AUGUST 5/GOLD CLOSED UP $8.45 TO $3381.00 WHILE SILVER CLOSED UP $1.51 TO $37.85///PLATINUM CLOSED DOWN $16.85 TO $1320.30 WITH PALLADIUM CLOSING DOWN $6.35 TO $6.25//ZERO HEDGE HAS TWO IMPORTANT GOLD COMMENTARIES FOR YOU TONIGHT//USA WILL INCLUDE GOLD AND PLATINUM IN SWITZERLAND’S 39% TARIFF TO BE IMPLEMENTED BY TRUMP IN THE NEXT FEW DAYS//ISRAEL VS HAMAS UPDATES/TBN ISRAEL WITH THEIR DAILY REPORT//COVID UPDATES/VACCINE INJURY REPORTS//NEWSWIZE, NEWS ADDICTS/EVOL NEWS/DR PAUL ALEXANDER/USA DATA RELEASES ON PMI, S AND P AND ISM/ AND THEY ARE CONFUSING//HOST OF SWAMP STORIES FOR YOU TONIGHT//
190 H BMO CAPITAL MARKETS 5 323 C HSBC 3 363 H WELLS FARGO SECURITI 92 523 H INTERACTIVE BROKERS 2 657 C MORGAN STANLEY 4 657 H MORGAN STANLEY 50 661 C JP MORGAN SECURITIES 5 686 C STONEX FINANCIAL INC 35 690 C ABN AMRO CLR USA LLC 2 726 C PLUS500US FINANCIAL 25 737 C ADVANTAGE FUTURES 1 905 C ADM 2
TOTAL: 113 113 MONTH TO DATE: 20,239
JPMORGAN stopped 5/113
AUGUST
GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2025: 113 CONTRACTs NOTICES FOR 11,300 OZ or 0.3514 TONNES
total notices so far: 20,239 contracts for 2,023,900 OR 62.952 tonnes)
FOR AUGUST
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SILVER NOTICES:405 NOTICE(S) FILED FOR 2.025 million OZ/
total number of notices filed so far this month : 1469 CONTRACTS (NOTICES) for 7.345 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 $8.45 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.72 TONNES OF GOLD FROM THE GLD/./
INVENTORY RESTS AT 954.80 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $1.51 AT THE SLV: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: //A HUGE WITHDRAWAL OF 1.119 MILLION OUT OF THE SLV/
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 482.964 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 841 CONTRACTS TO 160,958 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GAIN OF $0.50 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S TRADING. WE FINALLY ARE MOVING MUCH HIGHER THAN THE BASE $34.40 SILVER PRICE BARRIER. WE HAD A HUGE SIZED GAIN OF 941 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A SMALL 100 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD ZERO LIQUIDATION OF T.A.S. CONTRACTS IN COMEX TRADING WITH RESPECT TO MONDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $36.00 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON MONDAY WITH SILVER’S GAIN IN PRICE. THE PRICE HOWEVER FINISHED MILES ABOVE THE MAGIC NUMBER OF $36.00 SILVER SPOT PRICE CLOSING AT $37.34 . WE HAVE A MEGA HUGE T.A.S. ISSUANCE AT 1036 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 SMALL 100 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE SIZED 1036 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TUESDAY’S// TRADING OR BEYOND/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A HUGE SIZED 941 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.50.
EXCHANGE FOR RISK ISSUANCE FOR SILVER/MAY
THE CME NOTIFIED US THAT FOR THE FIRST TWO DAYS OF THE MONTH OF MAY, WE HAD TWO CONSECUTIVE ISSUANCE OF EXCHANGE FOR RISK CONTRACTS OF 12.93 MILLION OZ. THESE EXCHANGE FOR RISKS WERE ADDED TO OUR NORMAL DELIVERY SCHEDULE. THE RECIPIENT OF THIS LARGESS IS WITHOUT A DOUBT THE CENTRAL BANK OF INDIA. LOGICALLY ONLY A CENTRAL BANK WOULD ACCEPT THIS CRAZY CONTRACT WHEREBY THE CENTRAL BANK OF INDIA TAKES THE RISK OF DELIVERY FROM A BULLION BANK WHO CANNOT GUARANTEE DELIVERY OF PHYSICAL SILVER TO THEM.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON MONDAY NIGHT/TUESDAY MORNING: A MEGA HUGE SIZED 1036 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.50) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY FEW NET SILVER LONGS FROM THEIR PERCH AS WE HAD A HUGE GAIN OF 941 CONTRACTS ON OUR TWO EXCHANGES WE HAD ZERO T.A.S. SPREADER LIQUIDATION
WE HAD A 100 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 4.70 MILLION OZ FOLLOWED BY TODAY’S HUGE 465 CONTRACT QUEUE JUMP OR AN ADDITIONAL 2.275 MILLION OZ WILL STAND FOR PHYSICAL ON THIS SIDE OF THE POND //NEW STANDING ADVANCES TO 7.650 MILLION OZ.
THUS:
INITIAL STANDING FOR AUGUST: 4.70 MILLION OZ FOLLOWED BY TODAY’S 2.275 MILLION OZ QUEUE JUMP//NEW STANDING; 7.650 MILLION OZ
WE HAD:
/ HUGE COMEX OI GAIN+// A SMALL SIZED EFP ISSUANCE 100 CONTRACTS (/ VI) A HUGE NUMBER OF T.A.S. CONTRACT ISSUANCE 1036 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A SMALL 39 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 3 DAY(S), total 1725 contracts: OR 8.625 MILLION OZ (575 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 8.625 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: 8.625 MILLION OZ
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RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 841 CONTRACTS WITH OUR GAIN IN PRICE OF $0.50 IN SILVER PRICING AT THE COMEX// FRIDAY.,. . THE CME NOTIFIED US THAT WE HAD A SMALL 100 CONTRACT EFP ISSUANCE CONTRACTS: 100 ISSUED FOR SEPT., AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS.
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LAST 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 INITIAL STANDING PLUS TODAY;S 2.275 MILLION OZ QUEUE JUMP//NEW STANDING ADVANCES TO 7.65 MILLION OZ
THE NEW TAS ISSUANCE MONDAY NIGHT (1036) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE IN TUESDAY THROUGH THURSDAY TRADING.
WE HAD 405 NOTICE(S) FILED TODAY FOR 2.025 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT. THE SILVER COMEX IS NOW ON COMPLETE SIEGE LOOKING FOR PHYSICAL SILVER!!
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 6,905 OI CONTRACTS TO 444,682 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE STILL A LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE 1501 CONTRACTS //.
WE HAD A STRONG INCREASE IN COMEX OI (6905 CONTRACTS) . THIS OCCURRED WITH OUR GAIN OF $24.65 IN PRICE// MONDAY///.
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 SMALL QUEUE JUMP OF 0.1493 TONNES //NEW STANDING ADVANCES TO 64.221 TONNES OF GOLD/.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3665 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 444,682 /STILL EXTREMELY LOW AND WE NOW WITNESS A LOW COMEX OI WITH AN EXTREMELY HIGH PRICE OF GOLD
SILVER ALSO HAS A LOW COMEX OI OF 160,958 CONTRACTS BUT GAINING RAPIDLY!!
IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,570 CONTRACTS WITH 6905 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 3665 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 10,570 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED AND CRIMINAL 940 CONTRACTS AND THESE ISSUANCES ARE USED TO INITIATE A RAID WHEN CALLED UPON. GOLD PRICE ON MONDAY ROSE BY $24.65
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS CONTRACT(3665) ACCOMPANYING THE STRONG SIZED INCREASE IN COMEX OI OF 6905 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 12,307 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 0.3919 TONNES QUEUE JUMP//NEW STANDING ADVANCES TO 64.6158 TONNES
NEW STANDING FOR GOLD, AUGUST CONTRACT AT 64.6158 TONNES OF GOLD
.
/ 3) ZERO T.A.S. LIQUIDATION AND MONTH END SPREADER LIQUIDATION DISAPPEARED FROM THE SCENE AS WE HAD 1)A $24.65 COMEX PRICE GAIN. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG GAIN OF 10,570 CONTRACTS ON OUR TWO EXCHANGES WE HAD BASICALLY ZERO LIQUIDATION OF OUR TAS SPREADERS/ /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND YOU CAN VISUALIZE THIS BY THE HUGE AMOUNTS OF QUEUE JUMPING WE HAVE BEEN HAVING LATELY
4) STRONG SIZED COMEX OI GAIN// 5) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (2510 CONTRACTS)/// SMALL T.A.S. ISSUANCE: 940 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: 8065 CONTRACTS OR 806,500 OZ OR 25.085 TONNES IN 3 TRADING DAY(S) AND THUS AVERAGING: 2688 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN3 TRADING DAY(S) IN TONNES 25.085 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 25.085 TONNES DIVIDED BY 3550 x 100% TONNES = 0.0706% 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: 25.085 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A HUGE SIZED 841 CONTRACTS OI TO 160,997 AND CLOSER TO TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 100 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 100 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 100 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 880 CONTRACTS AND ADD TO THE 100 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 941 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.50 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 4.705 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
SHANGHAI CLOSED UP 34.29 PTS OR 0.96%
//Hang Seng CLOSED UP 123.72 PTS OR 0.50%
// Nikkei CLOSED DOWN 258.84 PTS OR 0.64% //Australia’s all ordinaries CLOSED UP 1.20%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1881 OFFSHORE CLOSED DOWN AT 7.1945/ Oil DOWN TO 65.96 dollars per barrel for WTI and BRENT DOWN TO 68.60 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1881 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1945 AGAINST US DOLLAR/ AND THUS WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 6905 CONTRACTS TO 444,682 OI WITH OUR CONSIDERABLE GAIN IN PRICE OF $24.85 WITH RESPECT TO MONDAY’S // TRADING.. WE LOST ZERO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (3665 ). WE HAD NO T.A.S. LIQUIDATION //MONDAY TRADING AS WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 12,071 CONTRACTS WITH MONTH END SPREADERS DISAPPEARING FROM THE SCENE ON AUGUST 1.
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 TUESDAY 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 STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 10,570 CONTRACTS WITH OUR GAIN 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 EARLY 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 5.0% AS GOLD IN LONDON IS STILL EXTREMELY SCARCE.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE , JULY AND NOW AUGUST 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 940 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 AT MONTH END 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 STRONG QUEUE JUMP OF 0.3919 TONNES//NEW STANDING 64.6158 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 234 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, FIRST DAY NOTICE FOLLOWED BY A STRONG QUEUE JUMP OF 0.3919 TONNES/NEW STANDING ADVANCES TO 64.6158 TONNES.
EXCHANGE FOR PHYSICAL ISSUANCE
THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 3665 EFP CONTRACT WAS ISSUED: : /AUGUST 3665 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3665 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE OCC HEADQUARTERED IN BOTH LONDON AND WASHINGTON.
WE HAD :
ZERO LIQUIDATION OF OUR T.A.S. SPREADERS//MONDAY
MONTH END SPREADERS WILL APPEAR ON THE LAST WEEK OF AUGUST.
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 MONDAY NIGHT/TUESDAY WAS A SMALL SIZED SIZED 940 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 CONSIDERABLE GAIN IN PRICE IN GOLD AND SILVER AND A CORRESPONDING GAIN OF STRONG COMEX OI. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY WITH THE RARE TWO ISSUANCES OF EXCHANGE FOR RISK! THE RAIDS THROUGHOUT LAST WEEK’S 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 STRONG QUEUE JUMP OF 0.3919 TONNES//NEW STANDING ADVANCES TO 64.6158 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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A HUGE $24.65/ /) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION (AND MONTH END SPREADERS DISAPPEARED FROM THE SCENE) ///. 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 LIKE IT DID ON FRIDAY.
TUESDAY MORNING//MONDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL MONDAY EVENING/ TUESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /JULY TRADING
EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY://FINISHES AT 4 ISSUANCES
THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TTO THE BANK OF ENGLAND.THEN ,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WAS ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.
EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH
EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND WAS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.
MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK: TOTAL FOR THE MONTH FINISHED AT 3
TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.
APRIL, ISSUED ITS 7TH EXCHANGE FOR RISK: 187 CONTRACTS OR 18,700 OZ OR 0.5816 TONNES
SUMMARY EXCHANGE FOR RISK FOR THE MONTH OF APRIL//TOTAL ISSUANCES 7 FOR 8.3571 TONNES OF GOLD!:
ISSUANCE FOR EXCHANGE FOR RISK ON FIRST DAY NOTICE//APRILL MONTH// WAS 700 CONTRACTS FOR 70,000 OZ OR 2.177 TONNES OF GOLD TO WHICH WE ADD (APRIL 4) : 250 CONTRACTS FOR 25,000 OZ OR .777 TONNES, APRIL 7 ISSUANCE OF 280 CONTRACTS FOR 28,000 OZ OR .8709 TONNES THEN APRIL 9 484 CONTRACTS FOR 48400 OZ OR 1.5054 TONNES AND FINALLY MONDAY MORNING APRIL 14 AT 200 CONTRACTS FOR 20,000 OZ OR .5816 TONNES AND NOW APRIL 24: 600 CONTRACTS FOR 60,000 OZ OR 1.866 TONNES AND NOW APRIL 25 187 CONTRACTS FOR 18700 OZ OR .5816 TONNES//NEW FINAL TOTAL ISSUANCE FOR APRIL: 8.3571 TONNES!!. APRIL ISSUANCE OF EXCHANGE FOR RISK MEANS WE NOW HAVE 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK ISSUANCE. THESE DELIVERIES WERE ADDED TO OUR NORMAL DELIVERY CYCLE.
MAY ISSUANCE OF EXCHANGE FOR RISK NOW TOTALS 3 ISSUANCES FOR 308,350 OZ. THIS TOTALS 9.591 TONNES OF GOLD WHICH WILL BE ADDED TO OUR REGULAR DELIVERY SCHEDULE. THE RECPIENT OF THIS LARGESS IS THE BANK OF ENGLAND.
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 GAINED A STRONG SIZED TOTAL OF 32.88 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 TUESDAY’S STRONG QUEUE JUMP OF 0.3919 TONNES OF GOLD//NEW STANDING ADVANCES TO 64.6158 TONNES
ALL OF THIS HUGE STANDING FOR AUGUST WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $26.45
WE HAD A HUGE 1501 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET GAIN ON THE TWO EXCHANGES 10,570 CONTRACTS OR 1,057,000 0Z (32.88 TONNES)
1 entry i) Into Asahi dealer: 4822.65 oz (150 kilobars)
total deposit 4822.65 oz
.150 tonnes
Deposits to the Customer Inventory, in oz
DEPOSITS/CUSTOMER
1 ENTRY i) into Loomis: 2300.290 oz
total deposit customer Loomis 2300.29 oz
07 tonnes
total deposit in tonnage: 0.22 tonnes
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No of oz served (contracts) today
113 notice(s) 11,300 OZ 0.3514 TONNES
No of oz to be served (notices)
535 contracts 535500 OZ 1.664 TONNES
Total monthly oz gold served (contracts) so far this month
20,239 notices 2,023,900 oz 62.952 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: 4822.65 oz (150 kilobars)
total deposit 4822.65 oz
(0.15 tonnes)
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DEPOSITS/CUSTOMER
1 ENTRY i) into Loomis: 2300.290 oz
total deposit customer Loomis 2300.29 oz
.07 tonnes
total deposit in tonnage: 0.22 tonnes
total weight customer and dealer: 4.49 tonnes
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customer withdrawal
0
adjustments: 1
Brinks: customer to dealer; 4822.65 oz (150 kilobars)
AMOUNT OF GOLD STANDING FOR AUGUST
THE FRONT MONTH OF AUGUST STANDS AT 648 CONTRACTS FOR A LOSS OF 2,499 CONTRACTS
WE HAD 2625 CONTRACTS SERVED ON MONDAY SO WE GAINED A GOOD SIZED 126 CONTRACTS OR A 12,600 OZ OF GOLD (0.3919 TONNES) EXERCISED A QUEUE JUMP AS THEY WERE WILLING TO STAND FOR PHYSICAL METAL ON THIS SIDE OF THE POND. THIS REPRESENTS CENTRAL BANKS STANDING FOR PHYSICAL GOLD.
SEPT GAINED 984 CONTRACTS TO 6067
OCTOBER GAINED 1582 CONTRACTS UP TO 70,933
We had 113 contracts filed for today representing 11,300 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and O notices issued from their client or customer account. The total of all issuance by all participants equate to 113 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 5 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 (20,239 X 100 oz ) to which we add the difference between the open interest for the front month of AUGUST ( 648 CONTRACTS) minus the number of notices served upon today (113 x 100 oz per contract) equals 2,077,400 OZ OR 64.6158TONNES
thus the INITIAL standings for gold for the AUGUST contract month: No of notices filed so far (20,239 x 100 oz +we add the difference for front month of AUGUST (648 OI} minus the number of notices served upon today (113 x 100 oz) which equals 2,077,400 OZ OR 64.6158 TONNES
TOTAL COMEX GOLD STANDING FOR AUGUST.: 64.6158 TONNES WHICH IS VERY STRONG FOR THIS NORMALLY ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
TOTAL REGISTERED SILVER: 190.743 MILLION OZ//.TOTAL REG + ELIGIBLE. 506.311 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY
silver open interest data:
FRONT MONTH OF AUGUST /2025 OI: 461 OPEN INTEREST CONTRACTS FOR A GAIN OF 360 CONTRACTS. WE HAD 95 CONTRACTS SERVED ON MONDAY SO WE GAINED 455 CONTRACTS OR AN ADDITIONAL 2.275 MILLION OZ WILL STAND AS THEY ENTERTAINED A HUGE QUEUE JUMP
SEPTEMBER LOST 1158 CONTRACTS DOWN TO 108,526 CONTRACTS.
OCTOBER GAINED 76 CONTRACTS TO 450
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 405 or 2.025 MILLION oz
CONFIRMED volume; ON MONDAY 52,999 fair//
AND NOW AUGUST 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 1469 X5,000 oz = 7.345 MILLION oz
to which we add the difference between the open interest for the front month of AUGUST (461) AND the number of notices served upon today (405 )x (5000 oz)
Thus the standings for silver for the AUGUST 2025 contract month: (1469) Notices served so far) x 5000 oz + OI for the front month of AUGUST(461) minus number of notices served upon today (113)x 5000 oz equals silver standing for the AUGUST contract month equating to 7.65 MILLION OZ .
New total standing: 7.650 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 190.743 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/506.311 million. 41.65%
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 5 WITH GOLD UP $8.45 TODAY//HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD/://// ///INVENTORY RESTS AT 954.80 TONNES
AUGUST 4 WITH GOLD UP $24.65 TODAY//HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.43 TONNES OF GOLD FROM THE GLD/://// ///INVENTORY RESTS AT 953.08 TONNES
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: 954.80 TONNES, TONIGHTS TOTAL
SILVER
AUGUST 5 WITH SILVER UP $1.51/ SMALL CHANGES AT THE SLV//: A WITHDRAWAL OF 1.119 MILLION OZ OUT OF THE SLV.////INVENTORY RESTS AT 482.964 MILLION OZ.//
AUGUST 4 WITH SILVER UP $0.50/ SMALL CHANGES AT THE SLV//: A WITHDRAWAL OF 0.183 MILLION OZ INTO THE SLV.////INVENTORY RESTS AT 484.083 MILLION OZ.//
AUGUST 1 WITH SILVER UP $0.19/ HUGE CHANGES AT THE SLV//: A WITHDRAWAL OF 2.816 MILLION OZ INTO THE SLV.////INVENTORY RESTS AT 484.264 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 487/398 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.
CLOSING INVENTORY 482.964 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
PETER SCHIFF
2. MATHEW PIEPENBERG/VON GREYERZ/RON STOEFERLE
ALASDAIR MACLEOD…
3. CHRIS POWELL AND GATA GOLD DISPATCHES
Gold and Trump’s chaos were key to the TSX’s stellar performance this year
Submitted by admin on Mon, 2025-08-04 21:12 Section: Daily Dispatches
By Tim Kiladze The Globe and Mail, Toronto Monday, August 4, 2025
Canada’s benchmark stock index is outperforming both the S&P 500 and the tech-heavy Nasdaq Composite Index in 2025, and there is a single sector doing the heavy lifting: gold.
Despite the continuing tariff drama with the United States that disproportionately hurts Canada’s economy relative to the U.S., the S&P/TSX Composite Index is up 11.1% since the start of the year, including dividends, while the S&P 500 has climbed 6.9% and the Nasdaq has risen 7.3%.
Multiple sectors have performed well on the TSX this year, but gold producers in particular are dominating, comprising 15 of the 20 best share price returns. These companies are led by Lundin Gold Inc., which has put up a 120% return, including dividends.
Gold companies also make up four of the top-five TSX performers, including Dundee Precious Metals Inc., SSR Mining Inc., and Kinross Gold Corp. They all have total returns of at least 65% since the start of the year.
