099 H DEUTSCHE BANK AG 75
118 C MACQUARIE FUTURES US 18
118 H MACQUARIE FUTURES US 200
285 C NANHUA USA-HK 52
363 H WELLS FARGO SECURITI 4
435 H SCOTIA CAPITAL (USA) 60
624 H BOFA SECURITIES 499
661 C JP MORGAN SECURITIES 476
709 C BARCLAYS 11
732 C RBC CAP MARKETS 16
905 C ADM 13
GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2025: 712 CONTRACTs NOTICES FOR 71200 OZ or 1.4805 TONNES
total notices so far: 27,680 contracts for 2,768,000 OR 86.096 tonnes)
SILVER NOTICES:4 NOTICE(S) FILED FOR 20,000 OZ/
total number of notices filed so far this month : 1720 CONTRACTS (NOTICES) for 8.600 million oz
EXCHANGE FOR RISK ISSUANCE FOR SILVER/MAY
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 23.845 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 55,000 OZ QUEUE JUMP//NEW STANDING REMAINS AT 8.705 MILLION OZ
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY TODAY’S HUGE QUEUE JUMP OF 3.527 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE PRIOR: 5.4432 TONNES EX FOR RISK/AUG 7 AND AUG 11: 2.413 TONNES EX FOR RISK AND NOW YESTERDAY’S AUG. 12 OF 2.637 TONNES EX FOR RISK //NEW STANDING ADVANCES TO 92.258 TONNES OF GOLD +10.4932 TONNES EX.FOR RISK = 102.7512 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
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: 87.83 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 ROSE BY A HUGE SIZED 1959 CONTRACTS OI TO 156,432 AND FURTHER FROM TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 300 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 300 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 370 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1989 CONTRACTS AND ADD TO THE 300 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF 2259 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.68 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 11.295 MILLION PAPER OZ
OCCURRED WITH OUR $0.68 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
ASIAN MARKETS THIS WEDNESDAY MORNING:
ASIAN MARKETS THIS WEDNESDAY MORNING:
SHANGHAI CLOSED UP 17.55 PTS OR 0.48%
//Hang Seng CLOSED UP 643.99 PTS OR 2.58%
// Nikkei CLOSED UP 556.50 PTS OR 1.30% //Australia’s all ordinaries CLOSED DOWN 0.52%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1737 OFFSHORE CLOSED UP AT 7.1774/ Oil DOWN TO 62.91 dollars per barrel for WTI and BRENT UP TO 65.92 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP IN TRADING AT 7.1737 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1774 AGAINST US DOLLAR/ AND THUS STRONGER
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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
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 6,535 CONTRACTS TO 446,152 OI DESPITE OUR GAIN IN PRICE OF $2.65 WITH RESPECT TO TUESDAY’S // TRADING.. WE LOST LITTLE 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 (2375 ). WE HAD CONSIDERABLE T.A.S. LIQUIDATION //TUESDAY TRADING AS WE HAD A TOTAL LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 3706 CONTRACTS (OR 11.527 TONNES). WE HAD 0 CONTRACTS ISSUED FOR EXCHANGE FOR RISK TUESDAY.
SUMMARY: EXCHANGE FOR RISK ISSUANCE IN JULY:
ON 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. ( IT WAS NOT THE FRBNY WHO ALSO OWES GOLD TO THE BIS AND THEY NEED TO COVER BADLYAS YOU WILL SEE).THE TOTAL EXCHANGE FOR RISK FOR THE MONTH OF JULY WAS RECORDED AT 3.750 TONNES OF GOLD WHICH WAS ADDED TO OUR REGULAR DELIVERY TO GIVE US OUR FINAL TOTALS FOR JULY!
AS MENTIONED ABOVE: TONIGHT WE HAD 0 CONTRACTS ISSUED FOR EXCHANGE FOR RISK!
SUMMARY EXCHANGE FOR RISK ISSUANCE IN AUGUST;
EARLY THURSDAY MORNING, AUGUST 7 THE CME ANNOUNCED MUCH TO MY HORROR ITS FIRST EXCHANGE FOR RISK ISSUANCE FOR AUGUST OF A MONSTER 1750 CONTRACTS FOR 175,000 OZ OR (5.4432 TONNES OF GOLD, THIRD HIGHEST ON RECORD!!. WITH ALL THE CHAOS AT THE COMEX IT WAS NO SURPRISE THAT THEY ISSUED THEIR SECOND EXCHANGE FOR RISK, AUG 10 TOTALLING 776 CONTRACTS OR 77,600 OZ (2.418 TONNES).MUCH TO MY ANGER TONIGHT, THE CME ANNOUNCED ITS 3RD EXCHANGE FOR RISK OF 848 CONTRACTS TOTALLING 84,800 OZ OR 2.637 TONNES.
THUS THE TOTAL FOR AUGUST IS 3374 CONTRACTS OR 337,400OZ OR 10.4932 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS. THE RECEPIENT OF THIS LARGESS IS PROBABLY NOW THE BANK OF ENGLAND AS WE HAVE JUST LEARNED THAT THE FRBNY HAS RETURNED ONLY 14,000 OZ AS THEIR LOANS TO THE BIS REMAIN AT 34+ TONNES.(JULY 31 FIGURES) IT SEEMS NOW THAT THE BANK OF ENGLAND IS IN QUITE A HURRY TO GET ITS GOLD BACK!!
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: 3 ISSUANCES FOR A MONSTER 3374 CONTRACTS OR 337,400 OZ ( 10.4932 TONNES)
AS I EXPLAINED ABOVE,:THE RECPIENT OF EXCHANGE FOR RISK COULD BE EITHER:
- THE BANK OF ENGLAND WHO CONTINUES TO LEASE OUT ITS GOLD TO BULLION BANKS
- 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. 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.)……… THE FACT THAT A CENTRAL BANK TAKES THE RISK OF A DELIVERY IS TOTALLY INSANE.
DETAILS ON AUGUST COMEX MONTH//INITIAL
IN TOTAL WE HAD A STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 4160 CONTRACTS DESPITE OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 5.0% LATELY 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 HOWEVER A FAIR T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED A 1,949 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 TWO WEEKS AGO 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 HUGE QUEUE JUMP OF 3.527 TONNES +10.4932 TONNES EX FOR RISK (3 ISSUANCES) //NEW STANDING 102.7512 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 235 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 DOES NOT LOOK LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS THEIR OUTSTANDING LOAN REMAINS ON THE BOOKS OF THE BIS. 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 HUGE QUEUE JUMP OF 3.527 TONNES TO WHICH WE ADD AUGUST 7TH,S HUGE 5.443 TONNES EXCHANGE FOR RISK ISSUANCE + SATURDAY’S HUGE 776 CONTRACT EXCHANGE FOR RISK FOR 2.413 TONNES AND THEN TODAY;S AUGUST 12: 2.637 TONNES:/NEW STANDING ADVANCES TO 102.7512 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 2375 EFP CONTRACT WAS ISSUED: : /DEC 2375 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2375 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE OCC HEADQUARTERED IN BOTH LONDON AND WASHINGTON.
WE HAD :
- CONSIDERABLE LIQUIDATION OF OUR T.A.S. SPREADERS//TUESDAY
- 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 TUESDAY NIGHT/WEDNESDAY MORNING WAS A FAIR SIZED SIZED 1949 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 GAIN IN PRICE IN GOLD AND 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 THREE ISSUANCES OF EXCHANGE FOR RISK FOR 10.4932 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 MONSTER QUEUE JUMP OF 3.527 TONNES TO WHICH WE ADD THURSDAY’S HUGE 5.4432 EXCHANGE FOR RISK, SATURDAY’S STRONG 776 CONTRACT ISSUANCE (77600 OZ) FOR 2.413 TONNES AND THEN YESTERDAY AUGUST 12 FOR 2.637 TONNES TOTAL EX FOR RISK AUGUST = 10.4932 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
92.258 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS) +
5.4432 TONNES EXCHANGE FOR RISK/PRIOR/AUGUST 7
2.413 TONNES EXCHANGE FOR RISK AUGUST 11
PLUS 2.637 TONNES EX FOR RISK AUGUST 12
EQUALS
102.7512 TONNES TONNES OF GOLD.
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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
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COMEX GOLD TRADING/AUGUST CONTRACT MONTH
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A $2.65/ /) BUT WERE SUCCESSFUL IN KNOCKING OFF A FEW NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED LOSS IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION ///. 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.
WEDNESDAY MORNING//TUESDAY 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 TUESDAY EVENING/ WEDNESDAY 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
SUMMARY OF NUMBER OF EXCHANGE FOR RISK ISSUANCES: 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: THREE SO FAR, AUGUST 7 AT 3374 CONTRACTS FOR 337,400 OZ (10.4932 TONNES OF GOLD) WITH TODAY’S ISSUANCE OF 848 CONTRACTS FOR 84800 OZ OR 2.637 TONNES. TOTAL EXCHANGE FOR RISK MONTH OF AUGUST 10.4932 TONNES
THUS 92.258 TONNES OF GOLD STANDING (INCLUDING ALL QUEUE JUMPS) + 10.4932 TONNES = 102.7512 TONNES.
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ANALYSIS AUGUST DELIVERY MONTH GOING FROM FIRST DAY NOTICE// AUGUST COMEX CONTRACT
WE HAVE LOST A STRONG SIZED TOTAL OF 11.527 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 LAST THURSDAY’S RECORD BREAKING QUEUE JUMP OF 10.8775 TONNES OF GOLD ON TOP OF YESTERDAY’S HUGE 1.7604 TONNES QUEUE JUMP AND THEN TODAY;S MASSIVE QUEUE JUMP OF 3.527 TONNES TO WHICH WE THEN ADD OUR THREE EXCHANGE FOR RISK/PRIOR FOR 10.4932 TONNES FOR RISK//NEW STANDING ADVANCES TO 102.7512 TONNES
ALL OF THIS HUGE STANDING FOR AUGUST WAS ACCOMPLISHED WITH OUR SMALL GAIN IN PRICE TO THE TUNE OF $2.65
WE HAD A SMALL 454 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET LOSS ON THE TWO EXCHANGES 4160 CONTRACTS OR 416000 0Z (12.99 TONNES)
confirmed volume TUESDAY 220,255 contracts// fair
speculators have left the gold arena
END
INITIAL GOLD COMEX
AUGUST CONTRACT MONTH
AUGUST13 /2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 entry . |
| 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 | 712 notice(s) 71,200 OZ 1.4805 TONNES |
| No of oz to be served (notices) | 1981 contracts 198,100 OZ 6.162TONNES |
| Total monthly oz gold served (contracts) so far this month | 27,680 notices 2,768,000 oz 86.096 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
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
0 entry
adjustments: i) Brinks 96,453.000 oz (3000 kilobars)//dealer to customer
ii) Customer to dealer Loomis: 2300.29 oz
AMOUNT OF GOLD STANDING FOR AUGUST
THE FRONT MONTH OF AUGUST STANDS AT 2693 CONTRACTS FOR A GAIN OF 781 CONTRACTS
WE HAD 353 CONTRACTS SERVED ON TUESDAY SO WE GAINED A HUGE SIZED 1134 CONTRACTS OR 113,400 OZ OF GOLD (3.527 TONNES) EXERCISED A QUEUE JUMP AS THEY WERE WILLING TO STAND FOR PHYSICAL METAL ON THIS SIDE OF THE POND.. THIS ALSO REPRESENTS CENTRAL BANKS STANDING FOR PHYSICAL GOLD AND THEIR APPETITE FOR THIS GOLD IS UNABATED!
SEPT LOST 223 CONTRACTS TO 5461
OCTOBER LOST 1529 CONTRACTS DOWN TO 62,429
We had 712 contracts filed for today representing 71,200 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 712 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 476 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 (27,680 X 100 oz ) to which we add the difference between the open interest for the front month of AUGUST ( 2693 CONTRACTS) minus the number of notices served upon today (712 x 100 oz per contract) equals 2,966,100 OZ OR 88.730TONNES TO WHICH WE ADD OUR THREE ISSUANCES OF 10.4932 TONNES OF EXCHANGE FOR RISK/AUG 7 , 11 AND 12TH = 102.7512 TONNES.
thus the INITIAL standings for gold for the AUGUST contract month: No of notices filed so far (27,680 x 100 oz +we add the difference for front month of AUGUST (2693 OI} minus the number of notices served upon today (712 x 100 oz) which equals 2,966,100 OZ OR 92.588 TONNES + 10.4932 TONNES EX FOR RISK = 102.7512 TONNES
TOTAL COMEX GOLD STANDING FOR AUGUST.: 102.7512 TONNES WHICH IS VERY STRONG FOR THIS NORMALLY ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
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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: 2,019,394.662 oz 62.811 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,622,416.431 oz
TOTAL REGISTERED GOLD 21,380,931.888 or 665.036 tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,271,484.431 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 19,396,618 oz ((REG GOLD- PLEDGED GOLD)= 603.331tonnes // ( a bid drop of 10 tonnes
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE AUGUST 2025 SILVER CONTRACT//INITIAL
AUGUST 13 2025
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1 ENTRY i) Out of Loomis: 385.812 oz (12 kilobars) total withdrawal 385.312 oz |
| Deposits to the Dealer Inventory | 1 ENTRY into Asahi dealer 5,799.334 oz total deposit/dealer 5799.334 oz |
| Deposits to the Customer Inventory | 0 DEPOSIT ENTRY/CUSTOMER ACCOUNT |
| No of oz served today (contracts) | 4 CONTRACT(S) (20,000 OZ |
| No of oz to be served (notices) | 21 contracts (0.150 MILLION oz) |
| Total monthly oz silver served (contracts) | 1720 Contracts (8.60 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 |
1 deposit into dealer accounts
1 ENTRY
into Asahi dealer 5,799.334 oz
total deposit/dealer 5799.334 oz
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0 DEPOSIT ENTRY/CUSTOMER ACCOUNT
700 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
1 ENTRY
i) Out of Loomis: 385.812 oz
(12 kilobars)
total withdrawal 385.312 oz
ADJUSTMENTs 0
TOTAL REGISTERED SILVER: 190.400 MILLION OZ//.TOTAL REG + ELIGIBLE. 507.041 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY
silver open interest data:
FRONT MONTH OF AUGUST /2025 OI: 25 OPEN INTEREST CONTRACTS FOR A LOSS OF 18 CONTRACTS. WE HAD 29 CONTRACTS SERVED ON TUESDAY SO WE GAINED 11 CONTRACTS OR AN ADDITIONAL 55,000 OZ WILL STAND AS THEY ENTERTAINED A HUGE QUEUE JUMP
SEPTEMBER LOST 4376 CONTRACTS DOWN TO 77,668 CONTRACTS.
OCTOBER GAINED 130 CONTRACTS TO 667
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 4 or 20,,000 oz
CONFIRMED volume; ON TUESDAY 103,055 HUGE//
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 1720 X5,000 oz = 8.600 MILLION oz
to which we add the difference between the open interest for the front month of AUGUST (25) AND the number of notices served upon today (4 )x (5000 oz)
Thus the standings for silver for the AUGUST 2025 contract month: (1720) Notices served so far) x 5000 oz + OI for the front month of AUGUST(25) minus number of notices served upon today (4)x 5000 oz equals silver standing for the AUGUST contract month equating to 8.705 MILLION OZ .
New total standing: 8.705 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: 210.283/507.041 million. 41.47%
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 13 WITH GOLD UP $9.65 TODAY//NO CHANGES IN GOLD AT THE GLD://// ///INVENTORY RESTS AT 964.22 TONNES
AUGUST 12 WITH GOLD UP $2.65 TODAY//HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 4.58 TONNES OF GOLD INTO THE GLD/://// ///INVENTORY RESTS AT 964.22 TONNES
AUGUST 11 WITH GOLD DOWN $53.55 TODAY//SMALL CHANGES IN GOLD AT THE GLD A DEPOSIT DEPOSIT OF 0.55 TONNES OF GOLD INTO THE GLD/://// ///INVENTORY RESTS AT 959.64 TONNES
AUGUST 8 WITH GOLD UP $10.00 TODAY//HUGE CHANGES IN GOLD AT THE GLD A HUGE DEPOSIT OF 6.30 TONNES OF GOLD INTO THE GLD/://// ///INVENTORY RESTS AT 959.09 TONNES
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: 964.22 TONNES, TONIGHTS TOTAL
SILVER
AUGUST 13 WITH SILVER UP $0.62/ HUGE CHANGES AT THE SLV// A DEPOSIT OF 1.317 MILLION OZ INTO THE SLV:.////INVENTORY RESTS AT 485.462 MILLION OZ.//
AUGUST 12 WITH SILVER UP $0.68/ HUGE CHANGES AT THE SLV// A DEPOSIT OF 2.18 MILLION OZ FORM THE SLV:.////INVENTORY RESTS AT 484.145 MILLION OZ.//
AUGUST 11 WITH SILVER DOWN $0.56/ HUGE CHANGES AT THE SLV// A WITHDRAWAL OF 3.905 MILLION OZ FORM THE SLV:.////INVENTORY RESTS AT 481.965 MILLION OZ.//
AUGUST 8 WITH SILVER UP $0.20/ NO CHANGES AT THE SLV//:.////INVENTORY RESTS AT 485.870 MILLION OZ.//
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 485.462 MILLION OZ//
Trump v Putin in Alaska: Who has the upper hand?
It’s the Art of the Deal versus Putin’s patience. Place your bets!
| Alasdair MacleodAug 13 |
National Security Archive
MacleodFinance Substack is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
President Trump is meeting President Putin in Alaska this coming Friday, to seek a truce on Ukraine. The back story is that Trump wants to extricate himself from America’s embarrassing failure to undermine Russia by means of a proxy war through Ukraine. Deep state operatives like Victoria Nuland (remember her?) spearheaded the Maidan revolution in 2013, following which Russia took Crimea. But this was almost certainly an extension of US deep state operations from the Colour revolution of 2004 onwards.
The context of US perfidy is an original commitment by Secretary James Baker to Michail Gobachev that NATO would not expand “one inch eastwards”. Will Putin trust the Americans? Highly unlikely.
