LEASE RATES:
platinum ..OFF THE CHART//29.5%
gold: 6.0%
silver lease rate today//6.5%
099 H DEUTSCHE BANK AG 642
323 C HSBC 190
363 H WELLS FARGO SECURITI 248
661 C JP MORGAN SECURITIES 30 621
686 C STONEX FINANCIAL INC 4
690 C ABN AMRO CLR USA LLC 1 10
726 C PLUS500US FINANCIAL 1
737 C ADVANTAGE FUTURES 1
845 C GOLDMAN SACHS CLEARI 2
905 C ADM 22 7
991 H CME 115
GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2025: 947 CONTRACTs NOTICES FOR 94,700 OZ or 2.945 TONNES
total notices so far: 21,785 contracts for 2,178,500 OR 67.760 tonnes)
SILVER NOTICES:0 NOTICE(S) FILED FOR NIL OZ/
total number of notices filed so far this month : 1471 CONTRACTS (NOTICES) for 7.355 million oz
EXCHANGE FOR RISK ISSUANCE FOR SILVER/MAY
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 16.775 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 25,000 OZ QUEUE JUMP//NEW STANDING REMAINS AT 7.6750 MILLION OZ
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY TODAY’S STRONG QUEUE JUMP OF 2.587 TONNES + 5.4432 TONNES EX FOR RISK/AUG 7 //NEW STANDING ADVANCES TO 68.842 TONNES OF GOLD + 5.4432 TONNES EX FOR RISK = 74.2852 TONNES
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: 45.56 TONNES QUITE SMALL
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 789 CONTRACTS OI TO 160,473 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 1500 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 1500 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1500 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 789 CONTRACTS AND ADD TO THE 1500 E.FP. ISSUED
WE OBTAIN A GOOD SIZED GAIN OF 711 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.02 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 3.555 MILLION PAPER OZ
OCCURRED WITH OUR TINY $0.02 GAIN IN PRICE.
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
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 5.67 PTS OR 0.16%
//Hang Seng CLOSED UP 157.08 PTS OR 0.63%
// Nikkei CLOSED UP 264.29 PTS OR 0.65% //Australia’s all ordinaries CLOSED DOWN 0.14%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1771 OFFSHORE CLOSED UP AT 7.1796/ Oil DOWN TO 64.91 dollars per barrel for WTI and BRENT DOWN TO 67.33 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP IN TRADING AT 7.1771 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1796 AGAINST US DOLLAR/ AND THUS STRONGER
ASIAN MARKETS THIS WEDNESDAY MORNING:
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
END
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 1160 CONTRACTS TO 450,807 OI DESPITE OUR LOSS IN PRICE OF $8.15 WITH RESPECT TO WEDNESDAY’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 (4680 ). WE HAD NO T.A.S. LIQUIDATION //WEDNESDAY TRADING AS WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 6718 CONTRACTS
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 THURSDAY MORNING, AUGUST 7 THE CME ANNOUNCED MUCH TO MY HORROR ITS FIRST EXCHANGE FOR RISK ISSUANCE OF 1750 CONTRACTS FOR 175000 OZ OR (5.4432 TONNES OF GOLD, THIRD HIGHEST ON RECORD!!. I WILL PUT MY MONEY THAT THE RECIPIENT OF THIS IS OUR OWN FRBNY.
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: 1 FOR A MONSTER 1750 CONTRACTS OR 175000 OZ ( 5.443 TONNES)
AS I EXPLAINED ABOVE,:THE RECPIENT OF EXCHANGE FOR RISK CAN BE EITHER:
- THE BANK OF ENGLAND
- THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS)
THE COUNTERPARTY TO EITHER THE BANK OF ENGLAND’S OR THE FRBNY ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, REPRESENTING THE CENTRAL BANK OF ENGLAND OR THE FRBNY, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 7TH MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.(DEC THROUGH AUGUST
DETAILS ON AUGUST COMEX MONTH//INITIAL
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 5840 CONTRACTS DESPITE OUR SMALL 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 915 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 LAST WEEK 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 A QUEUE JUMP OF 1.577 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK PRIOR + 2.195 TONNES EX FOR RISK = 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 1.629 TONNES//NEW STANDING 66.255 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 TODAY’S STRONG QUEUE JUMP OF 2.587 TONNES PLUS AUGUST 7TH A HUGE 5.443 TONNES EX FOR RISK/NEW STANDING ADVANCES TO 74.2852 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 4680 EFP CONTRACT WAS ISSUED: : /AUGUST 4680 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4680 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//WEDNESDAY
- 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 WEDNESDAY NIGHTTHURSDAY MORNING WAS A SMALL SIZED SIZED 915 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE LAST WEEK ON OPTIONS EXPIRY WEEK ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS TRADING;
THROUGHOUT THE FEW YEARS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE..
THAT SET UP YESTERDAY’S LOSS IN PRICE IN GOLD BUT A CORRESPONDING GAIN OF COMEX OI AND A STRONG EXCHANGE FOR PHYSICAL ISSUANCE.. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK LATE IN JULY AND THIS WAS FOLLOWED WITH AUGUST’S FIRST ISSUANCE OF EXCHANGE FOR RISK FOR 1,750 CONTRACTS OR 175000 OZ (5.4452 TONNES)
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 2.587 TONNES TO WHICH WE ADD TODAY’S HUGE 5.4432 EXCHANGE FOR RISK//NEW STANDING ADVANCES AS FOLLOWS:
68.842 TONNES NORMAL DELIVERIES +
5.4432 TONNES EXCHANGE FOR RISK
EQUALS
74.2852 TONNES OF GOLD.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS OF 2021-2025:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:STANDING FOR GOLD/COMEX
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 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: 66.276 TONNES (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
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD TRADING/AUGUST CONTRACT MONTH
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A $8.15/ /) BUT 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 LITTLE IF ANY 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 THIS WEEK.
THURSDAY MORNING//WEDNESDAY NIGHT
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL WEDNESDAY EVENING/ THURSDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING WEEKS TO DELIVER
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /AUGUST 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 283,400 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
AUGUST: ONE SO FAR, AUGUST 7 AT 1750 CONTRACTS FOR 175000 OZ (5.443 TONNES OF GOLD)
THUS 68.842 TONNES OF GOLD STANDING (INCLUDING ALL QUEUE JUMPS) + 5.443 TONNES EXCHANGE FOR RISK = 74.2852 TONNES.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
ANALYSIS AUGUST DELIVERY MONTH GOING FROM FIRST DAY NOTICE// AUGUST COMEX CONTRACT
WE HAVE GAINED A STRONG SIZED TOTAL OF 20.89 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 WEDNESDAY’S HUGE QUEUE JUMP OF 2.587 TONNES OF GOLD AND THEN ADD TODAY’S 5.4432 TONNES OF EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 74.2852 TONNES
ALL OF THIS HUGE STANDING FOR AUGUST WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $8.15
WE HAD A HUGE 878 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 5840 CONTRACTS OR 584000 0Z (18.164 TONNES)
confirmed volume WEDNESDAY 175,872 contracts// poor
speculators have left the gold arena
END
INITIAL GOLD COMEX
AUGUST 7 CONTRACT MONTH
AUGUST 1/2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 1 entry Out of JPMorgan 10,995.842 oz 342 kilobars total withdrawal 10,995.842 oz (0.342 tonnes) . |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 ENTRY xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 947 notice(s) 94,700 OZ 2.945 TONNES |
| No of oz to be served (notices) | 348 contracts 34,800 OZ 1.082 TONNES |
| Total monthly oz gold served (contracts) so far this month | 21,785 notices 2,178,500 oz 67.760 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits:
0 ENTRIES
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
1 entry
Out of JPMorgan 10,995.842 oz
342 kilobars
total withdrawal 10,995.842 oz
(0.342 tonnes)
adjustments: 2
i) Loomis 385.812 oz dealer to customer//12 kilobars)
ii) Manfra 2893.590 oz dealer to customer (90 kilobars)
AMOUNT OF GOLD STANDING FOR AUGUST
THE FRONT MONTH OF AUGUST STANDS AT 1295 CONTRACTS FOR A GAIN OF 233 CONTRACTS
WE HAD 599 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED A MONSTER SIZED 832 CONTRACTS OR A 83,200 OZ OF GOLD (2.587 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 145 CONTRACTS TO 6224
OCTOBER GAINED 2223 CONTRACTS UP TO 73,046
We had 947 contracts filed for today representing 94,700 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 30 notices issued from their client or customer account. The total of all issuance by all participants equate to 947 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 621 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 (21,785 X 100 oz ) to which we add the difference between the open interest for the front month of AUGUST ( 1295 CONTRACTS) minus the number of notices served upon today (947 x 100 oz per contract) equals 2,213,300 OZ OR 68.842TONNES TO WHICH WE ADD OUR INITIAL ISSUANCE OF 5.443 TONNES OF EXCHANGE FOR RISK = 74.2852 TONNES.
thus the INITIAL standings for gold for the AUGUST contract month: No of notices filed so far (21,785 x 100 oz +we add the difference for front month of AUGUST (1295 OI} minus the number of notices served upon today (943 x 100 oz) which equals 2,213,300 OZ OR 68.842 TONNES + 5.4432 TONNES EX FOR RISK = 74.2852 TONNES
TOTAL COMEX GOLD STANDING FOR AUGUST.: 74.2852 TONNES WHICH IS VERY STRONG FOR THIS NORMALLY ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 2,018,562.121 oz 62.785 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,668,707.679 oz
TOTAL REGISTERED GOLD 21,294,614.127 or 662.351 tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,374,093.552 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 19,276.714 oz ((REG GOLD- PLEDGED GOLD)= 599.58tonnes // ( a bid drop of 10 tonnes
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE AUGUST 2025 SILVER CONTRACT//INITIAL
AUGUST 7 2025
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 2 ENTRIES i) Out of Asahi 832,602.800 oz ii) out of Delaware 984.600 oz total withdrawal 833,587.40 oz |
| Deposits to the Dealer Inventory | 0 |
| Deposits to the Customer Inventory | 2 DEPOSIT ENTRY/CUSTOMER ACCOUNT i) Into Brinks 642,139.200 oz ii) Into Loomis: 329,293.49 oz total deposit 971,392.690 oz |
| No of oz served today (contracts) | 0 CONTRACT(S) (NIL OZ |
| No of oz to be served (notices) | 64 contracts (0.320 MILLION oz) |
| Total monthly oz silver served (contracts) | 1471 Contracts (7.355 million oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
0 deposit into dealer accounts
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
2 DEPOSIT ENTRY/CUSTOMER ACCOUNT
i) Into Brinks 642,139.200 oz
ii) Into Loomis: 329,293.49 oz
total deposit 971,392.690 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
2 ENTRIES
i) Out of Asahi 832,602.800 oz
ii) out of Delaware 984.600 oz
total withdrawal 833,587.40 oz
ADJUSTMENTs 0
TOTAL REGISTERED SILVER: 190.400 MILLION OZ//.TOTAL REG + ELIGIBLE. 506.121 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY
silver open interest data:
FRONT MONTH OF AUGUST /2025 OI: 64 OPEN INTEREST CONTRACTS FOR A GAIN OF 3 CONTRACTS. WE HAD 2 CONTRACTS SERVED ON WEDNESDAY SO WE GAINED 5 CONTRACTS OR AN ADDITIONAL 25,000 OZ WILL STAND AS THEY ENTERTAINED A HUGE QUEUE JUMP
SEPTEMBER LOST 2562 CONTRACTS DOWN TO 105,253 CONTRACTS.
OCTOBER GAINED 14 CONTRACTS TO 476
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 or NIL oz
CONFIRMED volume; ON WEDNESDAY 48,133 poor//
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 1471 X5,000 oz = 7.355 MILLION oz
to which we add the difference between the open interest for the front month of AUGUST (64) AND the number of notices served upon today (0 )x (5000 oz)
Thus the standings for silver for the AUGUST 2025 contract month: (1471) Notices served so far) x 5000 oz + OI for the front month of AUGUST(64) minus number of notices served upon today (0)x 5000 oz equals silver standing for the AUGUST contract month equating to 7.6750 MILLION OZ .
New total standing: 7.6750 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 190.400 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/506.121 million. 41.50%
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 7 WITH GOLD UP $16.10 TODAY//HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 3.15 TONNES OF GOLD OUT OF THE GLD/://// ///INVENTORY RESTS AT 952.79 TONNES
AUGUST 6 WITH GOLD DOWN $8.15 TODAY//HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.14 TONNES OF GOLD INTO THE GLD/://// ///INVENTORY RESTS AT 955.94 TONNES
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: 952.79 TONNES, TONIGHTS TOTAL
SILVER
AUGUST 7 WITH SILVER UP $0.25/ HUGE CHANGES AT THE SLV//: A DEPOSIT OF 2.179 MILLION OZ OUT OF THE SLV.////INVENTORY RESTS AT 485.870 MILLION OZ.//
AUGUST 6 WITH SILVER UP $0.02/ SMALL CHANGES AT THE SLV//: A DEPOSIT OF 0.727 MILLION OZ OUT OF THE SLV.////INVENTORY RESTS AT 483.691 MILLION OZ.//
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 485.870 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
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 DAILY DISPATCHES//other gold commentaries
New Fed study examines recent gold revaluations — elsewhere
Submitted by admin on Wed, 2025-08-06 17:02 Section: Daily Dispatches
5:04p ET Wednesday, August 6, 2025
Dear Friend of GATA and Gold:
Last week the Federal Reserve seemed to take note of the increasing speculation about the possibility of revaluing gold reserves to improve the financial position of governments and central banks and enable more money creation and debt reduction.
The notice took the form of a research study written by Fed economist Colin R. Weiss about gold revaluations undertaken by five countries in the last 28 years: Curacao/Saint Martin, Germany, Italy, Lebanon, and South Africa.
Weiss concludes that gold revaluation:
— Prevented the Banca d’Italia from having to report a loss in 2002.
— Provided funds that could have been used by Germany to avoid a fiscal deficit that would have impaired the country’s entry to the European Monetary Union, but in the end didn’t have to be used.
— Created money for Lebanon to use to rebuild after its civil war but did little to offset the country’s “larger structural challenges.”
— Offset some minor losses for the Curacao/Saint Martin central bank.
— Is too recent in South Africa to show that it has done much for that country.
Disappointingly, Weiss’ study does not cover the various gold revaluations undertaken throughout history by the United States —
— nor does it address how the United States might use gold revaluation to reduce its huge, growing, and increasingly worrisome debt, which is the main point of interest in recent discussions of gold revaluation. But the Fed may figure that simply acknowledging the gold revaluation issue is risky enough politically at the moment, what with the dollar showing signs of sustained weakness and with President Trump mocking Federal Reserve Chairman Jerome Powell practically every day and trying to hasten his replacement.
Weiss’ study is headlined “Official Reserve Revaluations: The International Experience” and it’s posted at the Fed’s internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
KEVIN W TO US;
Ghana Gold Mines & Refineries
there sure are a lot of helicopter crashes involving defense ministers and heads of state. This one in Ghana where they were enroute to Ashanti region’s Obuasi.
Ghana: Two ministers among eight killed in helicopter crash
GHANA’s Defense Minister Edward Omane Boamah and Environment Minister Ibrahim Murtala Muhammed were among the eight people killed in a helicopter crash on Wednesday.
Everyone on the military Z9 helicopter was killed in the accident in Ghana’s central Ashanti region, a government spokesperson said.
The Ghanaian Armed Forces said the air force helicopter took off in the morning from the capital, Accra, and was heading northwest into the interior toward the gold-mining area of Obuasi in Ashanti when it went off the radar.
AngloGold Ashanti (Ghana) Ltd
Location: Obuasi
Website:www.anglogoldashanti.com
Brief: Obuasi, an underground operation mining to a depth of 1,500m, is located in Ghana’s Ashanti region, approximately 60km south of Kumasi.
- Mineral Reserve – 7.11m oz of gold
- Gold production – 224k oz
- All-in sustaining cost – $1,777/oz
- Capital expenditure – $214m
- Workforce – 5,376
https://www.ghanagoldmines.com/
END
ROBERT LAMBOURNE TO US
A i on gold movements to China: how China is using arbitrage on the Weest
Harvey,
Here is a description of the gold arbitrage trade in Shanghai. This came from a different Chinese source to DeepSeek.
Excuse my cynicism but the underlying reality simply seems like this a mechanism for China to acquire more gold currently located in the West. I don’t see anything which suggests that any of the 36 tonnes of gold eventually leaves China.
Does the arbitrage opportunity signal that western prices are being suppressed? Surely western prices would move up to reduce or eliminate the arbitrage in a free market.
Regards,
Bob
Large volumes of physical gold have been relocated to Shanghai in the last few weeks, and the move is explicitly an arbitrage trade.
1. What has actually moved?
• ≈ 36 tonnes of 1-kilogram gold bars have been delivered into Shanghai Futures Exchange (SHFE) warehouses in a single month, lifting exchange inventory to a record high .
• The bars are coming from outside mainland China—Hong Kong, Switzerland and London vaults are the usual sources cited in trade reports .
• Brinks, Malca-Amit and Loomis have been running multiple “high-security charters” (armoured trucks + cargo flights) into Shanghai’s bonded zone, according to logistics brokers.
2. What is the arbitrage opportunity?
A classic cash-and-carry arbitrage:
A. Price gap Shanghai gold futures (August contract) trade at a US$ 60–120 / oz premium to spot London or Comex prices after adjusting for FX and local VAT rules [^32^]. Premium ≈ 3–6 %.
B. Buy spot / sell futures Traders buy 400-oz London Good-Delivery bars, fly them to Shanghai, re-melt into 1-kg bars (SHFE specification) and deliver into SHFE to close short futures positions. Locked-in spread minus freight, insurance, refining and FX hedging ≈ US$ 30–45 / oz profit.
C. Freight & costs All-in logistics cost US$ 0.80–1.20 / oz; refining and assay US$ 0.25 / oz; FX hedge < 0.1 %. Net margin still US$ 25–40 / oz—high for a near-risk-free trade.
Because the Shanghai premium has stayed wide for several weeks, banks and bullion houses keep repeating the trade and rolling the futures, which is why the inbound flow has been so large..
3. Why has the premium opened up?
• Capital controls – Mainland investors can’t easily buy cheaper gold abroad, so domestic demand outruns local supply.
• RMB weakness – Gold priced in yuan is an automatic hedge against further depreciation.
• Seasonal demand – Jewellers and retail dealers stock up ahead of Q4 wedding season and Lunar New Year (February 2024).
• Tight domestic credit – Local refiners face higher financing costs, so imported bars are the cheapest marginal supply.
Bottom line
Yes, physical gold is being flown into Shanghai right now, and the sole driver is an unusually wide Shanghai-versus-world price gap. The trade is profitable so long as the premium exceeds the ≈ US$ 5–6 / oz all-in cost of moving and re-branding the metal, which remains the case as of the latest data.
end
the article from above:
Record amount of gold floods into Shanghai warehouses on arbitrage play
Submitted by admin on Wed, 2025-08-06 12:59 Section: Daily Dispatches
By Yihui Xie
Bloomberg News
Tuesday, August 5, 2025
Bullion held in warehouses linked to the Shanghai Futures Exchange has jumped to an all-time high, another sign of resilient demand for gold investments in China.
