WTI and BRENT DOWN TO 68.43 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1614 AND STRONG//OFF SHORE YUAN TRADING UP TO 7.1599 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 FELL BY A STRONG SIZED 5,311 CONTRACTS TO 484,112 OI WITH OUR LOSS IN PRICE OF $40.00 WITH RESPECT TO WEDNESDAY’S // TRADING.. WE LOST LITTLE NUMBER OF NET LONGS, IF ANY, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (4175 ). WE HAD CONSIDERABLE T.A.S. LIQUIDATION //WEDNESDAY TRADING AS WE HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 1136 CONTRACTS.
YESTERDAY, MUCH TO MY SHOCK, AFTER A TWO MONTH HIATUS,THE CME ANNOUNCED TUESDAY NIGHT, A 500 EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 50,000 OZ OR 1.555 TONNES. HOWEVER WEDNESDAY NIGHT ZER0 EXCHANGE FOR RISK WAS ISSUED AS THE BANK OF ENGLAND WAS NOW SATISFIED!
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 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES
THE RECIPIENT OF ALL OF THESE EXCHANGE FOR RISK CONTRACTS IS THE BANK OF ENGLAND WHO DESPERATELY WANT THEIR LEASED GOLD BACK. THUS WE HAVE TWO SEPARATE ENTITIES (CENTRAL BANKS) DEMANDING THEIR GOLD BACK:
THE BANK OF ENGLAND
THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS)
THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 5TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.(DEC THROUGH APRIL)
DETAILS ON JULY COMEX MONTH//INITIAL
IN TOTAL WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 528 CONTRACTS WITH OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN LAST 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(AND SCARCITY CONTINUES TO THIS DAY) 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 WHICH COMMENCED EARLY LAST WEEK, AS THE CME NOTIFIES US THAT THEY HAVE ISSUED A STRONG BUT MUCH LOWER 3531 T.A.S CONTRACTS THAN LAST MONDAY’S JULY 14, 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 AND IT IS IN FULL FORCE WITH TODAY’S RAID DURING OPTION EXPIRY WEEK. THE TAS SPREADER LIQUIDATION ARE JOINED WITH OUR MONTHLY SPREADERS AS THEY JOIN FORCES TO RAID THE GOLD/SILVER PRICE.
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. NOW IN JULY WE HAVE HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS TODAY’S QUEUE JUMP OF 0.0342 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK = 33.842 TONNES OF GOLD
NEW TOTAL TONNES STANDING JULY: 33.842 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 4175 EFP CONTRACT WAS ISSUED: : /AUGUST 5048 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4175 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 :
CONSIDERABLE LIQUIDATION OF OUR T.A.S. SPREADERS//WEDNESDAY AND THEY WERE JOINED BY OUR MONTHLY SPREADER LIQUIDATION
ZERO NET SPEC LIQUIDATION DESPITE OUR STRONG LOSS IN PRICE WITH OUR TOTAL GAIN IN OI ON OUR TWO EXCHANGES.
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 WEDNESDAY NIGHT/THURSDAY WAS A STRONG SIZED 3531 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE LAST FRIDAY OR TODAY, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS TRADING;
THROUGHOUT THE FEW YEARS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE.. THAT SET UP YESTERDAY’S (WEDNESDAY) HUMONGOUS LOSS IN PRICE IN GOLD AND SILVER AND A CORRESPONDING LIQUIDATION OF SOME COMEX OI. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY WITH THE RARE ISSUANCE OF EXCHANGE FOR RISK!
STANDING FOR GOLD LAST 7 MONTHS OF 2025:
YEAR 2025:
JAN 2025:
113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)
FEB: 2025:
256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES
MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.
JUNE: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0.0342 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK = = 33.842 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
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COMEX GOLD TRADING/JULY CONTRACT MONTH
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A HUGE $40.00/ /) AND THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED LOSS IN OI FROM TWO EXCHANGES. AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION ////WEDNESDAY. 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 STRONG T.A.S. ISSUANCES, IN ORDER TO FORMALIZE RAIDS ON OUR PRECIOUS METALS WHICH OF COURSE NORMALLY ENDED IN TOTAL FAILURE! LET US SEE WHAT HAPPENS WITH TODAY’S RAID
THURDAYS MORNING//WEDNESDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/ THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /JULY TRADING
EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY://FINISHES AT 4 ISSUANCES
THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TTO THE BANK OF ENGLAND.THEN ,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WAS ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.
EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH
EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND WAS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.
MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK: TOTAL FOR THE MONTH FINISHED AT 3
TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.
APRIL, ISSUED ITS 7TH EXCHANGE FOR RISK: 187 CONTRACTS OR 18,700 OZ OR 0.5816 TONNES
SUMMARY EXCHANGE FOR RISK FOR THE MONTH OF APRIL//TOTAL ISSUANCES 7 FOR 8.3571 TONNES OF GOLD!:
ISSUANCE FOR EXCHANGE FOR RISK ON FIRST DAY NOTICE//APRILL MONTH// WAS 700 CONTRACTS FOR 70,000 OZ OR 2.177 TONNES OF GOLD TO WHICH WE ADD (APRIL 4) : 250 CONTRACTS FOR 25,000 OZ OR .777 TONNES, APRIL 7 ISSUANCE OF 280 CONTRACTS FOR 28,000 OZ OR .8709 TONNES THEN APRIL 9 484 CONTRACTS FOR 48400 OZ OR 1.5054 TONNES AND FINALLY MONDAY MORNING APRIL 14 AT 200 CONTRACTS FOR 20,000 OZ OR .5816 TONNES AND NOW APRIL 24: 600 CONTRACTS FOR 60,000 OZ OR 1.866 TONNES AND NOW APRIL 25 187 CONTRACTS FOR 18700 OZ OR .5816 TONNES//NEW FINAL TOTAL ISSUANCE FOR APRIL: 8.3571 TONNES!!. APRIL ISSUANCE OF EXCHANGE FOR RISK MEANS WE NOW HAVE 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK ISSUANCE. THESE DELIVERIES WERE ADDED TO OUR NORMAL DELIVERY CYCLE.
MAY ISSUANCE OF EXCHANGE FOR RISK NOW TOTALS 3 ISSUANCES FOR 308,350 OZ. THIS TOTALS 9.591 TONNES OF GOLD WHICH WILL BE ADDED TO OUR REGULAR DELIVERY SCHEDULE. THE RECPIENT OF THIS LARGESS IS THE BANK OF ENGLAND.
JUNE ISSUANCE: ZERO
JULY ISSUANCE; AFTER A TWO MONTH HIATUS AN ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES OF GOLD WHICH WILL BE ADDED TO OUR OFFICIAL STANDING. THS 32.096 TONNES + 1.55 TONNES EX FOR RISK = 33,651 TONNES OF GOLD
ANALYSIS JULY DELIVERY MONTH GOING FROM FIRST DAY NOTICE// JULY COMEX CONTRACT
WE HAVE LOST A FAIR SIZED TOTAL OF 3.533 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 1100 OZ OR 0.0342 TONNES OF GOLD TO WHICH WE ADD THE CRAZY 1.555 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 32.292 TONNES + 1.555 TONNES EX FOR RISK = 33.847 TONNES
ALL OF THIS QUITE GOOD STANDING FOR JULY WAS ACCOMPLISHED DESPITE OUR FALL IN PRICE TO THE TUNE OF $40.00
WE HAD A MAMMOTH 1664 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET LOSS ON THE TWO EXCHANGES 1136 CONTRACTS OR 113,600 0Z (3.533 TONNES)
confirmed volume WEDNESDAY 356,044 contracts// very strong
1 ENTRY i) Into Brinks dealer: 96,453.000 oz 3000 kilobars
total dealer deposit 96,453.000 oz
3.00 tonnes
Deposits to the Customer Inventory, in oz
1 ENTRY i) Into Malca: 32,151.000 oz
1000 kilobars
total deposit 32,151.000 oz
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No of oz served (contracts) today
0 notice(s) 0 OZ 0.0000 TONNES
No of oz to be served (notices)
121 contracts 12,100 OZ 0.3763 TONNES
Total monthly oz gold served (contracts) so far this month
10,261 notices 1,026,100 oz 31.916 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 i) Into Brinks dealer: 96,453.000 oz 3000 kilobars
total dealer deposit 96,453.000 oz
3.00 tonnes
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DEPOSITS/CUSTOMER
1 ENTRY
1 ENTRY i) Into Malca: 32,151.000 oz
1000 kilobars
total deposit 32,151.000 oz
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customer withdrawal
0 entry
adjustments: 1
Brinks; customer account to dealer 96,453.000 oz (3000 kilobars)
AMOUNT OF GOLD STANDING FOR JULY
THE FRONT MONTH OF JULY STANDS AT 121 CONTRACTS FOR A GAIN OF 1 CONTRACT. ON WEDNESDAY WE HAD 10 NOTICES FILED, SO WE GAINED A SMALL SIZED 11 CONTRACTS OR 1100 OZ (0.0342 TONNES) ENTERTAINED WITH A QUEUE JUMP WHERE THESE BOYS DEMANDED PHYSICAL DELIVERY OVER ON THIS SIDE OF POND UPON EXERCISING AN EFP THROUGH LONDON. THIS IS CENTRAL BANKERS DEMANDING PHYSICAL GOLD
AUGUST LOST ONLY 30,798 CONTRACTS DOWN TO 177,138 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 6 MORE TRADING DAYS BEFORE FIRST DAY NOTICE JULY 31.
SEPT GAINED 255 CONTRACTS TO 399
We had 0 contracts filed for today representing 0 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 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for JULY /2025. contract month, we take the total number of notices filed so far for the month (10,261 X 100 oz ) to which we add the difference between the open interest for the front month of JULY (121 CONTRACTS) minus the number of notices served upon today (0 x 100 oz per contract) equals 1,038,200 OZ OR 32.292 TONNES to which we add 1.555 tonnes of gold issued under exchange for risk// total standing 33.847 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 (121 OI} minus the number of notices served upon today (0 x 100 oz) which equals 1,038,200 OZ OR 32.292 TONNES + 1.555 tonnes EX FOR RISK = 33.847 tonnes
TOTAL COMEX GOLD STANDING FOR JULY.: 33.847 TONNES WHICH IS VERY STRONG FOR THIS NORMALLY NON ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
i) out of Delaware 1018.050 oz ii) Out of Loomis 600,007.480 oz
total withdrawal: 601,025.53 oz
ADJUSTMENTs 0
TOTAL REGISTERED SILVER: 195.863 MILLION OZ//.TOTAL REG + ELIGIBLE. 497.804 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY
silver open interest data:
FRONT MONTH OF JULY /2025 OI: 60 OPEN INTEREST CONTRACTS FOR A LOSS OF 1 CONTRACTS. WE HAD 32 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED 31 CONTRACTS OR 155,000 OZ ENTERTAINED A QUEUE JUMP WHERE THESE BOYS DECIDED TO TAKE DELIVERY OVER ON THIS SIDE OF THE POND.
AUGUST LOST 244 CONTRACTS TO 1,640 AS THIS MONTH BECOMES THE FRONT MONTH FOR SILVER
SEPTEMBER LOST 272 CONTRACTS DOWN TO 129,276 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY:25 or 0.125 MILLION oz
CONFIRMED volume; ON WEDNESDAY 69,719 good//
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 9255 X5,000 oz = 46.275 MILLION oz
to which we add the difference between the open interest for the front month of JULY (60) AND the number of notices served upon today (25 )x (5000 oz)
Thus the standings for silver for the JULY 2025 contract month: (9255) Notices served so far) x 5000 oz + OI for the front month of JULY(60) minus number of notices served upon today (25)x 5000 oz equals silver standing for the JULY contract month equating to 46.450 MILLION OZ .
New total standing: 46.450 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: 210.283/497.804 million. 42.45%
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 24 WITH GOLD DOWN $17.30 TODAY//HUGE CHANGES IN GOLD AT THE GLD: NO CHANGES AT THE GLD// ///INVENTORY RESTS AT 954.80 TONNES/
JULY 23 WITH GOLD DOWN $40.00 TODAY//HUGE CHANGES IN GOLD AT THE GLD:A FRAUDULENT DEPOSIT OF 7.74 TONNES OF GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 954.80 TONNES/
JULY 22 WITH GOLD UP $36.60 TODAY//HUGE CHANGES IN GOLD AT THE GLD:A FRAUDULENT DEPOSIT OF 3.43 TONNES OF GOLD INTO 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: 954.80 TONNES, TONIGHTS TOTAL
SILVER
JULY 24 WITH SILVER DOWN $0.11/ HUGE CHANGES AT THE SLV// A FRAUDLENT DEPOSIT OF 4.906 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 488.942 MILLION OZ.//
JULY 23 WITH SILVER DOWN $0.04/ HUGE CHANGES AT THE SLV// A FRAUDLENT DEPOSIT OF 4.906 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 487.353 MILLION OZ.//
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.
Japan, with its highest in human history per capita government debt, has been an accident waiting to happen for a long time. But somehow, it has always managed to slip out of whatever trap the financial markets set for it.
Until now?
Japanese interest rates have been rising, increasing government interest costs and leading traders to wonder if the Bank of Japan has lost control of the narrative:
Some headlines from just the past couple of weeks:
(Financial Post) – In 2008, Japan was the quiet stabilizer in an unravelling world. Its central bank was passive, its interest rates were near zero and its bond market quietly absorbed global capital. Fast forward to 2025, and Japan is no longer the ballast, it’s the epicentre of a potential sovereign debt crisis. And what’s happening there could soon ripple across the globe, especially into the U.S. Treasury market.
The quiet anchor is slipping
Japan’s government bond yields are rising at a pace not seen in decades. The 30-year Japanese Government Bond (JGB) recently breached 3.2 per cent, the highest level on record. The 10-year yield is now above 1.58 per cent, a level that would have been unthinkable just a few years ago.
But this isn’t a healthy normalization. It’s a structural repricing driven by a collapsing yen, rising energy costs, and a growing loss of confidence in the Bank of Japan (BOJ). The central bank’s long-standing policy of yield curve control is being overwhelmed by market forces. Investors are no longer waiting for the BOJ to lead; they’re setting the terms themselves.
Japan now faces a brutal policy bind: Defend the bond market and the yen collapses, or defend the yen and bond yields spike.
With a debt-to-GDP ratio exceeding 260 per cent, Japan’s fiscal math is already fragile. At the same time, as of mid-July 2025, the yen is trading near 150 yen to the U.S. dollar, its lowest level in more than 30 years. The most likely path forward is quiet intervention: stealth bond purchases, liquidity injections and vague reassurances. But the core issue remains: The BOJ no longer commands the market narrative.
Why this matters for the U.S.
Japan isn’t just another economy. It’s the largest foreign holder of U.S. Treasuries, with more than US$1.13 trillion in holdings. For decades, Japanese investors have been reliable buyers of U.S. debt, helping to keep American borrowing costs low. But that may be changing.
As yields rise at home and the yen weakens, Japanese investors are under pressure to repatriate capital and sell foreign bonds, including U.S. Treasuries, to invest domestically. This shift could have serious consequences:
Reduced demand for U.S. debt, especially at the long end of the curve.
Higher yields, as the Treasury struggles to attract buyers.
Increased volatility, as global capital flows realign.
In short, if Japan steps back from the U.S. bond market, America’s borrowing costs could rise sharply, just as its own fiscal challenges are mounting.
The end of the MMT era
This moment also marks a turning point for central banks more broadly. The era of Modern Monetary Theory (MMT) — the idea that governments can print money to fund spending without consequence — is effectively over. The Federal Reserve can no longer rely on unlimited bond buying to stabilize markets. The risks of inflation, currency devaluation, and loss of investor confidence are now too great. And Japan is giving the world a glimpse of what happens when debt levels become unsustainable and central banks lose control. The U.S. may not be far behind.
The GENIUS Act could be very good for gold, as I explain. And the anti-CBDC bill making its way through Congress will kill off the entire CBDC movement, not just in the US.
The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) establishes a legal framework for regulating stablecoins. Currently valued at a $240bn total, stablecoins are used in crypto payments, remittances, and cross-border payment solutions. Other uses are expected to evolve.
Let us be clear: with regulation comes respectability. The financial community will embrace GENIUS as a marketing opportunity, but perhaps not in a way you might think.
Clearly, the crypto market has grown rapidly, and nothing worries a government more than having an unregulated payment system. Having been in denial over crypto and CBDCs, the USG is now embracing reality, and the GENIUS act will be followed by further legislation; the Clarity Act (moving regulatory oversight of crypto away from the SEC and toward the Commodity Future Trading Commission [CTFC], and the Anti-CBDC Surveillance State Act which will ban the Fed from issuing its own CBDC.
It was only a matter of time before the USG legislated to bring cryptocurrencies under its control. And it is doing this by regulating payments.
Will GENIUS lead to more stablecoins?
We can also be sure that commercial banks support GENIUS, which can be expected to expand significantly in the coming years. The great thing, from both the banks and the government’s point of view, is that by legislating that a US$ stablecoin is fully backed by dollar cash and near-cash such as T-bills, minimal bank capital is required and US$ stablecoins could evolve into a significant source of short-term funding for the US treasury if future demand for stablecoins grows.
A bank can issue its own stablecoins alongside normal checking accounts, and delight of delights for the bank that is, GENIUS prohibits the payment of interest. By backing its stablecoins with T-bills, it creates a return currently of 4.35% on 3-month T-bills, with almost no expense. Instead of creating credit by lending money into existence, the bank acts as a bank of deposit.
No wonder banks like it. And no wonder the US treasury loves it too, given that selling long maturity bonds is challenging. But unlike expanding credit by lending it into existence, it is difficult to see who would take up a bank’s stablecoins, when perfectly good ones such as tether already exist.
In short, the theory is fine, but the reality is likely to disappoint. The prospects for pure currency stablecoins are tied to those of cryptos. Otherwise, they compete with conventional deposits. If JPMorgan issued its own $ stablecoins, this new activity would have to compete with JPMorgan’s dollar deposit accounts. And since its premium dollar-deposit offers 3.6% for a $50,000 minimum, why buy JPM stablecoins?
Perhaps more interesting could be the issue of hybrids comprised of gold and stablecoins.
For example, say an investment package consists of stablecoin and gold on a 50-50 basis. It could be promoted as a hedge against having a pure dollar deposit account as part of a depositor’s asset diversification. The promoting bank keeps the T-bill interest on half the stablecoins it issues, which pays for the bullion storage fees and gives the issuer a tidy profit.
In this way, GENIUS opens up the possibility of innovative marketing techniques by banks and other financial institutions.
Probably more important than GENIUS is the Anti-CBDC Surveillance State Act which prevents the Fed from issuing a CBDC.
I have long held the view that commercial banks do not want to see central banks competing with them by issuing CBDCs directly to the public. In the US’s political system many congressmen and senators benefit from their election expenses being funded by banks, which are sure to take the view that a good politician is one who when bought stays bought. Therefore, this bill is sure to be enacted.
Given the dollar’s status as the King Rat of fiat currencies, this anti-CBDC act is likely to become a mortal blow for the global CBDC movement. And surely, that is a very good thing.
END
not good for Newmont;
(zerohedge)
Gold Miners Trapped 500 Meters Underground In British Columbia
Thursday, Jul 24, 2025 – 11:25 AM
Three miners have been trapped 500 meters underground at Newmont Corp.’s Red Chris mine in northwest British Columbia since Tuesday after part of a non-producing area of the mine collapsed.
“At the time of the initial incident, three business partner employees were working more than 500 meters beyond the affected zone and were asked to relocate to a designated refuge station before a subsequent fall of ground blocked the access way,” Newmont wrote in a statement published on its website.
Newmont stated that the refuge station is “equipped with adequate food, water, and ventilation” to support the three miners during an “extended stay.”
A second collapse blocked access and restricted communication, Newmont said, adding that operations at the gold and copper mine have been suspended to focus resources on the rescue effort.
According to British Columbia’s mining database, Red Chris received Mines Act and Environmental Management approvals in May 2012 and began regular production in mid-2015. The mine’s current projected operational timeline is expected to continue through 2043.
What you should know about Red Chris:
Strategic mine for Newmont: While not among Newmont’s largest operations, Red Chris is part of its global portfolio and represents a foothold in Canada’s mineral-rich British Columbia region.
Gold and Copper Production: The mine produces both gold and copper, which are critical metals in demand for both industrial and investment purposes. It produced nearly 40,000 ounces of gold in 2023.
Joint Venture Model: Newmont owns a 70% stake and operates the mine in partnership with Imperial Metals Corp.
Specialist teams from nearby mines are being assembled. Newmont has not provided a rescue timeline or indicated how long the refuge station can sustain the three miners.
Submitted by admin on Thu, 2025-07-24 08:12 Section: Daily Dispatches
By Maxwell Akalaare Adombila Reuters Wednesday, July 23, 2025
DAKAR, Senegal — China’s Zijin Mining is the front-runner to acquire Barrick Mining’s Tongon gold mine in northern Ivory Coast for up to $500 million, two sources close to the matter told Reuters.
Barrick, the world’s third largest gold producer, is pivoting toward high-margin, long-life assets, with a growing focus on copper and strategic operations in Africa and the Middle East.
It suspended activity at its flagship Loulo-Gounkoto complex in neighbouring Mali after the country’s military government blocked exports, detained staff, and seized three tons of gold in a dispute over its new mining code. …
Submitted by admin on Wed, 2025-07-23 12:48 Section: Daily Dispatches
By Jp Cortez Money Metals Exchange, Eagle, Idaho Tuesday, July 22, 2025
On Monday, Treasury Secretary Scott Bessent called for a full review of the Federal Reserve system. He said on CNBC’s “Squawk Box,” “I think what we need to do is examine the entire Federal Reserve institution and whether they have been successful.”
It’s a completely legitimate statement, but Bessent is a bizarre messenger for it.
To be sure, the treasury secretary is no Ron Paul. The Trump administration calling for a review of the Federal Reserve is more likely to result in findings that the Fed’s power should be transferred to an official government department so the secretary can play God with the monetary levers.
That said, Secretary Bessent made an interesting comment that harkens back to a day of simpler monetary policy. He quipped, “All these PhDs over there — I don’t know what they do. This is like universal basic income for academic economists.”
Is Secretary Bessent right? Centrally planned monetary policy today is astoundingly complex, supposedly requiring a team of hundreds of professional economists to manage.