The Americans have a record of reneging on commitments, so anything Trump says will almost certainly be taken with a pinch of salt. Apart from the predictable political propaganda, nothing substantive is likely to be come out of this meeting. In which case, it will be seen in the rest of the world as another Trump failure.
Trump must be acutely aware that he has to succeed in calling a halt to the war in Ukraine. He has even threatened BRICS countries and others buying Russian oil with additional tariffs. But his capriciousness with respect to tariffs has only undermined US credibility among the potential sanctioned and America’s enemies. And surely, Putin and China know that far from punishing BRICS, America is increasingly isolating herself from world trade and her influence is declining with it.
As Sun Zu put it, why interrupt the enemy when he is making all the mistakes? China, Russia, and their partners in trade are already advancing their plans to replace the dollar and isolate a belligerent America. They understand that the dollar is entering the final throes of its collapse as a fiat currency and have a plan B centred on a network of Shanghai Gold Exchange vaults in key jurisdictions, where gold will be exchangeable only for renminbi.
The deliciousness to come from what promises to be a half-baked Alaska is the impotence of the European Union and its out-of-touch leadership.
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/OTHER GOLD RELATED TOPICS
The gold swaps by the Frbny remains at 34 tonnes of gold having fallen slightly by only 14,000 oz
Not happy with this!!
(zerohedge)
BIS gold swaps held steady at 34 tonnes in July, GATA’s Robert Lambourne reports
Submitted by admin on Mon, 2025-08-11 20:50 Section: Daily Dispatches
8:55p ET Monday, August 12, 2025
Dear Friend of GATA and Gold:
Gold swaps undertaken by the Bank for International Settlements, the central bank of the central banks and often their broker in the gold market, fell slightly in July, by about 14,000 ounces, but, rounded off, remained at June’s 34-tonne mark, according to GATA consultant Robert Lambourne.
The information can be calculated from the bank’s monthly statement of account for July, published today:
The report implies that the bank was not recruited to intervene much in the gold market in June on behalf of its member central banks and that there continues to be little interest among them in incurring more gold liabilities or in letting their metal get far from home.
The report written by Lambourne on July 1 —
— provides some history on the swap transactions and their volatility since the bank in 2010 made it possible for its gold swaps to be calculated.
As recently as January 2022 the bank’s swaps exceeded 500 tonnes but they have fallen sharply since, indicating a change of policy toward or outlook on gold, a trend that seems to have correlated with increasing central bank acquisitions and repatriations, along with gold’s rising price.
Nevertheless, the BIS has a well-placed confidence that no mainstream financial news organization will ever ask it to explain the purposes of the swaps and to identify the parties to them, lest gold cease being the immensely powerful secret knowledge of the financial universe.
CHRIS POWELL, Secretary/Treasurer
END
ROBERT LAMBOURNE…
Global ‘mining mafia’ feeds China’s appetite for gold, investigation shows – The Washington Post
Chris and Harvey,
It certainly feels as if China is getting its hands on as much gold as it can now and is not really trying to hide this, but maybe is getting a little nervous about it again. This article highlights the trend of supporting illicit mining and highlights activities in Indonesia.
Over the last 6 months I’ve regularly checked DeepSeek for estimates of China’s gold holdings and it’s almost as if a change in approach has happened again.
A few weeks ago it was estimated at c 40,000 tonnes and the latest estimate copied in the Appendix below is less than half of this, but it’s interesting that there is reporting of the illicit trade highlighted in the Washington Post article. It seems there is sensitivity to being seen to support illicit activity.
The big difference in the totals that DeepSeek reports always comes down to the level of privately held gold and all the evidence points to an acceleration of accumulation in the last 2 to 3 years. The high estimate that I’ve seen is c30,000 tonnes.
Almost regardless of the reported estimates it’s clear that China is buying gold rapidly.
If the USA is going to reset the gold price higher then to my mind, it’s inevitable that it needs some sort of accommodation with China.
The good news is that the BIS reports the Chinese total non financial debt to GDP ratio is 287% versus a figure of 249% for the USA. Hence China needs a gold price reset too in order to write off some of its debt, especially related to its ill-fated property overbuild.
As Chris will recall, GATA published a note several months ago suggesting that the USA needed a gold price reset to c$130,000 to get the non financial debt to GDP ratio back to pre 1980 levels. I am now seeing videos suggesting that a gold revaluation to $150,000 may be required. Doing anything remotely close to this, even via a series of resets, is going to require Chinese agreement.
We live in interesting times.
Bob
Appendix – DeepSeek on Chinese gold holdings today
—
**China’s Total Gold Holdings Estimate (Mid-2025)**
### **Official State Reserves (People’s Bank of China – PBOC)**
– **Holdings**: 2,300 tonnes (as of June 2025).
– **Recent Activity**: Added 2 tonnes in July 2025 (ninth consecutive month of purchases).
– **Strategic Context**: Gold represents 6.7% of China’s foreign reserves, driven by diversification from the U.S. dollar and geopolitical hedging.
### **Private Sector Holdings**
Includes retail investment (bars/coins), jewelry, and gold-backed financial products:
– **Shanghai Gold Exchange (SGE) Withdrawals**: ~1,200–1,300 tonnes projected for 2025 (seasonally adjusted).
– **Gold-Backed ETFs**: 198 tonnes (May 2025).
– **Retail & Jewelry**: Estimated 500–700 tonnes annual investment demand; 600–800 tonnes jewelry (weakened by high prices).
– **Total Private Holdings (Cumulative)**: 12,000–14,000 tonnes (based on SGE and World Gold Council data).
### **Mining Sector Inventories**
– **Annual Production**: ~350 tonnes (China is the world’s top producer).
– **Above-Ground Inventories**: 150–200 tonnes (working stocks held by major miners like Zijin Mining and Shandong Gold).
– **Illicit Mining**: Adds ~570 tonnes annually (largely unreported, enters global markets covertly).
### **Total Estimate**
| **Category** | **Tonnes** |
|———————|——————|
| Official Reserves | 2,300 |
| Private Holdings | 12,000–14,000 |
| Mining Inventories | 150–200 |
| **TOTAL** | **14,450–16,500**|
### **Key Caveats**
1. **Unreported Stocks**: Illicit mining and unofficial imports may add 500+ tonnes annually (untraceable).
2. **State Secrecy**: Analysts speculate PBOC’s actual reserves could be higher than reported.
3. **Market Volatility**: High gold prices ($3,380/oz in July 2025) may slow private demand.
### **Sources & Methodology**
– PBOC monthly disclosures (latest: June 2025).
– Shanghai Gold Exchange (SGE) withdrawal data.
– World Gold Council (WGC) reports and miner financial statements.
– Industry estimates for illicit mining (U.N. Trade Database, NGO reports).
end
Ultra-wealthy are piling into a centuries-old gold trade in Asia
Submitted by admin on Tue, 2025-08-12 11:43 Section: Daily Dispatches
By Diana Li and Sybilla Gross
Bloomberg News
via The Business Times, Singapore
Tuesday, August 12, 2025
HONG KONG — In Asia’s ultra-wealthy circles, some family offices are now bypassing the middlemen and jumping into the gold business itself. They are financing, shipping, and flipping bullion like traders.
Take Cavendish Investment, a multi-family office run by the former chairman of a Hong Kong jewelery company, which is allocating roughly a third of its portfolio this year to the physical gold trade, going a step beyond index trackers and vault holdings.
Precious metals dealers J. Rotbart & Co. and Goldstrom are also trading with the region’s ultra-rich clans.
Cavendish sources gold from small-scale mines in Kenya and elsewhere in Africa, flies it to Hong Kong, refines it, and sells it at market prices to wealthy clients across Asia and to Chinese strategic buyers. If this sounds like a 19th-century trading house, that’s about right. …
… For the remainder of the report:
end
Gold Reserve, Vitol battle for Citgo’s parent before sale hearing
Submitted by admin on Tue, 2025-08-12 16:22 Section: Daily Dispatches
By Marianna Parraga
Reuters
Monday, August 11, 2025
HOUSTON — Subsidiaries of miner Gold Reserve and commodities trader Vitol are nearing the finish line in a fiercely contested U.S. court-organized auction that will determine control of Venezuela-owned U.S. refiner Citgo Petroleum, according to two sources with knowledge of the process and court filings.
A court officer overseeing the bidding round last month recommended a $7.4-billion offer by a group led by a unit of Bermuda-based Gold Reserve as the auction’s winner, out of a total of five bids submitted, including one by a Vitol subsidiary. Delaware Judge Leonard Stark is expected to choose the winner after a final sale hearing on August 18
The decision will determine control of the crown jewel of Venezuela’s overseas assets, the seventh-largest U.S. refiner.
Despite Gold Reserve’s leadership status, its bid faces objections from parties in the case and holders of a Venezuelan bond, some of whom the Vitol unit is seeking to strike a deal with, in a move that could shake up the auction again. …
… For the remainder of the report:
end
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 235
5. COMMODITY REPORT..COFFEE
Coffee Analyst Warns Brazil Frost Could Deliver “Death Blow” To 2026 Harvest
Wednesday, Aug 13, 2025 – 02:45 AM
Maja Wallengren, Danish-born independent coffee market reporter and founder of SpillingTheBean, reports that severe frost has struck key coffee-producing areas in Brazil, including the entire Cerrado Mineiro region and parts of Southern Minas.
Wallengren warned that this “frost damage” event could be the “death blow” to the 2026 harvest, with production estimates now around 54 to 58 million bags versus prior estimates near 70% of capacity.
Given Brazil’s position as the world’s largest coffee producer, adverse weather conditions represent a potentially bullish catalyst for coffee futures in New York and warrant close market monitoring.
Here’s the report from Wallengren, which was first published on X:
BREAKING #KC BRAZIL FROST DAMAGE continues to be confirmed across ALL of Cerrado Mineiro #coffee region, and also across MANY municipalities in Southern Minas and parts of SP/AM, and REPEATING as @SpillingTheBean has said MANY TIMES over the last month, even if the physical and visible damage to coffee trees, farms and regions may appear to be less right now than the July-2021 frosts four years ago, the STRESS IMPACT on trees and farms ahead of the 2026 flowering is MASSIVELY more severe now than four years ago, as most Brazilian coffee growers have NOT YET RECOVERED from the last 5 years of non-stop weather disasters, and the ENTIRE BRAZIL arabica coffee park is SEVERELY weakened and fragile compared to 4 years ago, hence the 2026 harvest was already SEVERELY compromised to a max crop potential of 70% BEFORE the latest and ongoing COLD FRONT and FROST started to move across the main MG coffee belt and this current frost development is THE DEATH BLOW to the 2026 harvest which in VERY BEST case scenario at this point will be able to produce a MAX of 54M-58M bags !!
The Cerrado Mineiro region is a major coffee-growing area in Brazil, but its contribution to global coffee output is relatively small.
Here’s how it breaks down:
- The Cerrado Mineiro region produces about 5 million bags of coffee annually.
- Brazil, as a country, supplies around 35 to 40% of the world’s coffee.
- Brazil’s total output is around 64 million bags (based on around 37% share of about 60 million bags of global production).
- So, Cerrado Mineiro probably accounts for about 7 to 8% of Brazil’s coffee, which corresponds to roughly 2 to 3% of global coffee production.
Commenters on Wallengren’s post expressed surprise that coffee futures showed little reaction to the news. September arabica coffee in New York traded flat.
Will it take a few days for coffee desks to digest the problem?
ASIAN MARKETS THIS WEDNESDAY MORNING:
SHANGHAI CLOSED UP 17.55 PTS OR 0.48%
//Hang Seng CLOSED UP 643.99 PTS OR 2.58%
// Nikkei CLOSED UP 556.50 PTS OR 1.30% //Australia’s all ordinaries CLOSED DOWN 0.52%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1737 OFFSHORE CLOSED UP AT 7.1774/ Oil DOWN TO 62.91 dollars per barrel for WTI and BRENT UP TO 65.92 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP IN TRADING AT 7.1737 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1774 AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1737 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.1774
HANG SENG CLOSED UP 643.99 PTS OR 2.58%
2. Nikkei closed UP 556.50 PTS OR 1.30%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 97.47/ EURO RISES TO 1.1728 UP 50 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.517//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.23…… 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 DOWN TO +2.6971/Italian 10 Yr bond yield DOWN to 3.502 SPAIN 10 YR BOND YIELD DOWN TO 3.250%
3i Greek 10 year bond yield DOWN TO 3.351
3j Gold at $3365.20 Silver at: 38/56 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 63 /100 roubles/dollar; ROUBLE AT 80.07
3m oil (WTI) into the 62 dollar handle for WTI and 65 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 147.23// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.517% 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 0.8025 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9410 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: 4.256 DOWN 5 BASIS PTS…
USA 30 YR BOND YIELD: 4.841 DOWN 5 BASIS PTS/
USA 2 YR BOND YIELD: 3.718 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 40.74
10 YR UK BOND YIELD: 4.608 DOWN 2 PTS
10 YR CANADA BOND YIELD: 3.435 UP 0 BASIS PTS
5 YR CANADA BOND YIELD: 2.969 UP 0 PTS
2a New York OPENING REPORT
Futures Trade At All-Time High As Global Market Euphoria Goes To 11
Wednesday, Aug 13, 2025 – 08:36 AM
US equity futures are higher led by small caps (again) as the CPI print induces further short covering ahead of a now certain September rate cut, and a beta chase. As of 8:15am, S&P 500 and Nasdaq 100 futures were 0.2% higher after both indexes closed at fresh record highs on Tuesday, but were comfortably outpaced by the Russell 2000 index, as smaller companies were lifted by a largely benign inflation reading. Pre-mkt, Mag7 and semis are higher with Cyclicals outperforming Defensives, ex-Energy. Bond yields are lower as the curve bull flattens and USD weakens; the market strengthens its view on rate cuts in Sep, Oct, and Dec. Bessent calls for a 50bp cut in Sep. Today’s macro data focus is on mtge apps ahead of tmrw’s PPI which should help solidify PCE views.
In premarket trading, Mag 7 stocks were mostly higher (Tesla +0.4%, Meta +0.2%, Alphabet +0.2%, Microsoft +0.09%, Amazon +0.1%, Apple +0.1%, Nvidia -0.2%).
- 180 Life Sciences Corp. (ATNF) is extending share price gains on Wednesday, rising 51%. The company rose 207% on Tuesday after announcing that it holds 82,186 ETH tokens.
- Brinker International Inc. (EAT) rises 9% after fourth-quarter earnings beat expectations with the Chili’s owner expecting that momentum to carry through in the next fiscal year, issuing an outlook eclipsing analyst predictions.
- Cava Group (CAVA) sinks 24% after the fast casual chain cut its restaurant comp sales forecast for the full year.
- CoreWeave (CRWV) is down 9% after posting steeper losses as it continued to build to meet demand from AI developers.
- Hanesbrands Inc. (HBI) falls 8% after Gildan Activewear agreed to buy the US underwear maker for about $2.2 billion in cash and stock, in its largest ever acquisition.
- Intapp Inc. (INTA) rises 22% after the software services company reported fourth-quarter results that beat expectations and gave an outlook that is seen as strong. Annual recurring revenue is seen as a highlight of the report. It also announced a stock repurchase program of up to $150 million.
- KinderCare (KLC) tumbles 18% after the childhood-education company posted disappointing results for the second quarter, citing a softer-than-anticipated enrollment and lowering its outlook for the full year. The results prompted a downgrade at Barclays who says the 2Q miss was “the final straw for us.”
- Lumentum (LITE) climbs 3% after the maker of optical and photonic products reported fourth-quarter results that beat expectations, prompting an upgrade.
- SimilarWeb (SMWB) rises 18% after the web services company reported second-quarter revenue that beat expectations and raised its full-year forecast for adjusted operating profit.
- Venture Global Inc. (VG) jumps 10% after it prevailed over oil giant Shell Plc in an arbitration case over the sale of cargo from its first export plant.
- Webtoon (WBTN) gains 30% after the online comics company announced a deal with Walt Disney to bring about 100 series to its English-language app.
Stocks were set for another day of record highs, as money markets suggest a September Fed interest rate cut is all but nailed on after a goldilocks CPI report that showed less tariff price pressures. The data has bolstered bets that the Fed will resume rate cuts next month and act more aggressively to shield a labor market showing signs of strain. At the same time, the VIX gauge hits its lowest level this year as optimism over a softening rate stance is further buoyed by easing global trade tensions and a significantly stronger-than-expected US earnings season. Swaps are pricing in about a 95% chance of a quarter-point cut in September, up from about 80% before Tuesday’s inflation data, with at least three more similar moves expected by June.
“The bull case remains a convincing one, with earnings growth solid, and a cooler tone on trade continuing to prevail, all the while dovish policy expectations help to provide a cushion against any worries that the economy may be softening,” said Michael Brown, senior research strategist at Pepperstone.
US Treasury Secretary Scott Bessent told Bloomberg TV that rates should likely be 150-175 basis points lower. “We could go into a series of rate cuts here, starting with a 50 basis-point rate cut in September,” he said.
US equities have staged an astonishing rebound from their April lows, when US President Donald Trump’s tariffs upended markets. The S&P 500 is closing in on a 10% advance for the year, with most of the fresh gains coming in the past two months.
The volatility that has defined much of this year’s trading has eased, with the VIX falling to its lowest level since December. Treasury market swings have also subsided, as the ICE BofA MOVE Index, a measure of expected yield fluctuations, dropped to its lowest since January 2022.
“Quite simply there is a momentum drive higher here,” said Guy Miller, chief market strategist at Zurich Insurance Co. “The US economy is in stronger shape than many had expected and the risk of recession is continuing to diminish. Markets can go even higher.”
Investors will be watching US PPI on Thursday and retail sales the following day for fresh clues on how the US economy is holding up. Atlanta Fed President Raphael Bostic and Chicago Fed President Austan Goolsbee are scheduled to speak later Wednesday.