More than 36 tons of gold bars have been registered for delivery against futures contracts, a quantity that has almost doubled over the past month. The build-up in stockpiles reflects a surge in arbitrage activity triggered by heavy demand for futures, which are trading at a large premium to the physical metal.
Traders and banks have moved to take advantage of the price gap, buying cheaper gold on the spot market and delivering it to the exchange’s warehouse. From there, it can be used to offset sales of futures, allowing them to close positions at a profit.
“This shows how strong gold trading demand is in China right now,” said John Reade, senior market strategist at the World Gold Council. “So many people were piling into futures that prices shot up above physical gold. That created an opportunity for others to step in and deliver gold into the system.” …
… For the remainder of the report:
end
black market: 918,000 rials to the dollar right now. They want to remove zeros to cut the cost of printing too many paper notes
London’s Financial Times
Iran proposes slashing zeros from currency after decades of decline
Submitted by admin on Tue, 2025-08-05 10:38 Section: Daily Dispatches
Meanwhile in the United States, nickels become pennies.
* * *
By Bita Ghaffari and Joseph Cotterill
Financial Times, London
Monday, August 4, 2025
Iran has proposed cutting four zeros from the rial after decades of inflation and economic pain eroded the value of the currency.
The parliament’s economic committee approved the general outlines of a government bill to re-denominate the rial on Sunday.
Shamseddin Hosseini, the head of the committee, said the new currency would still be known as the rial, with one unit equivalent to 10,000 rials in current terms.
The proposed reduction in digits is designed to simplify financial calculations and accounting, and lower the costs of printing banknotes. Hosseini said the new rial would itself be made up of 100 gherans.
Iran’s currency has undergone significant devaluation due to international sanctions, which have isolated the country from the global banking system and throttled its economy. …
… For the remainder of the report:
end
CANADA
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. …
… For the remainder of the report:
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 234
ANDREW INTERVIEWS: LONDON PAUL:
5. COMMODITY REPORT..copper
Dr. Copper Is Talking, But Is Anyone Listening?
Thursday, Aug 07, 2025 – 12:50 PM
Authored by Simon White, Bloomberg macro strategist,
The fall in copper’s ratio versus gold is telegraphing weaker US growth ahead.
Leading indicators have signaled for a while that the US is likely entering a cyclical slowdown.
There has been much controversy over the size of the payrolls revisions – and President Trump’s subsequent sacking of the Bureau of Labor Statistics chief – but they were already in the post.
However, another market-based indicator of cyclical growth — the copper-versus-gold ratio — is also pointing to a weak economic patch ahead.
It has usually been a good guide to the ups and downs of the economy, given it captures essentially risk-on versus risk-off behavior.
Its recent slump was, of course, driven by US copper tariffs, with a 50% levy added to most types of copper imports.
But the ratio has been falling for some time, and tracks the US manufacturing ISM closely.
Gold’s rally has also been driving the ratio lower, as central banks and global investors seek to have less exposure to the dollar.
There are always idiosyncratic explanations for why markets move, but that doesn’t mean longer-term relationships such as the one in the above chart can be waved away.
It’s quite possible that tariffs and dollar diversification are not good for US growth, and the copper/gold ratio is picking up on that.
It’s too early to say if the US will go into a recession. While many commentators make the common leap of assuming that slowdown = recession, the regime-shift nature of downturns is such that you simply can’t tell with a high degree of accuracy yet.
And certainly not with enough confidence to exit the market altogether.
Recession indicators will be key to monitor in the coming months.
end
ASIAN MARKETS THIS THURSDAY MORNING:
SHANGHAI CLOSED UP 5.67 PTS OR 0.16%
//Hang Seng CLOSED UP 157.08 PTS OR 0.63%
// Nikkei CLOSED UP 264.29 PTS OR 0.65% //Australia’s all ordinaries CLOSED DOWN 0.14%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1771 OFFSHORE CLOSED UP AT 7.1796/ Oil DOWN TO 64.91 dollars per barrel for WTI and BRENT DOWN TO 67.33 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP IN TRADING AT 7.1771 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1796 AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1771 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.1796
HANG SENG CLOSED UP 157.08 PTS OR 0.63%
2. Nikkei closed UP 264.29 PTS OR 0.65%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX DOWN TO 97.84/ EURO RISES TO 1.1685 UP 21 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.483//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 146.76…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6546/Italian 10 Yr bond yield UP to 3.4830 SPAIN 10 YR BOND YIELD UP TO 3.238%
3i Greek 10 year bond yield UP TO 3.347
3j Gold at $3296.15 Silver at: 38.27 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 67 /100 roubles/dollar; ROUBLE AT 79.33
3m oil (WTI) into the 64 dollar handle for WTI and 67 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 146.76// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.483% 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 0.8047 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9408 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: 4.230 UP 0 BASIS PTS…
USA 30 YR BOND YIELD: 4.825 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.716 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 40.68
10 YR UK BOND YIELD: 4.5320 DOWN 1 PTS
10 YR CANADA BOND YIELD: 3.408 UP 3 BASIS PTS
5 YR CANADA BOND YIELD: 2.957 UP 1 PTS
2a New York OPENING REPORT
US Futures, Global Markets Jump On Tariff Exemptions, Renewed Hopes For Ukraine Ceasefire
Thursday, Aug 07, 2025 – 08:30 AM
US equity futures are – what else – higher, and rapidly approaching a new all time high, boosted by exemptions in Trump’s plans for 100% tariffs on chips that are seen as bullish ways for most big tech firms to avoid levies. The mood was also cheered by a report that Trump and Putin are expected to meet for summit talks in the next few days while
hopes for a rate cut rise some more as additional Fed officials have dovish pivots. As of 8:15am ET, S&P futures are up 0.6% and Nasdaq 100 futures gain 0.7% with Mag7 higher led by AAPL while Semis are the global standout. Eli Lilly & shares plunged after the drugmaker reported underwhelming study results for its weight-loss pill. Shares of its main European rival, Novo Nordisk A/S, soared. Cyclicals are poised to rip, although as JPM notes “today appears to be setting up for an ‘Everything Rally’.” Bond yields are down 1bp across the curve but 10Y is +1bp; USD is flat but has erased ~25bp of overnight losses. Today’s macro data focus is on Jobless Claims, 1Y Inflation Expectations, Nonfarm Productivity, Labor Costs, Consumer Credit, and Inventories. While none, ex-Claims, are market moving it will help sharpen the macro picture on the labor market and consumer. At 12pm, Trump will sign an executive order that aims to allow private equity, real estate, cryptocurrency and other alternative assets in 401(k)s.
In premarket trading, Mag 7 stocks are all higher (Apple +2%, Nvidia +1.4%, Meta +0.9%, Alphabet +0.6%, Microsoft +0.6%, Tesla +0.5%, Amazon +0.1%)..
- Airbnb (ABNB) is down 6% after warning that growth rates may not keep up later this year due to tough year-ago comparisons.
- Aris Water Solutions (ARIS), which helps manage water produced from oil drilling, climbs 20% after the company agreed to be bought by Western Midstream Partners in a ~$1.5b equity-and-cash transaction.
- Corning (GLW) gains 5% after Apple said it’s planning to onshore 100% of iPhone and Watch cover glass production to the US as part of an expanded $2.5 billion partnership with the high-tech glassmaker.
- CRH (CRH) jumps 8% after the building materials company narrowed its full-year adjusted Ebitda guidance to the high end of its prior range.
- Crocs (CROX) falls 13% after forecasting that 3Q revenue will be down about 11% to 9%.
- DoorDash (DASH) gains 8.9% after the food-delivery company reported second-quarter results that beat expectations and gave a positive forecast for Marketplace gross order value.
- Duolingo (DUOL) soars 23% after the language-learning software company reported second-quarter results that beat expectations on key metrics and raised its full-year forecast.
- Dutch Bros (BROS) is up 18% after the restaurant chain lifted its total revenue forecast for the full year.
- Eli Lilly & Co (LLY) plunges 12% after the company gave disappointing data from a late-stage trial of its new weight-loss pill.
- Fortinet (FTNT) tumbles 21% after the software company gave an update to its firewall refresh cycle. At least three analysts downgraded their rating on the stock saying the product refresh cycle is now looking like a “much smaller catalyst than expected.”
- Intuitive Machines (LUNR) gains 2% after the space services company said it would buy privately held aerospace company KinetX, expanding its deep-space navigation and flight dynamics capability.
- Peloton Interactive Inc. (PTON) gains 12% as the company preached confidence in a turnaround plan under new management.
- Sarepta (SRPT) is up 7% after the drugmaker reported second quarter revenue that beat the average analyst estimate.
- SharkNinja (SN) rises 5% after the home-appliance maker boosted its adjusted earnings per share forecast for the full year.
- Sunrun (RUN) jumps 18% after the solar energy company reported second-quarter revenue that beat the average analyst estimate.
- Upwork (UPWK) shares are up 12% after the online recruitment company reported second-quarter results that beat expectations and raised its full-year forecast.
- Vistra Corp. (VST) falls 7% after the residential electricity provider operating posted revenue for the second quarter that missed the average analyst estimate.
Market sentiment got a boost earlier after Trump announced that companies producing goods in the US, such as Apple, would be eligible for exemptions from his proposed 100% levy on chip imports. Increasing bets on a Federal Reserve interest-rate cut are also fueling optimism in stocks as sweeping new tariffs to reshape global trade officially took hold Thursday. Ironically the only major US semiconductor stock, Intel, plunged after Trump sa id on Truth Social CEO its has to resign.
“Risk sentiment is positive with a focus on peace deal hopes for Ukraine,” said Bob Savage, head of markets macro strategy at Bank of New York Mellon. “Also supporting the dollar down/stocks up narrative is ongoing September rate cut expectations for the FOMC. However, investors still face a pushback from the uncertainty over tariffs ahead.”
This morning, the BoE delivered a hawkish 25bps cut, with the vote split 5:4 for 25bps vs hold, and the statement noting that timing/extent of further cuts will be based on continued improvements in underlying inflation. The vote was the first ever revote in 28 years after the 4:4:1 vote in the first round failed to reach a majority.
Europe’s Stoxx 600 benchmark advanced more than 1%, with the the travel and leisure sector outperforming. A basket of equities exposed to Ukraine rose, while defense shares dropped, after the Kremlin said that presidents Vladimir Putin and Donald Trump will meet for summit talks within the next few days. Upbeat earnings from some of the region’s biggest companies helped boost sentiment, even after German industrial production suffered its biggest drop in almost a year in another setback for Europe’s largest economy. Here are the biggest movers Thursday:
- InterContinental Hotels jumps as much as 9.2%, to the highest level since March, after the company reported that revenue per available room for the first half of the year increased 1.8%. Pretax profit topped the analyst consensus
- Maersk gains as much as 6%, the most since May, after the Danish shipping and logistics giant boosted its full-year guidance and beat second-quarter estimates. Analysts say the guidance raise, while somewhat expected, is welcome
- Allianz gains as much as 4.3%, the most since April, after the German insurance group posted a strong second-quarter showing, with operating profit coming in ahead of expectations
- KBC jumps as much as 6.1%, trading at their highest level since 2007, after the Belgian bank beat expectations in the second quarter and improved its guidance for the full year, which analysts say will lead to consensus upgrades
- Harbour Energy shares rise as much as 21%, the steepest gain since December 2023, after the UK oil and gas company boosted guidance for production and cash flow, while announcing announcing a $100m buyback
- LINK Mobility gains as much as 9.7% after DNB Carnegie “significantly” raised its estimates for the Norwegian communications technology firm and reiterated its buy rating, while nearly doubling its price target
- Serco shares jump as much as 8.8%, to the highest since November 2014, after the outsourcing company reported earnings ahead of expectations and a strong order intake, accompanied by a new £50 million share buyback
- European defense stocks slump, while stocks with exposure to Ukraine and Russia gain, as traders take a cue from President Donald Trump’s diplomatic push to end the Ukraine war and US efforts to punish buyers of Russian crude. Rheinmetall shares fall as much as 7.2%, the most in two months, after analysts described the German defense firm’s results as weak. Jefferies points to soft orders and sales below expectations
- Carl Zeiss Meditec shares plunge as much as 14% to the lowest since August 2017 after analysts said the German health-care supplier’s 3Q Ebita miss was weighed down by its microsurgery business
- Hikma shares drop as much as 10% in London, the most intraday since February, after the pharmaceutical company missed core Ebidta estimates and lowered the margin guidance for its Injectables division for the full year
- Freenet shares fall as much as 9.5%, the most since May, after the German-listed mobile communications service provider cut its average revenue per user. Analysts at Berenberg note a marginally disappointing set of results
- Deutsche Telekom shares slide as much as 6.1% after the telecom operator reported sales and Ebitda that missed estimates in its home market Germany, with the company flagging intense rivalry in the local broadband market
- Siemens shares fall as much as 1.9% after the German industrial company posted what analysts called mixed results, highlighting a weaker performance in the Digital Industries division. Shares are still up almost 16% YTD
- Scout24 shares drop as much as 6.1% after the classifieds company reported detailed 2Q results. The shares had gained earlier in the week when the company raised its full-year guidance in a pre-release
Earlier in the session, Asian stocks rose, led by technology stocks as some of the region’s largest chipmakers were expected to win exemptions from Donald Trump’s threatened 100% chip tariff. The MSCI Asia Pacific Index advanced 1%, rising for the fourth straight day. Taiwan’s benchmark rose more than 2%, with notable gains in most other markets around the region. Thailand’s key index was on the brink of entering a bull market. Chipmakers TSMC and Samsung were among the biggest boosts to the MSCI index as investors saw their US manufacturing operations as freeing them from Trump’s newest levies. A gauge of regional tech stocks climbed by the most since June 24. Meanwhile, Indian equities fell after the US moved to double the tariff on imports from the South Asian nation to 50%. The higher rate is seen further hurting sentiment on a market already underperforming Asian peers on disappointing corporate earnings.
In FX, the Bloomberg Dollar Spot Index falls 0.1%. The Antipodean currencies outperform their G-10 peers, rising 0.4% each against the greenback. EUR/USD briefly extended gains on news that Putin and Trump would meet within days, hitting a session high of almost $1.17, before falling back to $1.1648. GBPUSD rose, putting it on track for a fifth day of gains against the dollar, its longest winning streak since April.
In rates, treasuries are steady, with yields broadly within one basis point of Wednesday’s close, despite slide in gilts which sharply underperform following a 4-4-1 Bank of England vote to cut rates by 25bp. US yields steady, marginally cheaper on the day with 10-year near 4.245%, outperforming gilts by around 4bp in the sector. UK 2-year yields higher by around 6bp on the day up to around 3.88% following the announcement. Bunds outperform, pushing German 10-year yields down 2 bps to 2.63%. In the US, focus turns to early data and then a $25 billion 30-year new-issue bond sale at 1pm New York time, which follows a 1.1bp tail on Wednesday’s 10-year note auction.
In commodities, oil prices erase an earlier drop following the Putin-Trump meeting news, with Brent now up 0.5% near $67.22 a barrel. Gold rises $8 to around $3,377/oz.
Looking ahead today, Trump will sign an executive order that aims to allow private equity, real estate, cryptocurrency and other alternative assets in 401(k)s. Data-wise we have 2Q preliminary nonfarm productivity and unit labor costs and weekly jobless claims (8:30am), June final wholesale inventories (10am), July NY Fed 1-year inflation expectations (11am) and June consumer credit (3pm). Fed speakers scheduled include Bostic in a virtual fireside chat on monetary policy (10am)
Market Snapshot
- S&P 500 mini +0.6%
- Nasdaq 100 mini +0.7%
- Russell 2000 mini +0.8%
- Stoxx Europe 600 +0.8%
- DAX +1.7%
- CAC 40 +1.2%
- 10-year Treasury yield little changed at 4.23%
- VIX -0.6 points at 16.13
- Bloomberg Dollar Index -0.1% at 1202.97
- euro +0.2% at $1.1678
- WTI crude +0.6% at $64.73/barrel
Top Overnight News
- Trump said, regarding the Fed pick, that the interview process has started and it is probably down to three candidates, while he added that the two Kevins are very good, and a temporary governor is to be named in the next few days.
- U.S. trading partners are lobbying the White House for exemptions to sweeping new tariffs that went into force on Thursday, as countries seek ways to muffle the impact on their economies of President Trump’s push to reorder global trade. The diplomatic effort shows months of trade talks are far from over despite the run of agreements trumpeted by the White House in the past month. WSJ
- President Trump has claimed that his sweeping tariff regime will reshore American companies and revive manufacturing in the U.S. So far, that hasn’t happened. Economic activity tied to manufacturing has shrunk for most of Trump’s second term. From March to July, U.S. manufacturing activity contracted. The Manufacturing PMI last registered at 48, below the 50 score that differentiates growth and decline. WSJ
- The Kremlin said Thursday that a meeting between presidents Donald Trump and Vladimir Putin has been agreed in principle and will happen in the “coming days,” teeing up their first in-person encounter of Trump’s second term. NBC
- Trump said he may punish China with additional tariffs over its purchases of Russian oil. Trade adviser Peter Navarro played down the likelihood, saying higher duties “may hurt the US.” BBG
- Trump will sign an executive order today that aims to allow private equity, real estate, cryptocurrency and other alternative assets in 401(k)s. BBG
- China’s exports grew at a faster clip in July, showing that U.S. tariffs so far haven’t curtailed China’s export machine, although trade with America has fallen. Trade numbers for Jul come in ahead of expectations, including exports (+7.2% vs. the Street +5.6%) and imports (+4.1% vs. the Street -1%). WSJ
- Japan cut its growth forecast for the current fiscal year as US tariffs and persistent inflation weigh on the economy. BBG
- Caught between rising costs from tariffs and belt-tightening consumers, big retailers are clashing with the producers of consumer brands such as Nivea-maker Beiersdorf and brewer Heineken as they look to avoid sticker shock that could hurt sales. The disputes – which have dented some brands’ sales – underscore the challenge for consumer goods makers and sellers, with inflation and tariffs pushing up input costs and price spikes in commodities such as coffee. RTRS
- Fed’s Daly (2027 voter) said there’s cautiousness which is tempering growth but not stalling out, while she commented that they will likely need to adjust policy in the coming months and can’t wait for perfect clarity to act. Daly also commented that tariffs are unlikely to boost inflation persistently in a way that monetary policy would need to offset. She also noted that the labour market has softened and additional slowing would be unwelcome. Furthermore, Daly said they need to recalibrate monetary policy to match risks to the Fed’s goals.
Trade/Tariffs
- US President Trump said they are going to be putting a very large tariff on chips and semiconductors, which will be at approximately 100%, but added “if you’re building in the US, there will be no charge.”
- US President Trump posted late on Wednesday that “RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA.”
- US official said the 15% tariff will stack on top of pre-existing tariff rates applied to imports from Japan, unlike in the case of the European Union, according to Kyodo.