Alternatively, under a gold standard, money is tied to a consistent, trusted asset.
Was the old way better? Does money need “interesting features” or esoteric, in-depth explanations from experts using jargon that alienates the average person?
Gold outperformed every major asset class in first half of this year
Submitted by admin on Tue, 2025-07-22 10:04 Section: Daily Dispatches
By Mike Maharrey Money Metals Exchange, Eagle, Idaho Tuesday, July 21, 2025
Gold was up nearly 26% through the first six months of 2025, ranking as the top-performing asset class.
This booming performance continued the momentum built in 2024 when gold surged by 26.5%.
After recording 40 all-time highs in 2024, gold set another 26 all-time highs through the first six months of this year. In April gold cracked the $3,500 level for the first time. It also set a record in inflation-adjusted terms.
Gold outperformed every other major asset class. Developed market stocks (excluding the U.S.) came in second place, rising by about 19%. …
Paul Brownstein: Silver is the financial system’s canary
Submitted by admin on Mon, 2025-07-21 21:20 Section: Daily Dispatches
By Paul Brownstein ChartsAndParts.Substack.com Monday, July 21, 2025
Everything in silver is getting so, so stretched. It’s hard to imagine this game going on much longer. Harder still to imagine what happens when it ends.
This isn’t just about silver. It’s about fragility, exposure, and cracks in a system designed to hold — until it can’t.
In the past few weeks a rare alignment hit the silver market:
— Record short positions by swap dealers, offsetting natural demand.
— SLV borrow rates spike with shorts scrambling.
— Silver lease rates spike with users paying up for physical
— Comex warehouse stock explodes by more than 200 million ounces, with futures buyers taking delivery.
Submitted by admin on Mon, 2025-07-21 21:12 Section: Daily Dispatches
By Adam Sharp Daily Reckoning, Baltimore Monday, July 21, 2025
In 1970 silver traded at around $1.60 per ounce. By its peak in 1980, it reached $49.45. A handsome 30x return.
The story of how it got there is full of intrigue and conspiracy. We’ll get to that. But first, a little background is in order.
Monetary demand for silver had collapsed after the U.S. and other countries stopped using it in coins in 1965. Before that, America’s dimes and quarters were 90% silver. Other countries soon followed suit.
After governments ended their silver coinage, the market was flooded with stockpiles of the metal. Savvy collectors also bought up silver coins and melted them down. This temporarily boosted supply and depressed the price.
But inflation, and demand for hard money, were quietly building. In 1971 Nixon terminated the gold standard. From that point on, fiat money was completely free from the restraints of hard assets.
The dollar was no longer convertible to gold by foreign governments, and our coins were now made of copper and nickel rather than valuable silver.
Enter three brothers: William, Lamar, and Nelson Hunt. The three were sons of oil tycoon H.L. Hunt. …
// Nikkei CLOSED UP 655.01 PTS OR 1.59% //Australia’s all ordinaries CLOSED DOWN 0.24%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1536 OFFSHORE CLOSED UP AT 7.1513/ Oil UP TO 65.84 dollars per barrel for WTI and BRENT UP TO 69.04 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1536 AND STRONG//OFF SHORE YUAN TRADING UP TO 7.1513 AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1536 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.1513 (CCP MANIPULATED)
SHANGHAI CLOSED UP 23.43 PTS OR 0.65%
HANG SENG CLOSED UP 104.78 PTS OR 0.41%
2. Nikkei closed UP 655.01 PTS OR 1.59%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 97.04/ EURO RISES TO 1.1741 UP 9 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.602//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 146.38…… 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 UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6810/Italian 10 Yr bond yield UP to 3.542 SPAIN 10 YR BOND YIELD UP TO 3.271%
3i Greek 10 year bond yield UP TO 3.388
3j Gold at $3366.90 Silver at: 39.10 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 41 /100 roubles/dollar; ROUBLE AT 78.81
3m oil (WTI) into the 65 dollar handle for WTI and 69 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 146.38// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.602% 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 0.7935 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9332 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: 4.403 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.960 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.893 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 40.48
10 YR UK BOND YIELD: 4.6540 UP 3 PTS
10 YR CANADA BOND YIELD: 3.563 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 3.098 DOWN 1 PTS
2a New York OPENING REPORT
Global Stocks, US Futures Hit New Record Highs As Google Earnings Boost AI Theme
Thursday, Jul 24, 2025 – 08:21 AM
Global stocks extended their rally to fresh record highs on the prospect of more trade deals with the US, easing fears of a drawn-out tariff war while US equity futures are also higher led by Tech with small caps lower after yesterday’s outperformance, as sentiment was boosted by Alphabet signaling strong demand for its AI products, while Tesla posted the biggest revenue decline in at least a decade. As of 8:00am, S&P futures are 0.1% higher and Nasdaq futs gain 0.3% with the AI theme driving Tech following GOOG earnings with $10 billlion capex boost helping lift other AI infrastructure stocks in premarket trading, including NVDA and AVGO. Tesla slumped 6% after Elon Musk warned of difficult times ahead after losing electric vehicle incentives in the US. Cyclicals are stronger pre-market led by Industrials. Bond yields are 1bp from 2s to 30s with USD seeing its first bid in 5 sessions. Commodities are also higher led by Ags/Energy with weakness in both Base and Precious metals. Today’s macro data focus is on Flash PMIs, Jobless Claims, Home Sales, and regional Fed activity indicators.
In premarket trading, Mag 7 stocks were mostly higher: Alphabet (GOOGL) rose 3.6% after after the Google parent reported second-quarter results that beat expectations. Tesla (TSLA) fell 6% after Elon Musk warned of a hard year ahead for the electric-vehicle maker. Elsewhere, Nvidia +1.1%, Amazon +0.7%, Meta +0.02%, Microsoft -0.02%, Apple -0.1%). Here are the other notable premarket movers:
American Airlines Group Inc. (AAL) falls 4% after the carrier reinstated its forecast this year, providing a wide range of possible outcomes.
American Eagle (AEO) is up 16%, putting the stock on track to extend gains, after the apparel retailer announced a campaign headlined by actress Sydney Sweeney. Also, the stock was mentioned on the WallStreetBets page of Reddit, which has been known for sparking bouts of meme-stock activity.
ASGN (ASGN) rises 8% after the IT services company reported second-quarter results that beat expectations.
Blackstone Inc. (BX) rises 2% after reporting a 25% jump in distributable earnings for the second quarter, buoyed by profits from its retail and evergreen funds.
Community Health Systems Inc. (CYH) sinks 29% after the owner and operator of hospitals cut the top end of its year forecast range for adjusted Ebitda and announced the retirement of CEO Tim Hingtgen.
Dow (DOW) slumps 9% after the chemicals producer reported adjusted operating loss per share for the second quarter that missed estimates. The company also cut it’s quarterly dividend.
International Business Machines (IBM) falls 6% after the IT services company reported second-quarter results that featured a disappointing read on its software business.
Las Vegas Sands (LVS) climbs 6% after the casino and resorts operator reported adjusted earnings per share for the second quarter that beat the average analyst estimate.
MaxLinear (MXL) soars 25% after the semiconductor device company reported second-quarter results that beat expectations and gave a forecast.
Mobileye Global (MBLY) gains 4% after the maker of software and hardware technology for automobiles boosted its revenue forecast for the full year.
ServiceNow (NOW) advances 6% after the software company reported second-quarter results that beat expectations and raised its full-year forecast for subscription revenue.
T-Mobile (TMUS) gains 4% after the nation’s second largest wireless provider boosted its postpaid net customers guidance for the full year.
Tractor Supply (TSCO) rises 3% after reporting comparable sales for the second quarter that beat the average analyst estimate.
Viking Therapeutics (VKTX) drops 8% after the obesity drug developer reported second-quarter loss per share that was wider than the average analyst estimate.
West Pharmaceutical Services (WST) gains 23% after the company boosted its adjusted earnings per share guidance for the full year.
As earnings season picks up pace, investors are keen for reassurance that the record-breaking US rally can continue and that lofty valuations are justified. Europe’s stocks climbed following reports the US is closing in on an agreement with the European Union to set a 15% tariff for most products.
“We still see some companies being able, especially in the US, to deliver very strong results and so probably valuations are less questionable now,” Claudia Panseri, chief investment officer for France at UBS Wealth Management, told Bloomberg TV. “People were expecting a lot of downside.”
The Nasdaq posted its 63rd consecutive day above its 20-day moving average, the longest streak since 1999, suggesting investors are all-in on tech. Still, things have calmed down a bit on the meme stock front, with only Opendoor particularly active premarket.
As an Aug. 1 deadline on US trade tariffs nears, traders are watching the latest news on talks with countries around the world. Trump has suggested he won’t go below a rate of 15% as he sets so-called reciprocal tariff rates ahead of the cutoff date. Delegations from the US and China are also due to hold negotiations in Stockholm next week for their third round of trade talks. Meanwhile, the US and South Korea have discussed creating a fund to invest in American projects as part of a trade pact, similar to an agreement Japan struck Tuesday.
In Europe, the Stoxx 600 index was trading up 0.4% buoyed by upbeat earnings and reports that US and EU are near a deal to set a 15% tariff on most products. On one of the busiest days in the earnings season in Europe, Deutsche Bank shares jumped to the highest in a decade after the lender reported strong trading results. Meanwhile, BNP Paribas SA rose 3% after posting a better-than forecast profit. Luxury firm LVMH is due to report after the close. Telecoms, personal care and banks are the strongest-performing sectors. Later Thursday, the European Central Bank is set to leave interest rates untouched for the first time in more than a year as it awaits clarity on the impact of President Donald Trump’s trade levies on inflation. Data showed the euro area’s private sector grew at the quickest pace since last August. Here are the biggest movers Thursday:
Neste surges as much as 18%, the most since 2022, after the Finnish oil and renewables firm reported earnings and reiterated its 2025 outlook
Howden Joinery Group shares jump as much as 11%, most since 2020, after the kitchen supplier’s revenue and profits grew more-than-expected in the first half
Reckitt Benckiser shares soar as much as 11% to trade at their highest level since February 2024 after the consumer goods company raised its organic growth outlook for the full year
ITV shares jump as much as 9.7%, the most intraday since November, after the broadcaster reported profits well ahead of estimates in the first half
BE Semiconductor shares climb as much as 8.5% after the chip-tool maker said that the second-half outlook improved in recent weeks based on customer feedback
Bankinter shares advanced as much as 7.4% to hit a record high after the Spanish lender reported net income for the second quarter that beat estimates, with a strong lending revenue beat
Aalberts slumps as much as 14% after the industrial technology company said the first half of year has been characterized by continued softness in end markets
SEB SA falls as much as 16%, the most since 2018, after the French home appliances manufacturer cut its full-year forecast, while its first-half results significantly missed estimates
Eurazeo falls as much as 12%, the most since March 2020, after posting a bigger net loss in the first half than a year ago. Degroof Petercam cuts its recommendation to reduce from hold to reflect a significant slowdown in growth
Nestle shares fall as much 5.1% after the world’s largest food company reported weaker-than-expected volumes in the second quarter, weighed down by disappointments in China and the health science division
Earlier in the session, Asian stocks also added to their strong gains from Wednesday as investors bet that progress in trade deals will help clear the uncertainty that’s clouded the economic outlook for months. The MSCI Asia Pacific Index rose as much as 1.1%, with cyclical sectors — industrials and financials — leading gains. Chip and tech-related shares also climbed after Alphabet reported strong second-quarter revenue growth and raised its 2025 capital expenditure plan, and South Korea’s SK Hynix outlined plans to speed up spending on advanced memory chip production capacity after reporting record earnings. Japanese stocks once again led gains in the region, extending Wednesday’s rally sparked by the announcement of a trade deal that set a 15% levy on Japanese exports to the US. The Topix climbed to an all-time high. The MSCI Asia gauge rose more than 2% on Wednesday to reach its highest close since June 2021. The regional benchmark is on course for a sixth straight day of gains, which would mark its longest winning streak since January. A gauge of global equities is at a record. Here are the most notable Asian movers:
Dr Reddy’s shares gain as investors focus on growth prospects of the drugmaker as it plans fresh investments and launches, despite reporting June-quarter earnings that were below estimates.
Persistent Systems’ shares fall as much as 9.3%, the most since April 7, after the Indian IT firm reported 1Q results that Citigroup described as “soft”.
Indian Energy Exchange’s shares drop by the 20% lower limit, the most since March 2020, after the country’s power regulator ordered the coupling of the nation’s day-ahead power markets starting Jan. 2026 to homogenize price discovery at power exchanges.
Infosys Ltd.’s shares slipped in early Mumbai trading after the software exporter’s June quarter earnings failed to quell concern about the outlook for spending by big businesses at a time of weakening demand. The shares declined as much as 1.4% and are down roughly 17% for the year.
Zhongjin Gold shares decline as much as 8.1% in Shanghai, after the Chinese company said six university students drowned and one teacher was injured at its unit’s mine during a July 23 visit.
WuXi Biologics shares rise as much as 2.1% in HK after the co. said it expects profit attributable to equity shareholders for the six months ended June 30 to increase 56% from a year earlier.
In FX, the pound fell to a session low versus the dollar, underperforming G-10 peers, after PMIs showed the economy struggled to grow. The Bloomberg dollar spot index rose 0.1%, pulling the euro 0.2% down ahead of the ECB meeting later. The central bank is expected to hold rates steady for the first time in over a year as policymakers assess the fallout from Trump’s trade policies. Separately, Thailand’s baht fell from the strongest level in more than three years after the government said Thai fighter jets attacked two Cambodian army posts.
In rates, yields are near session highs with the 10-year higher by more than 2bp at about 4.40%, near its 50-day average level which it’s been below since Monday. Gilts outperformed peers across the curve. The UK 10-year yield fell one basis point, while comparable Treasury yields climbed a basis point, and the German 10-year rates rose 2.5bps. Treasury sells $21 billion 10-year TIPS new issue at 1pm; auction faces an array of challenges ranging from its record size to weaker-than-expected demand for most of the six annual auctions of the tenor over the past two years
In commodities, Brent rose 1.1% near $69.25. Most base metals traded in the green. Spot gold fell roughly $23 to trade near $3,365/oz.
Looking to the day ahead now, the main highlight will be the ECB’s latest policy decision, along with President Lagarde’s subsequent press conference. Otherwise, data releases include weekly initial jobless claims, and new home sales for June. Earnings releases include Intel.
Market Snapshot
S&P 500 mini little changed, Nasdaq 100 mini +0.3%
Russell 2000 mini -0.3%
Stoxx Europe 600 +0.5%
DAX +0.8%, CAC 40 +0.1%
10-year Treasury yield +1 basis point at 4.39%
VIX -0.1 points at 15.3
Bloomberg Dollar Index little changed at 1194.15
euro -0.1% at $1.1754
WTI crude +1.2% at $66.05/barrel
Top Overnight News
Trump will personally participate in a tour of the Fed headquarters on Thurs as the White House ratchets up pressure on Powell to lower rates. FT
Trump signed AI executive orders to fast-track big projects and to turn America into an AI export powerhouse: RTRS.
White House official told Reuters on Wednesday that the administration was not denying that President Trump’s name appears in the files.
US Treasury Secretary Bessent a new Fed Chairman nominee is likely to be announced in December or January.
US trading partners will face tariffs ranging from 15% to 50%, Trump said, as he sets rates ahead of an Aug. 1 deadline. BBG
The US and South Korea have discussed creating a fund to invest in American projects as part of a trade deal, similar to an agreement Japan struck Tuesday with President Donald Trump. BBG
TSLA -6% pre mkt, after Musk shared that Tesla could be in for a “rough few quarters” on call as the Trump administration ends EV incentives and tariff pressures cause uncertainty for the company following one of its worst earnings reports in 10+ yrs. BBG
The ECB is in wait-and-see mode with no change to rates or language expected at today’s meeting. Instead, Bloomberg Economics sees a 25-bp cut in September to cushion the impact of the US tariffs. BBG
China’s investment banks have slashes fees for bond issues to as low as $100 as price-sensitive state-owned issuers dominate a tepid credit market and stoke a race to the bottom to win mandates. Bankers aid the pressure to undercut rivals had become acute this year as state owned enterprises had become the most active bond issuers and private companies pulled back. FT
Japan’s flash PMIs for Jul are mixed, with manufacturing coming in at 48.8 (down from 50.1 in June) and services at 53.5 (up from 51.7 in June). BBG
Eurozone flash PMIs for Jul are a bit better than expected thanks to strength in services (51.2, up from 50.5 in June and above the Street’s 50.6 forecast) while manufacturing was inline (49.8, up from 49.5 in June and inline w/the Street’s 49.8 forecast), and the report contained some glimmers of hope on the inflation front as price pressures eased somewhat. S&P
BofA Institute Total Card Spending (w/e July 19th): +1.8% Y/Y (vs. +0.2% June avg.); despite base effect from Prime Day (AMZN) timing change, spending growth was solid.
Trade/Tariffs
EU diplomats say that members have supported potential tariffs on EUR 93bln of US goods
US President Trump said they will have straight, simple tariffs of between 15% and 50% on countries, while he added the US is in serious talks with the EU and if they agree to open up to US businesses, US will let them pay lower tariffs. Trump said they will be charging straight tariffs to most of the rest of the world and are in the process of completing a deal with China, while they are making deals with various Asian countries on energy and made a deal with the EU but it was related to military equipment.
White House said on reports of an EU trade deal, that discussions about a possible deal should be considered speculation.
South Korea’s Finance Ministry said the 2 + 2 trade talks with the US were cancelled due to the US Treasury Secretary’s schedule, while the US proposed talks in the immediate future and the sides will set the time for another round of talks ASAP. Furthermore, it stated that South Korea’s trade envoy is to still meet with his US counterpart during his trip, while there were separate reports that the US and South Korea have discussed creating a fund to invest in American projects as part of a trade deal and South Korea is to invest more than USD 100bln as part of a US trade deal, according to Yonhap.
Japan’s Tariff negotiator Akazawa says there is no difference in understanding between Japan and the US on the trade deal; had no discussion with US President or US officials on how to implement the deal.
Indonesia Chief Economy Minister says its possible that Indonesia’s key commodities could get a lower tariff than 19% or even close to 0%.
Indonesian Economy Minister says Indonesia has asked the US for lower tariffs on goods produced in the free trade zone.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks mostly extended on gains following the positive handover from Wall St and as recent trade developments continued to underpin risk sentiment. ASX 200 lacked conviction and lagged behind regional peers with heavy losses seen in gold miners after a drop in the precious metal, while participants also digested several quarterly production updates. Nikkei 225 continued its rally and briefly breached the 42,000 level to the upside as the euphoria from the US-Japan trade agreement lingered and with the electrical equipment manufacturers leading the advances, although the index has since pulled back from today’s best levels. Hang Seng and Shanghai Comp were higher with little fresh catalysts to derail the recent positive momentum and following some optimistic comments from US Treasury Secretary Bessent ahead of next week’s US-China talks in Sweden in which he stated that they are in a very good place with China right now and are back on track with China negotiations, while he also seemingly suggested they could do a rolling 90-day deadline when asked about the tariff deadline with China.
Top Asian News
Chinese President Xi said China and the EU are at another critical historic juncture and should enhance communication, increase mutual trust and deepen cooperation, while China and EU leaders should demonstrate vision and responsibility, as well as make correct strategic choices that meet the expectations of the people.
EU’s von der Leyen said rebalancing bilateral relations is essential and they have reached an inflection point, while she added it is vital for China and Europe to acknowledge respective concerns and come forward with real solutions. President von der Leyen said as cooperation has deepened, so have imbalances and noted that the China–EU relationship is one of the most important and consequential in the world.
European Council President Costa said to Chinese President Xi that they need concrete progress on issues related to trade and the economy.
US Commerce Secretary Lutnick said regarding the TikTok sale that he thinks a deal will happen and America will buy it.
US lawmakers subpoenaed JPMorgan (JPM) and Bank of America (BAC) over the IPO of a Chinese battery startup, while the House committee had previously urged banks to stop work on CATL’s initial public offering, according to WSJ.
PBoC Statement: China to support stable development of industries such as hogs, beef cattle, dairy cattle, sheep, and aquatic products.
European bourses (STOXX 600 +0.5%) opened stronger across the board, with positive trade developments continuing to boost sentiment. However, as the morning progressed, indices have dipped off earlier highs but still reside firmer across the board. Sentiment boosted today thanks to an FT report which suggested that the US and the EU were closing in on a trade deal with a 15% tariff rate, albeit this is yet to be officially confirmed. European sectors hold a strong positive bias, with the industry compilation today largely dictated by post-earning movers. Optimised Personal Care tops the pile, largely driven by Reckitt which soars after the Co. reported a Q2 sales beat, lifted its annual guidance and plans a GBP 1bln share buyback. Banks take second spot, lifted by post-earning strength in Deutsche Bank and BNP Paribas. Food Beverage and Tobacco underperforms alongside Real Estate today; the former has been pressured by heavyweight Nestle, after its results. (details all below).
Top European News
EU HCOB Composite Flash PMI (Jul) 51.0 vs. Exp. 50.8 (Prev. 50.6); Manufacturing Flash PMI (Jul) 49.8 vs. Exp. 49.7 (Prev. 49.5); Services Flash PMI (Jul) 51.2 vs. Exp. 50.7 (Prev. 50.5)
French HCOB Composite Flash PMI (Jul) 49.6 vs. Exp. 49.3 (Prev. 49.2); French HCOB Services Flash PMI (Jul) 49.7 vs. Exp. 49.6 (Prev. 49.6); HCOB Manufacturing Flash PMI (Jul) 48.4 vs. Exp. 48.5 (Prev. 48.1)
German HCOB Services Flash PMI (Jul) 50.1 vs. Exp. 50.0 (Prev. 49.7); HCOB Manufacturing Flash PMI (Jul) 49.2 vs. Exp. 49.5 (Prev. 49.0); Composite Flash PMI (Jul) 50.3 vs. Exp. 50.7 (Prev. 50.4)
UK Flash Services PMI (Jul) 51.2 vs. Exp. 53.0 (Prev. 52.8); Flash Composite PMI (Jul) 51.0 vs. Exp. 51.8 (Prev. 52.0); Manufacturing PMI (Jul) 48.2 vs. Exp. 48.0 (Prev. 47.7)
FX
DXY is a touch higher after a run of four consecutive daily losses. Yesterday’s downside was largely due to the appreciation of the JPY in the wake of the US-Japan trade deal. ING has made the observation that “The dollar didn’t suffer in the first half of July from trade tensions re-escalating. And it is equally finding no benefit from positive trade deal news”. Noise around the Trump administration’s disdain for the current direction of FOMC policy will likely pick up today with the President set to visit the Fed at 21:00BST. DXY has delved as low as 97.10 with focus on a test of 97.00; not breached since 7th July (96.89 was the low that day).
