AUGUST 1//POOR JOBS REPORT SENDS ALL PRECIOUS METALS HIGHER: GOLD ROSE BY $51.40 TO $3347.90 WITH SILVER IS UP 19 CENTS TO $36.84//PLATINUM CLOSED DOWN $12.30 TO $1309.25//WHILE PALLDIUM WAS UP $20.55 TO $1210.95//MAJOR PODCAST FROM ANDREW MAGUIRE INTERVIEWING LONDON PAUL: A MUST VIEW//HUGE COMMODITY REPORT ON COPPER//GERMANY AND SPAIN REPORTS ON MIGRANTS AND HOW ITS HAS HURT THEIR ECONOMIES//ISRAEL UPDATES COURTESY OF IBN ISRAEL//ISRAEL VS IRAN/ISRAEL VS HAMAS UPDATES/USA IMPOSES MAJOR SANCTIONS ON IRANIAN SHIPPING MAGNATES AND THAT WILL CRIPPLE THEIR ECONOMY//RUSSIA VS UKRAINE UPDATES/COVID UPDATES/VACCINE INJURY REPORTS/DR PAUL ALEXANDER/MARK CRISPIN MILLER/NEWS ADDICTS/EVOL NEWS/SHALE COSTS RISING OVER THE PAST TWO YEARS. BREAKEVEN IS AROUND $68.00 PER BARREL AND IF THE PRICE DOES NOT IMPROVE THEN RIGS WILL BE TAKEN DOWN//TARIFF DAY ANNOUNCED WITH MAJOR TARIFFS ON A WHOLE HOST OF COUNTRIES: CANADA IS HIT WITH 35% TARIFF/A MUST VIEW COMMENTARY FROM JEFFREY SACHS ON THE TARIFFS//USA MANUFACTURING REPORTS LOWER OUTPUTS/SWAMP STORIES FOR YOU TONIGHT///
118 C MACQUARIE FUTURES US 8 118 H MACQUARIE FUTURES US 223 132 C SG AMERICAS 243 190 H BMO CAPITAL MARKETS 786 285 C NANHUA USA-HK 4 323 C HSBC 722 233 332 H STANDARD CHARTERED B 125 363 H WELLS FARGO SECURITI 74 435 H SCOTIA CAPITAL (USA) 36 555 C BNP PARIBAS SEC CORP 70 657 C MORGAN STANLEY 50 657 H MORGAN STANLEY 416 661 C JP MORGAN SECURITIES 335 530 686 C STONEX FINANCIAL INC 25 15 690 C ABN AMRO CLR USA LLC 49 11 709 C BARCLAYS 19 732 C RBC CAP MARKETS 5 732 H RBC CAP MARKETS 393 800 C MAREX SPEC 1 880 C CITIGROUP 8 905 C ADM 13
TOTAL: 2,197 2,197 MONTH TO DATE: 17,501
JPMORGAN stopped 3549/15,304
AUGUST
GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2025: 2197 CONTRACTs NOTICES FOR 219,700 OZ or 6.833 TONNES
total notices so far: 17,501 contracts for 1,750,100 OR 54.435 tonnes)
FOR AUGUST
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SILVER NOTICES: 51 NOTICE(S) FILED FOR 0.255 million OZ/
total number of notices filed so far this month : 969 CONTRACTS (NOTICES) for 4.845 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $51.40 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.72 TONNES OF GOLD FROM THE GLD/./
INVENTORY RESTS AT 954.51 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.19 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: //A WITHDRAWAL OF 2.8160 MILLION OUT OF THE SLV/
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 484.266 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA MEGA HUGE SIZED 3820 CONTRACTS TO 161,954 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR CONSIDERABLE LOSS OF $1.00 IN SILVER PRICING AT THE COMEX WITH RESPECT TO THURSDAY’S TRADING. WE FINALLY ARE MOVING MUCH HIGHER THAN THE BASE $34.40 SILVER PRICE BARRIER. WE HAD A MEGA HUGE SIZED LOSS OF 2870 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A HUGE 950 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO THURSDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $36.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED ON THURSDAY WITH SILVER’S CONSIDERABLE LOSS IN PRICE. THE PRICE HOWEVER FINISHED MILES ABOVE THE MAGIC NUMBER OF $36.00 SILVER SPOT PRICE CLOSING AT $36.65 . WE HAVE A MEGA HUGE T.A.S. ISSUANCE AT 972 CONTRACTS ISSUED BY THE CME AND THAT STILL SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING 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 HUGE 950 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 972 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FRIDAY’S// TRADING OR BEYOND/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A MEGA MEGA HUGE SIZED 2870 CONTRACTS ON OUR TWO EXCHANGES WITH OUR HUGE LOSS IN PRICE OF $1.00.
EXCHANGE FOR RISK ISSUANCE FOR SILVER/MAY
THE CME NOTIFIED US THAT FOR THE FIRST TWO DAYS OF THE MONTH OF MAY, WE HAD TWO CONSECUTIVE ISSUANCE OF EXCHANGE FOR RISK CONTRACTS OF 12.93 MILLION OZ. THESE EXCHANGE FOR RISKS WERE ADDED TO OUR NORMAL DELIVERY SCHEDULE. THE RECIPIENT OF THIS LARGESS IS WITHOUT A DOUBT THE CENTRAL BANK OF INDIA. LOGICALLY ONLY A CENTRAL BANK WOULD ACCEPT THIS CRAZY CONTRACT WHEREBY THE CENTRAL BANK OF INDIA TAKES THE RISK OF DELIVERY FROM A BULLION BANK WHO CANNOT GUARANTEE DELIVERY OF PHYSICAL SILVER TO THEM.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT/FRIDAY MORNING: A STRONG SIZED 972 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 SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $1.00) AND WERE SUCCESSFUL IN KNOCKING OFF A FEW NET SILVER LONGS FROM THEIR PERCH AS WE HADE A MEGA HUGE LOSS OF 2870 CONTRACTS ON OUR TWO EXCHANGES WITH HUGE T.A.S. SPREADER LIQUIDATION AND HUGE MONTHLY SPREADER LIQUIDATION WITH RESPECT TO THURSDAY’S RAID.. MOST OF THIS LOSS IN OI WAS DUE TO THOSE TWO SPREADER LIQUIDATIONS
WE HAD A 950 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 4.70 MILLION OZ FOLLOWED BY TODAY’S 72 CONTRACT OR AN ADDITIONAL 360,000 OZ WILL STAND AS THEY UNDERWENT A QUEUE JUMP //NEW STANDING ADVANCES TO 4.995 MILLION OZ.
THUS:
INITIAL STANDING FOR AUGUST: 4.70 MILLION OZ FOLLOWED BY TODAY’S 360,000 OZ QUEUE JUMP//NEW STANDING; 4.995 MILLION OZ
WE HAD:
/ HUGE COMEX OI LOSS+// A HUGE SIZED EFP ISSUANCE 950 CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 972 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: ADDED A SMALL 62 CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS AUGUST. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF AUGUST
TOTAL CONTRACTS for 1 DAY(S), total 950 contracts: OR 4.750 MILLION OZ (950 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 4.750 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: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 4.750 MILLION OZ
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RESULT: WE HAD A MEGA HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3820 CONTRACTS WITH OUR LOSS IN PRICE OF $1.00 IN SILVER PRICING AT THE COMEX// THURSDAY.,. . THE CME NOTIFIED US THAT WE HAD A HUGE 950 CONTRACT EFP ISSUANCE CONTRACTS: 950 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 5 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: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ PLUS TODAY;S 360,00 OZ QUEUE JUMP//NEW STANDING 4.995 MILLION OZ
THE NEW TAS ISSUANCE THURSDAY NIGHT (950 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE IN TUESDAY THROUGH THURSDAY TRADING.
WE HAD 51 NOTICE(S) FILED TODAY FOR 0.255 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 VERY STRONG SIZED 14,268 OI CONTRACTS TO 427,980 AND FURTHER FROM 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 2870 CONTRACTS //.
WE HAD A VERY HUGE DECREASE IN COMEX OI (14,268 CONTRACTS) . THIS OCCURRED WITH OUR LOSS OF $2.65 IN PRICE// THURSDAY///.
LAST FOUR 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 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES STANDING
AUGUST: 60.547 TONNES OF GOLD FOLLOWED BY TODAY’S MONSTER 3.477 TONNES QUEUE JUMP//NEW STANDING ADVANCES TO 64.074 TONNES OF GOLD/.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1890 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 427,980 /NOW EXTREMELY CLOSE TO ITS NADIR AND WE NOW WITNESS A LOW COMEX OI WITH AN EXTREMELY HIGH PRICE OF GOLD
SILVER ALSO HAS A LOW COMEX OI OF 161,954 CONTRACTS BUT GAINING RAPIDLY!!
IN ESSENCE WE HAVE A VERY STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 12,378 CONTRACTS WITH 14,268 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1890 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 12,378 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 860 CONTRACTS AND THESE ISSUANCES ARE JOINED WITH OUR MONTHLY SPREADER LIQUIDATION TO CREATE OUR RAID IN GOLD/.(LOSS IN PRICE YESTERDAY: $2.65)
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(1890) ACCOMPANYING THE HUGE SIZED DECREASE IN COMEX OI OF 14,268 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 12,378 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 AUGUST AT 60.547 TONNES FOLLOWED BY TODAY’S 3.477 TONNES QUEUE JUMP//NEW STANDING ADVANCES TO 64.074 TONNES
NEW STANDING FOR GOLD, AUGUST CONTRACT AT 64.074 TONNES OF GOLD
.
/ 3) HUGE T.A.S. LIQUIDATION AND MONTH END SPREADER LIQUIDATION IN THE COMEX SESSION AS WE HAD 1)A $2.65 COMEX PRICE LOSS. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS DESPITE HAVING A STRONG LOSS OF 12,378 CONTRACTS ON OUR TWO EXCHANGES WE HAD HUGE LIQUIDATION OF OUR TAS SPREADERS AND MONTHLY SPREADERS I.E. MOST OF THE LOSS IN OI WAS DUE TO THE TWO SPREADERS// /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED THURSDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND YOU CAN VISUALIZE THIS BY THE HUGE AMOUNTS OF QUEUE JUMPING WE HAVE BEEN HAVING LATELY
4) VERY STRONG SIZED COMEX OI LOSS// 5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (1890 CONTRACTS)/// SMALL T.A.S. ISSUANCE: 860 T.A.S.CONTRACTS/
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF AUGUST :
TOTAL EFP CONTRACTS ISSUED: 41890 CONTRACTS OR 189,000 OZ OR 5.979 TONNES IN 1 TRADING DAY(S) AND THUS AVERAGING: 1890 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN1 TRADING DAY(S) IN TONNES 5.979 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 5.979 TONNES DIVIDED BY 3550 x 100% TONNES = 0.0166% 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 : 150.877 TONNES// QUITE SMALL
AUGUST: 5.894 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA HUGE SIZED 3820 CONTRACTS OI TO 161,954 AND FURTHER FROM 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 950 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 950 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 650 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 3820 CONTRACTS AND ADD TO THE 950 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED LOSS OF 2870 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR HUGE LOSS IN PRICE OF $1.00 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 14.660 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 FRIDAY MORNING:
SHANGHAI CLOSED DOWN 13.26 PTS OR 0.37%
//Hang Seng CLOSED DOWN 265.52 PTS OR 1.07%
// Nikkei CLOSED DOWN 270.22 PTS OR 0.66% //Australia’s all ordinaries CLOSED DOWN 0.91%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.2118 OFFSHORE CLOSED DOWN AT 7.2204/ Oil DOWN TO 68.96 dollars per barrel for WTI and BRENT DOWN TO 71.23 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.2118 AND WEAKER//OFF SHORE YUAN TRADING UP TO 7.2204 AGAINST US DOLLAR/ AND THUS WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A VERY STRONG SIZED 14,268 CONTRACTS TO 432,354 OI DESPITE OUR SMALL LOSS IN PRICE OF $2.65 WITH RESPECT TO THURSDAY’S // TRADING.. WE LOST SOME NET LONGS, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1890 ). WE HAD HUGE T.A.S. LIQUIDATION //THURSDAY TRADING AS WE HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 8004 CONTRACTS WITH ALL OF THAT LOSS DUE TO BOTH SPREADERS, THE T.A.S. LIQUIDATION AND MONTHLY SPREADERS.
LAST WEDNESDAY MORNING,JULY 23, MUCH TO MY SHOCK, AFTER A TWO MONTH HIATUS,THE CME ANNOUNCED A 500 EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 50,000 OZ OR 1.555 TONNES. THEN JULY 30 THE CME ANNOUNCED (ISSUED) MUCH TO MY HORROR ITS SECOND EXCHANGE FOR RISK FOR 706 CONTRACTS OR 70,600 OZ (2.195 TONNES) AS THE BANK OF ENGLAND WAS NOT SATISFIED AND NEEDS MORE GOLD TO COVER ITS LEASES TO BULLION BANKS. OR IT COULD BE THE FRBNY WHO ALSO OWES GOLD TO THE BIS AND THEY NEED TO COVER BADLY!!.THE TOTAL EXCHANGE FOR RISK FOR THE MONTH OF JULY IS NOW 3.750 TONNES OF GOLD WHICH WAS ADDED TO OUR REGULAR DELIVERY TO GIVE US OUR FINAL TOTALS FOR JULY!
EARLY THIS MORNING THE CME ANNOUNCED A ZERO EXCHANGE FOR RISK ISSUANCE!
HISTORY: LAST SEVEN 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: 2 OCCASIONS LATE IN JULY: 1206 CONTRACTS FOR 120,600 OZ OR 3.750 TONNES/ISSUED JULY 23/2025 AND JULY 30/2025
AUGUST: 0 SO FAR
THE RECIPIENT OF ALL OF THESE EXCHANGE FOR RISK CONTRACTS IS GENERALLY 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 OR FRBNY 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 6TH MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.(DEC THROUGH JULY WITH A TWO MONTH HIATUS)
DETAILS ON JULY COMEX MONTH//INITIAL
IN TOTAL WE HAD A VERY STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 12,378 CONTRACTS DESPITE OUR SMALL LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS 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 ERLY IN THE YEAR (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 6.0% AS GOLD IN LONDON IS STILL EXTREMELY SCARCE.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE , JULY AND NOW AUGUST AS IT 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 IS A SMALL T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED A 860 T.A.S CONTRACTS. 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 WAS IN FULL FORCE WITH LAST WEEK’S RAID DURING COMEX OPTION EXPIRY WEEK. THE TAS SPREADER LIQUIDATIONS COMBINE WITH OUR MONTHLY SPREADERS AS THEY JOIN FORCES IN AN ATTEMPT TO TEMPER THE GOLD/SILVER PRICE GAINS. THE RAIDS ON OUR PRECIOUS METALS CONTINUED YESTERDAY WITH HUGE FURY AS WE FINALIZED THE LONDON/OTC OPTION EXPIRY.
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. IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS TODAY’S QUEUE JUMP OF 1.577 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK PRIOR + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES OF GOLD
NEW FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
AND NOW FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS TODAY’S MONSTER QUEUE JUMP OF 3.477 TONNES//NEW STANDING 64.074 TONNES
THE FED IS THE OTHER MAJOR SHORT OF AROUND 34+ 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 233 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. THE FRBNY IS NOW NONE COMPLIANT WITH RESPECT TO BASEL III BUT IT IS NOT NECESSARY FOR THEM TO BE COMPLIANT ONLY COMMERCIAL BANKERS MUST BE.
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 ( 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.
WE HAVE A HUGE 60.547 TONNES OF INITIAL GOLD STANDING FOR AUGUST FOLLOWED BY A MONSTER QUEUE JUMP OF 3.477 TONNES/NEW STANDING ADVANCES TO 64.074 TONNES.
EXCHANGE FOR PHYSICAL ISSUANCE
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 1890 EFP CONTRACT WAS ISSUED: : /AUGUST 1890 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1890 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 :
HUGE LIQUIDATION OF OUR T.A.S. SPREADERS//THURSDAY AND THEY WERE JOINED BY OUR MONTHLY SPREADER LIQUIDATION
SOME NET SPEC LIQUIDATION DESPITE OUR SMALL LOSS IN PRICE. HOWEVER MOST OF THAT LOSS IN OI ON OUR TWO EXCHANGES WAS DUE TO OUR TWO SPREADERS.
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 THURSDAY NIGHT/FRIDAY WAS A SMALL SIZED SIZED 860 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE THIS PAST WEEK ON OPTIONS EXPIRY WEEK 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 LOSS IN PRICE IN GOLD AND SILVER AND A CORRESPONDING LIQUIDATION OF CONSIDERABLE COMEX OI. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY WITH THE RARE TWO ISSUANCES OF EXCHANGE FOR RISK! THE RAIDS THROUGHOUT OPTION EXPIRY WEEK WERE USED TO LOWER THE HUGE DERIVATIVE LOSSES ENDURED BY THE BANKERS.
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 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK/PRIOR + 2.195 EX FOR RISK TODAY = = 41.106 TONNES
AUGUST:INITIAL AMOUNT OF GOLD STANDING: 60.547 TONNES FOLLOWED TO TODAY’S WHOPPING MONSTER QUEUE JUMP OF 3.477 TONNES//NEW STANDING ADVANCES TO 64.074 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/AUGUST CONTRACT MONTH
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A SMALL $2.65/ /) AND WERE SUCCESSFUL IN KNOCKING OFF A FEW NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED LOSS IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION AND MONTH END SPREADER LIQUIDATION ////THURSDAY WHICH ACCOUNTS FOR MOST OF THE LOSS IN TOTAL OI. 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 T.A.S. ISSUANCES, IN ORDER TO FORMALIZE RAIDS ON OUR PRECIOUS METALS WHICH OF COURSE NORMALLY ENDS IN TOTAL FAILURE!
FRIDAYS MORNING//THURSDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL THURSDAY EVENING/ FRIDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /JULY TRADING
EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY://FINISHES AT 4 ISSUANCES
THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TTO THE BANK OF ENGLAND.THEN ,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WAS ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.
EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH
EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND WAS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.
MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK: TOTAL FOR THE MONTH FINISHED AT 3
TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.
APRIL, ISSUED ITS 7TH EXCHANGE FOR RISK: 187 CONTRACTS OR 18,700 OZ OR 0.5816 TONNES
SUMMARY EXCHANGE FOR RISK FOR THE MONTH OF APRIL//TOTAL ISSUANCES 7 FOR 8.3571 TONNES OF GOLD!:
ISSUANCE FOR EXCHANGE FOR RISK ON FIRST DAY NOTICE//APRILL MONTH// WAS 700 CONTRACTS FOR 70,000 OZ OR 2.177 TONNES OF GOLD TO WHICH WE ADD (APRIL 4) : 250 CONTRACTS FOR 25,000 OZ OR .777 TONNES, APRIL 7 ISSUANCE OF 280 CONTRACTS FOR 28,000 OZ OR .8709 TONNES THEN APRIL 9 484 CONTRACTS FOR 48400 OZ OR 1.5054 TONNES AND FINALLY MONDAY MORNING APRIL 14 AT 200 CONTRACTS FOR 20,000 OZ OR .5816 TONNES AND NOW APRIL 24: 600 CONTRACTS FOR 60,000 OZ OR 1.866 TONNES AND NOW APRIL 25 187 CONTRACTS FOR 18700 OZ OR .5816 TONNES//NEW FINAL TOTAL ISSUANCE FOR APRIL: 8.3571 TONNES!!. APRIL ISSUANCE OF EXCHANGE FOR RISK MEANS WE NOW HAVE 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK ISSUANCE. THESE DELIVERIES WERE ADDED TO OUR NORMAL DELIVERY CYCLE.
MAY ISSUANCE OF EXCHANGE FOR RISK NOW TOTALS 3 ISSUANCES FOR 308,350 OZ. THIS TOTALS 9.591 TONNES OF GOLD WHICH WILL BE ADDED TO OUR REGULAR DELIVERY SCHEDULE. THE RECPIENT OF THIS LARGESS IS THE BANK OF ENGLAND.
JUNE ISSUANCE: ZERO
JULY ISSUANCE; AFTER A TWO MONTH HIATUS AFTER AN INITIAL ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES OF GOLD (OCCURRED ON JULY 25) THE CME NOTIFIED US OF A SECOND ISSUANCE OF 706 CONTRACTS FOR 70,600 OZ OR 2.195 TONNES WHICH WILL BE ADDED TO OUR OFFICIAL STANDING. THUS 35.176 TONNES OFFICIAL STANDING + 1.555 TONNES EX FOR RISK PRIOR + 2.195 TONNES EX FOR RISK TODAY = 41.106 TONNES OF GOLD STANDING
ANALYSIS JULY DELIVERY MONTH GOING FROM FIRST DAY NOTICE// AUGUST COMEX CONTRACT
WE HAVE LOST A FAIR SIZED TOTAL OF 38.5 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR AUGUST FIRST RECORDED AT 60.547 TONNES ON FIRST DAY NOTICE TO WHICH WE ADD TODAY’S MONSTER QUEUE JUMP OF 3..477 TONNES OF GOLD//NEW STANDING ADVANCES TO 64.074 TONNES
ALL OF THIS HUGE STANDING FOR AUGUST WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE TO THE TUNE OF $2.65
WE HAD A HUGE 4374 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 8004 CONTRACTS OR 800,400 0Z (24.895 TONNES)
1 entry: i) Into the dealer Asahi: 40,,124.45 oz (1248 kilobars)
total deposit 40,124.45 oz (1.248 tonnes)
Deposits to the Customer Inventory, in oz
0 ENTRIES
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No of oz served (contracts) today
2197 notice(s) 219,700 OZ 6.833 TONNES
No of oz to be served (notices)
3099 contracts 309,900 OZ 9.639 TONNES
Total monthly oz gold served (contracts) so far this month
17,501 notices 1,750,100 oz 54.435 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 ENTRIES
1 entry: i) Into the dealer Asahi: 40,,124.45 oz (1248 kilobars)
total deposit 40,124.45 oz (1.248 tonnes)
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DEPOSITS/CUSTOMER
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customer withdrawal
ZERO ENTRIES
adjustments: 1
Brinks: deale to customer: 8005.599 oz (249 kilobars)
AMOUNT OF GOLD STANDING FOR AUGUST
THE FRONT MONTH OF AUGUST STANDS AT 5,296 CONTRACTS FOR A LOSS OF 14,173 CONTRACTS
WE HAD 15,304 CONTRACTS SERVED ON THURSDAY SO WE GAINED A HUGE 1117 CONTRACTS OR A WHOPPING 111700 OZ OF GOLD (3.477 TONNES) EXERCISED A QUEUE JUMP. THIS REPRESENTS CENTRAL BANKS STANDING FOR PHYSICAL GOLD.
SEPT GAINED 58 CONTRACTS TO 4685
OCTOBER GAINED 372 CONTRACTS UP TO 67,093
We had 2197 contracts filed for today representing 219,700 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 335 notices issued from their client or customer account. The total of all issuance by all participants equate to 2197 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 530 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for AUGUST /2025. contract month, we take the total number of notices filed so far for the month (17,501 X 100 oz ) to which we add the difference between the open interest for the front month of AUGUST ( 5296 CONTRACTS) minus the number of notices served upon today (2197 x 100 oz per contract) equals 2,060,000 OZ OR 64.024 TONNES
thus the INITIAL standings for gold for the AUGUST contract month: No of notices filed so far (17,501 x 100 oz +we add the difference for front month of AUGUST (5296 OI} minus the number of notices served upon today (2197 x 100 oz) which equals 2,060,000 OZ OR 64.024 TONNES
TOTAL COMEX GOLD STANDING FOR AUGUST.: 64.024 TONNES WHICH IS VERY STRONG FOR THIS NORMALLY ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
TOTAL REGISTERED SILVER: 191.576 MILLION OZ//.TOTAL REG + ELIGIBLE. 506.661Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY
silver open interest data:
FRONT MONTH OF AUGUST /2025 OI: 72 OPEN INTEREST CONTRACTS FOR A LOSS OF 868 CONTRACTS. WE HAD 940 CONTRACTS SERVED ON THURSDAY SO WE GAINED 72 CONTRACTS OR AN ADDITIONAL 360,000 OZ WILL STAND AS THEY ENTERTAINED A STRONG QUEUE JUMP
SEPTEMBER LOST 3076 CONTRACTS DOWN TO 112,751 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 51 or 0.255 MILLION oz
CONFIRMED volume; ON THURSDAY 73,928 good//
AND NOW JULY DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in AUGUST. we take the total number of notices filed for the month so far at 969 X5,000 oz = 4.845 MILLION oz
to which we add the difference between the open interest for the front month of AUGUST (72) AND the number of notices served upon today (51 )x (5000 oz)
Thus the standings for silver for the AUGUST 2025 contract month: (969) Notices served so far) x 5000 oz + OI for the front month of AUGUST(72) minus number of notices served upon today (51)x 5000 oz equals silver standing for the AUGUST contract month equating to 4.995 MILLION OZ .
New total standing: 4.995 million oz which is pretty good for this NON active delivery month of AUGUST. THE SILVER COMEX IS NOW UNDER SIEGE!!
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 191.576 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/506.6612 million. 41.45%
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!
AUGUST 1 WITH GOLD UP $51.40 TODAY//HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.72 TONNES OF GOLD FROM THE GLD/://// ///INVENTORY RESTS AT 954.51 TONNES/
JULY 31 WITH GOLD DOWN $2.65 TODAY//NO CHANGES IN GOLD AT THE GLD://// ///INVENTORY RESTS AT 956.23 TONNES/
JULY 30 WITH GOLD DOWN $27.50 TODAY//NO CHANGES IN GOLD AT THE GLD://// ///INVENTORY RESTS AT 956.23 TONNES/
JULY 29 WITH GOLD UP $16.45 TODAY//SMALL CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.86 TONNES OF GOLD FROM THE GLD/ //// ///INVENTORY RESTS AT 956.23 TONNES/
JULY 28 WITH GOLD DOWN $24.00 TODAY//NO CHANGES IN GOLD AT THE GLD: //// ///INVENTORY RESTS AT 957.09 TONNES/
JULY 25 WITH GOLD DOWN $37.30 TODAY//HUGE CHANGES IN GOLD AT THE GLD: A HUGE DEPOSIT OF 2.29 TONNES OF GOLD INTO THE GLD//// ///INVENTORY RESTS AT 957.09 TONNES/
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
GLD INVENTORY: 954.51 TONNES, TONIGHTS TOTAL
SILVER
AUGUST WITH SILVER UP $0.19/ HUGE CHANGES AT THE SLV//: A WITHDRAWAL OF 2.816 MILLION OZ INTO THE SLV.////INVENTORY RESTS AT 487.852 MILLION OZ.//
JULY 31 WITH SILVER DOWN $1.00/ HUGE CHANGES AT THE SLV//: A DEPOSIT OF 0.454 MILLION OZ INTO THE SLV.////INVENTORY RESTS AT 487.852 MILLION OZ.//
JULY 30 WITH SILVER DOWN $0.54/ HUGE CHANGES AT THE SLV//: A DEPOSIT OF 0.454 MILLION OZ INTO THE SLV.////INVENTORY RESTS AT 487.852 MILLION OZ.//
JULY 29 WITH SILVER UP $0.11/ HUGE CHANGES AT THE SLV//: A WITHDRAWAL OF 2.211 MILLION OZ OUT OF THE SLV.////INVENTORY RESTS AT 487.398 MILLION OZ.//
JULY 25 WITH SILVER DOWN $0.84/ NO CHANGES AT THE SLV//:.////INVENTORY RESTS AT 488.942 MILLION OZ.//
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.