Europe’s Stoxx 600 rose 0.4%, tracking gains in Asia after a record close on Wall Street. Technology, personal care and health care lead in Europe, while energy and travel lag. US equity futures also edge higher. Glanbia jumps on lifted guidance, with Nordic Semiconductor also advancing, while Demant, Sixt and Persimmon all lost ground. Here are the biggest movers Wednesday:
- Glanbia shares climb as much as 13%, the most since 2009, after the food and nutrition company beat expectations in the first half and lifted its guidance for the full year
- RENK Group’s shares rise as much as 6.1%, the most since May, after the German defense company reported its second quarter revenue beat the average analyst estimate
- TUI shares gain after issuing third-quarter results in which the travel and tourism operator reported a strong beat on underlying Ebit. However, analysts note a slowdown in the group’s core package holiday unit
- Nordic Semiconductor shares rally as much as 13% to the highest since July 2024, after the chipmaker gave stronger-than-expected sales guidance for 3Q
- Evoke shares rise as much as 5.9% after the gambling company’s earnings surpassed expectations in the first half and leverage was pushed significantly lower, which analysts at Peel Hunt say could widen the appeal of the stock
- Safilo gains as much as 9.3%, hitting the highest since April 2023, as Berenberg starts coverage of the Italian eyewear company with a buy rating
- Hill & Smith shares rise as much as 12%, hitting their highest level since November, after the maker of infrastructure products reported a good set of results and a new £100m buyback
- E.ON shares rise as much as 2% after the company delivered broadly in-line results in the first half, with Ebitda coming in about 2% ahead of expectations, according to analysts
- Evolution falls as much as 10% after Bloomberg reported executives at the online gambling company were secretly filmed describing how its casino games made their way illegally to countries such as Iran, Sudan and China
- Beazley shares fall as much as 8.6%, the most in more than a year, after the British specialist insurer reported first-half results. Analysts at JPMorgan noted that Beazley reduced its FY premium-growth guidance
- Straumann shares drop as much as 4.5%, the worst performance in the Stoxx 600 Health Care Index early Wednesday, after the Swiss dental equipment company reported in-line revenue for the first half-year
- Sixt shares dipped as much as 6.4% after the German vehicle rental company reported second quarter results. Baader analysts say results are neutral or slightly negative for short-term performance of the share price
- Demant drops as much as 5%, to the lowest in more than three months, after once again lowering its guidance. Analysts at JPMorgan see the cut to outlook as “unhelpful” even if not a major shock after recent comments from peers
- Persimmon shares fall as much as 3.1% as first-half results from the UK housebuilder included comments on the margin outlook that Citi analysts said may weigh on estimates for 2026
- Deutsche PBB shares drop as much as 10% to the lowest since June after the bank reported that its withdrawal from the US had a one-off negative impact of €314 million ($368 million)
Earlier in the session, Asian equities advanced, with Hong Kong and Japan helping to lead the charge, as bets on Federal Reserve rate cuts fueled investor appetite for risk assets. The MSCI Asia Pacific Index rose as much as 1.5%, poised for a third day of gains and touching its highest since February 2021. Tencent was among the biggest boosts before its earnings report, along with TSMC and Alibaba. Gains were also notable in Thailand and South Korea, while benchmarks in Taiwan and Indonesia flirted with record highs. The Hang Seng Tech Index jumped more than 3%, with regional tech stocks also getting a lift from the Nasdaq 100’s climb to a fresh record overnight. Meanwhile, Chinese shares extended their recent strength even amid a lack of major catalysts, with ample domestic liquidity cited as a tailwind for the market. The upbeat mood came after a modest rise in US prices eased concerns that trade-related costs could spill over into broader price pressures. That drove expectations for easier Fed policy, with money markets nearly pricing in a full 25 basis point reduction next month. Here Are the Most Notable Asian Movers
- City Developments shares rise as much as 8.5% after the Singapore developer told analysts that planned divestments will allow the company to deliver “nice surprise” dividends by the end of the year.
- Hindalco’s shares rose as much as 5.7%, the most since April 11, after analysts raised their price targets on the stock following first-quarter net income that beat the average estimate.
- Asics Corp. shares jumped as much as 18% after raising its full-year forecast, predicting record earnings and bringing forward mid-term targets by a year.
- Shares of One 97 Communications Ltd. surged to the highest level in over three years after its unit received approval from India’s central bank to operate as an online payment aggregator.
- Wilmar International shares slipped as much 1.4% in Singapore after the food processing company’s first-half profit was dented by weak refining margins and a higher tax rate.
- LG Display soars by a daily record of 22% in Seoul trading on expectations that the South Korean tech company will benefit from a potential US ban on OLED products made by Chinese rival BOE.
In FX, the Bloomberg Dollar Spot Index falls 0.4%, extending its post-CPI fall as traders boost bets on an interest-rate cut by the Fed in September. The pound, kiwi and Swedish krona gain 0.6% each against the greenback.
In rates, Treasuries climb, pushing US 10-year yields down 3 bps to 4.25% with short-end tenors extending their post-CPI rally and long-end outperforming, pulling 2s10s and 5s30s spreads from Tuesday’s highs US yields richer by 2.5bp to 4bp across tenors with the curve flatter, tightening 2s10s and 5s30s spreads by 1.3bp and 0.5bp; 10-year, down nearly 4bp at 4.25% near session low, trails Germany’s by about 1bp. European government bonds also advance. As dust settles from Tuesday’s July CPI data, Fed-dated OIS contracts price in around 23bp of easing for the September policy meeting and a combined 61bp over this year’s three remaining meetings. In SOFR options, recent activity has included demand to hedge risk of a 50bp cut in September
In commodities, WTI crude futures fall 0.4% and below $63 a barrel and Brent dropped to $66 a barrel after the International Energy Agency said oil markets are on track for a record surplus next year as demand growth slows and supplies swell. Spot gold climbs $15 as the metal, which pays no interest, typically benefits from a lower rate environment.
Looking to the day ahead now, and it’s a quiet one on the calendar, but central bank speakers include Barkin (8am), Goolsbee (1pm) and Bostic (1:30pm) and earnings releases include Cisco.
Market Snapshot
- S&P 500 mini +0.2%
- Nasdaq 100 mini +0.2%
- Russell 2000 mini +0.6%
- Stoxx Europe 600 +0.4%
- DAX +0.7%
- CAC 40 +0.4%
- 10-year Treasury yield -3 basis points at 4.25%
- VIX -0.2 points at 14.53
- Bloomberg Dollar Index -0.4% at 1198.69
- euro +0.4% at $1.1727
- WTI crude -0.3% at $62.97/barrel
Top overnight news
- The U.S. government’s budget deficit grew nearly 20% in July to $291 billion despite a nearly $21 billion jump in customs duty collections from President Donald Trump’s tariffs, with outlays growing faster than receipts, the Treasury Department said on Tuesday. ZH
- Treasury Secretary Bessent expects Fed Board Nominee Stephen Miran’s Senate confirmation by September. Bessent also suggested that the Fed should consider a 50bps rate cut in September after it held rates steady in July, citing revised data showing weaker job growth in May and June as a key factor for a larger easing move. BBG
- China is offering to cover part of the interest payments on some consumer loans, in policymakers’ latest move to boost tepid household spending and counter prolonged deflationary pressures in the world’s second largest economy. FT
- China’s ambition to turn its open-source artificial-intelligence models into a global standard has jolted American companies and policymakers, who fear U.S. models could be eclipsed and are mobilizing their responses to the threat. WSJ
- US Authorities said to have embedded location trackers in AI chip shipments to catch illegal diversions to China. Trackers found in Dell (DELL), Super Micro (SMCI), NVIDIA (NVDA) & AMD (AMD) shipments: Reuters
- Pressure is mounting within the Bank of Japan to ditch a vaguely defined gauge of inflation as worries about second-round price effects prompt some board members to call for a more hawkish communication of policy and a clearer path to future rate hikes. BBG
- Japan’s five-year bond auction drew the weakest demand since 2020 amid the prospect of tighter monetary policy and liquidity concerns. BBG
- The Trump admin has played down expectations of a peace deal at Friday’s summit between the US and Russian presidents, saying Ukraine would have to be party to any agreement. Press secretary Leavitt said Trump’s meeting with Putin would be a “listening exercise” and that there was no particular outcome Washington could predict. FT
- Global oil markets are on track for a record surplus in 2026. Inventories are projected to rise by a massive 2.96 million barrels a day, surpassing even the average buildup during 2020, the IEA said. BBG
- The Trump administration is considering changes to how the federal government collects and reports jobs data, according to White House officials, following President Trump’s decision to fire the Bureau of Labor Statistics commissioner earlier this month in the aftermath of weak employment numbers. WSJ
Trade/Tariffs
- US Treasury Secretary Bessent said he will meet again with Chinese officials in the next two or three months and that they are solving several variables with China, while he added they will need to see months, if not a year, of progress on fentanyl flows before Chinese tariffs come down. Furthermore, he said India has been a bit recalcitrant in trade negotiations.
- White House said perhaps the chip deal could expand to other companies.
- Brazil’s President Lula said he will sign an executive order on Wednesday creating a BRL 30bln credit line for firms affected by tariffs and plans to help Brazilian exporters will include support through Brazilian government purchases, while he noted that they initiated a WTO dispute over US tariffs and will see what they can do in terms of reciprocity. Lula said they cannot be dependent on the dollar and Brazil does not want to interfere with the dollar but noted they can have a currency for trade within BRICS which is an idea that should be tested. Furthermore, he said they are open to discuss ethanol with the US.
- Canada’s government said Canada is deeply disappointed with China’s preliminary anti-dumping duties on Canadian canola imports and it remains ready to engage in constructive dialogue with Chinese officials to address their respective trade concerns.
- Chinese Commerce Ministry announces countermeasures against two EU financial institutions, UAB Urbo Bankas and AB Mano Bankas, measures come into effect on August 13th. In response to the EU targeting Chinese firms as part of Russia-related sanctions. Urges the EU to stop damaging Chinese interests.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly higher as the region took impetus from the gains stateside where CPI data was not as hot as feared and kept a September Fed rate cut on the table. ASX 200 bucked the trend and was dragged lower by underperformance in Utilities and the top-weighted Financial sector, with the latter suffering amid losses in CBA post-earnings. Nikkei 225 continued its advances and rallied to fresh record highs above the USD 43,000 level, while the somewhat varied PPI data from Japan had little influence on price action. Hang Seng and Shanghai Comp were underpinned alongside the mostly upbeat mood across the Asia-Pac region and with a briefing by Chinese officials on supporting consumption, while China had announced on Tuesday to provide interest subsidies for qualifying personal consumption loans in the country’s latest effort to boost consumption.
Top Asian News
- China’s Vice Finance Minister said they will support domestic consumption to become a major driving force for the economy, while a Mofcom official said service consumption has big growth potential and supporting service consumption will help expand domestic demand and employment. Furthermore, a PBoC official said they will guide financial institutions to increase credit issuance to the service consumption sector and to streamline the approval process of consumer loans.
- Tencent (700 HK) Q2 2025 (CNY): Revenue 184.50bln (exp. 178.94bln); Adj. Net 63.1bln (exp. 62bln). Operating Profit 60.1bln (exp. 58.5bln). Co. does not declare dividend.
European bourses (STOXX 600 +0.4%) opened modestly firmer across the board and have continued to gradually march higher as the morning progressed; currently just off session highs. European sectors hold a strong positive bias, with only a handful of sectors residing in the red. Tech takes the top spot, joined closely by Healthcare and Utilities; the latter boosted by post-earning upside in E.ON (+1%), where the Co. reported strong H1 metrics and affirmed its guidance. For Healthcare, Novo Nordisk (+1%) benefits from a broker upgrade at BNP Paribas. Travel & Leisure is found right at the foot, dragged down by Swedish-listed Evolution (-8%). Interestingly, Bloomberg reported that the Co. is under investigation for running black-market activities in banned countries, some of which were/are sanctioned by the US (Iran/Syria).
Top European News
- German Economy Ministry says despite the basic agreement on US tariffs, there are no signs of noticeable economic recovery.
- German CPI Final MM (Jul) 0.3% vs. Exp. 0.3% (Prev. 0.3%); German CPI Final YY (Jul) 2.0% vs. Exp. 2.0% (Prev. 2.0%)
- Spanish HICP Final MM (Jul) -0.3% vs. Exp. -0.4% (Prev. -0.4%); YY (Jul) 2.7% vs. Exp. 2.7% (Prev. 2.7%)
FX
- After a steady start to the session, the DXY has taken another leg lower as markets digest Tuesday’s CPI report. Overall, it was broadly in-line and judged not to show an alarming increase in goods inflation related to the US tariff policies. As we mentioned in our commentary on Tuesday, the US is very much not out of the woods when it comes to a potential inflation scare. Today’s docket is light on data but is expected to see remarks from Treasury Secretary Bessent, Fed’s Barkin (2027 voter), Goolsbee (voter) & Bostic (2027 voter). DXY has delved as low as 97.63 and is now eyeing the 28th July low at 97.49.
- With a soft outturn for ZEW data overlooked on Tuesday, it remains the case that incremental macro drivers for the Eurozone remain light. As such, the USD is very much in the driving seat for EUR/USD with the pair having now advanced onto a 1.17 handle to hit a new high for the month at 1.1729.
- The broad softness in the USD has acted as a drag on USD/JPY, albeit gains for the JPY against the USD have been more limited than some G10 peers. Some of this may be a by-product of the steepening of the US curve on Tuesday with back-end US yields closing higher on the session. USD/JPY has delved as low as 147.19 with the next support level coming via the 147 mark.
- GBP is on the front foot vs. the USD and towards the top end of the G10 leaderboard. Cable is building on Tuesday’s gains, which were triggered by the not-as-bad-as-feared UK labour market report and the US CPI release. Cable has ventured as high as 1.3563 and is now eyeing the July 28th peak at 1.3588.
- Antipodeans are both are benefiting from the pick-up in risk sentiment, which has been seen since Tuesday’s US CPI release.
Fixed Income
- USTs are firmer, but thus far comfortably within Tuesday’s 111-19+ to 112-06 parameters which also mark the WTD high and low, thus far at least. Today’s docket is headlined by geopolitics as European leaders and Ukraine’s Zelensky meet virtually and speak with US President Trump and VP Vance ahead of the one-on-one between Trump and Russian President Putin on Friday; a leaders-only event that has already been downplayed as a listening exercise for POTUS. Docket includes Fed’s Barkin and comments from Treasury Secretary Bessent.
- Bunds are bid, outperforming USTs but also shy of Tuesday’s 129.70 peak with a session best thus far of 129.65. If the strength continues and that peak is breached, we look to 130.00 from Monday before 130.26 from last Friday. Strength comes after the ultimately softer session on Tuesday, given the significant turnaround seen after the CPI report. No move to final German CPI/HICP (unrevised) or the July Wholesale Price Index which came in cooler than previous. Bunds were gaining into the German 2035 outing, which garnered fairly weak demand, leading to Bunds dipping off best levels by around 10 ticks.
- Gilts are firmer, broadly in-fitting with the above. Also awaiting the leaders meeting, UK PM Starmer is part of the virtual event and US VP Vance will also be dialling in from the UK. Opened higher by a handful of ticks and has, in-fitting with EGBs/USTs, been extending since to a 92.00 peak but shy of 92.12 from Tuesday. If breached, we look to 92.37 from Monday before 92.66, 92.77 and 92.84 from last week.
- Germany sells EUR 3.885bln vs exp. EUR 5bln 2.60% 2035 Bund: b/c 1.4x (prev. 1.5x), average yield 2.69% (prev. 2.62%), retention 22.3% (prev. 23.36%).
Commodities
- Softer trade across the crude complex after declining on Tuesday as participants await the upcoming Trump/Putin meeting in Alaska on Friday. At the same time, demand is not helped by bearish private sector crude inventory data, and it was also reported that the first vessel to load crude bound for the US after the new license had docked at Venezuela’s José port. WTI currently resides in a 62.77-63.3.4/bbl range while Brent sits in a USD 65.80-66.32/bbl range.
- Mostly firmer trade across precious metals as the Dollar eases further following Tuesday’s US CPI and Trump’s threat to sue Fed Chair Powell. Spot gold resides in a USD 3,342.63-3,360.98/oz range, compared to Tuesday’s USD 3,331.17-3,359.34/oz parameter, with the 50 DMA at USD 3,349.02/oz.
- US Private Inventory Data (bbls): Crude +1.5mln (exp. -0.3mln), Distillates +0.3mln (exp. +0.7mln), Cushing -0.6mln.
- CPC says oil exports +3% to 6.55mln T in July, according to Reuters sources.
- IEA OMR: Lowers 2025 and 2026 demand growth forecasts; trims 2025 oil demand growth forecast to 680k BPD (prev. 700k BPD); trims 2026 forecast at 700k BPD (prev. 720k BPD); IEA says oil market to face a record supply glut next year
Geopolitics: Middle East
- Hamas said a delegation of the Hamas leadership headed by Khalil al-Haya arrived in Cairo for talks with Egyptian officials, while talks in Cairo will focus on ways to stop the war and bring aid to Gaza, according to Sky News Arabia and Al Hadath.
- France, Germany and the UK are willing to reimpose sanctions on Iran with the E3 telling the UN it is ready to trigger snapback mechanisms if Tehran doesn’t resume nuclear talks, according to FT.
- Israeli Military Chief of Staff approved a “main concept” for an attack plan in the Gaza Strip.
- Russian Foreign Minister Lavrov will hold talks with the Indian Foreign Minister on August 21st.
Geopolitics: Ukraine
- Russia says US President Trump and Russian President Putin are to discuss all of the accumulated issues in bilateral relations.
- US Secretary of Interior Burgum said President Trump targets Russia’s oil customers and will shut down Russian oil earnings, according to Fox Business.
- Russian President Putin held a phone call with North Korean leader Kim and updated him on talks with US President Trump, while it was also reported that Kim and Putin pledged deeper cooperation and Putin expressed appreciation for North Korea’s help in liberating the Russian Kursk region.