EUR is a touch softer vs. the USD with the recent rally pausing for breath. This week has seen optimism increase on the trade front with reporting via Reuters and the FT suggesting that the US and EU are closing in on a 15% tariff deal, which would waive tariffs on some products. Elsewhere, flash EZ PMI metrics for July showed minor improvements and beats on expectations for the manufacturing, services and composite metrics. The accompanying report said the data was indicative of “robust” economic growth for Q3 and a continuation of the disinflation trend. That being said, the release is unlikely to have any sway on the upcoming ECB rate decision with markets fully priced for an unchanged rate as the GC views current policy as well-positioned.
JPY is mildly extending on its recent run of gains vs. the USD with the Yen buoyed after securing a trade deal with the US, which will see Japanese goods subject to a 15% tariff (including autos). Additionally, Japan will invest USD 550bln into the US and is expected to sign an LNG deal with the US. Accordingly, markets have continued to bolster bets on BoJ tightening this year with 22bps of hikes seen by year-end vs. circa 14bps at the start of the week. USD/JPY has briefly made its way onto a 145 handle with a session low at 145.86; lowest since July 10th.
GBP is struggling and sits at the bottom of the G10 leaderboard in the wake of disappointing flash PMI metrics for July. The services metric unexpectedly declined to 51.2 from 52.8, manufacturing nudged higher to 48.2 from 47.7 with the composite coming in at 51.0 vs. previous 52.0. The accompanying release was a gloomy one with S&P Global noting the data showed “output growth weakened to a pace indicative of the economy growing at a mere 0.1% quarterly rate, with risks tilted to the downside in the coming months”. Cable has slipped to a low of 1.3547 but is holding above its 50DMA at 1.3529 and yesterday’s low at 1.3515.
Antipodeans both remain buoyed by the encouraging risk tone in the absence of any antipodean-specific drivers. As such, both will likely take direction from the trade environment in the short-term.
PBoC set USD/CNY mid-point at 7.1385 vs exp. 7.1503 (Prev. 7.1414).
Fixed Income
Bunds are under pressure into the ECB. Weighed on by the constructive updates on the EU-US trade front. As reports noted that the US and the EU were closing in on a trade deal with a 15% tariff rate, albeit this is yet to be officially confirmed, and White House Trade Adviser Navarro said to take it with a pinch of salt. Bunds find themselves lower by 87 ticks at most to a 129.71 base, notching a marginal new WTD trough. As for PMIs, the French and German figures were mixed vs consensus while the EZ figure beat and came in above the prior for all metrics. Attention now turns to the ECB, where rates are expected to be kept steady.
USTs are also in the red, but to a much lesser extent. Directionally in-fitting with EGBs but holding around the 111-00 mark after a brief blip to a 110-28+ low in the European morning. In contrast to Bunds, the current low is clear of Monday’s 110-24 WTD base. Trade aside, the Fed remains in focus as Trump himself will be visiting the Fed this evening. Currently, it is unclear if he will be meeting with Chair Powell or not during this visit. Docket ahead will include US Jobless Claims, PMIs and the US 2, 5, 7, 2yr FRN Refunding Announcement.
Gilts opened lower by 26 ticks given the risk tone and pressure in Bunds at the time. Thereafter, it extended to a 92.29 trough ahead of its own PMI data. Metrics which were mixed vs expectations but featured a sizeable miss in Services at 51.2 (exp. 53, prev. 52.8) coming in outside of the forecast range. Internal commentary was also downbeat, S&P calculating output growth is indicative of just 0.1% quarterly growth and risks are tilted to the downside in the coming months. In reaction to the series, a move higher from 91.43 to a 91.57 peak occurred just after the series, given the mixed/weak headlines.
Firmer trade across the crude complex with a bulk of this morning’s price action commencing just before 07:00 BST as European traders entered the fray, to the trade optimism felt across markets following the US-Japan deals alongside unofficial reports of an EU-US deal, although US officials suggested taking these reports with a pinch of salt. The price action also coincided with commentary from US envoy Barrack, who said Lebanon’s failure to disarm Hezbollah means that the Israeli raids will continue. WTI resides closer to the upper end of a USD 65.37-66.24/bbl range, while Brent sits in a USD 68.61-69.45/bbl range.
Precious metals are lower across the board amid the outflow of havens on trade optimism, with a similar performance seen across the bond market. Spot gold resides in a USD 3,366-3,393.48/oz range at the time of writing.
Base metals are flat/mixed despite the broader risk appetite as traders gear up for trade deals ahead of next Friday’s deadline, with the EU and US on watch, whilst officials from Washington and Beijing also gear up for a meeting next week, in Sweden. Furthermore, markets are also on the lookout for details regarding the US copper tariff. 3M LME copper resides in a USD 9,923.05-9,969.00/t range.
China June YTD gold output fell 0.3% Y/Y to 179.083 metric tons and China June YTD gold consumption fell 3.54% Y/Y to 505 metric tons. according to the China Gold Association.
Geopolitics
North Korea leader Kim supervises artillery firing, according to KCNA
US Envoy Barrack says Lebanon’s failure to disarm Hezbollah means that the Israeli raids will continue; ” There is no open deadline for disarming Hezbollah and the one who decides the duration of this period is Israel, not the United States”. Elsewhere, “The likelihood that Iran will not conclude a deal with the United States is “very small”, according to Sky News Arabia.
Israeli officials say “At present, it is not possible to determine whether Hamas new response is indeed improved or allows for progress. Consultations will be held in the coming hours.”, via Jerusalem Post’s Stein; follows, PM Netanyahu says they are examining the Hamas response to the Gaza ceasefire proposal.
Russia’s Kremlin says did not expect a breakthrough from talks with Ukraine, according to Tass.
Russia’s Kremlin says it is hard to see how President Putin and Ukrainian President Zelensky could meet before the end of August.
Thailand acting PM says Cambodia has fired heavy weapons into Thailand without specific targets, civilians have been killed; there has been no declaration of war; conflict has not spread to more provinces.
US Event Calendar
5:00 am: Jun F Building Permits, est. 1397k, prior 1397k
8:30 am: Jun Chicago Fed Nat Activity Index, est. -0.15, prior -0.28
8:30 am: Jul 12 Continuing Claims, est. 1953.5k, prior 1956k
9:45 am: Jul P S&P Global U.S. Manufacturing PMI, est. 52.7, prior 52.9
9:45 am: Jul P S&P Global U.S. Services PMI, est. 53, prior 52.9
9:45 am: Jul P S&P Global U.S. Composite PMI, est. 52.8, prior 52.9
10:00 am: Jun New Home Sales, est. 650k, prior 623k
10:00 am: Jun New Home Sales MoM, est. 4.33%, prior -13.7%
DB’s Jim Reid concludes the overnight wrap
The risk-on tone has continued over the last 24 hours, with the S&P 500 (+0.78%) at a fresh record thanks to growing optimism that more trade deals would be reached before August 1. The initial catalyst was the US-Japan deal we woke up to this time yesterday, with both European and US risk assets rallying as they caught up to the news. But around the time that European markets were going home, an FT headline said that the EU and the US were closing in on a similar deal that would also put 15% tariffs in place. So that would be the same rate as the Japan deal, and only half the 30% rate that Trump had threatened in his previous letter. Indeed, if a 15% total rate inclusive of existing tariffs is agreed as suggested, this would mark only a marginal increase compared to the 10% additional tariffs that EU exports to the US have faced since Liberation Day but with certainty about the future.
This optimism was clear on several fronts yesterday, and aside from the press reports, the noises from the negotiators were sounding much more positive. For instance, Treasury Secretary Bessent had said earlier that “We are making good progress with the EU.” Later on, Trump said the US is in “serious negotiations” with the EU and that ““we will let them pay a lower tariff” if the EU opens up to American businesses. Meanwhile on China, Bessent said that “we’re in a very good place with China” ahead of the two sides meeting next week. And on the 90-day tariff reduction that expires on August 12, he said “I think that we could roll it forward, maybe in a 90-day increment.” So when it comes to the major economies, there’s now a deal with Japan, headlines pointing to one with the EU, and Bessent signalling a roll-over of the tariff reduction with China. And Trump announced a deal with Indonesia as well yesterday.
All this created a very strong backdrop, and European equities rallied in particular as hopes for a deal mounted. Equity markets there closed just before the FT headline on the trade deal came through, but even before that news, the STOXX 600 (+1.08%) had already recovered after three days of losses. And notably, the STOXX Automobiles and Parts index (+3.76%) surged following the news that Japan had managed to get a lower tariff on automobiles. Euro futures are climbing this morning with the STOXX 50 and DAX futures trading +1.19% and +1.18% higher respectively. US equities also had a strong day thanks to the trade headlines, with the S&P 500 (+0.78%) up to a fresh record. But whilst it was trade that drove the gains, after the close we then heard from Tesla and Alphabet, who are the first of the Mag 7 to report this quarter. Alphabet’s shares gained in after-hours trading as the company delivered a decent revenue beat, which it said was boosted by demand for AI products. The search giant also boosted its 2025 capex plan from $75bn to $85bn to meet AI-related cloud demand. This spending increase initially worried investors and shared dipped after the results but ultimately bounced back in the after hours trading period.
By contrast, Tesla’s shares fell by -4.4% post-market as the company missed revenue and profit estimates, with Q2 sales falling -12% year-on-year and CEO Musk warning of a few “rough quarters” ahead. Next week we’ve got four more of the Mag 7 announcing, including Meta and Microsoft on Wednesday, and then Apple and Amazon on Thursday. Whilst equities were rallying, sovereign bonds put in a weaker performance given the risk-on tone. For example, Treasury yields moved higher across the curve, with the 2yr yield up +4.7bps to 3.88%, whilst the 10yr yield was up +3.7bps to 4.38%. The losses for Treasuries largely held despite a solid $13bn 20yr auction. We also had a fresh bout of criticism at Fed Chair Powell from President Trump, who said that “Housing in our Country is lagging because Jerome “Too Late” Powell refuses to lower Interest Rates.” He also called for rates to be “three points lower”, so that kept up the drumbeat of pressure from the administration, although markets have mostly taken out the extra risk premium they assigned to Powell’s removal last week. Trump is visiting the Fed today at 4pm local time so there’s possibilities for extra headlines from that visit.
Related to the central bank theme, Peter Sidorov yesterday published a note (link here) looking at key themes in global monetary and credit conditions, and his key takeaway for the US economy is that while its rate-sensitive sectors such as housing are lagging, aggregate US credit conditions are consistent with a Fed stance that is only modestly restrictive. See his report for more, including on the credit cycles in Europe and China.
Meanwhile in Europe, sovereign bonds did see a very late turnaround, as the FT headline on the US-EU trade deal came out in the brief period between the equity and the bond close. So that saw yields immediately move 3-4bps higher across the board, particularly as investors viewed the news as hawkish from the ECB’s standpoint. Indeed, the probability on another ECB rate cut by the September meeting came down from 51% the previous day to only 40% by the close last night. So that pushed yields higher, and those on 10yr bunds (+4.9bps), OATs (+3.6bps) and BTPs (+2.8bps) all moved up on the day after being relatively flat before the headlines.
Across other asset classes, the risk-on tone saw gold retreat by -1.29% from Tuesday’s record high, while the dollar index (-0.18%) lost ground for a fourth consecutive day.
Looking forward, the focus will be on the ECB today, with their latest policy decision at 13:15 London time. They’re widely expected to pause the current cycle of rate cuts, which would be the first decision to hold rates since their July 2024 meeting. However, markets don’t think they’re done cutting yet and, as our European economists note, the bigger question is whether this is a short pause until the subsequent meeting in September, or whether this is the start of a longer period on hold. Their view is that the ECB will want to leave their options open and have no incentive to make significant changes to their messaging this time. After all, uncertainty remains high, particularly around the August 1 tariff deadline and any potential retaliation by the EU. Yesterday’s news will perhaps help crystalise the ECB’s thinking a bit more but until a deal is confirmed they are unlikely to factor anything in. See here for our economists’ full preview. Also watch out for the flash European PMIs this morning for trends ultimately influencing the ECB.
Overnight in Asia, the MSCI Asia-Pacific index has been trading higher for the sixth consecutive day, marking its longest streak since January. Specifically, Japanese markets are approaching record highs, with the Nikkei rising by +1.53% and the Topix increasing by +1.62%, both benefiting from sustained optimism regarding a US trade agreement. Elsewhere, the Hang Seng has increased by +0.59%, the Shanghai Composite by +0.48%, and the KOSPI by +0.26%. S&P 500 (+0.11%) and NASDAQ 100 futures (+0.30%) are being helped by Google and 10yr USTs are up just over a basis point.
Overnight the S&P Global Japan services PMI rose to 53.5 in July from 51.7 in June, driven by growth in new business. Conversely, the manufacturing PMI fell to 48.8 in July from June’s final reading of 50.1, that had marked the first time in 13 months that the index had exceeded 50.0. This month’s fall obviously covered the period before the trade deal was announced. When combining both service and manufacturing activities, the composite PMI remained steady at 51.5, indicating four consecutive months of expansion.
Turning to Australia, S&P Global reported that the composite PMI increased to 53.6 in July, up from 51.6 previously, reaching its highest level since April 2022 and marking the tenth consecutive month of expansion. Furthermore, the services PMI rose to 53.8 in July from the previous reading of 51.8, achieving its fastest growth rate in 16 months. Meanwhile, the manufacturing PMI registered at 51.6 in July compared to 50.6 previously. New orders for manufactured goods have rebounded, resulting in the strongest overall growth in new business in over three years.
In FX, the Japanese yen (+0.30%) is gaining ground for the fourth consecutive session trading at 146.07 against the dollar on speculation that the Japan-US trade agreement has made it easier for the BOJ to raise interest rates. Finally, there wasn’t much economic data yesterday, although US existing home sales fell a bit more than expected in June, down to an annualised rate of 3.93m (vs. 4m expected), which was their lowest in 9 months. Separately, the European Commission’s preliminary consumer confidence indicator ticked up to a 4-month high of -14.7 in the Euro Area (vs. -15.0 expected).
To the day ahead now, and the main highlight will be the ECB’s latest policy decision, along with President Lagarde’s subsequent press conference. Otherwise, data releases include the July flash PMIs from the US and Europe, the US weekly initial jobless claims, and new home sales for June. Earnings releases include Intel.
2b European opening report
European stocks bid on EU trade reports, GOOGL +3%, TSLA -6% post-earnings; ECB due – Newsquawk US Market Open
Thursday, Jul 24, 2025 – 06:06 AM
US President Trump said they will have straight, simple tariffs of between 15% and 50% on countries, while he added the US is in serious talks with the EU and if they agree to open up to US businesses, US will let them pay lower tariffs.
European bourses continue to gain, albeit are off best levels; US futures mixed, GOOGL +3%, TSLA -6% in pre-market trade.
GBP lags on soft PMIs, EUR eyes ECB and potential EU-US breakthrough.
EGBs hit by trade updates, Gilts off lows post-PMIs, USTs await data.
Crude rises on trade optimism and geopolitics, gold unwinds risk premium.
Looking ahead, Global PMIs, US Jobless Claims, Canadian Retail Sales, ECB & CBRT Policy Announcements, Speakers including RBNZ’s Conway & ECB President Lagarde, Supply from the US.
Earnings from LVMH, Carrefour, Michelin, Intel, American Airlines, Blackstone, Dow Chemical, Nasdaq, Union Pacific, Honeywell & Keurig Dr Pepper.
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TARIFFS/TRADE
EU diplomats say that members have supported potential tariffs on EUR 93bln of US goods
US President Trump said they will have straight, simple tariffs of between 15% and 50% on countries, while he added the US is in serious talks with the EU and if they agree to open up to US businesses, US will let them pay lower tariffs. Trump said they will be charging straight tariffs to most of the rest of the world and are in the process of completing a deal with China, while they are making deals with various Asian countries on energy and made a deal with the EU but it was related to military equipment.
White House said on reports of an EU trade deal, that discussions about a possible deal should be considered speculation.
South Korea’s Finance Ministry said the 2 + 2 trade talks with the US were cancelled due to the US Treasury Secretary’s schedule, while the US proposed talks in the immediate future and the sides will set the time for another round of talks ASAP. Furthermore, it stated that South Korea’s trade envoy is to still meet with his US counterpart during his trip, while there were separate reports that the US and South Korea have discussed creating a fund to invest in American projects as part of a trade deal and South Korea is to invest more than USD 100bln as part of a US trade deal, according to Yonhap.
Japan’s Tariff negotiator Akazawa says there is no difference in understanding between Japan and the US on the trade deal; had no discussion with US President or US officials on how to implement the deal.
Indonesia Chief Economy Minister says its possible that Indonesia’s key commodities could get a lower tariff than 19% or even close to 0%.
Indonesian Economy Minister says Indonesia has asked the US for lower tariffs on goods produced in the free trade zone.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.5%) opened stronger across the board, with positive trade developments continuing to boost sentiment. However, as the morning progressed, indices have dipped off earlier highs but still reside firmer across the board. Sentiment boosted today thanks to an FT report which suggested that the US and the EU were closing in on a trade deal with a 15% tariff rate, albeit this is yet to be officially confirmed.
European sectors hold a strong positive bias, with the industry compilation today largely dictated by post-earning movers. Optimised Personal Care tops the pile, largely driven by Reckitt which soars after the Co. reported a Q2 sales beat, lifted its annual guidance and plans a GBP 1bln share buyback. Banks take second spot, lifted by post-earning strength in Deutsche Bank and BNP Paribas. Food Beverage and Tobacco underperforms alongside Real Estate today; the former has been pressured by heavyweight Nestle, after its results. (details all below).
US equity futures (ES +0.1%, NQ +0.3%, RTY -0.3%) are mixed. Tech heavy NQ outperforms with the likes of Google (+3%) and ServiceNow (+7%) boosting the index after earnings, whilst Tesla (-6%) slips after its results.
Walmart (WMT) is to overhaul its AI agent strategy, via WSJ; to consolidate its agents into four ‘super agents’ to simplify the user experience. Co. intends to announce this on Thursday.
TotalEnergies (TTE FP) Q2 2025 (USD): Miss, lower adj. net income from business segments in Q2, primarily due to lower oil and gas prices. Shares -1.6%
Reckitt (RKT LN) H1 2025 (GBP): Revenue 6.981bln (exp. 7.026bln); raised guidance and announced buyback. Shares +10%
FX
DXY is a touch higher after a run of four consecutive daily losses. Yesterday’s downside was largely due to the appreciation of the JPY in the wake of the US-Japan trade deal. ING has made the observation that “The dollar didn’t suffer in the first half of July from trade tensions re-escalating. And it is equally finding no benefit from positive trade deal news”. Noise around the Trump administration’s disdain for the current direction of FOMC policy will likely pick up today with the President set to visit the Fed at 21:00BST. DXY has delved as low as 97.10 with focus on a test of 97.00; not breached since 7th July (96.89 was the low that day).
EUR is a touch softer vs. the USD with the recent rally pausing for breath. This week has seen optimism increase on the trade front with reporting via Reuters and the FT suggesting that the US and EU are closing in on a 15% tariff deal, which would waive tariffs on some products. Elsewhere, flash EZ PMI metrics for July showed minor improvements and beats on expectations for the manufacturing, services and composite metrics. The accompanying report said the data was indicative of “robust” economic growth for Q3 and a continuation of the disinflation trend. That being said, the release is unlikely to have any sway on the upcoming ECB rate decision with markets fully priced for an unchanged rate as the GC views current policy as well-positioned.
JPY is mildly extending on its recent run of gains vs. the USD with the Yen buoyed after securing a trade deal with the US, which will see Japanese goods subject to a 15% tariff (including autos). Additionally, Japan will invest USD 550bln into the US and is expected to sign an LNG deal with the US. Accordingly, markets have continued to bolster bets on BoJ tightening this year with 22bps of hikes seen by year-end vs. circa 14bps at the start of the week. USD/JPY has briefly made its way onto a 145 handle with a session low at 145.86; lowest since July 10th.
GBP is struggling and sits at the bottom of the G10 leaderboard in the wake of disappointing flash PMI metrics for July. The services metric unexpectedly declined to 51.2 from 52.8, manufacturing nudged higher to 48.2 from 47.7 with the composite coming in at 51.0 vs. previous 52.0. The accompanying release was a gloomy one with S&P Global noting the data showed “output growth weakened to a pace indicative of the economy growing at a mere 0.1% quarterly rate, with risks tilted to the downside in the coming months”. Cable has slipped to a low of 1.3547 but is holding above its 50DMA at 1.3529 and yesterday’s low at 1.3515.
Antipodeans both remain buoyed by the encouraging risk tone in the absence of any antipodean-specific drivers. As such, both will likely take direction from the trade environment in the short-term.
PBoC set USD/CNY mid-point at 7.1385 vs exp. 7.1503 (Prev. 7.1414).
Bunds are under pressure into the ECB. Weighed on by the constructive updates on the EU-US trade front. As reports noted that the US and the EU were closing in on a trade deal with a 15% tariff rate, albeit this is yet to be officially confirmed, and White House Trade Adviser Navarro said to take it with a pinch of salt. Bunds find themselves lower by 87 ticks at most to a 129.71 base, notching a marginal new WTD trough. As for PMIs, the French and German figures were mixed vs consensus while the EZ figure beat and came in above the prior for all metrics. Attention now turns to the ECB, where rates are expected to be kept steady.
USTs are also in the red, but to a much lesser extent. Directionally in-fitting with EGBs but holding around the 111-00 mark after a brief blip to a 110-28+ low in the European morning. In contrast to Bunds, the current low is clear of Monday’s 110-24 WTD base. Trade aside, the Fed remains in focus as Trump himself will be visiting the Fed this evening. Currently, it is unclear if he will be meeting with Chair Powell or not during this visit. Docket ahead will include US Jobless Claims, PMIs and the US 2, 5, 7, 2yr FRN Refunding Announcement.