Trump backing off on copper is hitting all metals. US tariffs are in disarray and are backfiring badly on the US economy and the dollar. The case for gold and silver is even stronger.
With Comex’s August contract running off the board and copper’s collapse it is hardly surprising that precious metals traded lower this week. In European trade this morning, gold was $3294, down $43 from Friday’s close, and silver at $36.48 down $1.65. The gold/silver ratio has returned to 90.
Before observing this week’s action in gold and silver, a comment on copper and other base metals is required. President Trump has relented on US import tariffs on copper ore, concentrates, and cathodes leaving 50% tariffs on imports of semi-finished items such as wires and pipes. Consequently, copper futures fell by 25% this week hitting every paper-traded metal, including silver. Copper’s chart is below:
In a longer-term context, this has not damaged copper’s bull market, which remains intact and if nothing else reflects the dollar’s declining purchasing power. More importantly, this episode serves as evidence of the severe damage US trade tariffs are doing to the US economy. Even Paul Krugman, who won his Nobel prize for trade theory opined that “We’re looking at a shock to the economy seven or eight times as big as Smoot-Hawley”.
50% tariffs remain on imported steel and aluminium. Given the climbdown on copper, these are almost certainly next. This is the context in which the dollar is to be valued in future. And given that the dollar’s value is determined by foreign holders owning over 30% more dollars and financial assets than the entire US GDP, this is not a trivial matter. Even against other currencies in their own debt traps and a declining ability to service their ballooning national debts, measured by the trade-weighted index the dollar is falling:
The dollar has rallied into overhead supply, a normal move, but the moving averages still scream bear market.
Krugman’s point will surely become more widely understood. The damage being done to the US economy and therefore the dollar is not yet reflected in headline statistics but is undoubtedly immense. And it is this damage that will determine its future exchange rate not just with other currencies but particularly gold. The next chart shows a very bullish pennant pattern for gold which merits close examination.
The pennant is delineated by the pecked lines. Its flat top suggests that the subsequent move up when the level is broken ($3440) will be the minimum projected by this pattern. That gold has overshot on the downside of the pattern is not unusual and given the disruption from copper is of no concern.
Once the $3440 level is surmounted, the minimum target is determined by the move into the pattern from the last significant consolidation, which is arrowed. This move is worth $900, which added to $3440 gives a minimum target of $4340, taking a similar time to the preceding move which is five months — in other words approximately at the year end.
This outcome might seem fanciful, but in the context of a) a US economy being badly undermined by tariff policies; b) stubborn and rising inflation being driven by the dollar’s falling purchasing power; and c) foreign holders selling dollars to avoid mounting losses it is eminently possible.
In this context, the reaction of silver presents a heaven-sent opportunity for those wishing to hedge this outcome. There is little doubt that silver’s sharp fall has been exacerbated by its role as an industrial metal alongside copper, and that the paper shorts are making hay out of the situation. But this is purely short-term thinking, whipsawing speculative traders.
The silver chart shows a reaction back to the 55-day moving average where it can be expected to find support. This is next:
At a guess, speculation will turn to precious and base metals whose prices may have been buoyed by Trump’s tariffs. But for gold and particularly silver stackers, it represents an opportunity to escape the mounting chaos engulfing the US economy and the dollar.
February 25, 20259:50 PM ESTUpdated February 25, 2025
BEIJING, Feb 26 (Reuters) – U.S. President Donald Trump on Tuesday ordered a probe into possible tariffs on copper imports to rebuild U.S. production of a metal critical to electric vehicles, military hardware, semiconductors and a wide range of consumer goods.
A White House official said the investigation would look at imports of raw mined copper, copper concentrates, copper alloy, scrap copper and derivative products made from the metal. A result is expected quickly.
The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here.
Here’s what you need to know about U.S. copper imports:
US IMPORTS
The United States produces domestically just over half the refined copper it consumes each year. More than two-thirds of that is mined in Arizona, where the development of a massive new mine has been stalled for more than a decade. The remaining refined copper, just shy of 1 million metric tons annually, is imported.
While the White House framed the new tariffs as a way to counter China’s dominance of the global market, the United States in fact imports most of its refined copper from the Americas.
Chile, Canada and Peru accounted for more than 90% of refined copper imports last year, according to the United States Geological Survey (USGS).
Chart showing US refined copper imports by country
GLOBAL PRODUCTION
China dominates global copper refining, but most of the ore that feeds into its smelters is mined elsewhere, in particular in Latin America. Chile and Peru together mined roughly a third of global copper last year, according to the USGS.
Chart showing global copper mining by country
However, China is expanding its control over world copper mining through its major investments in mines in the Democratic Republic of the Congo (DRC).
The DRC is now the world’s second-largest copper miner after overtaking Peru, due in large part to massive Chinese investment in the African country’s mining sector.
Chart showing global copper refining output by country
The Chinese copper smelting sector dwarfs all others. The country had dozens of copper smelters operating last year. Meanwhile, the United States has only two primary copper smelters, according to the USGS.
Reporting by Lewis Jackson and Amy Lv in Beijing; Editing by Jamie Freed
Tariff Exemption Sends Orange Juice Crashing Most On Record
by Tyler Durden
Orange juice futures in New York are on track for the steepest weekly decline on record, with losses exceeding 26%, after the Trump administration formally excluded Brazilian OJ from the newly proposed 50% tariffs on U.S. imports from the South American country. The exemption sparked a sharp reversal in speculative positioning in the contracts, erasing a multi-week rally fueled by trade disruption fears.
The executive order signed by President Trump on Wednesday delayed the implementation of 50% tariffs on Brazilian exports by seven days, while exempting several products, including orange juice, civil aircraft, iron ore, coal, wood pulp, machinery, and fertilizers.
“The tide seems to be turning again for Brazil (more favorably as of Wednesday) with the announcement of a delay (by seven days) in the 50% tariff and the inclusion of some 700 exceptions (or about 45% of exports exempted from the 40pp hike) to the US tariffs on Brazilian imports (crude oil, airplanes and orange juice as the most relevant lines),” UBS analyst Justin Wensek told clients earlier this week.
He noted, “This is a better outcome than the market had been pricing in. However, even if there were no exceptions, as UBS Brazil economists note, the roughly 60% of Brazilian exports to U.S. could be almost immediately re-routed to other countries.”
Craig Elliott, a market analyst at Expana, said Trump’s Brazilian tariffs seem to bring about a “collective sigh of relief.”
“The orange juice market is currently facing challenges even without the threat of tariffs, and there does seem to be a sense of being able to get back to business as usual, and solving the difficulties,” Elliott said.
Orange juice futures in New York declined 9.2% on Friday, pushing them toward a staggering 26.5% weekly decline. This is the largest weekly decline recorded since futures data began in 1967.
The U.S. accounts for 40% of Brazil’s orange juice exports because the greening disease has decimated U.S. supplies in Florida.
OJ prices have been halved since peaking above $5 a pound in late 2024.
Wild week for some commodity markets in the era of Trump tariffs.
END
ASIAN MARKETS THIS FRIDAY MORNING:
SHANGHAI CLOSED DOWN 13.26 PTS OR 0.37%
//Hang Seng CLOSED DOWN 265.52 PTS OR 1.07%
// Nikkei CLOSED DOWN 270.22 PTS OR 0.66% //Australia’s all ordinaries CLOSED DOWN 0.91%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.2118 OFFSHORE CLOSED DOWN AT 7.2204/ Oil DOWN TO 68.96 dollars per barrel for WTI and BRENT DOWN TO 71.23 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.2118 AND WEAKER//OFF SHORE YUAN TRADING UP TO 7.2204 AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2118 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: DOWN TO 7.2204
HANG SENG CLOSED DOWN 265.52 PTS OR 1.07%
2. Nikkei closed UP 270.22 PTS OR 0.66%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 99.83/ EURO FALLS TO 1.1409 DOWN 12 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.551//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.53…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
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 DOWN for WTI and DOWN 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 +2.7090/Italian 10 Yr bond yield UP to 3.565 SPAIN 10 YR BOND YIELD UP TO 3.295%
3i Greek 10 year bond yield UP TO 3.410
3j Gold at $3294.00 Silver at: 36.48 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 79 /100 roubles/dollar; ROUBLE AT 80.31
3m oil (WTI) into the 68 dollar handle for WTI and 71 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 150.53// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.551% 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 0.8159 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9306 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: 4.380 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.9140 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.941 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 40.67
10 YR UK BOND YIELD: 4.6260 UP 6 PTS
10 YR CANADA BOND YIELD: 3.467 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 3.025 DOWN 0 PTS
2a New York OPENING REPORT
Where’s Your TACO Now: Futures Slide, Global Markets Tumble After Trump Unleashes Harsh Tariffs
Friday, Aug 01, 2025 – 08:21 AM
Global markets and US equity futures extended a selloff as Trump’s sweeping import tariffs sparked renewed fears about the outlook for economic growth amid traders. The MSCI All Country World Index fell for a sixth day, the longest streak since September 2023. As of 8:00am ET, S&P futures on the S&P 500 retreated more than 1%, suggesting the index will extend a three-day run of declines. In premarket trading, Amazon.com slumped as much as 8% and weighed on Big Tech after projecting weaker-than-expected operating income, prompting questions about its huge AI spending; Elsewhere AAPL (+1.7%) rallied on iPhone sales growth including while other Mag 7 names are mostly lower NVDA (-.25%), GOOG/L (-2.2%) and META (-1.3%) as Consumer Discretionary and Healthcare underperform. In rates, 30y TSYs added 3.2bps. Commodities are mixed, with precious metals higher and base metals lower. Today’s economic data slate includes July jobs report (8:30am), July final S&P Global US manufacturing PMI (9:45am), and July ISM manufacturing and July final University of Michigan sentiment (10am)
In premarket trading, Mag 7 stocks are mostly lower: Amazon.com slides 7% after projecting weaker-than-expected operating income and trailing the sales growth of its cloud rivals, leaving investors searching for signs that the company’s huge investments in artificial intelligence are paying off. Apple rises 1.8% after the company reported its fastest quarterly revenue growth in more than three years, easily topping Wall Street estimates, after demand picked up for the iPhone and products in China. Others are mostly in the red (Microsoft +0.5%, Meta -1%, Tesla -1.2%, Alphabet -1.8%, Nvidia -2%).
Avantor (AVTR) slumps 10% after the maker of laboratory supplies reported adjusted earnings per share for the second quarter that missed the average analyst estimate.
CCC Intelligent Solutions (CCCS) climbs 15% after the software company reported revenue for the second quarter that exceeded the average analyst estimate.
Coinbase (COIN) falls 11% after the largest US crypto exchange reported revenue for the second quarter that missed the average analyst estimate following a drop in digital-asset market volatility.
Eli Lilly & Co. (LLY) ticks up as much as 2.5% after the Washington Post reported that the US government plans to experiment with covering weight-loss drugs for federal health programs.
First Solar (FSLR) advances 2% after the renewable energy firm boosted its net sales forecast for the full year.
Fluor (FLR) tumbles 17% after the engineering and contracting firm cut its adjusted earnings per share guidance for the full year.
Kimberly-Clark Corp. (KMB) rises 3% after raising its full-year guidance after reporting the strongest volume growth in five years.
Lumen Technologies (LUMN) falls 5% after the telecommunications firm posted 2Q revenue came in just shy of estimates.
Moderna (MRNA) falls 5% after the struggling biotech company narrowed its revenue forecast for the full year.
Reddit (RDDT) rises 16% after the social-networking company forecast revenue for the third quarter that beat the average analyst estimate.
Late on Thursday, Trump announced a slew of new levies, including a 10% global minimum and 15% or higher duties for countries with trade surpluses with America, as he forged ahead with his turbulent effort to reshape international commerce. Questions about the impact on growth and inflation are starting to overshadow the AI-driven optimism that has buoyed megacap technology stocks.
“Next week marks a significant turning point for global trade with the introduction of Trump’s tariffs, creating uncertainty about how these new and historical barriers will affect markets in practice,” said Kim Heuacker, an associate consultant at Camarco. “Current high valuations, particularly among US stocks, are becoming increasingly difficult to justify.”
Trump’s baseline rates for many trading partners remain unchanged at 10% from the duties he imposed in April, easing the worst fears of investors after the president had previously said they could double. Yet, his move to raise tariffs on some Canadian goods to 35% threatens to inject fresh tensions into an already strained relationship.
Taken together, the average new tariff rate rises to 15.2% from 13.3% — up significantly from 2.3% in 2024, according to Bloomberg Economics. The biggest losers appear to be China and Switzerland, Bloomberg economist Maeva Cousin says.
Now that tariff news is in the bag, all eyes turn to today’s jobs report: the US economy is expected to have created 104,000 jobs in July, down from 147,000 a month earlier. The “whisper” is for 120,000. According to JPMorgan, either would be good enough to take the S&P 500 higher (see our full preview here). Today’s closely-watched jobs report may give fresh hope to doves looking to make the case for the Fed to cut interest rates. There are fewer company updates to distract from payrolls, but a slew of new tariffs is dampening the mood.
“Given all the uncertainties, it makes a lot of sense for traders, for dealers to take some money off the table going into nonfarm payrolls today,” said Gareth Nicholson, CIO of Nomura International Wealth Management.
The Euro Stoxx 600 falls 1.2% to around a one-month low, tracking declines in Asia with pharmaceutical stocks including Novo Nordisk A/S, GSK Plc and AstraZeneca Plc leading declines after Trump demanded drug companies lower US prices. Travel, industrial and technology shares are also leading declines. The tariffs are “really bad for Europe,” said Ludovic Subran, chief investment officer at Allianz SE. “The cost for companies will be huge, as the US is the biggest market by far.” These are the biggest movers Friday:
Campari gains as much as 8.8%, the most since April, after the Italian spirits maker reported 1H results. Adjusted Ebitda and sales for the period beat consensus estimates and the company left its full-year guidance unchanged
Melrose Industries gains as much as 7.9%, the most in almost four months, after the aerospace company reported earnings ahead of expectations in the first half, which analysts at RBC say helps de-risk its full-year guidance
Erste shares rise as much as 3.1% to a fresh all-time high after the bank raised its forecast for return on tangible equity and net interest income. Analysts at Morgan Stanley note strong capital position
UMG shares fall as much as 8.9% after the music label reported Ebitda margin that expanded more slowly than expected during 2Q, with its merchandising unit being hit by higher tariffs and freight costs
European pharmaceutical stocks drop after US President Donald Trump demanded drug companies lower US prices, and Novo Nordisk loses its spot among Europe’s 10 most valuable companies after nearly a weeklong slump
Daimler Truck falls as much as 5.5% in early trade after the truckmaker lowered its outlook, citing the impact on sales from ongoing tariffs in North America. Order weakness in North America stood out, Citi says
Saint-Gobain shares fall as much as 5%, the most in almost four months, after results from the French construction materials producer showed a slowing volume trend into the second-quarter
J. Martins falls as much as 4.6% in early trading as 2Q earnings beat driven by rebound of like-for-like sales in Poland and better cost control is clouded by erosion of Portuguese retailer’s gross margin
Engie falls as much as 8.3%, before trimming losses, after the French energy group said most earnings metrics fell year on year, with Jefferies seeing a 24% miss on Ebit ex-nuclear. Shares are down 3.1% as of 10.29am in Paris
Cancom shares drop as much as 21%, the most since 2008, after the IT services provider cut its outlook for the full year, citing challenges in its core German market
Mutares shares fall as much as 22% after the German Financial Supervisory Authority (BaFin) says in statement that there are concrete indications the investment firm has violated accounting regulations
Earlier in the session, Asian stocks were set to record their biggest weekly decline since April as Washington’s tariffs damped the outlook for the export-dependent region. The MSCI Asia Pacific Index dropped as much as 1% on Friday, with South Korean equities leading declines after authorities unveiled plans to raise taxes on corporations and investors. Tech shares weighed on the regional gauge as Tokyo Electron dropped the most in nearly a year following a move by the chip tool maker to lower its full-year earnings outlook. The retreat in the Asian index marks a reversal of the back-to-back weekly gains that helped propel it to the highest level since March 2021. Investors are watching the parameters and impact of trade deals, as well as factors such as central bank policy direction to plot their next move.
In FX, the Bloomberg Dollar Spot Index rises 0.2%, trading at the highest in two months after Trump fired his latest salvo at the Federal Reserve, saying in a social-media post the institution’s board should “assume control” if Chair Jerome Powell doesn’t lower interest rates. Traders are also bracing for key US jobs data later Friday. The Swiss franc is among the weakest G-10 currencies, falling 0.5% against the greenback after Switzerland was hit with a 39% levy by Trump. The yen outperforms, rising 0.2% after some modest jawboning from the Japanese Finance Minister.
In rates, treasuries are mixed, with outperformance at the short-end pushing 2-year yields down 2 bps. Gilts lead a selloff in European government bonds, with UK 10-year yields rising 5 bps.
In commodities, WTI crude futures fall 0.7% to $68.80 a barrel. Gold rises $5. Bitcoin falls 1%. Bitcoin is on the backfoot, and trades back below the USD 115k mark – downside which is in-fitting with the broader risk tone.
Looking at today’s US economic data calendar we get the July jobs report (8:30am), July final S&P Global US manufacturing PMI (9:45am), and July ISM manufacturing and July final University of Michigan sentiment (10am). Fed speaker slate includes Hammack (9:10am) and Bostic (10:30am)
Market Snapshot
S&P 500 mini -1%
Nasdaq 100 mini -1.1%
Russell 2000 mini -1.5%
Stoxx Europe 600 -1.3%
DAX -1.8%
CAC 40 -1.9%
10-year Treasury yield +1 basis point at 4.38%
VIX +2 points at 18.69
Bloomberg Dollar Index +0.2% at 1224.03
euro -0.1% at $1.1402
WTI crude -0.6% at $68.86/barrel
Top Overnight News
Donald Trump set a 10% global minimum tariff, with rates of 15% and higher for countries with significant trade surpluses with the US. BBG
Trump says he remains open to trade deals, and negotiations are set to continue despite the new tariff rates going into effect. NBC News
Donald Trump will impose a 39% tariff on imports from Switzerland, one of the steepest levies globally which threaten to leave the country’s key exports reeling: BBG
Trump again criticized Powell in which he called him ‘Too late’ and said he is a terrible Fed Chair.
US held secret talks w/Moscow this week but failed to make progress on a ceasefire, and there isn’t much hope for Witkoff’s upcoming trip to Russia to change the situation. NYT
Asia’s factory activity deteriorated in July as soft global demand and lingering uncertainty over U.S. tariffs weighed on business morale, private sector surveys showed on Friday, clouding the outlook for the region’s fragile recovery. Reuters
China’s Caixin manufacturing PMI returned to contractionary territory in July, as softening new business growth led factories to scale back production, falling to 49.5 from 50.4 in Jun (the Street was modeling 50.2). WSJ
Eurozone inflation: the headline Jul CPI ran a bit hot at +2% (flat vs. June and above the Street’s +1.9% forecast) while core was inline (and flat vs. June) at +2.3%, supporting the case for officials who say there’s no rush to keep lowering rates. BBG
The US CDC told physician groups, public health professionals and infectious disease experts that they will no longer be invited to help review vaccine data and develop recommendations. BBG
Big Tech’s runaway results this week showed sings that AI is beginning to boost earnings, easing investor concerns about the sector’s historic spending binge on the technology. Alphabet, Meta, and Microsoft were the clear winners, adding more than $350bn in stock market value after reporting double-digit increases in revenue and net income. MSFT became the 2nd company to reach $4tn mkt cap. FT
US President Trump announced tariffs on countries ranging from 10%-41% including a tariff rate of 10% for Brazil, 30% for South Africa, 20% for Taiwan and 25% for India, while the order stated “These modifications shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 7 days after the date of this order”.
White House said President Trump signed an executive order modifying reciprocal tariff rates for certain countries, with the tariff on Canada increased from 25% to 35% effective August 1st, while it added that Trump determined it is necessary and appropriate to modify the reciprocal tariff rates for certain countries. Furthermore, it stated that countries listed in Annex I of the executive order will be subject to the tariff specified therein and countries not listed in Annex I will be subject to a 10% tariff, while goods transhipped to evade the 35% tariff on Canada will be subject instead to a transshipment tariff of 40%.
US official said that if the US has a surplus with a country, the tariff rate is 10% and small deficit nations have a 15% tariff, while they are still working out technicalities of rules of origin terms for transshipment and will implement rules of origin details in the coming weeks. The official said the US has more trade deals to come and the challenge with India includes geopolitical differences over BRICS and Russia, as well as noted that differences with India cannot be resolved overnight and there is no final decision on China.
US President Trump said on Thursday that they just made a couple of other trade deals a little while ago and later commented that Canada’s stance on a Palestinian state is not a deal-breaker. Trump also commented he may speak with Canadian PM Carney on Thursday night and he is open to further talks with Canada and open to more deals.
US Commerce Secretary Lutnick said the China trade extension is up to US President Trump, while he stated if Canadian PM Carney complies, “maybe” Trump will reduce tariffs on Canada, but added that the 35% Trump sent in the letter is surely on the cards.
White House Trade Adviser Navarro said the US is moving forward on progress with India, Canada and China, according to Fox News.
Mexico’s Economy Minister Ebrard said the 90-day deal with the US was achieved without a concession from Mexico and they are moving closer to the renewal of their trade deal with the US. Ebrard separately commented that the tariff debate with the US includes concerns about intellectual property and the rules of origin panel, while he added that they have to address those issues from the perspective of revising the USMCA.
Malaysian Trade Minister says “Pharma and Semiconductors are exempted from US tariffs”.
Swiss Economy Ministry understands that the 39% tariff rate does not apply to pharmaceuticals.
PBoC Deputy Governor met with US business delegation on July 29th, according to a statement, two sides had in-depth talks on US-Sino relations; China’s macroeconomic policies and the opening up of financial industry.
India is engaged with US for further trade talks; US delegation to visit Delhi on August 24th, according to Reuters sources; India expects USD 40bln exports to impacted by the high US tariffs
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mostly subdued following the weak handover from US peers and as participants digested the latest Trump tariff adjustments ahead of the deadline and with the key US Non-Farm Payrolls report on the horizon. ASX 200 was pressured with underperformance in tech, healthcare and financials leading the declines in most sectors as sentiment is dampened amid trade uncertainty. Nikkei 225 slumped at the open but was well off today’s worst levels with a rebound facilitated by recent currency weakness. Hang Seng and Shanghai Comp were lacklustre mood following the latest S&P Global China General Manufacturing PMI (formerly sponsored by Caixin) which missed forecasts and surprisingly returned to contractionary territory. US equity futures lacked demand after declining on Thursday and with little impact seen following the mixed fortunes in the likes of Apple and Amazon post-earnings.
Top Asian News
China’s MOFCOM announced tax credit policies related to direct investment by foreigners.
European bourses (STOXX 600 -1.3%) opened entirely in the red, and has continued to trundle lower as the August 1st tariff deadline passed. US President Trump announced new rates on 92 countries, which brought the average US tariff rate to 15.2% (prev. 13.3%, prev. 2.3% pre-Trump). European sectors are entirely in the red, in-fitting with the risk tone. Media is found right at the bottom of the sectoral list, pressured by post-earning losses in UMG (-6.3%); the Co. lowered its earnings forecast and highlighted rising content costs. Tech is also on the backfoot, as the sector cools from recent upside and as the risk-tone weighs.
Top European News
Healthcare completes the bottom three, with US President Trump to blame; he sent letters to 17 pharma companies (in both US and Europe), asking them to lower drug prices before the end of September. The likes of Novo Nordisk (-4%) and GSK (-1.7%) both move lower, but are off worst levels.
FX
DXY began steady with the USD showing a mixed performance vs. peers. Markets are currently digesting the fallout from the latest executive orders from US President Trump, which has seen the imposition of tariffs on countries ranging from 10%-41%. This includes a tariff rate of 10% for Brazil, 30% for South Africa, 20% for Taiwan and 25% for India. Canada’s tariff increased from 25% to 35%, while Mexico received a 90-day extension of the current tariff rates. Accordingly, the average US tariff rate has risen to 15.2% (prev. 13.3%; 2.3% pre-Trump). It’s also worth noting that the July payrolls release looms large with consensus looking for the rate of job growth to slow to 110k from 147k and the unemployment rate to rise to 4.2% from 4.1%. A soft outturn could reignite expectations of a September cut. Elsewhere, ISM manufacturing data is also due on deck and we expect to hear statements from Waller and Bowman on the justification of their dissent. As the morning progressed, the DXY gained a firm footing on a 100 handle with a current session high at 100.25.
EUR steady vs. the USD with a firmer-than-expected outturn for Eurozone inflation unable to provide much traction for the shared currency. HICP Y/Y for July remained at the 2% target (Exp. 1.9%), whilst both core metrics came in 10bps over consensus, and services declined to 3.1% from 3.3%. For now, today’s NFP print is likely to provide the greatest source of traction for EUR/USD. Again, as the morning has progressed, the mentioned USD pickup has weighed with EUR/USD now just sub-1.14.
JPY is marginally firmer vs. the USD in what has been a bruising week for the Yen vs. the dollar. Part of this has been a USD story and part has been stemming from the fallout from the latest Japan deal, political uncertainty and a reticence yesterday for the BoJ to attempt to bolster rate hike bets. The Yen depreciation has not gone unnoticed in Tokyo with the Japanese Finance Minister Kato stating that he is “alarmed over FX moves”. On the trade front, the Nikkei reports that Japan is eyeing a 15% rate for the US chip tariff, which would be on par with the EU. After hitting a multi-month high at 150.91 overnight, USD/JPY has pulled back but remains above the 150 mark and its 200DMA at 149.56.
GBP remains on the backfoot vs. the USD with Cable extending its losing streak to a 7th session in a row. It remains the case that macro drivers for the UK remain on the light side, however, next week will see the latest BoE policy announcement and MPR, which is 82% priced for a 25bps reduction. Cable has slipped onto 1.31 handle for the first time since 13th May with a session low at 1.3142.
NZD is underperforming its antipodean peer in the wake of the latest Trump tariff announcements, which has seen the rate for New Zealand increase to 15% from 10% and Australia hold steady at 10%.
PBoC set USD/CNY mid-point at 7.1496 vs exp. 7.2033 (Prev. 7.1494).