The only non-gold company in the group is Celestica Inc., a Canadian technology company that came back from the dead to strike it rich off the artificial-intelligence boom. …
Swiss gold trading takes spotlight in trade talks with Trump
Submitted by admin on Mon, 2025-08-04 09:11 Section: Daily Dispatches
By Jan-Henrik Foerster and Jack Ryan Bloomberg News Monday, August 4, 2025
The trade imbalances that prompted President Donald Trump to slap hefty levies on Swiss imports have been driven by a small industry at the center of the world’s gold market.
The country is the world’s biggest gold-refining hub, thanks to a longstanding reputation for quality and discretion. Billions of dollars worth of gold is constantly flowing into and out of the nation, from mines in South America and Africa to banks in London and New York.
Flows of the precious metal cause big swings in the country’s trade balances, even if the Swiss refiners capture only a small portion of the value of the commerce.
Bullion is by far the country’s largest export good, according to Simon J. Evenett of IMD Business School. “Gold is special,” Evenett said. “It isn’t really manufactured in Switzerland. ‘Processed’ is a better word.”
The impact of the industry is more important than ever as the Trump administration focuses on leveling trade deficits. Record bullion exports of more than $36 billion made up more than two-thirds of Switzerland’s trade surplus with the U.S. in the first quarter, according to Swiss customs data. …
UK investors buy gold coins in record numbers to avoid capital gains tax
Submitted by admin on Fri, 2025-08-01 12:51 Section: Daily Dispatches
By Emma Agyemang and Emma Dunkley Financial Times, London Friday, August 1, 2025
UK investors have been buying gold coins in record numbers this year to mitigate against rises in capital gains tax and to cash in on the surging price of the precious metal.
Online bullion transactions hit record levels in the first quarter of the 2025-26 financial year, the Royal Mint said last week. Bullion coin sales were up 115% compared with the same period last year.
The World Gold Council painted a similar picture on Thursday, reporting that UK bar and coin demand was up 17% year-on-year.
Solomon Global, a UK company that sells gold bars and coins, also said this week that inquiries about its products had risen by 72% in the first half of the year, compared with the second half of 2024.
In a survey of 14,000 of its customers, tax was listed as the top motivator for buying gold coins — with 42% saying it was for tax reasons. The second top motivator, given by 26% of respondents, was “wealth protection.”
Bullion coins, including all gold, silver, and platinum coins, from The Royal Mint are exempt from capital gains tax for UK residents due to their status as legal tender.
However, capital gains tax applies to all gold, silver, and platinum coins that are not produced by The Royal Mint. Gold and silver bullion bars are also subject to capital gains tax as they are not considered legal tender. …
JOHANNESBURG—Thousands of Chinese citizens remain in Ghana to mine gold illegally, despite a crackdown by authorities in Africa’s largest producer of the precious metal, according to law enforcement agencies in the capital, Accra.
They say the illegal miners appear to be taking advantage of the record-high gold price, which hit $3,500 in April, with much of the illicit metal being smuggled back to China.
Organized crime groups, sometimes headed by what appear to be Chinese businesspeople, are flooding Ghana with sophisticated machinery to mine gold at scales never seen before in some areas, resulting in widespread environmental damage and fueling unemployment, according to one expert who recently spoke to The Epoch Times.
According to several analysts, Chinese involvement in illegal mining in Ghana and across Africa reveals Beijing’s real motive for its increasingly strong presence on the continent: to exploit Africa’s natural resources.
With Ghana’s police now often arresting Chinese citizens accused of stealing gold, relations between President John Mahama’s administration and Beijing are strained.
Ghanaian officials have said the Chinese regime isn’t doing enough to prevent its nationals from committing crimes in one of West Africa’s strongest economies.
But China’s ambassador in Ghana is accusing locals of “galamsey,” as it’s known in the region, or small-scale illegal gold mining, and of drawing Chinese workers to Africa.
“The Chinese who are getting arrested are migrant workers who have come here to make a living,” Chinese Ambassador Tong Defa told The Epoch Times.
Grace Ansah-Akrofi, director of the Ghana Police Service’s Public Affairs, has a different view.
“While there are cases like those mentioned by the ambassador, it’s a bit far-fetched to say that it’s Ghanaian masterminds who are importing Chinese to commit crimes,” she told The Epoch Times. “We have our own people who are desperate enough to commit crimes.
“Our criminals are not going to call on [the] Chinese to do their work. It doesn’t make sense.”
Enoch Aikins, a researcher at South Africa’s Institute for Security Studies, traces the roots of Ghana’s galamsey crisis to a period between 2008 and 2013, when he said more than 50,000 Chinese entered the country to mine gold illegally.
“Ever since then, there has been a strong Chinese element in these kinds of crimes in Ghana; they originally came here because they knew the laws were lax, and they also bribed their way out of trouble,” Aikins told The Epoch Times.
“But now that things are tightening up and they find they are being pushed out of an industry that makes them rich, they are angry.”
In 2023, the government-mandated Inter-Ministerial Committee on Illegal Mining released a report that implicated several government officials in illegal mining.
The Mahama administration says its Office of the Special Prosecutor is investigating information in the report.
Ghana is Africa’s biggest gold producer, and the sixth-largest in the world, reporting an output of 151 metric tons in 2024, according to information from the Ghana Gold Board obtained by The Epoch Times.
About a third of its production comes from artisanal mining, some of it illegal, said Aikins.
Demand for gold, seen as a stable investment in times of economic uncertainty, has recently reached unprecedented highs, and costs almost $3,300 per ounce as of Aug. 1.
On the back of this, Chinese companies are investing billions of dollars in Ghana’s gold sector, said government spokesperson Felix Ofosu.
“We are grateful for the Chinese contribution to our economy, but surely this doesn’t mean we ignore abuses committed by Chinese citizens,” he told The Epoch Times.
In June, the Geneva-based Global Initiative Against Transnational Organized Crime (GI-TOC) released a report detailing how foreign nationals, particularly from China and Burkina Faso, have introduced new technologies and machinery to Ghana that are increasing gold output while contributing to environmental harm.
The GI-TOC investigation said foreigners, including Chinese, are working in concert with traditional chiefs and political elites to “benefit from or enable illicit mining operations.”
“Criminal groups are allegedly engaging in gold smuggling and money laundering through casinos and other businesses,” said the independent policy research institute.
Ofosu said court cases and investigations have revealed that “Chinese criminals are the ones who finance locals and give them technical support” to facilitate illegal mining.
He pointed to the case of En “Aisha” Huang, known in Ghana as the “Galamsey Queen.”
Deported several times between 2018 and 2022, Huang kept returning “because she couldn’t resist the lure” of Ghana’s gold, said Ansah-Akrofi.
In December 2023, Huang was sentenced to 4.5 years in prison and ordered to pay a $4,000 fine for running an illegal gold mining syndicate.
James Boafo, an expert in the environmental effects of illegal mining at Ghana’s University of Cape Coast, told The Epoch Times that “China’s hand is far from hidden” in the “destruction” happening in his country.
“Machinery brought into Ghana from China is causing a lot of damage,” he said. “Ghana’s traditional small-scale miners use very basic tools to extract gold, so they can reach only shallow depths.
“But these days, illegal miners are able to go very deep in the earth, thanks to excavators and bulldozers supplied by Chinese partners.
“In Ghana, now we have many polluted rivers because of this. Our water quality is seriously degraded, and drinking it is a problem.”
He added that criminal operations use rivers to sift gold dust and nuggets from the sediment.
“This activity causes entire river systems, across many thousands of kilometres, to be muddy,” Boafo said. “Then the operators use toxic substances like lead and mercury to take the gold from the water. Whether they are Chinese or Africans, they just don’t care.”
He said illegal mining operations fronted by the Chinese are also threatening Ghana’s cocoa industry.
“They destroy lands and forests and plantations,” Boafo said.
Well-resourced Chinese citizens are outcompeting local artisanal miners, who are consequently falling into unemployment and poverty, he noted.
Professor Gladys Ansah, who has investigated illegal mining for the University of Ghana, said Mahama’s government “should not let up” in its arrests and prosecutions of illegal miners, no matter their nationalities.
“Over the years, we’ve had a lot of committees and programs focused on getting rid of this,” she told The Epoch Times. “But they weren’t so effective, partly because our government didn’t want to offend China; so the Chinese were treated with kid gloves.”
As far back as 2013, Ansah said, a joint task force of military and police arrested 4,500 Chinese miners.
“They weren’t prosecuted; they were deported, and we paid for it because a lot of them came back and many are still here,” she said.
South African foreign policy analyst, Sanusha Naidu, told The Epoch Times that Chinese links to illegal harvesting of metals and minerals are “cementing” a growing perception in the continent that Beijing’s “real motive for being in Africa in such a big way is to exploit natural resources, by whatever means possible.”
END
GOLD/SWITZERLAND
GOLD is included in the tariffs as well as Platinum. This will create chaos!!
Swiss President Rushes To Washington In Last Ditch Attempt To Appease Trump And Lower 39% Tariff
Tuesday, Aug 05, 2025 – 12:40 PM
Swiss President Karin Keller-Sutter (yes, president Karin) and her economy minister Guy Parmelin scrambled to fly to Washington on Tuesday in a last-minute bid for a deal to lower the 39% tariff imposed last week by Donald Trump.
The trip is to “facilitate meetings with the US authorities at short notice and hold talks,” the government said in a statement. Keller-Sutter’s office declined to say whether she expects to meet the American president and what trade concessions she might bring before Thursday’s deadline to implement the levy.
The scramble follows a day after the Swiss government said it is determined to win over the US on trade after last week’s shock announcement of 39% tariffs on exports to America.
“Switzerland enters this new phase ready to present a more attractive offer, taking US concerns into account and seeking to ease the current tariff situation,” it said in a statement on Monday, highlighting its foreign direct investments and research and development push in the US. It also excluded countermeasures for the time being.
With the new levies – the highest among industrial nations – scheduled to go into effect on Thursday, President and Finance Minister Karin Keller-Sutter convened an emergency meeting of the governing Federal Council to discuss how to proceed. Negotiators with the Swiss State Secretariat for Economic Affairs have already reached out to their US counterparts to try and find a way forward. Bern is focusing on getting at least a longer timeline than Thursday, according to an official close to the talks, adding that anything improving the current situation would be a win.
Trump’s tariff decision last week stunned the Swiss after talks ahead of the Aug. 1 deadline were said to look “promising.” A Thursday night call instead focused on Switzerland’s trade surplus in goods with the US. The Swiss government stressed on Monday that the overhang “is not the result of any ‘unfair trade practices’.”
Switzerland’s outsized gold exports are partly to blame for the distorted trade balance. The country is the world’s biggest refining hub for the precious metal, with billions of dollars worth of gold constantly flowing into and out of the nation. Pharmaceuticals, coffee and watches are the other main drivers.
According to Bloomberg Economics, if the 39% tariff rate came into effect across the board – especially on pharmaceuticals – that would put up to 1% of Switzerland’s economic output at risk over the medium term.
The paradox faced by Keller-Sutter and her Economy Minister, Guy Parmelin, is that any concessions may be politically costly without meaningfully curbing the trade deficit with the US that Trump has criticized.
“Switzerland has to get creative,” said Stefan Legge, a trade policy researcher at St Gallen University. He did not point out why it has to get creative, because if one listened to all the “expert” economists, the US had no leverage at all in tariff negotiations. Perhaps that wasn’t quite the case…
In any case, Keller-Sutter’s shuttle diplomacy follows an emergency government meeting on Monday where ministers agreed to present a new offer to the US. Gold, agriculture, planes, drugs, and energy are just some areas that may feature in any talks.
Here’s an overview of some concessions the Swiss could make according to Bloomberg:
Agricultural Tariffs
Switzerland abolished industrial tariffs in 2023, leaving levies on only 5% of its imports. The only area where the Swiss maintain tariffs is agriculture, motivated by a politically charged belief in self-reliance. Any concessions would surely infuriate farmers, who have previously pledged to “vehemently fight” any changes to the current regime. While the political pain would be large, the win for Trump would be rather symbolic since agriculture amounts to a small fraction of the economy.
Gold
Trump’s aides claim that Switzerland’s out-sized trade deficit with the US is why the president imposed such high levies. On average, two thirds of last year’s $38 billion deficit was due to shipments of bullion. That’s because of the price of the metal itself rather than any added value by Swiss refineries, which largely focus on resizing bars. “Gold is special,” said Simon J. Evenett of IMD Business School in Lausanne. “It isn’t really manufactured in Switzerland. Processed is a better word.”
One fix could be a high tariff, say of 50%, just on gold, hitting refineries but with a limited wider economic fallout. Alternatively, handing over buillon trade to the central bank or another state institution could provide a justification for taking it out of statistics on both sides of the Atlantic. But it’s not clear if this would appease Trump.
Planes
Switzerland is currently buying 36 F-35 fighter jets from Lockheed Martin Corp. for its air force, but has run into disagreements over the price. According to the Swiss, a fixed price of 6 billion francs ($7.4 billion) was contractually agreed, which voters backed in a plebiscite, but the US now wants as much as $1.3 billion more to account for higher production costs and inflation.
Accepting the higher charge, and possibly symbolically ordering one or two more planes, could help convince Trump, given how arms purchases featured in his other trade deals. But voters might balk at that.
Drugs, Investments and Energy
One of Trump’s major peeves is pharmaceuticals, where Switzerland specializes. Novartis AG and Roche Holding AG have already announced plans to invest huge sums in the US over the next few years, and the Swiss government could pressure them to cut prices there too. While that might align with the interests of the companies themselves to to get out of Trump’s crosshairs, officials can’t actually force them to do so. An easier approach could be to gather pledges for US investments by Swiss companies. Such a package could be combined with a pledge to buy US energy, in particular liquefied natural gas. While the landlocked country is focused on hydroelectric and nuclear power, it does use a small amount of gas, primarily in the winter.
“We could buy oil, arms and LNG and we could give concessions on agriculture and at least give our best endeavor to put pressure on Swiss pharmaceutical companies to lower prices,” said Thomas Borer, a former Swiss diplomat.
Something Else
Switzerland’s rude awakening in its diplomacy with Washington has forced officials to realize that winning over Trump himself is key, rather than talking to underlings. So perhaps a gesture such as a present to charm the president could do the trick, said St Gallen’s Legge. He cited the example of the birth certificate of Trump’s German grandfather that Chancellor Friedrich Merz brought him in June. “Maybe it would be best to give him a golden Swiss watch,” Legge said.
ASIAN MARKETS THIS TUESDAY MORNING:
SHANGHAI CLOSED UP 34.29 PTS OR 0.96%
//Hang Seng CLOSED UP 123.72 PTS OR 0.50%
// Nikkei CLOSED DOWN 258.84 PTS OR 0.64% //Australia’s all ordinaries CLOSED UP 1.20%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1881 OFFSHORE CLOSED DOWN AT 7.1945/ Oil DOWN TO 65.96 dollars per barrel for WTI and BRENT DOWN TO 68.60 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1881 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1945 AGAINST US DOLLAR/ AND THUS WEAKER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.1881 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.1945
HANG SENG CLOSED UP 123.72 PTS OR 0.50%
2. Nikkei closed UP 258.84 PTS OR 0.64%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX UP TO 98.80/ EURO FALLS TO 1.1543 DOWN 41 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.473//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.46…… 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 DOWN TO +2.6292/Italian 10 Yr bond yield DOWN to 3.458 SPAIN 10 YR BOND YIELD DOWN TO 3.205%
3i Greek 10 year bond yield DOWN TO 3.307
3j Gold at $3273.00 Silver at: 37.50 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 14 /100 roubles/dollar; ROUBLE AT 79.96
3m oil (WTI) into the 65 dollar handle for WTI and 68 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 147.46// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.471% 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 0.8099 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9347 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: 4.215 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.805 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.704 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 40.69
10 YR UK BOND YIELD: 4.5370 UP 2 PTS
10 YR CANADA BOND YIELD: 3.385 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.942 DOWN 0 PTS
2a New York OPENING REPORT
Futures Rise Again Because Why Not
Tuesday, Aug 05, 2025 – 08:26 AM
Risk is mostly higher again this morning, last Friday’s selloff long forgotten, with equity futures and macro credit opening stronger while the yield curve is bear flattening as rates sell off across the curve, and the USD is higher. As of 8:00am ET, S&P futures are up 0.3%, led by small caps, pointing to further squeeze potential from shorts put on as recently as Friday; Nasdaq futures gained 0.4% as Palantir’s blowout earnings beat and commentary added more fuel to the AI trade. Pre-market, semis are standing out with Mag7 names higher; Industrials are leading Cyclicals over Defensives. Staples are in the red as the market continues to buy most dips/anything AI related along with squeezing shorts (GS Most Short Rolling +3.9% yday). Trade tensions ratchet higher as geopolitics enter the debate. According to Goldman, along with rising rate-cut bets, there are enough positive drivers to outweigh lingering concerns about tariffs, with India becoming the latest target in Trump’s trade war. Overnight, Fed non-voter Daly said that she would “lean to thinking that every meeting going forward is a live meeting” given the softness in the labor market and no signs of persistent tariff-driven inflation. On the trade front, Swiss President Keller-Sutter and other Swiss officials, in addition to Japan’s trade chief, will travel to the US for separate trade talks. Looking ahead today, the President will speak on CNBC “Squawk Box” at 8am ET. Data wise, we have trade balance, and ISM services. We got better S&P Global Services PMIs out of China (52.6 vs cons 50.4) and Japan (53.6 vs cons 53.5) while Europe was more mixed as UK, Germany, Spain beat but France and Italy missed. There are no scheduled Fed speakers.
In premarket trading, Mag 7 stocks are higher (Amazon +0.5%, Tesla +0.4%, Nvidia +0.6%, Microsoft +0.5%, Apple +0.4%, Meta Platforms +0.3%, Alphabet +0.2%). Here are the other notable premarket movers:
Agilon Health (AGL) sinks 33% after the company, which runs a platform for primary-care physicians treating Medicare patients, suspended its 2025 guidance and said CEO Steven Sell has stepped down.
Ameresco (AMRC) climbs 21% after the electric energy company reported second-quarter revenue that beat the average analyst estimate as business in Europe drove growth.
Caterpillar (CAT) falls 3% after reporting lower-than-expected quarterly profit as the cost of tariffs and slightly lower prices eroded margins for the company’s iconic yellow diggers and bulldozers.
Hims & Hers Health (HIMS) slumps 13% after the telehealth company reported second-quarter revenue that disappointed, with analysts noting weak sales trends for its weight-loss drugs.
Inspire Medical (INSP) tumbles 28% after the medical-device maker cut its revenue guidance for the full year and said the US commercial launch for its Inspire V system is going slower than expected. The news spurred at least four analysts downgrades.
Kyndryl (KD) falls 8% after the IT firm reported a 2.6% drop in sales on constant currency terms, missing analyst estimates. That marked a slowdown versus the 1% growth that the company reported a quarter earlier.
MercadoLibre (MELI) drops 5.5% after the e-commerce firm posted earnings that missed estimates, as it ramps up marketing spending to recruit more users.
Oddity Tech (ODD) falls 7% after the consumer technology company posted second-quarter results that failed to meet investors’ high hopes.
Palantir Technologies (PLTR) rises 6% after reporting a 48% increase in revenue for the second quarter, citing the “astonishing impact” of artificial intelligence technology on its business.
Pfizer Inc (PFE) shares jumped more than 3% in premarket trading after the drugmaker beat analysts’ estimates for revenue and raised it earnings guidance.
ThredUp (TDUP) rallies 12% after the clothing exchange and recycling company forecast revenue for the third quarter that beat the average analyst estimate.
Vertex Pharmaceuticals (VRTX) falls 13% after the biotech firm said it won’t advance Journavx to a phase-3 trial, as the FDA doesn’t see a path forward for broad use of the drug to treat peripheral neuropathic pain. Another experimental drug, dubbed VX-993, failed a phase-2 trial for treating acute pain.
Vimeo (VMEO) rises 15% after the video software company raised its 2025 forecast for adjusted Ebitda.
Zoetis (ZTS) climbs 7% after the animal-health firm boosted its adjusted profit and revenue guidance for the full year, following better-than-expected results for the second quarter.
Traders are increasingly pricing in Fed rate cuts after Friday’s weak jobs report, which dragged down stocks and sent bond prices sharply higher. Equities have rebounded from their April lows, driven by growing conviction that corporate America can absorb the impact from tariffs and that the Fed will step in to stave off a recession.
“It seems like this is a bull market that you just can’t keep down for especially long, even if my conviction in the bull case has been shaken somewhat,” said Michael Brown, senior research strategist at Pepperstone Group Ltd. “It seems that all the equity bulls needed was a break over the weekend to think up a reason as to why they should be buying the dip.”