Gilts opened lower by 26 ticks given the risk tone and pressure in Bunds at the time. Thereafter, it extended to a 92.29 trough ahead of its own PMI data. Metrics which were mixed vs expectations but featured a sizeable miss in Services at 51.2 (exp. 53, prev. 52.8) coming in outside of the forecast range. Internal commentary was also downbeat, S&P calculating output growth is indicative of just 0.1% quarterly growth and risks are tilted to the downside in the coming months. In reaction to the series, a move higher from 91.43 to a 91.57 peak occurred just after the series, given the mixed/weak headlines.
Firmer trade across the crude complex with a bulk of this morning’s price action commencing just before 07:00 BST as European traders entered the fray, to the trade optimism felt across markets following the US-Japan deals alongside unofficial reports of an EU-US deal, although US officials suggested taking these reports with a pinch of salt. The price action also coincided with commentary from US envoy Barrack, who said Lebanon’s failure to disarm Hezbollah means that the Israeli raids will continue. WTI resides closer to the upper end of a USD 65.37-66.24/bbl range, while Brent sits in a USD 68.61-69.45/bbl range.
Precious metals are lower across the board amid the outflow of havens on trade optimism, with a similar performance seen across the bond market. Spot gold resides in a USD 3,366-3,393.48/oz range at the time of writing.
Base metals are flat/mixed despite the broader risk appetite as traders gear up for trade deals ahead of next Friday’s deadline, with the EU and US on watch, whilst officials from Washington and Beijing also gear up for a meeting next week, in Sweden. Furthermore, markets are also on the lookout for details regarding the US copper tariff. 3M LME copper resides in a USD 9,923.05-9,969.00/t range.
China June YTD gold output fell 0.3% Y/Y to 179.083 metric tons and China June YTD gold consumption fell 3.54% Y/Y to 505 metric tons. according to the China Gold Association.
EU HCOB Composite Flash PMI (Jul) 51.0 vs. Exp. 50.8 (Prev. 50.6); Manufacturing Flash PMI (Jul) 49.8 vs. Exp. 49.7 (Prev. 49.5); Services Flash PMI (Jul) 51.2 vs. Exp. 50.7 (Prev. 50.5)
French HCOB Composite Flash PMI (Jul) 49.6 vs. Exp. 49.3 (Prev. 49.2); French HCOB Services Flash PMI (Jul) 49.7 vs. Exp. 49.6 (Prev. 49.6); HCOB Manufacturing Flash PMI (Jul) 48.4 vs. Exp. 48.5 (Prev. 48.1)
German HCOB Services Flash PMI (Jul) 50.1 vs. Exp. 50.0 (Prev. 49.7); HCOB Manufacturing Flash PMI (Jul) 49.2 vs. Exp. 49.5 (Prev. 49.0); Composite Flash PMI (Jul) 50.3 vs. Exp. 50.7 (Prev. 50.4)
UK Flash Services PMI (Jul) 51.2 vs. Exp. 53.0 (Prev. 52.8); Flash Composite PMI (Jul) 51.0 vs. Exp. 51.8 (Prev. 52.0); Manufacturing PMI (Jul) 48.2 vs. Exp. 48.0 (Prev. 47.7)
Other
German GfK Consumer Sentiment (Aug) -21.5 vs. Exp. -19.2 (Prev. -20.3)
French Business Climate Mfg (Jul) 96.0 vs. Exp. 96.0 (Prev. 96.0, Rev. 97)
NOTABLE US HEADLINES
US President Trump signed AI executive orders to fast-track big projects and to turn America into an AI export powerhouse.
US President Trump was told by the DoJ in May that his name is among many in the Epstein files, according to WSJ.
White House official told Reuters on Wednesday that the administration was not denying that President Trump’s name appears in the files.
US Treasury Secretary Bessent a new Fed Chairman nominee is likely to be announced in December or January.
White House said US President Trump will visit the Federal Reserve on Thursday at 16:00EDT/21:00BST.
BofA Institute Total Card Spending (w/e July 19th): +1.8% Y/Y (vs. +0.2% June avg.); despite base effect from Prime Day (AMZN) timing change, spending growth was solid.
GEOPOLITICS
North Korea leader Kim supervises artillery firing, according to KCNA
US Envoy Barrack says Lebanon’s failure to disarm Hezbollah means that the Israeli raids will continue; ” There is no open deadline for disarming Hezbollah and the one who decides the duration of this period is Israel, not the United States”. Elsewhere, “The likelihood that Iran will not conclude a deal with the United States is “very small”, according to Sky News Arabia.
Israeli officials say “At present, it is not possible to determine whether Hamas new response is indeed improved or allows for progress. Consultations will be held in the coming hours.”, via Jerusalem Post’s Stein; follows, PM Netanyahu says they are examining the Hamas response to the Gaza ceasefire proposal.
Russia’s Kremlin says did not expect a breakthrough from talks with Ukraine, according to Tass.
Russia’s Kremlin says it is hard to see how President Putin and Ukrainian President Zelensky could meet before the end of August.
Thailand acting PM says Cambodia has fired heavy weapons into Thailand without specific targets, civilians have been killed; there has been no declaration of war; conflict has not spread to more provinces.
CRYPTO
Bitcoin is on a slightly firmer footing today, trading just above USD 118k; Ethereum a little lower and trades above USD 3.6k.
APAC TRADE
APAC stocks mostly extended on gains following the positive handover from Wall St and as recent trade developments continued to underpin risk sentiment.
ASX 200 lacked conviction and lagged behind regional peers with heavy losses seen in gold miners after a drop in the precious metal, while participants also digested several quarterly production updates.
Nikkei 225 continued its rally and briefly breached the 42,000 level to the upside as the euphoria from the US-Japan trade agreement lingered and with the electrical equipment manufacturers leading the advances, although the index has since pulled back from today’s best levels.
Hang Seng and Shanghai Comp were higher with little fresh catalysts to derail the recent positive momentum and following some optimistic comments from US Treasury Secretary Bessent ahead of next week’s US-China talks in Sweden in which he stated that they are in a very good place with China right now and are back on track with China negotiations, while he also seemingly suggested they could do a rolling 90-day deadline when asked about the tariff deadline with China.
NOTABLE ASIA-PAC HEADLINES
Chinese President Xi said China and the EU are at another critical historic juncture and should enhance communication, increase mutual trust and deepen cooperation, while China and EU leaders should demonstrate vision and responsibility, as well as make correct strategic choices that meet the expectations of the people.
EU’s von der Leyen said rebalancing bilateral relations is essential and they have reached an inflection point, while she added it is vital for China and Europe to acknowledge respective concerns and come forward with real solutions. President von der Leyen said as cooperation has deepened, so have imbalances and noted that the China–EU relationship is one of the most important and consequential in the world.
European Council President Costa said to Chinese President Xi that they need concrete progress on issues related to trade and the economy.
US Commerce Secretary Lutnick said regarding the TikTok sale that he thinks a deal will happen and America will buy it.
US lawmakers subpoenaed JPMorgan (JPM) and Bank of America (BAC) over the IPO of a Chinese battery startup, while the House committee had previously urged banks to stop work on CATL’s initial public offering, according to WSJ.
PBoC Statement: China to support stable development of industries such as hogs, beef cattle, dairy cattle, sheep, and aquatic products.
2c) Asian opening report
Europe set for a firm open after reports of a 15% EU tariff, ECB ahead – Newsquawk Europe Market Open
Thursday, Jul 24, 2025 – 01:33 AM
US President Trump said they will have straight, simple tariffs of between 15% and 50% on countries, while he added the US is in serious talks with the EU and if they agree to open up to US businesses, US will let them pay lower tariffs.
Reports noted that the US and the EU were closing in on a trade deal with a 15% tariff rate, albeit this is yet to be officially confirmed, and White House Trade Adviser Navarro said to take the reports with a pinch of salt.
EU member states are set to vote on EUR 93bln of counter-tariffs on US goods on Thursday and a broad majority of EU members would support using the anti-coercion instrument in the event of no US trade deal and US tariffs of 30%.
Alphabet (GOOGL) shares rose 1.7% after-market following earnings whilst Tesla (TSLA) slipped 4.4% as CEO Musk warned of “rough times”.
APAC stocks mostly extended on gains; European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 1.3% after the cash market closed with gains of 1.0% on Wednesday.
Looking ahead, highlights include Global PMIs, German GfK Consumer Sentiment, US Jobless Claims, Canadian Retail Sales, ECB & CBRT Policy Announcements, Speakers including RBNZ’s Conway & ECB President Lagarde, Supply from Italy & US.
Earnings from LVMH, BNP Paribas, TotalEnergies, STMicroelectronics, Dassault Systemes, Carrefour, Michelin, BE Semiconductor, Richemont, Nestle, Roche MTU Aero, Deutsche Bank, Lloyds, IG, Reckitt Intel, American Airlines, Blackstone, Dow Chemical, Nasdaq, Union Pacific, Honeywell & Keurig Dr Pepper.
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US TRADE
EQUITIES
US stocks were bid and bonds were hit on Wednesday as the focus centred on trade updates following the announcement of a US-Japan trade deal in which Japan will pay a 15% tariff on imports to the US, which is down from the previously threatened 25%, while reports also noted that the US and the EU were closing in on a trade deal with a 15% tariff rate, albeit this is yet to be officially confirmed and White House Trade Adviser Navarro said to take the reports with a pinch of salt.
SPX +0.78% at 6,359, NDX +0.43% at 23,162, DJI +1.14% at 45,010, RUT +1.53% at 2,283.
US President Trump said they will have straight, simple tariffs of between 15% and 50% on countries, while he added the US is in serious talks with the EU and if they agree to open up to US businesses, US will let them pay lower tariffs. Trump said they will be charging straight tariffs to most of the rest of the world and are in the process of completing a deal with China, while they are making deals with various Asian countries on energy and made a deal with the EU but it was related to military equipment.
EU and US were reportedly heading for a potential trade deal with a 15% US baseline tariff on EU goods, while a EU-US deal could include exemptions for some EU goods, according to Reuters citing EU diplomats. EU member states are set to vote on EUR 93bln of counter-tariffs on US goods on Thursday and a broad majority of EU members would support using the anti-coercion instrument in the event of no US trade deal and US tariffs of 30%. FT also reported that the US and the EU close in on a 15% tariff deal which would waive tariffs on some products, including aircraft, spirits and medical devices.
German Chancellor Merz said he is hearing there may be a decision on trade with the US.
French President Macron said they want to provide stability and have the lowest tariffs possible, while they will coordinate the EU response to US tariffs.
US White House Trade Adviser Navarro said the Japan trade deal should spur other deals along and would like to see relief in EU VAT. Furthermore, Navarro said would take it with a pinch of salt and that the EU putting out news on trade deals is aspirational, when asked about the FT report of the US & EU closing in on a 15% tariff deal.
White House said on reports of an EU trade deal, that discussions about a possible deal should be considered speculation.
White House said the US-Japan investment deal will focus partly on semiconductor design and fabrication, natural gas, and new shipbuilding yards. Furthermore, Japan will immediately increase imports of US rice by 75% and will purchase USD 8bln in US goods, including corn, soybeans, fertiliser, bioethanol, and sustainable aviation fuel.
South Korea’s Finance Ministry said the 2 + 2 trade talks with the US were cancelled due to the US Treasury Secretary’s schedule, while the US proposed talks in the immediate future and the sides will set the time for another round of talks ASAP. Furthermore, it stated that South Korea’s trade envoy is to still meet with his US counterpart during his trip, while there were separate reports that the US and South Korea have discussed creating a fund to invest in American projects as part of a trade deal and South Korea is to invest more than USD 100bln as part of a US trade deal, according to Yonhap.
US federal prosecutors are laying groundwork to criminally charge companies and individuals that try to evade US tariffs, according to Bloomberg.
NOTABLE HEADLINES
US President Trump signed AI executive orders to fast-track big projects and to turn America into an AI export powerhouse.
US President Trump was told by the DoJ in May that his name is among many in the Epstein files, according to WSJ.
White House official told Reuters on Wednesday that the administration was not denying that President Trump’s name appears in the files.
US Treasury Secretary Bessent said they could see 1-2 rate cuts this year and noted that he has breakfast with Fed Chair Powell almost every week. Bessent separately commented that a new Fed Chairman nominee is likely to be announced in December or January.
White House said US President Trump will visit the Federal Reserve on Thursday at 16:00EDT/21:00BST.
Tesla (TSLA) Q2 2025 (USD): Adj. EPS 0.40 (exp. 0.41), Revenue 22.5bln (exp. 22.09bln); CEO Musk warned of “rough times”. shares fell 4.4% after-market.
APAC TRADE
EQUITIES
APAC stocks mostly extended on gains following the positive handover from Wall St and as recent trade developments continued to underpin risk sentiment.
ASX 200 lacked conviction and lagged behind regional peers with heavy losses seen in gold miners after a drop in the precious metal, while participants also digested several quarterly production updates.
Nikkei 225 continued its rally and briefly breached the 42,000 level to the upside as the euphoria from the US-Japan trade agreement lingered and with the electrical equipment manufacturers leading the advances, although the index has since pulled back from today’s best levels.
Hang Seng and Shanghai Comp were higher with little fresh catalysts to derail the recent positive momentum and following some optimistic comments from US Treasury Secretary Bessent ahead of next week’s US-China talks in Sweden in which he stated that they are in a very good place with China right now and are back on track with China negotiations, while he also seemingly suggested they could do a rolling 90-day deadline when asked about the tariff deadline with China.
US equity futures were rangebound following the prior day’s advances and with mixed fortunes seen from the key after-market earnings from the likes of Alphabet and Tesla.
European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 1.3% after the cash market closed with gains of 1.0% on Wednesday.
FX
DXY lacked direction after softening yesterday with pressure seen against higher-beta FX in response to the US-Japan trade deal. Furthermore, US President Trump continued his criticism of Fed Chair Powell and reiterated his call for lower rates, while the data calendar is set to pick up with Jobless Claims, Building Permits, New Home Sales and PMIs due later.
EUR/USD sats around a two-week peak but with gains capped after conflicting headlines on US-EU trade talks as reports initially noted that the US and the EU are closing in on a 15% tariff deal including some exemptions. However, the bloc is set to vote on a possible EUR 93bln package of countermeasures today, while White House Trade Advisor Navarro suggested taking reports of a nearing deal with a pinch of salt and the White House also stated that discussions about any possible deal should be considered speculation. Looking ahead, participants now await the ECB policy meeting and if there are any notable developments from the ongoing EU-China summit in Beijing.
GBP/USD took a breather after gaining a firmer footing on the 1.3500 handle which coincided with strength in cyclical peers owing to the recent US trade deals.
USD/JPY declined and tested the 146.00 level to the downside after breaching through this week’s lows and following PM Ishiba’s denial of resignation reports.
Antipodeans extended on advances after recent cyclical outperformance and as risk sentiment remained mostly positive.
PBoC set USD/CNY mid-point at 7.1385 vs exp. 7.1503 (Prev. 7.1414).
FIXED INCOME
10yr UST futures lacked demand after retreating yesterday amid the heightened risk appetite and trade optimism.
Bund futures were heavily pressured amid reports that the US and EU are heading for a 15% tariff deal, although White House Advisor Navarro said to take these reports with a pinch of salt, and the White House also stated that discussions about any possible deal should be considered speculation.
10yr JGB futures marginally extended on recent losses to further beneath the 138.00 level in a continuation of the recent haven outflows.
COMMODITIES
Crude futures gradually edged higher in rangebound trade after this week’s choppy performance amid a lack of major energy-specific catalysts and with the broader focus on trade-related developments ahead of the August 1st tariff deadline.
Spot gold languished near the prior day’s lows beneath the USD 3,400/oz level as havens were shunned on trade optimism
China June YTD gold output fell 0.3% Y/Y to 179.083 metric tons and China June YTD gold consumption fell 3.54% Y/Y to 505 metric tons. according to the China Gold Association.
Copper futures remained afloat after advancing alongside the positive global risk environment.
CRYPTO
Bitcoin marginally declined after failing to sustain an earlier return to above the USD 119k level.
NOTABLE ASIA-PAC HEADLINES
Chinese President Xi said China and the EU are at another critical historic juncture and should enhance communication, increase mutual trust and deepen cooperation, while China and EU leaders should demonstrate vision and responsibility, as well as make correct strategic choices that meet the expectations of the people.
EU’s von der Leyen said rebalancing bilateral relations is essential and they have reached an inflection point, while she added it is vital for China and Europe to acknowledge respective concerns and come forward with real solutions. President von der Leyen said as cooperation has deepened, so have imbalances and noted that the China–EU relationship is one of the most important and consequential in the world.
European Council President Costa said to Chinese President Xi that they need concrete progress on issues related to trade and the economy.
US Commerce Secretary Lutnick said regarding the TikTok sale that he thinks a deal will happen and America will buy it.
US lawmakers subpoenaed JPMorgan (JPM) and Bank of America (BAC) over the IPO of a Chinese battery startup, while the House committee had previously urged banks to stop work on CATL’s initial public offering, according to WSJ.
GEOPOLITICS
MIDDLE EAST
Israel’s President told soldiers in Gaza that there were not “intense negotiations” and hopes they hear good news soon.
Hamas handed its response regarding the ceasefire proposal to mediators, according to Reuters.
Tehran’s nuclear negotiator Gharibabadi said Iran is willing to return to the negotiating table with the US, “the sooner the better” but must be convinced the talks aren’t a cover for further military action, according to Axios.
RUSSIA-UKRAINE
Heads of the Russian and Ukrainian delegations held a meeting in Istanbul, while they agreed to exchange more prisoners including military and civilians.
Ukraine’s Umerov said Ukraine proposed a leaders’ meeting with Russia at the end of August. Furthermore, Russia’s Medinsky said all humanitarian agreements have been fulfilled and proposed to Ukraine establishing three working groups to work online, as well as proposed to consider declaring a number of short ceasefires.
Chinese-made engines are being covertly shipped via front companies to a state-owned drone manufacturer in Russia to avoid detection in the wake of Western sanctions, according to Reuters citing three European security officials and documents seen.
OTHER
North Korea leader Kim supervises artillery firing, according to KCNA
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN/
3C CHINA
CHINA/
ROBERT LAMBOURNE TO US;
extremely important; it has been our contention that China’s population is only 400 million people and not 1.4 billion as many have been lost due to covid and attrition due to one child per family rule
please read Bob’s comments and the video for verification!!
China’s debt spiral and population crash—It’s worse than you think
Harvey,
Thanks for your update this morning. We are living in interesting times, it’s fair to say.
I’m sending this video to you as I feel this lady seems to have a reasonable grasp of what is going on in China. This particular video is one where her views are definitely outliers versus regular comments on China. I assume that Chris has already seen this as he does look at her output.
Before attempting to explain my take on her remarks, I just wanted to say that I’ve spent some time recently trying to understand what evidence there is for the Chinese population being below official figures.
It seems to me that there is credible evidence to suggest that the population is much lower. Salt consumption in China has been claimed to be evidence of a much reduced population and I’m now reasonably convinced that there is something to this point having done some research, but there are contradictory factors too.
I’m happy to go through the evidence for Chris or you, if it’s of any interest.
Hence her assertion that the Chinese population might only be c800 million rather than 1.4 billion in 2023 seems entirely plausible to me.
What I haven’t been able to investigate is her further claim, using child enrolments into nurseries, and other anecdotal material is that the population fell heavily again probably because of Covid and the ineffective or dangerous local vaccines. In the video she is suggesting a real population of 400 million.
If this is the case and the population is much reduced and if her other assertion that the debt crisis there is much worse than generally reported then the Chinese almost certainly would welcome a gold price revaluation if not a formal gold price reset.
So I still feel that something is likely to be agreed jointly by China and the USA with a resulting much higher gold price.
Maybe the USA is in a rather stronger position than many commentators understand, especially if Lei is right about the problems in China.
Germany’s €450 Billion EU Tribute: Brussels Demands, Berlin Pays
Thursday, Jul 24, 2025 – 03:30 AM
By Thomas Kolbe
Political centralism doesn’t come free of charge. On the path toward the United States of Europe, Brussels is entangling itself in a web of overreach, control mania, and interventionism. The invoice for this arrogance is being handed down to the outposts of Eurocracy.
Celebration in Berlin. German Chancellor Friedrich Merz proudly presented what he called a comeback for Germany’s depression-plagued economy this Monday. Under the deeply original (read: painfully clichéd) slogan “Made for Germany”, 60 of the country’s top corporations showcased their already planned investments as a kind of aggregated act of economic liberation. “Germany is back,” Merz posted on X – grandiose, juvenile, and more cringe-inducing than inspiring.
Germany is bleeding out
The reality of the German economy paints a different picture. The labor market has already tipped into decline, with more than 100,000 industrial jobs set to be eliminated this year. A record wave of bankruptcies and a dramatic capital flight round out the portrait of an economic policy in freefall.
How far Merz’s corporate pep rally strays from the economic facts is made clear by the country’s net direct investment figures: In 2024, Germany saw €64.5 billion in net capital leave the country. In 2023, it was €67.3 billion; in 2022, a staggering €112.2 billion.
Germany is bleeding. And the real scandal is this: the country’s political leadership and, for practical purposes, let’s call them its “economic elite,” refuse to speak about the true causes of this collapse.
A summit truly “Made for Germany” would call for an exit from the suicidal green policy agenda. It would advocate a drastic reduction in bureaucracy and regulatory coercion, a return to affordable Russian gas, and the revival of nuclear power – the pillars of any serious industrial policy.
Contrast this PR stunt with the hard numbers, and it becomes obvious why the event faded into oblivion – uninspired, flat, and quickly archived as another placebo moment of postmodern politics.
The Brussels Bill
Merz, for his part, was likely already preoccupied with another headache. While he toasted in Berlin, half of Europe was reacting to the ballooning budget proposal by his party colleague, EU Commission President Ursula von der Leyen. She had just introduced her draft for the EU’s Multiannual Financial Framework (MFF) for 2028 to 2034: a whopping €1.82 trillion. (link)
No one can accuse Brussels of lacking ambition. €100 billion is earmarked to keep the proxy war in Ukraine afloat, while another €650 billion is slated for the EU’s green subsidy machine – a lifeline for its artificial eco-economy. The proposed budget would increase by €750 billion, or nearly 50%.
Unlike China’s five-year plans, the EU dreams in seven-year cycles. A true central planner’s paradise.
If enacted, this mega-budget would trigger a massive increase in member-state contributions – with Germany, as usual, stuck with the lion’s share. Based on its economic size, Germany would be expected to contribute around 25% of the total, or approximately €450 billion.