Fixed Income
USTs are slightly softer on the final day of a very busy week. For today, the highlights are July’s NFP report, ISM Manufacturing and expected explanations of dissent from Fed’s Bowman and Waller. Thus far, USTs have been holding around the low end of a 110-28+ to 111-00+ band. The bearish bias this morning appears to be tariff-induced (i.e. higher inflation, firmer yields). For NFP, the headline is seen at 110k (prev. 147k), Unemployment Rate at 4.2% (prev. 4.1%); post-Fed, Chair Powell said the unemployment rate is the figure to watch.
Bunds are in the red, to a slightly larger degree than USTs but faring better than Gilts (see below). Pressure this morning is likely a function of the latest tariff measures from Trump, measures which have seen tariff increases for several key economies and as such biased yields across the curve with a clear steepening bias in the early morning; though, this does come after a period of flattening for the curve. No significant reaction to any of the morning’s PMI data (the EZ-wide figure was unrevised). The day’s main EZ event was July’s Flash HICP, printed hotter than expected for the three main Y/Y metrics with all measures remaining at the prior rate – again no real move.
Gilts are on the back foot. No fixed income pertinent newsflow specifically for the UK. Pressure is likely a function of the global inflation implications of the latest tariff measures, as discussed. Currently, Gilts are lagging peers. However, this seems to be more a function of the bouts of relative outperformance seen over the last few days rather than a UK specific. Currently, at a 91.49 low and, despite the extensive 91.16-92.28 WTD range, set to end the week with near enough unchanged.
Commodities
Crude is on the backfoot following Thursday’s macro-induced losses as markets awaited Trump’s revised tariffs. In terms of the highlights from the announcement, the average US tariff rate has now risen to 15.2% (prev. 13.3%; 2.3% pre-Trump). China was not mentioned; EU/UK/Japan had their rates as agreed; Switzerland, New Zealand, and Canada’s tariffs were increased, while Mexico pays a lower tariff for 90 days. WTI resides in a 68.70-69.55/bbl range while Brent sits in a USD 71.18-72.00/bbl range.
Precious metals are mostly softer despite a relatively stable dollar (DXY oscillates around 100) and despite of the broad downbeat risk tone. Focus today on NFP, ISM Manufacturing and Fed speak. Spot gold resides in a USD 3,281.74-3,300.54/oz range at the time of writing, within Thursday’s USD 3,276.28-3,314.98/oz parameter.
3M LME Copper is relatively stable following Thursday’s slide, which saw the CME-LME arb collapse as the US copper tariff was not as bad as feared, as the 50% tariff applied to copper pipes and wiring, whilst omitting copper input materials such as ores, concentrates and cathodes. 3M LME copper prices reside in a USD 9,597.85-9,696.30/t range.
Codelco said a worker died and nine were injured with five missing at the Andesita mine at El Teniente in Chile after a seismic event.
Geopolitics
US President Trump said Iran has been acting very badly and their nuclear capability was decimated but added that Iran can start again.
US President Trump said it is disgusting what Russia is doing and they are going to put sanctions on Russia.
China cyber association accused the US of a cyberattack on the defence sector to steal secrets, according to Bloomberg.
Ukrainian Presidential Office head says Ukrainian partners confirm “positive signals” from the White House on Russia sanctions.
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US Event Calendar
US economic data slate includes July jobs report (8:30am), July final S&P Global US manufacturing PMI (9:45am), and July ISM manufacturing and July final University of Michigan sentiment (10am)
Fed speaker slate includes Hammack (9:10am) and Bostic (10:30am)
DB’s Jim Reid concludes the overnight wrap
Welcome to August, which begins with the deadline now having been passed for tariff deals to be concluded with the United States. Much of the rhetoric and the negotiation are now behind us and we’ll now see how the rubber hits the road. The US tariff rate has risen to about 15% from a little over 2% at the start of the year. That’s their highest level since the 1930s but that has not prevented US equities from being near their all-time highs and other markets being much stronger this year.
With just a few hours to go before the August 1 deadline, last night President Trump signed an executive order outlining a new set of tariffs, including a 10% global minimum and duties of 15% or higher for countries with trade surpluses with the US. Some of the higher rates that had not previously been confirmed included 39% on Switzerland and 20% on Taiwan. The tariffs are due to take effect after August 7 which, while being a delay for technical implementation, could leave open the possibility of more countries agreeing deals in the next week. Trump also announced that tariffs on Canadian goods would rise from 25% to 35% immediately (though goods compliant with the United States-Mexico-Canada Agreement would remain exempt which reduces the impact). So, Canada is being singled out to a degree. Earlier in the day, following a meeting with Mexican President Claudia Sheinbaum, President Trump announced a 90-day extension in trade negotiations between the US and Mexico. During this period, Mexico will continue to pay a 25% tariff on non-USMCA compliant goods and cars as well as 50% on steel and aluminium. In exchange, Mexico has agreed to immediately eliminate its non-tariff trade barriers.
Meanwhile, the US Court of Appeals began hearing arguments yesterday regarding Trump’s use of tariffs, with a ruling expected “within weeks,” according to Bloomberg. The first hearing yesterday saw some sharp questions from judges on the administration’s use of International Emergency Economic Powers Act to set broad tariffs. Ahead of the hearing, Trump posted on Truth Social, warning that if the US cannot defend itself using “tariffs against tariffs,” the country would be “dead, with no chance of survival or success.”
Equity markets have seen contrasting themes over the last 24 hours as a resurgence of US “tech-ceptionalism” was offset by a broader loss of momentum.” The Mag-7 gained +1.39% to a new record high, buoyed by impressive earnings from Microsoft (+3.95%) and Meta (+11.25%), whose valuations continued to climb. Microsoft posted its largest daily gain since early May and briefly surpassed a $4 trillion market capitalisation, placing it just behind Nvidia as the world’s second-largest company.
However, the broader equity mood turned more cautious as the US session went on, with the S&P 500 retreating from its early peak of +1.01% just after the open to close -0.37% lower. And the small-cap Russell 2000 fell by -0.93%, moving back into the red YTD. While month-end effects may have played a role in this softening, there were also specific headwinds. Healthcare stocks (-2.79%) were the laggards in the S&P after Trump sent letters to 17 of the largest pharma companies, demanding they charge the US the same as other countries for new medicines and giving the companies 60 days to voluntarily comply. The Philadelphia Semiconductor index slid -3.10% after underwhelming results from Qualcomm (-7.73%) and ARM Holdings (-13.44%).
After the US close, we saw mixed results from Apple and Amazon. Apple’s shares gained around 2% after-hours following a strong revenue beat ($94bn vs $89.3bn est.) amid the strongest sales growth in more than three years which CEO Tim Cook ascribed to an acceleration across many markets including China. On the other hand, Amazon lost ground as it projected weaker-than-expected Q3 operating profits ($15.5-$20.5bn vs 19.4bs est.) and saw weaker cloud growth than rivals. Against this background, US futures are indicating a negative start with those on the S&P 500 (-0.15%) and NASDAQ 100 (-0.20%) edging lower.
On the data front, June’s US core PCE—the Fed’s preferred inflation gauge—rose by +0.3% month-on-month, in line with expectations. However, the year-on-year rate came in a tenth above forecast, which was hinted at by revisions in Wednesday’s GDP report. This will not go unnoticed by the Fed, especially as it exceeds the level targeted by Governor Waller, one of the two dissenters arguing for a cut at the FOMC this week. Initial jobless claims leaned hawkish, coming in at 218k versus 224k, while continuing claims were -7k below forecast at 1946k. The Employment Cost Index (ECI) for Q2 also surprised to the upside at +0.9%, a tenth above expectations. These figures are likely to draw more attention from the Fed than the personal spending data, which came in a tenth below expectations at +0.3% for June. The generally solid data saw pricing of Fed cuts by year-end decline by another -3.4bps to only 33bps. 2yr Treasury yields rose +1.5bps, while 10yr yields (+0.4bps) were steady.
Staying with data, today brings the latest US payrolls number. Our US economists expect headline payrolls to slow to +75k in July (from +147K in June) amid payback from a likely seasonal June spike in education employment, and private payrolls to gain +100k (previously +74K in June), with the unemployment rate edging up to 4.2%. You can sign up for their post-employment call to discuss the data and the impact on the Fed outlook here.
While the data supported Chair Powell’s cautious stance, Trump launched one of his most pointed attacks yet on the Fed Chair, accusing him of “costing our country trillions of dollars” and being “too political to have the job.” Treasury Secretary Scott Bessent made some more softly critical remarks on CNBC, suggesting it would be “highly unusual” for Powell to remain on the Fed Board after his term ends next May. He added that the White House would begin interviewing candidates for the Fed, with a nomination announcement expected “by year-end.”
In the euro area, 10-year yields fell by 1-2bps across the board, while 2-year yields edged up slightly. Inflation data from France, Italy, and Germany was mixed. Italy’s CPI surprised slightly to the upside at +1.7% year-on-year (vs. +1.6% expected), driven by a rise in food inflation (3.9% vs. 3.3%). Germany’s July CPI, however, came in slightly below expectations at +1.8% (vs. +1.9%). Following the country releases, our European economists see this morning’s euro area headline inflation release tracking for a low +2.0% reading (consensus +1.9%) with core HICP set to hold steady at +2.3%.
European equities were more subdued ahead of the US tariff hike. The STOXX 600 fell by -0.75%, with wine and spirits companies particularly affected due to the anticipated 15% tariff on those products. A European Commission spokesperson confirmed that the EU is still negotiating for an exemption on alcoholic beverages. The CAC 40 dropped -1.14%, the DAX -0.81%, while the FTSE 100 outperformed slightly, down just -0.05%, supported by strong earnings from Rolls Royce (+8.50%).
Asian equity markets, along with US futures, are experiencing a decline this morning following the imposition of new tariffs by the US on numerous trading partners. The KOSPI (-3.23%) stands out as the largest underperformer, trading sharply lower in response to the new Finance Ministry’s proposal to increase capital gains tax (more details below). Meanwhile, Chinese stocks are relatively stable, with the Hang Seng (-0.18%), the CSI (-0.16%), and the Shanghai Composite (-0.12%) all registering minor losses after experiencing significant declines in the previous session. Additionally, the Nikkei (-0.38%) and the S&P/ASX 200 (-0.75%) are also declining in unison with their regional counterparts.
Returning to South Korea, the new government has announced an increase in the corporate tax rate from 24% to 25%, with all corporate tax brackets rising by one percentage point. Furthermore, the stock transaction tax will be raised from 0.15% to 2%. The threshold for capital gains tax on stock holdings will be reduced to 1 billion won from the current 5 billion won. These measures are intended to recover public revenue lost during two years of slowing growth and tax reductions implemented by the previous administration. As you can imagine the proposals are not proving popular amongst market participants.
Early morning data revealed that China’s manufacturing sector unexpectedly contracted in July, as a decline in export orders and weak domestic demand took their toll. The S&P Global China Manufacturing PMI dropped to 49.5 in July (compared to +50.2 expected), down from 50.4 in June. In other news, Japan’s jobless rate remained unchanged in June at 2.5%, while the jobs-to-applicants ratio fell to 1.22 (versus +1.25 expected) from 1.24 in May.
Looking ahead, today’s US data releases include the July jobs report, the ISM index, total vehicle sales, and June construction spending. We’ll also see Italy’s July manufacturing PMI, the Eurozone’s July PMI, and Canada’s July manufacturing PMI. On the earnings front, reports are expected from Exxon Mobil, Chevron, Moderna, Nintendo, and AXA.
2b European opening report
Major indices entirely in the red after Trump tariff announcement; Fed speak & NFP ahead – Newsquawk US Market Open
Friday, Aug 01, 2025 – 05:40 AM
US President Trump announced tariffs on countries ranging from 10%-41% including a tariff rate of 10% for Brazil, 30% for South Africa, 20% for Taiwan and 25% for India. Canada’s tariff increased from 25% to 35%, while Mexico received a 90-day extension of the current tariff rates.
Japan eyes a 15% rate for the US chip tariff, on par with EU, with Japan’s trade negotiator stating Japan should be able to secure a 15% rate for the new sectoral tariff the US is planning to impose on chips, according to Nikkei.
European and US indices are entirely in the red in reaction to the Trump’s latest tariff levy; AMZN -8% & AAPL +2% post-earnings.
USD is broadly firmer vs. peers as NFP looms large; CHF/NZD pressured after the respective countries received tariff hikes.
USTs are near enough flat, Bunds are softer but unreactive to HICP, Gilts heavy.
Crude is on the backfoot, gold awaits NFP, copper stable.
Looking ahead, Global Manufacturing PMI (Finals), US NFP, ISM Manufacturing, UoM Sentiment Final, Atlanta Fed GDPNow, Speakers including Fed’s Bowman, Waller (Unconfirmed), Hammack.
Earnings from, Earnings from Exxon, Chevron, Regeneron & Colgate.
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TARIFFS/TRADE
US President Trump announced tariffs on countries ranging from 10%-41% including a tariff rate of 10% for Brazil, 30% for South Africa, 20% for Taiwan and 25% for India, while the order stated “These modifications shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 7 days after the date of this order”.
White House said President Trump signed an executive order modifying reciprocal tariff rates for certain countries, with the tariff on Canada increased from 25% to 35% effective August 1st, while it added that Trump determined it is necessary and appropriate to modify the reciprocal tariff rates for certain countries. Furthermore, it stated that countries listed in Annex I of the executive order will be subject to the tariff specified therein and countries not listed in Annex I will be subject to a 10% tariff, while goods transhipped to evade the 35% tariff on Canada will be subject instead to a transshipment tariff of 40%.
US official said that if the US has a surplus with a country, the tariff rate is 10% and small deficit nations have a 15% tariff, while they are still working out technicalities of rules of origin terms for transshipment and will implement rules of origin details in the coming weeks. The official said the US has more trade deals to come and the challenge with India includes geopolitical differences over BRICS and Russia, as well as noted that differences with India cannot be resolved overnight and there is no final decision on China.
US President Trump said on Thursday that they just made a couple of other trade deals a little while ago and later commented that Canada’s stance on a Palestinian state is not a deal-breaker. Trump also commented he may speak with Canadian PM Carney on Thursday night and he is open to further talks with Canada and open to more deals.
US Commerce Secretary Lutnick said the China trade extension is up to US President Trump, while he stated if Canadian PM Carney complies, “maybe” Trump will reduce tariffs on Canada, but added that the 35% Trump sent in the letter is surely on the cards.
White House Trade Adviser Navarro said the US is moving forward on progress with India, Canada and China, according to Fox News.
Mexico’s Economy Minister Ebrard said the 90-day deal with the US was achieved without a concession from Mexico and they are moving closer to the renewal of their trade deal with the US. Ebrard separately commented that the tariff debate with the US includes concerns about intellectual property and the rules of origin panel, while he added that they have to address those issues from the perspective of revising the USMCA.
Malaysian Trade Minister says “Pharma and Semiconductors are exempted from US tariffs”.
Swiss Economy Ministry understands that the 39% tariff rate does not apply to pharmaceuticals.
PBoC Deputy Governor met with US business delegation on July 29th, according to a statement, two sides had in-depth talks on US-Sino relations; China’s macroeconomic policies and the opening up of financial industry.
India is engaged with US for further trade talks; US delegation to visit Delhi on August 24th, according to Reuters sources; India expects USD 40bln exports to impacted by the high US tariffs
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 -1.3%) opened entirely in the red, and has continued to trundle lower as the August 1st tariff deadline passed. US President Trump announced new rates on 92 countries, which brought the average US tariff rate to 15.2% (prev. 13.3%, prev. 2.3% pre-Trump).
European sectors are entirely in the red, in-fitting with the risk tone. Media is found right at the bottom of the sectoral list, pressured by post-earning losses in UMG (-6.3%); the Co. lowered its earnings forecast and highlighted rising content costs. Tech is also on the backfoot, as the sector cools from recent upside and as the risk-tone weighs.
Healthcare completes the bottom three, with US President Trump to blame; he sent letters to 17 pharma companies (in both US and Europe), asking them to lower drug prices before the end of September. The likes of Novo Nordisk (-4%) and GSK (-1.7%) both move lower, but are off worst levels.
US equity futures (ES -1% NQ -1.2% RTY -1.5%) are entirely in the red, as the August 1st deadline crosses, and as the US announced the latest modifications to world tariffs.
There has also been two more earnings releases from the Magnificent 7; Apple (+1.8%) reported Q3 revenues above expectations, driven by strong iPhone 16 demand and a rebound in China. It guided Q4 revenue rising mid- to high-single digits, topping expectations (exp. 3%). Amazon (-8%) shares fall in the pre-market after guiding Q3 operating income below expectations; slower AWS growth and lack of visible returns from AI investment weighed on sentiment.
DXY began steady with the USD showing a mixed performance vs. peers. Markets are currently digesting the fallout from the latest executive orders from US President Trump, which has seen the imposition of tariffs on countries ranging from 10%-41%. This includes a tariff rate of 10% for Brazil, 30% for South Africa, 20% for Taiwan and 25% for India. Canada’s tariff increased from 25% to 35%, while Mexico received a 90-day extension of the current tariff rates. Accordingly, the average US tariff rate has risen to 15.2% (prev. 13.3%; 2.3% pre-Trump). It’s also worth noting that the July payrolls release looms large with consensus looking for the rate of job growth to slow to 110k from 147k and the unemployment rate to rise to 4.2% from 4.1%. A soft outturn could reignite expectations of a September cut. Elsewhere, ISM manufacturing data is also due on deck and we expect to hear statements from Waller and Bowman on the justification of their dissent. As the morning progressed, the DXY gained a firm footing on a 100 handle with a current session high at 100.25.
EUR steady vs. the USD with a firmer-than-expected outturn for Eurozone inflation unable to provide much traction for the shared currency. HICP Y/Y for July remained at the 2% target (Exp. 1.9%), whilst both core metrics came in 10bps over consensus, and services declined to 3.1% from 3.3%. For now, today’s NFP print is likely to provide the greatest source of traction for EUR/USD. Again, as the morning has progressed, the mentioned USD pickup has weighed with EUR/USD now just sub-1.14.
JPY is marginally firmer vs. the USD in what has been a bruising week for the Yen vs. the dollar. Part of this has been a USD story and part has been stemming from the fallout from the latest Japan deal, political uncertainty and a reticence yesterday for the BoJ to attempt to bolster rate hike bets. The Yen depreciation has not gone unnoticed in Tokyo with the Japanese Finance Minister Kato stating that he is “alarmed over FX moves”. On the trade front, the Nikkei reports that Japan is eyeing a 15% rate for the US chip tariff, which would be on par with the EU. After hitting a multi-month high at 150.91 overnight, USD/JPY has pulled back but remains above the 150 mark and its 200DMA at 149.56.
GBP remains on the backfoot vs. the USD with Cable extending its losing streak to a 7th session in a row. It remains the case that macro drivers for the UK remain on the light side, however, next week will see the latest BoE policy announcement and MPR, which is 82% priced for a 25bps reduction. Cable has slipped onto 1.31 handle for the first time since 13th May with a session low at 1.3142.
NZD is underperforming its antipodean peer in the wake of the latest Trump tariff announcements, which has seen the rate for New Zealand increase to 15% from 10% and Australia hold steady at 10%.
PBoC set USD/CNY mid-point at 7.1496 vs exp. 7.2033 (Prev. 7.1494).
USTs are slightly softer on the final day of a very busy week. For today, the highlights are July’s NFP report, ISM Manufacturing and expected explanations of dissent from Fed’s Bowman and Waller. Thus far, USTs have been holding around the low end of a 110-28+ to 111-00+ band. The bearish bias this morning appears to be tariff-induced (i.e. higher inflation, firmer yields). For NFP, the headline is seen at 110k (prev. 147k), Unemployment Rate at 4.2% (prev. 4.1%); post-Fed, Chair Powell said the unemployment rate is the figure to watch.
Bunds are in the red, to a slightly larger degree than USTs but faring better than Gilts (see below). Pressure this morning is likely a function of the latest tariff measures from Trump, measures which have seen tariff increases for several key economies and as such biased yields across the curve with a clear steepening bias in the early morning; though, this does come after a period of flattening for the curve. No significant reaction to any of the morning’s PMI data (the EZ-wide figure was unrevised). The day’s main EZ event was July’s Flash HICP, printed hotter than expected for the three main Y/Y metrics with all measures remaining at the prior rate – again no real move.
Gilts are on the back foot. No fixed income pertinent newsflow specifically for the UK. Pressure is likely a function of the global inflation implications of the latest tariff measures, as discussed. Currently, Gilts are lagging peers. However, this seems to be more a function of the bouts of relative outperformance seen over the last few days rather than a UK specific. Currently, at a 91.49 low and, despite the extensive 91.16-92.28 WTD range, set to end the week with near enough unchanged.
Crude is on the backfoot following Thursday’s macro-induced losses as markets awaited Trump’s revised tariffs. In terms of the highlights from the announcement, the average US tariff rate has now risen to 15.2% (prev. 13.3%; 2.3% pre-Trump). China was not mentioned; EU/UK/Japan had their rates as agreed; Switzerland, New Zealand, and Canada’s tariffs were increased, while Mexico pays a lower tariff for 90 days. WTI resides in a 68.70-69.55/bbl range while Brent sits in a USD 71.18-72.00/bbl range.
Precious metals are mostly softer despite a relatively stable dollar (DXY oscillates around 100) and despite of the broad downbeat risk tone. Focus today on NFP, ISM Manufacturing and Fed speak. Spot gold resides in a USD 3,281.74-3,300.54/oz range at the time of writing, within Thursday’s USD 3,276.28-3,314.98/oz parameter.
3M LME Copper is relatively stable following Thursday’s slide, which saw the CME-LME arb collapse as the US copper tariff was not as bad as feared, as the 50% tariff applied to copper pipes and wiring, whilst omitting copper input materials such as ores, concentrates and cathodes. 3M LME copper prices reside in a USD 9,597.85-9,696.30/t range.
Codelco said a worker died and nine were injured with five missing at the Andesita mine at El Teniente in Chile after a seismic event.
Italian HCOB Manufacturing PMI (Jul) 49.8 vs. Exp. 49.0 (Prev. 48.4)
French HCOB Manufacturing PMI (Jul) 48.2 vs. Exp. 48.4 (Prev. 48.4)
German HCOB Manufacturing PMI (Jul) 49.1 vs. Exp. 49.2 (Prev. 49.2)
UK S&P Global Manufacturing PMI (Jul) 48.0 vs. Exp. 48.2 (Prev. 48.2)
UK Nationwide House Price MM (Jul) 0.6% vs. Exp. 0.3% (Prev. -0.8%, Rev. -0.9%); YY 2.4% vs. Exp. 2.1% (Prev. 2.1%)
Italian Retail Sales NSA YY (Jun) 1.0% (Prev. 1.3%); Retail Sales SA MM (Jun) 0.6% (Prev. -0.4%)
NOTABLE US HEADLINES
US President Trump criticised Fed Chair Powell in which he called him ‘Too late’ and said he is a terrible Fed Chair.
GEOPOLITICS
US President Trump said Iran has been acting very badly and their nuclear capability was decimated but added that Iran can start again.
US President Trump said it is disgusting what Russia is doing and they are going to put sanctions on Russia.
China cyber association accused the US of a cyberattack on the defence sector to steal secrets, according to Bloomberg.
Ukrainian Presidential Office head says Ukrainian partners confirm “positive signals” from the White House on Russia sanctions.
CRYPTO
Bitcoin is on the backfoot, and trades back below the USD 115k mark – downside which is in-fitting with the broader risk tone.
APAC TRADE
APAC stocks traded mostly subdued following the weak handover from US peers and as participants digested the latest Trump tariff adjustments ahead of the deadline and with the key US Non-Farm Payrolls report on the horizon.
ASX 200 was pressured with underperformance in tech, healthcare and financials leading the declines in most sectors as sentiment is dampened amid trade uncertainty.
Nikkei 225 slumped at the open but was well off today’s worst levels with a rebound facilitated by recent currency weakness.
Hang Seng and Shanghai Comp were lacklustre mood following the latest S&P Global China General Manufacturing PMI (formerly sponsored by Caixin) which missed forecasts and surprisingly returned to contractionary territory.
US equity futures lacked demand after declining on Thursday and with little impact seen following the mixed fortunes in the likes of Apple and Amazon post-earnings.
NOTABLE ASIA-PAC HEADLINES
China’s MOFCOM announced tax credit policies related to direct investment by foreigners.
DATA RECAP
Chinese S&P Global China General Manufacturing PMI (formerly sponsored by Caixin) (Jul) 49.5 vs. Exp. 50.4 (Prev. 50.4)
2c) Asian opening report
Europe primed for a lower open after August 1st tariff deadline & mixed US earnings – Newsquawk Europe Market Open
Friday, Aug 01, 2025 – 01:52 AM
US President Trump announced tariffs on countries ranging from 10%-41% including a tariff rate of 10% for Brazil, 30% for South Africa, 20% for Taiwan and 25% for India. Canada’s tariff increased from 25% to 35%, while Mexico received a 90-day extension of the current tariff rates.
Japan eyes a 15% rate for the US chip tariff, on par with EU, with Japan’s trade negotiator stating Japan should be able to secure a 15% rate for the new sectoral tariff the US is planning to impose on chips, according to Nikkei.
US official said they are still working out technicalities of rules of origin terms for transshipment and will implement rules of origin details in the coming weeks.
Amazon (AMZN) shares fell 6.5% after-market whilst Apple (AAPL) shares rose 2.3% post-earnings.
APAC stocks traded mostly subdued following the weak handover from US peer; European equity futures indicate a negative cash market open with Euro Stoxx 50 futures down 0.5% after the cash market closed with losses of 1.4% on Thursday.
Looking ahead, highlights include Global Manufacturing PMI (Finals), Italian Retail Sales, EZ HICP, US NFP, ISM Manufacturing, UoM Sentiment Final, Atlanta Fed GDPNow, Speakers including Fed’s Bowman & Waller (Unconfirmed), Earnings from Axa, Engie, Daimler Truck, Exxon, Chevron, Regeneron & Colgate.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 day
US TRADE
EQUITIES
US stocks faded the initial gains seen which had been spurred by the stellar Microsoft (MSFT) and Meta (META) earnings results after-hours on Wednesday, with the major indices retreating as trade progressed and uncertainties on tariffs mounted heading into Trump’s deadline. As such, the deals the US had made with trading partners will be implemented with tariffs set to start from 00:01 EDT and those without a deal will face the tariffs Trump threatened in his letters, while those without a deal or letter will face the April 2nd tariff rate. Furthermore, Trump agreed with Mexico to extend the current tariff rates by 90 days and had previously noted that Canada’s backing of the statehood of Palestine makes it hard for the US to make a trade deal with them, but has since commented that it is not a dealbreaker.
SPX -0.37% at 6,340, NDX -0.55% at 23,218, DJI -0.74% at 44,131, RUT -0.93% at 2,212.