- South Korea claimed Samsung Electronics (005930 KS) and SK Hynix (000660 KS) will not be subject to 100% US tariffs, while Taiwan said TSMC (2330 TT) is exempt from US President Trump’s 100% chip tariff.
- Apple (AAPL) suppliers are reportedly betting on a tariff carve-out for India-made iPhones, according to Nikkei sources.
- Maersk (MAERSKB DC): “The effective container-weighted import tariff on US imports is estimated at 24% as per the Presidential Executive Order dated 31 July, up from 5% in 2024”
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed as reciprocal tariffs took effect overnight and following the latest tariff threat from US President Trump who plans to impose ‘approximately 100%’ tariffs on chips and semiconductors unless manufacturers build in the US. ASX 200 pulled back from record highs despite the surprise growth of imports from Australia’s largest trading partner. Nikkei 225 pared initial losses and briefly reclaimed 41,000 amid a busy slate of earnings and as markets shrugged off comments from a US official that the US will not exempt Japan from stacking 15% tariffs on top of existing levies. Hang Seng and Shanghai Comp ultimately kept afloat after the latest Chinese trade data which showed stronger-than-expected exports and surprise growth in the nation’s imports.
Top Asian News
- BoK Governor Rhee said the US trade deal takes a huge burden off monetary policy at the August meeting.
- SoftBank Group (9984 JT) Q1 2025 (JPY): Net Sales 1.82tln (exp. 1.82tln), Net Income 421.82bln (exp. 158.23bln), sees FY dividend at 44.0 (exp. 44.00)
- Baidu (9888 HK) to launch new advanced reasoning model by end of month, according to WSJ.
- Magnitude 6.2 earthquake hits sea off Taiwan’s north-eastern coast, according to central weather administration.
- Japan Government Official says, a private-sector member of Government Economic Council, says, are worried that the BoJ being behind the curve vs inflation, which is already affecting the livelihood of people.
- S&P affirms China’s Sovereign rating at A+/A-; Outlook Stable. Overview: Strong fiscal stimulus will help keep China’s economic growth resilient amid continued headwinds from the weak property sector and new pressures on external trade. “We affirmed our ‘A+’ long-term and ‘A-1’ short-term foreign and local currency sovereign credit ratings on China.” The stable outlook on the long-term rating reflects our view that the Chinese economy will return to self-sustaining growth of above 4% over the next few years, paving the way for smaller annual increases in net general government debt. Downside scenario: “We could lower the ratings if we believe the government will continue with larger fiscal stimulus measures than we currently expect over the next three to five years. This would likely stem from more persistent downward pressure on economic growth than we currently expect. The resulting fiscal impact would cause the net change in general government debt to stay close to, or above, 6% of GDP annually.” Upside scenario: “We may raise our ratings on China if fiscal consolidation is faster than what we anticipate, resulting in a persistent decline in net general government debt to below 30% of GDP, or government interest payments falling below 5% of revenue consistently, or both.”
European bourses (STOXX 600 +0.9%) opened mostly higher, albeit with very modest gains. Since then, indices gradually edged higher, then followed by a more pronounced bid following commentary from a Russian Kremlin aide, who said an agreement had been made for a Presidential meeting between Trump and Putin, in the next few days.
European sectors opened mixed but now hold a slight positive bias. Insurance takes the top spot, lifted by post-earnings strength in the likes of Allianz (+2%) and Zurich Insurance (+1%). Elsewhere, Travel & Leisure has been buoyed by upside in IHG, after it reported strong H1 metrics; European gambling names are also broadly higher today, in tandem with upside in US-peer DraftKings which reported a record rev. and EBITDA. The Tech sector finishes off the top 3, benefiting from a) the risk tone and, b) US President Trump announcing that the US will slap 100% tariffs on imported chips, but will exempt those firms who manufacture in the US/have committed to do so. On this, ASML (+2%) has gained, given the proposition incentivises relocating to the US, which may boost demand for manufacturing units.
Top European News
- Germany’s VDA says the EU-US trade deal has brought no clarity or improvement for the German auto industry.
FX
- DXY is down for a second day in a row and extending its move below its 200DMA at 98.21. The USD is continuing to be hampered as markets contemplate Trump’s next move with regards to personnel at the Fed. Note, the USD may also be losing ground as geopolitical tensions recede a touch with the Russia and Ukraine conflict potentially nearing a conclusion. Today’s data docket includes weekly claims data, the Atlanta Fed GDPNow Tracked and the NY Fed SCE release. Next downside target for DXY comes via the 29th July low at 97.49.
- EUR is a touch firmer vs. the broadly weaker USD in a week that has been lacking in incremental drivers for the Eurozone. Some positivity for the bloc may be gleaned from developments on the geopolitical front following Wednesday’s discussion between the US and Russia, which was said to have made progress and with President Trump intending to meet Russian President Putin as soon as next week. EUR/USD has extended its rise on a 1.16 handle but is yet to crack the 1.17 mark with the pair topping out at 1.1698.
- In what has been an indecisive start to the week for USD/JPY, the Yen is eking out mild gains vs. the greenback. This comes in spite of comments from a US official that the now-effective 15% tariff will stack on top of pre-existing tariff rates applied to imports from Japan, unlike in the case of the European Union. USD/JPY delved as low as 146.70 overnight but has since made its way back onto a 147 handle.
- GBP is relatively steady vs. the USD as markets brace for the upcoming BoE rate decision, minutes and MPR. Analysts are virtually unanimous in expecting the BoE to lower the Base Rate by 25bps to 4.0% with markets assigning a 93% probability of such an outcome. The move would follow the MPC’s preference for cutting at a quarterly pace and alongside MPR meetings. With regards to the decision to lower rates, consensus looks for a 7-2 outcome. With the likes of Mann and potentially one of Pill or Greene to vote for an unchanged rate. However, when looking at the magnitude of the vote split, this could lead to a three-way split in the event that MPC dove Dhingra and one of Ramsden or Taylor backs a larger 50bps reduction.
- Antipodeans are both are building on the gains seen on Wednesday vs. the USD with upside today following on from encouraging Chinese trade data which showed a surprise growth in imports and a larger-than-expected increase in exports.
- PBoC set USD/CNY mid-point at 7.1345 vs exp. 7.1709 (Prev. 7.1409)
Fixed Income
- USTs are flat and ultimately awaiting today’s risk events which include; jobless claims, unit labour costs, Atlanta Fed GDP Now and then a 30yr auction. As a reminder, the prior day saw a soft 10yr outing after a poor 3yr earlier. No further insight into the potential fat finger in USTs seen on Wednesday in the run-up to supply, where 30 minute volume spiked to over 300k from sub-100k throughout the session to that point. As a reminder, the move also occurred alongside a move in the implied odds (via Polymarket) for the next Fed Chair, with NEC Director Hassett’s jumping by just under bp and overtaking former Fed Governor Warsh as the front-runner. his morning, action (and volumes) has been much more minimal with USTs in a very narrow 112-03+ to 112-07 band.
- Bunds are a little lower. No reaction to the morning’s Industrial and Trade data from Germany for June. Though, Bunds did pick up a little bit a handful of minutes after the data came through. The soft set of Industrial data, to the lowest since May 2020, potentially influenced; a series that may have factored into the pressure seen in the DAX 40 future at the time. Since, newsflow has slowed a little but more recently Bunds have edged a little lower back towards lows.
- Gilts were flat but more recently some pressure has been seen. The BoE is expected to cut rates and likely via a 7-2 split to ease. However, the full vote breakdown could see a three-way split. Mann and potentially one other (possibly Pill or Greene) likely to vote for unchanged, while Dhingra and possibly the likes of Taylor and/or Ramsden voting for a 50bps cut. Leaving a majority of Bailey, Lombardelli, Breeden and then possibly one or more of Pill, Green, Taylor or Ramsden; depending on the above. Benchmark opened lower by 14 ticks before extending another six to a 92.45 trough. Since, it has reverted back towards Wednesday’s 92.65 close into the BoE.
- Spain sells EUR 5bln vs exp. EUR 4.0-5.0bln 2.40% 2028, 3.20% 2035 & 3.45% 2043 Bono and EUR 0.49bln vs exp. EUR 0.25-0.75bln 1.0% 2030 I/L Bono.
- France sells EUR 10.499bln vs exp. EUR 8.5-10.5bln 1.25% 2034, 1.25% 2036, 0.50% 2040, and 4.00% 2055 OAT.
Commodities
- Crude futures are firmer after choppy trade earlier. This follows the decline on Wednesday amid Russia/Ukraine optimism following the discussion between the US and Russia, which is said to have made progress and with President Trump intending to meet Russian President Putin as soon as next week. Russia’s Kremlin this morning confirmed that US President Trump and his Russian counterpart, Putin, will meet, and preparations for a summit in the next few days are underway. WTI currently resides in a 64.12-65.08/bbl range while Brent sits in a USD 66.70-67.58/bbl range.
- Precious metals are rebounding following the prior day’s losses, with spot gold marginally gaining after recent dollar weakness and as reciprocal tariffs took effect. Some pressure seen on the aforementioned Trump-Putin meeting announcement, which saw the yellow-metal swing from highs back towards overnight ranges. Currently in a USD 3,365.30-3,397.58/oz range.
- Copper futures are rangebound with a slightly firmer tilt amid the softer dollar, risk appetite in stocks, and the encouraging Chinese trade data overnight, which showed stronger-than-expected exports and surprise growth in the nation’s imports. 3M LME copper prices reside in a USD 9,672.90-9,740.00/t range.
- Kuwait’s oil minister expects crude prices to remain above USD 72/bbl; says the market is healthy with moderate demand growth.
Geopolitics: Ukraine
- Kremlin Aide Ushakov says an agreement has been reached to hold a meeting with US President Trump and Russian President Putin in the next few days. Meeting venue has been agreed and will be announced later. US Envoy Witkoff touched on an idea of a three-way meeting between Trump-Zelensky-Putin; Moscow left it without comment.
- US President Trump said they had very good talks with Russian President Putin and there’s a good chance that there will be a meeting very soon, while he also commented that more secondary sanctions are coming regarding Russia.
- US Secretary of State Rubio said it was a good day regarding efforts to end the Ukraine war but there is still a lot of work ahead and many impediments to overcome.
- Ukrainian President Zelensky said he discussed Witkoff’s visit to Moscow in a call with Trump and said that Russia should end this war, while he also commented that pressure on Russia is working and it’s crucial they do not deceive them, as well as commented that it looks like Russia is more inclined to a ceasefire.
- Ukrainian President Zelensky calls on Russian President Putin to hold meeting to ‘end war’, via Al Arabiya.
Geopolitics: Other
- South Korean military said South Korea and the US are to conduct major joint military exercises beginning on August 18th although an official stated that some parts of the joint drills are postponed to September, while the military drills will test an upgraded response to a heightened North Korea nuclear threat.
2b) European opening report
Sentiment bolstered with US-Russia meeting expected; BoE, Trump orders & Speech ahead – Newsquawk US Market Open
Thursday, Aug 07, 2025 – 05:10 AM
- US President Trump said they are going to be putting a very large tariff on chips and semiconductors, which will be at approximately 100%, but added “if you’re building in the US, there will be no charge.”
- Kremlin Aide Ushakov says an agreement has been reached to hold a meeting with US President Trump and Russian President Putin in the next few days.
- Stocks have been boosted after a Kremlin aide confirmed Trump and Putin are to meet.
- USD is broadly weaker, Antipodeans lead whilst the GBP eyes BoE rate cut.
- Gilts modestly lower into the BoE; initial upside in Bunds have now since pared.
- Crude was pressured amid optimism surrounding Russia-Ukraine, but downside has since pared.
- Looking ahead, US Jobless Claims, Wholesale Sales (Jun) NY Fed SCE, Atlanta Fed GDP, BoE Announcement, MPR & DMP, CNB & Banxico Announcements, Speakers including BoE’s Bailey & Fed’s Bostic, Supply from the US.
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
TARIFFS/TRADE
- US President Trump said they are going to be putting a very large tariff on chips and semiconductors, which will be at approximately 100%, but added “if you’re building in the US, there will be no charge.”
- US President Trump posted late on Wednesday that “RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA.”
- US official said the 15% tariff will stack on top of pre-existing tariff rates applied to imports from Japan, unlike in the case of the European Union, according to Kyodo.
- South Korea claimed Samsung Electronics (005930 KS) and SK Hynix (000660 KS) will not be subject to 100% US tariffs, while Taiwan said TSMC (2330 TT) is exempt from US President Trump’s 100% chip tariff.
- Apple (AAPL) suppliers are reportedly betting on a tariff carve-out for India-made iPhones, according to Nikkei sources.
- Maersk (MAERSKB DC): “The effective container-weighted import tariff on US imports is estimated at 24% as per the Presidential Executive Order dated 31 July, up from 5% in 2024”
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +0.9%) opened mostly higher, albeit with very modest gains. Since then, indices gradually edged higher, then followed by a more pronounced bid following commentary from a Russian Kremlin aide, who said an agreement had been made for a Presidential meeting between Trump and Putin, in the next few days.
- European sectors opened mixed but now hold a slight positive bias. Insurance takes the top spot, lifted by post-earnings strength in the likes of Allianz (+2%) and Zurich Insurance (+1%). Elsewhere, Travel & Leisure has been buoyed by upside in IHG, after it reported strong H1 metrics; European gambling names are also broadly higher today, in tandem with upside in US-peer DraftKings which reported a record rev. and EBITDA. The Tech sector finishes off the top 3, benefiting from a) the risk tone and, b) US President Trump announcing that the US will slap 100% tariffs on imported chips, but will exempt those firms who manufacture in the US/have committed to do so. On this, ASML (+2%) has gained, given the proposition incentivises relocating to the US, which may boost demand for manufacturing units.
- US equity futures (ES +0.7% NQ +0.7% RTY +0.9%) are in the green and currently trading towards session highs, in tandem with European equities; a recent bid seen amidst the earlier mentioned Putin-Trump meeting.
- Apple (AAPL) suppliers are reportedly betting on a tariff carve-out for India-made iPhones, according to Nikkei sources.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
KEY EARNINGS
- DraftKings (+6% pre-market) – Q2 adj. EPS 0.38 (exp. 0.41), Q2 revenue USD 1.513bln (exp. 1.43bln). CEO highlighted record revenue, net income, and adj. EBITDA with 37% Y/Y revenue growth.
- Maersk (+2%) – Q2 (USD): Revenue 13.1bln (exp. 12.47bln); upgrades FY25 guidance
- Deutsche Telekom (-5%) – Q2 2025 (EUR) Revenue 28.7bln (exp. 28.7bln), Adj. EBITDAaL 11bln (prev. 10.82bln Y/Y).
- Rheinmetall (-4%) – H1 2025 (EUR): Revenue 4.7bln (exp. 4.89bln), EPS 3.79 (exp. 3.75); confirms guidance.
- Siemens (-1%) – Q3 2025 (EUR): Revenue 19.4bln (exp. 19.32bln), Net Income 2.05bln (exp. 1.97bln, prev. 2.13bln Y/Y), Industrial Profit 2.82bln (co. consensus 2.82bln), Comparable Revenue Growth +5% (exp. +3.85%); affirms guidance.
FX
- DXY is down for a second day in a row and extending its move below its 200DMA at 98.21. The USD is continuing to be hampered as markets contemplate Trump’s next move with regards to personnel at the Fed. Note, the USD may also be losing ground as geopolitical tensions recede a touch with the Russia and Ukraine conflict potentially nearing a conclusion. Today’s data docket includes weekly claims data, the Atlanta Fed GDPNow Tracked and the NY Fed SCE release. Next downside target for DXY comes via the 29th July low at 97.49.
- EUR is a touch firmer vs. the broadly weaker USD in a week that has been lacking in incremental drivers for the Eurozone. Some positivity for the bloc may be gleaned from developments on the geopolitical front following Wednesday’s discussion between the US and Russia, which was said to have made progress and with President Trump intending to meet Russian President Putin as soon as next week. EUR/USD has extended its rise on a 1.16 handle but is yet to crack the 1.17 mark with the pair topping out at 1.1698.
- In what has been an indecisive start to the week for USD/JPY, the Yen is eking out mild gains vs. the greenback. This comes in spite of comments from a US official that the now-effective 15% tariff will stack on top of pre-existing tariff rates applied to imports from Japan, unlike in the case of the European Union. USD/JPY delved as low as 146.70 overnight but has since made its way back onto a 147 handle.
- GBP is relatively steady vs. the USD as markets brace for the upcoming BoE rate decision, minutes and MPR. Analysts are virtually unanimous in expecting the BoE to lower the Base Rate by 25bps to 4.0% with markets assigning a 93% probability of such an outcome. The move would follow the MPC’s preference for cutting at a quarterly pace and alongside MPR meetings. With regards to the decision to lower rates, consensus looks for a 7-2 outcome. With the likes of Mann and potentially one of Pill or Greene to vote for an unchanged rate. However, when looking at the magnitude of the vote split, this could lead to a three-way split in the event that MPC dove Dhingra and one of Ramsden or Taylor backs a larger 50bps reduction.
- Antipodeans are both are building on the gains seen on Wednesday vs. the USD with upside today following on from encouraging Chinese trade data which showed a surprise growth in imports and a larger-than-expected increase in exports.
- PBoC set USD/CNY mid-point at 7.1345 vs exp. 7.1709 (Prev. 7.1409)
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs are flat and ultimately awaiting today’s risk events which include; jobless claims, unit labour costs, Atlanta Fed GDP Now and then a 30yr auction. As a reminder, the prior day saw a soft 10yr outing after a poor 3yr earlier. No further insight into the potential fat finger in USTs seen on Wednesday in the run-up to supply, where 30 minute volume spiked to over 300k from sub-100k throughout the session to that point. As a reminder, the move also occurred alongside a move in the implied odds (via Polymarket) for the next Fed Chair, with NEC Director Hassett’s jumping by just under bp and overtaking former Fed Governor Warsh as the front-runner. his morning, action (and volumes) has been much more minimal with USTs in a very narrow 112-03+ to 112-07 band.
- Bunds are a little lower. No reaction to the morning’s Industrial and Trade data from Germany for June. Though, Bunds did pick up a little bit a handful of minutes after the data came through. The soft set of Industrial data, to the lowest since May 2020, potentially influenced; a series that may have factored into the pressure seen in the DAX 40 future at the time. Since, newsflow has slowed a little but more recently Bunds have edged a little lower back towards lows.
- Gilts were flat but more recently some pressure has been seen. The BoE is expected to cut rates and likely via a 7-2 split to ease. However, the full vote breakdown could see a three-way split. Mann and potentially one other (possibly Pill or Greene) likely to vote for unchanged, while Dhingra and possibly the likes of Taylor and/or Ramsden voting for a 50bps cut. Leaving a majority of Bailey, Lombardelli, Breeden and then possibly one or more of Pill, Green, Taylor or Ramsden; depending on the above. Benchmark opened lower by 14 ticks before extending another six to a 92.45 trough. Since, it has reverted back towards Wednesday’s 92.65 close into the BoE.