For comparison: Germany currently pays around €30 billion annually into the EU budget and receives €14 billion in return – a net loss of €16 billion per year. Under the new framework, Berlin’s net contribution could rise to as much as €50 billion per year – more than triple today’s level.
The Spiral of Debt Accelerates
Cynics might argue that Germany could absorb the extra debt without much fuss. After all, Berlin is planning to borrow €90 billion next year anyway – what’s another €26 billion? Relative to GDP, it’s just a 0.6% bump in spending. A small price to pay for stabilizing Europe’s central authority. In the lingo of German politics: a Democracy Tax.
And since no one in Brussels or Berlin seems to care about the Maastricht debt rules anymore, the path is clear for another round of debt-financed Euro-socialism.
Merz, together with von der Leyen and French President Emmanuel Macron, is united in the belief that consolidating power within Brussels is the only way to keep Europe geopolitically relevant.
Merz is increasingly revealing himself as a committed central planner. With him, there will be no market-based reset – no return to constitutional economics.
The End of the Veto Right
The German government’s current budget plan shows that Berlin is on board. The crisis will be “managed” through massive borrowing and state-directed investment of fictitious capital.
To resolve Brussels’ budget dilemma, we can expect a two-pronged solution: new EU taxes and increased national contributions.
I’ll go ahead and predict what’s coming: in the next few months, we will see a coordinated push to eliminate the veto rights of individual EU member states in budget negotiations.
Let Viktor Orbán stomp his feet in Budapest all he wants – the advance of European-style socialism won’t be stopped by ox or donkey. One imagines CDU members quietly humming The Internationale under their breath.
Once that veto hurdle is cleared, national debts could be pooled under the umbrella of the EU Commission, monetized via the European Central Bank, and camouflaged by a digital Euro – all in an effort to halt the economic hemorrhaging of the Eurozone.
The Ukraine conflict serves as the ideal justification for this massive wave of public credit creation.
Delusion vs. Dissent
Such are the fantasies of the Eurocrats. Thankfully, reality tends to defy ideology.
As a conservative backlash slowly stirs across Europe, it is highly unlikely that Brussels will face the next fiscal crisis without resistance.
That resistance will either restrain the EU’s fiscal adventurism – or trigger the collapse of this increasingly fragile house of cards.
* * *
About the author: Thomas Kolbe is a German graduate economist. For over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
end
ECB
rates unchanged
ECB Keeps Rates Unchanged, As Expected
Thursday, Jul 24, 2025 – 08:34 AM
As expected by pretty much everyone, the ECB kept its three key ECB interest rates unchanged this morning in a decision that was telegraphed well in advance. Inflation is currently at the 2% medium-term target. Data has been in line with earlier assessments of the inflation outlook, it said in the statement adding that “domestic price pressures have continued to ease, with wages growing more slowly”.
The economy has so far proven resilient overall in a challenging global environment. “At the same time, the environment remains exceptionally uncertain, especially because of trade disputes”. The ECB reinterated it is determined to ensure inflation stabilises at its 2% target in the medium term; it said it is not pre-committing to a particular rate path.
Here are the highlights from the statement:
Incoming information is broadly in line with previous assessment of inflation outlook
Domestic price pressures have continued to ease, with wages growing more slowly
Economy has so far proven resilient overall in a challenging global environment
Environment remains exceptionally uncertain, especially because of trade disputes
Policy Stance
Will follow a data-dependent and meeting-by-meeting approach to determining appropriate monetary policy stance
Rate decisions will be based on its assessment of inflation outlook and risks surrounding it, in light of incoming economic and financial data, as well as dynamics of underlying inflation and strength of monetary policy transmission
Is not pre-committing to a particular rate path
Looking at the market’s kneejerk reaction, there was no sustained moves in either EUR or EGBs, confirming once again how expected the announcement was.
Futures ECB Pricing
Sep -8.5bps (prev. -8.5bps)
Oct -12.6bps (prev. -13.6bps)
Dec -20.5bps (prev. -21,9bps)
Mar’25 -25.7bps (prev. -26.8bps)
Dec’26 -19.1bps (prev. -19.8bps)
Commenting on the decision, Newsquawk notes that as expected. ECB maintained policy settings, acknowledged the continued easing of domestic price pressures and slower wage growth, while highlighting that the environment is “exceptionally uncertain” given trade disputes. No mention of the EUR. Forward guidance is limited to the usual data-dependent and meeting-by-meeting approach, with assessments based on the inflation outlook, risks to it, the dynamics of underlying inflation, and the strength of policy transmission.
From Lagarde, any further forward guidance will be keenly sought, commentary heavily scrutinized, though she is unlikely to provide anything specific at this stage; particularly given the very fluid tariff situation, as evidenced by overnight developments. Elsewhere, any commentary on the EUR given its continued strength. As a reminder, any commentary on it would likely be to stem much more EUR strength (recall recent remarks from de Guindos around 1.20), and as such could be taken in a dovish fashion.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL /GAZA/HEZBOLLAH/IRAN/SUMMARY OF THE LAST 24 HRS
ISRAEL VS IRAN
Iran claims it sent helicopter to warn US destroyer in attempt to project force
Iranian state media outlet Tasnim News said that on July 23, at around ten in the morning, the USS Fitzgerald intended to approach the waters around Iran.
A US Navy guided-missile destroyer USS Jason Dunham (DDG 109) and Egyptian Navy frigate ENS Alexandria (F911) conduct manoeuvring-operation exercises during a 60 nations International Maritime Exercise.(photo credit: US NAVAL FORCES CENTRAL COMMAND/US NAVY THEOPLIS STEWART LL/HANDOUT VIA REUTERS)BySETH J. FRANTZMANJULY 24, 2025 11:11Updated: JULY 24, 2025 15:10
Iran is seeking to get back some pride in the wake of its drubbing at the hands of Israel and the US during the 12-day war that ended a month ago on June 24. As such, Iran has decided to have its state media celebrate claims that one of its military helicopters warned a US destroyer to stay away from Iranian waters in the Gulf of Oman.
The US Naval Institute’s USNI news site noted that “US Central Command is denying an American guided-missile destroyer violated Iranian waters, disputing claims in Iranian state media.”
Iranian state media outlet Tasnim News said that on July 23, at around ten in the morning, the USS Fitzgerald “intended to approach the waters of the Islamic Republic of Iran.” The Iranian navy’s “Third Nabataean Region Aviation Readiness Team (Nadaja) flew over this extra-regional vessel as quickly as possible by helicopter and issued a warning for it to move aw response, the American destroyer threatened to target the Iranian helicopter and demanded it leave the area. But the Iranian pilot resolutely continued his mission and once again repeated the warning to stay away from Iranian waters.” An Iranian SH-3 Sea King helicopter was used in the incident to communicate with the US vessel.
For Iran, this is a small victory. It wants to show it continues to control its territorial waters and that it is monitoring US naval movements. Iran doesn’t want to provoke a new conflict, but it wants to show it is still a country capable of projecting force. The Iranian media presents this as a case of a helicopter warning the US vessel to change course.
Clearly, a small helicopter would not be a match for a modern US destroyer. “With the insistence of the flight team and the defense support of the Iranian army, the American destroyer finally agreed and moved away from the waters.” Iranian media made it seem like the Americans had given up in this encounter.
In this handout photo provided by the U.S. Navy, the guided-missile destroyer USS Fitzgerald (DDG 62) launches a missile from the aft missile deck during Multisail 17 on March 7, 2017 in the Philippine Sea. (credit: Mass Communication Specialist 2nd Class William McCann/U.S. Navy via Getty Images)
Al-Ain media in the UAE described the incident as a possible new crisis. “A new chapter in the crisis between Iran and the United States, following the US strikes on Tehran’s nuclear facilities last month,” the report said. This report noted that the US Pentagon had responded that the naval ship had been “safe and professional” and that he vessel’s mission progress was not impeded.
The Al-Ain report also notes that the Iranians depicted this as making the US ship “surrender” and “turn back.” Clearly, that is Iran’s narrative. “Clashes have previously occurred between the two countries’ forces in the waters off southern Iran, particularly in the Gulf of Oman,” the report added.
“In 2023, Tehran announced that it had forced a US submarine to surface while it was transiting the Strait of Hormuz, a claim Washington denied.” Iran also downed a $200 million Global Hawk drone in 2019. This came at a time when Iran had mined four ships off the coast of the UAE in the Gulf of Oman and also attacked two other ships underway in the same area.
US describes ‘safe interaction’ near Gulf of Oman
The USNI report says that “USS Fitzgerald (DDG-62) and an Iranian helicopter had what a US official described as a ‘safe’ interaction Wednesday morning near the Gulf of Oman.” The report notes the following: “This interaction had no impact on USS Fitzgerald’s mission and any reports claiming otherwise are falsehoods and attempts by Iran’s Islamic Revolutionary Guard Corps (IRGC) to spread misinformation,” the defense told USNI News in a statement. “US Central Command will continue to operate safely and professionally in accordance with internationally recognized norms and customs.”
The Fitzgerald, an Arleigh Burke-class Aegis guided missile destroyer in the US Navy, was commissioned in 1995. It was deployed in June 2025 from San Diego and is operating as one of the naval assets of Central Command. “Iranian harassment of American warships is not unusual in the waters near Iran,” Afshon Ostovar, an associate professor at the Naval Postgraduate School, told USNI News, the report noted.
“The one thing that they cannot do, especially with a single helicopter, is actually intimidate us. Like that Iranian helicopter was far more in danger than USS Fitzgerald was,” Ostovar said to USNI. See more on
end
IRAN
Iran has a huge water crisis!
Iran considering relocating its capital over severe water shortage – report
At least 20 of Iran’s 31 provinces are now suffering a water crisis.
The Amir Kabir dam along the Karaj river in Iran’s northern Alborz mountain range is pictured on June 1, 2025.(photo credit: Atta Kenare/AFP via Getty Images)ByJERUSALEM POST STAFFJULY 24, 2025 18:35Updated: JULY 24, 2025 18:37
Iranian President Masoud Pezeshkian is reportedly not ruling out relocating the capital city of Tehran over the severe water shortage that has gripped the country, Der Spiegel reported on Thursday, citing Iranian media.
“The situation is serious, and Tehran truly has no water left,” Pezeshkian said.
Iran hit by climate crisis
Iran declared a public holiday in Tehran Province last week due to the severe water shortage and energy crisis affecting the country.
Schools and governments are expected to be closed until at least Saturday as a way to reduce the country’s energy and water usage.
At least 20 of Iran’s 31 provinces are now suffering a water crisis, and one of the country’s largest reservoirs is expected to dry up completely within a matter of weeks, according to Iranian state media site IRNA.
The low water inlet of the river upstream of the Amir Kabir dam along the Karaj river is pictured in Iran’s northern Alborz mountain range on June 1, 2025. (credit: Atta Kenare/AFP via Getty Images)
The water crisis follows a 2 degrees centigrade rise since the 1960s, according to UNICEF, and a 20% reduction in rainfall over the past 20 years.
Tehran’s failures
Tehran’s failure to tackle the climate crisis has caused significant blowback from the regime’s critics and Israeli officials.
Israeli Energy Minister Eli Cohen, in a social media post written in Persian, shared that Iranian “suffering” had directly resulted from the Islamic regime.
“Instead of addressing the needs of the Iranian people, they spend resources on terrorist branches in Lebanon, Syria, Yemen, and Gaza,” Cohen wrote. “Israel has managed to overcome water shortages, and thanks to our knowledge and innovation, we now have abundant water resources that we even export to our neighbors.”
“To the Iranian nation: The day this oppressive regime is overthrown, your lives will be much better, and you too will be able to benefit from Israel’s water technologies,” he concluded
Alex Winston contributed to this report.
END
(JERUSALEM POST)
ISRAEL HAMAS
Israel reviewing latest Hamas response to ceasefire proposal — Israeli official
Official says response doesn’t contain some of the demands included in terror group’s previous submission * IDF troops shoot dead 2 Palestinian firebomb throwers in West Bank
An Israeli official tells The Times of Israel that a Hamas statement announcing it gave mediators its response to a Gaza ceasefire proposal refers to an updated response.
Hamas submitted an earlier response on Tuesday, which was quickly rejected by the Arab mediators, who refused to even share it with the US and Israel and demanded that the terror group present something more reasonable.
Hamas agreed to the demand, with the Israeli official confirming that the latest response doesn’t include some of the demands in the proposal that the terror group submitted on Tuesday.
Israel is still reviewing the Hamas response in full, the official adds.
Hamas confirms that it has submitted its response to an Israeli proposal for a 60-day Gaza ceasefire to negotiators.
“Hamas has just submitted its response and that of the Palestinian factions to the ceasefire proposal to the mediators,” the Palestinian terrorist group says in a statement posted on Telegram.
It’s not immediately clear whether the statement is referring to an updated response or the one Hamas already submitted Tuesday night, though the terror group issued no public statement at the time.
Moreover, that proposal was quickly rejected by the mediators who viewed its new series of demands to have been unacceptable, according to a source involved in the talks.
Mediators told Hamas on Tuesday night to send a more constructive response instead.
end
ISRAEL HAMAS
Soldier seriously hurt in Gaza combat; IDF chief says war at ‘significant juncture’
IDF says 70 aid trucks entered Gaza as Israel pushes back on claims of starvation crisis; Katz: If hostages not returned soon, ‘gates of hell will open’
IDF soldiers operate in the Gaza Strip, in images published on July 23, 2025. (Israel Defense Forces)
A tank soldier was seriously wounded during fighting in southern Gaza on Wednesday, as Israeli security chiefs suggested the war was at a turning point and could intensify while talks on a possible ceasefire and hostage release deal continued.
The IDF announced Thursday that the soldier, in the 188th Armored Brigade’s 71st Battalion, was taken to a hospital for treatment and his family was notified.
The incident occurred a day after four soldiers were injured in Gaza, three of them in the south’s Rafah and another in Deir al-Balah in central Gaza, where the IDF recently began ground operations.
Also on Thursday morning, the military said Hamas had launched a rocket at one of the Gaza Humanitarian Foundation’s aid distribution sites in the southern Gaza Strip overnight. According to the IDF, the rocket was launched from Khan Younis toward the area of the GHF sites in Rafah. The projectile impacted some 250 meters from one of the aid sites, close to the army’s Morag Corridor.
The aid site opened for Palestinians to collect food packages Thursday despite the attack. The IDF said the rocket attack “adds to the attempts by the terror organizations, who operate cruelly and systematically, to sabotage the aid distribution sites program… while attempting to disrupt the distribution of humanitarian aid to the residents of the Gaza Strip.”
The fighting is continuing as global criticism over reports of starvation in Gaza has mounted. Israel has rejected the claims and said it was making extensive efforts to let in aid.
Israel and Hamas, meanwhile, are in the midst of ongoing negotiations in Qatar over a ceasefire and hostage release deal. On Thursday morning, an Israeli source told The Times of Israel that Hamas’s latest response in the talks appeared “workable.”
IDF Chief of Staff Lt. Gen. Eyal Zamir said Wednesday that the war stood at a “very significant juncture.” And Defense Minister Israel Katz said that if Hamas-held hostages were not returned to Israel soon, “the gates of hell will open.”
In a statement from his office, Katz said that the “Sinwar brothers” — late Hamas leaders Yahya and Mohammed — “ruined Gaza,” and that Izz al-Din al-Haddad, the terror group’s new leader in the Strip, “is turning it into a sea of ruins.”
“The heads of Hamas abroad are celebrating in palaces and luxury hotels and refusing to release the hostages,” Katz said. “If they won’t be freed soon, the gates of hell will open.”
Defense Minister Israel Katz speaks at an Israeli Air Force pilots course graduation ceremony at the Hatzerim airbase, July 10, 2025. (Screenshot: IDF)
On Wednesday, Zamir said that “we are at a very significant juncture that will impact the continuation of the campaign.”
“There has never been a war like this in the history of the IDF. We are operating in Tehran, Sanaa, Beirut, Syria, Jenin, and in the main center of gravity, the Gaza Strip,” he said, according to remarks provided by the IDF.
Hamas-linked health officials in Gaza said on Wednesday that more than 100 people had been killed in 24 hours by Israeli strikes or gunfire. The figures cannot be verified and do not differentiate between civilians and fighters. The IDF said it had struck over 100 terror targets in the Strip, including cells of operatives, booby-trapped buildings, tunnels, and other infrastructure.
Ten more Palestinians died of starvation, the health officials said, bringing the total number of people who have allegedly starved to death to 111, most of them in recent weeks as a wave of hunger has intensified in the Palestinian enclave.
The World Health Organization said on Wednesday that 21 children under the age of five were among those who had died of malnutrition so far this year. Citing the Israeli ban on aid entering Gaza that was in place from March to May, it said the resumption of food deliveries was still far below what is needed.
Israel’s Coordinator of Government Activities in the Territories (COGAT) said Thursday that 70 humanitarian aid trucks, primarily containing food, entered the Gaza Strip the previous day.
Some of the trucks entered southern Gaza via the Kerem Shalom Crossing, and others entered the northern part of the Strip through the Zikim Crossing. COGAT said the aid was delivered following thorough security inspections.
Illustrative: Armed Palestinians sit on trucks carrying humanitarian aid near the Zikim border crossing between Israel and Beit Lahia in the northern Gaza Strip, June 25, 2025. (Ali Qariqa/Flash90)
The announcement was made amid a groundswell of concern over hunger in the enclave. On Wednesday, more than 100 aid organizations and human rights groups warned that “mass starvation” was spreading in Gaza.
The Foreign Ministry rejected the statement, accusing the organizations of “serving the propaganda of Hamas, using their numbers, justifying their horrors.” The statement added that, “instead of challenging the terror organization, they embrace it as their own.”
Assistant United Nations Secretary-General Khaled Khiari told the UN Security Council that UNRWA, the agency that assists Palestinian refugees, will soon run out of money. Khiari said that current forecasts show insufficient funds to sustain operations beyond 2025.
Israel has accused the agency of working with Hamas and has provided evidence of several of its employees taking part in the terror group’s October 7, 2023, massacre in southern Israel. Evidence and testimony from hostages indicate that they were at times held at UNRWA facilities.
Israel passed a law last year prohibiting the UN refugee agency from operating within Israel, though the legislation does not apply to the West Bank or Gaza Strip.
IDF Chief of Staff Lt. Gen. Eyal Zamir meets with officers at an army base, July 22, 2025. (Israel Defense Forces)
The war began with the Hamas-led October 7 attack, in which invaders killed some 1,200 people in southern Israel and took 251 hostage. Terror groups in the Gaza Strip are holding 50 hostages, at least 20 of whom are thought to be alive.
The Hamas-run Gaza health ministry says nearly 60,000 people in the Strip have been killed or are presumed dead in the fighting so far, though the toll cannot be verified. As of January, Israel said it had killed some 20,000 combatants in battle, and another 1,600 terrorists inside Israel during the October 7 onslaught.
Israel says 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. Israel’s toll in the ground offensive against Hamas in Gaza and in military operations along the border with the Strip stands at 456.
Two Palestinians who allegedly hurled Molotov cocktails at a highway near the West Bank town of al-Khader were shot dead by troops, the military says.
According to the IDF, troops of the 636th Combat Intelligence Collection Unit waiting in an ambush near al-Khader spotted a group of Palestinians throwing firebombs on a nearby highway.
The troops opened fire on the suspects, killing two, the IDF says, adding that no soldiers were hurt.
END
ISRAEL
Eight IDF soldiers wounded in Kfar Yona terror ramming, manhunt underway
Magen David Adom teams are on scene administering aid, and Israel Police found the vehicle abandoned in the vicinity and is investigating the attack.
Israeli security forces at the scene of a terror attack near Kfar Yona, July 24, 2025.(photo credit: Tal Gal/Flash90)ByMIRIAM SELA-EITAMJULY 24, 2025 09:44Updated: JULY 24, 2025 15:58
A suspect was arrested for aiding in a terrorist attack that wounded eight IDF soldiers, as they were waiting at a bus stop near Kfar Yona, KAN reported on Thursday.
The terrorist who carried out the car-ramming attack did not steal the vehicle he was driving. The vehicle’s owners were taken in for questioning.
Magen David Adom (MDA) teams were on scene administering aid, and Israel Police are investigating the ramming as a terror attack.
“I saw the bus stop shattered, glass broken, and eight injured people nearby,” MDA motorcycle paramedic Idan Shina said. “Three of them had been thrown about 15 meters back into the dirt behind the bus stop. All were fully conscious and told us that while they were standing at the bus stop, a vehicle suddenly sped toward them, hit them, and fled the scene.”
“We performed an initial triage; other bystanders began assisting the injured, guided over the phone by MDA’s 101 dispatch center. A young man and woman, about 20 years old, were assessed at the scene in moderate condition with injuries typical of vehicular trauma.”
The injured were evacuated to the Laniado Hospital in Netanya, Meir Medical Center in Kfar Saba, and Hillel Yaffe Medical Center in Hadera.
The soldiers’ families have all been notified.
The site of a reported car ramming in Kfar Yona, Magen David Adom and police forces arriving at the scene, July 24, 2025. (credit: MAGEN DAVID ADOM)
In addition to the two young adults being treated for chest and limb injuries in moderate condition, three are in mild-to-moderate condition, and three are in mild condition.
“For months, we have been begging the Israel National Roads Company to put up posts on this road. We were told that ‘it wasn’t safe.’ This was expected,” Albert Taib, mayor of Kfar Yona, told Israeli public broadcaster Kan.
Israel Police searches for the attacker
The Police Commissioner and Head of Central Operations are currently conducting a situational assessment at the scene of the attack and at the vehicle’s location, which was located near Beit Lid.
Police said that searches for the suspect are ongoing in open areas and along several routes, with the assistance of a police helicopter, drones, a canine unit, motorcycles, and emergency response teams.
Police bomb disposal experts and criminal identification teams are examining the vehicle to gather further evidence.
Meanwhile, Central Command has ordered all emergency standby squads from nearby communities to be on high alert.
This is a developing story.
ISRAEL HEZBOLLAH
Hezbollah rejects any long term ceasefire option where they give up their arms
Hezbollah has made it clear that it is not willing to surrender its weapons even if Israel withdraws from southern Lebanon, raising tensions in Lebanon.