US President Trump announced tariffs on countries ranging from 10%-41% including a tariff rate of 10% for Brazil, 30% for South Africa, 20% for Taiwan and 25% for India, while the order stated “These modifications shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 7 days after the date of this order”.
White House said President Trump signed an executive order modifying reciprocal tariff rates for certain countries, with the tariff on Canada increased from 25% to 35% effective August 1st, while it added that Trump determined it is necessary and appropriate to modify the reciprocal tariff rates for certain countries. Furthermore, it stated that countries listed in Annex I of the executive order will be subject to the tariff specified therein and countries not listed in Annex I will be subject to a 10% tariff, while goods transshipped to evade the 35% tariff on Canada will be subject instead to a transshipment tariff of 40%.
US official said that if the US has a surplus with a country, the tariff rate is 10% and small deficit nations have a 15% tariff, while they are still working out technicalities of rules of origin terms for transshipment and will implement rules of origin details in the coming weeks. The official said the US has more trade deals to come and the challenge with India includes geopolitical differences over BRICS and Russia, as well as noted that differences with India cannot be resolved overnight and there is no final decision on China.
US President Trump said on Thursday that they just made a couple of other trade deals a little while ago and later commented that Canada’s stance on a Palestinian state is not a deal-breaker. Trump also commented he may speak with Canadian PM Carney on Thursday night and he is open to further talks with Canada and open to more deals.
US Commerce Secretary Lutnick said the China trade extension is up to US President Trump, while he stated if Canadian PM Carney complies, “maybe” Trump will reduce tariffs on Canada, but added that the 35% Trump sent in the letter is surely on the cards.
White House Trade Adviser Navarro said the US is moving forward on progress with India, Canada and China, according to Fox News.
White House Press Secretary said they are moving in the right direction with China and direct communication with counterparts continues.
White House said new reciprocal tariff rates take effect on Friday and that President Trump took action on Pharma on Thursday in which he sent letters to CEOs, with Eli Lilly (LLY) urged to take actions within 60 days and they will deploy a tool to protect Americans if there is a refusal. Furthermore, it stated countries that haven’t heard from them will hear by executive order or letter on Thursday night regarding tariffs.Mexican President Sheinbaum said she had a very good phone call with US President Trump on tariffs and avoided an increase in tariffs announced for Friday. Sheinbaum said the agreement reached with Trump safeguards the USMCA, as well as noted that they have the best deal possible and that investing in Mexico is the best option. Furthermore, she said the deal they made does not imply further action on Mexico’s part and puts the country in a good position, while she believes an accord with the US on security will be signed in the coming week.
Mexico’s Economy Minister Ebrard said the 90-day deal with the US was achieved without a concession from Mexico and they are moving closer to the renewal of their trade deal with the US. Ebrard separately commented that the tariff debate with the US includes concerns about intellectual property and the rules of origin panel, while he added that they have to address those issues from the perspective of revising the USMCA.
Japan eyes a 15% rate for the US chip tariff, on par with EU, with Japan’s trade negotiator stating Japan should be able to secure a 15% rate for the new sectoral tariff the US is planning to impose on chips, according to Nikkei. In relevant news, Japanese Economy Minister Akazawa said Japan will continue to push the US to execute the agreed-upon cut to auto tariffs, while he added that US tariffs will affect Japan’s economy through lower exports and weakening demand via a global slowdown.
NOTABLE HEADLINES
US President Trump criticised Fed Chair Powell in which he called him ‘Too late’ and said he is a terrible Fed Chair.
US President Trump posted a letter to 17 pharma companies and told pharma executives to extend the most favoured nation pricing to Medicaid.
US President Trump’s administration is to expand price support for US rare earths projects and his team outlined a push for rare earths in a meeting with executives.
APAC stocks traded mostly subdued following the weak handover from US peers and as participants digested the latest Trump tariff adjustments ahead of the deadline and with the key US Non-Farm Payrolls report on the horizon.
ASX 200 was pressured with underperformance in tech, healthcare and financials leading the declines in most sectors as sentiment is dampened amid trade uncertainty.
Nikkei 225 slumped at the open but was well off today’s worst levels with a rebound facilitated by recent currency weakness.
Hang Seng and Shanghai Comp were lacklustre mood following the latest S&P Global China General Manufacturing PMI (formerly sponsored by Caixin) which missed forecasts and surprisingly returned to contractionary territory.
US equity futures lacked demand after declining yesterday and with little impact seen following the mixed fortunes in the likes of Apple and Amazon post-earnings.
European equity futures indicate a negative cash market open with Euro Stoxx 50 futures down 0.5% after the cash market closed with losses of 1.4% on Thursday.
FX
DXY kept afloat after reclaiming the 100.00 level with the dollar on course for its biggest weekly gain in nearly three years after the latest set of US data largely pointed towards a hotter-than-anticipated economy, while the attention now turns to the latest Non-Farm Payrolls data. Furthermore, participants digested the tariff announcements with Trump signing an order modifying reciprocal tariffs in the hours leading into the tariff deadline, although President Trump’s executive order noted that tariff modifications would take effect in 7 days.
EUR/USD lacked direction after yesterday’s indecisive performance amid little fresh catalysts from the bloc and with HICP data scheduled later.
GBP/USD retested the 1.3200 level to the downside as the dollar held onto its recent spoils and in the absence of pertinent catalysts for the UK.
USD/JPY took a breather after surging to near the 151.00 territory in the aftermath of the BoJ which continued to suggest a lack of urgency to hike rates.
Antipodeans were contained amid the mostly subdued risk appetite and following the disappointing Manufacturing PMI data from China.
PBoC set USD/CNY mid-point at 7.1496 vs exp. 7.2033 (Prev. 7.1494).
FIXED INCOME
10yr UST futures remained subdued after retreating yesterday in the aftermath of firmer-than-expected US data and as participants awaited incoming key US jobs data.
Bund futures retested the prior day’s lows with demand hampered after recent mixed German inflation figures and with EU HICP data due later.
10yr JGB futures climbed at the open amid softer yields and following the recent BoJ meeting and Governor Ueda’s press conference, where the language continued to suggest a lack of urgency to resume hiking rates with money markets just pricing around a 16bps increase in rates by year-end. However, JGBs then spent the rest of the session gradually fading the majority of the initial surge.
COMMODITIES
Crude futures traded little changed with price action contained after yesterday’s pullback and amid quiet energy-specific newsflow.
Spot gold Lacked direction and languished beneath the USD 3,300/oz level after recent dollar strength and as the key US jobs data looms.
Copper futures regained some composure after the recent historic tariff-related collapse in prices but with a further rebound limited amid the mixed risk appetite and disappointing Chinese PMI data.
Codelco said a worker died and nine were injured with five missing at the Andesita mine at El Teniente in Chile after a seismic event.
CRYPTO
Bitcoin was choppy overnight and pared intraday gains after hitting resistance around the USD 116k level.
NOTABLE ASIA-PAC HEADLINES
China’s MOFCOM announced tax credit policies related to direct investment by foreigners.
DATA RECAP
Chinese S&P Global China General Manufacturing PMI (formerly sponsored by Caixin) (Jul) 49.5 vs. Exp. 50.4 (Prev. 50.4)
GEOPOLITICS
MIDDLE EAST
Hamas cut off contact and is not ready to negotiate, according to Al Arabiya citing Israeli media sources.
Israeli PM Netanyahu discussed with White House Envoy Witkoff the possibility of moving from an incremental and partial Gaza deal to a comprehensive deal, according to an Israeli official cited by Axios.
US President Trump said Iran has been acting very badly and their nuclear capability was decimated but added that Iran can start again.
RUSSIA-UKRAINE
US President Trump said it is disgusting what Russia is doing and they are going to put sanctions on Russia.
OTHER
China cyber association accused the US of a cyberattack on the defence sector to steal secrets, according to Bloomberg.
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA
3B JAPAN/
3C CHINA/
4D EUROPEAN AFFAIRS
GERMANY
Berlin’s Special Visa Program For Syrians, Afghans, & Iraqis Scrapped After Federal Intervention
Berlin’s special state-level migration program that allowed Syrians, Afghans, and Iraqis to privately sponsor relatives has come to an abrupt end following a federal order by Interior Minister Alexander Dobrindt.
In a letter to Berlin’s Finance Senator Stefan Evers, reported by Bild, Dobrindt made clear that the federal interior ministry “will not grant consent for new or for the extension of existing state reception programs.”
For over a year, Berlin’s coalition government had been divided over the program, which was introduced by the previous left-wing administration. The scheme enabled residents to bring close relatives to the city state, provided they personally covered the costs of health and long-term care insurance.
The SPD supports continuing the initiative, while the CDU remains firmly opposed.
Evers relayed the federal decision to Berlin’s Interior Senator Iris Spranger, stating that the program poses financial risks. Even when families cover the initial insurance, he warned, this “is not sufficient protection against additional costs for the state of Berlin.” He cited a lack of data and noted that after five years, the financial obligation ends, and taxpayers become responsible.
“Regardless of my department’s budgetary concerns, an extension of state admission orders can only be granted in agreement with the Federal Ministry of the Interior,” Evers wrote. With Dobrindt now firmly against it, any extension is off the table.
More than 4,000 people arrived in Berlin under the program. While the SPD approved an extension at its state party conference and both the Greens and the Left pushed for its continuation, the federal position is now decisive. A separate program for Lebanese nationals, active since 2001, was also halted last year due to security concerns.
The broader debate around family reunification has intensified across Germany. In December, the number of family reunification visas issued since 2015 surpassed 1 million. The AfD called for a full halt, with party member Martin Hess arguing that many new arrivals “will probably immigrate directly into our social systems.”
This is supported by the data.
Nearly half of Germany’s €17.68 billion in housing support for 2024 was paid out to foreigners, new government figures published last month revealed.
Last year, spending on German welfare, also known as “citizens’ money,” reached a record high of €46.7 billion, a massive 10 percent increase versus 2023, according to figures provided by the Federal Employment Agency.
As Remix News previously wrote,overall, 62.6 percent of all welfare recipients are migrants, and within the 15 to 25 age group, this number goes up to 71.3 percent.
In June, the Bundestag voted to suspend family reunification rights for migrants with “subsidiary protection” status — affecting around 380,000 people, primarily Syrians. The measure will last for two years.
Dobrindt hailed it as a “turning point” in Germany’s migration policy, aimed at easing pressure on housing, schools, and welfare, and deterring traffickers. He warned against the belief that “all you have to do is make it to Germany, then the whole family can follow suit.”
The AfD dismissed the move as political theater. Party spokesman Christian Wirth accused the government of ignoring “the complete overburdening of our country” and called the bill “a drop in the ocean.”
Co-leader Alice Weidel went further, calling the reunification pause “only a smokescreen,” and claimed that “ninety percent of the ‘refugees’ living in Germany can continue to bring their families with them.”
Spain Beats Germany, Tops EU, In Asylum Requests Amid Shift In Migrant Patterns
Friday, Aug 01, 2025 – 04:15 AM
Germany is no longer the EU’s top destination for asylum seekers, as applications from Syrians plummet following the fall of Bashar al-Assad in December, according to an unpublished EU Agency for Asylum (EUAA) report seen by the Financial Times.
The report says the bloc’s asylum system is undergoing a “significant shift,” with May 2025 seeing 64,000 applications — nearly 25% fewer than the same month in 2024, according to the Financial Times. The drop was driven by an “extremely abrupt” fall in Syrian claims, from about 16,000 in October 2024 to just 3,100 in May.
“Since February Germany has no longer been the top EU+ destination; Spain, Italy and France all received more applications in May 2025,” the EUAA writes.
The Financial Times writes that Germany, long a top choice for Syrians, saw overall claims in May fall to 9,900 from 18,700 a year earlier. Spain now leads with 12,800 applications, mainly from Venezuelans fleeing the “severe economic and political crisis” in their country — a trend the agency partly links to U.S. deportations.
Italy is second with 12,300 claims, driven by Bangladeshis and Peruvians. France follows with 11,900, led by applicants from the Democratic Republic of Congo, Afghanistan, and Haiti.
The EUAA stressed the fall in Syrian claims is “likely not due to any asylum policy changes” but “rather, the shift likely reflects changing circumstances in Syria.”
Despite the decline, Germany still hosts the largest asylum seeker population, having granted asylum to 150,000 people in 2024, compared to about 50,900 in Spain, 40,000 in Italy, and 65,200 in France.
END
GERMANY
Germany’s Fiscal Free Fall: Record Debt, Recession, And Welfare Crisis
Friday, Aug 01, 2025 – 03:30 AM
Submitted by Thomas Kolbe
Germany’s 2026 federal budget is set. The cabinet has reached an agreement on the framework, with only parliamentary approval pending—a mere formality. With a record deficit and no credible path to fiscal consolidation, Germany is lurching toward a debt crisis.
On Wednesday, the federal cabinet greenlit the 2026 budget. Core expenditures are projected at €520.5 billion, €174.3 billion of which must be financed through new debt. This includes €89.9 billion in traditional borrowing and an additional €84.4 billion categorized as “special funds” directed toward infrastructure and climate initiatives.
Only with creative accounting has Finance Minister Lars Klingbeil (SPD) managed to present his deficit-ridden budget as Maastricht-compliant. Total new borrowing amounts to 3.3% of GDP—well above the 3% EU ceiling.
The reclassification of large parts of government spending marks a new chapter in fiscal recklessness. Any meaningful consolidation or structural reform is being kicked down the road.
Between 2025 and 2029, over €850 billion in new debt is planned.
Debt as Coalition Glue
The common denominator uniting the coalition of conservatives and social democrats is one thing: a massive debt package expected to pour over the country in coming years. The projected borrowing would push Germany’s debt-to-GDP ratio from 63% to over 90%, rapidly aligning the country with the debt profiles of Southern Europe.
But the crisis is not a distant threat—it’s already here. Near-daily headlines report fresh deficits from the country’s social insurance funds, and promised relief for citizens—like the cut in electricity taxes—has already been abandoned. Budgeting in Berlin has shifted into permanent crisis mode.
Social Security in Free Fall
While politicians in Berlin bicker over cost-cutting, serious consolidation measures vanish in the trenches between coalition factions. Meanwhile, the foundations of the welfare state are crumbling.
According to the statutory health insurance forecasting board (GKV), the system expects a record €47 billion deficit this year. That number is likely to rise further in tandem with the country’s deepening recession.
Hopes for a job market rebound have all but evaporated, with Germany entering its third year of contraction.
Long-term care insurers are also ringing alarm bells. Their current shortfall is €1.55 billion, and the Association of Statutory Health Insurance Funds warns it could double by 2026.
The national pension system fares no better. After a €2 billion deficit last year, the government forecasts a €7 billion shortfall for this year.
The exploding social deficits reflect not only failed immigration and demographic policies but also the fallout of a recession-prone economic model. The burden is falling squarely on the workforce—threatening a deepening loss of faith in the welfare system. For many, it’s becoming a bottomless pit, a hamster wheel from which there is no escape.
Workers Shouldering the Burden
The pain threshold for contributors has already been reached. The average social contribution rate now stands at 42.5% of taxable income. Health insurance alone—bloated with bureaucracy, expanded services, and rising staff costs—consumes 17.5%, including a 2.9% surcharge. Another hike is looming in 2025, driven in part by the multi-billion euro hospital transformation fund.
The long-term outlook is grim. Projections by the IGES Institute show pension contributions could rise above 21% by 2035, alongside 3.4% for unemployment insurance and 4.7% for long-term care. The German welfare machine is speeding full throttle toward a debt wall, dragging the federal budget down with it.
A Fiscal Capitulation
The 2026 budget marks a fiscal surrender by the Merz government. It offers no solution to the social insurance crisis.
Germany, once hailed for its sound budgeting and feared as the austerity enforcer during Europe’s last debt meltdown, is losing control over the financing of its bloated welfare state. With social deficits multiplying rapidly, the federal budget becomes a meaningless formality—soon to be patched up with endless supplementary budgets.
The only certainty is that Germany has entered an era of accelerated indebtedness. Political consensus is now bought with the sweet poison of cheap credit. The country edges closer to the political gridlock and debt spirals witnessed in France—where structural reform becomes all but impossible.
* * *
About the author: Thomas Kolbe is a 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
GERMANY
They just cannot assimilate: calls growing for a full German nationwide islamic education system in German schools. This will become a doomsday scenario
(Brooke/Remix)
Calls Grow For Nationwide Islamic Education In German Schools
Germany’s Association for Education and Training (VBE) has called for the introduction of comprehensive Islamic religious education in schools across the country, arguing that Muslim students should be offered the same opportunities as their Christian peers.
“We are committed to ensuring that all believers can talk about their faith within schools and receive relevant information about their religion and other religions,” said VBE Federal Chairman Gerhard Brand in comments to the RedaktionsNetzwerk Deutschland (RND).
He urged political leaders to ensure that schools are equipped with the necessary personnel and materials, and that programs are implemented quickly and expanded over time.
Islamic religious education is currently regulated at the state level, resulting in significant variation. In North Rhine-Westphalia, Islamic religious education is already offered in schools, while in Bavaria, a state-run Islamic studies course is available as an alternative to ethics. However, the Bavarian model does not include cooperation with Islamic religious communities.
According to estimates, around 5.5 million Muslims live in Germany, and at least 580,000 were attending school as of 2020.
Yet only around 81,000 students are currently enrolled in Islamic religious education programs.
Advocates say that expanding access to these classes is essential for integration and for protecting students from extremist influences.
The Turkish Community in Germany also welcomed the initiative but warned of political and structural hurdles.
“Islamic religious education is a must — just like Catholic and Protestant religious education,” said the group’s chairman, Gökay Sofuoglu. He called for educational standards to be aligned at a national level, while acknowledging the constitutional limits imposed by Germany’s federal system.
“We would need a nationwide Islamic cooperation partner. Unfortunately, that isn’t in sight at the moment,” he said.
Sofuoglu stressed that while the state must remain secular, it has a duty to ensure fair and equal treatment of religious communities. “I don’t know how this could be regulated nationwide,” he added.
Stefan Düll, president of the German Teachers’ Association, told the RND that “religious education in public schools, taught by teachers trained and state-certified in Germany, can provide a counterbalance to fundamentalist attitudes — mediated by the family or by fundamentalist preachers online.”
The debate over Islamic education is not just reserved for Germany. As the Muslim population across Europe grows, both support for and opposition to Islamic teachings have risen in multiple European nations.
In April of this year, Remix News reported how, for the first time, Muslim students had become the largest religious group in Vienna’s schools, underlining the incredible demographic transformation taking place in the Austrian city.
According to data obtained from the office of Bettina Emmerling, the city councilor responsible for education, Muslims now account for 41.2 percent of all students, while Christian students fell to 34.5 percent. The trend is only growing, and is accompanied by rising problems, including violence in schools, anti-Semitism, and contempt for women.
“Islam is changing our society in ways we do not want,” warned Christian Klar, a Viennese school principal, last October. He expressed concern over the “rapid Islamization” of Austrian schools, alongside rising violence and anti-Semitic incidents.
In January, it was reported that approximately 200 schools across the Spanish autonomous community of Andalusia now teach Islam as part of their curriculum, following the disclosure of official figures after a parliamentary request by the local Vox party.
The inquiry submitted by Vox Andalusia sparked political debate over the extent to which the curriculum is being catered to immigrants and the scope of influence a rising Islamic community now has on institutions across the region.
ISRAEL /GAZA/HEZBOLLAH/IRAN/SUMMARY OF THE LAST 24 HRS
ISRAEL VS HAMAS
Israel Gives Hamas Annexation Ultimatum Despite Increased Criticism From West
Thursday, Jul 31, 2025 – 06:00 PM
Israeli officials have reportedly warned Hamas that if it rejects the latest ceasefire proposal, Israel will begin annexing parts of Gaza, according to a fresh Times of Israel report.
The report cites Israel’s Channel 12 which indicated Israel submitted its response to Hamas’s latest counteroffer on Tuesday night, but does not expect the group to accept the terms. Already talks based in Doha had been stalled or essentially called off, after Prime Minister Netanyahu earlier this month recalled his negotiating team.
Israeli forces have established and for many months overseen a de facto ‘buffer zone’ in Gaza which cuts deep into the Palestinian territory.
“Israel will not be patient for much longer,“ a senior Israeli official was quoted in the report as saying.
The Times of Israel report spells out, “With negotiations for a ceasefire and hostage release deal having stalled, Israel has sent a message to Hamas that if it doesn’t accept the proposal on the table in the coming days, Jerusalem will begin to take punitive measures against it, including the annexation of territory on Gaza’s outer perimeter,” citing senior Israeli officials.
As for specifics on where this threatened annexation could begin, the report says:
According to the report, Israel told Hamas that it will not leave the Phildelphi Corridor along the Gaza-Egypt border or the buffer zone around the Gaza border; will not allow the opening of the Rafah Crossing; and will not agree to Hamas demands for a prisoner release so far-reaching it will leave few bargaining chips in Jerusalem’s hands to compel Hamas to release the last batch of hostages in a potential ceasefire.
This would effectively ensure that remaining hostages wouldn’t be returned through a deal, as Israel would shut the door on having anything more to offer in terms of enticing Hamas to reach a new exchange agreement.
Channel 12 has observed of the US stance that there is currently “no appetite” within the White House to approve any big Israeli move to formally annex parts of Gaza.
France, the UK, and most recently Canada have said they plan to recognize a Palestinian state at the upcoming UN assembly meeting in September, in a diplomatic blow to the Netanyahu government.
Still, there’s there’s as yet no indication Washington is pressuring Israel to make concessions, and if anything Trump’s earlier rhetoric on turning Gaza into the ‘Riviera of the Middle East’ could easily be taken as a green light to annex from Tel Aviv’s point of view.
But at the moment the majority of countries and leaders throughout the world have lambasted Israeli actions in Gaza, particularly for the lack of aid getting in amid the worsening humanitarian catastrophe as civilians starve to death.
END
PALESTINIAN AUTHORITY/USA
State Department Sanctions Palestinian Authority Officials, PLO Members
The State Department on Thursday imposed sanctions on Palestinian Authority (PA) officials and members of the Palestine Liberation Organization (PLO). This comes as U.S. officials arrived in Israel to hold further cease-fire talks.
“It is in our national security interests to impose consequences and hold the PLO and PA accountable for not complying with their commitments and undermining the prospects for peace,” a State Department spokesperson said in a statement.
The department further said that the PA and PLO aren’t “in compliance with their commitments under the PLO Commitments Compliance Act of 1989,” as well as the Middle East Peace Commitments Act of 2002, because they have taken “actions to internationalize its conflict with Israel, such as through the International Criminal Court [ICC],” and other means.
The statement also accused both organizations of “continuing to support terrorism, including incitement and glorification of violence (especially in textbooks),” and “providing payments and benefits in support of terrorism to Palestinian terrorists and their families.”
The sanctions come as special envoy Steve Witkoff arrived in Israel on Thursday in a bid to save the Gaza cease-fire talks and tackle a humanitarian crisis in the Palestinian enclave. Israel faces growing world pressure over the war in Gaza, and several Western powers have said they will recognize a Palestinian state.
In the statement, the State Department did not say what individuals associated with the PLO or PA would face sanctions.
Earlier in July, the State Department announced it had placed sanctions on Francesca Albanese, the United Nations special rapporteur on human rights in the area, over efforts to have the ICC act against the United States and Israel, along with officials, executives, and companies.
“Albanese’s campaign of political and economic warfare against the United States and Israel will no longer be tolerated,” Secretary of State Marco Rubio said on July 9 in a post on X.
Last year, the ICC issued arrest warrants against Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant for alleged war crimes and crimes against humanity during the Gaza conflict.
In a post on Truth Social, President Donald Trump wrote that the nearly two-year Israel–Hamas conflict could be ended if Hamas surrenders and releases the remaining hostages the terrorist group took during its October 2023 attack on Israel.
“The fastest way to end the Humanitarian Crises in Gaza is for Hamas to SURRENDER AND RELEASE THE HOSTAGES!!!” Trump wrote, referring to international concerns over reports of mass starvation in Gaza.
The president has said that he was impacted by watching footage of starving children in Gaza, telling reporters during his visit to Scotland this week that “there’s nothing you can say other than it’s terrible when you see the kids,” adding in another interview that the United States would set up food centers in the area.
It comes as the top leaders in Canada, the United Kingdom, and France have said they would recognize a Palestinian state separate from Israel.
On Wednesday, Canadian Prime Minister Mark Carney said in a statement that the country would recognize a Palestinian state in September at the U.N. General Assembly.
The Israeli Foreign Ministry denounced Canada’s move in a post on Wednesday, saying it would boost Hamas.
Trump also suggested that the move could make it difficult for the United States and Canada to reach a tariff agreement.
END
IRAN/USA
this should cripple the Iranian regime
(the cradle)
US Imposes Sweeping New Sanctions On Iranian Shipping Network
The US Treasury Department has announced new sanctions targeting the global shipping interests reportedly controlled by Mohammad Hossein Shamkhani, son of senior Iranian official Ali Shamkhani, in what it described as the most significant Iran-related action since 2018.
The sanctions aim to dismantle what Treasury officials called a “vast network” used to sell Iranian and Russian oil through container ships and tankers operated by front companies and intermediaries.
The network, they said, generated tens of billions of dollars used to support the Iranian government.
“These profits have helped prop up the Iranian regime,” the Treasury stated, accusing Shamkhani of leveraging corruption and personal connections in Tehran to evade existing restrictions.
In total, the action designates 15 shipping firms, 52 vessels, 12 individuals, and 53 entities involved in sanctions evasion, with operations spanning 17 countries, including Panama, Italy, Hong Kong, the UAE, and the UK.
A US official said the measure was “tailored” to avoid disrupting global oil markets while striking specific targets.
“From our perspective, given where this individual fits, given his connection to the supreme leader and his father’s previous sanctions activities, given the Iran-related authorities, it’s critically important to emphasize that this is an Iran action that is meaningful and very impactful,” the official said.
The EU sanctioned Shamkhani earlier in July for his role in the Russian oil trade, and his father, Ali Shamkhani, was sanctioned by the US in 2020.
Tehran condemned the decision as a hostile move, with Foreign Ministry spokesperson Esmail Baghaei calling it a “blatant assault on the Iranian people and their national dignity,” adding that it reflected “the hostility of American policymakers towards the Iranian people.”
He accused Washington of seeking to “cripple Iran’s development, sow internal discord, and erode the rights and livelihoods of ordinary citizens.”
“The Iranian people, fully aware of the malicious intent of the aggressive sanctioning party …, will stand firm with all their might to safeguard their dignity and interests,” Baghaei said.
He criticized the US’s “addiction” to unilateralism and said its measures repeatedly violated “international law, human rights, and freedom of sovereign trade.”
He called for international accountability and reaffirmed Iran’s “unshakeable resolve” to defend its sovereignty and continue its development goals.