Fed San Francisco President Mary Daly said the time is nearing for rate cuts given mounting evidence that the job market is softening and there are no signs of persistent tariff-driven inflation, Reuters reported. Money markets are pricing in a more-than-80% chance of a 25-basis-point Fed rate cut next month, and a one-in-three probability of another by year-end.
Still, a growing number of strategists at some of Wall Street’s biggest firms is warning clients to prepare for a pullback as sky-high equity valuations slam into souring economic data. On Monday, Morgan Stanley, Deutsche Bank AG and Evercore ISI all cautioned that the S&P 500 Index is due for a near-term drop in the weeks and months ahead. The predictions come after a furious rally from April’s lows that propelled the gauge to levels it has never seen before.
“The question is whether bad news is bad news (economy slowing down) or good news (Fed moving toward rate cuts),” said Mohit Kumar, chief economist at Jefferies. “A modest weakening of the economy would be good news as it should be more easing from the Fed. However, a sustained and sharp rise in unemployment rates would be a negative as it would raise concerns over growth and earnings.”
Swiss President Karin Keller-Sutter and Economy Minister Guy Parmelin will fly to the US on Tuesday to present a more attractive trade offer in a bid to lower a 39% tariff imposed by Washington. The country’s benchmark stock index rose.
“There’s a lot of TACO thinking,” said Michael Kelly, global head of multi-asset at PineBridge Investments, using the acronym for “Trump Always Chickens Out.” “People have got used to the idea that every time a deadline comes on tariffs, it will be either delayed or diminished in some fashion. And to date, that’s been the right call.”
In Europe, the Stoxx 600 rose 0.3%, boosted by optimism over a September interest-rate cut from the Federal Reserve and strong earnings from BP and Diageo, among the day’s biggest gainers alongside DHL and Infineon. Naturgy is one of the biggest decliners after placing shares at a discount and Fresenius Medical Care falls following earnings. Swiss stocks also gain as traders appear willing to look past the threat of a 39% tariff on exports to America. Here are the biggest movers Tuesday:
Smith & Nephew shares gain as much as 17%, the most since November 2020, after first-half earnings blew past estimates and the UK medical-device maker announced a $500 million buyback
Diageo gains as much as 7% after the UK spirits maker reported results that included an increase in organic volume, beating estimates for a small decline. Analysts also took positives from better-than-expected overall earnings
Deutsche Post gains as much 5.3%, the most since April, after the German logistics giant posted a strong second-quarter earnings beat against somewhat muted expectations, with analysts citing its cost control as a key positive
Infineon gains as much as 5% after the German semiconductor maker posted reassuring earnings which were in line with expectations, analysts say. It shows that the firm is executing well in a difficult macroeconomic environment
Hugo Boss shares gain as much as 4.3% after the luxury branded clothes retailer reported second-quarter Ebit that beat the average analyst estimate. Analysts at RBC note strong cost control even as the outlook remains challenging
Rotork shares rise as much as 5.8% after the maker of mission-critical flow control systems and instruments reported results that met expectations. The update was accompanied by good order growth, analysts say
Interroll shares rise as much as 6.5% after analysts at Jefferies upgraded the stock to buy, saying “the tide is turning” in the warehouse automation sector. The analysts also set a new Street-high price target on Kardex
Gerresheimer shares gain as much as 4.8% after the German cosmetics and medical-packaging maker said it’s planning to sell its moulded glass business as part of an effort to focus on pharma and biotech customers
Naturgy falls as much as 8.2%, making it the worst performing stock on Spain’s IBEX-35, after a share placement at a discount; company says sale is to improve liquidity and facilitate inclusion in main stock market indexes
Fresenius Medical Care shares drop as much as 7% to the lowest since April after the German provider of dialysis care and equipment reported flat growth for US same-market treatment in the second quarter
Continental shares fall as much as 2.8% after the German firm reported adjusted Ebit for the second quarter that missed the average analyst estimate, with brokers citing tariff and FX-led tire division weakness
Oerlikon declines as much as 14%, the most in four months, after the Swiss industrial technology company lowered its full-year guidance. Vontobel cut its price target and estimates to reflect the continued tough business environment
Domino’s Pizza slumps as much as 20%, with the stock dropping to its lowest since Oct. 2014, as the firm cut its full-year guidance. Analysts note a continued tough trading environment and the lower target for new openings
The stock market is meting out the harshest punishment in decades to companies that fall short of earnings estimates in Europe this quarter, according to Goldman Sachs Group Inc.
Earlier in the session, Asian stocks rose, helped by a jump in technology shares, as risk sentiment rebounded amid increasing bets on easier monetary policy from the Federal Reserve. The MSCI Asia Pacific Index rose as much as 0.8%. TSMC, Tencent and SoftBank were among the biggest boosts, with sentiment aided by gains in US tech megacaps Monday. Major equity gauges rose more than 1% in South Korea, Taiwan and Australia, while Vietnam’s benchmark jumped as much as 3.7% before paring the advance. Momentum is returning to Asian markets this week after Friday’s tepid US jobs data prompted investors to bake in a September Fed cut. Meanwhile, Indian stocks dipped slightly after US President Donald Trump said he would “substantially” raise tariffs on the South Asian nation’s exports over its purchases of Russian oil.
In FX, the Bloomberg Dollar Spot Index rises 0.2%. The Swiss franc and Japanese yen are the weakest of the G-10 currencies, falling 0.3% each.
USD/JPY +0.1% to 147.60
EUR/USD -01% at 1.1536
GBP/USD little changed at 1.3292
In rates, Treasuries decline in the early US session as investors set up for the start of this week’s Treasury auctions. US yields cheaper by 3bp to 1bp across the curve in a bear flattening move, as front-end leads losses ahead of $58 billion 3-year note sale. US 10-year yields trade around 4.215%, higher by 2.5bp on the day with bunds and gilts outperforming by 0.5bp and 1.5bp in the sector following debt sales out of both Germany and UK.
In commodities, oil extended declines as investors weighed the impact of risks to Russian supplies, with US President Donald Trump stepping up his threat to penalize India for buying Moscow’s crude. Oil prices fall for a fourth day, with WTI crude futures down 1.2% near $65.50 a barrel. Spot gold also drops $10 to around $3,363/oz.
Looking ahead today, the President speaks on CNBC “Squawk Box” at 8am ET. Data wise, we have trade balance, and ISM services. We got better S&P Global Services PMIs out of China (52.6 vs cons 50.4) and Japan (53.6 vs cons 53.5) while Europe was more mixed as UK, Germany, Spain beat but France and Italy missed. There are no scheduled Fed speakers.
Market Snapshot
S&P 500 mini +0.3%
Nasdaq 100 mini +0.4%,
Russell 2000 mini +0.4%
Stoxx Europe 600 +0.4%
DAX +0.4%
CAC 40 +0.1%
10-year Treasury yield +2 basis points at 4.21%
VIX -0.1 points at 17.44
Bloomberg Dollar Index +0.1% at 1212.32
euro -0.2% at $1.1543
WTI crude -1% at $65.61/barrel
Top Overnight News
Texas Governor Greg Abbott ordered the arrest of Democratic lawmakers who left the state to block a vote on new congressional maps, saying “Texas House Democrats abandoned their duty to Texans”.
White House is preparing an executive order that would fine banks for dropping customers for political reasons: WSJ.
Federal Reserve Bank President Mary Daly on Monday said that given mounting evidence that the U.S. job market is softening and no signs of persistent tariff-driven inflation, the time is nearing for interest rate cuts and that we may need more than two cuts this year. RTRS
A private gauge of China’s services sector showed activity expanded at the fastest pace in more than a year in July, as demand improved during the summer travel rush. Caixin services PMI for Jul comes in very strong at 52.6, up from 50.6 in June and above the consensus forecast of 50.4. WSJ
Taiwan prosecutors arrested six people suspected of stealing trade secrets from Taiwan Semiconductor Manufacturing: Nikkei
Japan’s trade chief heads to the US to push for a promised car tariff cut. BBG
Japan’s 10-year auction drew weak demand, which signals discontent at BOJ’s delay in rate hikes. Meanwhile, board members said cutting back the BOJ’s buying of JGBs too quickly might have an unforeseen impact on markets, June meeting minutes showed. BBG
Swiss President Karin Keller-Sutter and Economy Minister Guy Parmelin will fly to the US on Tuesday in order to present a more attractive trade offer in a bid to lower the 39% tariff Washington put on Switzerland. BBG
When the House and Senate return from their month-long August recess, lawmakers will have just four weeks to avert a government shutdown — and some kind of kick-the-can funding patch is all but guaranteed. Politico
The White House may issue an executive order as soon as this week, penalizing banks for dropping customers over political views amid perceived discrimination against conservatives and crypto companies. BBG
Palantir shares gained premarket (PLTR +6.5% pre) after it reported a 48% jump in revenue last quarter, citing the “astonishing impact” of AI. The stock has surged more than 500% over the past year. BBG
The US is exploring ways to equip AI chips with better location-tracking capabilities, as it tries to stop smuggling and the flow of semiconductors made by the likes of Nvidia to China. BBG
Pfizer raised its profit forecast for the year with the drugmaker’s ongoing cost cuts helping to make up for a lack of sales growth: BBG
S&P 500 year/year EPS growth is tracking at 9% so far for 2Q. The bottom-up consensus of analyst estimates expected 4% growth at the start of the earnings season. Both revenues and margins have contributed the positive earnings surprise, with the average earnings surprise tracking at +8% and the average sales surprise tracking at +3%. Goldman
Trade/Tariffs
EU official says already seeing implementation of EU-US framework trade deal, says in the US executive order, seeing all-including tariff rate of 15%. Means most favored nation rate is included within the US 15% rate. 15% rate on section 232 such as Pharma will kick in once US investigation is complete. 15% rate applies on cars. Steel discussions taking longer, need to discuss volumes. Talks are “pretty advanced” on a deal. Joint statement “pretty much ready”; “waiting for US to get back to us”. Cannot say when statement will be released. The joint statement is not legally binding (reiteration). Alternative to a US deal would be an escalation of tariffs.
EU Trade Chief Sefcovic says he is in contact with US Commerce Secretary Lutnick and USTR Greer; talks continue in a “constructive spirit”.
US is exploring better location trackers for AI chips to curtail flows to China, according to Bloomberg.
Canada said Canadian ministers Anand and Champagne are to travel to Mexico this week.
Brazil’s Supreme Court Justice ordered a house arrest of former Brazilian President Bolsonaro, while the US State Department later condemned the order imposing house arrest on Bolsonaro and said it will hold accountable all those aiding and abetting sanctioned conduct.
Russian Kremlin, on US pressure against India, says that the US’ attempt to stop nations from trading with Russia is illegal.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly higher following the rally on Wall St where the major indices clawed back post-NFP losses amid rate cut hopes. ASX 200 ascended with every sector in the green and outperformance in real estate, tech, and consumer discretionary. Nikkei 225 took impetus from global peers and shrugged off a firmer currency with earnings releases remaining a driver for individual stocks. Hang Seng and Shanghai Comp were ultimately kept afloat after the latest S&P Global PMI figures which showed a strong acceleration in Services PMI, while Composite PMI cooled but remained in expansionary territory.
Top Asian News
BoJ Minutes from the June Meeting stated many members said inflation is somewhat overshooting forecasts, but must scrutinise economic developments due to downside risk to growth from US tariff policy and members shared the view that the BoJ is expected to continue raising the policy rate if the economy and prices move in line with its forecast. Furthermore, one member said must support economy with current rate level as underlying inflation likely to stagnate temporarily and a member said the rate hike phase may be on pause for time being, but the BoJ must respond nimbly and resume hiking rates depending on US policy development.
Japanese Cabinet Office lowered its FY25 GDP forecast amid the impact of the US tariff policy, according to Nikkei.
Foxconn (2317 TT) July revenue +7.25% Y/Y (vs. +10.09% Y/Y in June).
China’s Auto Industry CPCA revises up 2025 car sales forecast by 300k units to 24.35mln units; revises up China car exports forecast by 160k to 5.46mln units
European bourses (STOXX 600 +0.2%) opened broadly in modest positive territory, but have marginally slipped off best levels as the morning progressed. News flow recently has been very light, and we are still awaiting details regarding who US President Trump’s new Fed/BLS appointees will be, after one walked and the other got the boot. Trump is due to speak on CNBC at 13:00 BST / 08:00 EDT. European sectors hold a strong positive bias, with only a handful of sectors residing in marginal negative territory. Food Beverage and Tobacco tops the pile, with Diageo (the third largest weighting in the sector), popping at the open. Energy follows closely behind, as heavyweight BP benefits from strong results and as it initiates further cost reviews.
Top European News
UK FCA head warned UK lenders must stop “haggling” over a planned multibillion-pound redress scheme for consumers mis-sold car finance, according to FT.
FX
DXY has mildly extended on Monday’s attempted recovery, albeit, upside is modest in comparison to the hefty sell-off seen post-NFP on Friday. The rally in the USD remains tempered by the recent downside in the US rates space as markets continue to price in the likelihood of a September rate cut. Note, markets still await Trump’s replacement for Fed’s Kugler and the head of the BLS. On the Fed, non-voter Daly stated that she is of the view that the FOMC cannot wait to be certain there is no inflation persistence and need to make a call based on what’s most likely. For today’s docket, the main highlight is the July ISM services report with the headline expected to rise to 51.5 from 50.8. DXY has ran into resistance at the 99.0 mark. If breached, there is clean air until the 100 level.
EUR/USD is lower with the pair continued to primarily be led by fluctuations in the USD. Incremental macro drivers for the Eurozone remain on the light side asides from commentary by an EU official that it is already seeing the implementation of the EU-US framework trade deal, which is providing an all-including tariff rate of 15%. As a caveat, the official reiterated the EU’s line that the joint statement is not legally binding. EUR/USD remains on a 1.15 handle with the pair currently capped by its 200DMA at 1.1586.
JPY softer vs. the broadly firmer USD and back on a 147 handle after USD/JPY delved as low as 146.63 overnight. On the trade front, Japanese trade negotiator Akazawa is to leave for Washington today, looking to press US President Trump into signing of an executive order that would bring an agreed cut to tariffs on Japanese auto imports into effect, according to Reuters. BoJ minutes passed with little in the way of fanfare given they were from the June meeting.
GBP steady vs. the USD as newsflow surrounding the UK remains light with an upward revision to services and composite PMI data unable to stoke a reaction in GBP. That will change on Thursday with the latest BoE policy announcement and MPR, which is 82% priced for a 25bps reduction. Cable remains tucked within Monday’s 1.3254-3331 range.
Antipodeans are both are on the backfoot vs. the USD after an indecisive session yesterday. The USD is providing the greatest source of traction for AUD/USD and NZD/USD amid the absence of tier-1 data from Australia and New Zealand, while the latest Chinese PMI data was somewhat mixed.
PBoC set USD/CNY mid-point at 7.1366 vs exp. 7.1667 (Prev. 7.1395)
Fixed Income
A modestly softer start to the day for USTs. Newsflow thus far has been light and the morning’s price action is seemingly just a slight pullback from the marginal extension above post-NFP highs seen on Monday, rather than any overt bearish move. Thus far, USTs are down to a 112-07+ low, pulling back from Monday’s 112-14 peak but still clear of the WTD 111-31+ base. Ahead, a busy US docket with ISM Services, RCM TIPP, Atlanta Fed’s GDPNow and a 3yr Note auction all scheduled. Additionally, POTUS will be appearing on CNBC at 13:00BST. From Trump, we are attentive to any clues as to who the Fed board, and by extension Chair, nominees will be after Trump said on the weekend that he would be making an announcement on it this week, in addition to the new BLS head.
Bunds began the morning on the front foot, with Bunds up to a 130.60 peak with gains in excess of 30 ticks at one point. However, this has been gradually paring across the morning with the benchmark down to a 130.16 trough with downside of just over 10 ticks at most. Initial upside was seemingly an extension of the strength seen on Monday, with the benchmark picking up into the European cash equity open. Thereafter, a modest pullback began into the morning’s Final PMIs. Though, to be clear, the PMIs do not appear to have driven the action. In brief, the final releases have been subject to two-way revisions. For the bloc as a whole, both Composite and Services were subject to modest revisions lower. PPI printed in-line with consensus, no sustained reaction scene on the release though the subsequent UK auction result (strong, see below) appears to have lifted the fixed complex from lows across the board. German auction was also fairly decent, but sparked no move.
UK specific newsflow a little light once again as we count down to the BoE later in the week. Markets currently almost fully price in a rate cut, though the actual decision is unlikely to be that simple with a three-way split very possible. UK PMIs were revised a little higher but had limited impact on UK paper. In terms of today’s action, Gilts opened a tick lower at 92.64 before extending to a 92.84 peak acknowledging the initial upward bias seen in EGBs. Thereafter, gradually drifted across the morning to a 92.48 low with downside of just under 20 ticks at most. Supply this morning was strong, with a 3.33x b/c (prev. 2.89x), helping lift the benchmark from the above low by around 15 ticks and back to essentially unchanged on the session
Germany sells EUR 3.916bln vs exp. EUR 5bln 1.90% 2027 Schatz: b/c 2.50x (prev. 2.3x), average yield 1.90% (prev. 1.87%) and retention 21.68% (prev. 22.02%
Commodities
Initial choppy trade in the crude complex, but has recently traded with a downward bias; currently trading at lows. WTI resides in a 65.50-66.39/bbl range while Brent sits in a USD 68.205-69.87/bbl range.
Precious metals are mostly lower trade as the dollar regains some composure with DXY back on a 99.00 handle. Price action this morning has been contained for the yellow metal, with support found on Monday near its 50 DMA (USD 3,344.59/oz today), as spot gold resides in a USD 3,365.79-3,382.37/oz range at the time of writing.
Mostly softer trade across base metals amid the firmer dollar, although macro newsflow this morning has been rather light. Overnight, copper was kept afloat alongside the mostly positive risk environment and after the latest PMI data from China, which was somewhat mixed but showed an acceleration in China’s services industry. 3M LME copper prices reside in a USD 9,659.95-9,751.00/t range.
Libya’s National Oil Corporation signed an MoU with Exxon (XOM) following a decade-long halt in activity.
Saudi Aramco says it anticipates oil demand in H2 to be over 2mln BPD above H1 levels; continue to invest in various initiatives, incl. new energies and digital innovation focused on AI.
Geopolitics
Russia’s Medvedev blamed NATO countries for the end of the moratorium on short and medium-range missiles, while he stated that Moscow will take further steps.
Russia’s Kremlin says Russia no longer considers itself bound by any limits on intermediate-range missile deployment.
Israel PM Netanyahu will convene a meeting on Gaza and the hostage deal, via journalist Stein citing an Israeli official; official adds, US Envoy Witkoff returned to the US with “a broad consensus that a deal must include all of the hostages”.
US Event Calendar
8:30 am: Jun Trade Balance, est. -61b, prior -71.52b
9:45 am: Jul F S&P Global U.S. Services PMI, est. 55.2, prior 55.2
9:45 am: Jul F S&P Global U.S. Composite PMI, est. 54.6, prior 54.6
10:00 am: Jul ISM Services Index, est. 51.5, prior 50.8
DB’s Jim Reid concludes the overnight wrap
Markets have stabilised over the last 24 hours, with the S&P 500 (+1.47%) reversing the majority of Friday’s losses after the disappointing labour data and the news of two important people leaving their posts. This came as investors further increased their speculation that the Federal Reserve would ease policy in September. The mood has been helped by a decent Q2 earnings season so far.
While US rates initially saw a moderate sell-off in the European morning, this reversed later in the day with 10yr Treasuries yields lower by -2.4bps by the close to 4.192%, and the 30yr down -3.1bps to 4.79%. This came as the probability of a rate cut for the September meeting grew to 97%, after having finished last week at 87% (40% before payrolls), as investors expect the Fed to shift their view on the state of the labour market after last week’s payrolls. This was given further credence when San Francisco Federal Reserve Bank President Daly (non-voter) said that two rate cuts this year was “an appropriate amount of recalibration,” and that the FOMC “should be prepared in my judgment to do more if the labor market looks to be entering that period of weakness and we still haven’t seen spillovers to inflation.”
Elsewhere in Europe, fixed income bonds saw a large rally on the back off strong real money demand with 10yr Bunds -5.5bps, and 10yr OATs -6.5bps lower, however the largest gains were in BTPs, where 10yr yields were -7.9bps lower. Ahead of the new August 7th trade deadline for implementing US tariffs there were some headlines out of Europe and the White House. First regarding the 39% tariff levied against Switzerland, the Swiss government put out a statement yesterday saying that they are “ready to present a more attractive offer, taking US concerns into account and seeking to ease the current tariff situation.” This comes after reports that most Swiss officials were anticipating a similar deal to the UK or EU and were taken by surprise by the significant tariff increase. The surprise hike seemingly stems from the large trade surplus the country has with the US, mostly due to Switzerland’s outsized gold exports as well as pharmaceuticals. The country noted yesterday that the trade balance “is not the result of any ‘unfair trade practices’.” Due to the public holiday last Friday, yesterday was the first day the Swiss market reacted to the tariff news with the SMI index initially down -1.9% after trading opened, before paring those loses to close down -0.15% on the day. So, we will see what Switzerland has to offer.