- Spain sells EUR 5bln vs exp. EUR 4.0-5.0bln 2.40% 2028, 3.20% 2035 & 3.45% 2043 Bono and EUR 0.49bln vs exp. EUR 0.25-0.75bln 1.0% 2030 I/L Bono.
- France sells EUR 10.499bln vs exp. EUR 8.5-10.5bln 1.25% 2034, 1.25% 2036, 0.50% 2040, and 4.00% 2055 OAT.
- Click for a detailed summary
COMMODITIES
- Crude futures are firmer after choppy trade earlier. This follows the decline on Wednesday amid Russia/Ukraine optimism following the discussion between the US and Russia, which is said to have made progress and with President Trump intending to meet Russian President Putin as soon as next week. Russia’s Kremlin this morning confirmed that US President Trump and his Russian counterpart, Putin, will meet, and preparations for a summit in the next few days are underway. WTI currently resides in a 64.12-65.08/bbl range while Brent sits in a USD 66.70-67.58/bbl range.
- Precious metals are rebounding following the prior day’s losses, with spot gold marginally gaining after recent dollar weakness and as reciprocal tariffs took effect. Some pressure seen on the aforementioned Trump-Putin meeting announcement, which saw the yellow-metal swing from highs back towards overnight ranges. Currently in a USD 3,365.30-3,397.58/oz range.
- Copper futures are rangebound with a slightly firmer tilt amid the softer dollar, risk appetite in stocks, and the encouraging Chinese trade data overnight, which showed stronger-than-expected exports and surprise growth in the nation’s imports. 3M LME copper prices reside in a USD 9,672.90-9,740.00/t range.
- Kuwait’s oil minister expects crude prices to remain above USD 72/bbl; says the market is healthy with moderate demand growth.
- Click for a detailed summary
NOTABLE DATA RECAP
- Swedish CPI YY Flash (Jul) 0.8% vs. Exp. 0.9% (Prev. 0.7%); MM (Jul) 0.3% vs. Exp. 0.4% (Prev. 0.5%)
- Swedish CPIF Ex Energy Flash YY (Jul) 3.1% vs. Exp. 3.2% (Prev. 3.3%); MM (Jul) 0.2% vs. Exp. 0.2% (Prev. 0.7%)
- German Trade Balance, EUR, SA (Jun) 14.9B vs. Exp. 17.3B (Prev. 18.4B); Exports MM SA (Jun) 0.8% vs. Exp. 0.5% (Prev. -1.4%); Imports MM SA (Jun) 4.2% vs. Exp. 1.0% (Prev. -3.8%)
- French Imports, EUR (Jun) 58.253B (Prev. 56.654B, Rev. 56.595B); Exports, EUR (Jun) 50.63B (Prev. 48.888B, Rev. 48.962B); Current Account (Jun) -3.4B (Prev. -3.1B, Rev. -2.6B)
NOTABLE EUROPEAN HEADLINES
- Germany’s VDA says the EU-US trade deal has brought no clarity or improvement for the German auto industry.
NOTABLE US HEADLINES
- Fed’s Daly (2027 voter) said there’s cautiousness which is tempering growth but not stalling out, while she commented that they will likely need to adjust policy in the coming months and can’t wait for perfect clarity to act. Daly also commented that tariffs are unlikely to boost inflation persistently in a way that monetary policy would need to offset. She also noted that the labour market has softened and additional slowing would be unwelcome. Furthermore, Daly said they need to recalibrate monetary policy to match risks to the Fed’s goals.
- US President Trump said, regarding the Fed pick, that the interview process has started and it is probably down to three candidates, while he added that the two Kevins are very good, and a temporary governor is to be named in the next few days.
- US President Trump confirmed that Apple (AAPL) is to invest USD 600bln into the US and said Apple is to manufacture chips in Texas, Utah, Arizona and New York.
- US President Trump is scheduled to sign executive orders on Thursday at 12:00EDT/17:00BST.
GEOPOLITICS
RUSSIA-UKRAINE
- Kremlin Aide Ushakov says an agreement has been reached to hold a meeting with US President Trump and Russian President Putin in the next few days. Meeting venue has been agreed and will be announced later. US Envoy Witkoff touched on an idea of a three-way meeting between Trump-Zelensky-Putin; Moscow left it without comment.
- US President Trump said they had very good talks with Russian President Putin and there’s a good chance that there will be a meeting very soon, while he also commented that more secondary sanctions are coming regarding Russia.
- US Secretary of State Rubio said it was a good day regarding efforts to end the Ukraine war but there is still a lot of work ahead and many impediments to overcome.
- Ukrainian President Zelensky said he discussed Witkoff’s visit to Moscow in a call with Trump and said that Russia should end this war, while he also commented that pressure on Russia is working and it’s crucial they do not deceive them, as well as commented that it looks like Russia is more inclined to a ceasefire.
- Ukrainian President Zelensky calls on Russian President Putin to hold meeting to ‘end war’, via Al Arabiya.
OTHER
- South Korean military said South Korea and the US are to conduct major joint military exercises beginning on August 18th although an official stated that some parts of the joint drills are postponed to September, while the military drills will test an upgraded response to a heightened North Korea nuclear threat.
CRYPTO
- Bitcoin is a little firmer and trades just shy of USD 115k whilst Ethereum sees gains to a larger magnitude; currently USD 3.7k.
APAC TRADE
- APAC stocks traded mixed as reciprocal tariffs took effect overnight and following the latest tariff threat from US President Trump who plans to impose ‘approximately 100%’ tariffs on chips and semiconductors unless manufacturers build in the US.
- ASX 200 pulled back from record highs despite the surprise growth of imports from Australia’s largest trading partner.
- Nikkei 225 pared initial losses and briefly reclaimed 41,000 amid a busy slate of earnings and as markets shrugged off comments from a US official that the US will not exempt Japan from stacking 15% tariffs on top of existing levies.
- Hang Seng and Shanghai Comp ultimately kept afloat after the latest Chinese trade data which showed stronger-than-expected exports and surprise growth in the nation’s imports.
NOTABLE ASIA-PAC HEADLINES
- BoK Governor Rhee said the US trade deal takes a huge burden off monetary policy at the August meeting.
- SoftBank Group (9984 JT) Q1 2025 (JPY): Net Sales 1.82tln (exp. 1.82tln), Net Income 421.82bln (exp. 158.23bln), sees FY dividend at 44.0 (exp. 44.00)
- Baidu (9888 HK) to launch new advanced reasoning model by end of month, according to WSJ.
- Magnitude 6.2 earthquake hits sea off Taiwan’s north-eastern coast, according to central weather administration.
- Japan Government Official says, a private-sector member of Government Economic Council, says, are worried that the BoJ being behind the curve vs inflation, which is already affecting the livelihood of people.
- S&P affirms China’s Sovereign rating at A+/A-; Outlook Stable. Overview: Strong fiscal stimulus will help keep China’s economic growth resilient amid continued headwinds from the weak property sector and new pressures on external trade. “We affirmed our ‘A+’ long-term and ‘A-1’ short-term foreign and local currency sovereign credit ratings on China.” The stable outlook on the long-term rating reflects our view that the Chinese economy will return to self-sustaining growth of above 4% over the next few years, paving the way for smaller annual increases in net general government debt. Downside scenario: “We could lower the ratings if we believe the government will continue with larger fiscal stimulus measures than we currently expect over the next three to five years. This would likely stem from more persistent downward pressure on economic growth than we currently expect. The resulting fiscal impact would cause the net change in general government debt to stay close to, or above, 6% of GDP annually.” Upside scenario: “We may raise our ratings on China if fiscal consolidation is faster than what we anticipate, resulting in a persistent decline in net general government debt to below 30% of GDP, or government interest payments falling below 5% of revenue consistently, or both.”
DATA RECAP
- Chinese Trade Balance (USD)(Jul) 98.2B vs. Exp. 105.0B (Prev. 114.8B)
- Chinese Exports YY (USD)(Jul) 7.2% vs. Exp. 5.4% (Prev. 5.8%); Imports YY (USD)(Jul) 4.1% vs. Exp. -1.0% (Prev. 1.1%)
- Chinese Trade Balance (CNY)(Jul) 705.1B (Prev. 826.0B)
- Chinese Exports YY (CNY)(Jul) 8.0% (Prev. 7.2%); Imports YY (CNY)(Jul) 4.8% (Prev. 2.3%)
- Australian Balance on Goods (Jun) 5,365M vs. Exp. 3,400M (Prev. 2,238M)
- Australian Goods/Services Exports (Jun) 6.0% (Prev. -2.7%); Imports (Jun) -3.1% (Prev. 3.8%)
- New Zealand Inflation Forecast 1 Yr (Q3) 2.37% (Prev. 2.41%)
2c) Asian opening report
Sentiment resilient to tariff threats on geopolitical optimism; BoE ahead – Newsquawk Europe Market Open
Thursday, Aug 07, 2025 – 01:24 AM
- US President Trump said they are going to be putting a very large tariff on chips and semiconductors, which will be at approximately 100%, but added “if you’re building in the US, there will be no charge.”
- Crude futures declined yesterday amid Russia/Ukraine optimism following the discussion between the US and Russia which was said to have made progress and with President Trump intending to meet Russian President Putin as soon as next week.
- US President Trump said, regarding the Fed pick, that the interview process has started and it is probably down to three candidates, while he added that the two Kevins are very good, and a temporary governor is to be named in the next few days.
- APAC stocks traded mixed as reciprocal tariffs took effect overnight; European equity futures indicate a marginally higher cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with gains of 0.3% on Wednesday.
- Looking ahead, highlights include German Trade (Jun), Industrial Output (Jun), Swedish CPIF (Jul), French Trade Balance (Jun), US Jobless Claims, Wholesale Sales (Jun) NY Fed SCE, Atalanta Fed GDP, BoE Announcement, MPR & DMP, CNB & Banxico Announcements, Speakers including BoE’s Bailey & Fed’s Bostic, Supply from Spain, France & US.
- Earnings from Trade Desk, Eli Lilly, ConocoPhillips, Vistra Energy, Peloton, Warner Bros, DataDog, Kenvue, Siemens, Deutsche Telekom, Allianz, Merck, Henkel, Rheinmetall, Deliveroo, Serco, Maersk, Zurich Insurance & WPP.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stocks were bid with a focus on US earnings this week and as the upside was led by the heavy-cap stocks, with Consumer Discretionary heavily outperforming and Health Care lagging. Tech saw gains too despite a weak AMD report after-hours on Tuesday, while there were no key data releases on Wednesday.
- That being said, several Fed speakers were on the wires including Kashkari who said two rate cuts this year still seem appropriate, but if inflation rises due to tariffs, the Fed could pause, or even hike. Furthermore, Cook said the July jobs data was concerning, and big revisions can happen at economic turning points, while attention was also on geopolitics with ‘great progress’ said to be made after US Special Envoy Witkoff’s meeting with Russian President Putin which paved the way for a potential Trump-Putin meeting as soon as next week.
- SPX +0.73% at, 6,345, NDX +1.29% at 23,315, DJI +0.19% at 44,194, RUT -0.20% at 2,221.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump said they are going to be putting a very large tariff on chips and semiconductors, which will be at approximately 100%, but added “if you’re building in the US, there will be no charge.”
- US President Trump posted late on Wednesday that “RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA.”
- US official said the 15% tariff will stack on top of pre-existing tariff rates applied to imports from Japan, unlike in the case of the European Union, according to Kyodo.
- EU will likely have to wait a few more days for an Executive Order by US President Trump lowering tariffs on imports of European cars and car parts, according to Reuters citing sources.
- Brazilian President Lula said he has not called the White House because US President Trump shows no interest in negotiating on trade, while Lula commented “I’m not going to humiliate myself” and Brazil is not announcing a new tariff against US goods.
- South Korea claimed Samsung Electronics (005930 KS) and SK Hynix (000660 KS) will not be subject to 100% US tariffs, while Taiwan said TSMC (2330 TT) is exempt from US President Trump’s 100% chip tariff.
NOTABLE HEADLINES
- Fed’s Cook (voter) said July jobs data was concerning and that big revisions can happen at economic turning points, while she added they must be cautious and humble when looking at data. Furthermore, she said policymakers must understand that uncertainty has a financial stability component.
- Fed’s Collins (2025 voter) said it is key to understand how uncertainty impacts the economy and that uncertainty is notable in areas where long-term investment is happening, while she added they must look at data holistically to measure uncertainty levels and noted that uncertainty can even speed up some types of economic activity.
- Fed’s Daly (2027 voter) said there’s cautiousness which is tempering growth but not stalling out, while she commented that they will likely need to adjust policy in the coming months and can’t wait for perfect clarity to act. Daly also commented that tariffs are unlikely to boost inflation persistently in a way that monetary policy would need to offset. She also noted that the labour market has softened and additional slowing would be unwelcome. Furthermore, Daly said they need to recalibrate monetary policy to match risks to the Fed’s goals.
- US President Trump said, regarding the Fed pick, that the interview process has started and it is probably down to three candidates, while he added that the two Kevins are very good, and a temporary governor is to be named in the next few days.
- US President Trump confirmed that Apple (AAPL) is to invest USD 600bln into the US and said Apple is to manufacture chips in Texas, Utah, Arizona and New York.
- US President Trump is scheduled to sign executive orders on Thursday at 12:00EDT/17:00BST.
APAC TRADE
EQUITIES
- APAC stocks traded mixed as reciprocal tariffs took effect overnight and following the latest tariff threat from US President Trump who plans to impose ‘approximately 100%’ tariffs on chips and semiconductors unless manufacturers build in the US.
- ASX 200 pulled back from record highs despite the surprise growth of imports from Australia’s largest trading partner.
- Nikkei 225 pared initial losses and briefly reclaimed 41,000 amid a busy slate of earnings and as markets shrugged off comments from a US official that the US will not exempt Japan from stacking 15% tariffs on top of existing levies.
- Hang Seng and Shanghai Comp ultimately kept afloat after the latest Chinese trade data which showed stronger-than-expected exports and surprise growth in the nation’s imports.
- US equity futures (ES +0.2%, NQ +0.2%) retained yesterday’s gains amid Apple’s USD 600bln investment plans and optimism on US-Russia talks.
- European equity futures indicate a marginally higher cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with gains of 0.3% on Wednesday.
FX
- DXY traded little changed which provided some mild respite from yesterday’s renewed selling pressure despite newsflow having little bearing on USD moves, while key updates were on topics of trade, geopolitics, and the Fed, with US President Trump doubling tariffs on India to 50% and threatening a 100% tariff on semiconductors. Furthermore, reports emerged that Trump advisers are to push for a temporary Fed governor to fill Kugler’s seat which would allow more time to decide on a Fed Chair, while comments from Fed officials saw a muted reaction including from Daly who stated they will likely need to adjust policy in the coming months and can’t wait for perfect clarity to act.
- EUR/USD benefited from the recent pressure on the dollar and after a rebound in Eurozone Retail Sales.
- GBP/USD held on to this week’s spoils but with further upside contained ahead of a widely expected BoE rate cut later today.
- USD/JPY kept afloat after rebounding from support at 147.00 and amid recent widening of US-Japan yield differentials.
- Antipodeans notched mild gains seen after encouraging Chinese trade data which showed a surprise growth in Imports.
- PBoC set USD/CNY mid-point at 7.1345 vs exp. 7.1709 (Prev. 7.1409)
FIXED INCOME
- 10yr UST futures struggled for direction after the prior day’s choppy performance and curve steepening with focus on Kugler’s replacement and supply this week, while a fat finger hit the curve on Wednesday but then pared the entire move shortly after.
- Bund futures lacked demand and just about held above the 130.00 level as German industrial production and trade data loom.
- 10yr JGB futures rebounded from yesterday’s trough but with further upside capped by a lack of tier-1 data from Japan and amid mostly weaker metrics from the 30yr JGB auction.
COMMODITIES
- Crude futures nursed losses after declining yesterday amid Russia/Ukraine optimism following the discussion between the US and Russia which was said to have made progress and with President Trump intending to meet Russian President Putin as soon as next week.
- Spot gold marginally gained after recent dollar weakness and as reciprocal tariffs took effect.
- Copper futures were rangebound amid the mixed risk appetite and encouraging Chinese trade data.
CRYPTO
- Bitcoin saw two-way price action and ultimately retreated after failing to sustain a brief return above the USD 115k level.
NOTABLE ASIA-PAC HEADLINES
- BoK Governor Rhee said the US trade deal takes a huge burden off monetary policy at the August meeting.
DATA RECAP
- Chinese Trade Balance (USD)(Jul) 98.2B vs. Exp. 105.0B (Prev. 114.8B)
- Chinese Exports YY (USD)(Jul) 7.2% vs. Exp. 5.4% (Prev. 5.8%)
- Chinese Imports YY (USD)(Jul) 4.1% vs. Exp. -1.0% (Prev. 1.1%)
- Chinese Trade Balance (CNY)(Jul) 705.1B (Prev. 826.0B)
- Chinese Exports YY (CNY)(Jul) 8.0% (Prev. 7.2%)
- Chinese Imports YY (CNY)(Jul) 4.8% (Prev. 2.3%)
- Australian Balance on Goods (Jun) 5,365M vs. Exp. 3,400M (Prev. 2,238M)
- Australian Goods/Services Exports (Jun) 6.0% (Prev. -2.7%)
- Australian Goods/Services Imports (Jun) -3.1% (Prev. 3.8%)
- New Zealand Inflation Forecast 1 Yr (Q3) 2.37% (Prev. 2.41%)
- New Zealand Inflation Forecast 2 yrs (Q3) Q1 2.28% (Prev. 2.29%)
GEOPOLITICS
MIDDLE EAST
- Israeli PM Netanyahu reportedly has the required majority in the Council to pass the decision to occupy Gaza.
RUSSIA-UKRAINE
- US President Trump said Special Envoy Witkoff had a highly productive meeting with Russian President Putin, “great progress was made!”.
- US President Trump told European leaders he intends to meet with Russia’s President Putin and Ukraine’s PM Zelensky, with Trump intending to meet in person with Putin as soon as next week, according to NYT.
- US President Trump said they had very good talks with Russian President Putin and there’s a good chance that there will be a meeting very soon, while he also commented that more secondary sanctions are coming regarding Russia.
- White House said the meeting with Russia and Special Envoy Witkoff went well, while it added that Russia is eager to continue engaging with the US and secondary sanctions on Russia are expected to be implemented on Friday.
- US Secretary of State Rubio said it was a good day regarding efforts to end the Ukraine war but there is still a lot of work ahead and many impediments to overcome. Rubio said there are some concrete examples of the kinds of things Russia would ask for to end the war for the first time since January 20th and they are not at a stage yet where Trump has to make a decision on Russia sanctions, while Trump could talk with Putin over the next couple of days although there is no Trump-Putin call scheduled right now. Furthermore, he said President Trump will make a decision in the next 24–36 hours on whether to impose secondary sanctions on Russia on Friday and Rubio stated he doesn’t know if a meeting between Trump and Putin will take place next week which depends on how much progress the sides can make.