Sanctioned entities include Sepehr Energy Jahan Nama Pars Company, linked to Iran’s Armed Forces General Staff. Among the targeted vessels are Bendigo, Carnatic, Luna Prime, Goodwin, Davina, and Spirit of Casper.
ISRAEL// USA
Trump announces 15% tariff on Israeli goods, effective in seven days
The rate set for Israel is down from the initial 17% rate issued by the US president in the executive order signed in April, which imposed tariffs on a host of nations.
US President Donald Trump points a finger as he delivers remarks in the Roosevelt Room at the White House in Washington, DC, US, July 31, 2025(photo credit: reuters/kent nishimura)ByJERUSALEM POST STAFFAUGUST 1, 2025 03:41Updated: AUGUST 1, 2025 04:03
The rate set for Israel is down from the initial 17% rate issued by the US president in the executive order signed in April, which imposed tariffs on a host of nations.
The measure, outlined in a statement issued by the White House, is a continuation of Trump’s earlier Executive Order 14257, which declared a national emergency in response to what the administration described as “large and persistent” US goods trade deficits.
The new directive modifies the US Harmonized Tariff Schedule and applies elevated tariffs to a long list of trading partners, including key American allies such as Israel, Japan, South Korea, and members of the European Union (EU).
Israel is not subject to a 15% ad valorem tariff on all goods exported to the United States unless otherwise specified under exceptions.
US PRESIDENT Donald Trump delivers remarks on tariffs at the White House last week. Because Trump is so hard to characterize neatly, we should think twice before jumping to conclusions as to where his tariff policies are headed, says the writer. (credit: Carlos Barria/Reuters)
Decision made by what it termed a ‘continued lack of reciprocity’
According to the Trump administration, the decision was driven by what it termed a “continued lack of reciprocity” in trade relationships and a failure by certain partners to align adequately with US economic and national security objectives.
“Despite having engaged in negotiations,” Trump stated, “some trading partners have offered terms that, in my judgement, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters.”
The White House emphasized that these tariffs are a response to imbalances it views as harmful to US manufacturing, supply chains, and economic sovereignty. Goods from affected countries, including Israel, will face the new tariffs starting in seven days from the order’s signing, unless already in transit before the deadline.
The executive order leaves open the possibility of easing or removing the new tariffs should countries, including Israel, conclude new trade and security agreements with the United States. Until then, the tariffs will remain in place and be strictly enforced.
The Israeli government has not yet issued a formal response to the announcement.
Trump also announced tariffs up to 41% on dozens of countries, again citing emergency powers he says he is using to shrink the country’s trade deficits with many of its trade partners.
END
ISRAEL HAMAS
Israel does not bear sole responsibility for starvation in Gaza – editorial
Is there a famine or starvation taking place in Gaza? It depends on whom you ask.
Humanitarian aid is airdropped over Gaza as seen from northern Gaza Strip, July 27, 2025(photo credit: REUTERS/DAWOUD ABU ALKAS)ByJPOST EDITORIALAUGUST 1, 2025 06:00
There’s no denying that there is widespread hunger in Gaza.
There’s also no denying that Israel has a responsibility to alleviate that hunger and provide much-needed aid to the Gazans.
All of the Israel advocates who post on social media that never in history has the party that was attacked been responsible for feeding the attacker miss the point. The IDF itself has said it controls some 75% of Gaza after nearly two years into the war initiated by Hamas’s barbaric attack on Israel.
JPost Videos
That means that until a diplomatic solution is agreed upon, Israel bears the weight of providing the basic needs for that population.
Having said that, is there a famine or starvation taking place? It depends on whom you ask. There’s so much disinformation out there aimed at demonizing Israel, and the world’s media plays right into it with little or no oversight.
Palestinians climb onto trucks carrying aid supplies that entered Gaza through Israel, in Beit Lahia, in the northern Gaza Strip July 29, 2025. (credit: REUTERS/DAWOUD ABU ALKAS)
International media pushing Gaza starvation narrative
Case in point is the fiasco at The New York Times, which, along with other media outlets, published a huge photo last week of a Gazan mother holding her emaciated toddler.
“Mohammed Zakaria al-Mutawaq, about 18 months, with his mother, Hedaya al-Mutawaq, who said he was born healthy but was recently diagnosed with severe malnutrition,” the original caption said.
Since then, however, it came to light that the boy wasn’t suffering from malnutrition but from a congenital health disorder. The full photo that was cropped in the NYT showed Mahammed’s older brother, clearly not suffering from malnutrition.
The anemic clarification the NYT published on Tuesday was too little too late, as the damage portraying Israel as starving children was done.
In another incident this week, the Coordination of Government Activities in the Territories (COGAT), the Israeli agency responsible for aid in Gaza, denounced the use of photographs of another emaciated Gazan boy, saying he had been evacuated for medical treatment to Italy in June. Italian newspaper Il Fatto Quotidiano featured five-year-old Osama Al-Rakab last week in a story alleging starvation in Gaza. He had previously appeared in photos published by The Guardian and Al Jazeera, among other media outlets.
The Foreign Ministry went on the attack, issuing a statement that the boy suffered from cystic fibrosis and had even traveled to Italy for treatment with Israel’s support.
“This is what a modern blood libel looks like: A sick child. A hijacked photo. A lie that spreads faster than truth,” the Foreign Ministry wrote in a social-media post. “He has cystic fibrosis, a serious genetic illness. He’s been in Italy receiving treatment since June 12. Israel enabled his medical transfer from Gaza. But that didn’t stop media outlets from weaponizing his image NOT to tell his story, but in order to smear Israel.”
If there was full-fledged starvation in Gaza – and we’re not saying there isn’t – shouldn’t the Gazans, whom the international media rely on for information from the enclave, have been able to find real victims instead of the fake images that were printed?
Or is it enough to form a thesis that Israel is to blame for all of Gaza’s ills and then find any proof, distorted or not, to back it up?
Respected Israeli journalist Matti Friedman, in a long-form article published this week, described the coverage of the war in Gaza in chilling terms. He wrote: “The transformation of truth-telling institutions into ideological megaphones has had a high price for citizens in liberal societies and for the institutions themselves, as we’re now seeing at places like Harvard and NPR.”
There is no accurate and reliable address to believe when it comes to the situation on the ground in Gaza. As Friedman wrote: “The ‘Gaza Health Ministry,’ from which many of the reports from the mainstream international media rely on, answers to Hamas; UN-related organizations are embroiled in various forms of collaboration with Hamas.”
“The result is a successful information campaign that uses Palestinian suffering, real and imagined, to catalyze international anger and tie Israel’s hands,” he wrote.
While the world blames Israel for starving Gazans, a report issued this week by the United Nations Office for Project Services (UNOPS), which supports the implementation of peace-building, humanitarian, and development projects, revealed that there may be other culprits.
According to UN data, from May 19-July 29 of this year, 87% of its 2,010 food trucks in Gaza (85% by tonnage) were “intercepted” – either peacefully by crowds or forcefully by armed actors. That means only 13% of the food meant for hungry Gazans arrived at the proper address.
Yes, Israel shares in the responsibility of what is taking place in Gaza. But by blaming the Jewish state alone, and by publishing distorted and erroneous photos and information, the rest of the world is culpable in demonizing Israel and emboldening Hamas.
END
ISRAEL/GAZA/CANADA/USA
Trump says Canadian plan to recognize Palestinian state not a deal breaker in trade
Despite earlier posts and comments from Trump on Canada’s decision to recognize a Palestinian state, the US president announced that it wouldn’t be a deal breaker for trade deals with Canada.
US President Donald Trump gestures as he speaks during a meeting with British Prime Minister Keir Starmer (not pictured) at Trump Turnberry golf club in Turnberry, Scotland on July 28, 2025.(photo credit: CHRISTOPHER FURLONG/POOL VIA REUTERS)ByREUTERSAUGUST 1, 2025 00:33
US President Donald Trump said that he did not like Canada’s plans to recognize the State of Palestine at a meeting of the United Nations in September, in a press conference on Thursday. However, he added that Canada’s stance would not be a deal breaker in trade talks with Ottawa.
Trump had intensified his trade war with Canada a day ahead of his August 1 deadline for a tariff agreement, saying it would be “very hard” to make a deal with Canada after it gave its support to Palestinian statehood.
Trump is set to impose a 35% tariff on all Canadian goods not covered by the US-Mexico-Canada trade agreement if the two countries do not reach an agreement by the deadline.
“Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them,” Trump said on Truth Social.
Canadian Prime Minister Mark Carney previously said tariff negotiations with Washington had been constructive, but the talks may not conclude by the deadline. Talks between the two countries were at an intense phase, he added, but a deal that would remove all US tariffs was unlikely.
Canada is the second-largest US trading partner after Mexico, and the largest buyer of US exports. It bought $349.4 billion of US goods last year and exported $412.7 billion to the US, according to US Census Bureau data.
Canada’s Prime Minister Mark Carney speaks at a press conference about recognizing Palestinian statehood in Ottawa, Ontario, Canada, July 30, 2025 (credit: REUTERS/PATRICK DOYLE)
Canada is also the top supplier of steel and aluminum to the United States, and faces tariffs on both metals as well as on vehicle exports.
Last month, Carney’s government scrapped a planned digital services tax targeting US technology firms after Trump abruptly called off trade talks saying the tax was a “blatant attack.”
Carney followed France and Britain as he said on Wednesday that his country was planning to recognize the State of Palestine at a meeting of the United Nations in September.
Carney shares opinions on Gaza
In announcing the decision, Carney spoke of the situation on the ground, including starvation in Gaza.
“Canada condemns the fact that the Israeli government has allowed a catastrophe to unfold in Gaza,” he said.
Israel and the United States, Israel’s closest ally, both rejected Carney’s comments.
Carney’s office did not immediately respond to a request for comment on Trump’s post.
end
GAZA/USA/ISRAEL
NO wonder Hamas wants to eliminate GHF for their wholly “owned” UN
(JerusalemPost)
‘We feed Gaza without feeding Hamas,’ GHF head tells ‘Post’ – opinion
Every meal delivered helped accomplish something larger than nutrition alone. By providing a lifeline that bypasses Hamas, GHF’s work undermines the terror group’s leverage over the people of Gaza.
Johnnie Moore, Executive Chairman of the Gaza Humanitarian Foundation (GHF), briefs journalists in Brussels, Belgium July 2, 2025(photo credit: REUTERS/YVES HERMAN)ByREV. JOHNNIE MOOREAUGUST 1, 2025 01:56Updated: AUGUST 1, 2025 07:00
Few aspects of this war have drawn more international attention than the delivery of humanitarian aid to Gaza. That attention has often come with controversy, suspicion, and political posturing. But from the start, the question at the heart of it all has been simple: Can food be delivered to civilians in Gaza without strengthening Hamas?
People need to understand that until now, most of the humanitarian aid that entered Gaza was looted by Hamas and various clans. They sold the goods to Gazans for money.
As a result, prices of basic products in the Strip skyrocketed- Hamas created conditions that led to hunger in Gaza by denying food to the population that had no means, and with the money and supplies it looted, it managed to recruit new fighters and keep operating.
That’s why the change we’re implementing through GHF is fundamental, it directly threatens Hamas’s immediate survival. This is also why Hamas is doing everything it can to stop GHF’s operations: it tries to create chaos at distribution centers, murders Palestinians who come to receive aid and local GHF workers, and of course demands the shutdown of GHF activities as part of any ceasefire agreement.
Since launching emergency operations in late May, GHF has delivered nearly 100 million meals directly to civilians in Gaza. That achievement is not theoretical. It is concrete, lifesaving, and measurable. And it is something every person with a humanitarian view can take pride in.
Hamas terrorists carrying clubs and firearms secure humanitarian aid trucks in the northern Gaza area of Jabaliya on June 25, 2025. (credit: TPS-IL)
Not a single truck has been seized by Hamas. Not a single shipment sat idly in the sun waiting for a solution. Food reaches those who need it with speed, precision, and care.
GHF’s work undermines the terror group’s leverage over the people of Gaza
And every meal delivered has helped accomplish something larger than nutrition alone. By providing a lifeline that bypasses Hamas, GHF’s work undermines the terror group’s leverage over the people of Gaza. It is proving that aid can be a catalyst for change.
We serve the vulnerable — women and children, the elderly and injured, the hungry and the displaced. We serve them with humility and purpose, as the Bible teaches us: ‘even If your enemy is hungry, give him bread to eat; if he is thirsty, give him water to drink.’Proverbs 25:21
As a humanitarian organization we take these risks because the cost of doing nothing is too high. Civilians should not have to rely on fealty to their oppressors for bread. Aid donated by the international community should not be used to fund terror. GHF has shown that another path exists. One built on security, transparency, and accountability.
Our teams work under strict oversight, with systems in place to prevent abuse and ensure effectiveness. We do not distribute aid to score political points or win headlines. We do it to serve those caught in the crossfire of conflict.
When parents no longer have to plead with Hamas for flour, something good has happened. When women can safely collect food for their children, a small piece of dignity is restored. When children are fed without conditions or coercion, a bit of light breaks through the darkness. These are victories, even if others refuse to see them.
The international community is united in the immediate desire to feed the people of Gaza. On Sunday, President Trump renewed America’s commitment to providing more aid and made a forceful call for other countries to do the same. GHF will continue to work around the clock and remains a key part of the solution.
We know what we have built. And we know who we serve. In one of the hardest places on Earth, during one of the most trying times in memory, we have delivered more than just food. We have delivered hope. That is something every Israeli can stand behind.
The writer is an evangelical leader and director of the Gaza Humanitarian Foundation (GHF) which is in charge of distributing aid in the Gaza Strip.
END
ISRAEL/IRAN
Fighting the world, losing the war: IRGC talks big after beatdown by Israel
IRAN AFFAIRS: A wounded tiger is a dangerous beast, and the IRGC, in claiming it was taking on the world, feels backed into a corner.
Here, posters display assassinated military leaders, including IRGC commander-in-chief Hossein Salami (center), in Tehran at the end of June.(photo credit: Majid Saeedi/Getty Images)ByALEX WINSTONJULY 31, 2025 18:58Updated: JULY 31, 2025 19:44
In the aftermath of the most direct and devastating confrontation between Israel and Iran in the history of the Islamic Republic, the ayatollahs in Tehran have traded silence for shouting. The missiles and planes may have stopped, but the regime’s war of words is just beginning, in a grand attempt to convince its own people that defeat was actually a victory.
For 12 days in June, Israeli drones and warplanes struck deep into Iranian territory. They demolished air-defense batteries, destroyed nuclear facilities, and assassinated senior officers of the Islamic Revolutionary Guard Corps. What Iran had long called unthinkable, war on its own soil, had become its new reality.
And then, silence.
Supreme Leader Ayatollah Ali Khamenei vanished from view. IRGC commanders went underground. Tehran’s propaganda outlets recycled boilerplate slogans, but the leadership said nothing of substance.
Now, weeks later, they are saying everything, and none of it is real.
AT THE end of June, Supreme Leader Ayatollah Ali Khamenei emerged from hiding and delivered a surreal speech, claiming ‘decisive victory’ over Israel and the United States. According to the ayatollah, the Zionist regime had been ‘crushed,’ and America ‘slapped in the face.’ (credit: Office of the Supreme Leader of Iran via Getty Images)
At the end of June, Khamenei emerged from hiding and delivered a surreal speech, claiming “decisive victory” over Israel and the United States. According to the ayatollah, the Zionist regime had been “crushed,” and America “slapped in the face.” A handful of retaliatory missiles fired at a US base in Qatar, which caused no known casualties, were presented as triumphs of strategic restraint and divine strength.
Yet in the real world, Iran’s skies had been ruled by Israeli drones. Its nuclear infrastructure was set back by years. Its air defenses were shattered. Its IRGC elite, including Quds Force commanders and senior scientists, were eliminated. What Khamenei portrayed as victory, the region witnessed as a stunning and humiliating exposure of Iran’s vulnerabilities.
Even more troubling was his absence during the war. Multiple credible reports revealed that the supreme leader had been moved to a secure underground facility, his location known to only a handful of aides. Electronic communications were severed. Senior Iranian officials reportedly didn’t know where he was or whether he remained fully briefed. When even insiders are asking who is in charge, it signals a regime in free fall.
‘We fought the world’
In recent days, regime voices have grown louder. IRGC spokesman Ali Mohammad Naeini warned that any future attack from Israel would be met with a “crushing” response, and that the “geography of the battlefield” would change.
“If the Zionist regime launches a new attack on the powerful and resilient Iran, the initiative to end the conflict will be in our hands,” Naeini said.
“We will not allow the sirens in the occupied territories to fall silent, and the enemy must not have the opportunity to leave its shelters,” Naeini stated. “They will experience more fleeing and displacement than they did during the 12-day war.”
Former IRGC chief Mohsen Rezaei declared that Iran would “wipe Israel off the face of the earth forever.” And interim chief of staff Habibollah Sayyari went one better: “People must understand that we did not fight just one regime… we fought NATO, Europe, and the United States. This is very important, yet we emerged from it with our heads held high.”
This is siege mentality of the highest order and an attempt to reframe a tactical and operational catastrophe as an epic showdown with global imperialism. By claiming to have fought “the world,” Iran seeks to elevate its loss into legend, and to insulate its leadership from accountability.
But that very narrative raises the obvious question: If Iran acquitted itself so honorably against the combined might of the West, why did it suffer so much so quickly?
The answer is simple. Despite years of building up arms and supplying proxies in the region, Tehran was never prepared for this war, and it showed.
Nowhere is Iran’s weakening grip more visible than in its own security apparatus. The IRGC, the regime’s enforcer since 1979, was built to protect clerical rule and crush dissent. Over four decades, it has grown into a military-industrial empire, dominating everything from oil to foreign policy. It is designated a terrorist organization by the US and serves as the spearhead of Tehran’s global ambitions.
But it has never faced a blow like this.
Israel eliminated key IRGC leaders in rapid succession, and such decapitating strikes on the IRGC’s upper echelons have left the organization reeling from top to bottom. This week at his Munich Conference, Reza Pahlavi, the exiled son of the last shah, claimed that thousands of state security personnel have already signed up to his campaign to bring democracy back to Iran.
“A large number of IRGC members are looking for a way to jump ship,” Pahlavi told those gathered.
It may be the most dangerous proposition the Islamic Republic has faced yet: defections.
History shows that regimes fall not when the public turns against them, but when the coercive institutions break ranks. And with the IRGC’s leadership gutted, its credibility shattered, and its soldiers increasingly disillusioned, the regime’s days may be numbered, if they choose to walk away.
There is precedent to Iran’s bluster. In 1988, the first supreme leader of Iran, Ayatollah Ruhollah Khomeini, likened the ceasefire to end the Iran-Iraq War to drinking poison. In 2020, after Qasem Soleimani’s assassination, Iran claimed symbolic strikes were sufficient revenge. And now, after a devastating defeat, the regime insists it has won.
This is the Islamic Republic’s pattern: deny, mythologize, and lash out. But each time, the audience shrinks and the myth fades faster. The people no longer believe in the regime.
Even among traditional allies, Iran found little support. China issued a few generic statements. Russia remained preoccupied with Ukraine. The Gulf states largely stayed silent.
In global forums, Iran’s narrative failed to gain traction. Tehran’s claim of “resistance” now looks more like an act of desperation from a regime unsure of its next move. But a regime that loses its grip on truth is dangerous. One that loses its grip on its own armed forces is more so.
Tehran may lash out in irrational ways. Cyberattacks, covert plots abroad, or asymmetric strikes in Africa or Latin America may all occur in response to the June war, and the threat has grown for Jews and Israelis abroad. The United States Commission on International Religious Freedom released a July update to its annual report stating that, “following the June 2025 regional military escalation, Iran has also escalated its targeting of Jewish sites and individuals abroad. In July, Danish authorities arrested a man recruited by Iranian intelligence authorities to gather information on possible attacks on Jewish targets in Germany. Days later, British authorities released a report detailing Iranian government efforts to activate proxy cells to kill or kidnap Jewish individuals in the country.
“Iranian authorities are also spreading antisemitism online and through official foreign media channels,” the update continued. “For example, the Islamic Republic of Iran Broadcasting network uses Spanish-language media to promote antisemitic myths and ideas, including Jewish power over Hollywood and Holocaust revisionism. Through IRIB’s PressTV and its Spanish-language counterpart, HispanTV, Iranian authorities are also pushing the ‘Plan Andinia’ conspiracy. This myth is anchored in the tropes of Jewish people hoarding power, money, and influence and plotting a ‘secret plan’ to establish a second Zionist state in the Patagonia region of Argentina and Chile.”
A wounded tiger is a dangerous beast, and the IRGC, in claiming it was taking on the world, feels backed into a corner. Deprived of legitimacy at home, abandoned by many allies abroad, and challenged by defections in its own ranks, the Islamic Republic may now seek revenge. When Tehran cannot project power with missiles, it will turn to proxies and assassins.
Because, it is important to remember, the Islamic Republic may be bloodied, but it is not yet dead.
See more on
SYRIA
WEST BANK
RUSSIA VS UKRAINE
Ukraine Adopts New Anti-Corruption Law: Zelensky Quickly Reverses After Purse Strings Threatened
Friday, Aug 01, 2025 – 07:45 AM
The Zelensky government suffered a black- eye this month, even from the perspective of its Western backers, and the Ukrainian leader has been forced to retreat under pressure.
“Ukraine’s parliament approved legislation Thursday restoring the independence of the country’s two main government anti-corruption bodies — a move demanded by Kyiv’s international partners as well as tens of thousands of enraged Ukrainians who protested on the streets of the capital and other cities,” writes The Washington Post on Thursday.
With a majority of 226 needed to pass, a total of 331 deputies voted in favor, in what WaPo further calls “a stunning about-face by the same lawmakers who just last week had supported the previous law undermining the agencies.”
The Zelensky government clearly wanted to show and signal Western allies and its biggest monetary backers it is willing to snap-to and quickly conform. This is also seen in the fact that this particular vote was the first one to be live-streamed since the war’s start.
Last week’s ultra-rare wartime anti-Zelensky protests were sparked when the National Anti-Corruption Bureau (NABU) and Specialized Anti-Corruption Prosecutor’s Office (SAPO) were brought directly under the supervision of the country’s prosecutor general, who happens to be an open and close ally of Zelensky.
Now after his humiliation in the court of public opinion, Zelensky is singing a very different tune and is seeking to present himself as a champion of transparency and anti-corruption.
“I thank the lawmakers for supporting my bill, now officially law. I’ve just signed it, and it will be published immediately,” Zelensky announced on Telegram. “This ensures that anti-corruption bodies and all law enforcement institutions operate independently and effectively.”
This corrective bill which has just been passed was put forward a mere two days after the protests, and crucially as the European Union said it would withhold budgetary funding on graft concerns and the erosion of democratic principles.
On Friday the European Union announced it would suspend part of a €4.5 billion fund tied to good governance standards, with the NY Times reporting that the bloc had in effect frozen €1.5 billion (about $1.7 billion) in financial aid to Ukraine over concerns about corruption and delays in key reforms.
However, the decision was said to not be ‘final’ yet, and on Sunday President Zelensky held a crucial call with President of the European Commission Ursula von der Leyen. His office confirmed they discussed Ukraine’s anti-corruption system (…or we should say lack thereof).
Some footage from last week’s protests, which also got the West’s attention…
Ukrainians gathered to protest against Zelensky. They know he’s a corrupt war monger but you will never hear this from the msm. pic.twitter.com/EG13yC8tPi
So clearly after some phone calls from key and influential donors, Zelensky snapped back in line pretty quick. And this is what the West has wanted all along (going back to the events of 2014) – a compliant, loyal, and dependable Ukrainian leader amenable to its will.
END
RUSSIA/UKRAINE/USA
Zelensky Says He Discussed New ‘Large-Scale’ Arms Deal With Trump
Friday, Aug 01, 2025 – 05:45 AM
Ukrainian President Volodymyr Zelensky in a Wednesday night address said Kiev is on the brink of another major arms agreement with the US. He described he presented President Donald Trump with Ukraine’s “main principles” for future weapons deals, but without specifying whether Trump has agreed to the terms.
“Today, I also agreed on the main principles of our agreements with America, Ukraine – the United States, on arms,” Zelensky stated. “Large-scale agreements, I talked about them with President Trump, and I very, very much hope that we will be able to implement all of this. This will definitely strengthen both of our countries, and therefore – our allies, our partners.”
While it was just last week that the Trump administration approved a series of arms sales to Ukraine totaling $650 million, it remains unclear if these are the same “large-scale” deals discussed by Zelensky.
The Ukrainian leader hailed all of this as part of the right direction and necessary step toward ending the war. “Right now we need to act to force Russia to peace. Yes, Moscow wants to continue fighting. But the whole issue is in the potential, the whole issue is in the resources for war, in money. That is why sanctions are useful. That is why pressure can work,” he said.
Trump also last week proclaimed the landmark Washington and the EU deal under which the bloc would pay “100% of the cost of all military equipment” provided by the US.
“They’re going to ship it to the European Union, and then they’ll distribute it, and much of it will go to Ukraine,” he had stated.
And concerning all the latest talk about air defenses, the EU will also pay for any US-made Patriot air defense systems which are shipped – or rather forcibly donated from European countries for Ukraine. Trump has openly boasted that “this will be a business for us.”
Trump tells Ursula von der Leyen to her face that the EU won’t be getting anything less then 15% tariffs.
Politico reported earlier this week that multiple EU member states are requesting tens of billions of dollars in loans from the European Union to fund weapons purchases for Ukraine.
All of this is within the context of Trump growing frustrated at lack of peace progress, and he has increasingly laid blame squarely on Putin and Russia, this week giving Moscow just ten days to come to the negotiating table and reach a peace agreement, or else face far-reaching new sanctions, particularly secondary sanctions punishing trade partners continuing to do business with Russia.
END
RUSSIA/USA/UKRAINE
Trump secret talks with Moscow: fruitless!! Putin boasts that his troops are advancing along the entire frontline
(zerohedge)
Trump Admin’s Secret Talks With Moscow ‘Fruitless’ As Putin Boasts Troops Advancing ‘Along Entire Frontline’
Friday, Aug 01, 2025 – 09:05 AM
In Thursday comments President Trump condemned what he called Russia’s “disgusting” strikes on the Ukrainian capital from the night prior, which left 28 dead according to the continually rising death toll, after emergency crews have been picking through rubble of a collapsed apartment building.
The Trump administration has also informed the UN Security Council that a deal needs to be reached by August 8, or else new tariffs and sanctions targeting Russia and its trading partners will be unleashed.
“Both Russia and Ukraine must negotiate a ceasefire and durable peace. It is time to make a deal. President Trump has made clear this must be done by August 8. The United States is prepared to implement additional measures to secure peace,” US diplomat John Kelley told the UN Security Council, according to Reuters.
Trump is still seeking to distance himself from the conflict, given he’s calling it “Biden’s war”.