Later on in the day, President Trump said he will substantially raise tariffs on Indian exports as the country continues to purchase oil from Russia. President Trump stated that “India is not only buying massive amounts of Russian oil, they are then selling it on the Open Market for big profits”, and that “they don’t care how many people in Ukraine are being killed by the Russian War Machine.” The President did not say to what level the tariff rate could go, which currently sits at 25% following last week’s announcement. The threats came as reports appeared that Prime Minister Modi has urged the population to buy locally produced goods in a bid to deter people from imported products, and that the Indian government hasn’t given India’s oil refiners instructions to stop buying Russian oil. Bloomberg reported last week that refiners were told to come up with plans for buying non-Russian crude, but the story stated one of the people said the instruction amounted to scenario planning in case Russian crude were to become unavailable. Indian Foreign Ministry spokesperson Randhir Jaiswal said yesterday that their relationship with Russia is a “steady and time-tested partnership.”
There was greater focus on Crude yesterday following the announcement over the weekend that OPEC+ would increase production by 547,000 barrels per day in September. This increase will fully unwind the 2.2 million barrels per day production cuts that were announced back in November of 2023 about a year ahead of time. This is notable given ongoing concerns about how US tariffs can affect global growth, and so the group will now monitor how demand progress ahead of a follow-up meeting in early September. Between the increase in production and expectations that more could be put back online as well as the news on India’s use of Russian crude, oil markets whipsawed a bit yesterday, before settling lower. Brent crude closed down -1.31% at $68.76/bbl and are a couple of tenths of a percent lower again this morning.
The fall in oil prices caused the S&P 500 Energy subsector to lag (-0.44%), even as the S&P 500 as a whole gained +1.47% in its best single trading session since late-May. Technology and Media led the way as the Nasdaq was up +1.95%, and the Magnificent 7 up +2.04%. This rally came ahead of Palantir’s earnings after the close where the company announced a 48% rise in revenues on the back of an “astonishing impact” of AI on its business, with the company’s shares trading +4.6% higher in post-market trading after gaining +4.1% during yesterday’s session. The beat is an ongoing trend so far, as 82% of S&P 500 companies have beat earnings expectations this season, which is well above the historical average as our Equity Strategists highlighted in their note yesterday here. On the other side of the Atlantic, markets gained as well with Stoxx 600 up +0.90%, and DAX up by +1.42% on the day.
In other news, Tesla’s board of directors awarded Elon Musk a package of 94m additional shares, worth about $30bn, sending Tesla shares +2.20% higher.This was done to retain the CEO within the company, citing that Musk has been a “leader who is a magnet for hiring and retaining talent at Tesla”, even though Tesla shares have been down -25% since the beginning of the year.
Yesterday saw a continued reversal of the recent dollar strength. The dollar index fell by -0.36% after a -0.83% fall Friday, as traders are assessing the value of the greenback in anticipation of more uncertainty following the firing of the head of the Bureau of Labor Statistics. Investors will be keeping an eye on who the White House puts forward for both the head of the BLS as well as the potential replacement of Fed Governor Kugler.
We are mostly edging higher this morning in Asia, led by the Kospi (+1.41%) , buoyed by better-than-expected PMI data, with the S&P/ASX200 (+1.14%) continuing to extend its gains this week. In China, the June services PMI data was stronger than expected at 52.6 (vs. 50.4 expected), which led to a rally in both the CSI (+0.34%) and the Shanghai Composite (+0.53%). Meanwhile, the Nikkei (+0.77%) has recovered some of yesterday’s declines, following a slight improvement in PMI services that increased to 51.6 (vs. 51.5 prior). Japanese rates have also experienced another rally, with 10yr JGB yields lower by -4.6bps, and 30yr yields down -2.2bps. S&P 500 (+0.18%) and NASDAQ 100 (+0.22%) futures are slightly higher.
Looking at yesterday’s data releases, the main prints in a quiet day came out from the US where new factory orders printed in line with expectations at -4.8%, and durable goods orders came in slightly below consensus at -9.4% (vs. -9.3% expected). There was a slight downward revision to core shipments which would imply about a tenth or two downgrade to Q2 GDP, which was initially reported at 3.0% last week.
To the day ahead now, the main highlights will be the US July ISM services, and June trade balances, while in Europe we will receive a fresh batch of PPI data. In terms of earnings, the focus will be on AMD, after last week’s disappointing releases from Qualcomm and ARM.
2b European opening report
USD firm & stocks eek gains ahead of Trump’s appearance on CNBC – Newsquawk US Market Open
Tuesday, Aug 05, 2025 – 05:49 AM
European and US equity futures are modestly firmer, into a slew of earnings.
USD is firmer vs. peers but still very much lower post-NFP; havens lag a touch.
Bonds trade with a marginally bearish bias into a packed afternoon.
Crude complex is on the backfoot and currently at lows, with XAU pressured by the Dollar.
Looking ahead, Global Composite and Services Final PMIs, Canadian Trade, US ISM Services, International Trade Balance, RCM/TIPP Economic Optimism, Atlanta Fed GDPNow, New Zealand Jobs, Supply from the US. Earnings from AMD, Arista Networks, Snap, Pfizer, Caterpillar, Bper Banca & Telecom Italia.
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TARIFFS/TRADE
EU official says already seeing implementation of EU-US framework trade deal, says in the US executive order, seeing all-including tariff rate of 15%. Means most favoured nation rate is included within the US 15% rate. 15% rate on section 232 such as Pharma will kick in once US investigation is complete. 15% rate applies on cars. Steel discussions taking longer, need to discuss volumes. Talks are “pretty advanced” on a deal. Joint statement “pretty much ready”; “waiting for US to get back to us”. Cannot say when statement will be released. The joint statement is not legally binding (reiteration). Alternative to a US deal would be an escalation of tariffs.
EU Trade Chief Sefcovic says he is in contact with US Commerce Secretary Lutnick and USTR Greer; talks continue in a “constructive spirit”.
US is exploring better location trackers for AI chips to curtail flows to China, according to Bloomberg.
Canada said Canadian ministers Anand and Champagne are to travel to Mexico this week.
Brazil’s Supreme Court Justice ordered a house arrest of former Brazilian President Bolsonaro, while the US State Department later condemned the order imposing house arrest on Bolsonaro and said it will hold accountable all those aiding and abetting sanctioned conduct.
Russian Kremlin, on US pressure against India, says that the US’ attempt to stop nations from trading with Russia is illegal.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.2%) opened broadly in modest positive territory, but have marginally slipped off best levels as the morning progressed. News flow recently has been very light, and we are still awaiting details regarding who US President Trump’s new Fed/BLS appointees will be, after one walked and the other got the boot. Trump is due to speak on CNBC at 13:00 BST / 08:00 EDT.
European sectors hold a strong positive bias, with only a handful of sectors residing in marginal negative territory. Food Beverage and Tobacco tops the pile, with Diageo (the third largest weighting in the sector), popping at the open. Energy follows closely behind, as heavyweight BP benefits from strong results and as it initiates further cost reviews.
US equity futures (ES +0.1%, NQ +0.2%, RTY +0.3%) are modestly higher across the board, with the RTY ever so slightly outperforming. Ahead, a busy US docket with ISM Services, RCM TIPP and Atlanta Fed’s GDPNow due.
DXY has mildly extended on Monday’s attempted recovery, albeit, upside is modest in comparison to the hefty sell-off seen post-NFP on Friday. The rally in the USD remains tempered by the recent downside in the US rates space as markets continue to price in the likelihood of a September rate cut. Note, markets still await Trump’s replacement for Fed’s Kugler and the head of the BLS. On the Fed, non-voter Daly stated that she is of the view that the FOMC cannot wait to be certain there is no inflation persistence and need to make a call based on what’s most likely. For today’s docket, the main highlight is the July ISM services report with the headline expected to rise to 51.5 from 50.8. DXY has ran into resistance at the 99.0 mark. If breached, there is clean air until the 100 level.
EUR/USD is lower with the pair continued to primarily be led by fluctuations in the USD. Incremental macro drivers for the Eurozone remain on the light side asides from commentary by an EU official that it is already seeing the implementation of the EU-US framework trade deal, which is providing an all-including tariff rate of 15%. As a caveat, the official reiterated the EU’s line that the joint statement is not legally binding. EUR/USD remains on a 1.15 handle with the pair currently capped by its 200DMA at 1.1586.
JPY softer vs. the broadly firmer USD and back on a 147 handle after USD/JPY delved as low as 146.63 overnight. On the trade front, Japanese trade negotiator Akazawa is to leave for Washington today, looking to press US President Trump into signing of an executive order that would bring an agreed cut to tariffs on Japanese auto imports into effect, according to Reuters. BoJ minutes passed with little in the way of fanfare given they were from the June meeting.
GBP steady vs. the USD as newsflow surrounding the UK remains light with an upward revision to services and composite PMI data unable to stoke a reaction in GBP. That will change on Thursday with the latest BoE policy announcement and MPR, which is 82% priced for a 25bps reduction. Cable remains tucked within Monday’s 1.3254-3331 range.
Antipodeans are both are on the backfoot vs. the USD after an indecisive session yesterday. The USD is providing the greatest source of traction for AUD/USD and NZD/USD amid the absence of tier-1 data from Australia and New Zealand, while the latest Chinese PMI data was somewhat mixed.
PBoC set USD/CNY mid-point at 7.1366 vs exp. 7.1667 (Prev. 7.1395)
A modestly softer start to the day for USTs. Newsflow thus far has been light and the morning’s price action is seemingly just a slight pullback from the marginal extension above post-NFP highs seen on Monday, rather than any overt bearish move. Thus far, USTs are down to a 112-07+ low, pulling back from Monday’s 112-14 peak but still clear of the WTD 111-31+ base. Ahead, a busy US docket with ISM Services, RCM TIPP, Atlanta Fed’s GDPNow and a 3yr Note auction all scheduled. Additionally, POTUS will be appearing on CNBC at 13:00BST. From Trump, we are attentive to any clues as to who the Fed board, and by extension Chair, nominees will be after Trump said on the weekend that he would be making an announcement on it this week, in addition to the new BLS head.
Bunds began the morning on the front foot, with Bunds up to a 130.60 peak with gains in excess of 30 ticks at one point. However, this has been gradually paring across the morning with the benchmark down to a 130.16 trough with downside of just over 10 ticks at most. Initial upside was seemingly an extension of the strength seen on Monday, with the benchmark picking up into the European cash equity open. Thereafter, a modest pullback began into the morning’s Final PMIs. Though, to be clear, the PMIs do not appear to have driven the action. In brief, the final releases have been subject to two-way revisions. For the bloc as a whole, both Composite and Services were subject to modest revisions lower. PPI printed in-line with consensus, no sustained reaction scene on the release though the subsequent UK auction result (strong, see below) appears to have lifted the fixed complex from lows across the board. German auction was also fairly decent, but sparked no move.
UK specific newsflow a little light once again as we count down to the BoE later in the week. Markets currently almost fully price in a rate cut, though the actual decision is unlikely to be that simple with a three-way split very possible. UK PMIs were revised a little higher but had limited impact on UK paper. In terms of today’s action, Gilts opened a tick lower at 92.64 before extending to a 92.84 peak acknowledging the initial upward bias seen in EGBs. Thereafter, gradually drifted across the morning to a 92.48 low with downside of just under 20 ticks at most. Supply this morning was strong, with a 3.33x b/c (prev. 2.89x), helping lift the benchmark from the above low by around 15 ticks and back to essentially unchanged on the session
Initial choppy trade in the crude complex, but has recently traded with a downward bias; currently trading at lows. WTI resides in a 65.50-66.39/bbl range while Brent sits in a USD 68.205-69.87/bbl range.
Precious metals are mostly lower trade as the dollar regains some composure with DXY back on a 99.00 handle. Price action this morning has been contained for the yellow metal, with support found on Monday near its 50 DMA (USD 3,344.59/oz today), as spot gold resides in a USD 3,365.79-3,382.37/oz range at the time of writing.
Mostly softer trade across base metals amid the firmer dollar, although macro newsflow this morning has been rather light. Overnight, copper was kept afloat alongside the mostly positive risk environment and after the latest PMI data from China, which was somewhat mixed but showed an acceleration in China’s services industry. 3M LME copper prices reside in a USD 9,659.95-9,751.00/t range.
Libya’s National Oil Corporation signed an MoU with Exxon (XOM) following a decade-long halt in activity.
Saudi Aramco says it anticipates oil demand in H2 to be over 2mln BPD above H1 levels; continue to invest in various initiatives, incl. new energies and digital innovation focused on AI.
EU HCOB Services Final PMI (Jul) 51.0 vs. Exp. 51.2 (Prev. 51.2); Composite Final PMI (Jul) 50.9 vs. Exp. 51.0 (Prev. 51.0)
Spanish Services PMI (Jul) 55.1 vs. Exp. 52.5 (Prev. 51.9)
Italian HCOB Services PMI (Jul) 52.3 vs. Exp. 52.6 (Prev. 52.1); Composite PMI (Jul) 51.5 (Prev. 51.1)
French HCOB Composite PMI (Jul) 48.6 vs. Exp. 49.6 (Prev. 49.6); Services PMI (Jul) 48.5 vs. Exp. 49.7 (Prev. 49.7)
German HCOB Composite Final PMI (Jul) 50.6 vs. Exp. 50.3 (Prev. 50.3); Services PMI (Jul) 50.6 vs. Exp. 50.1 (Prev. 50.1)
UK S&P Global PMI: Composite Output (Jul) 51.5 vs. Exp. 51.0 (Prev. 51.0); Services PMI (Jul) 51.8 vs. Exp. 51.2 (Prev. 51.2)
French Industrial Output MM (Jun) 3.8% vs. Exp. 0.6% (Prev. -0.5%, Rev. -0.7%)
Spanish Ind Output Cal Adj YY (Jun) 2.3% (Prev. 1.7%)
EU Producer Prices YY (Jun) 0.6% vs. Exp. 0.6% (Prev. 0.3%); Producer Prices MM (Jun) 0.8% vs. Exp. 0.8% (Prev. -0.6%)
NOTABLE EUROPEAN HEADLINES
UK FCA head warned UK lenders must stop “haggling” over a planned multibillion-pound redress scheme for consumers mis-sold car finance, according to FT.
NOTABLE US HEADLINES
Fed’s Daly (2027 voter) said she is comfortable with the Fed’s July decision, but is less comfortable in making that same decision again and again, while she added that they can’t wait to be certain there is no inflation persistence and need to make a call based on what’s most likely. Daly said there is still a lot of uncertainty over whether a September rate cut would be appropriate and she was willing to wait another cycle regarding the July Fed decision, but cannot wait forever. Furthermore, she said every meeting going forward is ‘live’ for thinking about policy adjustments and they may do fewer than two rate cuts, but the more likely thing is that they need to do more, and two rate cuts this year still seems to be the appropriate amount of recalibration.
White House is preparing an executive order that would fine banks for dropping customers for political reasons, according to the WSJ.
GEOPOLITICS
Russia’s Medvedev blamed NATO countries for the end of the moratorium on short and medium-range missiles, while he stated that Moscow will take further steps.
Russia’s Kremlin says Russia no longer considers itself bound by any limits on intermediate-range missile deployment.
Israel PM Netanyahu will convene a meeting on Gaza and the hostage deal, via journalist Stein citing an Israeli official; official adds, US Envoy Witkoff returned to the US with “a broad consensus that a deal must include all of the hostages”.
CRYPTO
Bitcoin is flat and trades around USD 114k, whilst Ethereum outperforms a touch and holds just shy of USD 3.6k.
US CFTC acting chairman announced CFTC will launch an initiative for trading spot crypto asset contracts listed on CFTC-registered futures exchanges.
APAC TRADE
APAC stocks were mostly higher following the rally on Wall St where the major indices clawed back post-NFP losses amid rate cut hopes.
ASX 200 ascended with every sector in the green and outperformance in real estate, tech, and consumer discretionary.
Nikkei 225 took impetus from global peers and shrugged off a firmer currency with earnings releases remaining a driver for individual stocks.
Hang Seng and Shanghai Comp were ultimately kept afloat after the latest S&P Global PMI figures which showed a strong acceleration in Services PMI, while Composite PMI cooled but remained in expansionary territory.
NOTABLE ASIA-PAC HEADLINES
BoJ Minutes from the June Meeting stated many members said inflation is somewhat overshooting forecasts, but must scrutinise economic developments due to downside risk to growth from US tariff policy and members shared the view that the BoJ is expected to continue raising the policy rate if the economy and prices move in line with its forecast. Furthermore, one member said must support economy with current rate level as underlying inflation likely to stagnate temporarily and a member said the rate hike phase may be on pause for time being, but the BoJ must respond nimbly and resume hiking rates depending on US policy development.
Japanese Cabinet Office lowered its FY25 GDP forecast amid the impact of the US tariff policy, according to Nikkei.
Foxconn (2317 TT) July revenue +7.25% Y/Y (vs. +10.09% Y/Y in June).
China’s Auto Industry CPCA revises up 2025 car sales forecast by 300k units to 24.35mln units; revises up China car exports forecast by 160k to 5.46mln units
DATA RECAP
Chinese S&P Global Services PMI (Jul) 52.6 vs. Exp. 50.4 (Prev. 50.6); Composite PMI (Jul) 50.8 (Prev. 51.3)
2c) Asian opening report
USD & Stocks firm; Trump to speak on CNBC at 13:00 BST – Newsquawk Europe Market Open
Tuesday, Aug 05, 2025 – 01:46 AM
APAC stocks were mostly higher following the rally on Wall St where the major indices clawed back post-NFP losses.
European equity futures indicate a marginally higher cash market open with Euro Stoxx 50 future up 0.3% after the cash market finished with gains of 1.5% on Monday.
DXY trades higher, but remains below the 99.0 mark, EUR/USD retains its position on a 1.15 handle.
Fed’s Daly (2027 voter) said two rate cuts this year still seems to be the appropriate amount of recalibration.
Looking ahead, highlights include Global Composite and Services Final PMIs, EZ Producer Prices, Canadian Trade, US ISM Services, International Trade Balance, RCM/TIPP Economic Optimism, Atlanta Fed GDPNow, New Zealand Jobs, Supply from UK, Germany & US.
Earnings from AMD, Arista Networks, Snap, Pfizer, Caterpillar, BP, Diageo, Fresnillo, Infineon, Deutsche Post, Fresenius Medical Care, Continental, Hugo Boss, Bper Banca & Telecom Italia.
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US TRADE
EQUITIES
US stocks were bid on Monday and pared some of the weakness seen last week with outperformance in the small-cap Russell 2000 index, while gains were led by Communication, Utilities and Technology sectors. Conversely Energy, Consumer Staples and Consumer Discretionary lagged with energy the only sector in the red amid lower crude and natgas prices after crude prices sold off throughout the morning before bouncing off lows in response to a post from US President Trump who announced he will be substantially raising the tariff paid by India to the US due to buying massive amounts of Russian oil and then selling it on the open market for big profits.
SPX +1.47% at 6,330, NDX +1.87% at 23,189, DJI +1.34% at 44,174, RUT +2.10% at 2,212.
US is exploring better location trackers for AI chips to curtail flows to China, according to Bloomberg.
Canada said Canadian ministers Anand and Champagne are to travel to Mexico this week.
Brazil Finance Minister Haddad believes he will speak to US Treasury Secretary Bessent this week and said they have never left the negotiating table with the US, and will not do so until there is an agreement on the horizon. Haddad said they don’t want only China or the EU to invest in Brazil, but want the US to invest too, while he added the US needs to understand that Brazil wants partnerships, but not as a satellite or a colony. In relevant news, Brazil’s Supreme Court Justice ordered a house arrest of former Brazilian President Bolsonaro, while the US State Department later condemned the order imposing house arrest on Bolsonaro and said it will hold accountable all those aiding and abetting sanctioned conduct.
NOTABLE HEADLINES
Fed’s Daly (2027 voter) said she is comfortable with the Fed’s July decision, but is less comfortable in making that same decision again and again, while she added that they can’t wait to be certain there is no inflation persistence and need to make a call based on what’s most likely. Daly said there is still a lot of uncertainty over whether a September rate cut would be appropriate and she was willing to wait another cycle regarding the July Fed decision, but cannot wait forever. Furthermore, she said every meeting going forward is ‘live’ for thinking about policy adjustments and they may do fewer than two rate cuts, but the more likely thing is that they need to do more, and two rate cuts this year still seems to be the appropriate amount of recalibration.