US Event Calendar
- 7:00 am: Aug 8 MBA Mortgage Applications +10.9%, prior 3.1%
Central Bank speakers
- 8:00 am: Fed’s Barkin Repeats Remarks on Economy
- 1:00 pm: Fed’s Goolsbee Speaks at Monetary Policy Luncheon
- 1:30 pm: Fed’s Bostic Speaks on the Economic Outlook
DB’s Jim Reid concludes the overnight wrap
Markets posted a fresh risk-on move yesterday, with the S&P 500 (+1.13%) at an all-time high after the US CPI print raised expectations for a Fed rate cut next month. Ironically given the market rally, there were some concerning signs in the release, including the fastest core CPI reading in six months. But for investors, the fear was that an even hotter number would remove the prospect of a September rate cut altogether, particularly if the tariff impact became more obvious. So the fact that CPI was broadly as expected was met with relief, leading to equity gains and tighter credit spreads as investors became increasingly confident about another rate cut.
In terms of the details of that inflation report, headline CPI was at a monthly +0.20% pace for July, which kept the year-on-year rate at +2.7% (vs. +2.8% expected). But although the headline number looked fine, the headline measure was being dragged down by gasoline prices, which fell by a monthly -2.17%. So the core CPI measure (which excludes food and energy) was up by a stronger +0.32%, which pushed the year-on-year rate up to +3.1% (vs. +3.0% expected). So that was a bit more concerning, and the stickier category of core services was running at +0.36%.
But even as core CPI was accelerating, markets were reassured because the tariff impact on inflation didn’t look so obvious this time. For instance, back in June the household appliances category had its biggest monthly price jump on record (+1.9% on the month), but it then fell back -0.9% in July. Similarly, toys had surged by +1.3% in May and +1.8% in June, before only rising by +0.2% in July. So for now at least, it doesn’t look like 2021, when supply-chain kinks after the pandemic led to a huge surge in core goods prices.
When it comes to analysing the tariff impact, it’s also worth noting that the effective tariff rate has fluctuated significantly in recent months, and hasn’t moved up in a straight line, so that’s also making it trickier to gauge the full impact. After all, we had the 10% baseline imposed after Liberation Day, but we then had a big tariff reduction in May after the levies on China came down by 115%, and in the last couple of weeks we’ve then had fresh tariffs imposed like 15% on the EU, 35% on Canada, and 50% on copper. So when it comes to the impact on inflation, it may be some time before we get a clear signal, as several tariffs were imposed as recently as August 7, whilst there are potentially more in the pipeline like pharmaceuticals and semiconductors.
For now at least, the main takeaway was for the Federal Reserve, as investors dialled up the likelihood of a 25bps rate cut in September to 96% by the close last night, up from 88% the previous day. It was the same story for the coming months as well, with 105bps of cuts priced in by the June 2026 meeting at the close, up +4.4bps on the previous day. That also came alongside fresh commentary from the administration, as Treasury Secretary Bessent suggested the Fed ought to be open to a larger-than-usual cut, saying “The real thing now to think about is should we get a 50bp rate cut in September”. In their CPI recap, DB’s US economists think that the release isn’t likely to move Fed officials from their priors in either direction, and that the upcoming labour market data will be more important with respect to near-term cuts. See their full reaction here for more details.
That Fed repricing yesterday was accompanied by a decent steepening in the yield curve, with the 2yr yield down -3.7bps to 3.73%, whilst the 10yr yield (+0.4bps) moved up to 4.29%. In fact, the 2s30s curve (+6.4bps) steepened up to 115bps, the steepest it’s been since January 2022. And the prospect of rate cuts proved to be very good news for US equities, particularly in the more cyclical sectors, with new record highs for the S&P 500 (+1.14%), the NASDAQ (+1.39%) and the Magnificent 7 (+1.15%). The advance was a broad one, with all eleven major S&P 500 sector groups higher on the day and the small cap Russell 2000 (+2.99%) having its best day in three months.
With markets pricing more rate cuts over the months ahead, that also caused the dollar index (-0.43%) to weaken yesterday. Moreover, that weakness got further momentum after Fox Business reported that Trump’s nominee to be commissioner of the Bureau of Labor Statistics, EJ Antoni, had recently said that they could suspend the monthly jobs report. In the interview, he said that “Until it is corrected, the BLS should suspend issuing the monthly job reports but keep publishing the more accurate, though less timely, quarterly data”. Antoni still needs to be confirmed by the Senate, although when White House Press Secretary Karoline Leavitt was asked about whether the monthly schedule would continue, she said “I believe that is the plan, and that’s the hope, and that these monthly reports will be data that the American people can trust.”
Meanwhile in Europe yesterday, markets put in a relatively weaker performance, with both bonds and equities underperforming their US counterparts. Weaker-than-expected data didn’t help matters, and the ZEW survey from Germany showed the first decline in expectations since April, back when the Liberation Day tariffs were introduced. That expectations component was down to 34.7 (vs. 39.5 expected), whilst the current situation measure was down to -68.6 (vs. -67.0 expected), which was the biggest monthly fall for the current situation since August 2023.
That dampened sentiment in Europe, and even though the STOXX 600 (+0.21%) managed to advance, the DAX (-0.23%) fell back for a third consecutive session. There were bright spots however, and the overall risk-on tone did see European HY spreads reach their tightest level since 2018 (-3bps to 269bps). Meanwhile, there was a fresh move higher in long-end borrowing costs, with 10yr German bund yields (+4.7bps) rising to 2.74%, their highest since March.
Moreover, the 30yr German yield (+7.3bps) moved up to a post-2011 high of 3.29%, so that adds to the recent theme of global long-end bonds coming under pressure given the fiscal outlook. And this selloff was echoed across Europe, as yields on 10yr OATs (+5.3bps) and BTPs (+4.5bps) also moved higher.
Here in the UK, 10yr gilts (+6.1bps) underperformed and sterling strengthened +0.51% against the US Dollar after the latest employment data was a bit stronger than expected. It still showed payrolled employees were down -8k in July, but that was fewer than the -20k decline expected by the consensus, and the previous month was also revised to show a smaller contraction. So that led investors to dial back the likelihood of rate cuts from the Bank of England, with the pricing for a cut by November down to 44% by the close.
Overnight in Asia, the risk-on sentiment has continued this morning, with the Nikkei (+1.57%) up to another record high, whilst the Shanghai Comp (+0.56%) is currently on track for its highest closing level since September 2021. That’s been echoed across the region, with gains for the Hang Seng (+1.8%), the CSI 300 (+0.92%) and the KOSPI (+0.61%) as well. That said, we have seen some bond market weakness in Japan this morning, as their 5yr auction had its weakest demand ratio since 2020, and the 5yr yield is up +2.9bps this morning. That comes as PPI inflation was also a bit stronger-than-expected overnight, only falling back to +2.6% year-on-year in July (vs. +2.5% expected).
To the day ahead now, and it’s a quiet one on the calendar, but central bank speakers include the Fed’s Barkin, Goolsbee and Bostic, and earnings releases include Cisco.
2b European opening report
2c) Asian opening report
Stocks entirely in the green & Crude flat into Trump & Zelensky – Newsquawk Europe Market Open
Wednesday, Aug 13, 2025 – 01:34 AM
- APAC stocks were mostly higher as the region took impetus from the gains stateside where the S&P 500 and Nasdaq closed at record highs.
- US Treasury Secretary Bessent said will need to see months, if not a year, of progress on fentanyl flows before Chinese tariffs come down.
- US Treasury Secretary Bessent stated that the Fed should think about a 50bp cut in September.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 future up 0.4% after the cash market closed with gains of 0.1% on Tuesday.
- DXY has stabilised after yesterday’s selling pressure, EUR/USD ran out of steam ahead of 1.17, Cable has reclaimed 1.35.
- Looking ahead, highlights include German Final CPI (Jul), Spanish Final CPI (Jul), IEA OMR, BoC Minutes, US President Trump is to meet with E3 and Ukraine, speakers include Treasury Secretary Bessent, Fed’s Bakin, Goolsbee & Bostic, supply from Germany.
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US TRADE
EQUITIES
- US stocks were bid on Tuesday while the Dollar was sold and T-notes steepened in response to a “not as bad as feared” CPI in the face of Trump’s tariffs, keeping a September rate cut on the table following the weak July jobs report. Outperformance was led by the Russell 2000 which rose almost 3% and the majority of sectors were in the green, with notable outperformance in Communication and tech stocks, while Real Estate, Consumer Staples and Health Care lagged. T-notes steepened, with the front-end bid and the long-end sold after the CPI data, while T-notes hit lows after Trump announced he is considering suing Fed Chair Powell over the Fed renovations, raising more concerns over Fed independence and boosting the term premium.
- SPX +1.13% at 6,446, NDX +1.33% at 23,839, DJI +1.10% at 4,4459, RUT +2.99% at 2,283.
- Click here for a detailed summary.
TARIFFS/TRADE
- US Treasury Secretary Bessent said he will meet again with Chinese officials in the next two or three months and that they are solving several variables with China, while he added they will need to see months, if not a year, of progress on fentanyl flows before Chinese tariffs come down. Furthermore, he said India has been a bit recalcitrant in trade negotiations.
- White House said perhaps the chip deal could expand to other companies.
- Brazil’s President Lula said he will sign an executive order on Wednesday creating a BRL 30bln credit line for firms affected by tariffs and plans to help Brazilian exporters will include support through Brazilian government purchases, while he noted that they initiated a WTO dispute over US tariffs and will see what they can do in terms of reciprocity. Lula said they cannot be dependent on the dollar and Brazil does not want to interfere with the dollar but noted they can have a currency for trade within BRICS which is an idea that should be tested. Furthermore, he said they are open to discuss ethanol with the US.
- China is to hit Canadian Canola with nearly 76% tariffs as trade row escalates, while the levy would be a blow for Canada’s agricultural sector as canola represents the biggest cash crop for farmers, according to WSJ.
- Canada’s government said Canada is deeply disappointed with China’s preliminary anti-dumping duties on Canadian canola imports and it remains ready to engage in constructive dialogue with Chinese officials to address their respective trade concerns.
NOTABLE HEADLINES
- US Treasury Secretary Bessent said he is hopeful Miran can be confirmed for the Fed seat before the September meeting and stated that the Fed should think about a 50bp cut in September, while he said they are casting a wide net for Fed Governor opening and President Trump has a very open mind and even considered re-appointing Janet Yellen as Fed Chair, according to a Fox Business interview.
- Fed’s Barkin (2027 voter) said there are many signs that consumers with low and moderate incomes are more stretched today than a few years ago, which could curb spending and lessen the inflationary impact of tariffs. Furthermore, Barkin thinks they will see the consumer absorb some price increases on some items that they find to be absolute essentials but thinks consumers may not absorb price increases in other places where they decide to trade down or defer purchases.
- White House said US President Trump is considering a lawsuit against Fed Chair Powell, while it also stated that the plan is for the BLS to continue putting out monthly reports.
APAC TRADE
EQUITIES
- APAC stocks were mostly higher as the region took impetus from the gains stateside where CPI data was not as hot as feared and kept a September Fed rate cut on the table.
- ASX 200 bucked the trend and was dragged lower by underperformance in Utilities and the top-weighted Financial sector, with the latter suffering amid losses in CBA post-earnings.
- Nikkei 225 continued its advances and rallied to fresh record highs above the USD 43,000 level, while the somewhat varied PPI data from Japan had little influence on price action.
- Hang Seng and Shanghai Comp were underpinned alongside the mostly upbeat mood across the Asia-Pac region and with a briefing by Chinese officials on supporting consumption, while China had announced on Tuesday to provide interest subsidies for qualifying personal consumption loans in the country’s latest effort to boost consumption.
- US equity futures (ES U/C, NQ +0.1%) plateaued overnight after advancing in the aftermath of the US inflation report.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 future up 0.4% after the cash market closed with gains of 0.1% on Tuesday.
FX
- DXY got some slight reprieve from the prior day’s selling that was triggered by the US inflation report which was largely deemed as “not hot enough” to prevent a September rate cut by the Fed, while the greenback had been further pressured following comments from US President Trump who said he is considering a lawsuit against Fed Chair Powell.
- EUR/USD held on to recent data-spurred gains against the buck but is off this week’s best levels after hitting resistance just shy of the 1.1700 handle.
- GBP/USD took a breather following its return to the 1.3500 territory with recent momentum facilitated by data releases from both sides of the pond including the latest UK jobs data.
- USD/JPY rebounded from a brief slide beneath the 148.00 level with the recovery helped by another record-setting session for Japanese stocks.
- Antipodeans remained afloat in rangebound trade amid the mostly positive risk appetite and with a lack of major deviations in Australian wage growth data.
FIXED INCOME
- 10yr UST futures lacked direction following the knee-jerk whipsawing and curve steepening seen in the aftermath of the US inflation data which kept a September Fed rate cut on the cards, while there were some comments from Treasury Secretary Bessent who suggested the Fed should contemplate a 50bp cut at next month’s meeting.
- Bund futures regained some composure after slipping yesterday to a floor around the 129.00 level but with the rebound limited ahead of today’s EUR 5bln Bund issuance.
- 10yr JGB futures conformed to the subdued performance in global peers with prices not helped by the somewhat in-line/mixed PPI data from Japan and a weak 5yr JGB auction which resulted in the lowest bid-to-cover since March 2020.
COMMODITIES
- Crude futures languished near this week’s trough after declining as participants awaited the upcoming Trump/Putin meeting in Alaska on Friday, while demand was not helped by a bearish private sector crude inventory data and it was also reported that the first vessel to load crude bound for the US, after the new license, had docked at Venezuela’s José port.
- US Private Inventory Data (bbls): Crude +1.5mln (exp. -0.3mln), Distillates +0.3mln (exp. +0.7mln), Cushing -0.6mln.
- EIA STEO sees world oil demand for 2025 at 103.7mln B PD (prev. 103.5mln BPD) and 2026 world oil demand at 104.9mln BPD (prev. 104.6mln BPD).
- Spot gold lacked direction following the choppy reaction in the precious metal to the ultimately mixed US CPI data.
- Copper futures mildly pulled back from the prior day’s highs and faded some of its risk-fuelled advances.
CRYPTO
- Bitcoin marginally retreated overnight following an early pullback from above the USD 120k level.
NOTABLE ASIA-PAC HEADLINES
- China’s Vice Finance Minister said they will support domestic consumption to become a major driving force for the economy, while a Mofcom official said service consumption has big growth potential and supporting service consumption will help expand domestic demand and employment. Furthermore, a PBoC official said they will guide financial institutions to increase credit issuance to the service consumption sector and to streamline the approval process of consumer loans.
DATA RECAP
- Japanese Corp Goods Price MM (Jul) 0.2% vs. Exp. 0.2% (Prev. -0.2%, Rev. -0.1%)
- Japanese Corp Goods Price YY (Jul) 2.6% vs. Exp. 2.5% (Prev. 2.9%)
- Australian Wage Price Index QQ (Q2) 0.8% vs. Exp. 0.8% (Prev. 0.9%)
- Australian Wage Price Index YY (Q2) 3.4% vs. Exp. 3.3% (Prev. 3.4%)
GEOPOLITICS
MIDDLE EAST
- Israel considers sending a high-level delegation to Doha later this week for meetings with senior Qatari officials as part of efforts to resume negotiations on a Gaza hostage and ceasefire deal, according to Axios citing sources.
- Hamas said a delegation of the Hamas leadership headed by Khalil al-Haya arrived in Cairo for talks with Egyptian officials, while talks in Cairo will focus on ways to stop the war and bring aid to Gaza, according to Sky News Arabia and Al Hadath.
- France, Germany and the UK are willing to reimpose sanctions on Iran with the E3 telling the UN it is ready to trigger snapback mechanisms if Tehran doesn’t resume nuclear talks, according to FT
RUSSIA-UKRAINE
- Ukrainian President Zelensky said he understood that Russia wants Ukraine to pull out of Donbas and will not advance in other directions in exchange. However, he stated Ukraine will not pull out of Donbas as such a move would open the way for Russia to attack Dnipropetrovsk, Zaporizhzhia, and Kharkiv.
- White House said the Trump-Putin meeting will be one-on-one, while it also stated that the meeting is a listening exercise for President Trump and perhaps there are plans for Trump to travel to Russia in the future.
- US Secretary of Interior Burgum said President Trump targets Russia’s oil customers and will shut down Russian oil earnings, according to Fox Business.
- Russian President Putin held a phone call with North Korean leader Kim and updated him on talks with US President Trump, while it was also reported that Kim and Putin pledged deeper cooperation and Putin expressed appreciation for North Korea’s help in liberating the Russian Kursk region.
- Russian Foreign Minister Lavrov held a telephone call with US Secretary of State Rubio and they discussed preparations for the Alaska summit between Trump and Putin, according to TASS citing the Russian Foreign Ministry.
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN/
3C CHINA
CHINA USA
4. EUROPEAN AFFAIRS
FRANCE
Macrons Secretly Hired Investigator To Dig Up Dirt On Candace Owens
Tuesday, Aug 12, 2025 – 05:20 PM
French President Emmanuel Macron and First Lady Brigitte Macron have been revealed to have hired a private investigation firm to research conservative commentator Candace Owens, according to a new report from the Financial Times. The investigation comes as the French presidential couple pursues a defamation lawsuit against Owens over repeated allegations across multiple platforms that Brigitte Macron was born male.
The cross-continental probe was conducted by New York-based firm Nardell & Co, which, according to the British business news outlet, attempted to uncover damaging information about Owens by scrutinizing her public statements and political connections. Investigators reportedly looked into whether the popular podcaster had any direct ties to Russian officials or business interests.
While the investigation failed to establish any direct Russian connections, researchers did document Owens’ online interactions with Russian political theorist Alexander Dugin. The report noted that both figures have shared each other’s content on social media platforms various times.
The 218-page lawsuit, filed in Delaware Superior Court last week, includes 22 separate counts against Owens, including defamation, false light invasion of privacy, and defamation by implication. The legal action centers on Owens’ repeated allegations across multiple platforms that Brigitte Macron was born male.
Researchers also documented her connections to other prominent conservative figures, including conservative journalist Tucker Carlson and Reform UK leader Nigel Farage.