There’s apparently been a big push behind the scenes, focused on secret talks, to make something happen with Russia on the peace front, as the NY Times writes:
Mr. Trump’s comments came after Secretary of State Marco Rubio acknowledged in an interview with Fox News Radio that the administration held secret talks with Russia this week — “not with Putin but with some of Putin’s top people” — and made no progress on a cease-fire. Mr. Trump said he was dispatching his special envoy, Steve Witkoff, to Russia again, but the last visit that Mr. Witkoff, a fellow real estate investor, paid to Mr. Putin proved fruitless.
Administration officials gave no reasons to believe the latest engagement with Russia would be any more useful. And Mr. Trump himself, usually a true believer in the power of economic sanctions to alter the decisions of foreign leaders, admitted for the second time this week that Mr. Putin appears to be immune.
But then Trump has also conceded that “I don’t know that sanctions bother him” – in reference to Putin and the fact that the Russian economy has been doing relatively well considering the Western-imposed isolation.
It was merely months ago that Trump’s top officials, such as Pete Hegseth, were in Europe declaring that Ukraine would never be in NATO and even suggesting that ultimately the war is not Moscow’s fault, breaking sharply with the Western defense establishment. There was also the Oval Office shouting match with Zelensky, where Vice President JD Vance called out the Ukrainian leader.
NY Times’ commentary continues by pointing out a complete 180 in Trump’s thinking on Ukraine, further pointing to the fresh Rubio interview:
That has been followed by a series of apparent reversals, with no public acknowledgment from Mr. Trump that he is changing strategy. He no longer relies on what he has framed as a deep past relationship with Mr. Putin in an effort to win him over. In fact, he has been quite open about his frustration that conversations about cease-fires are usually followed by Russian escalation, often in the pace of drone and missile attacks.
“I think what bothers the president the most is he has these great phone calls where everyone sort of claims yeah, we’d like to see this end, if we could find a way forward,” Mr. Rubio said in his Fox interview, “and then he turns on the news and another city has been bombed, including those far from the front lines.”
“So at some point,” Mr. Rubio told his interviewer, Brian Kilmeade of Fox News Radio, “he’s got to make a decision here about what — how much to continue to engage in an effort to do cease-fires if one of the two sides is not interested.”
As if demonstrating his lack of concern over Trump’s ultimatum, President Putin has on Friday declared that his troops are advancing along the “entirety of the frontlines”.
Putin does not look too worried on Friday…
Putin and Lukashenko met on Valaam. The President of Belarus arrived in Russia on a working visit.
The leaders of the two countries greeted each other warmly and later took part in a prayer service at the Church of the Smolensk Icon of the Mother of God. pic.twitter.com/1QG8PoAuHg
Russian president Vladimir Putin has said that Moscow’s goals in Ukraine remained unchanged and claimed that Russian troops are advancing “along entire frontline” in Ukraine.
In comments reported by Reuters, Putin also said that the new deadly Oreshnik missile system is now being mass produced, with first deliveries already made to the army. At the same time, he said he hoped peace talks between Russia and Ukraine would continue, but warned against inflated expectations as to what can be realistically achieved.
He also insisted that the issue of the war would need to be addressed “in the context of European security as a whole,” which in the past was linked to his expansive security demands relating to large parts of central and eastern Europe.
Trump’s position, based on his latest remarks, is that the war “should be stopped, It’s a disgrace.” And yet the US still appears unwilling to strongly pressure Zelensky to make territorial concessions and to declare Ukraine will never join NATO. Washington also still continues arming Kiev. These things remain red lines for Russia.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
Emmy Russell’s baby daughter in hospital with “very, very rare” epilepsy; DE: author Katrine Marie Guldager has breast cancer; RU: Chechen dictator Ramzan Kadyrov “nearly drowned on holiday”; & more
Deion Sanders had bladder removed in shocking cancer battle
July 28, 2025
Deion Sanders revealed the details of the mystery health issue that has been ailing him this offseason. Sanders announced during a University of Colorado news conference on Monday that he had surgery to have his bladder removed after being diagnosed with cancer. The cancer, which Sanders said was an aggressive form, was “cured” thanks to an alternative procedure that involved removing his bladder and creating a new one with his own intestines. Sanders, 57, added that you can expect to see portable toilets on the sidelines of games to help him with the situation as he plans to coach the team this season. “I cannot control my bladder,” Sanders said. Sanders has been suffering from troubling medical issues in recent years. He said he was forced to make a will in May due to the cancer. He previously had toes removed due to problems with blood clotting, which had a debilitating effect on his legs and feet. While the head coach of Jackson State in 2021, Sanders underwent surgery for a dislocated toe and an inflamed nerve, which shed light on life-threatening blood clots in his femoral artery.
Researcher’s Note – Jackson State HC Deion Sanders Promotes COVID-19 Vaccine [sic]: ‘We Want to Preserve Life’. In the video, Sanders also stated that he had received the vaccine [sic]: Link
Loretta Lynn’s granddaughter shares heartbreaking update on 6-month-old baby’s health
July 22, 2025
Emmy Russell, granddaughter of country legend Loretta Lynn and former American Idol finalist, provided an update on her 6-month-old daughter after she was hospitalized. Russell and her husband Tyler Ward have revealed that their daughter Taylor Ray, was diagnosed with infantile spasms, which is a type of epilepsy, according to the Child Neurology Foundation. “We learned yesterday that she has infantile spasms, which, after doing research, it’s 0.02% of conditions. So, it’s very, very rare,” Ward explained in an Instagram video with his wife. He added that when treated early, outcomes can be positive, though it remains “about 50-50 chance, which is crazy.” The couple said they have been encouraged by initial treatment results. Ward reported that doctors administered steroids to help reduce brain activity, and Taylor Ray has not experienced any spasms since beginning treatment.
Two “medical emergencies” in the world of Kansas sports:
K-State offensive lineman suffers medical emergency during summer practice
July 21, 2025
MANHATTAN, Kan. – K-State offensive lineman George Fitzpatrick [21] had a medical emergency during summer practice last week. The incident occurred on Wednesday, Jul. 16. Riley County Emergency Medical Services responded to a call at K-State’s football practice facility at 4:36 PM. Fitzpatrick was initially taken to a hospital in Manhattan. From there, he was transported to a Topeka hospital. K-State football issued a statement to 13 Sports: “George had a medical situation to which the training staff quickly responded. He is improving every day and we appreciate all who have cared for and supported him as he continues to recover.” Fitzpatrick transferred to K-State in January after three seasons with Ohio State.
Researcher’s Note – Ohio State University issues coronavirus vaccine [sic] mandate for students, faculty, staff: Link
Hall of Fame head coach Bill Self [62] has been hospitalized after suffering a medical emergency on Thursday afternoon. Kansas University released a statement that the Jayhawks’ head coach was rushed to the hospital after he “felt unwell and experienced some concerning symptoms.” The medical emergency happened after Self conducted the final Kansas basketball practice of the summer. Once Self was admitted to Lawrence Memorial Hospital, he underwent a procedure to have two stents inserted. The school says the procedure was successful and he is expected to make a full recovery. Over the last 22 years, he’s guided the Jayhawks to 624 wins, four Final Fours, and two National Championships.
Researcher’s Note – KU will implement COVID-19 vaccine [sic] mandate for employees, following Kansas Board of Regents guidance: Link
Erik Menendez hospitalized with serious medical condition, family says
July 22, 2025
[Convicted murderer] Erik Menendez is in the hospital with a serious medical condition, his family told ABC News. The 54-year-old’s condition was not initially disclosed, but his attorney, Mark Geragos, said it is serious enough that he asked California Governor Gavin Newsom to release him from prison for further treatment. Geragos had told “Banfield” on Monday that Erik was dealing with a medical issue [later reported as kidney stones] ahead of the brothers’ parole board hearing next month, but didn’t reveal any specifics.
Author Katrine Marie Guldager shared on her social media on Sunday that she has been diagnosed with breast cancer. The 58-year-old author of the books ‘An innocent family’ and ‘I hear what you say’ writes this on his Facebook: ‘After a routine mammogram, I had to have additional tests, and it turned out that I had two malignant nodules in one breast,’ she writes, explaining that she now has to have more tests, including an MRI scan. ‘I don’t know yet what it’s going to mean for my fall, events and stuff. But I’m sad about it, of course.’
Chechen dictator rushed to hospital: Nearly drowned on holiday
July 25, 2025
Dictator Ramzan Kadyrov, who supports Russian President Vladimir Putin, nearly drowned in Turkey while on vacation. This is reported by Expressen, which also reports that the 48-year-old received cardiopulmonary resuscitation from lifeguards. According to the media, Ramzan Kadyrov was swimming in the sea when he lost consciousness, gasped for breath and splashed around before lifeguards came to the rescue. A number of Turkish media outlets published a video of him being taken to the hospital, and media outlets that have followed the case report that Ramzan Kadyrov’s condition is stable and not life-threatening. According to a Russian media outlet, the dictator stayed at the Plaza Hotel, where two nights in the suite he stayed in cost 300,000 kroner. Chechnya is a republic in Russia and is located in the northern part of the Caucasus.
Former Black Fern Cheryl Waaka battles stage 4 bowel cancer
July 25, 2025
Auckland – Cheryl Waaka, a former Black Fern and a māmā of two teenagers, is now facing her toughest opponent yet, stage 4 bowel cancer.She was a fit and strong wāhine Māori hailing from Ngāpuhi and Ngāti Kahungunu, she’s won two World Cups in the black jersey and is still dedicated to the game, but her diagnosis in June has left her stricken with sadness. “I was healthy, running around, doing my everyday job. It was King’s Birthday weekend. There was a Johnny Isaacs Māori tournament in Kaikohe. I was running the line, AR-ing, and three days later, I’m on the floor in excruciating pain.” She remembers the day her life was changed forever. “I got my brother to get me to the GP in Kaikohe. Ambulance to Kawakawa. Ambulance to Whangārei and then that night broke the news that I have a tumour in my bowel and I need to have emergency surgery. I suppose I’m very lucky to my surgeon. He got the tumour, but unfortunately, it spread to my liver.”
Auckland – Former All Blacks hooker Keven Mealamu, 46, has given an update on his heart condition after collapsing at the gym last year and opened up on what it means to be on the board of Creative New Zealand. In September last year, Mealamu shared footage on social media showing him collapsing at a gym. He found out he had the condition after two heavy training bouts in preparation for a charity boxing event in 2022. “Sometimes when I look back, I think to myself, ‘what was I thinking?’ But it’s probably that mentality of coming out of professional sports, just loving the opportunity to challenge yourself,” Mealamu tells Culture 101. Since then, he’s undergone medical procedures and been in and out of hospital. “I had one done before Christmas and it had been in rhythm. But I found out a couple of weeks ago it’s gone back into AFib again. I don’t have the symptoms where some people find it really hard to walk or just comes on really spontaneously. But I’m able to control mine.”
military-style tactics, and organized community defense networks, signal a dangerous escalation in anti-enforcement activity that increasingly resembles domestic insurgency. Federal officials report
that assaults on immigration officers have surged more than 800% compared to the same period last year, underscoring what they describe as a coordinated national campaign.’
‘The scale, planning, and intent behind this growing movement to target and disrupt U.S. immigration enforcement has alarmed officials, prompting ICE Acting Director Todd Lyons to warn, “I’m very scared because of all the threats and the rhetoric… I’m going to lose an ICE agent or officer because of this craziness that’s going on.”
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Across the country, anti-ICE groups have formed sophisticated cells that plan and execute calculated attacks using reconnaissance, secure messaging apps, and interference operations to obstruct federal enforcement.
The Prairieland attack near Fort Worth stands out for its precision and scale. On the night of July 4, a group of 10–12 assailants in black tactical gear used fireworks to draw officers out of the facility. Two shooters hidden in a nearby tree line opened fire, wounding a local police officer. Court documents describe the attackers’ use of body armor, two-way radios, Faraday bags, and flyers reading “FIGHT ICE WITH CLASS TERROR.” Officials say the level of coordination and planning was unlike anything previously seen in immigration-related violence.’
Terrorists Protecting Illegals: Coordinated Violence Against ICE
If I questioned an ICE policy or police, does not mean I attack them or you or anyone attack…you use the courts, you complain, you use ballot box…as a civil good governance society we follow law. ICE and police etc. put their lives at risk. Want to go home to family like you.
___
You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.
Enter the Wellness Company as a solution and a willing participant in the health care conversation. The Wellness Company, launched in 2022, offers health care, prescriptions, and supplements, all backed by research
The Wellness Company isn’t chasing profits — it’s trying to help people recover. While the government continues pushing vaccines, The Wellness Company is focusing on real solutions.
From telemedicine, prescriptions, memberships, and supplements, TWC is leading America with alternative choices to the traditional health care model.
Soros’ Alleged Ties to Russiagate Exposed in Declassified Annex of Durham ReportIn a stunning development, the Senate Judiciary Committee on Thursday released the classified appendix to Special Counsel John Durham’s report, revealing that the FBI and Obama administration may have knowingly advanced a false Trump–Russia narrative based on intelligence allegedly tied to George Soros’ Open Society Foundations — even before launching the Crossfire Hurricane investigation in July 2016.The appendix, declassified with …READ THE FULL REPORT
Democrat Rep. Danny Davis Won’t Seek Reelection After 30 Years in HouseLongtime Rep. Danny Davis (D-IL) is expected to announce his retirement from Congress on Thursday, ending a political career that has spanned nearly three decades in Washington and over 50 years in public service.The 83-year-old Democrat, who represents Illinois’ deep-blue 7th Congressional District, will hold a press conference Thursday morning, where he is widely expected to confirm he will not …READ THE FULL REPORT
Social Security Rolling Out Big Change in AugustThe Social Security Administration (SSA) has clarified that its new Security Authentication PIN (SAP) policy, initially set to take effect in mid-August, will be entirely optional — a reversal that comes amid public concern and media scrutiny over the burden it would have placed on millions of seniors and people with disabilities.The SSA confirmed to Newsweek on Thursday that beneficiaries …READ THE FULL REPORT
Islamist Terrorists Kill 49 Christians in African Church MassacreMore than 40 Christians were slaughtered in a savage midnight terror attack on a Catholic church in Komanda, a small town in eastern Democratic Republic of the Congo (DRC), during a July 27 midnight vigil, according to local officials and international sources.The massacre was claimed by the ISIS-affiliated Allied Democratic Forces (ADF) — a notorious jihadist group with a history …READ THE FULL REPORT
Delta Flight Diverted, 25 Sent to Hospital After ‘Significant’ TurbulenceA Delta Air Lines flight traveling from Salt Lake City to Amsterdam was forced to make an emergency landing in Minneapolis-St. Paul Wednesday evening after encountering severe turbulence that left 25 people hospitalized, including seven crew members, the airline confirmed.Delta Flight 56, operated on an Airbus A330-900 carrying 275 passengers and 13 crew, landed safely just before 8 p.m. local …READ THE FULL REPORT
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL /ENERGY ISSUES/WORLD WIDE
SHALE COSTS RISING OVER THE PAST TWO YEARS. BREAKEVEN IS AROUND $68.00 PER BARREL AND IF THE PRICE DOES NOT IMPROVE THEN RIGS WILL BE TAKEN DOWN
(ZEROHEDGE)
Standard Chartered Sees Higher Long-Term Oil Prices As Shale Costs Rise
Friday, Aug 01, 2025 – 06:55 AM
Oil prices are set to trend higher in the coming years, according to Standard Chartered, as the economics of U.S. shale have shifted significantly, according to OilPrice.com.
While crude has hovered near $70/bbl — close to the 20-year average of $73.38 — StanChart notes that breakeven costs in the shale patch have climbed sharply. “The average breakeven price for Permian producers is now edging back toward the mid-$60s, up from the mid-$50s just two years ago,” the bank said, attributing the rise to higher costs for steel, labor, and frac materials, in part due to U.S. tariffs.
Analysts at Rystad Energy and Wood Mackenzie share the view that today’s oil prices are unsustainably low for shale. Rystad estimates breakeven prices for new horizontal wells in key plays near $68/bbl, while WoodMac warns that without a firmer price floor, “the rig count will absolutely fall.” Both firms point to tight capital budgets, cautious reinvestment, and a continued investor focus on returns rather than growth.
OilPrice.com reports that the outlook comes as crude prices hit six-week highs. Brent crude for September rose 1.2% to $73.34/bbl, while WTI gained 1.5% to $70.24, driven by geopolitics and trade developments. President Trump extended his deadline for Russia to reach a ceasefire with Ukraine to Aug. 3 from July 14, warning of additional sanctions and tariffs if talks fail. “The new deadline caught many analysts by surprise and, if enforced, could tighten Russian crude and fuel supplies to the global market,” BOK Financial Securities said.
Oil prices also found support from a U.S.-EU trade agreement that avoided escalation into a full trade war. Under the deal, EU exports to the U.S. will face tariffs capped at 15%, providing relief to markets worried about a broader slowdown in trade.
Still, gains were tempered by a surprise U.S. crude stock build. The Energy Information Administration reported commercial crude inventories rose 7.7 million barrels in the week ending July 25 to 426.7 million barrels. While stocks remain 6% below the five-year seasonal average, the weekly jump was far larger than the 1.54 million-barrel increase reported earlier by the American Petroleum Institute, catching traders off guard.
Meanwhile, U.S. drilling activity continues to contract. The Baker Hughes rig count shows oil rigs falling for the 13th consecutive week to a 46-month low of 415, down 68 rigs year-to-date. Texas saw the steepest declines, with drilling in the Eagle Ford formation down five rigs to 34, while Permian activity slipped in both the Delaware and Midland basins.
Bloomberg reports separately that fracking activity in the Permian Basin is slowing faster than expected as tariff uncertainty and rising OPEC+ production weigh on demand. ProPetro Holding CEO Sam Sledge said only about 70 frack crews remain active in the world’s top shale region, down from roughly 100 earlier this year.
“The completions market in the Permian Basin continues to face challenges,” Sledge told analysts, citing idle capacity driven by weaker market conditions. ProPetro shares fell as much as 21% after a surprise second-quarter loss, with the company now planning 10–11 crews this quarter and potential cuts ahead.
The forecast echoes Halliburton, which said last week it will sideline equipment amid worsening U.S. shale conditions.
With U.S. output under pressure and global geopolitical risks mounting, Standard Chartered’s bullish view reflects a tightening supply picture. Many analysts see sustained prices above current levels as essential to stabilize U.S. production — a dynamic that may be shaping the Trump administration’s increasingly hard stance on Russia.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
i
INDIA/USA
Is Trump Hellbent On Derailing India’s Rise As A Great Power
Trump raged against India on Wednesday in a series of posts announcing his 25% tariff on its exports on the pretext of its trade barriers and close ties with Russia.
He then announced an oil deal with Pakistan and predicted that “maybe they’ll be selling Oil to India some day!”
His final post described India’s economy as “dead” and claimed that “We have done very little business with India” despite it being the fastest-growing major economy in the world and bilateral trade amounting to nearly $130 billion in 2024.
India’s Ministry of Commerce & Industry calmly responded to Trump’s tariff announcement by reaffirming its commitment to talks and declaring that the state “will take all steps necessary to secure our national interest”, which likely infuriated him since he probably expected Modi to anxiously call him.
The favorable trade deal that he clinched with Japan last week and the totally lopsided one with the EU that followed emboldened him into playing hardball with India upon thinking that it’ll fall into line too.
The US wants India to open its agricultural and dairy markets, stop its massive import of discounted Russian oil, and rapidly diversify away from Russian military equipment.
Complying with the first demand would be disastrous for the 46% of the Indian workforce employed in these industries, however, while the second would risk decelerating its economic growth and the third would make its security dependent on the US. The end result would therefore derail India’s rise as a Great Power and turn it into a US vassal.
Trump is hellbent on doing precisely that, which is the continuation of Biden’s policy, as explained below:
These analyses will now be summarized for the reader’s convenience and placed in the current context.
In brief, India’s Russian-assisted rise as a Great Power hastens the coming of tri–multipolarity that’ll in turn help midwife complex multipolarity, which would greatly reduce the likelihood of ever restoring US-led unipolarity or the short-lived period of informal Sino-US bi-multipolarity (“G2”/“Chimerica”).
Russia’s specialoperation and the West’s reaction to it revolutionized International Relations and created the opportunity for India to make up for lost time in becoming a Great Power with trulyglobalinfluence.
The US responded to these developments by attempting to subordinate India via electionmeddling, infowars, and dual geopolitical pivots to Bangladesh (whose prior long-serving leader it helped depose) and Pakistan to pile on the pressure in pursuit of this goal or to contain India if it still refuses to concede.
If Trump’s tariffs don’t coerce India into becoming a US vassal, which the US would then exploit to coerce concessions from China in advance of its ultimate goal of restoring unipolarity, then he might settle for letting China subordinate India instead as part of the “G2”/“Chimerica” scenario.
Either way, he doesn’t expect India’s rise as a Great Power to continue due to the zero-sum dilemma in which the tariffs were meant to place it between becoming the US’ or China’s vassal, but India might still surprise everyone.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1409 DOWN 0.0012 PTS OR 12 BASIS POINTS
USA/ YEN 150.53 DOWN 0.281 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 1.3162 DOWN .0045 OR 45 BASIS PTS
USA/CAN DOLLAR: 1.3872 UP 0.0014 (CDN DOLLAR DOWN 14 BASIS PTS)
Last night Shanghai COMPOSITE DOWN 13.26 PTS OR 0.37%
Hang Seng CLOSED DOWN 265.52 PTS OR 1.07%
AUSTRALIA CLOSED DOWN 0.91%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 265.52 PTS OR 1.07%
/SHANGHAI CLOSED DOWN 13.26 PTS OR 0.37%
AUSTRALIA BOURSE CLOSED DOWN 0.91 %
(Nikkei (Japan) CLOSED UP 270.22 PTS OR 0.66%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3294.95
silver:$36.68
USA dollar index early FRIDAY morning: 99.83 UP 19 BASIS POINTS FROM THURSDAY’s CLOSE
FRIDAY MORNING NUMBERS ENDS
And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.092% DOWN 3 in basis point(s) yield
JAPANESE BOND YIELD: +1.531% DOWN 2 FULL POINTS AND 00/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.245 DOWN 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.517 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.663 DOWN 3 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1581 UP 0.01590 OR 160 basis points
USA/Japan: 148.04 DOWN 2.76 OR YEN IS UP 276 BASIS PTS//
Great Britain 10 YR RATE 4.5290 DOWN 4 BASIS POINTS //
Canadian dollar UP .0094 OR 94 BASIS pts to 1.3763
TACO-less Tariffs & Terrible Jobs Spark Global Stocks’ Worst Losing Streak In 23 Months
Friday, Aug 01, 2025 – 08:00 PM
Boy, that escalated quickly…
Shockingly large (downward) revisions piled on top of disappointing job gains (piled on top of Trump’s new tariffs) sparked chaos across markets as they adjusted to a new reality (that they appear to have preferred to ignore) that the US labor market may not be as strong as Powell and his pals have been preaching…
Source: Bloomberg
The weak payrolls print dragged down ‘hard’ data this week while ‘soft’ data caught back up (aside from today’s ISM/PMI weakness)…
Source: Bloomberg
Rate-cut odds soared after the weak jobs data with September almost a lock-in now…
Source: Bloomberg
Put together, rate-cut expectations soared for 2025 (well above 2 cuts priced in) as 2026 expectations dropped modestly (hovering around 3 cuts)…
Source: Bloomberg
Additionally, as Bloomberg’s Ed Bolingbroke noted, dovish hedges continue to emerge in SOFR options, with the latest stand out flow looking to benefit from a half-point Fed rate cut at the September policy meeting.
As a reminder, The Fed cut rates by 50bps last September after a series of huge payrolls revisions also…
Source: Bloomberg
Why today’s massive job revisions? Recall last August, the Biden admin “revised away” 818K jobs which were never there. This was the trigger for the Sept 2024 jumbo 50bps rate cut “panic” by the Fed.
The result of all that noise is that global stocks fell for a sixth day today, the longest streak since September 2023.
Source: Bloomberg
All the US Majors were red on the week with Small Caps clubbed like a baby seal (Nasdaq was the least ugly horse in the glue factory) as they suffered the worst week since Liberation Day’s collapse…
Nasdaq’s weekly loss was the largest in over two months, and the S&P 500 saw its first loss of 1% or more since June…
Source: Bloomberg
Mag7 stocks ended the week lower, but outperformed the S&P 493…
Source: Bloomberg
‘Most Shorted’ stocks are down 7 days in a row and suffered their worst week since Liberation Day…
Source: Bloomberg
VIX soared back above 20 today…
Source: Bloomberg
Treasury yields collapsed today led by the short-end of the curve – this was the biggest weekly drop in yields since Liberation Day’s collapse…
Source: Bloomberg
The rally in two-year notes has gained momentum. As UBS notes, the yield is now lower by 25bps, the most since disappointing labor data on Aug. 2 last year sparked moves that ultimately led to the unwinding of the yen carry trade following a surprise BOJ hike. Friday marks the seventh-largest daily move over the past five years.
Source: Bloomberg
The yield curve (2s30s) steepened dramatically, back up near its steepest of the year…
Source: Bloomberg
After rising for six straight days, the dollar puked after testing its 100DMA for its worst day in over two months…
Source: Bloomberg
Gold ripped higher today (best day in two months), back above its 50DMA…
Source: Bloomberg
Oil prices tumbled today, but rallied overall to their best week in the last seven weeks
Source: Bloomberg
Crypto had a rough week with bitcoin tumbling overnight down to three week lows…
Source: Bloomberg
Ethereum had a down week – its first in six weeks – but still outperformed Bitcoin…
Source: Bloomberg
ETH ETFs have seen only one net outflow day since the start of July…
Source: Bloomberg
Finally, with no TACO from The White House last night, the S&P 500’s performance has slipped back to catch down to Trump Tariffs 1.0 this week…
Source: Bloomberg
…will today’s jobs data provide just enough ‘bad news’ to be ‘good news’ for stocks as Powell is forced to acquiesce to Trump’s demands?
USA DATA RELEASES
the jobs report has been a crime scene for many many months with faulty data e.g.Birth/Death additions. However this report is a shocker in itself: a gain of only 74,000 with huge revisions lower in the previous two months
(zerohedge)
Jobs Shocker: July Payrolls Far Below Estimates, Follow Massive Revisions Lower
Friday, Aug 01, 2025 – 08:40 AM
Heading into today’s jobs report, sentiment had seen a surprising boost in recent days, with the whisper number rising from just about 110K back to 125K, or where it started the month of July.
Well, the optimism proved to be very, very wrong, because moments ago the BLS reported job numbers that were veryugly with July printing just 73K, far below the 104K estimate.
But that’s not the real punchline: what is, is that Trump not only took a page out of the Biden playbook, but ripped pretty much all of it out with May and June revised massively lower, to wit:
May was revised down by 125,000, from +144,000 to +19,000,
June was revised down by 133,000, from +147,000 to +14,000.