White House is preparing an executive order that would fine banks for dropping customers for political reasons, according to the WSJ.
APAC TRADE
EQUITIES
APAC stocks were mostly higher following the rally on Wall St where the major indices clawed back post-NFP losses amid rate cut hopes.
ASX 200 ascended with every sector in the green and outperformance in real estate, tech, and consumer discretionary.
Nikkei 225 took impetus from global peers and shrugged off a firmer currency with earnings releases remaining a driver for individual stocks.
Hang Seng and Shanghai Comp were ultimately kept afloat after the latest S&P Global PMI figures which showed a strong acceleration in Services PMI, while Composite PMI cooled but remained in expansionary territory.
US equity futures (ES +0.2%, NQ +0.3%) held on to the prior day’s spoils after fully recovering last Friday’s data-induced losses.
European equity futures indicate a marginally higher cash market open with Euro Stoxx 50 future up 0.3% after the cash market finished with gains of 1.5% on Monday.
FX
DXY eked mild gains but remained beneath the 99.00 level following the recent mixed performance against G10 peers and as markets awaited US President Trump’s announcement regarding the replacements for the BLS head and Fed Governor Kugler, while recent comments from Fed’s Daly had little impact in which she noted that she is comfortable with the Fed’s July decision, but is less comfortable in making that same decision again and again, as well as stated that they can’t wait to be certain there is no inflation persistence and need to make a call based on what’s most likely.
EUR/USD lacked direction after yesterday’s choppy performance and with resistance seen near the 1.1600 level, while the EU is said to suspend trade countermeasures on the US by six months and is awaiting Trump’s actions on car tariffs and exemptions this week.
GBP/USD traded flat after briefly retesting the 1.3300 level to the upside with price action contained amid a lack of pertinent catalysts and with the BoE expected to cut rates later in the week.
USD/JPY attempted to nurse some losses after briefly dipping beneath the 147.00 level with recent price action a function of yield differentials.
Antipodeans lacked demand in the absence of tier-1 data from Australia and New Zealand, while the latest Chinese PMI data was somewhat mixed.
PBoC set USD/CNY mid-point at 7.1366 vs exp. 7.1667 (Prev. 7.1395)
FIXED INCOME
10yr UST futures took a breather after yesterday’s two-way price action and eventual extension of post-NFP gains amid a boost in Fed rate cut bets, while participants now await 1yr and 3yr supply from the US.
Bund futures lingered around the prior day’s highs after scaling above the 130.00 level but with further upside capped as supply also looms with a EUR 5bln Schatz auction due later followed by EUR 2.5bln of Bund issuances on Wednesday.
10yr JGB futures tracked the recent gains in global peers amid softer yields and with prices unfazed by the latest 10yr JGB auction results which were mostly weaker than previous.
COMMODITIES
Crude futures were lacklustre following the prior day’s declines and the recent OPEC+ output hike decision, but were off the prior day’s lows with President Trump threatening to substantially raise tariffs on India for its massive purchases of Russian oil and reselling in the open market.
Libya’s National Oil Corporation signed an MoU with Exxon (XOM) following a decade-long halt in activity.
Spot gold traded rangebound overnight after recent advances and with gains capped by a firmer dollar.
Copper futures kept afloat alongside the mostly positive risk environment and after the latest PMI data from China which was somewhat mixed but showed an acceleration in China’s services industry.
Chile’s Codelco said it will have to submit four reports so the mining regulator can lift the suspension of its underground operation after an accident at the El Teniente mine.
CRYPTO
Bitcoin trickled lower overnight after retreating beneath the USD 115k level.
US CFTC acting chairman announced CFTC will launch an initiative for trading spot crypto asset contracts listed on CFTC-registered futures exchanges.
NOTABLE ASIA-PAC HEADLINES
BoJ Minutes from the June Meeting stated many members said inflation is somewhat overshooting forecasts, but must scrutinise economic developments due to downside risk to growth from US tariff policy and members shared the view that the BoJi expected to continue raising the policy rate if the economy and prices move in line with its forecast. Furthermore, one member said must support economy with current rate level as underlying inflation likely to stagnate temporarily and a member said the rate hike phase may be on pause for time being, but the BoJ must respond nimbly and resume hiking rates depending on US policy development.
DATA RECAP
Chinese S&P Global Services PMI (Jul) 52.6 vs. Exp. 50.4 (Prev. 50.6)
Chinese S&P Global Composite PMI (Jul) 50.8 (Prev. 51.3)
GEOPOLITICS
MIDDLE EAST
Israeli PM Netanyahu is leaning towards expanding the Gaza offensive and seizing the enclave, according to Israel’s N12.
IDF Chief of Staff Zamir cancelled a trip to Washington to meet with Pentagon officials after learning that PM Netanyahu gave the green light to occupy the Gaza Strip, according to Israeli Media cited by Sky News Arabia.
RUSSIA-UKRAINE
Russia’s Foreign Ministry said Russia no longer considers itself bound by the moratorium on the deployment of short and medium-range missiles. It was later reported that Russia’s Medvedev blamed NATO countries for the end of the moratorium on short and medium-range missiles, while he stated that Moscow will take further steps.
Dutch Defence Ministry said the Netherlands will be the first to contribute to NATO’s new “Priority Ukraine Requirements List (PURL)” financing mechanism for Ukraine with the Netherlands to pay EUR 500mln under the new mechanism.
EU/UK
NOTABLE HEADLINES
UK FCA head warned UK lenders must stop “haggling” over a planned multibillion-pound redress scheme for consumers mis-sold car finance, according to FT.
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN/
3C CHINA/
this is not good for the USA; they desperately need rare earths
(zerohedge)
China’s Grip On Critical Minerals Disrupts U.S. Defense Supply Chain
Monday, Aug 04, 2025 – 07:40 PM
In 2023, Raytheon CEO Greg Hayes warned that Beijing effectively has the US military’s supply chain by the balls, thanks to America’s reliance on rare earths and other materials which either come from, or are processed in, China.
According to Hayes, Raytheon has “several thousand suppliers in China,” because of which “decoupling … is impossible.“
“We can de-risk but not decouple,” he told the Financial Times, adding that he thinks this is the case “for everybody.”
“Think about the $500bn of trade that goes from China to the US every year. More than 95 per cent of rare earth materials or metals come from, or are processed in, China. There is no alternative,” he said.
Fast forward two years later – and China’s recent curbs on the export of critical minerals are rippling through the U.S. defense supply chain, slowing production schedules and sending manufacturers on a global search for scarce materials needed in everything from munitions to fighter jets.
In short, amid a surge in U.S.-China trade tensions earlier this year, Beijing tightened its control over rare earth exports. Those shipments resumed after the Trump administration reached a set of trade concessions in June, however China has kept a firm hold on materials destined for defense use. Accounting for roughly 90 percent of the world’s rare earth output – and dominating the supply of other strategic minerals – China has also barred the sale of germanium, gallium and antimony to the United States since December. The three metals are essential for bullet hardening, night-vision optics and other military applications, the WSJreports.
Some contractors warn that their reserves are running dangerously low. Bill Lynn, chief executive of Leonardo DRS, said Wednesday that his company’s supply of germanium has fallen to “safety stock” levels. The metal is used in infrared sensors for missiles and other systems. “In order to sustain timely product deliveries, material flow must improve in the second half” of 2025, he told investors. Leonardo DRS, a U.S. subsidiary of Italy’s Leonardo, is exploring alternative suppliers and possible substitutes.
For others, the bottleneck has already meant missed deadlines. One drone-parts maker supplying the U.S. military delayed orders by as much as two months while hunting for non-Chinese sources of magnets, which are produced from rare earth elements. Traders say prices for some materials have multiplied several times over; samarium, used in high-temperature magnets for jet engines, has been offered at 60 times its typical price.
The Pentagon has instructed defense contractors to phase out magnets containing Chinese minerals by 2027. While some firms have stockpiled magnets, most carry only months of supply for other critical materials. Smaller drone manufacturers — often startups with limited resources — are considered especially exposed.
Dak Hardwick, vice president of international affairs at the Aerospace Industries Association, said the problem is discussed constantly within the industry. “I can tell you…we talk about this daily and our companies talk about it daily,” he said.
A recent analysis by defense software firm Govini found that more than 80,000 components used in U.S. weapons systems contain minerals now under Chinese export controls. Nearly all such supply chains depend on at least one Chinese source.
Western buyers say Chinese authorities have begun demanding detailed disclosures – including images of products and production lines – before approving shipments. In May, New Hampshire-based ePropelled received such requests from a Chinese magnet supplier, along with a list of questions about its customers and assurances the magnets would not be used for military purposes. “Of course we are not going to provide the Chinese government with that information,” said Chris Thompson, the firm’s vice president of global sales. When the company refused, shipments stopped, extending delivery times to twice their usual length.
The firm turned to suppliers in the United States, Europe, Japan and Taiwan, as well as to emerging producers Vulcan Elements in North Carolina and USA Rare Earth in Oklahoma. Those new sources are not expected to deliver until later this year and will need to develop non-Chinese supply chains of their own.
Washington has begun to respond. The Pentagon has invested in expanding domestic output, including a $14 million grant last year to a Canadian firm producing germanium substrates for defense satellites and a $400 million stake in MP Materials, which operates the largest rare-earth mine in the Americas. On an earnings call, Lockheed Martin CEO James Taiclet described the MP Materials deal as “groundbreaking” for securing magnets needed in F-35 fighters and cruise missiles.
Nicholas Myers, CEO of Massachusetts-based Phoenix Tailings, said large defense companies are now moving aggressively to secure their own mineral supplies. “They recognize that they’re just not going to get the magnets… unless they get involved,” he said.
Beijing’s hard line is also affecting shipments in transit. Earlier this year, United States Antimony Corporation attempted to route 55 metric tons of Australian-mined antimony to its Mexican smelter via the Chinese port of Ningbo, a process it had used before without incident. In April, Chinese customs officials held the cargo for three months, eventually releasing it only on the condition it be returned to Australia. When it arrived, company CEO Gary Evans said the seals had been broken. “The shipping company, everyone who was involved, they’d never seen this happen before,” he said.
4D EUROPEAN AFFAIRS
EU
A MESS!!
EU Court Rulings ‘Castrate’ Nations’ Asylum Control, Warns Top German Expert
The European Court of Justice (ECJ) has carried out a “migration policy castration of the EU member states,” German constitutional lawyer Prof. Markus C. Kerber warned following a landmark asylum ruling that critics say strips national governments of the ability to manage their own borders.
The ruling, handed down in Luxembourg on Friday, states that a third country may only be designated as a “safe country of origin” if it offers effective protection to all population groups — and that this designation must be based on transparent, public information accessible to asylum seekers and the courts. Otherwise, fast-track returns are invalid.
The judgment has major implications for national migration policies, particularly in countries like Italy and Austria that have drawn up their own lists of safe third countries. In the specific case reviewed, two Bangladeshi migrants had been transferred to Albania under Italy’s agreement to process asylum claims outside the EU. Their claims were dismissed on the grounds that Bangladesh was safe, but the Italian law did not cite any sources, which the European Court ruled was a violation of EU law.
Prof. Kerber, a Berlin-based constitutional expert, accused the Court of overreach.
“The strengthening of the judiciary by the ECJ for all cases of reviewing asylum applications leads to the castration of EU member states’ migration policy,” he said in an interview with Austrian media outlet, exxpress.
“The public will increasingly perceive the EU as an entity acting against its own citizens.”
He warned that the court was imposing an “overly bureaucratized procedure” that would make meaningful control over migration impossible. “Social systems are bursting,” Kerber said. “And the willingness of the majority of society to accept refugees is declining drastically.”
“What will happen if suddenly 3 million people from an unsafe country of origin appear at our border? Should we then accept them all?” he asked.
Kerber is a constitutional lawyer and professor of public finance and political economy at the Technical University of Berlin. He also serves as a visiting professor at Sciences Po in Paris and has been involved in several high-profile legal cases, including a 2008 challenge to the Lisbon Treaty before Germany’s Constitutional Court. He is the founder of the Berlin-based think tank Europolis, which advocates for market-based reforms within the European Union.
The Court’s ruling is also likely to undermine similar policies elsewhere in Europe. Austria’s safe country list includes nations such as Algeria, Morocco, Ghana, and Serbia, but legal experts warn these could now be challenged if minorities within those countries are found to be at risk. Going forward, all such designations must be based on current, verifiable, and publicly available data.
Andreas Rosenfelder, editor at Welt, called the ruling an act of “do-gooder justice” that sacrifices the rights of EU citizens in the name of universal morality. “This moralized judiciary would rather negotiate the injustices of the world than defend its own population,” he wrote. “If this impression continues to harden, then the citizens will choose a different Europe with a different judiciary.”
Responding to Friday’s ruling, Italian Prime Minister Giorgia Meloni expressed her outrage at the latest example of a supranational judiciary meddling in the domestic affairs of a member state.
Posting on social media, Meloni wrote, “The decision of the EU Court of Justice regarding the safe countries of origin for illegal migrants is surprising. Once again, the judiciary, this time at the European level, claims spaces that do not belong to it.
“This is a development that should concern everyone, including the political forces that today celebrate the ruling, because it further reduces the already limited margins of autonomy for governments and parliaments in shaping the normative and administrative direction of the migration phenomenon.
“The Court’s decision weakens policies aimed at countering mass illegal immigration and defending national borders. The Italian Government, for the 10 months remaining until the EU migration pact takes effect, will not cease to seek every possible solution, technical or normative, to protect the safety of citizens.”
Deputy Prime Minister Matteo Salvini called the ruling “another slap in the face to our country’s national sovereignty, yet another incentive for limitless landings, yet another confirmation not only of the uselessness but also of the harmfulness of European institutions of this kind, which are paid for by Italian citizens who, however, are constantly humiliated.”
IDF Chief of Staff Lt. Gen. Eyal Zamir speaks at a multi-front situational assessment at the Glilot base near Herzliya, July 21, 2025. (Israel Defense Forces)
IDF Chief of Staff Lt. Gen. Eyal Zamir has canceled plans for short trip to the United States, according to a military source.
The source says the trip was conditioned on there being a ceasefire in the Gaza Strip, and since that is not the case, he will not be flying tonight.
Zamir was set to attend the handover ceremony of the head of the US Central Command, as well as meet with US officials at the Pentagon, and leaders of Jewish groups, according to the IDF.
Because there is no ceasefire, “and due to the difficult situation of the hostage issue, and the great responsibility on his shoulders, he decided to cancel his trip,” the source adds.
END
ISRAEL HAMAS
Netanyahu decides on full occupation of Gaza Strip, IDF activity in areas with hostages, PMO says
An Israeli official told the ‘Post’ that Netanyahu will convene a meeting on Gaza and a hostage deal, noting that “the prime minister is considering all available options regarding next steps.
Prime Minister Benjamin Netanyahu against backdrop of IDF soldiers at war in Gaza (illustration).(photo credit: Getty Images/Chip Somodevilla, JACK GUEZ/AFP)ByAMICHAI STEIN, JERUSALEM POST STAFFAUGUST 4, 2025 20:18Updated: AUGUST 5, 2025 12:57
Prime Minister Benjamin Netanyahu has reached a decision for the full occupation of the Gaza Strip, including operations in areas where hostages are held, a source in the Prime Minister’s Office told The Jerusalem Post on Monday.
Additionally, on Tuesday morning, an Israeli official told the Post that Netanyahu will convene an extensive meeting on Gaza and a hostage deal, noting that “the prime minister is considering all available options regarding the next steps.”
The Israeli official added that US President Donald Trump’s Special Envoy Steve Witkoff returned to the US to meet with the president and “a broad consensus that a deal must include all the hostages.”
Hamas responds to reports of Israeli occupation of Gaza
Hamas responded to the reports about the intent to conquer Gaza, saying, “Israel’s threats are repetitive, worthless, and have no influence on our decisions.”
A screengrab from a Hamas propaganda video with Israeli hostage Evyatar David. (credit: SCREENSHOT/X, SECTION 27A COPYRIGHT ACT)
The announcement comes after months of talks in Doha between Hamas, Israel, and mediators to reach a ceasefire-hostage deal.
Hamas demanded that hundreds of trucks of aid would need to enter the Gaza Strip for the terror group to return to negotiations, despite increased international efforts to deliver resources to the Palestinian enclave in a way that would bypass the Islamist rulers of the strip.
Hamas also released videos over the weekend, showing emaciated hostages and claiming that they were starving as a result of widespread famine in the Gaza Strip.
Hamas holds aid to hostages as bargaining chip
While the Red Cross agreed to increase efforts to deliver aid directly to the hostages, in addition to the aid being delivered by the Gaza Humanitarian Foundation, Hamas responded that the resources would only be allowed to reach the men if Israel opens the humanitarian corridors permanently and halts “all forms of air traffic” during the delivery of packages to the hostages.
This is a developing story.
ISRAEL VS IRAN
IRAN IS BROKE; THEY NEED A HUGE INFUSION OF 1/2 TRILLION USA DOLLARS TO REBUILD
(JERUSALEM POST)
No cash to spare: Reconstructing Iran after Israel war could cost billions, Mideast expert says
Even before the conflict, Tehran estimated it needed more than $500 billion in foreign investment just to modernize outdated roads, grids, and ports, but now, resources would go to rebuilding.
People ride on a motorcycle as a view shows the aftermath of an Israeli strike on Evin Prison that took place on June 23, after the ceasefire between Israel and Iran, in Tehran, Iran, June 29, 2025.(photo credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)ByPELED ARBELIAUGUST 5, 2025 08:20Updated: AUGUST 5, 2025 09:19
The cost of rebuilding Iran after the brief but devastating 12-day war against Israel may exceed half a trillion dollars, with an economy strained by sanctions, capital flight, and investor jitters, Middle East scholar and Lt.-Col. (res.) Dr. Moshe Elad told Maariv on Tuesday.
Elad warned that Tehran must now divert scarce resources from social services and long-promised infrastructure upgrades to basic reconstruction, while trying to calm domestic unrest and reassure skittish partners abroad.
“Direct war damage alone runs to tens of billions – mostly energy and infrastructure,” Elad told Maariv. Israeli missile strikes and cyberattacks, he says, destroyed or crippled at least 120 residential towers, power stations, and key nuclear-enrichment facilities. Internet blackouts in the run-up to the ceasefire carried an extra price tag of roughly half a billion dollars.
Even before the conflict, Tehran estimated it needed more than $500 billion in foreign investment just to modernize outdated roads, grids, and ports. “Now a large share of resources will go to rebuilding the wreckage,” Elad noted, forcing the government to shelve or pare back major development plans that were meant to placate a weary public.
Iran entered the war demanding the release of about $70 billion in overseas assets and courting huge energy deals with India, China, and Russia. Those aspirations are now on hold. Sanctions have tightened, investors fear fresh volatility, and even long-time buyers such as China are sending cautious signals. Elad argues that instead of the hoped-for relief, Tehran now faces “a worsening economic crisis” marked by capital flight and a credit squeeze.
THE AFTERMATH of an Israeli strike on a building in Tehran, June 2025. (credit: WEST ASIA NEWS AGENCY/REUTERS)
Mounting pressure at home from economic pains
Economic pain is feeding social unrest. Prices for basic goods have surged, and unemployment in hard-hit provinces is climbing. The regime has responded with mass arrests and expedited executions aimed at deterring dissent. “Thousands have been detained, and the little popularity the regime had is gone,” Elad added, warning that flashpoints like Ahvaz, Tabriz, and Mashhad could ignite larger protests if reconstruction stalls or bread-and-butter subsidies shrink.
To coordinate the recovery, President Masoud Pezeshkian has convened a new Supreme National Security Council that includes senior defense, intelligence, and legal officials. Their immediate tasks: to restore power to industrial hubs, reopen damaged highways, and reassure foreign insurers that shipping lanes and pipelines are safe. Yet without hard currency, progress will be slow. “Even if sanctions eased tomorrow,” a Tehran-based economist tells Maariv, “it would take years to line up the financing, labor, and materials for a project list this long.”
The economic shortfall hampers Iran’s ability to rebuild its Islamic Revolutionary Guard Corps (IRGC) missile sites and restart advanced centrifuge production – the same programs that once gave it leverage in nuclear talks. Israeli strikes killed at least 11 senior scientists and 20 IRGC commanders, hollowing out technical expertise and leadership. Elad believes Tehran will now struggle to “grow” replacements quickly, further delaying any bid to return to full-scale enrichment or regional power projection.
Moscow has condemned the strikes but offered no aid; Beijing remains Iran’s biggest oil customer but is unwilling to bankroll reconstruction. In Europe, Tehran’s reliance on cyber-proxy groups and criminal networks has deepened its pariah status. “Instead of deterring its rivals, Iran is the one deterred and isolated,” Elad concluded.