Hezbollah flags flutter as protesters, mainly Houthi supporters, rally to show support to Palestinians in the Gaza Strip and Lebanon’s Hezbollah, in Sanaa, Yemen September 27, 2024.(photo credit: REUTERS/KHALED ABDULLAH)BySETH J. FRANTZMANJULY 23, 2025 15:41Updated: JULY 23, 2025 17:09
Hezbollah in Lebanon has remained stubborn in the face of calls to hand over arms, according to a series of recent reports.
Hezbollah has faced some challenges since Israel defeated it militarily last year. Despite a ceasefire between Israel and Lebanon, the IAF continues to carry out airstrikes against Hezbollah.
It is not clear if these limited strikes will actually cause Hezbollah to disarm. In fact, Hezbollah appears to be trying to wait things out.
“Hezbollah has made it clear to its ally, Lebanese Parliament Speaker Nabih Berri, that it is not willing to surrender its weapons even if Israel withdraws from southern Lebanon,” Walla reported. “The Lebanese state is furious with Hezbollah in light of this position – and the organization is even ready to confront it, according to sources in a report by the Saudi newspaper Al-Hadath.”
(Illustrative) Protesters, mainly Houthi supporters, hold up weapons as they rally to show support to Palestinians and Lebanon’s Hezbollah in Sanaa, Yemen November 8, 2024. (credit: REUTERS/KHALED ABDULLAH)
Hezbollah recently would have been keenly listening to the words of US Special Envoy to Syria Tom Barrack, who was in Lebanon this week. The US is trying to use its influence to move forward with Lebanon, he said, adding that the US cannot compel any of the sides to do anything.
That means it is up to Lebanon to deal with Hezbollah. Therefore, Israel will also continue its airstrikes.
Hezbollah is posing as if it cannot make a decision regarding key issues in Lebanon. It is not involved with reconstruction, and it will not disarm.
“Sources also clarified that Berri told the US envoy to Lebanon and Syria, Thomas Barak, that he could not guarantee that he would be able to leave Hezbollah’s weapons north of the Litani River before the end of the year – even if Israel withdraws from Lebanon,” Walla reported.
Lebanese leadership wants to disarm Hezbollah without rocking the boat
Lebanese leaders want to say they are moving forward. Nevertheless, the government recently released men who had been detained for parading with arms.
In essence, Lebanon is trying to not rock the boat.
Dialogue would continue, according to a separate report by Beirut-based Al Akhbar newspaper, which is pro-Hezbollah. “US envoy to Beirut, Tom Barrack, considered that restricting the possession of weapons to the state is essential for Lebanon’s stability, noting that Parliament Speaker Nabih Berri is ‘making efforts to resolve the situation,’” the report said.
“The time has come to come together on a complex issue,” Barak said after visiting Maronite Patriarch Bechara Boutros al-Rai in Bkerke, the report said.
“President Trump wants Lebanon to succeed, and I came to Beirut representing the US president on a visit to offer advice,” he was quoted as saying. “We have been working on a solution for four weeks. It is a complex process, and I understand the difficulties.”
end
SYRIA/TURKEY
not good!
Turkey is totally broke so why are they pledging Syrian military support
(zerohedge)
Turkey Commits Military Support To ‘New’ Post-Assad Syria With Saudis Pledging $4BN In Investment
Thursday, Jul 24, 2025 – 02:45 AM
Turkey and Saudi Arabia have indicated this week they are preparing to ramp up their investment and military support to post-Assad Syria, which is under the new regime of President al-Sharaa and his Hayat Tahrir al-Sham (rebranded Syrian al-Qaeda). These very countries helped spearhead the effort alongside US intelligence to remove Assad – who fled the country on December 8.
Turkey’s Defense Ministry announced on Wednesday that it will provide military assistance to Syria to help “combat terrorism”. But the reality is that Turkey had long opened a ‘jihadi highway’ throughout years of the Syrian proxy war which helped cement the rise of ISIS and Syria becoming a hotbed of foreign fighters.
Turkey claims Damascus is requesting urgent security assistance. “In response to this request, we are continuing our efforts to offer training, consulting, and technical assistance to enhance Syria’s defense capacity,” a Turkish defense official said.
Ankara says its main objective is to uphold Syria’s political unity and territorial integrity and to spearhead efforts toward long-lasting peace in the region. But the reality is that Turkey and Israel are in effect dividing of the spoils of post-Assad Syria, and Israel has been signaling its ‘red line’ over and against Turkish aims.
President Recep Tayyip Erdoğan has recently pledged that Turkey’s military will “not allow terrorists to drag Syria back into chaos and instability.” Turkey has long occupied portions of northern Syria, precisely where terrorists have operated and conducted mass killings – particularly targeting Kurds and minority groups like Christians and Alawites.
Regarding recent sectarian killings and unrest in Suwayda province and Israel’s intensified strikes on Damascus, Turkish officials warned that these actions have exacerbated tensions between Druze groups and the Syrian government. But it is the HTS Syrian government which have committed the bulk of atrocities carried out against Druze civilians and even clerics.
In the north, there’s currently a deal underway for the Kurdish YPG – affiliated with the outlawed PKK – to lay down its arms, which it has been resistant to.
At the same time there’s a Pentagon presence in northern Syria and in the east, and the occupation shows no signs of withdrawing.
Saudi Arabia too is eyeing greater participation in the supposedly ‘new Syria’ – now that Assad has exited:
Saudi Arabia’s investment minister led a business delegation travelling to Syria on Wednesday, where they were expected to sign deals worth around $4 billion as part of Riyadh’s efforts to support the country’s post-war recovery.
The Gulf kingdom has been a crucial supporter of interim President Ahmed al-Sharaa’s government, which came to power after toppling longtime ruler Bashar al-Assad in December and is now seeking to rebuild Syria after a 14-year civil war.
Of course, this was largely the plan all along – for regional powers to ‘divide and rule’ Syria, after it was brought to its knees after years of proxy war and unprecedented US-led sanctions.
Meanwhile the US promptly removed these posters…
From a US and Israeli perspective, this was to break the so-called ‘Iran/Shia axis’ in the region which heavily supported Lebanese Hezbollah. The CIA dubbed this operation ‘Timber Sycamore’ – according to earlier confirmation in The New York Times and others.
RUSSIA VS UKRAINE//EU
ROBERT H TO US:
Europe Creates Potential to Strike Russia
War is coming have no illusions.
As for the poor Ukies they will be sacrificed to the last one. As it is 67,000 women already are in the military. Soon whole brigades will be sent to the line of conflict to die. The average life span on this line is less than 30 minutes. And the current kill ratio is 52:1. Thus every 30 minutes 52 Ukrainians ( foreign mercenaries) die for 1 Russian.
Some people might even think this is genocide. Why other Eastern European nations want to experience such death is beyond reason. Because one should understand that Neocons will sacrifice them all. Russia has clearly stated that it will hold nations who supply long range missiles to be used from Ukraine as parties to be held responsible. That means struck!
Istanbul Talks: Russia Proposes Brief Truces, As Another POW Swap Achieved
Thursday, Jul 24, 2025 – 03:45 PM
The only substantial thing to come from the Wednesday Russia-Ukraine talks – which is the third round of dialogue – is another sizeable prisoner swap, which Ukraine’s President Zelensky has confirmed.
He said a post on social media that Wednesday’s prisoner swap has resulted in more than 1,000 Ukrainian prisoners had been returned under the agreement. “For a thousand families, this means the joy of embracing their loved ones again,” Zelensky said.
He pointed out that many of the prisoners had been in captivity for more than three years. “It is important that the exchanges are ongoing and our people are coming home,” he said of the multi-phased exchange deal.
“We will continue doing everything possible to ensure that every one of our people returns from captivity.”
As for what was discussed at Wednesday’s meeting, Ukraine’s lead negotiator, Rustem Umerov, has told reporters: “Priority number one is to organize the meeting of the leaders, of presidents,” in comments after the talks.
Ukraine wants talks by the end of August also with Presidents Trump and Erdogan participating – but the Kremlin has been cold on this proposal, citing that no progress has been made in lower-level engagement thus far.
Moscow’s lead negotiator Vladimir Medinsky has said: “The positions are quite distant. We agreed to continue contacts.”
He said both countries agreed to exchange 1,200 prisoners of war each and that Moscow offered to hand Kyiv the bodies of 3,000 killed soldiers.
“We once again proposed to the Ukrainian side… to establish short 24- to 48-hour ceasefires on the line of contact, so that medical teams are able to collect the wounded and so that commanders can come take the bodies of their soldiers,” he added.
However, Kiev has been pressing for a long-term truce, which Russia has rejected on fears that Ukraine’s military would just use a long pause to rearm and regroup along the front lines.
Putin’s office as of Tuesday had laid out that “Nobody expects an easy path. Naturally, it will be a very difficult conversation. [Ukraine’s and Russia’s peace proposals] are diametrically opposed to one another.”
But there’s a Trump-imposed deadline looming, albeit it remains vague. Trump last week said that Russia has 50 days to reach an agreement to end the war or face more far-reaching sanctions.
The Kremlin has responded by calling the threat “misguided” as no one should expect a breakthrough and thus no timeline can be arbitrarily imposed on a peace deal, citing “many factors” which remain complex.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
Survey Reveals “Seismic Shift” As More Parents Reject Vaccine Schedule
Thursday, Jul 24, 2025 – 04:15 AM
A new survey published in the JAMA Network by researchers at Emory University and the Centers for Disease Control and Prevention has found that an increasing number of pregnant women and new mothers are delaying, or even outright refusing, government-recommended vaccines that hospitals and pediatricians push on newborns and young kids. The findings come just ahead of Health and Human Services Secretary Robert F. Kennedy Jr.’s much-anticipated announcement on what the federal agency believes to be the root cause of the autism spike in children ahead of the fall school season.
Titled “Vaccination Intentions During Pregnancy and Among Parents of Young Children,” researchers found that 33% of parents with children under age 5 intend to delay or refuse some or all government-recommended vaccines. In contrast, only 4% of first-time pregnant women reported plans to delay or refuse all recommended vaccines.
Researchers noted that first-time pregnant women are increasingly distrustful of newborn vaccinations. About half of these women are unsure whether they will commit to the entire vaccine schedule promoted by the government, which includes dozens of shots, compared to only 4% of parents of young children who reported being uncertain about the same schedule.
Wonder why parents are increasingly concerned…
“Given the high decisional uncertainty during pregnancy about vaccinating children after birth, there may be value in intervening during pregnancy to proactively support families with childhood vaccination decisions,” the researchers stated.
Only 40% of parents report that they intend for their child to receive all the government-recommended vaccines, while 20% plan to delay some vaccines. Over 30% of parents with young children intend to refuse some or all vaccines for their children.
“Only 37% of young and expecting parents now plan to fully vaccinate their children — a seismic shift. Why? Because when parents ask real questions about the vaccine schedule to their pediatricians, they’re met with silence or deflection,” Children’s Health Defense wrote on X. Notably, RFK Jr. served as chair of CHD’s board from 2015 to 2023.
CHD noted, “No answers. No informed consent. Just blind trust demanded. Parents aren’t buying it anymore.”
🚨 Only 37% of young and expecting parents now plan to fully vaccinate their children — a seismic shift. Why? Because when parents ask real questions about the vaccine schedule to their pediatricians, they’re met with silence or deflection.
Countdown begins to RFK Jr.’s big reveal in September of what HHS believes could be the root cause of the autism spike in children.
end
special thanks to Robert H for sending this to us
Janice Menges on X: “Lead Johnson and Johnson scientist caught on undercover camera by James Okeefe saying the vaccine was NEVER SAFE AND EFFECTIVE! And a whistleblower saying the reason vaccine safety data was hidden was because 36 people out of 99 vaccinated were DEAD WITHIN A YEAR https://t.co/XnXuCfMha3″ / X
This is about to heat up, Obama for jail? Are we getting to the place where Presidents are jailed in USA? ‘Gabbard published a previously classified report, authored in 2020 by the House Intelligence
Would this be a proper legal examination maybe outside special prosecutor? Not the typical dog and pony corrupted lathering and gong show we see in the US congress house or senate hearings? Does this set the stage for prosecution of other past POTUS and future ones?
‘Gabbard published a previously classified report, authored in 2020 by the House Intelligence Committee, that alleged that Obama directed his intelligence team to publish an assessment that Russia sought to interfere in the 2016 election on President Donald Trump’s behalf despite the intelligence community’s assessment that it was not specifically backing the Republican nominee.’
“There is irrefutable evidence that details how President Barack Obama and his national security team directed the creation of an intelligence community assessment that they knew that was false,” Gabbard claimed Wednesday afternoon. “The evidence that we have found and that we have released directly point to President Obama leading the manufacturing of this intelligence assessment. There are multiple pieces of evidence and intelligence that confirm that fact.”
Gabbard threatens prosecution against Obama administration officials for ‘treasonous conspiracy’
The Trump administration has repeatedly targeted critics of the president and has sought to relitigate the 2016 and 2020 presidential elections.
NEWSWIZE
LATEST NEWS
Judge Blocks DOJ’s Attempt to Unseal Epstein Grand Jury FilesA federal judge in Florida has blocked the Justice Department’s (DOJ) attempt to unseal grand jury records tied to Jeffrey Epstein, shutting down a major push for transparency backed by conservative lawmakers and victims’ advocates.The decision, issued by U.S. District Judge Robin Rosenberg, rejected the DOJ’s request to make public testimony from the 2005 and 2007 West Palm Beach grand …READ MORE
Declassified Docs Expose Hillary’s Hidden 2016 BattlesNewly released intelligence documents suggest Russian officials deliberately avoided leaking damaging information about Hillary Clinton during the 2016 presidential election, despite having access to it—raising new questions about longstanding claims that the Kremlin was actively trying to help President Donald Trump win.The House Intelligence Committee, chaired by Rep. Rick Crawford (R-AR), declassified a series of memos and intelligence reports detailing …READ MORE
DOJ told Trump that his name was in the Jeffrey Epstein files: reportPresident Donald Trump was told in May by the DOJ Attorney General Pam Bondi that his name was in the Jeffrey Epstein files, according to a bombshell report published by The Wall Street Journal on Wednesday. The private meeting reportedly took place in the White House and included Bondi and her deputy, Todd Blanche. Sources familiar with the discussion say …READ MORE
Trump Torches CNN Over ‘Exclusive’ Epstein CoveragePresident Donald Trump launched a sharp rebuke at CNN Tuesday after the network published decades-old photos showing him and his children alongside convicted sex offender Jeffrey Epstein. The resurfacing of these images has intensified pressure from Trump’s supporters, who are calling on the Justice Department (DOJ) to reopen and expand its investigation into Epstein’s network.During a brief phone interview with CNN …READ MORE
DOJ Probe Targets Top Dem Over Alleged Drug UseFederal investigators are reviving a long-dormant probe into allegations that Maine Gov. Janet Mills, a Democrat, used cocaine regularly while serving as a county prosecutor in the 1990s.The probe has been reopened as Mills remains engaged in a longstanding public feud with President Trump.The Justice Department’s (DOJ) renewed interest in the decades-old accusations comes after reports that previously sealed internal …READ MORE
NEWS ADDICTS
Our Latest Posts
Federal Judge Blocks Release of Epstein Grand Jury TranscriptsA federal judge in Florida has denied one of three Justice Department requests to unseal grand jury records related to the original federal investigations into Jeffrey Epstein, according to a court order made public on Wednesday.The blocked request pertained to records from grand juries convened in West Palm Beach in 2005 and 2007, during the early stages of the federal …READ THE FULL REPORT
Dem Lawmaker Announces Resignation After Felony Burglary ConvictionDemocratic State Senator Nicole Mitchell of Minnesota, who was convicted last week on two felony charges, announced Monday she will resign—but not until August 4, prompting outrage from Republicans who say she’s milking taxpayers for one last paycheck.“Nicole Mitchell was convicted of felony burglary last week,” said Minnesota GOP Chair Alex Plechash.“Instead of doing the right thing and stepping down …READ THE FULL REPORT
Prince William and Harry’s 20-Year-Old Cousin Found DeadRosie Roche, a 20-year-old cousin of Prince William and Prince Harry, was found dead on July 14 at her family’s home in Wiltshire, England, according to multiple British media outlets. Authorities confirmed that a firearm was found near her body, and that she died of a traumatic head injury.Her mother and sister discovered her body in the village of Norton, …READ THE FULL REPORT
Former Epstein Lawyer Roy Black Dies at 80Roy Black, one of America’s most recognized and controversial criminal defense attorneys, died Monday at his home in Coral Gables, Florida, at the age of 80, following an undisclosed illness.The news was confirmed by his longtime law partner Howard Srebnick, who praised Black as a towering figure in the legal world.“Roy Black was the greatest criminal lawyer of our generation, …READ THE FULL REPORT
EXCLUSIVE: Biden Admin May Have Spied on Trump’s 2024 CampaignInvestigative reporter Matt Taibbi joined Megyn Kelly to discuss bombshell DOJ revelations about coordinated efforts to push the Trump-Russia collusion narrative—despite knowing it was a hoax. Taibbi also hinted he’s working on another story suggesting the Biden administration spied on the Trump campaign during the 2024 election. Last week, CIA Director John Ratcliffe announced a new CIA report revealing that …READ THE FULL REPORT
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
Happy Retirement
Thursday, Jul 24, 2025 – 11:05 AM
By Philip Marey, senior US strategist at Rabobank
If Fed Chair Jerome Powell is thinking about planning his retirement, his fellow Republicans are giving him plenty of suggestions.
In an interview on Bloomberg TV, Treasury Secretary Scott Bessent talked about the trade negotiations, his role as an intermediate between President Trump and the financial markets, and about Powell’s retirement.
Regarding trade, Bessent said that the 15% tariff for Japan, which is lower than the 25% in Trump’s recent letter to Japan, came about because of the innovative proposal by the Japanese to invest $550 billion in the US. When asked whether the EU had come up with an innovative proposal, Bessent said “Not yet, but again, talks are going better than they had been.” He also indicated that it was easier to negotiate with Japan which “moves as one entity”, rather than with the EU which has a collective action problem given its 27 member nations. Bessent played down a report about the EU preparing to levy 30% retaliatory tariffs on some $117 billion worth of American goods. He said that “it’s a negotiating tactic, and it’s what I would do if I were in their place.”
He said that the US and China were in a good place, after the initial tariff escalation, and “we can start moving on to bigger discussions.” He indicated those included Chinese purchases of sanctioned Russian and Iranian oil along with “a number of security things.” He also said “We will be talking about purchasing agreements, especially on agriculture.” The next talks will take place in Stockholm on July 28-29. Although the truce on tariffs expires on August 12, Bessent said that “I think that we could roll it forward, maybe in a 90-day increment. Both sides have de-escalated, and I think we can get into a very good cadence of regular meetings with them.” Bessent said that the personal relationship between Trump and Xi was good, which was beneficial to the negotiations. Regarding the Phase One deal from Trump’s first term, Bessent said that the Chinese had lived up to the deal when Trump was in office, but later Biden failed to enforce the deal. Bessent that that the US now lets bygones be bygones and is looking ahead to a new deal. He said the US does not want to decouple from China, but needs to derisk its supply chain.
Bessent explained that his role was to explain President Trump’s plan to the financial markets. The Treasury Secretary said there is a plan, and he tries to frame it in such a way that calms the markets. Bessent thinks the markets have taken the recent tariff letters very well.
When asked whether he has a good relationship with Powell, Bessent said they have continuing communication… Bessent said that President Trump has said that he is not going to fire Powell and they are now in the process of finding a new Chair. Bessent also said they were not in a rush. Replacing Governor Kugler is part of the comprehensive procedure. Bessent said that there were good candidates, both on the Board, among regional Fed presidents and outside, including women. He did not go into specifics regarding Governor Michelle Bowman.
Bessent repeated his forward guidance for Powell (see yesterday’s Global Daily) to leave the Board after his term as Chair ends in May 2026. Note that Powell’s term on the Board runs until the end of January 2028. Bessent said: “I think that it would be very good for the institution for him to do it. And I think it’d be very good for him personally to do it.” There are several ways in which we could interpret that last sentence, but let’s assume the Treasury Secretary wishes Powell a happy retirement!
Meanwhile, on Truth Social President Trump posted his suggestions for the Powell:
Housing in our Country is lagging because Jerome “Too Late” Powell refuses to lower Interest Rates. Families are being hurt because Interest Rates are too high, and even our Country is having to pay a higher Rate than it should be because of “Too Late.” Our Rate should be three points lower than they are, saving us $1 Trillion per year (as a Country). This stubborn guy at the Fed just doesn’t get it — Never did, and never will. The Board should act, but they don’t have the Courage to do so!
Finally, in an interview with Bloomberg reporters, House Speaker Mike Johnson said he is “disenchanted” with Jerome Powell. Asked about whether he would support Trump firing Powell, Johnson said he was unclear on the legal authority to dismiss the Fed chief: “But I will tell you that I have been, can I use the word disenchanted?” Johnson indicated he’s open to modifying the Federal Reserve Act. “I think all the scrutiny is appropriate,” Johnson said, referring to investigations into the cost of renovating the Fed’s office buildings and Treasury Secretary Scott Bessent’s decision to explore “mission creep” at the central bank. However, Johnson stressed that the “devil’s in the details,” when it comes to modifying the Federal Reserve Act. “I’m not even sure where the original constitutional authority is for the Fed,” said Johnson. “There is probably some need to reform, but we would have to study that very carefully before Congress got involved in any way to the extent we have jurisdiction over it. You would not want to do it in a reckless manner.”
And of course, Commerce Secretary Howard Lutnick said on Fox News that Powell “should either resign or be replaced.”
end
same topic as above
Trump To Visit Fed HQ As Criticism Of Powell Continues
President Donald Trump will visit the Federal Reserve headquarters on Thursday, the White House said, amid ongoing tensions between the administration and the central bank.
In a schedule released to the press on Wednesday night, the White House said the president would visit the Fed at 4 p.m. but did not say whether he would be meeting with Federal Reserve Chairman Jerome Powell.
Confirmation of Trump’s attendance came after White House Deputy Chief of Staff James Blair earlier this week said that administration officials would be visiting the central bank, but did not mention that the president would be joining them.
The Epoch Times reached out to the Federal Reserve for comment, but did not receive a response by publication time.
Trump has been critical of Powell over his reticence to cut interest rates more aggressively and called for his resignation. The president has said he would like the Federal Reserve to cut the benchmark interest rate from its current range of 4.25 percent to 4.50 percent to as low as 1 percent.