- Ukrainian President Zelensky said he discussed Witkoff’s visit to Moscow in a call with Trump and said that Russia should end this war, while he also commented that pressure on Russia is working and it’s crucial they do not deceive them, as well as commented that it looks like Russia is more inclined to a ceasefire.
OTHER
- South Korean military said South Korea and the US are to conduct major joint military exercises beginning on August 18th although an official stated that some parts of the joint drills are postponed to September, while the military drills will test an upgraded response to a heightened North Korea nuclear threat.
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN/
JAPAN AUSTRALIA
Japan no longer pacifist: they ink a ladmark nay deal with Australia
(zerohedge)
Japan Continues Drifting From Post-WW2 Pacifist Constitution, Inking Landmark Navy Deal With Australia
Wednesday, Aug 06, 2025 – 09:20 PM
Japan continues getting further away from its pacifist constitution adopted after World War 2, as US regional allies continue strengthen defense alliances in face of the ‘China threat’.
Australian Defense Minister Richard Marles announced Tuesday a major deal with his country’s Indo-Pacific trade partner Japan, hailed as “the largest defense industry deal ever made between Japan and Australia.”
Australia plans acquire a total of eleven frigates from Japan in a major boost to its navy, valued at 10 billion Australian dollars (approximately $6.5 billion or €5.6 billion).
The major contract was awarded to Mitsubishi Heavy Industries, which will provide Mogami-class warships, which are highly advanced and with an array of weapons, with the bid succeeding over that of Germany’s ThyssenKrupp Marine Systems.
“This decision was made based on what was the best capability for Australia,” Marles said. “We do have a very close strategic alignment with Japan.”
“The Mogami-class frigate is the best frigate for Australia,” Marles described. “It is a next-generation vessel. It is stealthy. It has 32 vertical launch cells capable of launching long-range missiles.”
This agreement marks Japan’s first export of warships since before the Second World War, and only its second significant defense sale abroad, which is why some Australian analysts consider the landmark deal to be high risk.
Many details of the deal still remain shrouded in mystery, but one maritime sources says: “Under the agreement, Mitsubishi Heavy Industries will supply the Royal Australian Navy with three upgraded Mogami-class multi-role frigates built in Japan from 2029. Eight more frigates will be built in Western Australia.”
Additionally, Mitsubishi Heavy Industries has never built warships outside of Japan. Rabobank in a note has commented further of this factor as follows:
Japan continues to increase its defense exports after decades of controls to stay out of global conflicts after World War II. Mitsubishi is going to build a fleet of frigates for the Royal Australian Navy in the coming years. The first three will be built in Japan, the remainder in Australia, bolstering the defense ties between the two countries. Both are US allies and face a threat from China. Australia aims to increase its surface fleet to its largest size since WWII.
It was only just over a decade ago, in 2014, that then-prime minister Shinzo Abe partially lifted the post-WW decades-long self-imposed ban on foreign arms sales.
The high tech multi-mission stealth frigate for the Japan Maritime Self-Defense Force, now to be supplied to Australia’s military…
Six years after the significant policy change, Japan sold the Philippines $100 million worth of air surveillance radar systems. This was also as Washington began making more defense cooperation inroads with Japan, and the last few years have even seen deepening cooperation with NATO – which has angered China.
3C CHINA/USA/INTEL
Trump Demands Intel CEO “Must Resign” Over Alleged China Ties Cited In Senator Cotton’s Letter
Thursday, Aug 07, 2025 – 08:00 AM
President Trump must have read U.S. Republican Senator Tom Cotton’s letter, sent to Intel’s Board on Wednesday, about the chipmaker’s new CEO, Lip-Bu Tan’s ties to Chinese firms, and a recent criminal case involving his former company, Cadence Design. That’s because Trump just fired off a shocking new Truth Social post moments ago.
“The CEO of INTEL is highly CONFLICTED and must resign, immediately,” Trump wrote on his social media platform.
The president continued, “There is no other solution to this problem. Thank you for your attention to this problem!”
In a letter addressed to Intel Chairman Frank Yeary, Cotton raised the question whether Intel’s Board knew about subpoenas issued to Cadence during Tan’s tenure, and whether Tan has fully disclosed or divested from Chinese chip firms linked to the Chinese military or Communist Party.
Writing to “express concern about the security and integrity of Intel’s operations and its potential impact on U.S. national security“, Cotton said in the letter.
Cotton noted that Tan recently pleaded guilty to illegally transferring sensitive chip design technology to a Chinese military university and semiconductor firm while working at Cadence.
Cotton also criticized Intel’s decision to hire Tan despite these associations, especially given the company’s nearly $8 billion award under the CHIPS Act and its role in the Secure Enclave program, which requires strict compliance with national security protocols.
Intel shares are down nearly 4% in premarket trading in New York.
Here’s the full letter from the GOP Senator:
Mr. Frank D. Yeary
Chairman of the Board of Directors
Intel Corporation
2200 Mission College Blvd
Santa Clara, CA 95054
Dear Mr. Yeary:
I write to express concern about the security and integrity of Intel’s operations and its potential impact on U.S. national security. In March 2025, Intel appointed Lip-Bu Tan as its new CEO. Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms. At least eight of these companies reportedly have ties to the Chinese People’s Liberation Army.
Mr. Tan was most recently the CEO of Cadence Design Systems, a company that makes electronic design automation (EDA) technology, which is a key enabler of advanced chip design. Last week, Cadence pleaded guilty to illegally selling its products to a Chinese military university and transferring its technology to an associated Chinese semiconductor company without obtaining licenses. These illegal activities occurred under Mr. Tan’s tenure.
Intel was awarded nearly $8 billion from the CHIPS and Science Act, the largest grant to a single company. Intel is required to be a responsible steward of American taxpayer dollars and to comply with applicable security regulations. Mr. Tan’s associations raise questions about Intel’s ability to fulfill these obligations. In the interest of transparency and national security, I respectfully request a response to the following questions by August 15, 2025.
- Was the Board aware of Cadence’s subpoenas before hiring Mr. Tan as CEO? If so, what measures were taken to address concerns about Cadence’s activities under Mr. Tan?
- Did the Board require Mr. Tan to divest from his positions in semiconductor firms linked to the Chinese Communist Party or the People’s Liberation Army and any other concerning entities in China that could pose a conflict of interest for Intel’s CEO?
- Given Intel’s contract under the Secure Enclave program, has Mr. Tan disclosed any remaining investments, professional roles, or other ties to Chinese companies to the U.S. government?
Thank you for your attention to this matter. I look forward to your response.
Sincerely,
Tom Cotton
United States Senator
It seems like the ‘Red Scare’ has begun.
And this…
. .
4. European affairs
UK BANK OF ENGLAND
WEAK GROWTH, HIGH INFLATION GRIPS ENGLANDS (STAGLFATION)
ZEROHEDGE
Bank of England Cuts Rates To 4% After Historic Re-Vote
Thursday, Aug 07, 2025 – 07:47 AM
The Bank of England cut interest rates by a quarter of a point to 4% in a hawkish decision that for the first time required a second round of voting, as the central bank contends with weak growth and high inflation, i.e. stagflation.
In an unprecedented second vote by the Monetary Policy Committee after it initially failed to reach a majority verdict, five
members voted for the quarter-point reduction to 4%, while four backed no change.
That followed an earlier three-way split that failed to reach a majority when four voted for a 25bps cut (Andrew Bailey, Sarah Breeden, Swati Dhingra and Dave Ramsden) and four voted for no change (Megan Greene, Clare Lombardelli, Catherine Mann and Huw Pill). Alan Taylor, an external member who had initially favored a bigger reduction, switched to back a quarter-point in the second round of voting.
It was the first time in the 28-year history of the panel that two rounds of voting were needed to reach a presentable outcome on rates.
The Monetary Policy Committee voted by a majority of 5-4 to cut interest rates to 4%.
Find out more in our #MonetaryPolicyReport https://t.co/jtJlDzsgEC pic.twitter.com/chFJVqXZoo— Bank of England (@bankofengland) August 7, 2025
Before the decision, economists had predicted less support for no change.
“We’ve cut interest rates today, but it was a finely balanced decision,” said Andrew Bailey, the BoE’s governor.
He repeated the central bank’s previous guidance that while rates were still on a downward path, “any future cuts will need to be made gradually and carefully”.
In terms of the forward guidance, the Committee stuck to its previous message of “gradual and careful” easing but added a new sentence saying that “[t]he timing and pace of future reductions in the restrictiveness of policy will depend on the extent to which underlying disinflationary pressures continue to ease”, further emphasising a meeting-by-meeting approach. Second hawkish element of the minutes was the MPC’s comment saying “[o]verall, the MPC judges that the upside risks around medium-term inflationary pressures have moved slightly higher since May.”
The fragmented vote illustrates the extent of disagreement at the UK central bank about how to respond to signs of fraying economic growth juxtaposed against an unsettling resurgence in inflation.
In contrast, the US Federal Reserve has so far shirked from rate cuts this year to gauge prospective price pressures, incurring derision from President Donald Trump.
The decision to lower borrowing costs by a quarter point matched market expectations, but the close nature of the vote sent the pound and gilt yields higher.
The pound jumped against the dollar after the decision, climbing 0.5% to $1.3428. Gilts fell, sending the two-year yield six basis points higher to 3.88% as money markets reduced wagers on the extent of interest rate cuts from the BOE next year.
Two-year gilt yields, which are sensitive to rate changes, rose 0.05 percentage points to 3.87 per cent, as traders braced for a slower pace of future cuts.
Thursday’s decision comes amid a stagflationary conflagration, one where UK inflation is running at much higher levels than in the US or the Eurozone, while growth is slowing.
The BoE is also wrestling with US President Donald Trump’s steep tariffs, which came into effect on dozens of trading partners on Thursday morning. However, the UK has been spared the harshest levies, securing a rate of 10 per cent.
On Thursday, the BoE warned that higher food prices will drive inflation further above target in the near term, predicting a peak at 4 per cent in September, above than previous estimates.
EU
UN Refugee Chief Warns EU: Budget Cuts Driving Migration Surge
Thursday, Aug 07, 2025 – 02:45 AM
The UN’s top refugee official, Filippo Grandi, warned that “catastrophic” donor-driven budget cuts to his agency are already fueling increased migration to Europe and urged EU governments to fund existing asylum systems in countries like Chad, Iran, and Kenya rather than creating new ones, according to the Financial Times this week.
“There is no doubt in my mind that people are already moving from Chad to Libya — Sudanese refugees,” Grandi told the Financial Times, pointing to evidence of displaced Sudanese heading north due to collapsing support in Chad and Sudan. “Give more assistance to states where people are ready to stay before going back home. You solve a lot of your problems by doing that.”
FT writes that UNHCR’s budget has plummeted—from $2bn to $390mn in U.S. funding under Donald Trump, with cuts from EU nations like France and Germany as well—forcing the agency to lay off a third of its staff and pause $1.4bn in programs.
While many EU states, including Denmark and Italy, push to outsource asylum processing to non-EU countries, Grandi criticized schemes that “dump” Europe’s asylum responsibilities on others. Of such efforts, he said, “If it is dumping the responsibilities… then I think it would be a bit more problematic.”
He stressed the need for safeguards and agency coordination: “Consult with us when you are elaborating. There are windows of opportunity to do some of these innovative things.”
Grandi also voiced concern over the EU’s cooperation with Libya and Tunisia, where conditions for refugees are dire. Libya is “not a country where we could have such an arrangement,” and in Tunisia, UNHCR is no longer allowed to screen asylum seekers amid migrant pushbacks and government crackdowns.
Recall last week we wrote that Spain had now passed Germany and topped the EU in asylum requests as migrant patterns continue to shift globally. According to an unpublished EU Agency for Asylum (EUAA) report seen by the Financial Times, the bloc’s asylum system is undergoing a “significant shift,” with May 2025 seeing 64,000 applications — nearly 25% fewer than the same month in 2024.
The drop was driven by an “extremely abrupt” fall in Syrian claims, from about 16,000 in October 2024 to just 3,100 in May.
“Since February Germany has no longer been the top EU+ destination; Spain, Italy and France all received more applications in May 2025,” the EUAA writes.
END
FRANCE:
France To Revoke Moroccan Man’s Residency After Cigarette Lit On Tomb Of The Unknown Soldier
Thursday, Aug 07, 2025 – 02:00 AM
Authored by Thomas Brooke via Remix News,
A 47-year-old Moroccan national will have his French residence permit revoked after lighting a cigarette with the flame from the Tomb of the Unknown Soldier in Paris, Interior Minister Bruno Retailleau announced on Wednesday.
The man, known to police and the courts, has 21 prior convictions for contempt, rebellion, and racial insults.
His current residency card was valid until October 2025.
The incident occurred Tuesday afternoon, when the suspect was arrested and taken into custody.
He initially denied the act before admitting it under questioning.
Retailleau condemned the gesture as “undignified and miserable,” and “harmful to the memory of those who died for France.”
Patricia Miralles, Minister of Remembrance and Veterans Affairs, described the act as “an insult to our dead, to our history, to our nation. This flame does not light a cigarette; it burns for the sacrifice of millions of our soldiers,” she added.
Several National Rally lawmakers also voiced anger. RN MEP Matthieu Valet said it “sullies the memory of our soldiers who shed their blood for our freedom,” adding, “Respect our dead.”
The Tomb of the Unknown Soldier, located beneath the Arc de Triomphe, holds the remains of an unidentified World War I soldier, symbolically honoring all French soldiers who have died in combat.
While incidents related to the landmark are uncommon, they have occurred.
In 1998, a Mexican tourist was arrested for dousing the flame with liquid during the France ’98 World Cup. That same year, an Australian was arrested for using it to cook an egg.
end
NATO //EU/UKRAINE RUSSIA
they are all nuts!
Four NATO States Agree To Buy $1 Billion In US Weapons For Ukraine
Thursday, Aug 07, 2025 – 05:00 AM
Denmark, Sweden, Norway, and the Netherlands announced they would buy $1 billion in weapons for Ukraine from the US.
Copenhagen is pledging to buy $500 million in arms that will be matched by the three Scandinavian countries. “Ukraine is not only fighting for its own security, but also for our security,” Swedish Defense Minister Pal Jonson.
The Wall Street Journal reports this is the first of several weapon sales to Ukraine paid for by NATO members this summer.
NATO and President Donald Trump recently unveiled a scheme to send Ukraine $10 billion in US weapons funded by Europe and Canada. However, several European countries have announced they will not participate in the program.
The WSJ report makes mention of Kyiv’s shopping list:
NATO and Ukraine have established a shopping list of Kyiv’s requirements for lethal and nonlethal equipment, dubbed the Prioritized Ukraine Requirements List. NATO, Ukraine and NATO’s Supreme Allied Commander Europe, U.S. Gen. Alexus Grynkewich, will ensure the packages meet Kyiv’s needs. NATO is dividing the list into packages valued at roughly $500 million apiece
Governments are making financial commitments toward the packages and NATO, which has pledged “rapid delivery from U.S. stockpiles” will coordinate delivery of the arms to Ukraine.
Ukrainian President Zelensky celebrated the announcement. “We already have commitments from the Netherlands, Sweden, Norway, and Denmark – over one billion dollars for American weapons that Ukraine will receive,” he wrote on X. “Thank you! This cooperation with NATO countries will continue.”
The Ukrainian leader also said he had a “productive” conversation with President Donald Trump. Zelensky says he spoke with Trump about adding new sanctions on Russia.
According to Reuters the scheme also allows for countries that donate weapons to Ukraine to have priority access to receiving replacement arms from the US.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL /GAZA/HEZBOLLAH/IRAN/SUMMARY OF THE LAST 24 HR
ISRAEL VS HAMAS
IDF Chief Clashes With Netanyahu Over Full Permanent Takeover Of Gaza Strip
Thursday, Aug 07, 2025 – 05:45 AM
The Israeli military’s (IDF) chief of staff, Lt.-Gen. Eyal Zamir, reportedly sharply disagreed with Prime Minister Benjamin Netanyahu during a three hour security cabinet meeting Wednesday, where the question of what’s next in Gaza was hotly debated.
Zamir presented various options, after widespread reports that Netanyahu is ready to pull the trigger on the full conquest and permanent occupation of the Gaza Strip, even if this endangers the remaining living hostages.
An official statement from Netanyahu’s office said the prime minister “held a closed security consultation that lasted about three hours, during which the Chief of Staff presented various options for continuing the military campaign in Gaza.”
Kan News public broadcaster subsequently stated “The prime minister’s direction is to go and conquer the Gaza Strip.”
However, Zamir is said to have pushed back, saying “You are entering a trap in Gaza,” Kan reported.
The conquest plan would see IDF ground forces move into new areas where the hostages are believed held, but the army chief of staff argued that this “will significantly endanger their lives and cause the army to burn out.”
The IDF has been fighting hard for nearly two years, and there have been hundreds of casualties – in the wake of the Hamas/PIJ terror attacks of Oct.7, 2023.
Despite likely tens of thousands of Hamas militants having been killed over the course of the war, they have still proven effective in small ambushes against IDF forces, emerging from the tunnels to strike.
Netanyahu reportedly shot back during the meeting that “until now, the IDF’s modus operandi has not led to a deal for hostages and their release, therefore, a different action is required. Hamas will understand that it has no immunity and will reach a deal.”
Reports say that Zamir is opting for a strategy of encirclement and targeted raids, largely in continuation of what’s happening now, in order to continue grinding down and exhausting the remaining Hamas fighters.
Zamir is reportedly ready to carry out whatever the cabinet ultimately decides, and a follow-up Thursday cabinet meeting will feature a vote.
IRAN/USA/ISRAEL
Trump says US will strike Iran again if nuclear program restarts, IDF strikes in Lebanon
Cabinet expected to approve Gaza occupation • IDF announces death of Hezbollah terrorist • Israel Police arrest man suspected of throwing grenade on Herzliya home
Israeli soldiers work next to military vehicles near the Israel-Gaza border, in Israel July 29 2025.(photo credit: REUTERS/AMIR COHEN)
August 7, 9:45 AM
Trump says US will strike Iran again if nuclear program restarts
ByREUTERS
US President Donald Trump insinuated that he would strike Iran again if it restarted its nuclear program during a Wednesday press conference.
“They can say they’re gonna start all over again, but that’s a very dangerous thing for them to do because we’ll be back,” he said.
“As soon as they [Iran] start, we will be back. I think they understand that.”
END
ISRAEL/HAMAS/ZAMIR
IDF will ‘express our position without fear,’ Zamir says on Gaza occupation debate
“The culture of debate is…a vital component of the IDF,” Zamir said at a situational assessment before a critical security cabinet meeting.
IDF Chief of Staff Lt.-Gen. Eyal Zamir said at a situational assessment, “we are dealing with matters of life and death.'(photo credit: IDF)BySARAH BEN-NUNAUGUST 7, 2025 14:39Updated: AUGUST 7, 2025 15:43
The Israeli military will “continue to express our position without fear,” IDF Chief of Staff Lt.-Gen. Eyal Zamir said on Thursday, in first comments made since reports of disagreements between the Israeli military and the government on a proposed complete occupation of the Gaza Strip.