If the regime cannot show visible progress within the next six to twelve months, analysts say, economic grievances could merge with political anger over succession planning for Supreme Leader Ali Khamenei, now 86. “How twenty years of buildup collapsed in twelve days of fighting,” Elad quipped, “may soon describe not just Iran’s military assets but its economic hopes as well.”
RUSSIAN VS UKRAINE
Russian Nuclear Submarine Base Damaged By Tsunami, Satellite Images Reveal
Monday, Aug 04, 2025 – 04:40 PM
Last week’s widely reported underwater earthquake off the coast of Russia’s Kamchatka Peninsula (on July 30) resulted in a tsunami which appears to have impacted the Rybachiy naval base, newly published satellite images show.
Crucially the Rybachiy base is Russia’s primary hub for nuclear submarines in the Pacific, and so was bound to feel some level of impact from an earthquake measuring 8.8 in magnitude which erupted just 140km away.
International reports say that when the earthquake struck, two Yasen-class nuclear-powered attack submarines were observed docked at the base – and in the path of the tsunami; however, there’s as yet no evidence of damage to the vessels themselves. Watch the visual comparison below:
Instead, some of the base infrastructure has been observed as suffering damage, according to satellite imagery analysis featured in The Telegraph.
“A section of one pier has bent away from its original position, possibly indicating that it was detached from its moorings, images taken by the Umbra Space satellite on Thursday morning have revealed,” the report says.
“It does not appear that a submarine was moored alongside at the time of impact and experts said damage to the structure alone would have little military significance,” it adds, before concluding: “However, questions were raised about whether the tsunami caused any further harm to the base, which was thought to have been hit within 15 minutes of the earthquake.”
The before and after satellite images featured by The Telegraph:
In the aftermath last week, pictures and videos widely circulated online showing significant damage to buildings and other infrastructure, amid flooding, at various locations in Kamchatka, particularly at Pacific ports and harbors.
Adding to worries about the area, the Klyuchevskaya Sopka volcano on the peninsula had also erupted.
Images showed that tsunami waves flooded an area in Severo-Kurilsk, Sakhalin Region, Russia:
According to The War Zone, “Russia has been moving in recent years to replace all of its remaining Soviet-era Delta class SSBNs with Borei types. The Delta III class submarine Ryazan, also known by its hull number K-44, appears to still be present at Rybachiy based on available satellite imagery, but whether it is actually operational or not is unclear.”
END
RUSSIA/ET AL
Russia Abandons Moratorium On Deploying Short & Medium-Range Missiles
Tuesday, Aug 05, 2025 – 02:45 AM
Russia on Monday made a formal declaration that it considers itself no longer bound by the terms of the 1987 Intermediate-Range Nuclear Forces (INF) Treaty with the United States.
The statement said the restrictions have “disappeared” and Russia “no longer considers itself bound” by it, according a Russian Foreign Ministry statement. The agreement banned ground-launched missiles with ranges of 500–5,500km.
However, this new declaration is largely symbolic anyway, given the INF Treaty already collapsed in 2019 when the US unilaterally withdrew while complaining of violations by Moscow. Also, Russia’s military has for years been using all kinds of missiles in Ukraine, including hypersonic weapons.
But Moscow all along said it was biding by the treaty’s terms, having imposed a self-moratorium. But this is no more…
“The Russian Foreign Ministry notes the disappearance of conditions for maintaining the unilateral moratorium on the deployment of similar weapons and is authorized to state that Russia no longer considers itself bound by the corresponding self-imposed restrictions previously adopted,” the statement reads.
Last week President Trump ordered two nuclear submarines to deploy “closer to Russia” – citing threatening nuclear rhetoric of former Russian president Dimitry Medvedev.
The “actions of Western countries” are creating a “direct threat” to Russian security, the ministry statement said. A few specifics instances of the US already in effect violating the treaty were highlighted:
Last year the US deployed a Typhon missile launcher in the Philippines.
The US Army also fired Typhon during regional joint exercises with Australia.
The Australian Army has an American Precision Strike Missile (PrSM), in July, and it has a maximum range beyond 500km
There’s been recent US missile activity in Denmark
Russian officials have long warned of an arms race being set off, harming global stability and security, if the US were to withdraw; but it fell on deaf ears and there’s merely one landmark treaty left between the superpowers: New START, which regulates nuclear weapons, and has to be renewed.
Russia NO LONGER bound by self-restrictions on deployment of intermediate and short-range missiles — Foreign Ministry
'West's build-up of destabilizing missile potentials create a direct threat to security of our country'
President Trump has recently expressed hope that New START treaty can be renegotiated and extended. At the moment, both sides seem open to this, and talks could start soon.
Amid all the latest nuclear-related rhetoric, more arrows from Medvedev…
The Russian Foreign Ministry's statement on the withdrawal of the moratorium on the deployment of medium- and short-range missiles is the result of NATO countries’ anti-Russian policy. This is a new reality all our opponents will have to reckon with. Expect further steps.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
ROBERT H TO US:
Phosphate toxicity and tumorigenesis – PubMed
I wonder how much of this is a real problem for people, given the ever rising cases of cancer. Things like ivermectin takes out perhaps 20-25% of the parasites that cause problems. Cleansing the bowels helps which is why often baking soda helps people to use as the last thing to add to clean water at night and first thing in the morning. Parasites even dead ones cause issues. It seems like perhaps phosphates are likely in the drinking water that many people drink. When you realize how almost all drinks are made, darn few drinks use filtered water cleaned of such ingredients. Unless you live where there is clean water drinking filtered water or ionized water that is filtered is the way to go to protect and limit yourself from such problems.
You judge for yourself, does CO2 increase and then temperature, or does temperature increase and the CO2? No doubt we pay attention & safeguard our world but global warming as presented is a FRAUD
‘In January 1998, the collaborative ice-drilling project between Russia, the United States, and France at the Russian Vostok station in East Antarctica yielded the deepest ice core ever recovered, reaching a depth of 3,623 m (Petit et al. 1997, 1999). Ice cores are unique with their entrapped air inclusions enabling direct records of past changes in atmospheric trace-gas composition. Preliminary data indicate the Vostok ice-core record extends through four climate cycles, with ice slightly older than 400 kyr (Petit et al. 1997, 1999). Because air bubbles do not close at the surface of the ice sheet but only near the firn-ice transition (that is, at ~90 m below the surface at Vostok), the air extracted from the ice is younger than the surrounding ice (Barnola et al. 1991). Using semiempirical models of densification applied to past Vostok climate conditions, Barnola et al. (1991) reported that the age difference between air and ice may be ~6000 years during the coldest periods instead of ~4000 years, as previously assumed. Ice samples were cut with a bandsaw in a cold room (at about -15°C) as close as possible to the center of the core in order to avoid surface contamination (Barnola et al. 1983).’
Figure 4 CO2 and temperature appear well-correlated in a gross sense but there are some significant deviations. At the terminations, the alignment is as good as observed for methane. But upon descent into the following glaciation there is a time lag between CO2 and temperature of several thousand years.
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.
‘Ice cores from Antarctica show that at the end of recent ice ages, the concentration of carbon dioxide in the atmosphere usually started to rise only after temperatures had begun to climb. There is uncertainty about the timings, partly because the air trapped in the cores is younger than the ice, but it appears the lags might sometimes have been 800 years or more.
One could thus argue that CO2 was not the trigger that caused the initial warming at the end of these ice ages.
What is your view? The defiance of Prime Minister Narendra Modi’s government reflected increasing frustration with a relationship that was once much praised but has been souring rapidly.
India Will Buy Russian Oil Despite Trump’s Threats, Officials Say
There is a growing sense in India that its leaders should not allow American policymaking to shape its choices on vital energy supplies.
Indian officials said on Saturday that they would keep purchasing cheap oil from Russia despite a threat of penalties from President Trump, the latest twist in an issue that New Delhi thought it had settled.
The defiance of Prime Minister Narendra Modi’s government reflected increasing frustration with a relationship that was once much praised but has been souring rapidly. There is a growing sense in India that its leaders should not allow increasingly volatile American policymaking to shape its choices on vital energy supplies for its huge population, 1.4 billion people.
Mr. Trump said last week that as part of his latest round of tariffs, he would impose an unspecified penalty on India in addition to a tariff rate of 25 percent if the country did not cut off its imports of Russian crude oil. On Friday, he appeared to echo reports of a recent dip in the arrival of Russian oil to India.
“I understand that India is no longer going to be buying oil from Russia,” he told reporters. “That’s what I heard. I don’t know if that’s right or not. That is a good step. We will see what happens.”
NEWS ADDICTS
LATEST REPORTS FOR NEWS JUNKIESTrump Praises Sydney Sweeney After Learning She’s a Registered RepublicanPresident Donald Trump had a lighthearted but pointed reaction after learning that actress Sydney Sweeney — at the center of a culture war firestorm over her American Eagle denim campaign — is a registered Republican.Speaking to the Daily Mail after landing in Allentown, Pennsylvania, the president responded with enthusiasm:“She’s a registered Republican? Oh, now I love her ad,” Trump said.“You’d …READ THE FULL REPORTLizzo Weighs in on Sydney Sweeney Ad with Jeans Image, Gets Dragged by FollowersLizzo drew backlash this week after she appeared to mock American Eagle’s viral Sydney Sweeney campaign, posting an AI-generated image of herself in full denim alongside the caption:“My jeans are black.”The image also included the text:“If the Democrats won the election.”“This Is Embarrassing”Commenters flooded Lizzo’s Instagram post calling the image divisive and unnecessary:“Lizzo this is embarrassing. Sydney being the face …READ THE FULL REPORTRussian Volcano Erupts After Nearly 500 YearsLess than a week after a powerful 8.8-magnitude earthquake shook Russia’s Far East and prompted tsunami alerts across the Pacific, the Krasheninnikov volcano in Russia’s Kamchatka Peninsula erupted on Sunday for the first time in centuries, spewing ash nearly 4 miles into the sky.According to the Kronotsky Nature Reserve, the volcano released ash plumes reaching 6 kilometers (3.7 miles) high. …READ THE FULL REPORTMTG Threatens Breakup with Republican PartyRep. Marjorie Taylor Greene (R-GA) is once again making headlines — this time for calling out her own party. In a candid interview with the Daily Mail, Greene expressed growing disillusionment with Republican leadership, accusing the party of abandoning its America First agenda and alienating conservative women.“I don’t know if the Republican Party is leaving me, or if I’m kind …READ THE FULL REPORTWoman Brutally Beaten in Cincinnati Attack Reveals Life‑Changing InjuriesHolly, the woman at the center of a brutal mob attack in downtown Cincinnati, has broken her silence, delivering an emotional on-camera message as she continues to recover from serious brain trauma sustained during the violent assault.The attack, captured on video, occurred during a street brawl that also involved an unidentified male victim. Holly, a single mother, was beaten unconscious …READ THE FULL REPORT
Red State Greenlights Arrest Warrants Amid Lawmaker ShowdownTexas Democratic lawmakers missed Gov. Greg Abbott’s (R) Monday deadline to return to the state legislature, prompting the Texas House to approve civil arrest warrants to compel their return and restore the quorum needed to vote on a GOP-backed congressional redistricting plan.The move escalates an already heated standoff between Republicans and Democrats over the controversial redistricting effort, which aims to …READ MORE
Texas Democrats face arrest warrants after blocking congressional map redrawHouse Republicans voted to issue civil arrest warrants for the absent Texas Democrats Monday, authorizing the House sergeant-at-arms and state police to apprehend and return them to the Capitol. This happened when more than 50 Democratic lawmakers fled the state on Monday, effectively blocking a scheduled vote in the Texas House of Representatives that aimed to move forward with a …READ MORE
Dem Mayor Destroys Historic Neighborhood After Outrageous Initiative BackfiresBoston’s affluent Beacon Hill neighborhood is increasingly burdened by open-air drug use and discarded needles, with residents attributing the surge to policies implemented by Democratic Mayor Michelle Wu’s administration. The 2022 initiative distributing free drug paraphernalia to addicts is at the center of growing criticism as the crisis spreads beyond traditional hotspots.Wu’s harm reduction program, aimed at reducing overdose deaths, provides …READ MORE
GOP Rep. Betrays Trump With Bold Power PlayRepresentative Kevin Kiley (R-CA) introduced legislation on Monday that would prevent states from redrawing congressional boundaries until after the 2030 census. The move comes as Texas Republicans prepare to unveil a high-stakes redistricting plan that could shift the balance of power in the U.S. House by creating five new GOP-leaning districts.According to Kiley, the bill is intended to “stop a damaging …READ MORE
Dem Sen. Raises Eyebrows With Mind-Boggling Take on Illegal ImmigrantsCalifornia Sen. Alex Padilla (D) addressed immigration issues on NBC’s “Meet the Press” Sunday, referring to illegal immigrants currently residing in the U.S. as “long-term residents.” His remarks come amid President Donald Trump’s second administration, which has enforced stringent immigration policies leading to a significant reduction in illegal border crossings.During the interview with NBC correspondent Kristen Welker, Padilla was asked if …READ MORE
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL /ENERGY ISSUES/WORLD WIDE
Crude Jittery As Trump Mulls New Sanctions On Russia’s ‘Shadow Fleet’
Tuesday, Aug 05, 2025 – 03:20 PM
Oil prices remain jittery today as the market digests yet another sanctions-threat targeting Russia.
President Trump is said to be mulling new sanctions on Russia’s so-called “shadow fleet” of oil tankers if Moscow doesn’t commit to a peace agreement with Ukraine by Friday.
Despite many threats, the Trump White House has yet to impose new sanctions on Russia since he took office. Already the Russian economy is incredibly isolated in the West’s eyes, while a growing Kremlin reliance on leading BRICS countries such as China and India has emerged.
Both of these countries have said they don’t plant to change course on Russian energy, even in the face of secondary sanctions which are being dangled by Washington.
Financial Times describes that oil sales from this ‘shadow fleet’ has been a key source of funding for the Kremlin’s war machine:
The “shadow fleet” consists of ships with obscure ownership structures that avoid Western services like insurance and logistics, making it difficult to penalize the owners directly. However, recent efforts to sanction the ships themselves have shown some success.
According to two individuals familiar with White House discussions, sanctions on the shadow fleet are viewed as a relatively straightforward way to increase pressure on Russia. A third source close to the administration confirmed that broader sanctions options, including targeting the fleet, are under review.
There are existing Biden era sanctions on over 200 named Russian crude, chemical, and product tankers. Trump has reportedly held back on expanding these sanctions on hopes of achieving ceasefire in Ukraine.
Russia has until Friday, sources cited in the FT say. “If enacted, additional U.S. measures would reinforce similar efforts by the European Union. Last month, the EU added over 100 ships to its sanctions list, raising the total to 415.”
This has done nothing to deter Putin’s ‘Special Military Operation’ in Ukraine. In many ways the West is out of ‘solutions’ as it has sanctioned Russia to unprecedented levels – and yet this has done little. The ultimate answer from Moscow’s point of view remains significant territorial concessions by Kiev and a clear binding pledge to never join NATO. And yet the Zelensky government has refused.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISS
CANADA/USA
Hey Canada, Your Failed Wildfire Management Is Poisoning America’s Skies
Monday, Aug 04, 2025 – 06:50 PM
Representative John James, a Republican from Michigan, penned a blistering letter to Canadian leaders, warning their out-of-control wildfires are “poisoning the air and threatening the health of millions across Michigan and the Midwest.”
Now, that toxic smoke is pouring into the Northeast, and soon, into New York City. Just when many thought Justin Trudeau’s leadership was disastrous, the beginning of the globalist Mark Carney era suggests things can and will likely get even worse.
Canada is experiencing its second-worst wildfire season on record. Government data shows 4,00 wildfires have been recorded so far this year.
“Despite the clear public health crisis, Canadian officials have shown alarming disregard,” Rep. James wrote in a press release, informing his constituents about the letter he fired off to Canadian leaders, urging immediate action to contain the growing wildfire crisis that is poisoning America’s air.
If Canada’s globalist ‘green’ leaders actually cared about the planet, they would have practiced proper forest management. But they didn’t, and they failed miserably. Rep. James noted that the 2023 wildfire season in Canada was equivalent to “running over 500 million cars for a full year.”
At the moment, smoke from 740 Canadian wildfires is spreading south and degrading air quality over a massive stretch of North America. New York City is under air-quality alerts…
“This lack of urgency undermines decades of cross-border cooperation and damages the U.S.—Canada relationship,” Rep. James said.
The bigger question is whether these forest fires are truly natural … or part of a broader form of hybrid warfare.
END
BRAZIL
Darth Vadar guarding our hero Bolsonaro:
Bolsonaro Placed Under House Arrest By US-Sanctioned Brazilian Supreme Court Head
Monday, Aug 04, 2025 – 08:30 PM
Late Monday there’s been more escalation in the Trump-Brazil standoff over the legal fate of former Brazilian President Jair Bolsonaro. The country’s top justices have ordered him to be put under house arrest.
The Supreme Court, which is still in the process of ruling on the Bolsonaro case – as he’s accused of an alleged coup attempt against his leftist rival President Luiz Inácio Lula da Silva – has now said he has defied a court order banning Bolsonaro from social media.
They say he’s attacking the nation’s institutions while still on trial, and after he’s already wearing a ankle monitoring brace.
Brazil has faced US sanctions (targeting among others Bolsonaro’s main rival and man driving what Trump has called a “witch hunt” – Supreme Court Justice Alexandre de Moraes) as well as the highest tariff rates in the world.
Moraes himself issued the house arrest order, despite now being specifically targeted by the Trump administration.
“Moraes said Bolsonaro had violated precautionary measures imposed by the court restricting the former president’s social media usage and political messaging,” according to Al Jazeera.
Moraes has said that Bolsonaro, who was president of the country between 2019 and 2022, has spread messages with “a clear content of encouragement and instigation to attacks against the Supreme Court and a blatant support for foreign intervention in the Brazilian Judiciary.”
Trump’s recent heightened intervention has added fuel to the fire, and the standoff has intensified, with the Lula government so far having refused to bend the knee.
Bolsonaro’s family members have also been very vocal, often acting as ‘messenger’ – for example hailing Trump’s punitive actions targeting the Supreme Court and Lula officials.
Brazilians are against the tyranny of Alexandre de Moreas and Lula. Down with the PT/STF regime pic.twitter.com/LeOaiVwzLb
Sunday saw tens of thousands of Bolsonaro supporters in the streets, in the major cities of Sao Paulo and Rio de Janeiro. They, with Trump, want a full pardon for Bolsonaro and his officials which have been persecuted with him.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1543 DOWN 0.0041 PTS OR 41 BASIS POINTS
USA/ YEN 147.46 UP 0.666 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 1.3274 DOWN .0023 OR 23 BASIS PTS
USA/CAN DOLLAR: 1.3793 UP 0.0024 (CDN DOLLAR DOWN 24 BASIS PTS)
Last night Shanghai COMPOSITE UP 34.29 PTS OR 0.96%
Hang Seng CLOSED UP 123.72 PTS OR 0.50%
AUSTRALIA CLOSED UP 1.20%
// EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 123.72 PTS OR 0.50%
/SHANGHAI CLOSED UP 34.29 PTS OR 0.96%
AUSTRALIA BOURSE CLOSED UP 1.20 %
(Nikkei (Japan) CLOSED UP 258.84 PTS OR 0.64%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3372.50
silver:$37.48
USA dollar index early TUESDAY morning: 98.80 UP 21 BASIS POINTS FROM MONDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing TUESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.044% DOWN 2 in basis point(s) yield
JAPANESE BOND YIELD: +1.484% DOWN 2 FULL POINTS AND 00/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.204 DOWN 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.453 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: 2.6311 DOWN 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1549 DOWN 0.0034 OR 34 basis points
USA/Japan: 147.55 UP 0.757 OR YEN IS DOWN 76 BASIS PTS//
Great Britain 10 YR RATE 4.5120 DOWN 0 BASIS POINTS //
Canadian dollar DOWN .0017 OR 17 BASIS pts to 1.3786
Bullion Bid On ‘Bad’ Data As Crude, Crypto, & Mega-Caps Skid
Tuesday, Aug 05, 2025 – 08:00 PM
Depending on which survey you choose to believe, the US Services sector is either soaring at its fastest pace in two years or it is crumbling to its weakest since the election, but overall, both hard and soft data is deteriorating recently…
Source: Bloomberg
However, the two diverging surveys did agree on one thing under the hood – prices are surging… and Breakevens are being supported by that fear…
Source: Bloomberg
But, after a couple of days of chaos, today was a rest day for most assets as stocks’ rebound stalled, bond yields went nowhere, and the dollar trod water.