With these revisions, employment in May and June combined is 258,000 lower than previously reported, which puts to shame any/all of the far smaller revisions that defined much of the Biden regime.
The number of jobs came in below the 80-100k breakeven level estimated by Fedʼs Barkin, suggesting Trump may have literally instructed the BLS to print a number that basically forces Powell’s hand to cut.
Going down the report, the unemployment rate rose from 4.1% to 4.2%, as expected, which may be the only silver lining in today’s report as the Fed is now more focused on the unemp rate (according to Powell) than the number of jobs actually added.
Of note here is that the unemployment rate for Black workers was highest since October 2021.
The labor force participation rate, at 62.2%, dropped slightly in July from 62.3%, and has declined by 0.5% point over the year. It was the lowest since November 2022. The employment-population ratio, at 59.6%, also changed little over the month but was down by 0.4% over the year.
Turning to wages, we find that hourly earnings actually rose from an upward revised 3.8% (was 3.7%) to 3.9%, above the 3.8% expected.
Average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents, or 0.3 percent, to $36.44 in July. Over the past 12 months, average hourly earnings have increased by 3.9 percent. In July, average hourly earnings of private-sector production and nonsupervisory employees rose by 8 cents, or 0.3 percent, to $31.34.
The average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.3 hours in July. In manufacturing, the average workweek held at 40.1 hours, and overtime edged down to 2.8 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged up by 0.1 hour to 33.7 hours in July.
Some more details from the report:
The number of people employed part time for economic reasons, at 4.7 million, changed little in July. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs.
The number of people not in the labor force who currently want a job changed little in July at 6.2 million but was up by 568,000 over the year. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force changed little at 1.7 million in July. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers decreased by 212,000 in July to 425,000, largely offsetting an increase in the prior month. Discouraged workers are a subset of the marginally attached who believed that no jobs were available for them.
Turning to the composition of the report, the BLS reports that employment continued to trend up in health care and in social assistance. Federal government continued to lose jobs.
In July, health care added 55,000 jobs, above the average monthly gain of 42,000 over the prior 12 months. Over the month, job gains occurred in ambulatory health care services (+34,000) and hospitals (+16,000).
Social assistance employment continued to trend up in July (+18,000), reflecting continued job growth in individual and family services (+21,000).
Federal government employment continued to decline in July (-12,000) and is down by 84,000 since reaching a peak in January.
Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; retail trade; transportation and warehousing; information; financial activities; professional and business services; leisure and hospitality; and other services.
Developing
end
MORE ON THE JOBS REPORT:
‘Too Little Too Late’ – Trump Rages Amid The Post-Payrolls Carnage…
Friday, Aug 01, 2025 – 08:56 AM
Weaker than expected job gains combined with rising unemployment rates and massively negative revisions have sent rate-cut odds soaring with September now priced around 75%…
2025 cut expectations are now back above 50bps (and 2026 is fading modestly)…
This has helped smash Treasury yields lower with the short-end leading (down a stunning 18bps)…
And the dollar is puking…
Gold is mirroring the dollar weakness and soaring higher…
Stocks are lower post-payrolls but were notably weaker already on the heels of tariffs and AMZN disappointment…
So, circling back to the start, is this ‘bad news’ from the labor market, good news for Trump as it forces The Fed’s hand sooner rather than later?
Time for an emergency cut?
END
THIS IS ABSOLUTELY HILAROUS; THEY RIG THE JOBS REPORT AND IT IS ACTUALLY HIGHER?
WHAT ABOUT THE OTHER 4 YEARS OF FUDGING?
“No One Can Be That Wrong” – Trump Fires Labor Statistics Boss After “RIGGED” Jobs Data
Friday, Aug 01, 2025 – 02:20 PM
Update (1600ET): President Trump was not done yet and posted again calling today’s jobs data “rigged“
In my opinion, today’s Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad
— Just like when they had three great days around the 2024 Presidential Election, and then, those numbers were “taken away” on November 15, 2024, right after the Election, when the Jobs Numbers were massively revised DOWNWARD, making a correction of over 818,000 Jobs
— A TOTAL SCAM.
Jerome “Too Late” Powell is no better!
But, the good news is, our Country is doing GREAT!
Remember, there’s no such thing as a coincidence in DC.
* * *
A dismal jobs print (and dramatically weaker revisions)…
…have prompted the president to fire the woman who ‘runs the numbers’… (via Truth Social)
I was just informed that our Country’s “Jobs Numbers” are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala’s chances of Victory.
This is the same Bureau of Labor Statistics that overstated the Jobs Growth in March 2024 by approximately 818,000 and, then again, right before the 2024 Presidential Election, in August and September, by 112,000.
These were Records — No one can be that wrong? We need accurate Jobs Numbers.
This is the biggest negative revision to payrolls since the global financial crisis.
I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY.
She will be replaced with someone much more competent and qualified.
Trump went on:
Important numbers like this must be fair and accurate, they can’t be manipulated for political purposes.
McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative.
The Economy is BOOMING under “TRUMP” despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election, I assume in the hopes of getting “Kamala” elected – How did that work out?
Jerome “Too Late” Powell should also be put “out to pasture.”
Thank you for your attention to this matter!
CNBC’s Steve Liesman stated unequivocally that there is “no evidence jobs numbers are politicized.”
Well, there was the whole 1 million downward job revision in August 2024, three weeks before the Fed cut rates 50bps two months before the 2024 election to get Kamala elected.
Meanwhile, cue the lawsuits! And notice that no one is talking about Epstein today.
END
THE REAL STORY ON THE JOBS REPORT
The Untold Story In Today’s Jobs Report: The Unprecedented Purge Of Illegal Alien Workers
Friday, Aug 01, 2025 – 02:40 PM
Any way you cut it, today’s jobs report was ugly. Starting at the top, where the July print of just 73K missed most estimates…
… and when combined with the massive downward revision of May and June which removed nearly 260,000 jobs…
… meant that the employment growth in the past 3 months has averaged a paltry 35,000, the worst since the covid pandemic.
While the unemployment rate was unchanged at the headline level, the unemployment for blacks surged to the highest since October 2021.
It wasn’t just the headline (Establishment Survey) data that was ugly: looking deeper reveals more rot, such as the plunge in the number of employed workers tracked by the Household survey.
The qualitative component was also ugly, with full-time jobs tumbling 440K to 134.837 million, while part-time jobs surged by 237K to 28.437 million.
And yet, amid all the ugliness, there was one saving grace and some may call it quite critical.
Recall, that starting back in in 2023 we warned that virtually all the job creation since 2018 had gone to foreign-born workers, which as Wall Street subsequently reported, was mostly illegal aliens.
Here's a better one: since the covid crash, all new jobs – over 2 million – have gone to foreign-born workers. And in May, native-born workers tumbled again, by 369K, while foreign-born jumped 297K to an all time high.https://t.co/rS7nTNN3dyhttps://t.co/7WcdPtgJCtpic.twitter.com/1HGaZZBS01
Subsequently, we also correctly predicted that the debate of legal vs illegal workers (and immigration in general) would be the biggest political talking point into the 2024 election.
How is this not the biggest political talking point right now: since October 2019, native-born US workers have lost 1.4 million jobs; over the same period foreign-born workers have gained 3 million jobs. pic.twitter.com/Z5HVWmQ24C
Which brings us to today when the one aspect of today’s jobs report which got zero mentions, was perhaps also the most important one: namely the ongoing purge of all illegal workers from the payrolls.
As shown in the chart below, in July, the number of foreign born workers tumbled by 467K. It wasn’t just July though: as shown below, foreign-born workers (which, again, are mostly illegal aliens) have declined four months in a row…
… as Trump unleashed an unprecedented crackdown on all illegal workers.
What about native workers? Well, as the chart above shows, in July native-born workers increased by 383K, which was impressive but was less than half the remarkable 830K increase in June; both however were below the massive $1.04 million increase in April.
And while regular readers are well aware, it may come as a surprise to many that in the five years after 2019, the US had not added a single native-born worker, and instead all the growth in the US labor force was foreign-born. But that finally changed in the past 6 months, since Trump’s inauguration.
Here’s the bottom line: since Trump took over, foreign-born workers have declined 5 out of 6 months, while native-born have increase 5 out of 6 months!
The chart above, more than any other variable, explains what is going on with the labor market: millions of minimum-wage illegal workers are not only not applying for jobs, but are actively losing their jobs. In the process, wages are increasing on average (since low-paying workers are no longer entering the work force and are being replaced with higher paid native workers). Indeed, we could see that today because while the overall report was very weak, average hourly earnings not only rose sequentially, but printed higher than expected.
But since there is less supply of native-American workers compared to the torrent of foreign-born illegals that defined the Biden administration, the US labor market has hit a bottleneck. And the only thing that will lift that bottleneck is when employers – who clearly still need workers, just not American workers – start paying higher wages.
The only question then will be whether the modest increase in inflation (due to higher wages) will be worth the drop in asset prices, as an increase in overall wages and spending will likely result in a stronger economy. And while we know Wall Street – whose net worth is tied not in income but assets – will hate that outcome, we are also confident which outcome Main Street will prefer.
END
Surveys Signal Manufacturing Contraction In July, But…
Friday, Aug 01, 2025 – 10:07 AM
‘Hard’ data has disappointed in recent weeks (most notably today’s payrolls miss) and while soft data overall has been rising, today’s Manufacturing surveys were expected to show deterioration (after a rebound from April lows).
S&P Global US Manufacturing PMI fell from 52.9 to 49.8 (final) in July (back below 50 for the first time since December). The final print is slightly higher than the flash print of 49.5.
ISM US Manufacturing PMI fell from 49.0 to 48.0 (worse than the increase to 49.5 expected). That is the weakest since Oct 2024.
So both surveys are in contraction/recession…
Source: Bloomberg
The Employment component confirms this morning’s payrolls weakness, New Orders remain in contraction, but the silver lining is that fears of inflation are falling…
“July saw the first deterioration of manufacturing operating conditions since last December as tariff worries continued to dominate the business environment,” said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.
“The downturn at the start of the third quarter in part reflects the passing of a busy period of tariff-related inventory accumulation in prior months.
Factories reported little change in inflows of new orders and reduced stock holdings of both raw materials and finished goods in July.
This comes after companies had built up inventories in May and June amid concerns over higher import prices and worsening supply availability resulting from tariff hikes.
But there is a silver lining in inflation data…
“Input prices continued to rise at a steep rate, with these higher costs often being passed on to customers to drive another month of elevated selling price inflation, but there are signs that these price pressures may have peaked back in June.
Finally, Williamson notes that “optimism about the year ahead has meanwhile taken a knock as factories worry about reduced demand from customers, especially in export markets, and the inflationary impact of tariffs.”
“Employment consequently fell as factories trimmed headcounts amid concerns over rising costs and lower sales.”
Today’s ‘hard’ data decline left ‘soft’ data to lead
Is the hard data weakness (and sub-50 PMI) enough to push Powell to finally cut?
END
UMich Sentiment Hits 5-Month High As Inflation Expectations Plunge
Friday, Aug 01, 2025 – 10:16 AM
US consumer sentiment rose to a five-month high in July on optimism about current conditions tied to a stock-market rally, while inflation expectations eased further.
The survey showed the current conditions gauge rose to a six-month high of 68, while the expectations index slipped to 57.7…
Source: Bloomberg
“A rise in sentiment among stock holders was partially offset by a decline among consumers who do not own stocks,’’ Joanne Hsu, director of the survey, said in a statement.
Most notably, inflation expectations plunged. Consumers expect prices to rise at an annual rate of 3.4% over the next five to 10 years, the tamest since January, data released Friday showed. They saw costs rising at an annual rate of 4.5% over the coming year, down from 5% in June…
Source: Bloomberg
Democrats and Independents appear to be coming around to reality as their inflation fears subside somewhat…
Source: Bloomberg
But, consumers in the Michigan survey were also skeptical that the risk of faster inflation has passed…
“Meanwhile, expectations remain poor for business conditions and elevated for unemployment; critically, consumers anticipate they may be personally affected,” Hsu said.
“Despite recent improvements, this combination of views is consistent with a slowdown in spending, as consumers may respond to these risks with more cautious financial behavior.”
END
It seems Ms. Hsu really doesn’t like this rebound.
END
USA ECONOMIC DATA
T-Day Arrives: Trump Raises Tariff On Dozens Of Countries, With Minimum Rate Of 10%
Thursday, Jul 31, 2025 – 10:55 PM
Almost 4 months after Liberation Day sparked a global market crash, moments ago T-Day finally arrived… and barely anyone noticed.
Late on Thursday, just ahead of the August 1 deadline for tariff renegotiation, President Trump announced a slew of new tariffs, including a 10% global minimum and 15% or higher duties for countries with trade surpluses with the US, forging ahead with his unprecedented effort to reshape international commerce.
First, the silver lining: baseline rates for many trading partners remain unchanged from the duties Trump imposed in April, which may ease investors’ worst fears – although with the S&P sitting at record highs it is difficult to claim anyone had any fears about anything – after the president had previously said they could even double. Yet Trump’s decision to raise tariffs on Canadian goods to 35% threatens to inject fresh tensions into an already strained relationship.
Trump signed the new tariff directive just hours before his prior Aug. 1 deadline for higher tariffs to kick in on scores of trading partners. As Bloomberg reports, most tariffs will take effect after midnight on Aug 7, to allow time for US Customs and Border Protection to make necessary changes to collect the levies.
Taken together, the result will be significantly higher tariffs on goods from almost all US trading partners. The average US tariff rate will rise to 15.2% if rates are implemented as announced, according to Bloomberg Economics, an increase from 13.3%, and significantly higher than the 2.3% it was in 2024, before Trump took office.
Major industrialized economies, including the European Union, Japan and South Korea, accepted 15% duties on their products, while charges on items from Mexico, Canada and China are even bigger.
Today’s announcement notwithstanding, Trump is expected to unveil separate tariffs on imports of pharmaceuticals, semiconductors, critical minerals and other key industrial products in the coming weeks. Other details are also forthcoming, including so-called “rules of origin” to decide which products are transshipped, or routed through another country, and thus would face at least a 40% rate, a senior US official told Bloomberg, adding that a decision will be made in the coming weeks. The senior US official said there is no date yet when revised auto tariff rates would be implemented.
Thursday’s order was signed behind closed doors without the fanfare of Trump’s April tariff rollout, during which he brandished placards with rates during a Rose Garden event. Since then Trump has faced criticism for overpromising on trade deals after he and aides vowed to broker numerous agreements, with at least one pledging “90 deals in 90 days.”
In the end, imports from about 40 countries will face the new 15% rate and roughly a dozen economies’ products will be hit with higher duties, either because they reached a deal or Trump sent them a letter unilaterally setting import taxes. The latter group has the highest goods-trade surpluses with the US.
Some of those were expected, such as a 25% levy on Indian exports that Trump announced this week on social media. Others included charges of 20% on Taiwanese products and 30% on South African goods. Thailand and Cambodia, two countries that were said to have struck a last-minute deal, received a 19% duty, matching rates imposed on regional neighbors including Indonesia and the Philippines. Vietnam’s goods will be tariffed at 20%, according to the WSJ.
Trump’s deals with the EU, Japan and South Korea would lower duties on their vehicle exports to 15% from the general rate of 25%.
In a separate order, Trump followed through on his threat to hike tariffs on exports from Canada, one of the US’s largest trading partners, from 25% to 35% for goods that do not comply with the U.S.-Mexico-Canada Agreement. That change excludes goods that are covered under the North American trade pact he negotiated in his first term. That stood in contrast to the 90-day extension Mexico received to negotiate a better agreement. Earlier in the day, Trump wrote on Truth Social that he agreed to extend for 90 days the existing tariffs on Mexican goods. He said a 25% fentanyl tariff, a 25% tariff on cars and a 50% tariff on steel, aluminum and copper would remain in place.
Still other nations are set to be hit with even higher tariffs. Trump has pledged to hike tariffs to 50% on Brazil over its digital policies and legal action against former President Jair Bolsonaro, a Trump ally.
The lower 10% and 15% rates are expected to apply to a wide range of mostly smaller- and medium-sized economies that Trump showed little interest in bargaining with one-on-one. He had signaled in recent days there were simply too many countries to cut individualized deals with all of them. Some smaller states, however, were hit with the highest rates, including Syria at 41%, as well as Laos and Myanmar and 40% each, both preferred hubs of Chinese transshipments.
The tiny African nation of Lesotho, however, which had been reeling from Trump’s threat in April to impose a 50% duty, instead received a 15% rate. That change puts the landlocked mountainous kingdom at an advantage against the far larger country that entirely surrounds it, South Africa.
One big exception from this week’s deadline is China, which faces an Aug. 12 deadline for its tariff truce with the US to expire. The Trump administration has signaled that is likely to be extended. No final decision has been made but the recent US-China talks in Stockholm were positive, the official said.
There were signs that Trump’s order took some partners by surprise. Taiwan’s cabinet said in a statement its rate was temporary, and that the US levy is expected to be reduced after more talks, which had been delayed by scheduling conflicts.
The announcement brings to a close, at least for now, months of wait-and-see about how Trump would set his country-based tariffs, which he billed as the centerpiece of his plan to shrink trade deficits and revive American manufacturing. Trump twice delayed his so-called reciprocal tariffs, first announced in April, to allow time for negotiations, first after markets panicked and then as foreign governments bargained to get better terms from the US.
“U.S. customs officials will face challenges implementing the EO, particularly with the different tariff rates now applied across the world,” said Wendy Cutler, a former US trade negotiator. “The seven day breathing period before implementation will help, but importers should expect start up problems at a minimum.”
Some analysts were worried that today’s announcement will spark another round of selling similar to the post-Liberation day dump. “The reality is that we’re still going to see higher tariffs than pre-Liberation Day and we’ll start to see some economic impact of that in the months ahead,” said Shane Oliver, a Sydney-based chief investment officer at AMP Ltd. “There’s still uncertainty about China, Mexico has been delayed by another 90 days and details around sectoral tariffs are also yet to come.”
Others just can’t wait to move on: “With the biggest economies having either already made a deal, had a postponement or been hit with another tariff hike that will probably be eventually negotiated lower (Canada), many traders seem to prefer to keep the focus on US NFP as the next likely catalyst for broad USD movement,” said Sean Callow, a senior analyst in Sydney
“I would have thought 10% baseline tariff was a positive surprise for risk, worth at least a little bounce on Aussie and the like, given Trump’s recent comments have referred to 15% or higher” Callow said, adding that “perhaps the main uncertainty had already been removed on the likes of South Korea, Japan, India and, for now, China.”
Asian stocks came under pressure after Trump announced the new rates, with the MSCI Asia Pacific Index dropping 0.5%, led by losses in South Korea and Taiwan. Futures on the S&P 500 slipped 0.1% while those for European stocks retreated 0.4%. The Taiwan dollar and Korean won led declines in currency markets, while the Swiss franc edged lower after the nation’s products were hit with a 39% charge, one of the few nations that saw its rate go up. The Canadian dollar held steady in the face of higher rates.
END
Trump’s Global Tariff Breakdown: Full Country-By-Country Rate List
Friday, Aug 01, 2025 – 07:20 AM
Four months after President Trump stunned the world and rattled global markets by unveiling “Liberation Day” tariff rates, his latest revisions (read here), announced Thursday, and set to go into effect in a week, sparked fresh global equity futures selling early Friday morning. With an average tariff rate of 15%, the world now faces the highest US levies since the Great Depression days of the 1930s, and these rates are roughly six times higher than one year ago and will certaintly lead to further rejiggering of supply chains.
The new tariff rates are set to take effect in just seven days, starting at 12:01 a.m. ET. A baseline 10% tariff will apply to imports from most countries.
Here’s what you need to know:
10% Global Minimum Tariff imposed across all imports.
Canada: Tariff raised to 35% (from 25%), but goods under USMCA remain exempt.
Switzerland: Tariff increased to 39% (from 31%); Swiss officials criticize the change, citing divergence from prior draft terms.
40 Countries: Imports face a 15% tariff.
12+ Economies: Hit with even higher duties.
China & Mexico: Deadline delayed by 90 days.
The list:
The multi-month wave of tariff threats sparked front-loading of exports, supporting many Asian economies and shielding US consumers from price spikes. However, that could all change…
Commenting on this is Raghuram Rajan, former India central bank governor and chief economist of the International Monetary Fund, who is now a professor at the University of Chicago Booth School of Business, told Bloomberg TV earlier today, “For the rest of the world, this is a serious demand shock,” adding, “You will see a lot of central banks contemplating cutting as the rest of the world slows.”
END
you must pay attention to Jeffrey Sachs
Trump’s Russia Sanctions Ultimatum Will Blow Up In America’s Face: Jeffrey Sachs
Thursday, Jul 31, 2025 – 10:10 PM
Economist and longtime adviser to the UN Jeffrey Sachs has issued a scathing critique of President Trump’s decision to unleash yet more anti-Russia sanctions, giving Moscow just ten days to negotiate for peace with Ukraine or else the new punitive measures will go into effect.
Sachs called the new policy “dangerous” and a sign that the Trump administration is plagued by contradictions and lack of a coherent strategy for ending the war, despite constant early boasting that Trump would rapidly achieve peace. The ‘secondary sanctions’ aimed primarily at those nations still trading with Russia are doomed to be ineffective anyway, the Colombia University professor pointed out.
“If the sanctions are actually applied, they are an escalation of the conflict, and therefore very dangerous. I do not believe that they will be effective,” he said in an interview with Russian media.
“For example, I do not believe they will stop Russia from selling oil, gas, and other commodities to Asian markets. Yet, provocations and escalation often have unpredictable negative effects, and that could be true here as well,” he added.
The new restrictions are likely to backfire regardless, as they “could expose” the “incompetence” or even “accelerate the breakup” of US-led geopolitical and economic blocs.
“This is, in short, the wrong approach. We need diplomacy and negotiation to get to the root causes of the conflict, and solve them, not unworkable ultimatums based on the idea of an unconditional ceasefire,” Sachs added.
He further highlighted the West’s inability to acknowledge and come to terms with the real underlying causes of Ukraine war, such as historic NATO expansion east, the sham Minsk accords, or the coup events of 2014.
“Instead, the Western powers now demand an unconditional ceasefire. Russia will not agree to this, nor will a new round of US sanctions compel Russia to agree to this,” Sachs emphasized.
But top Trump admin officials are defending the freshly issued ultimatum given to the Kremlin. For example, White House special envoy to Russia and Ukraine Keith Kellogg has claimed the relative ineffectiveness of current sanctions thus far has largely been due to weak enforcement from the West.
However, Kellogg has asserted that “Putin will start feeling the pressure not just from within his military, but also from the oligarchs and internally” and that the sanctions will “start to bite”.
end
This will be tricky!!
(zerohedge)
Trump Vows To Use “Every Tool In The Arsenal” To Force Big Pharma To Cut Drug Prices
Friday, Aug 01, 2025 – 08:05 AM
President Trump’s letter to eighteen of the world’s largest pharmaceutical companies, including AbbVie, Amgen, AstraZeneca, Boehringer Ingelheim, Bristol Myers Squibb, Eli Lilly, EMD Serono, Genentech, Gilead, GSK, Johnson & Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Regeneron, and Sanofi, demanding drug price cuts for Americans, sent a jolt through pharma stocks in Europe.
Trump’s formal letters to major big pharma, demanding immediate action to reduce U.S. drug prices to Most-Favored-Nation (MFN) levels — i.e., the lowest prices offered in any other developed nation, represent a move by his administration to stop what he calls “global freeloading” on U.S. pharma innovation, as well as for the adminstration to lower costs for all Americans – a campaign pledge he made in 2024.
Here are the key demands Trump made in the letter to drugmakers:
Provide MFN prices to all Medicaid patients.
Pledge not to offer lower prices abroad for new drugs than those offered in the U.S.
Sell drugs directly to consumers at MFN prices, bypassing middlemen.
Raise prices abroad (via trade policy support), but reinvest those gains into lowering prices for Americans.
The letters state that if the pharma companies “refuse to step up” and comply with the federal government, Trump “will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices.”
In markets, the letters sparked selling with Novo Nordisk in Europe down 4.4%, AstraZeneca slid 3%, GSK fell 1.9%, and Sanofi decreased by about 1.5%. Novo is set to close down more than 30% this week (read why), the largest weekly decline ever.
The most shocking stat: The U.S. comprises <5% of the global population but funds about 75% of global pharma profits.
“In case after case, our citizens pay massively higher prices than other nations pay for the same exact pill, from the same factory, effectively subsidizing socialism aboard [abroad] with skyrocketing prices at home. So we would spend tremendous amounts of money in order to provide inexpensive drugs to another country. And when I say the price is different, you can see some examples where the price is beyond anything — four times, five times different,” Trump wrote in the White House press release.
Here’s Goldman Sachs European pharma expert Seth James’s first take in a note to clients titled “Pharm to Table”:
Shall we just all go to the pub instead? Trump sent out letters to Pharma CEO’s last night further demanding price cuts to innovative medicines. Demands included: i) MFN pricing for all drugs offered in Medicaid. ii) MFN pricing for any new drug launched in Medicare, Medicaid and Commercial channels. iii) DTC and/or DTB distribution at MFN pricing for high volume/high-rebate prescription medicines. Administration asking for binding commitments here in the next 60 days. ADRs were weak last night trading down 1-2% from the EU close – feedback pretty mixed but leant relaxed among the specialists, most pointing to a lack of detail on mechanism of implementation which for points ii and iii is likely to need a legislative fix to enforce. Also the 60 day ‘deadline’ seen by many as an exercise in can kicking. On the details MFN pricing in Medicaid is likely most easy to implement but least impactful given the lower pricing in that channel, point ii on new drug launches would be most nefarious given the inclusion of the commercial channel which wasn’t in many scenarios I’d seen run and would likely weigh heavily on the medium term growth outlook for the industry though imagine most see as unlikely to be implemented. Am in two minds as to how this plays out – Pharma (ex-Novo) has had a little bounce of late and can see that being given back –Novo for one not helpful for perceptions of the sector this week and letters could add to the capitulation here. On the other side think the lack of detail on implementation here is oddly reassuring – part of me wants to say that this helps put at least some pressure on getting this issue resolved more quickly than the 6+ months that Novartis’ CEO outlined but given the legislative fixes required perhaps these letters only introduce another 60 day no go period for generalists in the space – with the above context would you be involved if you didn’t have to?
Moves in reaction this morning feel much more a function of positioning than exposure – AZN has among the least Medicaid exposure of all EU Pharma yet most impacted this morning, ARGX closest to pricing parity globally yet also one of the hardest hit – on the other side GSK largest Medicaid exposure of EU names yet is outperforming, though I guess valuation is also an important component in all this. What a week to be a deep value investor….. Novo warning, Bayer pre-releasing and Philips moving onto our conviction list. Richard thinks that the 2Q print marked a turning point in the story as material headwinds from China come to and end while the U.S. strength persists as we saw in the order book which we think can carry the stock to 5-6% growth in the second half o this year and beyond with a CMD on the horizon to anchor too. Once the dust settles here I think its worth spending some time with Richard and going through it all. Deeper into medtech results next week – still astounded by how weak some of the discretionary exposed names have been but even the higher quality buckets are taking a beating – GE Healthcare had to take a lot of pain and Stryker down 6% overnight on a weaker quarter for knees despite efforts to reassure on the end market.