“When it comes to Brigitte Macron, abusing Emmanuel and then blaming it on Russia is an unfortunate and sinister pattern,” Owens responded to the Financial Times report.
The Macrons’ attorney Tom Clare has characterized the case as straightforward defamation, stating that Owens “both promoted and expanded on” what he called “discredited falsehoods originally presented by a self-proclaimed spiritual medium and so-called investigative journalist.”
According to court documents, Owens has promoted these claims through social media posts and an eight-part YouTube series titled “Becoming Brigitte,” which the Macrons’ legal team argues has led to significant online harassment of the first lady.
Court filings indicate the Macrons’ representatives made multiple requests for retractions before filing the lawsuit. The presidential couple said in a joint statement that legal action became “the only remaining avenue for remedy” after Owens allegedly continued to promote the claims.
Despite calls for retractions, Owens has stood firm in her position, declaring in a 2024 social media post that she would “stake my entire professional reputation on the fact that Brigitte Macron is in fact a man.”
The U.S. lawsuit follows mixed results for the Macrons in French courts addressing similar allegations. In July, a Paris appeals court overturned lower court convictions against two French women who had made comparable claims about the first lady. The appellate court ruled that defendants Amandine Roy and Natacha Rey had acted in “good faith” despite making false claims, eliminating their financial liability for damages previously awarded to the Macrons.
END
UK
MP Warns That UK Faces “An Invasion On Our Culture” By “Medieval” Muslim Men
Wednesday, Aug 13, 2025 – 05:00 AM
Authored by Steve Watson via Modernity.news,
Reform UK Member of Parliament Sarah Pochin has urged that Britain is facing a full on invasion from Muslim men who hold “medieval” views and that it isn’t surprising that British men are forming vigilante groups in preparation.
Appearing on Talk TV, Pochin warned “it’s no wonder that we’re now hearing about groups of concerned British men mobilizing themselves into guardian angel style street patrols.”
“The inconvenient truth for the left is that the culture of men from predominantly Muslim countries like Afghanistan is one that holds a medieval view of women’s rights,” Pochin further asserted.
She added, that “Women are at risk of sexual assault and rape from these men.”
“Hundreds of young men who arrive in this country, housed in our communities, who undoubtedly become sexually frustrated, have a warped view of their right to sexually assault women,” the MP emphasised.
Pochin praised “street patrols out there to protect their daughters, their girlfriends, their wives, even their mothers.”
“And why wouldn’t they be when we hear that these illegal migrants are loitering around schools, around parks, men with deplorable attitudes towards women,” she further declared.
The MP also slammed leftists who appear more concerned with protesting outside parliament every weekend about Palestine, at a cost of millions to the British taxpayer, when there is rampant social breakdown stemming from mass migration at home.
Pochin’s comments come as it is revealed that the UK has seen nearly 50,000 migrants cross the English Channel in small boats since Sir Keir Starmer became Prime Minister on July 5, 2024.
This figure, reached in just 401 days, marks a significantly faster rate of crossings compared to Starmer’s predecessors, with Rishi Sunak taking 603 days and Boris Johnson 1,066 days to hit the same threshold.
The numbers of crossings are up by almost 50 percent on last year.
The surge has fueled criticism of Labour’s immigration policies, particularly Starmer’s pledge to “smash the gangs” behind the crossings, which critics argue has failed to deter the unprecedented influx.
The Labour government has faced intense scrutiny, with Conservative figures like Kemi Badenoch and Chris Philp accusing it of “surrendering” UK borders by scrapping the Rwanda deportation plan, which they claim acted as a deterrent.
Nigel Farage, Reform UK leader, has also slammed Starmer’s “weak” leadership, predicting the crossings would continue unabated and labelling the situation a “national emergency.”
Meanwhile, Labour defends its approach, pointing to a new “one in, one out” deal with France to return some migrants and increased efforts to tackle smuggling gangs. However, public discontent has grown, with protests against asylum seeker accommodations in hotels, and Badenoch suggesting “camps” as an alternative, citing community safety concerns.
The Home Office insists it is making progress, but the record-breaking numbers—nearly 20,000 in the first half of 2025 alone—suggest otherwise.
* * *
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END
EU
Journalists will be stung by this;
Harper/Reclaim the Net
New EU Media “Freedom Law” Allows For Journalist Arrests If Justified By “Public Interest”
Wednesday, Aug 13, 2025 – 07:45 AM
Authored by Cindy Harper via Reclaim the Net,
The European Union’s “European Media Freedom Act” became binding law across all member states on August 8, but behind its name lies a set of provisions that could restrict the very freedoms it claims to safeguard.
We obtained a copy of the act for you here.
Alongside language about protecting reporters, the regulation authorizes arrests, sanctions, and surveillance of journalists whenever authorities say it serves an “overriding reason in the general interest.”
Ursula von der Leyen, President of the European Commission, hailed the legislation’s arrival on social media, saying, “A free and independent press is an essential pillar of our democracy. With our European Media Freedom Act, we want to improve their protection. This allows journalists to continue their important work safely and without disruption or intimidation.”
Although the law outlines protections such as prohibiting spyware or coercion to expose sources, those assurances are undercut by built-in loopholes.
Governments can bypass them if their actions are allowed under national or EU law and deemed proportionate to a vaguely defined “general interest.”
That permission extends to intrusive surveillance technologies in cases tied to crimes carrying a maximum prison term of three years or more, a list that ranges from terrorism and human trafficking to offenses labeled as “racism and xenophobia.”
The legislation also orders each country to maintain registers of media owners and addresses. It targets so-called “disinformation,” accusing some media outlets of manipulating the single market to spread falsehoods.
Large online platforms are portrayed as choke points for access to news, blamed for fueling polarization.
To confront this, the EU wants tighter cooperation between national regulators, overseen by a European Media Services Board made up of member state regulators and a Commission representative. Although labeled independent, the board’s secretariat is run by the Commission, giving it an inside track on the decision-making process.
Another element of the act involves pushing “trustworthy media” and reinforcing state broadcasters through transparent appointment processes and stable public funding.
Annual gatherings between EU officials, internet companies, media representatives, and NGOs are encouraged to assess how disinformation initiatives are being carried out.
Despite being sold as a shield for press freedom, the structure of the act gives Brussels and national authorities the ability to decide which voices remain active and which can be silenced. By allowing arrests, surveillance, and tighter state involvement in the media landscape, it risks turning from a safeguard into a tool for control.
If you’re tired of censorship and surveillance, join Reclaim The Net.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL /GAZA/HEZBOLLAH/IRAN/SUMMARY OF THE LAST 24 HR
ISRAEL VS HAMAS/EGYPT/GAZA
THIS WILL NOT FLY!
Egypt Training Palestinian Forces To Govern Post-War Gaza
by Tyler Durden
Wednesday, Aug 13, 2025 – 03:30 AM
Egypt has been training Palestinian forces for months to take over the security administration of the Gaza Strip, as part of its plan for post-war reconstruction and governance of Gaza, security and diplomatic sources told Middle East Eye.
An agreement to train Palestinian forces in Egypt and Jordan has been in place since the first Palestinian Police Donors Conference in Oslo in December 1993. In April, Egyptian and Palestinian media reported that 300 Palestinian Authority security personnel were sent to Cairo: 100 police officers, 100 national security officers, 50 preventive security officers and 50 intelligence officers, as part of the Egyptian reconstruction plan.
“All of these trainees are affiliated with the Fatah movement and loyal to the PA under Mahmoud Abbas,” an Egyptian security source told MEE. “Cairo avoided including individuals loyal to Palestinian leader Mohammed Dahlan so as not to provoke objections from the PA leadership in Ramallah, and to ensure the idea receives Saudi support,” the source added.
Another portion was trained in Jordan, but the numbers trained were not large, as both Cairo and Amman were hoping to obtain Gulf funding to continue the effort, the source said.
The 1993 Oslo conference was convened at the invitation of 14 donor countries, in addition to the European Union, the United States, the World Bank, the Palestine Liberation Organisation and Israel. Egypt and Jordan were the only two Arab countries to attend the conference, and a memorandum of understanding was signed to train thousands of Palestinian police officers, before the actual deployment of Palestinian police to Gaza and Jericho began in 1994. The number or batches of forces receiving this training were not announced.
Since the 1993 agreement, several of the PA’s forces have been sent to Cairo to attend security and military training courses at the Police Academy, the Military Academy and the Higher Military and Strategic Studies Academy (formerly the Nasser Higher Military Academy), which is a military academy in Egypt specialising in advanced military studies.
Reconstruction plan
Since the beginning of the Israeli assault on Gaza in October 2023, Egypt has been training young people from Gaza or who hail from the enclave, some residing and educated in Egypt, others who fled to Cairo after the war began, and others residing in the West Bank whose families originally come from the Gaza Strip, to carry out security administration, take on police duties and later govern the Gaza Strip, diplomatic and security sources told MEE.
This is part of the reconstruction plan proposed by Egypt during the Arab Summit in March. The plan aims to restore PA governance by working with Jordan to train Palestinian police for deployment in the strip, supported by political, financial and international backing, potentially involving other countries in rehabilitation efforts.
The plan also proposes that the UN Security Council consider deploying international protection or peacekeeping forces in both Gaza and the West Bank, within a broader framework and timetable for establishing a Palestinian state and building its institutional capacity.
A key challenge, according to the plan, would be the presence of multiple Palestinian armed groups, which the plan argues can only be resolved through a credible political process that addresses the root causes and restores rights to Palestinians.
The plan, however, has not received any approval or Gulf, particularly Saudi, support, an Egyptian diplomatic source told MEE. Egypt’s President Abdel Fattah el-Sisi had attempted to persuade Gulf states of the Egyptian reconstruction plan in a closed meeting held in Riyadh, Saudi Arabia, prior to the Arab Summit, the source said.
The plan, which Egypt proposed for what is known as “the day after the war ends”, was presented as an alternative to US President Donald Trump’s plan to displace Gaza’s residents to establish the “Gaza Riviera” resort.
However, Saudi Arabia and the United Arab Emirates refused to provide any support or funding for the Egyptian plan, or for any alternative plan, before the war ends, conditioning such support on the disarmament of Hamas and the removal of its fighters from the Gaza Strip before engaging in any reconstruction process or transferring funds to Cairo, the diplomatic source added.
Aly el-Raggal, a security analyst and researcher at the University of Florence in Italy, said that this plan serves many Egyptian interests, particularly Egypt’s security penetration into the Gaza Strip, something Cairo sees as a necessity. “The deeper its security presence inside Gaza, the greater its political and social influence, and the greater its regional role,” he told MEE. “This is a necessary course of action at present, especially in light of the significant curtailment of Egypt’s role in all regional files.”
‘A vision for security’
However, Rajjal added, this security plan proposed by Egypt is impossible to implement under the current circumstances and with the presence of armed factions inside the strip.
“The condition for this plan to materialize is the end of the war and the end of Hamas and the rest of the resistance factions as well. This is not possible according to the current realities inside the Strip, especially in light of the decision by the Israeli Security Cabinet to occupy the Gaza Strip.”
Egypt’s Foreign Minister Badr Abdel Aaty had referred to the forces Cairo is training to govern the strip during the two-state solution conference held in New York last month.
Egypt has continued keeping its border with Gaza closed with massive razor wire & several layers of tall fencing…
“We have a vision for security arrangements and the governance of the Gaza Strip and who will manage the strip on the next day,” he said. “Egypt is training hundreds of Palestinians to take over security tasks in Gaza.”
Abdel Aaty added that Cairo continues to provide security training programs for PA forces, to enable them to enforce the law in Gaza and the West Bank.
“This would help create a suitable climate for the establishment of a contiguous Palestinian state, to support the capabilities of the Palestinian Authority so that it can perform its role in both the Gaza Strip and the West Bank in preparation for launching the political negotiation process.”
On 29 July, Egypt joined Saudi Arabia, Qatar, Turkey and the Arab League in endorsing the New York Declaration on a two-state solution, which calls on Hamas to relinquish control of Gaza and hand over its weapons to the Palestinian Authority.
According to Egyptian security sources, Cairo had initially resisted linking disarmament to ceasefire negotiations. However, under sustained pressure from the UAE and Saudi Arabia, Egypt shifted its stance, aligning itself with regional efforts to initiate what has been described as a “surrender process”, the sources told MEE last week. This position aligns with Israeli preconditions, backed by Washington, for ending the war on Gaza.
ISRAEL VS HEZBOLLAH
Lebanon moves toward disarming Hezbollah as Aoun rejects Iranian intervention
During a meeting in Beirut with Ali Larijani, secretary of Iran’s top security body, Aoun warned against foreign interference in Lebanon’s internal affairs.
Iran’s Supreme National Security Council Secretary Ali Larijani meets with Lebanese President Joseph Aoun at the presidential palace in Baabda, Lebanon, in this handout image released on August 13, 2025.(photo credit: LEBANESE PRESIDENCY PRESS OFFICE/HANDOUT VIA REUTERS)ByREUTERSAUGUST 13, 2025 14:28Updated: AUGUST 13, 2025 15:49
No group in Lebanon is permitted to bear arms or rely on foreign backing, President Joseph Aoun told a senior Iranian official on Wednesday, days after the cabinet approved the objectives of a US-backed roadmap to disarm the Iran-aligned Hezbollah terrorist group.
During a meeting in Beirut with Ali Larijani, secretary of Iran’s top security body, Aoun warned against foreign interference in Lebanon’s internal affairs, saying the country was open to cooperation with Iran but only within the bounds of national sovereignty and mutual respect.
“Lebanon, which respects the sovereignty of other nations, including Iran, will not accept interference in its internal affairs,” he said.
“The friendship we seek with Iran must be with all Lebanese, not through one sect or component alone,” Aoun said, according to a statement from his office.
Larijani said the Islamic Republic supports Lebanon’s sovereignty and does not interfere in its decision-making.
“Any decision taken by the Lebanese government in consultation with the resistance is respected by us,” he said after separate talks with Parliament Speaker Nabih Berri, whose Amal movement is an ally of Hezbollah.
“Iran didn’t bring any plan to Lebanon, the US did. Those intervening in Lebanese affairs are those dictating plans and deadlines,” said Larijani.
He said Lebanon should not “mix its enemies with its friends – your enemy is Israel, your friend is the resistance.”
“I recommend to Lebanon to always appreciate the value of resistance.”
The US submitted a plan through President Donald Trump’s envoy to the region, Tom Barrack, setting out the most detailed steps yet for disarming Hezbollah, which has rejected mounting calls to disarm since its devastating war with Israel last year.
Hezbollah has rejected repeated calls to relinquish its weaponry although it was seriously weakened in the war, with Israel killing most of its leadership in airstrikes and bombings.
It was the climax of a conflict that began in October 2023 when the group opened fire at Israeli positions along Lebanon’s southern frontier in support of its Palestinian Islamist ally Hamas at the start of the Gaza war.
Aoun added that recent language used by some Iranian officials had not been helpful, and reaffirmed that the Lebanese state and its armed forces were solely responsible for safeguarding all citizens.
Last week, Iranian Foreign Minister Abbas Araqchi said Tehran supported any decision Hezbollah makes, adding that this was not the first attempt to strip the group of its weapons.
Lebanese cabinet approves US-proposal for disarming Hezbollah
Lebanon’s information minister said the cabinet had approved on Thursday only the objectives of a US proposal for disarming Hezbollah by the end of the year, along with ending Israel’s military operations in the country, but they did not discuss the full details of it.
The plan, submitted by US President Donald Trump’s envoy to the region, Tom Barrack, sets out the most detailed steps yet for disarming the Iran-backed Hezbollah, which has rejected mounting calls to disarm since last year’s war with Israel, according to a copy of a Lebanese cabinet agenda reviewed by Reuters.
This is a developing story.
SYRIA/LEBANON
US Ignores Horrific Syrian Govt Massacres Caught On Video As Sharaa Embraced In Amman
Tuesday, Aug 12, 2025 – 05:00 PM
Authored by Jason Ditz via AntiWar.com,
The number of people killed in the massacres in Syria’s Suwayda Governorate is still yet from being fully documented, as tensions continue to flare and the whole governorate is effectively on lockdown from the government. Talks aimed at addressing concerns about that situation are scheduled for this week in Amman, Jordan.
But while early reports were that a number of representatives of the Druze minority would be present for the talks, that turns out not to be the case, as the Syrian Islamist government has insisted only government representatives could participate, and therefore no Druze will be present.
That’s hugely important since the violence in Suwayda mostly involved massacres of the Druze population, and the Syrian government security forces are accused of participating in at least some of those. The talks are now scheduled to only involve Syria and Jordan’s respective foreign ministers, as well as US envoy Tom Barrack.
Barrack said the talks will affirm their “collective determination to move towards a future in which Syria and all its people can live in peace, security and prosperity.” It’s not at all clear, however, that any concrete efforts will be discussed at these talks.
State Department spokesman Michael Mitchell urged “restraint” in Suwayda, and warning against excessive use of force against protesters. The administration in general, however, seems to be overwhelmingly behind the Syrian government on effectively all issues, and is pushing for the Druze, the Kurdish SDF and others to voluntarily disarm so that the Islamist central government has a monopoly on arms.
The Kurds have rejected those demands, and the Druze seem to be headed in that direction as well, with their religious leaders united against the Syrian government after last month’s massacres.
A new video has drawn more attention to the killings in Suwayda, showing uniformed forces entering a hospital and summarily executing an unarmed man who was identified as a hospital volunteer. They had rounded up hospital staff for questioning and killed the man after he confirmed he was Druze.
Before the video surfaced, state media was accusing Druze forces of carrying out the massacre at the hospital, and while this video only shows a single execution, it’s plainly by government security forces. The government is now promising an investigation into the matter.
That probably won’t lead to much, as myriad promised investigations into the massacre of Alawites in northwest Syria earlier in the spring similarly were just extended until the matter was more or less dropped publicly. Both the anti-Alawite purge and the violence against the Druze led to well over 1,000 deaths, and simmering violence that has continued to rage in both cases.