Just a few hours before the critical security cabinet meeting on Thursday, Zamir said at a situational assessment, “we are dealing with matters of life and death, in the defense of the country, and we do so while looking toward our soldiers and the civilians of Israel. We will continue to act with responsibility, integrity, and determination – with only the security and well-being of Israel in mind.”
The situational assessment, which took place at the General Staff Headquarters in the Kirya military headquarters in Tel Aviv, dealt with the IDF’s plans for the fighting on all its fronts.
IDF chief: Culture of debate a vital component
Addressing the split between the military and political echelons on the next steps in the Gaza Strip, Zamir said, “The culture of debate is an inseparable part of the history of the Jewish people. It is a vital component of the IDF’s overall culture – both internally and externally. We will continue to express our position without fear – in a professional, independent, and substantive manner.”
The government, headed by Prime Minister Benjamin Netanyahu, is angling for an occupation of at least parts of the enclave. The military has fully rejected this plan as strenuous and dangerous to soldiers, and extremely risky to the hostages that remain alive in Hamas captivity, as troops would close in on the areas they are being held, which puts their lives at a higher risk.
Fifty hostages remain held in Hamas captivity, out of the 251 kidnapped by the terrorist group and its affiliates on October 7, 2023. Around 1,200 people, mostly civilians were killed that day, with health authorities in Gaza – which are controlled by Hamas and cannot be verified by a third party – estimating the death toll in the enclave to be above 61,000 people.
IDF Chief of Staff Lt.-Gen. Eyal Zamir said at a situational assessment, “we are dealing with matters of life and death. (credit: IDF)
‘We’re dealing with matters of life and death’
Zamir noted that the military finished Operation Gideon’s Chariots, the plan approved in May to expand operations in Gaza, positioning Israel even more acutely at the crossroads of what to do next.
“We now have the ability to establish a new security reality along the border, while maintaining continuous pressure on the enemy. We will no longer limit our response. We will remove threats in their early stages across all arenas and continue working to achieve our goals,” said Zamir.
He added, “Our intention is to defeat Hamas and continue to operate with our hostages at the forefront of our minds, we will do everything in our power to bring them home.”
END
Gaza takeover plan said set to last 4-5 months, focus on Gaza City, Strip’s center
Security cabinet expected to okay phased proposal despite top generals’ warnings this would endanger hostages; it would drive a million Palestinians southward, while boosting aid
By Nava Freiberg, Follow
Michael Bachner Follow
and Emanuel Fabian Follow
Today, 5:30 am
A tent camp for displaced Palestinians stretches along Gaza City, August 3, 2025. (AP Photo/Jehad Alshrafi)
Israel was expected Thursday to approve a phased plan to take over vast new areas of the Gaza Strip, potentially over five months, newly displacing around a million Palestinians and despite warnings from top military officials that this would endanger the lives of hostages being held in those areas, according to various Hebrew media reports Wednesday.
The plan is reportedly aimed at destroying what remains of the Hamas terror group and pressuring it to free the 50 hostages it is still holding, around 20 of them alive, after recent talks for a deal broke down. It would begin with taking over Gaza City, in the north of the Strip, and camps in the central Strip, driving around half of the enclave’s population southward toward the Mawasi humanitarian zone.
Despite a few ministers potentially opposing the plan, multiple reports said Prime Minister Benjamin Netanyahu would likely secure a majority within the high-level security cabinet to support the plan when it convenes at 6 p.m. Thursday.
During a three-hour security discussion in a smaller group on Tuesday, Netanyahu was presented with several options for continued military operations in the Gaza Strip by IDF Chief of Staff Lt. Gen. Eyal Zamir.
The plan’s reported content
The Netanyahu-backed plan reportedly focuses initially on seizing Gaza City and expanding aid distribution centers in coordination with the United States.
Get The Times of Israel’s Daily Editionby email and never miss our top storiesNewsletter email addressGet it
According to Channel 12 news, in the plan’s first phase, Israel would issue an evacuation notice to the residents of Gaza City — estimated to number around 1 million people, roughly half the Strip’s population — to allow time for the establishment of civilian infrastructure in central Gaza, including hospitals and camps for evacuees. This phase is expected to last several weeks.
Israel would then launch a military offensive in the second phase, during which US President Donald Trump is expected to deliver a speech announcing the acceleration of humanitarian aid in coordination with Israel, the report continued.
Palestinians bring back aid parcels they managed to procure as they walk on a coastal path west of Beit Lahia on July 29, 2025, after aid trucks entered the Gaza Strip from the northern Zikim border crossing. (Omar AL-QATTAA / AFP)
US Ambassador to Israel Mike Huckabee told Bloomberg News Wednesday that there was a push to quickly add 12 aid sites to the four currently operated by the Israel- and US-backed Gaza Humanitarian Foundation.
“A quadrupling over two months, if possible. It’s all about funding,” Huckabee said, signaling that this would be coordinated with IDF military advancements: “I think there’s still some question about areas of the north that may depend on whether the IDF can clear those areas and make it safe.”
The expansion would be funded by approximately $1 billion in donations from the US and other countries, Channel 12 said, adding that the goal would be to enable Gazans to access aid that bypasses Hamas while Gaza City falls under Israeli control.
Reports by the Ynet news site, the Kan public broadcaster and Channel 13 news said the military campaign was expected to last between four and five months and involve four to five IDF divisions. Kan reported that in addition to Gaza City in the Strip’s north, the plan was to expand to the camps in central Gaza, where the IDF has barely maneuvered so far.
The civilian population is expected to be further pushed toward the southern Strip, while maneuvers take place in areas where hostages are believed to be held, with efforts toward avoiding any harm to them.
Kan added that mediators Egypt and Qatar were pressuring Israel — via the US — not to implement the plan, while also urging Hamas to resume negotiations.
The broadcaster cited unnamed security sources as saying the goal was to quickly push more Gazans toward the southern Mawasi zone, in hopes this would serve the stated plan to encourage emigration from Gaza.
The plan’s goals were also said to include pressuring Hamas to free the remaining hostages. Kan cited an Israeli official, however, as estimating the chances of Hamas returning to the negotiation table before the plan is approved to be “almost zero.”
According to Channel 12, another goal is to possibly align with a proposed US-led framework for a comprehensive deal. While Israel may pause operations if that framework advances, officials see it as unlikely, the network said.
Prime Minister Benjamin Netanyahu meets with the IDF General Staff Forum on June 30, 2025. At left is IDF Chief of Staff Eyal Zamir. At right is Defense Minister Israel Katz. (Maayan Toaf/GPO)
By the end of the cabinet meeting, Netanyahu is expected to seek a mandate to authorize himself and Defense Minister Israel Katz to make operational decisions, including on phased steps.
An alternative plan on the table, according to Kan, is to encircle Gaza City and the central Gaza camps, block aid to those areas and launch pinpoint raids, rather than full conquest, aiming to wear Hamas down. The downside would be that it would take time, but security officials were cited as saying this could be an initial step before taking over the areas. Netanyahu has reportedly shot down this plan.
According to Channel 13, Shas party leader Aryeh Deri is expected to take part in the meeting, and while he and Foreign Minister Gideon Sa’ar are leaning toward opposing the full takeover plan, analysts expect Netanyahu to have a majority in favor of approving it.
Trump not opposed to plan, though IDF chief is
Trump said this week that the question of taking over all of Gaza was “pretty much up to Israel,” indicating that he would not interfere in Jerusalem’s decision-making on the matter.
The Axios news site cited an unnamed US official Wednesday as affirming that Washington was indeed not planning to intervene, adding that a recent Hamas propaganda video — showing hostage Evyatar David emaciated and forced to dig what may become his own grave — influenced Trump to make the decision “to let the Israelis do what they need to do.”
The official added, however, that the Trump administration does not support the idea of Israel annexing parts of the Gaza Strip.
US President Donald Trump shouts to reporters as he surveys the grounds from the roof above the Colonnade that goes to the West Wing of the White House, August 5, 2025, in Washington. (AP Photo/Alex Brandon)
However, many reports in recent days have said Zamir and other military officials have warned against the plan for the full occupation of Gaza, with Channel 12 quoting Zamir as saying in closed-door meetings: “Occupying the Strip would drag Israel into a black hole — taking responsibility for two million Palestinians, requiring a years-long clearing operation, exposing soldiers to guerrilla warfare and, most dangerously, jeopardizing the hostages.”
A senior security official also cautioned to Channel 12 that Israel “could end up knowingly entering a Vietnam model” — a reference to the US getting bogged down in a years-long, costly military campaign that yielded limited results during the Vietnam War.
Military officials also believe that if Israel proceeds with the plan, it will lead to heavy casualties among Israeli troops, the Kan public broadcaster reported earlier Wednesday.
The defense officials estimate that “dozens” of soldiers could be killed, and a large number would be wounded in the operation, Kan reported. Israel’s toll in the ground offensive against Hamas in Gaza and in military operations along the border with the Strip stands at 459. The toll includes two police officers and three Defense Ministry civilian contractors.
Possibly alluding to the tension between Zamir and Netanyahu over the reoccupation plan, Maj. Gen. Yaniv Asor, the chief of the IDF Southern Command, appeared to confirm Wednesday that there are “disagreements” in the military’s top brass.
A report earlier in the day by the Yedioth Ahronoth daily said the general had sparred with the head of the Air Force during a recent meeting on Gaza.
“The fighting in Gaza is often accompanied by tension, and sometimes there are disagreements between various parties,” Asor said during a ceremony for the fallen soldiers of the 401st Armored Brigade, in a video released by the IDF.
“It’s important for me to say clearly: these are disagreements with the best of intentions. These are substantive and professional discussions, driven by the sincere desire of all IDF commanders to do what is right for the security of the State of Israel,” he said.
Front L-R: 98th Division commander Brig. Gen. Guy Levy, IDF Chief of Staff Lt. Gen. Eyal Zamir, Southern Command chief Maj. Gen. Yaniv Asor in Gaza City’s Shejaiya neighborhood, July 20, 2025. (Israel Defense Forces)
According to the Yedioth report, during a video call meeting some 10 days ago, Asor demanded that Israeli Air Force chief Maj. Gen. Tomer Bar stop overturning his decisions to carry out strikes in Gaza.
Bar, according to the report, had intervened in strikes after increasing reports of civilian casualties in the Strip since March, which has led to growing tension between him and Asor.
Asor, in the meeting, lashed out, reportedly saying to the other generals: “You there in Tel Aviv are disconnected from the [what is happening] on the ground.”
Cairo slams Israel over aid crisis
Meanwhile Wednesday, Egypt’s foreign minister, on a visit to Greece, described the international response to the escalating humanitarian crisis in Gaza as shameful, and urged powerful Western nations to increase pressure on Israel.
“The international community should be ashamed of the tragic situation unfolding in Gaza and the devastating actions being carried out by Israel,” Egyptian Foreign Minister Badr Abdelatty told reporters in Athens.
“What is unfolding is a human tragedy, and the suffering witnessed is a stain on the conscience of the international community,” he said.
The Egyptian minister described Israel’s military campaign in the territory as a “systematic genocide,” reiterating his government’s position that it “firmly rejects any displacement of the Palestinian people from their ancestral lands.”
The ongoing war erupted after the Hamas-led October 7, 2023, massacre, in which some 5,600 terrorists invaded the country, killing 1,200 people, mostly civilians, and taking 251 hostages to Gaza.
The Hamas-run Gaza health ministry says more than 60,000 people in the Strip have been killed or are presumed dead in the fighting so far, though the toll cannot be verified and does not differentiate between civilians and fighters. Israel says it has killed some 20,000 combatants in battle as of January and another 1,600 terrorists inside Israel during the October 7 onslaught.
Israel has said it seeks to minimize civilian fatalities and stresses that Hamas uses Gaza’s civilians as human shields, fighting from civilian areas including homes, hospitals, schools and mosques.
Times of Israel staff and AP contributed to this report.
ISRAEL/HEZBOLLAH/LEBANON
IDF conducts airstrikes on south Lebanon – report
“There are no unusual instructions for the civilian area. All planned events are approved as scheduled. We will provide updates on any changes,” the Upper Galilee Council stated.
IAF strikes in southern Lebanon on August 6, 2025.(photo credit: Screenshot/Maariv, SECTION 27A COPYRIGHT ACT)ByJERUSALEM POST STAFFAUGUST 6, 2025 23:43Updated: AUGUST 7, 2025 02:06
The Israel Air Force conducted airstrikes in southern Lebanon on Wednesday night, according to reports in Israeli media.
The IDF said that it struck Hezbollah weapons storage facilities, a missile launcher, and Hezbollah terrorist infrastructure that stored engineering tools.
“The Hezbollah terrorist organization continues attempting to reestablish terrorist infrastructure throughout Lebanon using the Lebanese population as human shields. The presence of weapons and the activity of Hezbollah in the area constitute a violation of the understandings between Israel and Lebanon,” an IDF spokesperson’s unit statement read.
“At this time, intense strikes have begun in the Lebanon sector as part of enforcement efforts. There is no change in policy. There are no unusual instructions for the civilian area. All planned events are approved as scheduled. We will provide updates on any changes,” the Upper Galilee Council stated.
Last night, the Lebanese government introduced a measure to establish a monopoly on weapons in the country in order to promote Hezbollah’s disarmament.
Hezbollah claimed that the move was made due to pressure from US mediators to support peace with Israel.
“The Nawaf Salam government has committed a grave sin with a decision that leaves Lebanon without resistance weapons against the Israeli enemy. The government’s decision was made due to demands from the American ambassador, and it fully serves Israel, leaving Lebanon exposed to the enemy with no deterrence.”
end
RUSSIA VS UKRAINE UPDATES
Kremlin Confirms Trump-Putin Meeting ‘In Coming Days’
Thursday, Aug 07, 2025 – 08:25 AM
The Kremlin has on Thursday belatedly confirmed that a meeting between presidents Donald Trump and Vladimir Putin has been agreed to and will take place in the “coming days”. The White House first unveiled it yesterday, as reported in the NY Times, but it was as yet unclear to degree to which Moscow was on board.
But now Russia has agreed “in principle”. According to a statement of Putin’s longtime foreign policy aide, Yury Ushakov, “At the suggestion of the American side, an agreement in principle was made to hold a bilateral meeting at the highest level in the coming days.”
He laid out that the idea of a Trump-Putin-Zelensky meeting (which apparently Washington pushed for) “for some reason was mentioned by Washington yesterday” but “not specifically discussed,” Ushakov added, explaining that the Russian side “left this option completely, completely without comment.”
This was in reference to the intense three-hour meeting that Trump’s envoy Steve Witkoff had with both Putin and his top negotiator and investment chief Kirill Dmitriev.
“We have launched work to discuss the parameters of such a meeting and the venue for it jointly with our American colleagues now,” Ushakov said additionally.
“By the way, I’d like to note that the venue, too, has been agreed in principle and will be announced a bit later,” he added. Putin’s office has described that the interest in a face-to-face meeting, which will mark the first of Trump’s second term – was mutual. One location being already floated as a possibility is the United Arab Emirates.
As for a Zelensky meeting, President Trump has indicated this would happen just bilaterally soon following his sit-down with Putin. Trump had been quoted Thursday as saying “that there will be a meeting [with Putin] very soon” and “that we could be ending” the Ukraine conflict. “We haven’t determined where [the meeting would take place], but we had some very good talks with President Putin today.”
But this is all a bit surprising as nothing has fundamentally changed in the warring sides’ stances. Moscow has not backed off its maximalist war goals, and will not budge from giving up the four eastern territories it has long declared part of the Russan Federation after a popular referendum, or what was fundamentlally annexation vote.
The Zelensky government hasn’t issued any indication that it’s ready for territorial concessions – and it even wants to keep laying claim to Crimea. Meanwhile the tariffs offensive continues, with more taking effect overnight:
After months of threats, delays and extensions, President Donald Trump’s sweeping tariffs took effect overnight, raising the overall average tariff rate to more than 17%, its highest since the Great Depression. Everything from European Union appliances and Japanese cars to food, furniture and toys from China TVs from South Korea will be hit. However, selected oil and gas imports, along with some smartphones and goods covered by a pre-existing trade agreement with Canada and Mexico, are not affected.
Trump has indicated his trade offensive won’t stop. The president said he still plans to impose import taxes on pharmaceutical products and semiconductors. Amid that pressure, Apple said it plans to invest $600 billion in the U.S. over the next four years amid pressure from Trump to shift its supply chain to American soil.
Meanwhile, Trump hiked the tariff rate for India to 50% because of the nation’s purchases of Russian oil, and he said he could raise the European Union’s tariff level to 35% from 15% if it reneges on an investment commitment.
As for the upcoming meeting, Anti-Kremlin punits have accused Putin of using the whole dialogue with Washington as a way to keep stalling – all while sustaining battlefield gains – and to gain a reputational boost. They see Putin as having everything to gain with a direct meeting with Trump, in terms of global standing and domestic opinion – but he’s not expected to make any significant compromise.
At this point from Moscow’s point of view the fate of the war is being decided, but wholly on the battlefield. Ukraine’s near-daily cross-border drone attacks also means the Russian military is unlikely to take its foot of the gas pedal operationally.
end
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
ROBERT H TO US
IVERMECTIN and FENBENDAZOLE SUCCESS STORIES: Stage 4 Prostate Cancer Metastatic to Lungs and Spine, Moderna “Vaccine” Adverse Event, Cardiac Adverse Event & Long Covid Cured
The big issue is whether this really works for the various parasites that cause illness across the board.
Like with most things one needs to carefully research and then act with knowledge.
MARK CRISPIN MILLER
DR PAUL ALEXANDER
A Declaration of War Against Iatrogenic Mainstream Cancer Therapies for Profit & Genocide 2nd Smartest Guy in the World
Aug 7 READ IN APP
Peer Reviewed Medical Evidence Unveiled
In a bold challenge to mainstream medicine, a new era in treating cancer and chronic disease has finally been discovered and disclosed…BREAKING NEWS: First-in-the-World Ivermectin, Mebendazole and Fenbendazole Protocol in Cancer has been peer-reviewed and published Sep.19, 2024! The future of Cancer Treatment starts now.2nd Smartest Guy in the World·October 13, 2024For years now this Substack has been saving lives by promoting its cancer cure based on the original Joe Tippens protocol, and now brave doctors and researchers have finally caught up by publishing this very same treatment approach in a mainstream medical journal.