Not 100% doom and gloom with a better quarter for NVST with premium implants growing for the 3rd straight quarter and calling out stable dental market fundamentals which encouragingly continued through July which is an exact 180 of what we heard from ALGN – certainly ups the stakes for the STMN report in a few weeks. They say its always darkest before the dawn and I don’t want to be too bearish given where we are on valuations – especially in the likes of Novo but I think the pain can always last longer than you think and stuff can stay cheap for a long time without a catalyst which is maybe a better question to end on rather than the one in the paragraph above – what’s the catalyst to turn it around for healthcare in the second half.
In a separate note, BMO Capital Markets analyst Evan David Seigerman told clients the White House has sparked some “headline shock,” but emphasized that it’s unlikely the Trump administration will be able to implement the MFN successfully. In some cases, the analyst believes the administration may even lack the legal standing to enforce these policies. More or less, he believes the MFN threat is a negotiating strategy.
VICTOR DAVIS HANSON//
USA NEWS/ANTISEMITISM..
KING NEWS
The King Report August 1, 2025 Issue 7546
Independent View of the News
BOJ keeps rates steady, revises up inflation forecast The board revised up its core consumer inflation forecast for the current fiscal year to 2.7% from 2.2% projected three months ago… hhttps://t.co/DsKFYEku8V
US stocks rallied early on Thursday due to Microsoft and Meta’s excellent results. However, ex-Fangs and Mag 7, US stocks quickly declined after the enthusiastic opening. This portended trouble for stocks.
Meta hit 784.75 (+12.88%) at 9:39 ET and then rolled over. Microsoft hit 555.45 (+8.22%) on the NYSE opening and immediately declined. Pattern traders aggressively dumped trading sardines because, as we noted in yesterday’s missive, Thursday marked the end of the earnings season rally with AMZN and AAPL reporting after the close.
@MichaelMOTTCM: It is shocking to me that META has burned almost $32 billion in cash in two quarters (on AI?), and the market doesn’t care at all. It is like an early-stage biotech at this point.
ESUs opened sharply higher on Wednesday night and rallied to a daily high of 6468.50 at 3:44 ET. A 5-wave decline took ESUs to a daily low of 6402.25 at 10:17 ET. The 5th wave was a tumble.
Abetted by manipulation to game July performance, ESUs jumped to 6435.25 at 12:33 ET. After a slow roll over, ESUs tumbled to a new daily low of 6365.50 at 14:16 ET, obliterating the 6400 support that held in two prior declines. It was time for serious manipulation to game July performance.
ESUs jumped to 6403.00 at 14:47 ET; but that was it. Traders quickly feared that 6400 would fail to hold again. ESUs sank to a new low of 6358.25 at 15:55 ET. A desperate late manipulation pushed ESUs to 6394.75 at 16:01 ET. With NYSE and Nasdaq marks finalized, traders sold ESUs after the NYSE close. ESUs fell to 6367.00 at 16:06 ET.
GOP Rep. @RepKeithSelf: 7 million Americans in the US are not working, nor are they looking for a job.Work requirements will help get these people off the sidelines and into the economy, contributing to their family, communities, and country. Hardworking Americans shouldn’t be punished so freeloaders can feel comfortable. True compassion means helping people move toward independence, not enabling a permanent state of reliance.
Mexican President Sheinbaum: We had a very good call with the President of the United States, Donald Trump. We avoided the tariff increase announced for tomorrow and secured 90 days to build a long-term agreement through dialogue. I was joined by Juan Ramón de la Fuente, Secretary of Foreign Affairs; Marcelo Ebrard, Secretary of Economy; and Roberto Velasco, Undersecretary for North America. https://x.com/LiveSquawk/status/1950939289228894281
WSJ’s @NickTimiraos: Core PCE inflation is beginning to look no better, and by some measures worse, than where it was when the Fed started to cut last year (Nick appears to be Powell’s apologist) Core PCE was 2.6% using a 3-month annualized rate in June (the year-ago figure was 2.3%) It was 3.2% using a 6-month annualized rate (the year-ago figure was 3.3%) It was 2.8% over 12 months, compared to 2.6% in the year-ago period… Core goods is up 3.7% on a three-month annualized basis, the highest in nearly three years. Services continue to dis-inflate… https://x.com/NickTimiraos/status/1950902690399068276
@AlanReynoldsEcn: PCE inflation less food, energy and housing was 2.2% in the second quarter — down from an atypical high of 3.6% in the first.Once we also exclude the problematic BLS housing estimates from the core, the blue bar shows this broader gauge of core inflation has long been substantially lower than the old “core” version shown in green (which includes lagged estimates of rent and owner’s equivalent rent with a high weight).
Positive aspects of previous session The NY Fang+ Index closed modestly higher on MSFT and Meta’s great results.
Negative aspects of previous session Stocks are declining or having trouble moving higher on good news! A huge warning! The S&P 500 Index high was the opening. Fangs peaked near the NYSE opening. ESUs peaked 48 minutes after the European opening. Obamagate has intensified. It’s the biggest scandal in US history, and the MSM was integral. USU were only +3/32 at the NYSE close after being as high as +20/32.
Ambiguous aspects of previous session How will Obamagate impact the USA and US markets?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6364.68 Previous session S&P 500 Index High/Low: 6427.02; 6327.64
CNN’s @richardquest: I stand by my comment that the trade deals being announced are largely garbage because they are so uncertain with no mechanisms for enforcement… @joma_gc: Richard, you were arrested in Central Park at 3:40AM—naked, with meth in your pocket, a rope around your neck and your d***, and a dildo inside your boot. No one is taking your opinion on trade deals, or anything else for that matter, seriously… https://x.com/joma_gc/status/1950991925156216963
@MarkPaoletta: A SPY FOR CHINA AT JEROME POWELL’S FEDERAL RESERVE – A Chinese SPY (John Harold Rogers, 63, of Vienna, Virginia) worked as a senior advisor at the Federal Reserve and delivered sensitive economic data to China from at least 2018 until 2021, according to a January 2025 DOJ indictment. This economist allegedly gave China confidential Federal Reserve information to exploit our markets & damage our country. In 2023, he was paid $450,000 for “teaching” at a Chinese university. (Who hired and/or recommended Rogers?) How did Jerome Powell, who became Federal Reserve Chairman in 2018, miss this spy who worked at the Fed?? As President Trump pointed out in January, Powell has been focused on the wrong things, like DEI, “green” energy and climate change. President Trump’s DOJ team, including then US Attorney @EagleEdMartin indicted this guy within first two weeks of Trump 47 Administration… https://x.com/MarkPaoletta/status/1950889523195334850
Fed Balance Sheet: -$15.137B on MBS -$14.112B; Reserves: -$14.863B
After the close Amazon reported Q2 EPS of 1.68, 1.33 exp; net sales $167.7B, $162.15B exp. AMZN sank 4% because AMZN projects Q3 operating income of $15.5B to $20.5B vs $19.4B expected.
Apple Q3 EPS: 1.57, 1.43exp; Revenue: $94.04b, $89.3B exp; AAPL jumped 3.5% but quickly rescinded most of the rally. In Apple’s post-mortem, CEO Tim Cook blew the AI dog whistle. He said Apple would look at AI acquisitions. APPL soared to a new after-hour high of 217 (207.57 NYSE close).
Today – The July Employment Report has enhanced importance due to Powell indicating that the labor market has more importance than inflation regarding rate cuts.
It’s a Summer Friday and the start of August. Both have positive seasonal bias. However, stocks have declined this week when they should have rallied sharply on Fed Day bias and earnings season buying. The fact that stocks sank on the final day of July after great MSFT and Meta results is a huge negative.
Something is weighing on stocks. Is it the August 1 tariff deadline? It could be the end of earnings season or the deep troubling and unknown consequences of Obamagate. It could be something else, like Powell & Associates defying Trump on rate cuts in coming months. We should soon know.
Expected Economic Data: July NFP 104k, Mfg. 0k, Rate 4.2%, Wages 0.3% m/m & 3.8% y/y, Workweek 34.2, Labor Force Participation Rate 62.3%; July S&P Global Mfg. PMI 49.7; July ISM Mfg. 49.5, Prices Paid 70, New Orders 48.6, Employment 46.8; June Construction Spending 0.0% m/m; July UM Sentiment 62, Current Conditions 67.1, Expectations 58.9, 1-yr Inflation 4.4%, 5-10-yr Inflation 3.6%; July Wards Total Vehicle Sales 16.0m
ESUs are -18.50; NQUs are -96.00 (Fang/Mag 7 upward bias over); and USUs are -8/32 at 20:24 ET.
S&P Index 50-day MA: 6142; 100-day MA: 5843; 150-day MA: 5889; 200-day MA: 5899 DJIA 50-day MA: 43,420; 100-day MA: 42,204; 150-day MA: 42,684; 200-day MA: 42,879 (Green is positive slope; Red is negative slope)
S&P 500 Index (6339.39 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signal Weekly: Trender and MACD are positive – a close below 5890.09 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 6320.68 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 6322.64 triggers a sell signal
@EricLDaugh: The Durham annex has been DECLASSIFIED and RELEASED, exposing a Clinton campaign plan to falsely tie President Trump to Russia in 2016. It found that the Obama FBI FAILED to investigate intel that the Clinton campaign likely concocted the Trump-Russia collusion hoax.The FBI then used the Steele Dossier, created by the Clinton campaign, to obtain the FISA warrant to spy on Trump’s campaign via Carter Page. “Potential election influence by a foreign government regarding Hillary Clinton…False statements to the Foreign Intelligence Surveillance Court (FISA court) regarding FISA renewal applications for Carter Page” per Chuck Grassley’s office. CRIMINAL. We knew all along. “Based on the Durham annex, the Obama FBI failed to adequately review and investigate intelligence reports showing the Clinton campaign may have been ginning up the fake Trump-Russia narrative for Clinton’s political gain, which was ultimately done through the Steele Dossier and other means,”… “These intelligence reports and related records, whether true or false, were buried for years. History will show that the Obama and Biden administration’s law enforcement and intelligence agencies were weaponized against President Trump. This political weaponization has caused critical damage to our institutions and is one of the biggest political scandals and cover-ups in American history. The new Trump administration has a tremendous responsibility to the American people to fix the damage done and do so with maximum speed and transparency.” https://x.com/EricLDaugh/status/1950924058008195104
‘Clinton Plan’ purveyors tying Trump to Russia hoped it would ‘put more oil into the fire’: Durham – A declassified annex from John Durham’s report sheds new light on the Clinton Plan to falsely tie Trump to Putin, with the expectation that the FBI would join in too. Newly-declassified so-called Clinton Plan intelligence included intercepted communications that suggested that Hillary Clinton’s 2016 campaign against Donald Trump was plotting a “long-term affair to demonize” Trump by linking him to Russian leader Vladimir Putin, and that the Clinton campaign expected that “the FBI will put more oil into the fire.” The revelations, including intercepted purported communications from Leonard Benardo, a top official at George Soros’s Open Society Foundations, and communications by Clinton foreign policy adviser Julianne Smith, provide new insight into information that the U.S. intelligence community received in July 2016 – just before the FBI launched its politicized Crossfire Hurricane investigation. “During the first stage of the campaign, due to lack of direct evidence, it was decided to disseminate the necessary information through the FBI-affiliated…technical structures… in particular, the Crowdstrike and ThreatConnect companies, from where the information would then be disseminated through leading U.S. publications,” the classified annex said. “The media analysis on the DNC hacking appears solid…. Julie [Campaign Advisor] says it will be a long-term affair to demonize Putin and Trump. Now it is good for a post-convention bounce. Later the FBI will put more oil into the fire.”… https://justthenews.com/government/federal-agencies/clinton-plan-tying-trump-russia-had-hope-fbi-will-put-more-oil-fire
@seanmdav: How did Leonard Benardo, now a top executive at George Soro’s Open Society Foundation, know on July 25, 2016 that Comey’s FBI was going to “put more oil into the fire” of Hillary’s Russian collusion hoax? Even more interesting, in light of questions about the nature of the DNC hack, is that Benardo said Crowdstrike would be used to manipulate the media“[i]n [the] absence of direct evidence” about who actually hacked the DNC. @jsolomonReports: This is the smoking gun evidence inside Durham annex. If it is authenticated by further investigation it means liberal mega donor George Soros’ team knew the whole Clinton plan for Russiagate hoax four days before FBI opened up probe. And so did Obama, Brennan, and Comey. https://x.com/jsolomonReports/status/1950936797460222321
NY Post: Hillary Clinton approved plan hatched by campaign aides to ‘smear’ Trump with Russia collusion: declassified docs – “Clinton approved a plan proposed by one of her foreign policy advisors, Julianne Smith, to ‘smear Donald Trump by magnifying the scandal tied to the intrusion by the Russian special services in the pre-election process to benefit the Republican candidate,’” one of the declassified memos read… https://trib.al/bXwKWNZ
@NextNewsNetwork: The “Julia” behind the Trump-Russia hoax?Julianne Smith — Clinton’s foreign policy adviser, Obama insider, NATO globalist, now Biden’s ambassador to NATO. This Clintonista cooked the entire lie. Hillary approved it. The FBI ran with it. Trump was framed. America was played. She called it a “long-term affair to demonize Putin and Trump.”She said the FBI would “put more oil into the fire.” She made the Russian state a domestic scapegoat to distract from Hillary’s email crimes…
@themarketswork: Brennan told Durham he didn’t receive the Clinton Plan until after the FBI’s investigation was opened. But Brennan’s claims don’t align with the timeline and evidence we’ve found. Why is this important? Because Brennan briefed Obama & Comey. They knew.
@MikeBenzCyber: ***THIS*** (7/26/16 email from Bernardo) IN THE… CLASSIFIED INDEX THAT HAS BEEN CLASSIFIED FOR 9 GODDAMN YEARS **THIS** IS WHERE THEY COOKED UP THE ‘CRITICAL INFRASTRUCTURE’ HOAX THAT CREATED THE LEGAL PREDICATE COVER FOR THE ENTIRE CENSORSHIP INDUSTRIAL COMPLEX https://x.com/MikeBenzCyber/status/1950993987843600812
@BreannaMorello: Open Society Foundations senior vice president Leonard Bernardo worked with the Obama regime, Hillary Clinton, and the DNC to smear President Trump in the Russia collusion hoax. This should be a RICO case that ends with the dissolution of all Soros-funded groups and prison sentences. (Bernardo email at link) https://x.com/BreannaMorello/status/1950996294094249994
@amuse: Who was the FBI hero that saved thousands of classified RussiaGate documents from destruction? The prior regime put thousands of classified documents in burn bags, but an unknown hero moved them to a secret room in the Hoover Building before they could be burned. It turns out there are a few good men (or women) in the FBI after all.
Who kept Durham’s full report from being released?
Trump-Russia probe whistleblower ‘pressured’ by Obama intel officials to sign off of 2016 election report: ‘I need you to say you agree’https://t.co/dDakiJ269r
@HansMahn>https://x.com/HansMahncke/status/1950943825024757926 “In absence of direct evidence, Crowdstrike and ThreatConnect will supply the media” Crowdstrike isn’t an IT firm, it’s a Democrat Party protection racket, caught running interference for Hillary while cosplaying as cybersecurity experts. Burn it all down and salt the earth. https://x.com/HansMahncke/status/1950925376626233533 “Crowdstrike and ThreatConnect companies, from where the information would then be disseminated through leading U.S. publications” This is straight from the Clinton plan to frame Trump for Russia collusion and Crowdstrike was a key conspirator in the operation. https://x.com/HansMahncke/status/1950928712842576021 Crucially, the CIA assessed that this information was authentic (Durham reached a similar conclusion), confirming that they knew in real time that Clinton orchestrated the Russia collusion hoax, yet they still went after Trump anyway.https://x.com/HansMahncke/status/1950938726080684311
@BurtMaclin_FBI: Important to remember that the FBI never examined the DNC servers, relating to the hack, directly but rather relied on forensic data provided by CrowdStrike (whom the DNC hired). Comey called CrowdStrike a “highly respected private company” whose data served as a “reasonable substitute” when the FBI was unable to examine the physical servers. Comey knew full well that CrowdStrike was a Clinton operative. They all did.
Due to recent revelations, social media has resurrected the notion that Bernie Sanders supporter Seth Rich was assassinated and was NOT the victim of a random burglary.
@Cernovich: The murder of Seth Rich remains unsolved. Clinton connected lawyers threatened to sue anyone who even asked what really happened. They either sued Tucker or were about to. Never heard of a case where a family didn’t want people looking into a murder. Depressing stuff
@Article3Project: “We’re not going to turn the other cheek this time, and we shouldn’t. President Trump, his top aides and his allies experienced unprecedented republic-ending lawfare by Joe Biden, his Justice Department and their allies. It took our country to the brink, and they almost succeeded in putting a former president in prison for the rest of his life, bankrupting him, throwing him off the ballot, taking off his head.” – @mrddmia to @frontlinepbs
@bennyjohnson: DNI Tulsi Gabbard confirms major bombshells on 2020 election fraud are coming soon.She says the federal government knew about voting machine vulnerabilities and chose to look the other way. “This whistleblower brought forward information that the federal government was aware of vulnerabilities in our election machines. They chose not to disclose that to the American people and or the administration at the time.” “This is an area of critical importance for the American people to have integrity in their elections. It’s their voice. We are continuing to investigate this and when we are ready, you will hear about it.” https://x.com/bennyjohnson/status/1950939545236570463
@EYakoby: At a pro-“Palestine” protest in Brooklyn, a young boy was filmed saluting Hitler and shouting “All day Hitler!”—encouraged by a group of Islamists. This is what they’re teaching their children. This isn’t “freeing Palestine”—it’s Nazism. https://x.com/EYakoby/status/1950710305526305220
Dems are apoplectic that Trump told Texas to alter congressional districts to pickup 5 seats. As noted in a previous missive, Dems have already gerrymandered blue states to the nth degree; so, they cannot gerrymander districts in friendly states to pick up more Congressional seats.
@JDVance: The gerrymander in California is outrageous. Of their 52 congressional districts, 9 of them are Republican. That means 17 percent of their delegation is Republican when Republicans regularly win 40 percent of the vote in that state. How can this possibly be allowed?
Turley: The World’s Most Dysfunctional Body? Cory Booker Captures the Decline the United States Senate – In yet another tirade on the floor, Sen. Booker attacked not just President Donald Trump but his Democratic colleagues for voting for a bipartisan bill on law enforcement. Behind the “I am Spartacus” theatrics is a more troubling trend in the United States Senate as it devolves into a more populist, impulsive institution… (The Dems’ whacko base demands venom, rage, and hate!) The role of the Senate is key to the Madisonian design in forcing compromise and deliberation. Senators were given longer, six-year terms to insulate them from the immediate political demands that often motivate the House. That has changed with the 24-hour media-saturated political environment. It has changed in this age of rage… Booker just raised the anger ante for Democrats. They must either join the resistance and the rage or face the ire of their party…. https://jonathanturley.org/2025/07/30/the-worlds-most-dysfunctional-body-cory-booker-captures-the-decline-the-united-states-senate/
GOP Senator @berniemoreno tells Cincinnati leaders to CLEAN UP THEIR ACT — or lose federal funding. “I’m giving the leaders of Cincinnati one month to come up with a plan for them to protect civil rights for their citizens…if they don’t do it…I’m going to ask these agencies to suspend ALL federal funding!” https://x.com/townhallcom/status/1950927142524522591
@megbasham: A bigger vibe shift that the Sydney Sweeney ad? American Eagle’s response to the media. Today, rather than apologizing, it told TMZ this: “‘This is yet another example of how social media is just not reflective of real life. The absurd response from some corners of the internet is absolutely not reflective of how American Eagle’s customers feel.’ “The rep said their independent polling found that 71 percent of respondents thought the commercial was appealing.” In other words, it’s telling the biggest media outlets in the country to pound sand.
Left melts down over new Dunkin’ ‘genetics’ ad after Sydney Sweeney American Eagle drama The donut company is the latest to find itself in the liberal firing line after dropping its new commercial featuring “The Summer I Turned Pretty” star Gavin Casalegno earlier this week… https://trib.al/Dlvnwhe
@FoxNews: ‘THE SCREAM CLUB’: Chicagoans are discovering a unique way to relieve stress by gathering on Sunday evenings to scream into Lake Michigan. (The mental health crisis is real & sad.) https://x.com/FoxNews/status/1950720593508040796
What the over/under on the percentage of Democratic voters in the Chicago ‘Scream Club?’
Watergate blew up when one of the plumbers squealed. Then John Dean, Attorney for the POTUS, who reportedly ran the intelligence operation on Dems that led to Watergate as well as the coverup, cooperated with Congress and prosecutors. Dean said Nixon knew about the coverup, when there is no evidence, including on the infamous Nixon Tapes, that Nixon knew. This was enough to get feckless GOP Senators to ask Nixon to resign. What Obamagate figure will cave? The crimes are exponentially greater than what appeared or were alleged in Watergate.
The MSM hated Nixon; so, they enflamed the Watergate situation. The MSM was a CRITICAL part of Obamagate; so, they are mum and in CYA mode.
Ex-Clinton ‘nuke football’ guardian @BuzzPatterson: I bet Hillary Clinton is knee deep in tranquilizers and Chardonnay right about now. If Hillary finally faces justice, decades of my work will be realized.
FBI Director Kash Patel last night said more Obamagate documents will be declassified and released.
SWAMP STORIES
The Reveal: The Public Is Finally Learning How Democrats Pulled Off The Greatest Political Trick In History
This week, Washington was rocked by new releases in the declassification of material related to the origins of the Russian investigation. The material shows further evidence of a secret plan by the Clinton campaign to use the FBI and media to spread a false claim that Donald Trump was a Russian asset. With this material, the public is finally seeing how officials and reporters set into motion what may be the greatest hoax ever perpetrated in American politics. There never was a Russian collusion conspiracy. This is the emerging story of the real Russian conspiracy to manufacture a false narrative that succeeded in devouring much of the first term of the Trump Administration.
What is emerging in these documents is a political illusion carefully constructed by government officials and a willing media.
The brilliance of the trick was getting reporters to buy into the illusion; to own it like members of an audience called to the stage by an illusionist.
The effort closely followed the three steps of the classic magic trick: The Pledge, The Turn, and The Prestige.
The Pledge
The trick began with the pledge, the stage where the public is set up by showing ordinary events with the suggestion that it is about to transform into something extraordinary. The key is to make something seem real that is actually not.
The Clinton campaign delivered the pledge by secretly funding the Steele dossier, using Fusion GPS and a former British spy named Christopher Steele, to create a salacious account of Trump being an agent of Russia. New emails state that Hillary Clinton personally approved the operation.
It was Elias who was the general counsel to the Clinton presidential campaign when it funded the infamous Steele dossier and pushed the false Alfa Bank conspiracy. (His fellow Perkins Coie partner, Michael Sussmann, was indicted but acquitted in a criminal trial.)
Later, John Podesta, Clinton’s campaign chairman, appeared before Congress for questioning on the Steele dossier. Podesta emphatically denied any contractual agreement with Fusion GPS. Sitting beside him was Elias, who reportedly said nothing to correct the misleading information given to Congress.
The FEC ultimately sanctioned the Clinton campaign and the Democratic National Committee over the handling of the funding of the dossier through his prior firm.
The Turn
The next step is the turning point when the ordinary becomes something extraordinary. This required the involvement of the government. The Clinton team worked behind the scenes to feed the dossier to the FBI. It would be the criminal investigation that would transform the ordinary accounts, like Carter Page speaking in Moscow, into an elaborate Russian plot. Even though the FBI was warned early on that Page was a CIA asset, not a Russian asset, the Clinton team found eager officials in the Obama Administration to assist in the illusion.
The newly disclosed evidence shows how the turn was made. In July 2016, Brennan briefed former President Obama on Hillary Clinton’s “plan” to tie then-candidate Trump to Russia as “a means of distracting the public from her use of a private email server.” The original Russia investigation — funded by Clinton’s campaign — was launched days after this briefing.
Months later, it would be Brennan who overruled his own CIA analysts in his ordering of a second last-minute assessment at the end of the Obama Administration in support of the Russian allegations. It would help make the turn with the all-consuming Russian investigation that would follow.
Career analysts were not buying the turn. They objected that the reliance on the Steele dossier “ran counter to fundamental tradecraft principles and ultimately undermined the credibility of a key judgment.” One CIA analyst told investigators that “[Brennan] refused to remove it, and when confronted with the dossier’s main flaws, [Brennan] responded, ‘Yes, but doesn’t it ring true?’”
That is the key to the turn; it needs only to be enough to fool the audience.
The Prestige
The final stage is called the Prestige, where the magician faces the toughest part of the trick. As explained in the 2006 movie “The Prestige,” the viewer is “looking for the secret… but you won’t find it, because of course you’re not really looking. You don’t really want to know. You want to be fooled.” However, “making something disappear isn’t enough; you have to bring it back.”
The difference is that this trick was designed to derail Trump and it worked. In the end, however, the Special Counsel and Inspector General both rejected the Russian collusion claims. The public then reelected Trump. Now, the prestige may be revealed by the CIA.
Reports indicate that the CIA is about to declassify material showing that foreign sources were also in on the trick. The information reportedly indicates that foreign sources were aware of the move to create a Russian collusion scandal and expected that the FBI would play a role in the plan. That was before the bureau launched its controversial Crossfire Hurricane probe. One source said the foreign intelligence predicted the move “with alarming specificity.”
The most recently declassified material shows that the Russian actors in 2016 hacked emails from the Open Society Foundations, formerly known as the Soros Foundation. The emails reveal a broader network of activists and allies who were aware of the Clinton conspiracy.
Leonard Bernardo, who was the regional director for Eurasia at the Open Society Foundations, explained that “during the first stage of the campaign, due to lack of direct evidence, it was decided to disseminate the necessary information through the FBI-affiliated…from where the information would then be disseminated through leading U.S. publications.”
Bernardo added, “Julie (Clinton Campaign Advisor) says it will be a long-term affair to demonize Putin and Trump. Now it is good for a post-convention bounce. Later, the FBI will put more oil into the fire.”
The media (including the Washington Post and New York Times, which won Pulitzer prizes for reporting on the debunked claims) are apoplectic in dismissing these disclosures. The last thing they will do is report on how they helped sell a political hoax. The problem is that they never said it was a trick. They said it was the truth. That is why they cannot honestly cover the story. To do so would not be coverage, it would be a confession.
It appears that everyone was in on the trick: the U.S. government, the media, even foreign governments. The only chumps were the American people. Now they are about to see how it was done.
harveyorganblog.com 