During a meeting at the White House with Philippine President Ferdinand Marcos Jr. on Tuesday, Trump said of Powell: “I think he’s done a bad job. But he’s going to be out pretty soon, anyway. In eight months, he’ll be out … He should have lowered interest rates many times. Europe lowered their rate ten times. We lowered ours none. And it’s causing a problem for people that want to buy a home.”
Refurbishment
White House officials have also criticized the Federal Reserve over its handling of renovations to two historic buildings in Washington: the Marriner S. Eccles Building, the Fed’s headquarters, and the 1951 Constitution Avenue building.
Renovation costs for the Fed’s headquarters have risen to $2.5 billion, $700 million over budget, according to Office of Management and Budget Director Russell Vought.
Last week, Trump indicated that Powell’s handling of the renovation project could be grounds to fire him, saying, “I think it sort of is.”
“When you spend $2.5 billion on, really, a renovation, I think it’s really disgraceful,” he said.
The Fed responded to the criticism, stating on its website that major systems in both buildings, whose construction dates back to the 1930s, are “obsolete and in need of replacement for health and safety reasons.”
Federal Reserve Board Chairman Jerome Powell speaks at the Federal Reserve in Washington on July 22, 2025. Mark Schiefelbein/AP Photo
Call for Internal Review
Earlier this week, U.S. Treasury Secretary Scott Bessent called for the Federal Reserve to conduct an internal review into nonmonetary policy operations, saying that “mission creep and institutional growth” have taken the central bank into areas beyond its core mission.
Bessent wrote on social media on Monday that while the Fed’s independence is the “cornerstone” of the United States’s economic growth and stability, that 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.”
He stated in his post on X that while he has no knowledge or opinion on the legal basis for the two buildings’ renovations, “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 treasury secretary had earlier on Monday told CNBC’s “Squawk Box” that there needs to be an examination of whether the central bank has been successful in its mission.
“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 said.
end
7. OIL /ENERGY ISSUES/WORLD WIDE
EU Tightens Russian Oil Cap, But Loopholes Undermine Impact
EU launches its 18th sanctions package, lowering Russia’s oil price cap to around $47.60/barrel and targeting the energy sector more aggressively.
Loopholes remain widespread, with Greek-owned tankers helping transport Russian oil, and non-OECD nations like China and India continuing to import above the cap.
Without stronger enforcement, including naval oversight and EU unity, sanctions risk being symbolic rather than impactful.
The ongoing push by EU countries to target Russia’s primary revenue source—oil and gas exports—has received a significant boost. With its 18th sanctions package, the EU has agreed not only to hit Moscow’s energy sector harder but also to impose a significantly lower price cap on Russia’s oil exports.
The package faced internal resistance, particularly from Slovakia, which had been blocking the deal over the past week. Slovakia’s current government holds a more pro-Russian stance and is concerned about the EU’s goal to phase out Russian gas imports in the coming years. EU Foreign Affairs Commissioner Kaja Kallas called it “one of the strongest sanctions packages against Russia to date,” stressing that each measure weakens Moscow’s war-making capacity.
France played a leading role in pushing for this round of sanctions. French Foreign Minister Jean-Noël Barrot said, “Together with the United States we will force [Russian President] Vladimir Putin into a ceasefire.”
Slovakia ultimately agreed to the deal after assurances that it would receive economic support should gas prices spike as a result of cutting off Russian imports by the end of 2027.
At the core of the new package is a 15% reduction in the oil price cap for third-party countries, set around $47.60 per barrel based on current benchmarks. While not a silver bullet, this aims to intensify economic pressure on Moscow. The G7’s original 2022 cap of $60 has proven largely ineffective, as non-OECD countries continue importing Russian crude—enabling Russia to maintain export flows and expand its “dark fleet” of uninsured, aged vessels.
The EU also sanctioned 100 more dark fleet tankers and is ramping up inspections in the Baltic Sea. A Russian refinery in India and two Chinese banks were added to the sanctions list. Yet Russia continues to exploit legal loopholes—often with the help of EU members themselves.
Consultancy Windward reports that Greek-owned tankers shipped 7.8 million of the 22.2 million tons of Russian oil moved recently. Despite the price cap, most Russian crude ends up in China and India—far above the permitted price.
Unless Brussels enforces these measures fully and holds member states like Greece, Cyprus, Slovakia, and Hungary accountable, sanctions will remain porous. Military enforcement, naval patrols, and a hard line against Russian hydrocarbon exports via EU waters are the only paths to real impact. Athens must step up, following the example of the Baltic and Scandinavian nations.
A long-standing border dispute between Thailand and Cambodia sharply escalated overnight, with reports that a Thai F-16 fighter jet conducted air-to-ground strikes on multiple Cambodian military positions near the disputed border region.
Reuters reports that Thailand readied six F-16 fighter jets but deployed only one along the disputed border. The F-16 conducted airstrikes on military targets in Cambodia. Both Southeast Asian nations have accused each other of starting the conflict.
Thai army deputy spokesperson Richa Suksuwanon told reporters earlier, “We have used air power against military targets as planned.”
In response to the attacks, Cambodia’s defense ministry said that it “strongly condemns the reckless and brutal military aggression of the Kingdom of Thailand against the sovereignty and territorial integrity of Cambodia.”
Here are more details via Bloomberg:
Both Southeast Asian nations accused the other of starting the clashes, which were reported at six locations and follow a build up of tensions since a Cambodian soldier was killed in an exchange of gunfire in May.
Thailand said its fighter jets hit two Cambodian army bases near the border on Thursday, while Thai army reported that rockets fired from Cambodia killed several civilians, citing provincial authorities. The fatalities included an 8-year-old child, and 14 others were injured. The number of casualties on the Cambodian side remains unclear.
“The dispute is escalating rapidly and could turn into a serious conflict if left unattended,” said Jayant Menon, a senior fellow at the ISEAS-Yusof Ishak Institute in Singapore, quoted by Bloomberg.
🇹🇭🇰🇭 Thailand and Cambodia on the brink of war: artillery strikes, air raids, civilian casualties
Overnight, Cambodia launched rocket attacks using Grad systems on Thai territory, targeting villages, hospitals, and temples. In response, Thailand deployed F‑16s and conducted… pic.twitter.com/MusmjoB4fC
Thai F-16 “Fighting Falcons” carried out strikes earlier against and destroyed the Headquarters of both the 8th and 9th Infantry Divisions of the Royal Cambodian Army, following artillery and rocket fire against several civilian areas in Thailand near the border with Cambodia.… pic.twitter.com/uyexcoNCIv
Residents in Thailand’s Surin province bordering Cambodia ran for cover as the neighboring countries exchanged fire, after weeks of tension over a border dispute that has escalated into clashes https://t.co/W6L9ZXSqBYpic.twitter.com/M5kMt6fvwV
For over a century, Thailand and Cambodia have disputed sovereignty claims along parts of their shared 508-mile land border. Boundary ambiguities stem from colonial-era treaties and inconsistent mapping practices dating back to the 1907 Franco-Siamese agreement. A notable 2011 skirmish lasted one week with multiple fatalities.
If the conflict deepens, it could jeopardize ASEAN diplomacy and erode trust among member states. On the one hand, Cambodia is a close ally of Beijing, while Thailand has traditionally maintained strong ties with the United States. This escalation unfolds amid ongoing great power tensions between China and the U.S.
In markets, Thailand’s baht and stocks fell on news of the clashes, as the conflict news adds further pressure to an economy already under pressure from the threat of a 36% U.S. tariff on its exports.
Meanwhile, several unresolved border disputes remain in the region, including those between Myanmar and Thailand, Laos and Cambodia, Malaysia and Indonesia, and Vietnam and China (specifically, the South China Sea). A Thailand–Cambodia war could spill over and ignite other flashpoints across the ASEAN area.
Menon noted: “Although the conflict is unlikely to spread beyond the two countries, it will disrupt trade and people movement, which will negatively affect the regional economy.”
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1761 DOWN 0.0013 PTS OR 13 BASIS POINTS
USA/ YEN 146.37 UP 0.038 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 1.3557 DOWN .0021 OR 21 BASIS PTS
USA/CAN DOLLAR: 1.3609 UP 0.0007 (CDN DOLLAR DOWN 7 BASIS PTS)
Last night Shanghai COMPOSITE UP 23.47 PTS OR 0.65%
Hang Seng CLOSED UP 104.78 PTS OR 0.41%
AUSTRALIA CLOSED DOWN 0.24%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 104.78 PTS OR 0.41%
/SHANGHAI CLOSED UP 23.43 PTS OR 0.65%
AUSTRALIA BOURSE CLOSED DOWN 0.24 %
(Nikkei (Japan) CLOSED UP 655.02 PTS OR 1.59%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3374.25
silver:$39.09
USA dollar index early THURSDAY morning: 97.04 UP 9 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.125% UP 8 in basis point(s) yield
JAPANESE BOND YIELD: +1.605% UP 1 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.294 UP 10 in basis points yield
ITALIAN 10 YR BOND YIELD 3.565 UP 10 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6910 UP 8 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1767 DOWN 0.0008 OR 8 basis points
USA/Japan: 146.63 UP 0.283 OR YEN IS DOWN 29 BASIS PTS//
Great Britain 10 YR RATE 4.6430 UP 3 BASIS POINTS //
Canadian dollar UP .0021 OR 21 BASIS pts to 1.3622
Hulking Gains Continue For Meme Stocks & Mega-Caps; Gold Lags
Thursday, Jul 24, 2025 – 08:00 PM
Another day, another session without a 1% selloff in the S&P 500..
Market grinding higher on the back of GOOGL’s across the board beat and higher spending ambitions leading AI /Cloud Providers/ Ad levered names higher…
Source: Bloomberg
Momentum unwind and squeezy flavor of the broader market has taken a breather today after a violent couple of days with ‘Most Shorted’ stocks unable to sustain a squeeze bid…
Source: Bloomberg
Nasdaq outperformed while Small Caps lagged. Notably Nasdaq went nowhere after its initial surge at GOOGL earnings last night. Small Caps leaked lower overnight but plunged from the US cash open
The Nasdaq/Russell 2000 pair continues to trade in a narrow range…
But Goldman notes that quant performance continues to be challenging in this tape.
Source: Bloomberg
Activity levels have slowed down a touch from yesterday, running at a 5/10 today.
Goldman’s trading desk is marginally better to buy with demand most pronounced in Hcare, info tech, and consumer discretionary.
HFs are 4% better for sale led by supply in macro products, info tech, and Fins
LOs are 9% better to buy led by demand in Hcare, info tech, cons discretionary, and Fins
Treasury yields are higher on the day with the short-end of the curve slightly underperforming (2Y +4bps, 30Y +2bps). On the week, only the long-end remains lower in yield…
Source: Bloomberg
The dollar managed a modest gain today
Source: Bloomberg
Gold prices dipped today…
Source: Bloomberg
After some overnight weakness, bitcoin bounced back above $119k, remaining in its recent range…
Source: Bloomberg
Oil prices were choppy today but ended higher with WTI back above $66…
Source: Bloomberg
Finally, these hulking gains look set to continue until August…
Then in September, times get tough
RIP, Hulk Hogan
‘…eat your vitamins… buy your meme stocks… be a real American’
USA DATA RELEASES
Manufacturing tumbles but services PMI strong!
PMI Surveys Show Manufacturing Slump, Services Jump In July
Thursday, Jul 24, 2025 – 09:54 AM
After rallying to multi-year highs in June, the preliminary July print for S&P Global’s US Manufacturing PMI tumbled to 49.5 – its lowest level of the year.
At the same time, US Services soared to 55.2 – its highest since Dec 2024
“The flash PMI data indicated that the US economy grew at a sharply increased rate at the start of the third quarter, consistent with the economy expanding at a 2.3% annualized rate. That represents a marked improvement on the 1.3% rate signalled by the survey for the second quarter.
“Whether this growth can be sustained is by no means assured,” says Williamson:
“Growth was worryingly uneven and overly reliant on the services economy as manufacturing business conditions deteriorated for the first time this year, the latter linked to a fading boost from tariff front-running.
“Business confidence about the year ahead has also deteriorated in both manufacturing and services to one of the lowest levels seen over the past two-and-a-half years.
Companies cite ongoing concerns over the impact of government policies, notably in terms of both tariffs and cuts to federal spending.
Inflation pressures have meanwhile intensified.
“Companies most commonly attributed higher costs and selling prices to tariffs, though increased labour costs are also prevalent, in part reflecting labor shortages.
“The rise in selling prices for goods and services in July, which was one of the largest seen over the past three years, suggests that consumer price inflation will rise further above the Federal Reserve’s 2% target in the coming months as these price hikes feed through to households.”
So, strong growth but strong inflation… but in the manufacturing sector it looks like stagflation is growing stronger.
end
Doge doing their thing!
‘Deep TriState’ Layoffs Leave Continuing Jobless Claims ‘Stuck’ At Highest Since 2021
Thursday, Jul 24, 2025 – 08:38 AM
The number of Americans filing for jobless benefits for the first time tumbled to 217k last week – the lowest in three months and unchanged since Dec 2021…
Source: Bloomberg
New York State dominated the decline in initial jobless claims…
Continuing Claims holds above 1.9 million Americans for the 9th week in a row…
Source: Bloomberg
And on the ongoing jobless claims are centered on the ‘Deep Tristate’ region with the highest level of ongoing claims since Dec 2021…
Source: Bloomberg
DOGE is quietly working behind the scenes..
end
US New Home Sales Disappoint In June As Prices Plunge
Thursday, Jul 24, 2025 – 10:10 AM
Following yesterday’s disappointing existing home sales print, this morning sees new home sales confirm the disappointment with a mere 0.6% MoM rise (well below the 4.3% MoM rebound expected after tumbling 11.6% MoM the month prior)…
Source: Bloomberg
That is the worst YoY decline in new home sales since Oct 2024, leaving the total SAAR at 627k – hovering near post-COVID lockdown lows and well below expectations…
Source: Bloomberg
The Median new home prices plunged in June (near 5 year lows), now well below that of existing homes…
Source: Bloomberg
This week, Atlanta-based PulteGroup relieved investors by posting better-than-expected earnings, despite reporting a slowdown in new home orders.
Sales incentives have grown to 8.7% of its houses’ gross sale price, more than double a “normal” incentive load, executives said on an earnings call.
“I long for the days of more normal incentive loads of kind of 3% to 3.5%,” Chief Executive Officer Ryan Marshall said on the earnings call.
“Hopefully as we get out into kind of future years, that will become possible again.”
Thursday’s government report showed the supply of new homes for sale in June increased to 511,000, still the highest level since 2007.
Source: Bloomberg
And for those hoping for rate-cuts to fix all this, think again…
Source: Bloomberg
Rate cuts have steepened the yield curve and pushed mortgage rates up; but as the chart above shows, the relationship between home sales and actual mortgage rates has decoupled in recent weeks…
So be careful what you wish for
USA ECONOMIC NEWS
Trump Admin Slashes 25% Of IRS Workforce In Sharp Reversal Of Biden-Era Expansion
Wednesday, Jul 23, 2025 – 06:25 PM
In one of the most sweeping overhauls of the federal bureaucracy in recent memory, the Internal Revenue Service is undergoing a dramatic contraction under the Trump administration, which has cut nearly 26,000 positions – approximately 25% of its workforce – through buyouts, retirements, and firings.
The move aims to undo the Biden-era expansion of the tax agency, which had grown to 103,000 employees following the 2022 passage of a major budget and climate law that poured tens of billions of dollars into IRS operations. As of May, staffing is expected to drop to 77,000 once all separations are finalized, according to data from the Treasury Inspector General for Tax Administration (TIGTA).
“These separations will have nationwide implications,” the inspector general warned in a report detailing the reductions, the Washington Times reports.
The staffing cuts have reached deep into the agency’s core functions. The agency has shed 27 percent of its tax examiners and 26 percent of its revenue agents. Its information technology division is down 23 percent, and the management and analysis unit has lost 28 percent of its staff.
Much of the attrition has come through voluntary programs. More than 4,600 employees accepted buyouts offered in January, and 17,000 opted for early retirement. Additional losses came through smaller separation programs and 300 official layoffs. The IRS also attempted to terminate over 7,300 probationary employees earlier this year, though legal challenges resulted in some being rehired or offered buyouts instead.
Alex Muresianu, senior policy analyst at the Tax Foundation, said staffing cuts aren’t always a problem. However, he said they can be a problem when coupled with new roles for the IRS, such as during the pandemic emergency, and could come into play as the agency implements changes from Mr. Trump’s One Big Beautiful Bill Act.
“The confluence of low staffing levels and new policies is a messy mix,” he said. “I think that is a potential challenge in the coming tax season.” -Washington Examiner
The debate over IRS staffing is long-standing and often a proxy for broader ideological battles over taxation and government reach. Republicans have typically argued that a leaner IRS is less threatening to ordinary taxpayers.Democrats, on the other hand, argue that deep cuts reduce the agency’s ability to ensure compliance, particularly among high-income earners.
Audit rates have fallen dramatically in recent years, especially for the wealthiest Americans. In 2010, taxpayers earning over $10 million were audited at a rate of 212 per 1,000. By 2018, that number had dropped to 39. Among those making less than $25,000, audit rates also fell, from 10 per 1,000 returns in 2010 to just four.
The Yale Budget Lab has projected that slashing IRS staffing by 50,000 could result in nearly $400 billion in lost federal revenue over a decade.
Nonetheless, some see the current moment as an opportunity to rethink how the IRS operates. Thomas Schatz, president of Citizens Against Government Waste, argued that revenue has continued to flow into the Treasury and said the agency could modernize operations by increasing electronic filing and streamlining outdated processes.
“It is a good opportunity to really make this a simpler process,” Schatz said.
The administration is now pushing for additional cuts in the fiscal year 2026 budget proposal, even as Congress continues to claw back portions of the Biden-era funding increase. For the IRS, the challenge will be balancing leaner staffing with the demand for effective enforcement and responsive customer service — a balance the agency has struggled to strike in the past.
In 2021, IRS service levels cratered, with most taxpayer phone calls going unanswered. The risk, experts say, is that history may repeat itself.
END
Tulsi Refers Obama For Criminal Charges After Debunking Top ‘Russia Hoax Lies’
Wednesday, Jul 23, 2025 – 10:08 AM
Update (1500ET): DNIGabbard said on Wednesday that she was referring former President Barack Obama for criminal charges to the Department of Justice (DOJ).
“We have referred and will continue to refer all these documents to the Department of Justice and the FBI to investigate the criminal implications of this,” Gabbard said.
“The evidence that we have found and that we have released directly point to President Obama leading the manufacturing of this intelligence assessment,” she continued.
“There are multiple pieces of evidence and intelligence that confirm that fact.”
Watch:
end
Meme Stock Mania Returns, Bitcoin At ATH. But Have You Checked Used-Rolex Prices?
Thursday, Jul 24, 2025 – 05:45 AM
The meme stock craze of 2021 appears to be making a roaring comeback this week.
On Tuesday, shares of Kohl’s soared as much as 90%, while premarket trading on Wednesday saw heavily shorted names, such as GoPro, jump 50% or more.
It all began with Monday’s massive gamma squeeze in Opendoor Technologies, which triggered a record surge in call option activity.
While another round of meme stock mania unfolds and Bitcoin hovers near record highs at $120,000, the focus here isn’t heavily shorted stocks or crypto.
If you recall, during the Covid mania in markets, luxury watch prices exploded as crypto bros and Robinhood traders bought Rolexes.
The latest data from the Bloomberg Subdial Watch Index, which tracks prices for the 50 most-traded watches by value on the secondary market, shows that used Rolex prices have recently hit their highest level in two years, following a multi-year slump due to elevated interest rates.
Earlier this month, UBS analysts led by Zuzanna Pusz told clients that a meaningful recovery in the global luxury market might not occur until 2027.
The question remains if the latest rise in luxury used watch prices will sustain.
Looking ahead, US interest rate swaps are pricing in the beginning innings of a cutting cycle in October.
VICTOR DAVIS HANSON//TUCKER CARLSON
TODAY: TUCKER CARLSON…
Kirk To Tucker: Trump Only Has A Short Window To “Smash The Deep State”
Turning Point USA founder Charlie Kirk believes that President Trump only has a short timeframe to take decisive action and score a meaningful victory over the Deep State before it’s too late.
Kirk told Tucker Carlson that the clock is ticking and “We need accountability. If we do not smash the administrative state and the deep state in the coming six to 12 months, then we’re actually not going to.”
“I know what the grassroots want. I know what President Trump wants. We need perp walks. We need arrests,” Kirk further urged.
Referring to the bombshell documents on Obama’s role in the Russia hoax dropped by Tulsi Gabbard last week, Kirk noted “I believe that all roads lead back to the intel agencies on all this stuff. And so Tulsi is now getting under the hood.”
“This revelation of Russiagate is massive. It’s huge. God bless her for doing this,” Kirk contiuned, adding “I know the president cares about it personally, as he should, because how much of his life and his energy was just spent defending against a fabrication? Not a fabrication of the Chinese Communist Party, by the way. Not a fabrication of our adversaries, [but] a fabrication of our own government.”
“That’s what makes this so sinister, is that our own government was turned against the duly elected president. So here we are now in the year of our Lord 2025. Who’s running the United States government?” Kirk continued adding “President Trump, he is now the hunter. He was the hunted back in the first term.”
However, Kirk warned that if progress is not rapidly made then “We’re not going to bring this entire intelligence apparatus to heel,” asserting “We have to lance the boil because it’s gone so out of control.”
“I can tell you, they are deeply fearful of this movement. They know that we are aware. They notice that they know that we are noticing things, that we’re seeing patterns, that we know how powerful the intelligence agencies have become,” Kirk further urged.
“So that’s why I think Russiagate really matters, is that it’s a way to hold them accountable to see how dark and honestly demonic their activities have become,” he emphasised.
Kirk described the remaining months of 2025 as “Hopefully an opportunity to fulfill a mandate that President Trump ran on I still know [he] believes to this day, which is to bring the deep state to hopefully smash it or, [at] the very least, bring it back into balance.”
Watch the entire interview below:
Charlie Kirk on how continuing to ignore the debt slavery of Gen Z will lead to revolution.
(0:00) How the Russiagate Hoax Paved the Way for America’s War With Russia (11:42) Donald Trump’s Fight Against the Intel Agencies (17:11) What Really Is the Deep State? (18:42) Why Don’t… pic.twitter.com/lCruWuUMve
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USA NEWS/ANTISEMITISM..