Read full story
NEWS ADDICTS
| LATEST NEWS |
| Red State Launches Controversial Facility in Explosive DHS DealIndiana is moving forward with plans to open a high-capacity immigration detention center called the “Speedway Slammer,” designed to house illegal immigrants awaiting deportation. The facility is expected to accommodate up to 1,000 individuals, according to Fox News, and will be a key part of the state’s participation in federal immigration enforcement.State officials are coordinating with U.S. Customs and Immigration Enforcement …READ MORE |
| Red State Man Arrested Amid Sickening Allegations Involving Disgraced GOP PoliticianFederal authorities have uncovered new details in the investigation of former Republican South Carolina State Rep. Robert “RJ” May, revealing that an Oklahoma man, Christian Soto, allegedly exchanged child pornography with May. Soto, who has a prior record for threatening his ex-girlfriend, is now facing federal charges for receiving and possessing child pornography, as well as illegal possession of ammunition. Soto’s Kik …READ MORE |
| Ghislaine Maxwell Reveals Key Information on Trump Amid Epstein Probe: ReportGhislaine Maxwell has provided federal investigators with new information regarding Jeffrey Epstein’s network, stating she never witnessed misconduct by President Donald Trump.Her testimony comes during extensive meetings with the Department of Justice (DOJ) , where she also identified numerous individuals allegedly connected to Epstein’s activities.The interviews, which totaled nine hours, were conducted with Todd Blanche, the top deputy to U.S. …READ MORE |
| Multiple Soldiers Wounded as Active Shooter Opens Fire on Major Army BaseFive soldiers were wounded Wednesday morning at Fort Stewart, Georgia, after an active shooter incident prompted a base-wide lockdown. Officials reported casualties but have not released the exact number.The soldiers were initially treated on-site before being transported to Winn Army Community Hospital for further care.The lockdown began at 11:04 a.m., affecting multiple areas, including Wright and Evans Army Airfields and …READ MORE |
| MAGA Rep Under Investigation After Bombshell Allegations: ReportRep. Cory Mills (R-FL) is under investigation after a former girlfriend accused him of threatening to share sexually explicit material with her future romantic partners. Lindsey Langston, a Republican state committeewoman and 2024 Miss United States winner, filed a report with the Columbia County Sheriff’s Office and spoke to the Florida Department of Law Enforcement regarding the alleged threats.Langston told authorities …READ MORE |
NEWSWIZE
EVOL NEWS
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL /ENERGY ISSUES/WORLD WIDE
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
BRAZIL/USA
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1685 UP 0.0021 PTS OR 21 BASIS POINTS
USA/ YEN 146.76 DOWN 0.448 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 1.3377 UP .0020 OR 20 BASIS PTS
USA/CAN DOLLAR: 1.3726 DOWN 0.0013 (CDN DOLLAR UP 13 BASIS PTS)
Last night Shanghai COMPOSITE UP 5.67 PTS OR 0.16%
Hang Seng CLOSED UP 157.08 PTS OR 0.63%
AUSTRALIA CLOSED DOWN 0.14%
// EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 157.08 PTS OR 0.63%
/SHANGHAI CLOSED UP 5.67 PTS OR 0.16%
AUSTRALIA BOURSE CLOSED DOWN 0.14 %
(Nikkei (Japan) CLOSED UP 264.29 PTS OR 0.65%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3395.20
silver:$38.23
USA dollar index early THURSDAY morning: 97.84 DOWN 14 BASIS POINTS FROM WEDNESDAY’s CLOSE
THURSDAY MORNING NUMBERS ENDS
And now your closing THURSDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.045% DOWN 1 in basis point(s) yield
JAPANESE BOND YIELD: +1.499% DOWN 1 FULL POINTS AND 00/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.205 DOWN 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3.456 DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6380 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1647 DOWN 0.0016 OR 16 basis points
USA/Japan: 147.27 UP 0.078 OR YEN IS DOWN 8 BASIS PTS//
Great Britain 10 YR RATE 4.5530 UP 4 BASIS POINTS //
Canadian dollar UP .0001 OR 1 BASIS pts to 1.3738
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.1787 CNY ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.18009
TURKISH LIRA: 40.63 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.491
Your closing 10 yr US bond yield UP 1 in basis points from WEDNESDAY at 4.235% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.8070 UP 1 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.722 UP 1 BASIS PTS.
GOLD AT 11;00 AM 3388.70
SILVER AT 11;00: 38,42
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: THURSDAY CLOSING TIME 11:00 AM//
London: CLOSED DOWN 63.54 PTS OR 0.54%
GERMAN DAX: UP 268.14 pts or 0.12%
FRANCE: CLOSED UP 54.94 pts or 0.907%
Spain IBEX CLOSED UP 154.30 pts or 1.06%
Italian MIB: CLOSED UP 383.26 or 0.93%
WTI Oil price 64,31 11.00 EST/
Brent Oil: 67,01 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 79.13 ROUBLE UP 0 AND 86/ 100
CDN 10 YEAR RATE: 3.390 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.940 DOWN 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1624 DOWN 0.0034 OR 34 BASIS POINTS//
British Pound: 1.3413 UP .0056 OR 56 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.5180 DOWN 1 FULL BASIS PTS//
JAPAN 10 YR YIELD: 1.474 DOWN 3 FULL BASIS PT
USA dollar vs Japanese Yen: 147.48 UP 0.284 BASIS PTS
USA dollar vs Canadian dollar: 1.3764 UP 0.0025 BASIS PTS// CDN DOLLAR DOWN 25 BASIS PTS
West Texas intermediate oil: 63.80
Brent OIL: 66.32
USA 10 yr bond yield UP 2 BASIS pts to 4.247
USA 30 yr bond yield UP 4 PTS to 4.823%
USA 2 YR BOND: UP 1 PTS AT 3.699%
CDN 10 YR RATE 3.391 DOWN 1 BASIS PTS
CDN 5 YEAR RATE: 2.944 DOWN 1 BASIS PTS
USA dollar index: 98.20 UP 23 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 40.59 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 79.22 UP 0 AND 77/100 roubles //
GOLD $3389.50 (3:30 PM)
SILVER: 38.12 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 218.87 OR 0.80%
NASDAQ 100 UP 75.57 PTS OR 0.32%
VOLATILITY INDEX: 16.99 UP 0.22 PTS OR 1.31%
GLD: $ 313.12 UP 2.62 PTS OR 0.84%
SLV/ $34.76 UP 0.41 PTS OR OR 0.65%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 182.55 PTS OR 0.65%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
“Total Slop” – Stocks & Bonds Drop, Bitcoin & Bullion Pop
Thursday, Aug 07, 2025 – 08:00 PM
If you’re looking for a reason for today’s slump in stocks, good luck.
As one veteran trader said, today was “total slop, just unwinds” as mega-caps, momo, and meme stocks all surrendered recent gains with no major headline-driven catalyst driving the downside.
- Jobless claims data was ‘meh’ – rising very modestly but not confirming the payrolls weakness (but the market didn’t care).
- Fed’s Waller was highlighted as a front-runner for The Fed-Head position (are stocks really dropping because Waller is seen as less dovish than Hassett or Warsh? If so, why didn’t rate-cut expectations change?)
- Stephen Miran is confirmed to be Trump’s choice to replace Adriana Kugler as a Fed Governor
- Trump-Russia meeting imminent (seems bullish, less geopol risk?)
- NYFed consumer survey shows no inflation fears and more household optimism (but, but, but Liesman & Bostic said…!)
- Apple exempted from tariffs (a standout winner on the day)
- Trump’s chip tariff terror was wiped away with the exemptions (but the Mega-Cap tech and Semi names pumped and dumped)
- Eli Lilly’s obesity pill was a flop (ugly reaction)
- Chatter that Trump will sign an EO allowing crypto in 401(k)s (sparked a bid for BTC)
- An ugly 30Y auction (really bad tail for the 3rd time in a row – stocks ignored it)
‘Uncertainty’ is falling back near pre-Liberation-Day lows…
Source: Bloomberg
So, all that taken, this is what stocks looked like on the day with a drift up overnight met with wave after wave of selling from the moment the US session opened (not what you’d expect from all those headlines). Late in the day saw some buying after headlines reported that CEA Chair Stephen Miran would be nominated to replace Adrian Kugler as a Fed Governor (dovish). That lifted Nasdaq into the green for the day; the rest of the majors were lower on the day…
Under the hood, it was pump and dump everywhere…
Mag7 stocks…
Source: Bloomberg
Momo stocks…
Source: Bloomberg
Meme stocks…
Source: Bloomberg
Semis…
Source: Bloomberg
MegCap Tech stocks…
Source: Bloomberg
AAPL shares surged another 3% today, almost entirely erasing all of the Liberation Day losses…
On the vol side of the market, we have seen VIX jump back above 17 today but not in the chart below how the Mag7 is keeping overall volatility suppressed across the whole index…
Source: Bloomberg
Eli Lilly was clubbed like a baby seal (worst day in 25 years) as its Obesity-Pill disappointed in testing (which triggered a surge in Novo Nordisk – the other GLP provider)
Source: Bloomberg
An ugly 30Y auction pushed yields higher later in the day but they were mixed amid modest moves for the whole day (2Y +2bps, 30Y -1bps). The 30Y remains the only yield that is lower on the week, even after today’s auction…
Source: Bloomberg
It’s been a wild week for bonds…
Source: Bloomberg
Rate-cut expectations for 2025 and 2026 were flat on the day (2026 expectations did rise early on but then fell back to unchanged). Sept still seems like a lock for a 25bps cut (but we have CPI and Jackson Hole before that)…
Source: Bloomberg
The dollar ended very marginally higher today but still lower since Payrolls…
Source: Bloomberg
Gold trended higher today closing at two-week highs…
Source: Bloomberg
With a few minutes left in the day, rumors hit that CEA Chair Stephen Miran would replace Adriana Kugler as a Fed Governor.
That sent the dollar lower and gold higher…
Source: Bloomberg
Oil prices extended yesterday’s losses as chatter of an imminent Trump-Putin meeting eased supply concerns…
Source: Bloomberg
Bitcoin rallied back above $117k today as rumors and then confirmation that President Trump will ease access to crypto (and private assets) into 401(k)s pushed prices higher…
Source: Bloomberg
Ethereum outperformed once again with the ETH/BTC pair now heading back into the DeFi Boom 2.0 region…
Source: Bloomberg
Finally, despite the ‘slop’, we are still tracking Trump Tariffs 1.0 performance…
Source: Bloomberg
What’s the catalyst for that trajectory changing? CPI next week, Jackson Hole, FOMC?
USA DATA RELEASES
DOGE Impact Accelerates As ‘Deep TriState’ Jobless Claims Hit 4 Year High
Thursday, Aug 07, 2025 – 08:40 AM
The number of Americans filing for jobless benefits for the first time rose very modestly last week (from 219k to 226k) but remains basically unchanged for the last four years…
Continuing Claims jumped last week to its highest since Nov 2021…
But, the ‘Deep TriState’ region sees the trend of continuing claims keep rising (at its highest since Dec 2021)…
Source: Bloomberg
Of course, comparing initial jobless claims to the BLS’ payrolls print is ‘interesting’…
Source: Bloomberg
But if we zoom in, the relationship is tighter, BUT claims data suggests we will see significant UPWARD revisions for payrolls soon… that will be awkward for some!
Source: Bloomberg
The labor market data remains a ‘choose your own adventure’ playground for data-miners.
USA ECONOMIC COMMENTARIES
huge news
Trump To Impose 100% Chip Tariffs, But Will Exempt US Investors Like Apple
Wednesday, Aug 06, 2025 – 08:30 PM
With CEO Tim Cook standing next to him in the Oval Office as the president announced a fresh (and very laughable) $100 billion investment plan by Apple which it would then add to the $500 billion already pledged over the next 4 years (which is ridiculous since Apple spent $43 billion in capex in the past 4 years and generated less than $100 billion in net income in its best year), Trump announced he would impose a 100% tariff on chip and semiconductor imports, but would exempt companies moving production back to the United States.
Apple had previously pledged to spend $500 billion in the US over the next four years, an acceleration over its prior investments and previously announced plans, adding about $39 billion in spending and an additional 1,000 jobs annually. The announcement will bring Apple’s cumulative commitment to $600 billion, and appears to be an ad hoc bundling of pretty much everything on the income and cash flow statements, including CoGS, SG&A, CapEx, buybacks and so on. The previously-planned $500 billion was said to include work on a new server manufacturing facility in Houston, a supplier academy in Michigan and additional spending with its existing suppliers in the country.
“We’re going to be putting a very large tariff on chips and semiconductors, but the good news for companies like Apple is, if you’re building in the United States, or have committed to build, without question, committed to build in the United States, there will be no charge,” Trump told reporters.
“So in other words, we’ll be putting a tariff of approximately 100% on chips and semiconductors. But if you’re building in the United States of America, there’s no charge,” Trump said. “Even though you’re building and you’re not producing yet, in terms of the big numbers of jobs and all of things building, if you’re building, there will be no charge.”
BREAKING: President Trump just announced a 100% tariff on chips and semiconductors. Companies that are in the process of moving manufacturing into the United States won’t be charged.
“If for some reason you say you’re building and you don’t build, then we go back, and we add it… pic.twitter.com/LWoXQuQX8D— George (@BehizyTweets) August 6, 2025
The hollow announcement which is largely unenforceable and amounts to nothing more than a promise by Apple, represents a major victory for Apple and Cook, who have faced escalating threats from Trump’s tariffs that threatened to ratchet up the cost of producing their signature phones and computers. And while AAPL will spend precisely zero dollars, it already got the benefit of the market which sent its stock price billions of dollars higher on absolutely nothing.
In theory, Apple’s $100 billion US investment will include a new manufacturing program designed to bring more of Apple’s production to the US. The company’s American Manufacturing Program partners include glassmaker Corning, Applied Materials, Texas Instruments and others, the company said.
Corning will dedicate an entire factory in Kentucky to Apple glass production, increasing that company’s workforce in the state by 50%. Corning was already a supplier to Apple, making glass for the very first iPhone at the same factory.
The increased pledge comes as Trump escalates a tariff push that’s set to raise costs for Apple throughout its international supply chains.
Meanwhile, Trump followed through with his plans to hit India – a key production market for Apple – with 50% tariffs, the first half of which takes effect just after midnight alongside a raft of other country-specific levies designed to reduce trade imbalances. The other half, to penalize India for buying Russian energy, will take effect later this month.
The president has said he could unveil separate levies on all products containing semiconductor chips as soon as next week.
Cook, who attended the president’s inauguration and donated to his inaugural committee, has pushed for tariff exemptions for his company’s iPhones. Most iPhones sold in the US come from India, while the bulk of other products, including Apple Watches, iPads and MacBooks, are manufactured in Vietnam, which was hit with a 20% tariff. While details of those tariffs, and how firms would qualify for exemptions, have yet to be released, Trump singled out Cook’s Apple as an example of how to avoid the increased levies. Namely, make bombastic promises that make for glitzy headlines.
Cook’s investment echoes dozens of pledges from companies since Trump won the 2024 presidential election, with CEOs flying to his Mar-a-Lago resort in Florida, and then to the White House once he was sworn in, to court the new administration and announce hundreds of billions of dollars worth of new deals.
Most if not all of these investments were already in the works prior to the November election, or were on par with previous investment trends, Bloomberg previously reported. Economists have also questioned whether all of the pledged spending, and associated job opportunities, will come to fruition.
Meanwhile, Apple’s promised investments, while substantial, fall short of the full shift to US-based production that Trump and top White House officials have envisioned and encouraged. Earlier this year, the president threatened to impose a tariff of at least 25% on Apple if it didn’t move manufacturing of the iPhone to the US, a day after he met with Cook at the White House.
Cook told the president that final iPhone assembly “will be elsewhere for a while,” though highlighted that several components are being made in the US. Trump, seemingly satisfied, praised the Apple leader’s plans.
“Look, he’s not making this kind of an investment anywhere in the world, not even close,” Trump said of Cook. “He’s coming back. I mean, Apple’s coming back to America.”
Actually, no he isn’t.
end
The Bubble Is Bursting: Delinquency Rates Have Doubled And Credit Card Defaults Are Soaring
Thursday, Aug 07, 2025 – 07:20 AM
Authored by Michael Snyder via The Economic Collapse blog,
Did you know that U.S. households are carrying $1.18 trillion in credit card debt? Considering the fact that the average rate of interest on credit card balances is now over 20 percent, that is not good news at all. Sadly, most of the country is just barely scraping by from month to month in this very harsh economic environment, and turning to credit cards for some relief can be extremely tempting. A thousand dollar credit card balance can turn into four or five thousand dollars in the blink of an eye, and once you get that deep into the hole it can be very difficult to ever dig yourself out. Of course if you end up losing your job or having a major medical emergency, that can be enough to push you completely over the edge financially. Today, that is happening to an alarming number of Americans.
For some perspective, let’s go back to the end of 2024. At that time, it was being reported that “credit card loan defaults soared this year”…
Experts are sounding the alarm over a new report indicating credit card loan defaults soared this year, warning the dam is about to break on Americans’ record-high consumer debt.
During the first nine months of 2024, lenders wrote off more than $46 billion in seriously delinquent credit card loans, according to a report from the Financial Times citing data analyzed by BankRegData. That’s an increase of 50% from the first three quarters of 2023, and the highest since 2010.
Unfortunately, this crisis has continued to intensify in recent months.
Delinquency rates have “hit the highest levels in more than a decade”, and this is especially true for younger borrowers…
Delinquency rates have doubled since the record lows of 2021. On one hand, this makes sense: Consumer credit has grown 20% since 2021. Stimulus-fueled excess savings drove down credit card balances during the pandemic, then, as the economy opened up, consumers depleted those savings. This has also reignited delinquencies.
But delinquency rates haven’t just rebounded — they’ve hit the highest levels in more than a decade. Even more concerning, the rate of credit card borrowers who transitioned to serious delinquency (90-plus days) is now at 2008 levels. Borrowers age 18-29 make up the biggest portion of this group.
This is starting to become a big problem for our banks.
In particular, small banks have been getting absolutely hammered by very high delinquency rates.
Let’s hope that we can get this turned around.
Our seemingly endless cost of living crisis is putting a tremendous amount of strain on our society, and even delinquency rates for high income households have been soaring…
Upper-income Americans are increasingly falling behind on credit card and auto loan payments, signaling an underlying vulnerability in the US economy as the labor market slows.
Delinquencies on such debts from those making at least $150,000 annually have jumped almost 20% over the last two years, faster than for middle- and lower-income borrowers, according to the credit-scoring firm VantageScore. A recent Federal Reserve Bank of St. Louis study found the share of people making late card payments in the highest-income zip codes has risen twice as much over the last year as in the lowest-income ones.
Are the facts that I just shared with you a sign that the economy is healthy or that the economy is unhealthy?
Needless to say, the answer is self-evident.
Despite what the talking heads on CNBC are telling you, the truth is that most of the nation is really struggling right now.
But no matter how much you are struggling, you should avoid going into credit card debt, because credit card debt is financial poison.
Unfortunately, today the average U.S. household is carrying more than $6,000 in credit card debt…
- The average U.S. household has $6,120 in credit card debt.
- Total U.S. household credit card debt is currently at $1.18 trillion, making up 6% of all household debt.
- Washington, D.C., carries the highest level of credit card debt per capita at $5,360 on average, while Mississippi carries the lowest at $2,940 on average.
- Americans aged 65 to 74 have more credit card debt than any other age range, coming in at an average of $7,720 in debt.
Can you guess what the average rate of interest on all of that credit card debt is?
I just asked Google AI, and I was told that the “average APR for all credit card accounts in Q2 2025 was 21.16%”.
Wow.
If you are paying more than 20 percent interest on a credit card balance, you are getting absolutely killed financially.
And “buy now, pay later” plans can be even worse.