Since Trump met with Syria’s de facto leader Ahmed al-Sharaa in May, the US has been overwhelmingly supportive of their position, and while noting the massacres, there is little sign they intend to pressure them in any real way to resolve the tensions with their religious minorities. The ruling Hayat Tahrir al-Sham (HTS) continues to give lip-service to the idea of being a unifying force, despite its historical ties to al-Qaeda and its present involvement in massacres, but that seems to be sufficient for the administration.
RUSSIA VS UKRAINE
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
MARK CRISPIN MILLER
memory of those who “died suddenly” in the United States and worldwide, August 4-11, 2025
Actors Kelley Mack (33, C), Lina Bina (24), Jeffrey Louis Starr, Jon Miyahara; film designer Derrick Kardos; rockers Bobby Whitlock, Jill Lisson, Alon Cohen; NAACP leader Joseph Darby (74, C); & more
| Mark Crispin MillerAug 13 |
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
To help support our work, consider subscribing or making a donation.
UNITED STATES (117)
Kelley Mack died from a rare cancer
August 6, 2025
Actress Kelley Mack, best known for her roles on “The Walking Dead” and “Chicago Med,” has died at age 33 after a seven-month battle with an aggressive form of cancer. In January, the rising star revealed she had a diffuse midline glioma, a fast-growing tumor that attacks the central nervous system. The diagnosis came just months after she began experiencing pain she believed was from a simple back injury. Mack, born Kelley Klebenow, “passed peacefully” on Saturday in her hometown of Cincinnati with her mother and aunt by her side, her sister shared in an Instagram post on Tuesday.
Adult film star & influencer Lina Bina dies after suffering fatal blood clot in her heart and neck
August 7, 2025
Adult film performer and social media personality Lina Bina – also known online as MissJohnDough – has died, her family has confirmed. The rising Texan star died aged 24 from complications caused by a blood clot in her heart and neck, her sister Moni said.
Jeffrey Louis Starr dead at 61: Former child star acted with Tony Curtis and William Devane in Bad News Bears sequels
August 9, 2025
Former child star Jeffrey Louis Starr died at the age of 61 on July 25 while ‘surrounded by loved ones.’ The late actor – who is known for appearing in the Bad News Bears sequels – passed away inside a hospital in Carbondale, Illinois, TMZ reported on Saturday. Family sources confirmed Jeffrey’s death to the outlet and stated that he had been battling an illness leading up to his passing last month. The star’s brother Kevin also shared a heartbreaking post on Facebook just one day after his passing and revealed that he had been ‘sick for several years.’
No cause of death reported.
Jon Miyahara Dead – ‘Superstore’ Actors Dies at 83
August 7, 2025
Jon Miyahara has sadly passed away. The actor, known for recurring throughout Superstore as Brett, passed away at the age of 83, as confirmed by cast member Colton Dunn on Instagram. A cause of death has not been publicly disclosed.
Researcher’s Note – Jon Miyahara was working in Hollywood between 2021-2023): Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023: Link
No cause of death reported.
Derrick Kardos, Graphic Designer on ‘Black Swan’ and ‘The Departed,’ Dies at 53
August 7, 2025
Derrick Kardos, a graphic designer on films including Jonathan Demme’s The Manchurian Candidate, Martin Scorsese’s The Departed, Ridley Scott’s American Gangster and Darren Aronofsky’s Black Swan, has died. He was 53. Kardos died July 18 in Carteret, New Jersey, of complications from Long COVID, his family announced. As he struggled with Long COVID, he became an advocate for more aggressive medical research and treatment development and for formal recognition of Long COVID as a disability.
Researcher’s Note – Kardos was working heavily in Hollywood between 2021-2023: SAG-AFTRA and JPC Allow for Mandatory Vaccine [sic] Policies on Production Sets: Link
Brad Pitt’s Mom Jane Etta Dead at 84: Actor’s Family Announces Her Passing With Heartbreaking Message — ‘We Were Not Ready For You To Go Yet’
August 6, 2025
Brad Pitt’s mother, Jane Etta Pitt, has passed away at the age of 84, RadarOnline.com can reveal. Sydney, who is the daughter of Pitt’s younger brother Doug, said her grandmother “could keep up with all 14 of us grandkids without missing a beat.” Sources reportedly said Jane died within the last day or two. Her cause of death remains unknown at this time.
Rock legend Bobby Whitlock dies after hidden struggle
August 10, 2025
The music world has lost one of its most influential figures with the passing of Bobby Whitlock, the legendary musician who co-founded Derek and the Dominos and helped create some of rock history’s most enduring songs. The 77-year-old artist died peacefully at his Texas home early Sunday morning after a courageous battle with cancer.
Jill Lisson of Funerus has passed away
August 9, 2025
Bassist/vocalist Jill Lisson [54] of Funerus has passed away. Lisson had been a member of the band for over three decades and is featured on all releases from the group. In a post on social media, it was revealed that Jill passed away due to an ongoing battle with diabetes and heart issues.
Israeli musician Alon Cohen, of Nosei Hamigbaat, found dead in his New York home
August 8, 2025
Israeli musician Alon Cohen, a member of the 1980s band Nosei Hamigbaat (The Top Hat Carriers), has died, his former bandmate Tamir Albert says. He was 55 years old. Albert shares a screenshot on Facebook of a text he received from Cohen’s sister this morning, confirming that he was found dead in his apartment in New York last night, apparently after suffering a heart attack. Nosei Hamigbaat, an Israeli new wave band, was formed in 1984 and disbanded in 1992.
Bowman Gray Stadium Sportsman Racer Robbie Brewer Passes Away
August 10, 2025
A Bowman Gray Stadium racer passed away Saturday night following a medical emergency that led to a crash at the North Carolina short track. Robbie Brewer, of Winston-Salem, NC, who competed in the Sportsman division, crashed hard in the fourth corner coming to a restart. Brewer’s passing was officially announced by his family on Sunday morning. Sources have told FloRacing that Brewer had a heart attack in the race car, which led to the crash itself. The incident occurred with four laps remaining in the first of two 20-lap features for the Sportsman division. Brewer’s No. 17 car was scored in the fourth position at the time of the incident. As the field was headed towards the green flag, Brewer’s car veered towards the outside wall in the center of turns three and four. He bounced off the wall and then went nearly head-on into the front-straightaway wall at the exit of turn four. Track personnel rushed to the aid of Brewer where they removed the roof of his car to extricate him. He was then taken to a nearby hospital.
No age reported.
‘Incredible Teammate, Beautiful Young Man’: Tinley Native, Former LWE Linebacker Dies At 22
August 7, 2025
FRANKFORT, IL — A Tinley Park native, former Lincoln-Way District 210 linebacker and current player for Indiana State University is being remembered for his leadership, positivity and kindness after his sudden death. Edward Amankwah, a 2021 alumna of Lincoln-Way East, was a defensive back at Indiana State and was pursuing his graduate degree after earning his bachelor’s degree in athletic training at the Terre Haute unversity, the school said in a release about his death. Amankwah died from a medical condition unrelated to athletics on Aug. 6. He was 22 years old.
Researcher’s note – ISU “strongly encouraged” students to get the jab:Link
No cause of death reported.
Joseph Darby, prominent pastor and activist with a line to top Democrats, dies at 74
August 9, 2025
CHARLESTON, SC — Too often, someone in the political or educational spheres would do something, or say something, that would rub the Rev. Joseph Darby the wrong way. Woe to those who provoked him. In clear, convincing prose, Darby would set the record straight, usually demolishing his opponent’s argument with a few reminders of the facts and a handful of bold rhetorical strokes. Darby, an AME Church pastor, staunch defender of public education and leader in the Charleston branch of the NAACP, died Aug. 8 after years of health struggles with colon cancer, according to his sons Jeremy and Jason. He was 74. Darby typically was on the invitation list for major events featuring Hillary Clinton, Barack Obama or Joe Biden, who all respected his knowledge and appreciated his counsel.
Guy Fieri Mourns Devastating Personal Loss
August 9, 2025
Guy Fieri mourned a devastating personal loss in the wake of his friend John Ash’s death. The founder of John Ash & Co., 83, died on Thursday, Aug. 7, The Sonoma News-Index reported. According to the publication, his children confirmed his death from a heart condition after a brief illness. On Saturday, Aug. 9, the Food Network star took to his Instagram Stories with tribute to a fellow chef who died. “RIP to my friend a great chef and culinary inspiration to the wine country,” Fieri, 57, wrote alongside a photo of Ash smiling and holding a glass of wine.
Brandon Blackstock, Kelly Clarkson’s Ex-Husband and Talent Manager, Dies at 48 from Cancer
August 7, 2025
DR PAUL ALEXANDER
IVERMECTIN and FENBENDAZOLE SUCCESS STORIES: Parkinson’s Disease Cured in 4 Months & Complete Metabolic Response in Stage 4 Metastatic Melanoma
aug 12
In this Substack’s ongoing anecdotal repurposed drug crowdsourcing series comes another pair of absolutely incredible healing experiences.
The first success story further corroborates this Substack’s recent article on Ivermectin curing various neurological conditions…
BOMBSHELL RESEARCH: Ivermectin May Cure Parkinson’s Disease, Mood Disorders and Attention Deficit Disorder
·
Jul 18
Not only is Ivermectin administered with other compounds such as Fenbendazole a possible Alzheimer’s Disease cure…
…and comes courtesy of Dr. Makis:
NEW ARTICLE: IVERMECTIN and FENBENDAZOLE Testimonial – 78 year old Nebraska PARKINSON’S DISEASE patient of 8 years, cured after 4 months!
My best Parkinson’s Disease & Ivermectin testimonial yet!
77 year old Nebraska Parkinson’s Disease patient of 8 years
We started in March 2025
Ivermectin 1mg/kg/day increasing to 1.5mg/kg/day
Fenbendazole 888mg/day
From patient’s daughter: “He has been on the protocol you gave him for four months”
“Today he went to the neurologist…and unbelievably the doctor told my dad that he is questioning if my dad even has Parkinson’s anymore…he told my dad he looks healthier than he’s ever looked!” “He doesn’t shuffle or slump over like he used to and his shakes are minimal!!! My dad was just speechless!”
I run the world’s largest Ivermectin Cancer Clinic.
But I have dozens of Neurology patients as well.
Alzheimer’s
Parkinson’s
Multiple Sclerosis
Ivermectin and Fenbendazole and making major inroads into Neurology as well.
Read the story for yourselves 😀
NEWS ADDICTS
| 3 People Killed in Texas Target Mass ShootingA man with a reported mental health history opened fire Monday afternoon in the parking lot of a Target store, killing two adults and a child before fleeing in stolen vehicles during a chaotic crime spree that ended with his arrest, police said.Austin Police Chief Lisa Davis said officers responded to the shooting at about 2:15 p.m., finding three victims …READ THE FULL REPORTABC News Anchor Reveals She Was ‘Jumped’ by a ‘Half-Dressed’ Man in DCABC News anchor Kyra Phillips revealed Monday that she was mugged by a “half-dressed” homeless man just two blocks from the network’s Washington bureau, underscoring what she described as the everyday reality of crime in the nation’s capital — despite official statistics claiming crime is down.Phillips shared the story on-air while reporting on President Trump’s decision to place the D.C. …READ THE FULL REPORTCountry Singer’s Mom Killed in Home Invasion Before Father Shoots IntruderA late-night home invasion in Virginia’s historic Shenandoah Valley turned deadly when a knife-wielding intruder stabbed 62-year-old Holly Hatcher to death before her husband, Michael Hatcher, 65, fought back, retrieved a handgun, and fatally shot the attacker.The incident happened just after midnight on Sunday, Aug. 3, at the family’s home. Their son, Spencer Hatcher — a rising country music artist …READ THE FULL REPORTVance: ‘You Are Going to See a Lot of People Get Indicted’ Over RussiagateVice President JD Vance says the Trump administration’s investigations into the origins of the Russian collusion hoax will likely lead to “a lot” of people being indicted.Speaking with Fox News host Maria Bartiromo, Vance pointed to newly unclassified documents released by National Intelligence Director Tulsi Gabbard showing that senior Obama officials were told Russian interference in the 2016 election was …READ THE FULL REPORTIllegal Migrant Who Raped, Killed Mom of 5 Sentenced to Life Without ParoleThe Salvadorian illegal migrant who raped and murdered 37-year-old Rachel Morin was sentenced Monday to life in prison without parole, showing no emotion as her grieving children remembered their “kind” and “determined” mother in court.Harford County Circuit Court Judge Yolanda Curtin handed down the sentence to Victor Martinez-Hernandez, 24, following hours of emotional victim impact statements from Morin’s family, including …READ THE FULL REPORT |
NEWSWIZE
EVOL NEWS
| ATEST NEWS: |
| Baltimore Mayor Scott rebuts President Trump’s remarks on crime in the city, cites record-low violence – EVOL |
| Read more… |
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
Yes, We Need Serious Economic Data. And No, We Don’t Have It
Wednesday, Aug 13, 2025 – 10:25 AM
By Michael Every of Rabobank
In British English there’s a pejorative noun, “jobsworth”, for those who uphold petty rules at the expense of effectiveness. It’s my job’s worth to share that with you today in the wake of a US CPI report we went into knowing the underfunded agency producing it was guessing around 1/3 of the prices used on top of statistical polishing that raises questions of methodology and policy.
For recent examples of the former, the US CPI basket understates how hard inflation hits lower income households: ‘Americans making under $50,000 said they needed an average $157,000 a year to live comfortably, while those making at least $100,000 said they would need $246,000’, as CNBC said today. That’s partly why rich politicians and comfortable financial media are so often surprised by election results and opinion polls (like the one in Germany today where the AfD is on 26% vs 24% for the governing CDU of Chancellor Merz). There were also questions over why the CPI shelter component lagged actual rent increases in recent years; and a new methodology for health insurance over 2023-24 that saw major implied price swings.
For examples of policy, Bulgaria’s 82.8% fall in healthcare costs is helping it meet the inflation criteria to join the Euro: “Physician, heal thyself” – and thy fiscal deficit as hospitals are told to slash daily fees from 5.8 to 1 Lev. Australia’s government is subsidizing utility bills with estimates putting the impact on CPI at -0.5ppts; and it’s working – the RBA cut rates another 25bps to 3.60% while flagging “a few more” cuts to come despite the Bank warning the economy can’t grow more than 2% due to no productivity growth as the population rose 1.8% in the year to September 2024. How adding people without adding value, or a matching number of houses, sits with low inflation/rates rather than higher requires central-banking expertise I sadly lack. The Bank of England seems to understand this, however.
Anyway, the US July CPI report saw headline slightly lower than expected at 2.7% y-o-y, but still above the 2% markets think is ‘natural and good’, while core was 3.1%, in-line, and ‘super core’ rose for a third consecutive month. That wasn’t the tariff-led inflation explosion some feared, but neither was it a low-inflation/deflation environment outside key areas such as eggs, an example of what’s needed to bring prices down to please voters – higher supply. Which, to be fair, is what tariffs, and broader economic statecraft, are designed to do: they just aren’t instantaneous.
Yet Treasury Secretary Bessent suggested the next Fed move should be a 50bps cut. President Trump also lashed out at Fed Chair Powell again and is considering a lawsuit against him –for ‘not cutting rates?’… “Lock him up!”– and also called on Goldman Sachs to replace their economist who said tariffs would be inflationary. That’s as the FT carries an op-ed asking what happens if Trump appoints an “inflation nutter” as Fed Chair. Yes, that’s where we are at.
The key message is that we should all take inflation deadly seriously: Lenin’s warning that “The way to crush the bourgeoise is to grind them down between the millstones of taxation and inflation” was right – and he was just named as inspiration for the leader of the UK’s new left wing party. Yet those who study it most, and are supposed to keep it locked up in the study, are not taking it seriously, for all that they profess to be doing so and that many in markets believe them – and it goes way beyond Trump if you are willing to look. The price of gold or Bitcoin is also good evidence. ‘Trump appointments could spell breakdown of economic trust’, says comfortable Axios — tell that to the people talking to CNBC: it broke down for them years ago.
If that were not enough, we also saw an attack on the joint highest altar in the macrostrategist’s pantheon, the payrolls report. The Trump admin is weighing “new options for data collection and technologies that could make the process more efficient.” More concretely, the new head of the BLS suggested that until the jobs numbers “are corrected” the agency should suspend issuing the monthly job report entirely but keep publishing the more accurate quarterly data. Again, people are rightly having kittens but wrongly missing that payrolls have long been an absolute joke.
We are talking about a survey with: a ridiculously low response rate; that doesn’t understand the rapid shifts taking place in the economy; with a comical births/deaths model that decides when jobs appear based on their own interpretation of the economic cycle; that somehow overlooked the arrival of 10-20 million undocumented workers in the last few years; and which has constant, huge revisions changing the supposedly-accurate picture we are looking at. Indeed, it’s trying to measure the (normally) three-digit monthly change in a large nine-digit US labor force: it’s a rounding error, at best – what else could it ever really be? Yet it’s sacrosanct say jobsworths who otherwise can’t take a punt on second derivatives of said rounding error at pre-arranged times. Again, yes, we need serious economic data. Again, no, we don’t have it as things stand.
Meanwhile, in the actual economy, OPEC raised its 2026 oil demand forecast and trimmed non-OPEC supply growth, signalling tighter global markets, which was much more upbeat than the wider industry. If they are right, is it wrong to expect rate cuts?
Europe is reindustrialising via rearming, says the same FT that carries an op-ed about Europe’s “Happy Vassal” status; timely as Ukrainian President Zelenskyy says he won’t cede any land that could be a Russian springboard for a new war, which seems to contradict yesterday’s news, and points to the ongoing need for that EU arms production.
On the ‘vassal’ front, Italy’s government is reportedly considering plans to curb the holdings of Chinese investors at key Italian companies, as China cuts off relations with the Czechs over a visit by the Dalai Lama.