Columbia University Agrees to Pay US $200 Million To Restore Federal Funding
Wednesday, Jul 23, 2025 – 10:05 PM
Columbia University has agreed to pay $200 million to resolve allegations it discriminated against Jewish students, in exchange for the restoration of federal grants worth hundreds of millions of dollars.
In addition to the bribe cash settlement, Columbia University will also implement a series of reforms announced earlier this year.
“While Columbia does not admit to wrongdoing with this resolution agreement, the institution’s leaders have recognized, repeatedly, that Jewish students and faculty have experienced painful, unacceptable incidents, and that reform was and is needed,” the university said in a statement announcing that it had reached a deal with the federal government.
In March, several government agencies announced an initial wave of grant cancellations to the university that totaled around $400 million, the Epoch Times reported.
In a statement, acting University President Claire Shipman said the agreement “marks an important step forward after a period of sustained federal scrutiny and institutional uncertainty.”
“The settlement was carefully crafted to protect the values that define us and allow our essential research partnership with the federal government to get back on track. Importantly, it safeguards our independence, a critical condition for academic excellence and scholarly exploration, work that is vital to the public interest,” Shipman stated.
KING NEWS
The King Report July 24, 2025 Issue 7540
Independent View of the News
Yesterday, Director of National Intelligence Tulsi Gabbard announced that she has officially referred Barack Obama to the DOJ for criminal prosecution. Details below, including Russia blackmail on Hillary Clinton concerning her physical and mental issues that Putin intended to utilize.On Wednesday morning in the US, Fangs/Mag 7 stocks sold off; the DJIA rallied sharply; the DJTA rallied moderately; bonds got hammered; and gold declined moderately.After falling to modest losses in early Nikkei trading on Wednesday, ESUs hit a daily low of 6342.75 at 18:49 ET and then jumped to 6364.25 at 19:55 ET. ESUs then sank to 6349.00 at 21:02 ET as euphoria over the US-Japan trade deal dissipated. ESUs then commenced a rally that took them to a daily high of 6376.75 at 9:20 ET. An early dump appeared; ESUs tumbled to 6353.50 at 9:59 ET. The professional trading universe knows that algos are programmed for the retail buying that tends to appear near 10:00 ET. So, traders eagerly bought stuff.US and EU close in on 15% tariff deal – FT 12:03 ETESUs exploded to a new daily high of 6385.00 at 11:54 ET on the purported US-EU trade deal. ESUs then fell to 6370.50 at 12:22 ET. The afternoon rally took ESUs to a new daily high of 6393.75 at 14:25 ET. ESUs then did a slow rollover until the late manipulation pushed ESUs to a new daily high of 6400.00 at 16:00 ET.@MacroEdgeRes: FINRA investor margin debt tops $1 trillion as retail investors pour into equities utilizing debt instrumentsIran doubles down on refusal to end nuclear program, ready for war with IsraelPezeshkian says Trump’s assertions on destruction of nuclear program are an ‘illusion’https://www.foxnews.com/world/iran-doubles-down-refusal-end-nuclear-program-ready-war-israelPositive aspects of previous sessionThe DJIA rallied sharply; the DJTA rallied moderately; the S&P 500 closed at a record high.Gold declined sharply.Negative aspects of previous sessionFangs were down until the ESU manipulation pushed the NY Fang+ Index to a modest gain at the close.USUs declined as much as 26/32; Copper hit an all-time high.Ambiguous aspects of previous sessionWhat will be the ramifications of Obamagate? Who and how many get implicated in Obamagate?First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open:Down; Last Hour: UpPivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6345.68Previous session S&P 500 Index High/Low: 6360.64; 6317.49Kari Lake Bombshell: VOA managers met with Chinese to discuss more favorable coverage for Beijing – “We found out in our investigations over the months that I’ve been here, that the CCP, operating out of the embassy in Washington, D.C. … were meeting regularly with VOA management to tell them how they should be covering China,”…https://justthenews.com/government/federal-agencies/kari-lake-says-chinese-officials-told-voa-how-cover-their-country@LauraLoomer: The Obama Administration approved a contract that let @Microsoft use Chinese foreign nationals to provide tech support across all U.S. federal agencies, including the Pentagon and our intel agencies… This is ESPIONAGE, and it has created a massive threat to our national security.Microsoft must be investigated! https://x.com/LauraLoomer/status/1946391696285048925After the close, Google reported Q2 EPS of 2.31, 2.18 exp.; revenue of $96.43B, $93.97B expected; GOOGL jumped 2.9% on the results in after-hours trading but quickly reversed to a 3.7% decline. Google eventually rallied to a 4% gain and then retreated to a 1.0% gain.Tesla reported Q2 EPS of .40, .42 exp.; revenue of $22.50B, $22.64B consensus. TSLA dropped to a 0.6% loss on the results but quickly jumped to a 1.85% gain because too many traders and HFs are short. Eventually, Tesla dropped to a 5.0% loss after Musk said Tesla has “rough quarters” ahead...”Today – Stocks are breaking out to the upside and bubbling up in a thin summer market. With Fang/Mag 7 earnings commencing, an equity market peak is still in the future. Bubbles endure until they burst.Expected Impact Earnings: LUV .53, DOW -0.18, UNP 2.92, INTC 0.01ESUs are +7.50; NQUs are +90.00 (Google’s results); USUs are +3/32; and gold is -0.80 at 20:17 ET.S&P Index 50-day MA: 6069; 100-day MA: 5810; 150-day MA: 5874; 200-day MA: 5880DJIA 50-day MA: 43,154; 100-day MA: 42,107; 150-day MA: 42,623; 200-day MA: 42,807(Green is positive slope; Red is negative slope) S&P 500 Index (6358.91 close) – BBG trading model Trender and MACD for key time framesMonthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signalWeekly: Trender andMACD are positive – a close below 5668.57 triggers a sell signalDaily: Trender is positive; MACD is negative – a close below 6248.69 triggers a sell signalHourly: Trender andMACD are positive – a close below 6320.12 triggers a sell signalDNI Tulsi Gabbard @DNIGabbard: Per President @realDonaldTrump’s directive, I have declassified a HouseIntel oversight majority staff report that exposes how the Obama Administration manufactured the January 2017 Intelligence Community Assessment that they knew was false, promoting the LIE that Vladimir Putin and the Russian government helped President Trump win the 2016 election… essentially enacting a years-long coup against him. Here are the top Obama Russia Hoax lies debunked by today’s release:LIE: Putin and the Russian Government helped Trump win the 2016 election TRUTH: President Obama, former Director of the CIA John Brennan, and others fabricated the Russia Hoax, suppressed intelligence showing Putin was preparing for a Clinton victory, manufactured findings from shoddy sources, disobeyed IC standards, and knowingly lied to the American people.LIE: The fabricated Steele Dossier was not used as a source in the Obama Administration’s January 2017 Intelligence Community Assessment of the November 2016 election TRUTH: Not only did CIA Director Brennan, FBI Director Comey, DNI Clapper and others include the Steele Dossier in the 2017 ICA, they overruled senior Intel officials who warned them it was fabricated and should not be used.LIE: The Obama Administration’s January ICA was an independent Intelligence Community product, produced with apolitical analysis. TRUTH: Obama ordered the Intelligence Community to create an Intelligence Community Assessment they knew was false, promoting a contrived narrative, with the intent of undermining the legitimacy and power of a duly elected President of the United States, Donald Trump.https://dni.gov/files/ODNI/doc@nicksortor: Tulsi Gabbard EXPOSES Obama for COVERING UP the blackmail Putin had on Hillary Clinton, which Putin planned on using after her “likely victory.”… “This included possible criminal acts, like secret meetings with multiple organizations. In exchange for supporting Secretary Clinton’s campaign for the presidency, significant increases in financing from the state department. “They also had documents that showed the patronage of the state department, to state department employees who would support Hillary Clinton’s presidential campaign.” “There were a high-level DNC emails that detailed evidence of Hillary’s psycho emotional problems, fits of anger, aggression, cheerfulness, and that Secretary Clinton was allegedly on a regiment of heavy tranquilizers.” https://x.com/nicksortor/status/1948082947690820060Hillary Clinton didn’t use password to protect her PC and used unsecure personal BlackBerry to send private emails ‘because she’s clueless with computers’ May 28, 2016https://www.dailymail.co.uk/news/article-3614589/E-fail-Hillary-Clinton-didn-t-use-password-protect-PC-used-unsecure-personal-BlackBerry-send-private-emails-s-clueless-computers.htmlClinton practically handed her email password to the Russians – NY Post July 25, 2016Clinton was so careless when using her BlackBerry that the Russians stole her password…https://nypost.com/2016/07/25/clinton-practically-handed-her-email-password-to-the-russians/More than meets the eye to Russia’s Hillary hacking – NY PostDec. 20, 2016Months and months ago I told you that the Russians had hacked the Democrats’ and Hillary Clinton’s computers. I said it was probably done through a surrogate in Bulgaria… I wrote that the National Security Agency (NSA) knew what the Russians were doing and warned the Democrats. How’d I know? My source told me that the NSA was hacking the Russians while the Russians were hacking the Democrats… And the NSA had offered the hacked e-mails to FBI director James Comey but was turned down for reasons only Comey can explain… https://nypost.com/2016/12/20/more-than-meets-the-eye-to-russias-hillary-hacking/@JackPosobiec: DNI Tulsi Gabbard declassified intel that two senior CIA officers warned Brennan that “we don’t have direct information that Putin wanted to get Trump elected.”Obama ordered them to report it anyway.@AutismCapital: REPORTER: “Do you believe President Obama is guilty of treason?” TULSI GABBARD: “When you look at the intent behind creating a fake manufactured intelligence document…the expressed intent can only be described as a years long coup and a treasonous conspiracy.” https://x.com/AutismCapital/status/1948084368041525250DNI Tulsi Gabbard says she referred Barack Obama to the FBI and DOJ for prosecution.https://x.com/libsoftiktok/status/1948087659131556233Tulsi Gabbard: “I think it’s a disservice to the American people that Former President Obama’s office and others who are criticizing the transparency that is being delivered by releasing these documents. They are…trying to deflect away from their culpability in what is a historic scandal.”https://x.com/TrumpWarRoom/status/1948092300959109571@kylenabecker: CNN shields its viewers from DNI Tulsi Gabbard’s evidence that former President Barack Obama conspired to rig the 2016 election for Hillary. The Fake News Network cut away as she made her case. CNN isn’t “news.” It’s anti-news. Pure propaganda.Brennan directed publication of ‘implausible’ reports claiming Putin preferred Trump in 2016, House found – The intelligence community did not have any direct information that Russian President Vladimir Putin wanted to help elect Donald Trump during the 2016 presidential election, but, at the “unusual” direction of then-President Barack Obama, published “potentially biased” or “implausible” intelligence suggesting otherwise, the House Intelligence Committee found… The ICA was a “high-profile product ordered by the President, directed by senior IC agency heads, and created by just five CIA analysts, using one principal drafter.” “Production of the ICA was subject to unusual directives from the President and senior political appointees, and particularly DCIA,” the report states. “The draft was not properly coordinated within CIA or the IC, ensuring it would be published without significant challenges to its conclusions.” The committee found that the five CIA analysts and drafter “rushed” the ICA’s production “in order to publish two weeks before President-elect Trump was sworn-in.“…https://www.foxnews.com/politics/brennan-directed-publication-implausible-reports-claiming-putin-preferred-trump-2016-house-found@julie_kelly2: So many nuggets in @DNIGabbard latest release.Steele also was repping Oleg Deripaska at the same time he was peddling his phony “dossier” to the media, FBI, and others in 2016.Steele actually hired Fusion FIRST to investigate a Trump associate–Paul Manafort–for Deripaska.https://x.com/julie_kelly2/status/1948114222988091782@paulsperry_: The pro-Hillary Ukrainian government, which was also under the spell of the Bidens in late 2016 when Obama’s ICA was drafted, fed Brennan false intel dirt on Trump that made its way into the final ICA. Kiev was essentially working for the Clinton campaign in 2016.New DNI Docs Reveal Washington Post’s Central Role in Russiagate HoaxOn the morning of Dec. 9, 2016 — just one day after the draft PDB was circulated among Obama officials — The Washington Post published an article co-authored by Ellen Nakashima reporting that President Obama had ordered a review of Russia’s role in the election. The article stated that Russia had “attempted through cyber means to interfere in, if not actively influence, the outcome” of the 2016 race. Citing this article, the report accompanying the DNI’s new document release concludes that “Deep State officials in the IC [intelligence community]” had begun “leaking blatantly false intelligence to the Washington Post.” The DNI report goes on to state that later that same day, another leak to the Post falsely claimed the CIA had “concluded in a secret assessment that Russia intervened” in the election to help Trump… Nakashima was awarded a Pulitzer Prize for her Russiagate coverage…https://thefederalist.com/2025/07/23/new-dni-docs-reveal-washington-posts-central-role-in-russiagate-hoax/When Obama Began Strangling the Republic “By the Book” – John KassObama is all up in the news now, named in a “criminal information” sent by Director of National Intelligence Tulsi Gabbard to the U.S. Justice Department for manufacturing treasonous official intelligence to portray President Donald Trump as a tool of Russian dictator Vladimir Putin… At that so-called secret “by the book” meeting in the Oval Office, with Obama ordering his Deep State intelligence agencies to manufacture intel to cripple President Trump? Is he so shallow and narcissistic as to ignore the damage he causes to the republic as his spies and counterspies squeeze the civic life out of America? Yes. He kills the republic he hates. And the institutional left that serves Obama, the universities and the broken corporate media guard Obama’s back… Oh, one more thing about the phenomenon of Obama’s Deep State coup derailing the Trump administration: But in Obama’s case, he had the American corporate news media eating from the palm of his hand… https://johnkassnews.com/back-when-obama-killed-the-american-republic/?s=02Justice Department creates strike force to investigate ODNI evidence… related to the Russia election interference hoax… We will investigate these troubling disclosures fully and leave no stone unturned to deliver justice.” (Bondi said)…https://justthenews.com/government/federal-agencies/justice-department-creates-strike-force-investigate-odni-evidence@ABC: House Oversight Committee Chairman James Comer on Wednesday issued a subpoena to Ghislaine Maxwell — Jeffrey Epstein’s convicted associate — for a deposition to occur at Federal Correctional Institution Tallahassee on August 11.@WSJ: Exclusive: The Justice Department told President Trump in May that his name is among many in the Epstein files – Bondi also told president at the meeting that Justice decided to not release more Jeffrey Epstein documents because of the presence of child pornography and the need to protect victims(No surprise; DJT admitted that he knew Epstein for 15 years and later banned him from Mar-a-Lago.)Why the MSM is despised: The WSJ runs the salacious & incriminating headline; but puts “Being mentioned in the records isn’t a sign of wrongdoing,” and ‘there are hundreds of names in the file’ behind its pay wall.@WallStreetMav: It has been long established that Trump kicked Epstein out of his Mar-a-Lago club when Epstein was acting inappropriately. The membership was revoked. Just being mentioned in the Epstein files is very different than visiting his island. We want the names of the island clients.@libsoftiktok: Robin L. Rosenberg, an Obama-appointed U.S. District Judge, just REJECTED the DOJ’s request to unseal the Epstein grand jury transcriptsHouse panel directs chairman to subpoena Bill and Hillary Clinton in Epstein probe“I have a motion to subpoena the following individuals to expand the full committees investigation into Miss Maxwell – and the list reads as follows: William Jefferson Clinton, Hillary Diane Rodham Clinton, James Brian Comey, Loretta Elizabeth Lynch, Eric Hampton Holder, Jr., Merrick Brian Garland, Robert Swan Mueller III, William Pelham Barr, Jefferson Beauregard Sessions the third, and Alberto Gonzales. That’s the full list, Mr. Chairman. And that’s the motion,” (GOP Rep) Perry said…https://www.foxnews.com/politics/house-panel-directs-chairman-subpoena-bill-hillary-clinton-epstein-probeBloomberg Law @BLaw: A New Jersey US district court judge (Julien Xavier Neals, Biden appointee; Obama initially nominated Neals; McConnell sat on the nomination.) withdrew his decision in a biopharma securities case Wednesday after lawyers complained that his opinion contained numerous errors, including made-up quotes and misstated case outcomes…https://news.bloomberglaw.com/business-and-practice/judge-withdraws-pharma-opinion-after-lawyer-flags-made-up-quotes
SWAMP STORIES FOR YOU TONIGHT
Biden Hotline To Help Unaccompanied Migrant Children Ignored 65,000 Calls
Wednesday, Jul 23, 2025 – 05:05 PM
Disturbing reports were revealed during a hearing held last week by the House Committee on Homeland Security on the role of NGOs (non-profit organizations) in facilitating the unprecedented border crisis during the Biden Administration.
A key witness, Ali Hopper, founder and president of GUARD Against Trafficking, testified that both federal agencies and NGOs have been “hijacked by criminal networks” and operate behind the “scale and the mismanagement” of the immigration system. The allegations revolve around reports that the Biden and Democrats had lost track of over 300,000 unaccompanied alien minors (children crossing the border illegally without parents).
Under the Trump Administration, DHS has launched a national child welfare initiative to identify and locate at-risk kids who may have been placed with improperly vetted or unvetted foster homes.
The Biden Administration claimed that the children were being safely tracked and that they were given a phone number to a hotline which allowed them to report any illegal activity or abuse by sponsors. However, Hopper warns that at least 65,000 calls made to this hotline were ignored.
ABSOLUTELY INSANE
The Biden Admin setup a hotline so that unaccompanied minors could call if they had trouble with the strangers they were being placed with
“Children’s safety and security is non-negotiable,” says ICE spokesperson Laszlo Baksay “The previous administration’s failure to implement meaningful safeguards has allowed vulnerable kids to fall into the hands of criminals. Our special agents are working tirelessly to locate these alien children, ensure their protection, and hold accountable those who have abused the system.”
DHS added that since the agency launched its child welfare initiative, officials have discovered numerous sponsors in possession of child sexual abuse material (CSAM), sponsors who forced minors into labor, and sponsors who subjected children to neglectful living conditions.
ICE raids this month on two California marijuana farms discovered 361 illegal immigrants and at least 14 minors who were being used as slave labor, confirming suspicions that migrant children allowed into the US by Biden are being exploited.
Ali Hopper noted that she had visited the border and interviewed incarcerated traffickers and others in her research and said that processing cases with speed was prioritized to the detriment of care and caution.
“A cartel operative in Tecate Mexico explained to us how children were routinely kidnapped and funneled into the US for profit. Cartels infiltrated NGOs along those smuggling routes, turning humanitarian pathways into trafficking pipelines,” Hopper told the committee. “Weak sponsor vetting worsened this problem. An HHS audit later found that 70% of sponsor applications were fraudulent, making proper post-placement welfare checks nearly impossible.”
Democrats flooded the US with millions of illegals from 2021 to 2024 in a fervor to “deconstruct” western culture and to rig the census to increase the chances of redistricting. Here is Rep. Yvette Clarke (D-NY) essentially admitting to the scheme:
Rep. Yvette Clarke (D-NY): "I need more migrants in my district, for redistricting purposes"
At best, the Democrats in their corrupt ambition to control US elections for decades to come inadvertently opened the door for child predators and slave labor. Some critics argue that the conspiracy goes much deeper, and that many missing children have likely ended up in the hands of Epstein-like trafficking rings serving wealthy clients with the full knowledge of political elites.
If the Biden Admin set up a hotline for migrant children only to apparently ignore 65,000 reports of abuse, this certainly lends credence to claims that Democrats are complicit in the criminality, or that they simply do not care.
end
they are nuts!!
Judges Order Kilmar Abrego Garcia Released From Federal Custody
WASHINGTON—Two federal judges on July 23 ordered that Kilmar Abrego Garcia, an illegal immigrant from El Salvador subject to a high-profile prosecution by the United States, be released from federal custody and permitted to return to his family in Maryland.
Abrego Garcia, 30, was first removed to El Salvador on March 15 following the government’s invocation of the Alien Enemies Act of 1798, and detained in the maximum security prison Terrorism Confinement Center in that country—prompting opposition from Democrats and illegal immigrant advocacy groups—before being returned to the United States to face felony smuggling charges in Tennessee.
The U.S. government has indicated that it seeks to remove Abrego Garcia, once again, from the country and would detain him if released from criminal custody in Tennessee, where he is presently located.
As a result, U.S. District Judges Waverly Crenshaw Jr. of the Middle District of Tennessee, who is presiding over the criminal case, and Paula Xinis of the District of Maryland, who is overseeing the civil suit against the government over his removal, issued joint orders on July 23 that barred Abrego Garcia’s detention.
They restored his previous immigration arrangement, where he must periodically report to U.S. Immigration and Customs Enforcement (ICE) but is allowed to remain free.
“The Defendants SHALL NOT take Abrego Garcia into custody, including but not limited to custody by U.S. Immigration and Customs Enforcement (“ICE”); Defendants SHALL restore Abrego Garcia to his ICE Order of Supervision out of the Baltimore Field Office,” wrote Xinis in her order.
Abrego Garcia illegally crossed the U.S. border with Mexico in 2012 and was arrested in 2019 after being suspected of gang involvement. The Trump administration has said that Abrego Garcia was a member of Mara Salvatrucha, or “MS-13,” which it has designated as a terrorist organization.
Abrego Garcia was later ordered to be removed from the United States, but in 2019, he was granted relief in the form of a “withholding of removal” order that prevented his deportation to his home country of El Salvador, due to a “clear probability” of persecution.
During this time, he met and married Jennifer Vasquez Sura, a U.S. citizen, with whom he fathered a child.
The order withholding removal remained active at the time of Abrego Garcia’s expulsion from the United States in March.
The initial reaction to Abrego Garcia’s removal saw protests and a flurry of legal challenges, including one that resulted in a ruling by the Supreme Court, which directed the government to “facilitate” his release from custody in El Salvador due to the prior order withholding removal.
Abrego Garcia was later returned to the United States on June 6 and indicted on two felony counts related to the smuggling of illegal immigrants.
Even as the order prevents Abrego Garcia’s removal to El Salvador, he may be removed to a third country, which the Trump administration has sought to do alongside his criminal prosecution.
Xinis also required the government to provide at least 72 hours’ notice, excluding holidays, to Abrego Garcia and the court if it sought to remove him from the United States.
The Department of Justice and ICE did not immediately respond to a request for comment.
harveyorganblog.com 