At this point, those plans have become so lucrative that even Costco is getting in on the game…
Costco is now offering a buy-now, pay-later option for online shoppers through a new multi-year partnership with Affirm.
The installment plans will allow customers to select the payment option at checkout for purchases ranging from $500 to $17,500.
Customers will be checked for eligibility in real time and can choose a monthly payment plan that fits their budget.
I know that it can be so tempting to reach for a short-term solution.
But don’t do it.
You will always regret it later.
But I certainly understand why so many Americans are looking for an easy way out.
I shared this yesterday, but I felt that I should share it again today. A recent survey discovered that 83 percent of U.S. adults are experiencing “stressflation”…
A LifeStance Health survey released today reveals “stressflation” is affecting most Americans, with 83% reporting financial stress driven by inflation, mass layoffs, the rising cost of living and recession fears. Millennials and Gen Z report the most significant mental health impacts.
If you are stressed about your finances, you have lots of company.
Economic conditions are very painful, and more Americans are falling out of the middle class with each passing day.
Unfortunately, even more trouble is potentially on the horizon.
The U.S. and China still have not been able to reach a permanent trade agreement, and if that does not happen by the deadline both nations “are set to once again place historic tariffs on each other’s imports starting August 12″…
Chinese and American trade negotiators concluded their two-day meeting in Stockholm without a resolution to avert tariffs from skyrocketing back to ultra-high levels that formed an effective blockade on trade between the world’s two largest economies. But President Donald Trump’s trade advisers and their Chinese counterparts sounded a hopeful note.
Without an agreement, the United States and China are set to once again place historic tariffs on each other’s imports starting August 12.
We have about two weeks.
Hopefully negotiators will be able to work something out.
But even if an agreement is reached, so many other long-term trends are taking us in the wrong direction very rapidly.
Now is a time to get “lean and mean” financially, because I have a feeling that the economic news is going to get very “interesting” during the second half of this year.
end
IMPORTANT
Yields Spike After Very Ugly, Tailing 30Y Auction Sparks Steepening Fears
Thursday, Aug 07, 2025 – 01:33 PM
After two decidedly ugly auctions, including a poor 3Y on Tuesday and a very poor 10Y yesterday, moments ago the Treasury concluded the week’s trio of refunding auctions when it sold $25BN in 30Y paper. And this particular auction may have been the worst of the lot.
The final refunding auction priced at a high yield of 4.813%, which while lower than July’s 4.889% was not low enough, and with the When Issued at 4.792%, the auction tailed the When Issued by 2.1bps, the biggest tail since last August.
The bid to cover was just as ugly: dropping to 2.266% (from 2.383) it was the lowest since November 2023 (and obviously far below the six auction average).
The internals were not quite so fire, although here too the picture was bad: Indirects dropped again, sliding from 59.8% in July to 59.5%, the lowest since May – which was a major outlier – and the second lowest going back all the way to 2021. And with Directs awarded 23.03%, down modestly from 27.40% last month and below the six-auction average of 24.2%, Dealers were left holding a whopping 17.46%, the highest August 2024 when they were left holding 19.18%.
Bottom line: the last coupon auction of the week was also the ugliest, and the bond market saw right through it, sending 10% yields surging to session highs, just around 4.25%. What is more ominous, is that today’s auction is a harbinger of what will happen when Powell finally does cut, and the market immediately reprices inflation expectations, sending long end yields exploding higher in a steepening move that will make your nose bleed.
VICTOR DAVIS HANSON//
USA NEWS/ANTISEMITISM
KING NEWS
| The King Report August 7, 2025 Issue 7550 | Independent View of the News |
| The entity, or entities, that bought transportation stocks and sold tech stocks were absent on Wednesday. So, the usual suspects poured into Fangs/Mag 7 stocks. Apple soared on panic short covering and relative value (to other Fangs/ Mag 7 stocks) buying. @Mr_Derivatives on Monday: Fresh 5 year closing low for AAPL relative to the QQQ. What is going on with Apple? They led for 12 years in a row and now is stuck. @cnnbrk: Apple is investing another $100 billion to expand its US operations, White House says. The tech giant already pledged $500 billion earlier this year. https://t.co/os6ivnuOmg @GlobalMktObserv: This is absolutely CRAZY stuff: The S&P 500 Information Technology Sector price relative to the S&P 500 has hit 0.83 points, an all-time high. The ratio HAS DOUBLED over the last 8 years and has significantly exceeded the 2000 Dot-Com Bubble peak. What’s next? https://x.com/GlobalMktObserv/status/1953116355437252614 @ReutersChina: U.S. Republican Senator Tom Cotton sent a letter to Intel’s board chair on Wednesday with questions about the chipmaker’s new CEO Lip-Bu Tan’s ties to Chinese firms and a recent criminal case involving his former company Cadence Design . https://t.co/SgsscLPmQN ESUs opened modestly higher on Tuesday night but quickly fell to a daily low of 6313.25 at 18:17 ET. ESUs then rallied moderately but struggled to turn positive until they broke out at 21:37 ET. ESUs steadily rallied until they hit 6358.25 at 3:58 ET. Traders decided to take profits; ESUs sank to 327.25 at 9:38 ET. NYSE opening buyers (Army Ants) joined the game; ESUs jumped to 6350.75 at 10:09 ET. A dump appeared; ESUs dropped to 6325.75 at 10:23 ET. The post-10:00 ET Army Ant rally commenced; ESUs soared to a daily high of 6375.00 at 12:37 ET. After a modest retreat, ESU made a minor new high of 6377.00 a 14:37 ET. ESUs then treaded water until a late rally pushed them to a minor new high of 6379.50 at 15:32 ET. ESUs fell to 6368.75 at 14:56 ET and were 6369.50 at 16:00 ET. Fed Gov Lisa Cook: Big Jobs Revisions Somewhat Typical of Turning Points – BBG 14:22 ET (What about the 818k from April 2023 to March 2024?) Cook: Stock Valuations Are Quite Elevated, Certainly Concerning (Rightly so!) – BBG 14:52 ET Positive aspects of previous session Fangs/Mag 7 rallied sharply on trader buying. The DJIA and DJTA rallied moderately as a response to the huge Nasdaq 100 rally. Negative aspects of previous session USUs declined sharply; a poor 10-year auction ($42B); 4.255% vs 4.244% WI was a factor For the first time, a Fed official expressed concern about the stock bubble. Did anti-DJT and/or anti rate cuts Fed officials stumble into the bubble excuse to not cut rates? Ambiguous aspects of previous session Is Mr. Bond becoming irritated again? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6333.01 Previous session S&P 500 Index High/Low: 6352.83; 6301.11 Trump: Politically embattled Senator, Cryin’ Chuck Schumer, wants the Republicans to pay, as EXTORTION, TWO BILLION DOLLARS in order for the Radical Left Democrats to approve the hundreds of Trump Appointments who have been waiting for months, and are raring’ to go. This has never happened before. There has never, in U.S. history, been such a delay. THEY ARE EXTORTIONISTS! Republicans must create legislation in order to get out of the grasp of these Country hating THUGS. Move quickly!!! China takes bold step forward in global race for limitless energy device: ‘We have fully mastered the core technologies’ – The country has entered the final assembly phase of a next-generation fusion reactor called the Burning Plasma Experiment Superconducting Tokamak, which is expected to be operational by 2027, per Popular Mechanics. If it’s successful, BEST would mark a major milestone in the race toward achieving fusion energy, a process that mimics the same physics that power the sun… down on its own efforts, building not only BEST but a network of other fusion and hybrid reactors. https://www.yahoo.com/news/articles/china-takes-bold-step-forward-114531311.html China’s Next-Gen Fusion Reactor Could Achieve First Plasma in Just 2 Years China is racing against a similar reactor in the U.S… The Burning Plasma Experiment Superconducting Tokamak, or BEST, is an intermediary reactor between China’s first-generation reactor and the Chinese Fusion Engineering Test Reactor (CFETR)—a fusion plant demonstrator… https://www.popularmechanics.com/science/energy/a64704814/china-reactor-fusion/ A Thorium Reactor in the Middle of the Desert Has Rewritten the Rules of Nuclear Power Scientists have built the first-ever thorium reactor. Thorium is both more easily accessible and less dangerous than uranium… The system also uses molten salt instead of water to cool the fission reactor, which is reportedly much safer in the event of a meltdown… (No wonder Uranium peaked in Q1 2024!) https://www.popularmechanics.com/science/green-tech/a64550626/thorium-reactor-nuclear-power/ Viva Las Vegas? Tourists shun Sin City over ‘ridiculous prices’ https://www.thetimes.com/us/news-today/article/las-vegas-tourists-prices-exposed-jhf5dx8zr @RobertMSterling: We had a good thing, you stupid son of a b***h. We had Circus Circus. We had the Tropicana and the Excalibur. We had cheap slots, 24-hour wedding chapels, all-you-can eat buffets, shrimp cocktails on the house. You could have… kept the city affordable for middle-class tourists, and printed more money than you ever needed. But no, you just had to blow it up. You and your resort fees and your Michelin stars. Your Fontainebleau Hotel, Jean Georges Steakhouse, poolside cabana rentals, and Formula 1 Grand Prix. If you’d done your job, known your place, and stopped private equity from pricing out regular visitors, we all be fine right now. But you didn’t. The NYT reports that Trump will meet Putin as soon as next week. After the close, SF Fed President Daly said, “Tariffs will boost inflation in the near term but likely not in a persistent way that monetary policy would need to offset… The labor market has softened… we will need to adjust policy in coming months… we can’t wait for perfect clarity to act…” Bloomberg: The Bank of England is set to cut interest rates to the lowest level in over two years, as policymakers contend with a slowing economy and a jobs market rattled by higher taxes WSJ: Trump Exempts Tech Companies That Invest in U.S. From 100% Chip Tariffs Step offers relief to Apple, which announced another $100 billion investment Today – Though August is historically a tough month for tech stocks, the Fang/Mag 7 Bubble keeps inflating. The system is loaded with juice and sentiment is historically bullish. So, traders great and small will continue to buy trading sardines. A Fed official has expressed concern about the US stock bubble. Until a critical mass of Fed officials cite the stock bubble, the usual suspects will insouciantly dismiss stock market bubble concerns. Expected Economic Data: Q2 Nonfarm Productivity 2.0%, Unit Labor Costs 1.5%; Initial Jobless Claims 222k, Continuing Claims 1.95m; June Consumer Credit $7.35B; Atlanta Fed Pres Bostic 10:00 ET ESUs are 17.50; NQUs are +73.50 (Tech tariff relief); AU is +9.00; and USUs are -5/32 at 22:36 ET. S&P Index 50-day MA: 6159; 100-day MA: 5872; 150-day MA: 5897; 200-day MA: 5908 DJIA 50-day MA: 43,581; 100-day MA: 42,310; 150-day MA: 42,708; 200-day MA: 42,900 (Green is positive slope; Red is negative slope) S&P 500 Index (6345.08 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 6434.59 triggers a buy signal Hourly: Trender and MACD are positive – a close below 6308.87 triggers a sell signal @FoxNews: Sen. Elizabeth Warren endorses Zohran Mamdani for NYC mayor. REPORTER: “Democratic socialism—is this what the party should look like?” WARREN: “Yes, you bet!” https://x.com/FoxNews/status/1952442319011004729 @RNCResearch: Michigan Democrat Senator Elissa Slotkin calls Communist Zohran Mamdani a “new generation of leadership.” https://x.com/RNCResearch/status/1953108780943593621 With Trump taking the middle, Dems have nowhere to go but further to the left. Most Dems now opening advocate socialism. But it is really Marxism because Dems have been advocating socialism since FDR! @nicksortor: Former Special Counsel Robert Mueller, who was SUBPOENAED yesterday, has been discovered in a MEMORY-CARE home, per RCI’s @paulsperry… @OliLondonTV: Beyoncé stars in new ad campaign for Levi’s. The singer appears with blonde curly hair in new photos released by the jeans brand. It comes amid Sydney Sweeney’s new American Eagle ad being criticized by liberal activists who have claimed it is ‘racist.’ https://x.com/OliLondonTV/status/1952742810534494236 Ghislaine Maxwell told DOJ Trump never did anything concerning around her: report https://trib.al/l2SAo9E Fort Stewart mass shooting suspect Quornelius Radford was subdued by quick-thinking soldiers who halted attack https://trib.al/DevIFoX Attorney General Ken Paxton @KenPaxtonTX: I just launched an investigation into Beto O’Rourke’s radical group for unlawfully funding runaway Democrats. Any Democrat coward breaking the law by taking a Beto Bribe will be held accountable. https://x.com/KenPaxtonTX/status/1953188955807273440 | |
SWAMP STORIES FOR YOU TONIGHT
Tulsi Gabbard “Not Surprised” Establishment Media Is Silent On Russia Hoax Bombshells
Thursday, Aug 07, 2025 – 09:25 AM
Via VigilantFox.com
DNI Tulsi Gabbard just called out the mainstream press for going quiet on the newly declassified revelations that EXPOSE the full extent of the Russia Hoax.
According to Gabbard, this silence is no coincidence.
“I’m not surprised for a few reasons.”
“Primary of which, many of these mainstream media outlets were the ones who—John Brennan and his people, and James Clapper and his people, leaked to almost immediately after that, Obama-directed National Security Council meeting.”
“Weeks before that assessment was completed. And actually even before it had really begun being drafted.”
She said the media didn’t question a thing.
“In many cases, you know, they printed…these mainstream media outlets printed exactly what they were told to print, without any kind of vetting or like, hmmm…okay, was this always the assessment? Or can you give us any evidence that this is true?”
“None of it. Because it didn’t exist.”
“These are mainstream media outlets that went on to repeat and build up and really advance and propagate this lie that was created by President Obama and his administration and went on to win awards for it.”
Pulitzer Prizes….for lies.
END
FBI To Search For Texas Dems: Cornyn Thanks Trump, Patel For Backing Manhunt Of Runaway Lawmakers
by Tyler Durden
Thursday, Aug 07, 2025 – 10:40 AM
Sen. John Cornyn (R-TX) said Thursday that FBI Director Kash Patel has agreed to assist state and local law enforcement in locating Democratic members of the Texas House who left the state in protest of a Republican-led redistricting effort.
In a statement, Cornyn said Patel had approved his formal request for the FBI to help find the lawmakers, who fled Texas to break quorum and stall a vote on the redistricting proposal.
“I am proud to announce that Director Kash Patel has approved my request for the FBI to assist state and local law enforcement in locating runaway Texas House Democrats,” Cornyn said. “I thank President Trump and Director Patel for supporting and swiftly acting on my call for the federal government to hold these supposed lawmakers accountable.”
Cornyn had posted on X earlier that Patel had “responded to my request to assist…”
Cornyn had sent a letter to Mr. Patel on Aug. 5 urging the bureau to “take any appropriate steps to aid in Texas state law enforcement efforts to locate or arrest potential lawbreakers who have fled the state.”
The Democratic lawmakers left the state to deny the Texas House the quorum needed to pass the redistricting bill, part of a broader political strategy to delay or prevent passage of a congressional map that critics say could entrench Republican control for the next decade.
In his letter, Cornyn also raised concerns about possible misuse of funds by the legislators.
“Specifically, I am concerned that legislators who solicited or accepted funds to aid in their efforts to avoid their legislative duties may be guilty of bribery or other public corruption offenses,” he wrote.
Cornyn emphasized that the matter is time-sensitive, noting that the legislature is in a special session with only two weeks remaining to finalize the map.
On Tuesday, Gov. Greg Abbott (R) ordered the arrest of the Democratic lawmakers.
“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.
The FBI has not issued a public statement confirming its involvement. A spokesperson for the Department of Justice declined to comment.
The federal role in such a dispute could raise legal questions, as breaking quorum is a tactic that, while controversial, has been used by both parties in recent decades and is typically addressed through state legislative procedures.
END
Trump Orders New Census To Fix 2020’s Rigged-Count Favoring Democrats
Thursday, Aug 07, 2025 – 03:25 PM
Authored by Matt Margolis via PJ Media,
President Trump is putting America first again. This time, he’s going after the rigged system that counts illegal aliens in the U.S. Census, skewing congressional representation and rewarding sanctuary states with more power. On Thursday, Trump announced he’s directing the Department of Commerce to conduct a new, corrected census – one that actually counts American citizens and excludes those here illegally.
“I have instructed our Department of Commerce to immediately begin work on a new and highly accurate CENSUS based on modern day facts and figures and, importantly, using the results and information gained from the Presidential Election of 2024,” Trump announced in a post on Truth Social. “People who are in our Country illegally WILL NOT BE COUNTED IN THE CENSUS. Thank you for your attention to this matter!”
Naturally, the mainstream media isn’t thrilled. CNN described Trump’s proposal as “a dramatic shift from longstanding census practices” while insisting that the census “has historically counted all residents regardless of immigration status.”
But, this is hardly just about illegal immigration. In fact, this move is long overdue.
The 2020 Census, overseen by the Biden administration and its Deep State allies, was an unmitigated disaster – and the fallout is still being felt. Even the Census Bureau itself – hardly a bastion of conservative thought – admitted that its 2020 Census was incorrect in at least 14 states.
According to the Bureau’s own Post-Enumeration Survey (PES), eight states were overcounted while six were undercounted. But here’s where it gets truly absurd: The Census Bureau claims it can’t identify which groups were miscounted or where the errors occurred, citing “sample sizes within most states do not support such estimates.” Translation? They know it was wrong, but they can’t — or won’t — say how or where.
This isn’t just bureaucratic bungling; it’s a dereliction of duty. And it’s exactly why President Trump is right to call for a new, citizen-focused census. If the federal government can’t even tell us who they miscounted or where, how can anyone trust the results?
These weren’t random clerical errors, either. They were systemic failures that just so happened to benefit Democrats. Florida was robbed of not one, but two congressional seats. Texas lost out on another. Meanwhile, blue states like Minnesota and Rhode Island held onto seats they should have lost — and Colorado was gifted a seat it was never entitled to. The fix was in.
To put the scope of these mistakes into perspective, contrast the errors in the Census Bureau’s latest recount (the 2020 Post-Enumeration Survey, or PES) with the recount from a decade ago (the 2010 Post-Enumeration Survey)—in which there was a net overcount of a mere 0.01 percent (36,000 people), a statistically insignificant error.
“The harms flowing from these mistakes impact more than just congressional representation, which also affects the number of electors from those states since they are calculated by the number of Senators and Representatives in each state,” explains the Heritage Foundation. “Because the Treasury and other federal departments will continue to use the original, official Census numbers (and not the new numbers contained in the PES), these errors will affect $1.5 trillion in funding received by states in federal appropriations during the next decade in disbursements that are distributed based on the population of each state.
When the system cheats the American people, someone must blow the whistle. President Trump’s new census directive takes on the rigged counting of illegal aliens that the mainstream media buries. PJ Media uncovers the truth no one else will run. Join PJ Media VIP with promo code FIGHT for 60% off to get exclusive stories and unrestricted commenting. Join today and help us keep America honest!
END
GREG HUNTER
SEE YOU TOMORROW
harveyorganblog.com 