More importantly, Politico just argued; ‘Lagarde’s ‘euro moment’ busted by dollar-linked stablecoins’, which comes just weeks after her mid-June op-ed calling for a ‘euro moment’ as doubts about the dollar increase’. In short, if $tablecoins are free to circulate in Europe — which it can’t prevent without reopening wounds on NATO, tariffs, LNG, and more — then a parallel currency could be embedded within Europe, and globally. All it might take is the US to say it will pay exporters to it in $tablecoins, and for US-allied oil-exporters like Saudi, the UAE, and Qatar with its LNG, to say they want to be paid in them too, and it could be a fait accompli. This was blatantly obvious when Lagarde spoke in mid-June, as I pointed out at the time, and everyone was busily buying the Euro. But markets were insisting that Europe ‘has such nice CPI (if not jobs) data’, etc.… which should put things in perspective. It’s not “because markets, or payrolls” anymore.
In related geoeconomics, the Washington Post recently underlined the US used tariff negotiations to pressure others to take broader anti-China actions: that’s called economic statecraft. In turn, China put 75.8% duties on Canadian canola and told its firms not to buy the AI chips Trump just controversially offered to sell them for a 15% fee due to security fears seeing Chinese tech ripped out of US systems. On which note, Microsoft also just suspended its services to a Rosneft-backed India refiner, deepening Indian mistrust of the US. However, Bloomberg underlines ‘Modi’s Trade Dilemma: Protect Textiles or Cotton’, in that keeping out US cotton doesn’t help Indian textile firms who then can’t sell their output to the American market. Something has to give, or Indians need to wear vastly more clothing.
And fantastically important if it happens, Google and IBM believe the first workable quantum computer is in sight. Somebody is about to get vastly more productive and powerful: not the Europe or Australia – it’s surely between the US and China.
7. OIL /ENERGY ISSUES/WORLD WIDE
Ukraine Strikes Russia’s Largest Crude Export Pumping Station Near Border
Wednesday, Aug 13, 2025 – 09:15 AM
Ukraine’s Main Directorate of Intelligence in coordination with the military have claimed a direct major hit on yet another site within Russia’s oil infrastructure: a key oil-pumping station on the Druzhba pipeline located in Unecha, Bryansk Oblast.
The overnight strike reportedly caused a fire in the facility’s line production and dispatch control center, resulting in Russian emergency servies rushing to the scene, in a southern border area.
This hub of Russia’s crude exporting pipelines was scene of a series of explosions and large fire. In all during the attack there was a broader, and what’s become typical, assault which saw Russia down 46 Ukrainian unmanned aerial vehicles (UAVs) overnight.
Russia’s ministry of defense tallied “15 over the territory of the Bryansk region, 11 over the territory of the Volgograd region, 7 over the territory of the Rostov region, 5 over the territory of the Krasnodar region, 2 over the territory of the Belgorod region, 2 over the territory of the Voronezh region, 2 over the territory of the Republic of Crimea, 2 over the waters of the Sea of Azov.”
Unecha is the main hub in the Druzhba pipeline network and is operated by the Transnefteprodukt holding, with the site facilitating oil transportation across a pipeline system spanning over 5,500 miles. Kiev sees it as playing a critical role in fueling Russia’s military-industrial sector, hence it being targeted.
This isn’t the first attack on this facility, as regional reports say that on August 6 a similar drone strike caused a smaller fire.
Just days ago, a Russian oil refinery in Saratov which is owned Rosneft halted all crude oil intake after suffering a significant drone strike. The war on each other’s energy infrastructure has grown hotter than ever, after President Trump early in his administration got the sides to agree to a short-lived ‘energy truce’. That’s clearly no more.
Meanwhile Russia’s Foreign Minister has lambasted Zelensky for the attacks, accusing him of keeping the war going, but which is really him against the Ukrainian people, according to spokeswoman Maria Zakharova.
In a Wedensday briefing she said, “Zelensky is not fighting against Russia. Zelensky is fighting against the Ukrainian people. And his mission which was prescribed for him by someone is to destroy the Ukrainian nation, and to destroy it under the flags of nationalism and the flags of a certain national identity, and to destroy it physically.”
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
MEXICO/USA
That was fast!1
Mexico Extradites 26 Alleged Cartel Leaders To US
Wednesday, Aug 13, 2025 – 03:00 PM
Authored by Aldgra Fredly via The Epoch Times (emphasis ours),
Mexico extradited 26 alleged cartel members to the United States on Aug. 12, including high-ranking members of violent cartels labeled as foreign terrorist organizations by the U.S. government.
Mexican Security Secretary Omar Garcia Harfuch stated on X that the extradition was carried out at the request of the U.S. Justice Department (DOJ), which has provided assurances it would not pursue the death penalty for those facing prosecution.
Those handed over to U.S. custody from Mexico include leaders of the Sinaloa cartel, the Jalisco New Generation cartel, or CJNG, and the Northeast cartel, formerly known as Los Zetas.
All 26 defendants face a range of criminal charges in the United States, including drug-trafficking, kidnapping, illegal use of firearms, human smuggling, money laundering, and the killing of a sheriff’s deputy.
In a statement released by the DOJ, Attorney General Pam Bondi expressed gratitude to Mexico’s National Security team for their cooperation in carrying out the extradition.
“These 26 men have all played a role in bringing violence and drugs to American shores—under this Department of Justice, they will face severe consequences for their crimes against this country,” Bondi stated.
The extradition from Mexico to the U.S. marks the second of its kind this year, as the Trump administration intensified efforts to curb drug trafficking across the border.
In February, Mexico transferred 29 cartel members to the United States, including Rafael Caro Quintero, a drug lord who is allegedly involved in the killing of a Drug Enforcement Administration (DEA) agent in 1985.
The U.S. Embassy said the latest extradition demonstrated the “growing depth of cooperation” between the two nations in tackling the threat posed by transnational terrorist organizations.
“These fugitives will now face justice in U.S. courts, and the citizens of both of our nations will be safer from these common enemies,” U.S. Ambassador to Mexico Ronald Johnson said in a statement.
Trump has raised tariffs on Mexican imports to pressure the country to take stronger action against drug trafficking, saying Mexico was not doing enough to curb the flow of fentanyl and illegal immigrants at the border.
He announced a 90-day delay in U.S. tariff hikes on Mexican goods on July 31 to allow time for negotiations, but said that Mexico would still face an across-the-board 50 percent levy on aluminum, copper, and steel, as well as a 25 percent tariff on automobiles.
Mexican President Claudia Sheinbaum on Aug. 8 ruled out allowing U.S. troops to conduct military operations within Mexico, after reports emerged that Trump has secretly directed U.S. military action against Latin American cartels designated as foreign terrorist organizations.
“The United States is not going to come to Mexico with the military. We cooperate, we collaborate, but there is not going to be an invasion,“ Sheinbaum told reporters. “That is ruled out. Absolutely ruled out.”
Ryan Morgan contributed to this report.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1728 UP 0.0050 PTS OR 50 BASIS POINTS
USA/ YEN 147.23 DOWN 0.534 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 1.3572 UP .0067 OR 67 BASIS PTS
USA/CAN DOLLAR: 1.3756 DOWN 0.0015 (CDN DOLLAR UP 15 BASIS PTS)
Last night Shanghai COMPOSITE UP 17.55 PTS OR 0.48%
Hang Seng CLOSED UP 643.99 PTS OR 2.58%
AUSTRALIA CLOSED DOWN 0.52%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 643.99 PTS OR 2.58%
/SHANGHAI CLOSED UP 17.55 PTS OR 0.48%
AUSTRALIA BOURSE CLOSED DOWN 0.52 %
(Nikkei (Japan) CLOSED UP 556.50 PTS OR 1.30%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3362.20
silver:$38.55
USA dollar index early WEDNESDAY morning: 97.47 DOWN 46 BASIS POINTS FROM TUESDAY’s CLOSE
TUESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.088% DOWN 6 in basis point(s) yield
JAPANESE BOND YIELD: +1.521% UP 1 FULL POINTS AND 00/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.249 DOWN 5 in basis points yield
ITALIAN 10 YR BOND YIELD 3.496 DOWN 6 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.7376 UP 4 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1703 UP 0.0025 OR 25 basis points
USA/Japan: 147.34 DOWN 0.434 OR YEN IS UP 44 BASIS PTS//
Great Britain 10 YR RATE 4.6110 DOWN 2 BASIS POINTS //
Canadian dollar UP .0004 OR 4 BASIS pts to 1.3766
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY DOWN AT 7.1748 CNY ON SHORE ..
THE USA/YUAN OFFSHORE DOWN TO 7.1785
TURKISH LIRA: 40.74 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.521
Your closing 10 yr US bond yield DOWN 6 in basis points from TUESDAY at 4.251% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.842 DOWN 4 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.689 DOWN 4 BASIS PTS.
GOLD AT 11;00 AM 3362.00
SILVER AT 11;00: 38.46
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 17.42 PTS OR 0.19%
GERMAN DAX: UP 160.81 pts or 0.67%
FRANCE: CLOSED UP 51.55 pts or 0.66%
Spain IBEX CLOSED UP 160.90 pts or 1.08%
Italian MIB: CLOSED UP 250.95 or 0.60%
WTI Oil price 63.02 11.00 EST/
Brent Oil: 65.95 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 79.58 ROUBLE UP 0 AND 14/ 100
CDN 10 YEAR RATE: 3.418 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.950 DOWN 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1702 UP 0.0024 OR 24 BASIS POINTS//
British Pound: 1.3569 UP .0039 OR 36 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.593 UP 0 FULL BASIS PTS//
JAPAN 10 YR YIELD: 1.512 UP 1 FULL BASIS PT
USA dollar vs Japanese Yen: 147.41 DOWN 0.243 BASIS PTS
USA dollar vs Canadian dollar: 1.3767 DOWN 0.0003 BASIS PTS// CDN DOLLAR UP 3 BASIS PTS
West Texas intermediate oil: 62.74
Brent OIL: 65/13
USA 10 yr bond yield DOWN 7 BASIS pts to 4.238
USA 30 yr bond yield DOWN 6 PTS to 4.828%
USA 2 YR BOND: DOWN 4 PTS AT 3.689%
CDN 10 YR RATE 3.398 DOWN 4 BASIS PTS
CDN 5 YEAR RATE: 2.935 DOWN 3 BASIS PTS
USA dollar index: 97.64 DOWN 29 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 40.74 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 79.42 DOWN 0 AND 2/100 roubles //
GOLD $3355.60 (3:30 PM)
SILVER: 38.50 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 469.63 OR 1.04%
NASDAQ 100 UP 6.68 PTS OR 0.03%
VOLATILITY INDEX: 14/52 DOWN 0.21 PTS OR 1.43%
GLD: $ 309.21 UP 0.94 PTS OR 0.30%
SLV/ $35.00 UP 0.59 PTS OR OR 1.71%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 62.64 PTS OR 0.22%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘Animal Spirits Very Evident’: Small Caps & Crypto Rip As Bond Yields & Black Gold Dip
Wednesday, Aug 13, 2025 – 08:00 PM
Markets continue their move higher with Goldman Sachs trading desk seeing “pockets of animal spirits very evident” as Small Caps dramatically outperform once again (with Nasdaq barely breaking even today)…
Small Caps are up 5% this week!
With all that euphoria, here’s where things stand as we approach mid-August (h/t Goldman Sachs trader, Mike Nocerino)
- RETAIL: Based on our GSET data, they comprise of ~15% of the total volume traded every day (I know some estimates are higher). They haven’t had a negative notional imbalance since late May. They are averaging ~$3B notional to buy every day.
- BUYBACKS: By the end of the week 90% of corporates will be out of their blackout window. August is the busiest month for repurchases.
- POSITIONING: this stood out this morning: The Futures team noted on Friday that R2K shorts are at a record high (July 22nd – August 5th, Hedge Funds short-sold $4.3bn— the largest two-week amount for at least the past 10 years). Ryan Hammond added, “We think investors should protect themselves against the potential for a sharp rotation toward low-quality stocks. Investors should keep in mind the potential convexity of low-quality stocks to the upside in a scenario where the macroeconomic outlook is more positive than feared, such as a soft CPI print.”
- SENTIMENT: Our indicator has remained muted, but it’s a product of the lack of breadth in the market. As Tony P pointed out: “This [sentiment factor] rhymes with our breadth indicator, which shows a very narrow recent market, and with the current divergence between gross leverage (very high) and net leverage (modest) in our PB book”.
- CTAs: More muted, but still in a position to buy in the US: Flat tape: Buyers $3.49B ($1.50B into the US) over one week / Flat tape: Buyers $20.73B ($12.94B into the US) over the month. Sell stats are high (given full positioning) but only in a 2.5+ sd move lower.
- FED: The cries for cuts are getting louder and louder and yday’s CPI print (in addition to the most recent jobs report) are giving the Doves a platform. We clearly know where the President and his staff stand: *BESSENT SUGGESTS FED’S RATE SHOULD BE 150-175 BPS LOWER. Focus shifts to Jackson Hole Summit late this month
- CASH FLOWS: CASH -> EQUITIES?…This caught everyone’s eye last week: US MONEY-MARKET FUND ASSETS HIT RECORD $7.15 TRILLION AT ICI…have to imagine you’ll see some of this cash shift (into equities) as we start heading back into a Fed cutting cycle.
- GEOPOLITICS: Trump / Putin sit-down is slated for this Friday. The WH today was downplaying the meeting. Tactic to create some upside surprise?
- EARNINGS: Reports have also provided support for equity prices. With 91% of companies having now reported 2Q earnings, results remain solid.
- CRYPTO: The once ultra speculative asset (signal of “animal spirits”) continues to ink ATH as well.
Today we saw strong breadth with 370 names up on the day in the S&P 500 during a “RTY > S&P > NDX kind of session” as the NDX/RTY pair fell back into its medium-term range again…
Source: Bloomberg
But Momo is melting down again…
Source: Bloomberg
With another giant short-squeeze this afternoon!
Source: Bloomberg
Mag7 names underperformed today as the S&P 493 held its opening gains…
Source: Bloomberg
Delivery stocks and Supermarkets were monkeyhammered after AMZN said it would start same-day delivery services…
Source: Bloomberg
There was a moment of exuberance (VIX Up, Spot Up) today that triggered selling in the S&P…
Source: Bloomberg
Bonds were bid across the curve today with the long-end very marginally outperforming today (whole curve down around 4-5bps) with the short-end still outperforming on the week…
Source: Bloomberg
The dollar dumped again today, breaking back below its 50DMA…
Source: Bloomberg
Despite the dollar weakness, Gold only managed a small gain on the day, holding above $3350 (the 50-DMA)…
Source: Bloomberg
Oil tumbled to its lowest since early June after a surprise crude build, industry demand forecast cuts, and hopes for Trump’s meeting with Putin…
Source: Bloomberg
Bitcoin topped $122k again today, testing record highs…
Source: Bloomberg
But Ethereum was the standout, surging back above $4700 for the first time since its record highs in Nov 2021…
Source: Bloomberg
With the ETH/BTC pair surging as Defi Boom 2.0 starts to accelerate…
Source: Bloomberg
Finally, as we noted above, the rise in speculative trading activity does suggest upside risk for the broad equity market in the near term, while also increasing the risk of an eventual downturn.
Source: Goldman Sachs
Coupled with positioning data, the increase in speculative trading can also explain some of the intra-market rotation we’ve seen recently.
USA DATA RELEASES
USA ECONOMIC NEWS
Newsflash: Governments Lie
Tuesday, Aug 12, 2025 – 04:20 PM
Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,
Bureau of Labor Statistics head Dr. Erika McEntarfer is one of the latest persons President Trump has told “you’re fired.” President Trump said this month that he fired Dr. McEntarfer because the president believed she manipulated jobs data. Manipulations, he stated, include the updated May and June BLS numbers showing the U.S. economy created 258,000 fewer jobs than originally reported, as well as the weaker than expected July jobs report. All of this, the president suggested, was designed to make President Trump look bad.
Following Dr. McEntarfer’s firing, many commenters worried that President Trump’s actions would create the perception that government unemployment and inflation data is manipulated to produce the numbers desired by the president. A loss of confidence in government statistics could impact demand for US Treasuries. This is because the value of Treasuries is adjusted based on the BLS-issued Consumer Price Index (CPI). If investors don’t trust the CPI figures, they can demand higher returns, increasing government’s interest payments.
President Trump is correct that BLS manipulates statistics related to the economy, but it has been doing so since long before Donald Trump moved to the White House.
For example, starting in 1994, the BLS stopped including “discouraged” workers who have stopped looking for work in the official unemployment figures.
The BLS also includes those working part-time as employed even if the only reason they are working part-time is they cannot find full-time work.
According to John Williams, publisher of the website Shadow Stats, including discouraged and part-time workers who want full-time work in the unemployment figures increases the unemployment rate by almost 20 percent!
The government also understates the effects of inflation.
One way it does this is by using “chained CPI.” Chained CPI means that even if price inflation has made steak unaffordable for most Americans, the government does not consider their standard of living lowered if they can buy a “substitute” such as hamburger.
This ignores the fact that if consumers viewed hamburger and steak as equivalent then they would likely have chosen cheaper hamburger before Federal Reserve-caused price inflation made steak unaffordable, leaving them no choice but to purchase hamburger.
According to John Williams’s Shadow Stats, using a more accurate definition of inflation would increase the inflation rate to as much as 12 percent.
Manipulating the unemployment and inflation rates allows the government to gaslight the people into believing that the economy is strong and any signs of weakness — such as rising prices or an increase in unemployment in their town — are anomalies that do not reflect the economy’s real condition.
Manipulating the inflation figures to understate the true amount of inflation also lowers the “cost of living” increases the government must provide for veterans, beneficiaries of Social Security, and others.
This provides a way for government to cut spending without Congress members having politically difficult votes
President Trump has done a service by highlighting that government statistics regarding the economy are manipulated.
Many of those criticizing President Trump for endangering the “credibility” of government’s inflation and unemployment numbers are either unaware of, or more likely have no problem with, manipulating data to fool the public into thinking the welfare-warfare system and the fiat money system are “working.”
They only object to manipulating the data to benefit President Trump.
President Trump should ensure the government’s unemployment and inflation figures are as accurate as possible by appointing John Williams of Shadow Stats to head the Bureau of Labor Statistics.