Bond (yields) and stocks are completely decoupled from the Friday chaos…
Source: Bloomberg
Today saw stocks catch down a little with Nasdaq and S&P lagging while Small Caps managed a decent gain on the day…
The S&P finally snapped its streak above its 20-day moving average at 68 sessions – the 6th longest stretch in history back to 1928…
Breadth is starting to really creak…
Source: Bloomberg
Mega-Cap tech underperformed with Mag7 names weaker than the S&P 493…
Source: Bloomberg
Retail was unable to squeeze the ‘most shorted’ stocks.. for a change…
Source: Bloomberg
Treasury yields were mixed today with the long-end marginally lower and short-end marginally higher (2Y +4bps, 30Y -2bps), but all still seriously lower since the payrolls plunge…
Source: Bloomberg
The yield curve (2s10s) has flattened for the second day in a row, erasing two-thirds of Friday’s steepening…
Source: Bloomberg
Rate cut expectations rose for 2026 and fell for 2025 (but very modestly)…
Source: Bloomberg
The ‘bad’ data (dovish?) and inflation angst (hawkish) was a recipe for gold gains today…
Source: Bloomberg
The dollar ended the day unchanged…
Source: Bloomberg
Crude prices continued to drift lower amid OPEC+ and Russia sanctions headlines…
Source: Bloomberg
Crypto was clubbed like a baby seal today also with Bitcoin battered back down to a $112k handle briefly before bouncing…
Source: Bloomberg
Bitcoin’s recent outperformance of gold since Liberation Day has stalled at an interesting post-election level for the pair…
Source: Bloomberg
Finally, Happy Aug 5th…This time one year ago, the VIX was at 65.
The last few years have seen some serious decouplings between spot and vol in various event risk episodes…
The vol term structure has steepened a little in recent days, but is not yelling ‘panic’ yet – thoiugh we note Scott Rubner’s commentary earlier that since 1990, volatility has historically trended higher during September.
USA DATA RELEASES
lower imports because of tariffs will surely do the trick
(zerohedge)
US Trade Deficit Shrinks To 2-Year Lows
Tuesday, Aug 05, 2025 – 08:40 AM
The US trade deficit narrowed in June to the tightest since September 2023 as companies scaled back on imports after a massive tariff-front-running surge earlier in the year.
The goods and services trade gap shrank 16% from the prior month to $60.2 billion (slightly better – smaller – than the $61 billion expected)…
Source: Bloomberg
The value of imports fell 3.7% MoM while exports contracted by 0.5% MoM…
Source: Bloomberg
Total imports fell to their lowest since March 2024 while exports dropped to their lowest since January 2025…
Source: Bloomberg
Gold imports plunged to their lowest since 2019…
Source: Bloomberg
Finally, we note that China trade has been wild!!
*US JUNE GOODS EXPORTS TO CHINA RISE 45.4% M/M
*US JUNE GOODS IMPORTS FROM CHINA FALL 6.9% M/M
Which together make for the smallest trade deficit with China since February 2004…
As a reminder, these figures aren’t adjusted for inflation.
END
USA services PMI diverge again: S and P strong//ISM weak. The correct one is S and P
somehow these guys want to punish Trump
(zerohedge)
US Services Surveys Plunge… And Soar In July As Prices Paid Spike
by Tyler Durden
Tuesday, Aug 05, 2025 – 10:07 AM
Following the significant weakness exhibited by the Manufacturing surveys (and worsening ‘hard’ data), Services data
S&P Global US Services PMI ROSE from 52.9 to 55.7 in July – the highest since Dec 2024
ISM Services PMI FELL from 50.8 to 50.1 (below expectations) and near the lowest since June 2024
Just ridiculous…
Under the hood the two surveys agreed on weakness in the labor market and soaring inflation.
The employment index dropped to 46.4, contracting for the fourth time in five months and marking one of the lowest readings since the pandemic.
The group’s measure of prices paid for materials and services, meanwhile, climbed to 69.9 — the highest since October 2022.
“A strong rise in service sector business activity helped offset a slowdown in the manufacturing sector in July, signaling encouragingly robust economic growth at the start of the third quarter,” according to Chris Williamson, Chief Business Economist at S&P Global Market Intelligence
“While GDP has risen at an average 1.25% pace over the first half of 2025, July’s PMI is indicative of growth doubling to about 2.5%.“
“July’s expansion was driven by surging demand in the tech sector alongside rising financial services activity, the latter linked to improving financial conditions fueled in turn by recent stock market gains.
However, falling exports of services, which includes spending in the US by tourists, acted as a drag on growth alongside subdued demand from consumers more broadly.”
Spot the odd one out…
“The recent strengthening of demand has led to rising backlogs of work in the service sector, encouraging firms to take on staff again,“Williamson added:
“There was some caution seen in terms of hiring and expansion, however, linked to sharply rising costs, often attributed to tariffs, as well as reduced optimism about future prospects.
Alongside a drop in optimism in the manufacturing sector, the reduced confidence in the service sector contributed to one of the gloomiest outlooks seen over the past three years, hinting at some downside risks to growth in the coming months.”
So once again, take your pick… choose your own adventure?
When will Trump fire the head of the ISM?!
USA ECONOMIC NEWS
This is interesting; I understand Conservatives but this is strange: crypto?
(zerohedge)
White House Order To Punish Banks That Discriminate Against Conservatives, Crypto Companies
Tuesday, Aug 05, 2025 – 09:50 AM
The White House is about to unveil a new executive order that would punish big banks who discriminate against conservatives and crypto companies.
A draft of the order seen by the WSJdirects bank regulators to investigate whether any financial institutions may have violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws – with violators facing monetary penalties, consent decrees or other disciplinary measures, according to the draft.
People familiar with the EO told the Journal that it could be signed as soon as this week, though the order could become delayed or the administration’s plans may change.
The draft order doesn’t name any specific banks but appears to refer to an instance where Bank of America was accused of shutting down the accounts of a Christian organization operating in Uganda based on the organization’s religious beliefs. The bank has said it shut down the accounts because it doesn’t serve small businesses operating outside the U.S.
The draft order also criticizes the role that some banks played in an investigation into the Jan. 6, 2021, riots at the U.S. Capitol. -WSJ
As Cointelegraph notes, conservatives have also claimed that banks have denied them services based on political beliefs.
The banking industry calls the practice “derisking,” and financial institutions have broad discretion to close accounts, whether the account holder poses a legal, financial or reputational risk to the firm.
The Federal Reserve said in June that it would stop examining for reputational risk following similar moves made by the Office of the Comptroller of the Currency and the FDIC.
Crypto, meanwhile, was long in the crosshairs of the Biden administration – in what industry executives have alleged was an effort to cut crypto off from the financial system by using regulators to pressure banks into backing away from clients involved in digital assets.
As the outlet reports further, the reported draft order directs bank regulators to scrap any of their policies that may have contributed to banks dropping some customers, such as crypto firms.
It also directs the US government’s Small Business Administration to review banking practices that guarantee the loans made by the agency to small businesses.
The order asks regulators to refer some of the potential violations to the attorney general for the Department of Justice to follow up.
The Journal reported in June that the White House was planning for Trump to sign a similar order aiming at stopping banks from cutting off services to industries such as crypto.
“Operation Choke Point 2.0” claims
Crypto executives have claimed that former President Joe Biden began to cut off their industry from banking in late 2022 after the collapse of FTX, with the crypto exchange being revealed as a massive fraud.
Coinbase chief legal officer Paul Grewal testified at a Congressional hearing in February that the Biden-era Federal Deposit Insurance Corporation (FDIC) “bludgeoned the banks” with examinations and questions around crypto and stablecoins until they “relented under the pressure.”
A Coinbase-supported Freedom of Information Act lawsuit against the FDIC showed the agency asked certain financial institutions to pause crypto banking activities, which Grewal said showed the industry’s claim “wasn’t just some crypto conspiracy theory.”
Crypto venture capitalist Nic Carter coined the term “Operation Choke Point 2.0” in February 2023 to describe the perceived debanking phenomenon, taking inspiration from the Justice Department’s “Operation Choke Point” against banks and payday lenders in the 2010s.
end
you can guess why!!
Ugly, Tailing 3Y Auction Sees Worst Foreign Demand Since 2023
TUESDAY, AUG 05, 2025 – 01:34 PM
One week after the Treasury’s refunding announcement unveiled no major changes to the coupon auction schedule for the next few months, instead punting everything to Bills and leading to the following headline this morning:
*US TREASURY TO AUCTION $100 BILLION IN FOUR-WEEK BILLS
… moments ago we got the first actual refunding auction of the week when the Treasury sold $58BN in 3Y paper in a very mediocre auction.
The high yield was 3.669%, down from 3.891% in July and the lowest since last September as the market braces for the Fed’s September rate cut. As a reminder, high yields for the tenor peaked recently at 4.332% in January, and have dropped ever since. This was a 0.7bps tail to the 3.662% When Issued, the 3rd consecutive tail and 9th in the past 11 auctions.
The bid to cover was 2.526, above last month’s 2.509, but below the six-auction average of 2.589.
The internals were uglier: Indirects dropped to 53.99 from 54.11, the lowest since Dec 2023. And with Directs once again awarded a surprisingly high 28.1%, which was down from the record 29.4% in July but otherwise was the 2nd highest on record, Dealers were left with 17.9%, up from 16.5% and the highest since April as buyside demand among foreigners, for 3Y paper remains surprisingly weak.
Overall, this was a poor, tailing 3Y auction, with disappointing foreign demand and a surge in Directs to offset, and not surprisingly the bond market was less than excited after the break, although surprisingly yields have remained subdued with the 10Y trading at 4.20% before and after the auction.
Donald Trump’s far-ranging counter-revolution, to quote the old Star Trek mission statement, seeks “To boldly go where no one has gone before.”
Because no conservative president has dared to question the last 70 years of progressive cultural, social, economic, and political dominance, all traditional wisdom, all our renowned “experts,” and all the self-described “authorities” have no real credibility in their mostly flawed analyses and wrong prognoses.
Read what our legacy media predicted in March for this summer’s economy, or in January for the future of the border, or what would happen should the U.S. Air Force enter Iranian airspace.
Take the border.
“Comprehensive immigration reform” (a euphemism for rolling amnesties and a still-open border) was the establishment’s answer to 10,000 foreign nationals storming the border during peak surges of the Biden administration.
But no president had ever simultaneously:
1) pressured Mexico to close its borders and patrol ours,
2) announced a plan to complete a border wall along the entire US-Mexico boundary,
3) stopped catch-and-release,
4) ceased refugee applications after illegally entering the U.S.,
5) introduced policies encouraging voluntary self-deportation, and
6) prevented all illegal entries at the border.
The result is that we do not know the full effects of these combined border policies.
So far, one million foreign nationals have lost jobs, and 2 million Americans have gained them since Trump’s inauguration. How much money will be saved in local, state, and federal entitlements if illegal immigrants return home?
How much trauma and costs will be avoided if 500,000 criminal aliens are deported?
How many serious and lethal hit-and-run accidents will be prevented?
To what degree will the idea of citizenship be reenergized once it is not reduced to the equivalency of mere residence?
How many emergency rooms will have more space for U.S. citizens?
No one knows, but the consequences could be enormous.
The U.S. has never applied so many tariffs in so many ways upon so many goods from so many countries. As a result, economists have sworn since March that we are headed to a recession, stock collapse, stagflation, and high unemployment.
But do they really know the profit margins of our mercantile importers, who tariff our goods but expect easy entry for their exports to the U.S.?
Can importers pay a 15% tariff, still make a handsome profit, and not raise costs excessively on the U.S. consumer? If trade surpluses do not matter and tariffs hurt those who implement them, why do sophisticated Europeans, adroit Japanese, and smart Chinese prefer surpluses and tariffs to our deficits and zero or low tariffs? Are they on to something?
Do moderate tariffs encourage rather than retard American enterprise, on the theory that it will not be undercut by dumping and exchange manipulation and can also compete with far cheaper energy and transportation costs?
No one really knows these answers because the U.S. has never tried the current policy in quite the present way before.
We do know that the radical free trade and asymmetrical tariffs of the last half-century empowered China to world power status with a dangerous military and hollowed out the U.S. industrial interior.
Is the $2 trillion budget deficit, as predicted, set in stone? Will the national debt only grow to unsustainable levels? However, federal agencies have never announced annual cuts of nearly $200 billion—along with a ten percent reduction in the budget deficit.
Never has the government promised to deregulate and fast-track permits for construction, energy development, and manufacturing from 2-3 years to mere months. What will the financial results be?
Interior Secretary Doug Burgum suggests that $15 trillion in new foreign investments are now promised. If accurate, what will such influxes do to employment? To federal revenues? To the economy in general?
Is it possible that Treasury Secretary Scott Bessent could be right that $300 billion in federal income will come from new tariffs—if true, that might reduce the deficit by another 15 percent?
What is the effect on the economy of cheaper energy costs when production is slated to rise without draining the strategic petroleum reserve on the eve of elections?
No one has ever questioned universities before so systematically.
We do know that student loan debt has spiraled to $1.7 trillion. Graduation rates have dropped to about 50-60 percent of those who enroll. The average student now takes six—not four—years to graduate. Today’s graduates, by all accounts, leave universities with fewer analytical skills, less language fluency, and reduced general knowledge than in past decades. Faculties have never been more weaponized, with 90-95 percent reportedly holding progressive views.
If universities are taxed on their endowments, will that not force them to reconsider their efforts to maintain their non-profit status?
Will 15 percent limits on overhead charges on federal grants force researchers to watch their budgets and universities to curb their bloated administrative legions?
What is so wrong with curbing the tuition gouging and profiteering off foreign students, and limiting their numbers to ensure access to underserved, deserving Americans?
Will the end of segregated dorms, safe spaces, and “affinity” graduations lead to more integration and assimilation than do the current tribal fixations on race and ethnicity? Historically, does tribalism or assimilation best serve a nation?
Will meritocratic admissions improve student skills, rewarding those who study hard and encouraging those who do not to emulate those who do? Will minorities who are admitted under meritocratic criteria be seen as more or less qualified?
Are far fewer administrators, more emphasis on instruction and less on politics, and more students from the heartland and fewer from communist China or the illiberal Middle East such bad things?
In the last 50 years, affirmative action transmogrified into DEI racial separatism, chauvinism, and a system of reparatory spoils, played and manipulated by grifters, opportunists, and fakers, from Elizabeth Warren-style phonies and Jussie Smollett-like con artists to opportunists like Zohran Mamdani who game the system.
Has any chauvinistic multiracial democracy—like Brazil or India—or any multiethnic or multireligious confederation—such as Lebanon, the former Yugoslavia, or Iraq—ever succeeded by prioritizing caste, race, religious sectarianism, or ethnic tribalism?
Can any top-down imposed policy ever be successful when 70 percent of the electorate opposes it?
Can any government that institutionalizes bias and preferences succeed while ignoring class in favor of race—without ever clearly defining which racial criteria justify the entire spoils system, or why?
In our postmodern 21st-century system, no one knows exactly what will happen when race becomes incidental rather than essential. But we do know from history where we were headed under the current aberrant system.
Abroad, in the last 30 years, NATO was voluntarily hollowed out—largely praised in the abstract by European grandees and shorted and ignored in the concrete by Euro budget technocrats. Yet since the days of the Cold War, NATO members had not met their defense expenditure promises.
Now, most NATO members have met those commitments. Frontline NATO states like Sweden, Finland, and Poland are far better armed and prepared than legacy Western members like Belgium, Spain, or Italy. If there follows a rearmed and recommitted NATO, will not the world become a safer place?
We were told for a half-century to steer clear of Iran, the supposed unhinged, lethal bully of the Middle East. Their henchmen blew up barracks and embassies, took and executed hostages, and sowed terror throughout the Middle East with their killer surrogates Hezbollah, Hamas, and the Houthis.
But Iran had never really fought, much less won a war, since it pleaded with Saddam Hussein for an armistice from the catastrophic Iran-Iraq conflict.
What will be the effect on the Middle East with a currently impotent Iran, an inert Hezbollah, and a subterranean Hamas in hiding? More importantly, what is the current regional role of Iran without a nuclear program, air defenses, a navy, or expeditionary terrorist forces? Again, no one knows.
Finally, we have never seen anything quite so radical as the new Democratic Party, at least not since the McGovern blowout of 1972. In its 24/7, 360-degree fixation on hating Donald Trump and his MAGA agenda, rarely has a party embraced signature policies that are so despised by the American people. As a result, we have no idea what the result will be other than a national implosion at the polls.
Why would any political party embrace open borders, the influx of 12 million illegal aliens, 600 sanctuary cities, biological men dominating women’s sports, dismantling the oil, gas, coal, and nuclear industries, prosecutors who release rather than indict and convict violent criminals, defunding the police, tribal fixations and racial spoils systems in defiance of the Supreme Court, the terrorists of Hamas over democratic Israel, and overt campus anti-Semitism?
We are in the middle of a counter-revolution, whose fate will likely be decided in 15 months by the midterm elections and the status of the late 2026 economy.
Structural changes across the economy, culture, and politics of the country are underway. Our bicoastal experts and authorities are mostly predicting a multifaceted systems failure—without explaining why or how.
Yet the only constant in their predictions is that when and if they prove wrong, they will not pivot, correct, or apologize, but simply move on to their next flawed prognosis, fortified by their titles and letters after their names—but otherwise little else.
end
UPDATE
The Democrats who are masters of gerrymandering are now lecturing the Republicans not to do it in Texas. such hypocrits
(zerohedge)
‘Cowardice & Dereliction Of Duty’ – Texas Governor Orders Arrest Of Fleeing Democratic Lawmakers
Tuesday, Aug 05, 2025 – 06:15 AM
Update (1630ET): Promises made, promises kept…
Texas Governor Greg Abbott ordered the arrest of Democratic lawmakers who left the state to block a controversial vote on new congressional maps.
“Texas House Democrats abandoned their duty to Texans,” Abbott said in a statement Monday.
“I ordered the Texas Department of Public Safety to locate, arrest, and return to the House chamber any member who has abandoned their duty to Texans.”
Texas Attorney General Ken Paxton, who is running for the Republican nomination for US Senate, said he supported the speedy arrest of “jet-setting runaways” who left the state during the legislative session.
“This is cowardice and dereliction of duty, and they should face the full force of the law without apology,” Paxton said in a tweet.
…and cue the lawsuits.
* * *
Absconding to — where else — Chicago, Democratic members of the Texas House of Representatives fled the state on Sunday to break a quorum and prevent a vote on a redistricting plan that promises to boost the GOP’s share of seats in the US House of Representatives by five. In response, Gov. Greg Abbott threatened to remove them from office, replace them, and pursue felony charges against them, using extradition powers if need be.
Their choice of exile location is positively drenched in hypocrisy, as Illinois arguably has the worst gerrymandering in America — to Democrats’ benefit, of course. In 2024, Democrats won 53% of the popular vote in Illinois House races, but took 82% of the seats (14 out of 17).
A quorum is the minimum number of lawmakers present in order to conduct legislative business – a tactic they’ve used twice before in the 22 years since Republicans have controlled all of Texas state government (efforts which ultimately failed).
The Democrats plan to stay away for two weeks to run the clock on a special legislative session called by Gov. Greg Abbott (R) in order to draw the new map.
By state law, the Texas House can only conduct business when two-thirds of its 150 members are present, meaning at least 51 of the state’s 62 Democrats will stay away. So far, 57 have fled the state, according to State Rep. Jon Rosenthal (D), with members fleeing to Chicago, Boston and New York. All plan to remain out of the state until Aug. 19, when the special session concludes.
“Our goal right now is to kill this session,” said Rosenthal.
Abbott said if the Democrats don’t return by 3pm on Monday, he will invoke a Texas attorney general opinion and “remove the missing Democrats from membership in the Texas House,” and then pick their successors under power granted in the state constitution. Upping the ante, Abbott said many of the fleeing Democrats may have committed felonies, as they’re soliciting donations to cover fines they face under Texas House rules — arguing that they risk bribery charges for accepting money “to assist in the violation of legislative duties.” To bring them to justice, he said “I will use my full extradition authority to demand the return to Texas of any potential out-of-state felons.”Texas AG Ken Paxton (R), meanwhile, has threatened to arrest lawmakers who break quorum, though he won’t have jurisdiction over them outside of the state.
END
ABOUT TIME!!!
Senate GOP Could Bring Down Adam Schiff And Letitia James With LETITIA Act
It looks like Senate Republicans aren’t just talking tough on corruption – they’re laying the groundwork for real accountability, and Democrats like Sen. Adam Schiff and New York Attorney General Letitia James may finally have reason to worry.
Sen. John Cornyn has introduced the Law Enforcement Tools to Interdict Troubling Investments in Abodes—or the LETITIA Act, pointedly named after the New York AG herself. But this isn’t just a symbolic jab.
The bill represents a serious move to expand criminal liability and, more importantly, stiffen penalties for public officials who abuse their positions for personal gain—specifically through shady dealings like mortgage or tax fraud.
There’s no mistaking the intent behind this legislation.
Letitia James is famous for her partisan pursuit of President Trump, yet she herself now entangled in a federal investigation over mortgage fraud.
But the real intrigue emerges with the bill’s potential impact on Adam Schiff—the very same Schiff who for years cloaked himself in the language of integrity while leading partisan witch hunts against Trump and his allies.
The tables may be turning.
Details in the public record are damning. Housing authority Bill Pulte has accused Schiff of falsifying bank documents and misrepresenting primary residences across multiple states to secure more favorable mortgage terms. These aren’t garden-variety clerical mistakes—they’re deliberate moves that, under Cornyn’s proposal, would be subject to mandatory prison terms. If signed into law, the LETITIA Act would slap public officials convicted of bank fraud, loan or mortgage fraud, or tax fraud with minimum sentences—one year for bank or loan fraud, six months for tax fraud—ratcheting up to five years for repeated patterns of abuse. No more tepid reprimands or backroom wrist-slaps for insiders who get caught.
So, is this the moment where the Senate GOP draws a legal bullseye on Adam Schiff? Cornyn makes no effort to hide his intention to empower President Trump and authorities to finally “hold crooked politicians like New York’s Letitia James accountable for defrauding their constituents, violating their oath of office, and breaking the law.” The context leaves little doubt: this bill is meant not just as a warning to all but as a calibrated legislative knife aimed specifically at the likes of James and Schiff—high-ranking Democrats who have made a career out of prosecuting their rivals and hoisting the banner of unassailable virtue.
Adam Schiff, having cultivated an image as the tireless force against corruption and chaos, now finds that the same legal tripwires he spent years setting for others could be lying directly in his path. The Justice Department hasn’t pressed charges yet, but the bill puts a powerful tool in their hands—one designed to close the loopholes that have too long separated members of the political elite from real-world accountability.
When law’s hammer falls, it must strike without favoritism. The message from Senate Republicans is unmistakable: if Schiff is guilty of the mortgage fraud allegations leveled against him, he should face the same jail time and personal ruin the system eagerly imposes on anyone outside the Beltway. The LETITIA Act, if passed and enforced, tears down the shield of privilege, daring to answer the question: Will Adam Schiff finally be held legally accountable?
The answer may come sooner rather than later. For now, the Senate GOP has set the stage. The only thing left is for the Justice Department to decide whether it will step up and bring the same intensity to prosecuting Schiff as he did to others.
The days of untouchable insiders skating by on technicalities could finally be over.
END
USA NEWS/ANTISEMITISM..
KING NEWS
The King Report August 5, 2025 Issue 7648
Independent View of the News
Monday’s King Report: After five straight declines for the S&P 500 Index, traders, abetted by the Monday Rally, will play for a bounce. We are in peak summer vacation time. The markets will be even thinner. A determined few can generate wicked moves.
US stocks rallied sharply on Monday for the above reasons. Fangs/Mag 7 and other trading sardine led the rally. Those vehicles are favored by most investors and day traders in the known universe.
Bonds rallied modestly; precious metals rallied robustly; and the dollar declined moderately.
ESUs traded modestly lower during early Nikkei trading on Monday. After hitting a daily low of 6251.25 near their 18:00 ET opening, ESUs slowly trekked higher until the rally attained escape velocity after 20:00 ET. ESUs then plodded higher until they hit 6309.75 at 5:43 ET. After a retreat to 6294.75 at 7:11 ET, ESUs went inert until the rallies for the NYSE opening and Monday conflated into an explosion higher at 9:24 ET. ESUs hit 6330.50 at 9:48 ET.
ESUs then traded in a 16-handle range until they moved higher for a Noon Balloon. ESUs hit a daily high of 6352.00 at 13:11 ET. After a modest retreat, ESUs went inert until a last-hour A-B-C rally lifted them to 6359.50 at 16:00 ET.
Positive aspects of previous session US stocks staged an explosive rebound, led by the Trading Sardines. USUs were +6/32 at the NYSE close. Oil and gasoline declined smartly.
Negative aspects of previous session The dollar declined moderately; precious metals rallied moderately.
Ambiguous aspects of previous session Is the summer top in or still in progress?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6310.79 Previous session S&P 500 Index High/Low: 6330.69; 6271.71
The CCP Is Inside the Fed: Shocking New Evidence of Chinese Infiltration at America’s Central Bank… According to this damning Senate report, the Fed’s own counterintelligence team identified a group of 13 employees across eight regional banks—internally referred to as the “P-Network”—who exhibited serious red flags linked to the Chinese government… Though some CCP activities predate Fed Chair Jerome Powell’s tenure, the threat deepened dramatically under him… The Chinese Communist Party has made clear its goal is to replace the U.S. dollar with the yuan, dominate global finance, and sideline America from the world stage… This is not just a scandal—it’s a national emergency…https://nataliegwinters.substack.com/p/the-ccp-is-inside-the-fed-shocking
Palantir EPS: 0.16, 0.14 exp; rev: $1.0B, $939.71m exp; Sees Q3 rev $1.08B-$1.09B, $981.1m exp. PLTR, a burgeoning trading sardine, soared as much as 7.2%.
Fed’s Daly: Job Market Softening, Further Weakness Unwelcome; No Sign Tariffs Driving Persistent Inflation; Must Act on Likely Outcomes, Not Certainty – BBG
Today – After the furious rally on Monday, US stocks are no longer oversold on a trading basis. However, after a 5-day decline, there are usually two rally days. Traders will play for a TACO Tuesday Rally. If stocks get too jiggy in the morning and/or at midday, be alert for a late reversal.
To reiterate: It’s peak summer vacation time; so, a determined few can create explosive trading moves in the very thin markets.
August trading is like NFL exhibition football. You cannot take the results seriously because most impact guys are absent. But you can garner important information for the real action when it appears in the fall.
Expected Economic Data: June Trade Balance -$61.3B; July S&P Global US Services PMI 55.1; July ISM Services Index 51.5, Prices Paid 67
ESUs are +6.50; NQUs are +28.00; AU is +4.70; and USUs are +3/32 at 20:30 ET on Daly’s dovishness.
S&P Index 50-day MA: 6139; 100-day MA: 5857; 150-day MA: 5893; 200-day MA: 5903 DJIA 50-day MA: 43,484; 100-day MA: 42,249; 150-day MA: 42,695; 200-day MA: 42,888 (Green is positive slope; Red is negative slope)
S&P 500 Index (6329.94 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 5916.35 triggers a sell signal Daily: Trender and MACD are negative – a close above 6437.60 triggers a buy signal Hourly: Trender is negative; MACD is positive – a close above 6335.50 triggers a buy signal
DOJ launching grand jury investigation into Russiagate conspiracy allegations: source Pam Bondi acts on Tulsi Gabbard’s criminal referral claiming intelligence community suppression https://www.foxnews.com/politics/doj-launching-grand-jury-investigation-russiagate-conspiracy-allegations-source @MikeBenzCyber: The first step in justice for Russiagate has just been taken. (MSM mum!) @JonathanTurley: Half of the lawyers in Washington just went under retainer…and it seems like the other half are retaining them.
John Solomon: “Most likely, my sources are telling me it could be in Florida where the raid of President Trump’s Mar-a-Lago home happened.” (To avoid corrupt DC juries and judges! Team Obama-Biden made an egregious error in raiding DJT’s home, Mar-A-Lago, in Florida!)
Now, Team Obama-Biden Democrats will endure what Team Trump has experienced. ‘They’ will learn that even if not guilty, ‘the process is the punishment.’ Beaucoup bucks will be spent on trial attorneys; lives will be greatly disrupted. Does Bondi have the temerity to order pre-dawn SWAT raids on Dems?
@paulsperry_: James Comey told DOJ’s watchdog the Steele dossier, which he called the “Crown material,” was incorporated with the ICA because “The IC analysts found it credible on its face.” But newly declassified documents reveal analysts did not find it credible and objected to its use.
@nicksortor: The Texas House has just passed a motion to issue ARREST WARRANTS for the Democrats who fled the state…
Texas Gov. Greg Abbott officially ordered the arrest of the Texas House Democrats who fled to Illinois.
Governor Abbott Directs Texas Rangers to Investigate Delinquent Texas House Democrats Reports indicate that many absentee Texas House Democrats have solicited or received funds to evade conducting legislative business and casting votes. Under the Texas Penal Code, any of those Democrats who solicit, accept, or agree to accept such funds to assist in the violation of legislative duties or for purposes of skipping a vote may have violated bribery laws. Also, it could be a bribery violation for any other person who offers, provides, or agrees to provide such funds to fleeing Democrat House members… https://gov.texas.gov/news/post/governor-abbott-directs-texas-rangers-to-investigate-delinquent-texas-house-democrats
NY Gov Hochul is irate that Texas has finally copied NY, LA, and IL and removing GOP districts via gerrymandering. Why did it take so long for GOP elites to do what Dems did? We all know why!
Just the News: New York Democratic Gov. Kathy Hochul is considering redistricting options in her state as Texas Republicans are attempting to redraw their congressional maps, saying Monday that her party has to “fight fire with fire.”… (NY, like CA and IL has already done the deed!) In 2022, New York’s House maps were struck down by a court for giving Democrats a partisan advantage… New York Democrats wouldn’t be able to change the congressional maps in time for the 2026 election cycle… https://justthenews.com/government/state-houses/hochul-considers-redistricting-options-new-york-amid-texas-gop-push-fight
@Breaking911: When redistricting occurs in blue states, it’s “equity.” When redistricting occurs in red states, it’s “un-American.”
@JonathanTurley: In a self-parody, Rep. Crockett is denouncing the Supreme Court as out of control after a vulgar attack on President Trump. She called for “real guardrails around this Supreme Court.” It is a shame that James Madison did not have Jasmine Crockett to help frame Article III. One can only imagine what a Crockett Court would look like, but justices will clearly be asked to make greater use of the chairs in the Court Chamber…
@AJManaseer: World to Chicago: “Hey, you guys are headed for bankruptcy unless you control your spending.” Chicago: “LMAO, bet. Hold my beer.” 2019-2025 Spending Growth: LA: +21%, NYC: +26% Chicago +60%
@historycalendar: Andrew Jackson was the only US President to have ever been a prisoner of war. At age 13, Jackson was captured by the British during the American Revolution. When Andrew refused to clean the boots of a British officer, the officer slashed at Jackson with a sword. (Scar on face)
SWAMP STORIES FOR YOU TONIGHT
California governor candidate calls Auschwitz ‘solution for homelessness,’ sparks critisism
California’s candidate Langford said he was proud of his “German ancestry” and called Auschwitz a “great work camp,” sparking controversy.
Auschwitz concentration camp, operated by Nazi Germany in occupied Poland during the Holocaust.(photo credit: WALLPAPER FLARE)ByJERUSALEM POST STAFFJULY 27, 2025 17:27Updated: JULY 27, 2025 18:50
The Auschwitz Memorial Museum slammed Kyle Langford, Republican candidate for Governor of California, after his antisemitic remarks, calling out his actions as a “profound moral failure.”
“The instrumentalization of the tragedy of all those imprisoned and murdered in the German Nazi concentration and extermination camp Auschwitz for political messaging is a profound moral failure,” said the official Auschwitz Memorial Museum.
The instrumentalization of the tragedy of all those imprisoned and murdered in the German Nazi concentration and extermination camp Auschwitz for political messaging is a profound moral failure. Auschwitz is not a prop. @KyleLangfordCA, your post is an affront to the dignity of… pic.twitter.com/06E6RYPXG8
— Auschwitz Memorial (@AuschwitzMuseum) July 26, 2025
“Auschwitz is not a prop. Kyle Langford, your post is an affront to the dignity of the victims and a disturbing display of insensitivity and disregard for the horrifying human history.”
Langford, who is currently the leading Republican candidate in California, published a photo of himself at the entrance of Auschwitz with a text that said: “My 0% unemployment plan.”
He also doubled down after being called out by the memorial museum, posting a message that said his “German ancestors smile upon him” and thanked the organization for a “shoutout.”
Kyle Langford candidate for governor of California, posted a photo of himself in Auschwitz. (credit: X/Twitter)
A candidate with nothing to lose
Langford’s comments came as he aims to secure a spot as one of the two candidates to fight for the California governor, where he faces low chances of competing due to the nonpartisan top-two primaries system and the heavy advantage that Democrats have in the state.
My German 🇩🇪 Ancestors smile upon me 🥹 (& My most sincere of Thank you’s for the massive shoutout @AuschwitzMuseum 💜)
That allowed him to focus on a campaign centered around explosive comments, with antisemitism being one of his main points when trying to show himself as “disruptive.”
His comments on Auschwitz came as a “solution” to the homelessness and unemployment crisis in California, while he also called the death camp a “beautiful work camp.”
end
DOJ To Present Russiagate Hoax To A Grand Jury For Criminal Charges
Attorney General Pam Bondi has directed that the Justice Department move forward with a probe into the origins of the Trump-Russia investigation, following the recent release of documents about collusion between the Obama administration and the 2016 Hillary Clinton campaign.
Bondi has directed a prosecutor to present evidence to a grand jury after referrals from the Trump administration’s top intelligence official, a person familiar with the matter said Monday.
Fox News first reported the development.
It was not clear which former officials might be the target of any grand jury activity, where the grand jury that might ultimately hear evidence will be located or which prosecutors — whether career employees or political appointees — might be involved in pursuing the investigation.
It was also not clear what precise claims of misconduct Trump administration officials believe could form the basis of criminal charges, which a grand jury would have to sign off on for an indictment to be issued.
Grand Jury convening for the first time on the Russiagate Conspiracy.
In one batch of documents released last month, Gabbard disclosed emails showing that senior Obama administration officials were aware in 2016 that Russians had not hacked state election systems to manipulate the votes in Trump’s favor.
Sen. Chuck Grassley, the Republican chairman of the Senate Judiciary Committee, also released a set of emails last week.
The emails were part of a classified annex of a report issued in 2023 by John Durham, the special counsel who was appointed during the first Trump administration to hunt for any government misconduct during the Russia investigation.
According to the annex, an FBI informer identified as “TI” provided the bureau in 2016 with two intelligence reports, which described “confidential conversations” between then-Democratic National Committee Chair Debbie Wasserman Schultz and two people at the George Soros-funded Open Society Foundation: Leonard Bernardo and Jeffrey Goldstein.
The report said that then-President Barack Obama didn’t want Hillary’s scandal to taint his legacy.
Accordingly, “To solve the problem, the President puts pressure on FBI Director James Comey through Attorney General Lynch, however, so far without concrete results.”
The same report also said that Comey favored Republicans, and that the FBI didn’t have any evidence against Clinton—because she deleted her emails.
While the FBI informant’s intelligence wasn’t corroborated at the time, the FBI indeed closed its investigation into Clinton without recommending charges.
Republicans have particularly focused on a July 27, 2016, email in Durham’s newly declassified annex that claimed that Hillary Clinton had approved a plan during the heat of the campaign to link Trump with Russia.
Durham’s own report took pain to note that investigators had not corroborated the communications as authentic and said the best assessment was that the message was “a composites of several emails” the Russians had obtained from hacking.
end
for sure!!
The Real Russiagate Scandal Blows Away Watergate For Crimes And Treason By US Establishment
So the hoax is finally officially acknowledged. “Russiagate” – the mainstream narrative, that is – is now described by American intelligence chiefs as a fabrication that was concocted to overturn the results of the 2016 U.S. presidential elections.
Tulsi Gabbard, the current Director of National Intelligence (DNI), and CIA director John Ratcliffe have both accused former President Barack Obama of engaging in a “treasonous conspiracy” to subvert the constitutional process. It’s not just Obama who is implicated in this high crime. Other former senior officials in his 2013-17 administration, including former DNI James Clapper, CIA director John Brennan, and head of the FBI James Comey, are also implicated. If justice is permitted, the political repercussions are truly earth-shattering.
The potential impact is not confined solely to the violation of U.S. laws and the democratic process – bad enough that is. The Russiagate scandal that began in 2016 has had a lasting, damaging effect on U.S. and European relations with Russia.
The frightfully dangerous NATO proxy war incited in Ukraine, which threatens to escalate into a full-scale world war, was fueled in large part by the hostility generated from the false claims of Russian interference in the U.S. elections.
The allegations that Russian President Vladimir Putin oversaw a subversion campaign against the 2016 U.S. election and colluded with Donald Trump to get him elected were always specious. The scandal was based on shoddy intel claims to purportedly explain how Trump defeated his Democrat rival, Hillary Clinton. Subsequently, the scandal was hyped into a seemingly credible narrative by U.S. intelligence chiefs at the direction of then-President Barack Obama as a way to delegitimize Trump’s incoming first-term presidency.
Years before the recent intelligence disclosures, many independent journalists, including Aaron Maté, and former intelligence analysts like Ray MacGovern and William Binney, had cogently disproven the official Russiagate claims. Not only were these claims false, they were knowingly false. That is, lies and deliberate distortions. Russia did not hack emails belonging to the Democratic National Committee to discredit Clinton. Clinton’s corruption was exposed by a DNC internal leak to Julian Assange’s Wikileaks whistleblower site. That was partly why Assange was persecuted with years-long incarceration.
A large enough number of voters simply despised Clinton and her warmongering psychopathy, as well as her sell-out of working-class Americans for Wall Street largesse.
Furthermore, Moscow consistently denied any involvement in trying to influence the 2016 U.S. election or attempts to favor Trump. Putin has said more than once that Russia has no preference about who becomes U.S. president, implying that they’re all the same and controlled by deeper state forces. Laughably, too, while Washington accused Moscow of election interference, the actual record shows that the United States has habitually interfered in scores of foreign elections over many decades, including those of Russia. No other nation comes close to the U.S. – the self-declared “leader of the free world” – in sabotaging foreign elections.
In any case, it is instructive to compare the Russiagate farce with the Watergate scandal.
Watergate involved spying by the White House of President Richard Nixon against a Democrat rival in the 1972 election. The political crisis that ensued led to Nixon’s resignation in disgrace in 1974. The U.S. nation was shocked by the dirty tricks. Several senior White House officials were later convicted and served time in jail for crimes related to the affair. Nixon was later pardoned by his successor, Gerald Ford, and avoided prosecution. Nevertheless, Watergate indelibly disgraced U.S. politics and, at the time, was described as “the worst political scandal of the 20th century.”
Subsequent cases of corruption and malfeasance are often dubbed with the suffix “gate” in a nod to Watergate as a momentous political downfall. Hence, “Russiagate.”
There are hugely important differences, however.
While Watergate was a scandal based on factual crimes and wrongdoing, Russiagate was always a contrived propaganda deception.
The real scandal behind Russiagate was not Trump’s alleged misdeeds or those of Russia, but the criminal conspiracy by Obama and his administration to sabotage the 2016 election and subsequently to overthrow the Trump presidency and the democratic will of the American people. Tulsi Gabbard, the nation’s most senior intelligence chief, has said that this amounts to “treason,” and she has called for the prosecution of Obama and other former senior aides.
Arguably, the real Russiagate scandal is far more criminal and devastating in its political implications than Watergate. The latter involved illegal spying and dirty tricks. Whereas, Russiagate involved a president and his intelligence chiefs trying to subvert the entire democratic process. Not only that, but the U.S. mainstream media are also now exposed for perpetrating a propaganda heist on the American public. All of the major U.S. media outlets amplified the politicised intelligence orchestrated by the Obama administration, claiming that Russia interfered in the election and that Trump was a “Kremlin stooge.” The hoax became an obsession in the U.S. media for years and piled up severe damage in international relations, a nefarious legacy that we are living with today.
The New York Times and Washington Post, reputedly two of the finest exponents of American journalism, jointly won the Pulitzer Prize in 2018 for their reporting on Russiagate, the official version, that is, which lent credibility to the hoax. In light of what we know now, these newspapers should be hanging their heads in shame for running a Goebbels-like Big Lie campaign to not only deceive the U.S. public but to subvert the democratic process and poison international relations. Their reputations are shredded, as well as those of other major media outlets, including ABC, CBS, CNN, and NBC.
Ironically, The Washington Post won the Pulitzer Prize in 1973 for its reporting on the Watergate scandal. The story was made into a best-selling book, All The President’s Men, and a hit Hollywood movie starring Robert Redford and Dustin Hoffman, playing the roles of intrepid reporters Bob Woodward and Carl Bernstein. Woodward and Bernstein and The Washington Post were acclaimed as the finest in U.S. journalism for exposing Watergate and bringing a crooked president to book.
How shameful and absurd that an even greater assault on American democracy and international relations in the form of Russiagate is ignored and buried by “America’s finest”. That the scandal is ignored and buried should be of no surprise because to properly reveal it would shatter the foundations of the U.S. political establishment and the sinister role of the deep state and its mainstream media propaganda system
harveyorganblog.com 