END
Malifornia: Millennials Are Fleeing The State In Massive Numbers
Wednesday, Aug 13, 2025 – 03:40 PM
Authored by Larry Sand via American Greatness,
In a stunning report, StorageCafe reveals that California remains the “undisputed leader in outbound migration nationwide, with nearly 683,000 residents leaving the state in a single year, according to the latest available U.S. Census data.” The evacuees’ top destination is Texas, which welcomed approximately 98,000 former Californians in 2023 alone.
Millennials are leading the migration to Texas, making up over 31% of all movers. They are followed by Gen Zers, who account for 20%, and Gen Xers, representing nearly 15% of those relocating. Interestingly, Californians moving to Texas tend to earn more than the national average across most age groups, highlighting the financial advantage of the move.
The news from StorageCafe isn’t unique. U-Haul has released a new report, and for the fifth straight year, California topped its Growth Index—meaning more residents of the Golden State rented one-way U-Haul trucks to leave the state in 2024 than residents of any other state. Texas was the top go-to state.
People are fleeing the formerly Golden State for various reasons—high crime rates, exorbitant taxes and insurance costs, clueless leadership, and a failing education system.
Businesses are also packing up and going elsewhere. Major companies, including Chevron, SpaceX, and Charles Schwab, have departed California. In total, 441 businesses have left the state since 2018 and moved their headquarters elsewhere. High taxes, skyrocketing rent, soaring costs of living for employees, and excessive red tape are some of the reasons cited by the businesses that have exited, with, again, Texas being the primary destination state.
On the education front, per the California Policy Center, 45 out of California’s 58 counties have experienced a decline in traditional public school (TPS) enrollment over the last decade. Over the past ten years, statewide TPS enrollment has decreased by more than 612,000 students.
It’s important to note that California introduced transitional kindergarten during this period, which increased TPS numbers. When considering only grades K-12, enrollment has dropped by more than 762,000 since 2015.
There are myriad reasons for parental dissatisfaction, but perhaps the most egregious is that the state has taken on a co-parenting role, perhaps best exemplified by AB 1955, which California Gov. Gavin Newsom signed into law in 2024. This troubling legislation prevents school districts from requiring staff to inform parents if their child chooses to change their gender. No other state in the country has enacted such a strict law. The “Support Academic Futures and Educators for Today’s Youth (SAFETY) Act” explicitly bans schools from enforcing any policies that mandate sharing “any information related to a pupil’s sexual orientation, gender identity, or gender expression to any other person without the pupil’s consent.”
Still being considered by the legislature, AB 495, the “Family Preparedness Plan Act of 2025,” authored by Assemblywoman Celeste Rodriguez (San Fernando-D), claims to offer compassionate solutions for immigrant families facing sudden separations due to detention or deportation. However, critics—including attorneys, parental rights advocates, and faith-based organizations—warn that it dangerously redefines guardianship, removes parental rights, and creates legal loopholes that facilitate child kidnapping.
Erin Friday, an attorney and president of Our Duty-USA, a parent-led advocacy group, calls AB 495 “a child trafficker’s and kidnapper’s dream bill.”
“There is no background check, no welfare check, no court oversight, and no verification. All you need is a piece of paper and some form of identification, with no obligation for the adult handing the child over to verify the identification, and presto, someone walks away with your child,” she warned.
Friday adds that a stranger can consent to medical treatments for the child, and the bill absolves the doctors from any liability if the adult giving consent does not have any actual legal connection to the child.
In addition to the state legislature, many school districts across the state have crossed traditional barriers. Parents of students at Sage Creek High School in Carlsbad, California, are seeking answers after a self-described BDSM (bondage, discipline, sadism, masochism) expert from a clinic offering trans surgeries was scheduled to speak at the school during a recent week dedicated to LGBTQ student support.
In late March, parents started voicing their opposition to a decision to have Mita Beach, a representative of DAP Health—a medical clinic that offers gender transition surgeries—speak. This occurred during a lunchtime event in the cafeteria and was open to all students.
As reported by RealClearPolitics, “After looking into his business websites and social media accounts, which contained at least one photo of Beach engaged in BDSM and listed workshops he’s led on ‘Kink 101’ and ‘Examining Self-Injurious Behavior, Erotic Play, and Body Modification,’ several concerned parents contacted the high school and district superintendent’s office.”
If a parent wants to opt out of their local public school, the state obstructs their efforts. One particularly onerous measure is in the works. If enacted, AB 84, authored by Assemblymember Al Muratsuchi (D–Torrance), would divert millions in state funding from charter schools—funds meant for classrooms—and redirect them toward excessive oversight costs and increased bureaucracy. The most impacted? Charter schools that offer flexible options like hybrid learning, homeschooling, virtual school, independent study, and drop-in centers.
Private choice in California? None, and not much hope for the future.
On July 4, President Trump approved legislation allowing the federal tax scholarship program to proceed. The Educational Choice for Children Act (ECCA) provides a tax credit that individuals can use to lower their tax bills by donating money for private school expenses for students. The program is scheduled to begin in 2027. Individuals (not corporations) who donate can reduce their tax liability by $1 for every $1 donated to accredited Scholarship-Granting Organizations (SGOs), up to $1,700. The SGOs must be federally recognized 501(c)(3) nonprofit organizations.
The scholarships cover a range of educational expenses, such as private school tuition, tutoring, educational therapies, transportation, and technology. They can also assist with additional costs for students attending public schools.
However, per the law’s final version, states can choose not to participate, meaning no students in those states would be eligible for the program. With California legislators in the pocket of the California Teachers Association, the powerful teachers’ union, participating in ECCA will not be an option for parents in the Golden State.
The state’s educational problems go beyond K-12 schools. Colleges in California also face widespread antisemitism. For example, UC Davis—a major research university with 40,000 students—has a well-documented anti-Jewish problem. In April of last year, the StandWithUs Center For Legal Justice filed a formal complaint with the Department of Education, alleging “a pervasively hostile, antisemitic campus climate, with incidents of unlawful discrimination and harassment, for students.”
Not surprisingly, in November, Davis was ranked as one of the most anti-Jewish universities in the country by the advocacy group StopAntisemitism, which gave Davis a grade of “F.”
In the legendary “Hotel California,” the Eagles’ Don Henley famously sang, “You can check out any time you like, but you can never leave.” Well, people are indeed leaving. Posthaste.
VICTOR DAVIS HANSON:
USA NEWS/ANTISEMITISM
KING NEWs
The King Report August 13, 2025 Issue 7554 | Independent View of the News |
| July CPI 0.2% m/m & 2.7% y/y, 0.2% m/m & 2.8% y/y expected; Core CPI 0.3% m/m & 3.1% y/y, 0.3% m/m & 3.0% y/y expected. https://www.bls.gov/news.release/cpi.htm US Core CPI Picks Up on Services; Goods Inflation More Subdued – BBG 10:12 ET @realDonaldTrump: Jerome “Too Late” Powell must NOW lower the rate. Steve “Manouychin” really gave me a “beauty” when he pushed this loser. The damage he has done by always being Too Late is incalculable. Fortunately, the economy is soo good that we’ve blown through Powell and the complacent Board. I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings. Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good! By tying not cutting rates with a lawsuit, Trump is being a crass jackass. DJT is dangerously close to becoming Joe McCarthy. The hugely popular commie-fighting GOP Senator (WI) crossed a red line when he went after the US Army. Americans turned on McCarthy. Tail Gunner Joe was finished. Also, Trump is presiding over an historic equity bubble – and is trying to inflate it further when any reasonable leader would be trying to protect Americans from probable financial damage. KC Fed Pres Schmid: “On the other side of the mandate, inflation remains too high… given recent price pressures, a modestly restrictive stance is exactly where we want to be. With stock prices near record highs and bond spreads near record lows, I see little evidence of a highly restrictive monetary policy… I am not confident that we will ever be able to identify the exact (or even general) contribution of tariffs to inflation given the complexity of the problem… In my view, and in discussion with my contacts, growth remains solid, inflation remains too high, and therefore policy should remain modestly restrictive… https://www.kansascityfed.org/speeches/the-federal-reserve-and-outlook-for-the-economy-and-monetary-policy/ Bloomberg (@business): Federal Reserve Bank of Richmond President Tom Barkin said uncertainty over the direction of the US economy is decreasing, but it’s still unclear whether the central bank should concentrate more on controlling inflation or bolstering the job market https://t.co/mpDncbjvgE Fed leftists had no problem when Biden Inflation hit levels not seen since 1980. But now, in a transparent attempt to stymie Trump, they proclaim confusion about their dual mandate. @NickTimiraos: Core prices in the CPI rose 0.32% in July, the second largest month over month increase this year. Core CPI is up 3.1% over the last 12 months. The 3-month annualized rate was 2.8%. The 6-month annualized rate was 2.4%. (Chart) https://x.com/NickTimiraos/status/1955246971914162550 Jim Bianco (@biancoresearch): YoY Core CPI = 3.1%; Up 0.3% in the last 3-months. In the last 40 YEARS, only once has the Fed CUT rates when core was above 3% AND the 3m chg was >0.3%, Oct 1990 to Mar 1991. (This is why Mr. Bond was sad after the July CPI Report.) @WarrenPies: Ironically, this was the first cpi report this year that actually supports inflation reacceleration. One report is not a trend, but it requires monitoring… US stocks soared on the mostly in-line July CPI Report. However, Mr. Bond was not as sanguine. USUs fell as much as 27/32 because Core CPI increased to 3.1% y/y in July. Also of note: Fangs rallied modestly in early NYSE trading while the DJIA was +470 points and the DJIA was +427 points. Later, when the Army Ants got busy, Fangs and related trading sardines soared. ESUs were mostly modestly lower from the Nikkei opening until they turned modestly positive after 20:20 ET. They then traded sideways until they briefly turned negative after the Nikkei close. After another bounce into modestly positive territory at 1:56 ET, ESUs went flat until they dipped modestly after 6:00 ET. ESUs exploded higher after the mostly in-line US July CPI Report because the usual suspects felt the September rate cut was assured. After zooming to 6442.00 at 8:38 ET, ESUs sank to 6408.50 at 9:59 ET on ‘the dump.’ ESUs then zoomed higher on the pattern Army Ant buying that tends to appear near 10:00 ET. ESUs relentlessly rallied with only minor respites to a daily high of 6467.25 at 14:19 ET. ESUs then retreated modestly and went inert until a lame last-minute manipulation pushed ESUs to a new daily high of 6470.00 at 16:00 ET. Trump Pick to Lead BLS Suggested Suspending Monthly Jobs Report – BBG EJ Antoni, President Donald Trump’s pick to lead the Bureau of Labor Statistics, has suggested suspending the agency’s monthly jobs reports and publishing only quarterly numbers until issues with data collection are corrected… (All US econ data should be quarterly permanently) US July Tariff Revenue Jump Fails to Halt Wider Budget Deficit – BBG (Big hole in DJT’s plan) US tariff revenue reached a fresh monthly record in July, climbing to $28 billion, a 273% surge over July last year. The monthly budget deficit came in at $291 billion, or 10% more than the same month a year before, after accounting for calendar differences… Positive aspects of previous session The DJIA and DJTA rallied sharply in early trading. The S&P and Naz 100 hit new highs. Japan’s Nikkei 225 Stock Average hit an all-time high on Tuesday. Negative aspects of previous session Fang lagged the DJIA and the DJTA USUs sank as much as 27/32. Some Fed officials are cognizant of the US equity bubble. Ambiguous aspects of previous session Are anti-rate cut Fed officials transitioning to stock market bubble as the excuse to stay pat? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6426.02 Previous session S&P 500 Index High/Low: 6446.55; 6385.76 @NAR_Research: 75% of metro markets (170 out of 228) registered home price gains in the second quarter of 2025, according to NAR’s Metropolitan Median Area Prices and Affordability and Housing Affordability Index. The national median single-family existing-home price grew 1.7% year-over-year to $429,400 – a record high. In the first quarter, the national median price increased 3.4% year-over-year. Median existing single-family home price by region (year-over-year change): Northeast: $527,200 (+6.1%), Midwest: $328,800 (+3.5%), West: $646,100 (+0.6%), South: $376,300 (No change) “Home prices have been rising faster in the Midwest, due to affordability, and the Northeast, due to limited inventory,” said NAR’s Lawrence Yun. “The South – especially Florida and Texas – is experiencing a price correction due to the increase in construction in recent years.” “If interest rates decline, the strongest release of pent-up housing demand is likely to occur in states with significant job growth in recent years, such as Idaho, Utah, the Carolinas, Florida, and Texas.” https://www.nar.realtor/newsroom/three-out-of-four-metro-areas-posted-home-price-increases-in-second-quarter-of-2025 The King of Debt is hoping that the US economy will outgrow the debt from the big federal spending in his Big Beautiful Bill. Mr. Bond believes that’s a losing bet! The US economy was able to ‘outgrow’ the debt from WWII and Reagan’s budget due to pent-up savings and demand; drastic reductions in tax rates; monstrously undervalued corporate assets, and the reduction of strangling regulations. These are not factors now. More importantly, interest rates had room to tumble from historic highs in low or no inflation environments. PS – US debt passed $37 trillion on Monday; it has doubled in 10 years. US pols labor under the delusion that they can stimulate the US economy with easy money and monstrous debt and the resultant economic growth will produce the tax revenue to pay for the titanic US debt. The underlying cause of this delusion is the fact that NO US politician has the guts, altruism, or equanimity to meaningfully cut federal spending and suffer the political consequences from a big economic adjustment. After the close, Treasury Secretary Bessent irresponsibly said the Fed should consider a 50bp rate cut in September. And he’s supposed to be the adult in Team Trump’s cabinet! Fed officials are starting to worry about the latest US Stock Bubble! Perhaps Bessent is long crypto and/or gold! The Fed has NEVER cut rates when stock made all-time highs, let alone when they were in a bubble, except for September 2024 when Powell cut before a general election! @TaviCosta: Inflation expectations are rising, while the share of investors who believe short-term rates should be higher is near record lows. In a normal market, this setup would lead me to expect short-term rates to rise. But in today’s environment—marked by an urgent push for fiscal dominance — I’d rather have a constructive view on hard assets. The combination of rising inflation and suppressed interest rates is one of the most powerful drivers for hard assets, in my opinion. https://x.com/TaviCosta/status/1955410571777675389 Today is Weird Wednesday, which usual marks the peak manipulation for Expiry Week. It will be hard to exceed the manipulation and manic Army Ant buying that appeared on Tuesday. The US is in its 2nd biggest Equity Bubble. By some measures, the current bubble, especially Fangs/Mag 7 stocks, has exceeded the ‘99 bubble. Even worse, the US has a reckless president that shamefully promotes the bubble and is blatantly trying to inflate it further. This is UNPRECEDENTED in US history. To use The King of Debt’s favorite superlative, this shilling for crypto and the equity bubble is “like nothing that has ever been seen before.” However, do not try to pick a top. There should be ample warnings about a top in coming weeks. At some point a bubble-bursting needle will appear. History shows that most market professionals and the Army Ants will NOT recognize the burst; and they will try to pick bottoms all the way down. We warned months ago that a Summer Rally in a bubbling market was materializing; and history shows this occurrence can be a very dangerous development. When the bubble bursts, the financial damage and public opprobrium will be “like nothing that has ever been seen before,” because the US public is in speculative stocks and levered “like nothing that has ever been seen before!” A possible bubble-bursting scenario: The Fed cuts rates in September and service inflation jumps because there is little or no foreign competition in US services. Anti-DJT officials and the relentlessly harangued Powell then signal that inflation is getting out of control and it’s time to hike rates. Alternate ugly scenario: The AI Bubble bursts like the Internet Bubble of 1999-2000. ESUs are -0.50; NQUs are +10.75; Dec AU is -3.40; and USUs are -2/32 at 20:23 ET. Fed Speakers: Richmond Pres Barkin 8 ET, Chicago Pres Goolsbee 13 ET, Atlanta Pres Bostic 13:30 ET S&P Index 50-day MA: 6198; 100-day MA: 5901; 150-day MA: 5910; 200-day MA: 5919 DJIA 50-day MA: 43,734; 100-day MA: 42,407; 150-day MA: 42,750; 200-day MA: 42,921 (Green is positive slope; Red is negative slope) S&P 500 Index (6445.76 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 6021.44 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 6400.00 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6402.44 triggers a sell signal Democrat whistleblower told FBI that Schiff okayed leaking classified intel to hurt Trump FBI Director Kash Patel releases bombshell documents to Congress showing how agents traced classified leaks to sources but DOJ didn’t act… In his most recent interview with the bureau in 2023, the whistleblower, whose name is redacted, told agents from the FBI’s St. Louis office that he personally attended a meeting at which Schiff authorized leaking classified information… “SCHIFF stated the information would be used to indict President TRUMP.” https://justthenews.com/government/congress/exclusive-democrat-whistleblower-told-fbi-schiff-approved-leaking-classified The emails show that “Schiff was particularly upset” (over DJT’s victory) because he thought Hillary would name him CIA Director if she had won. https://x.com/patel_patriot/status/1955091224832119246 @FBIDirectorKash: We found it. We declassified it. Now Congress can see how classified info was leaked to shape political narratives – and decide if our institutions were weaponized against the American people. John Solomon: “This whistleblower literally sat in a meeting… where Adam Schiff authorized the leaking of classified secrets to dirty-up Donald Trump… The good news is that Kash Patel has gotten these documents to Congress. By the way, this is first of several major leak investigations we’re gonna see over the next several days. You’re gonna see other major people that were clearly identified by the FBI as having leaked classified secrets.” https://x.com/TheStormRedux/status/1955084432097886680 @HansMahn>https://justthenews.com/government/congress/house-judiciary-chair-jordan-blasts-ex-fbi-director-wray-keeping-schiff-intel John Oliver Roasts Chuck Schumer for Decades of Stories About Pro-Trump Couple — Who Are Totally Made Up – John Oliver skewered Senate Minority Leader Chuck Schumer (D-NY) for his decades-long fixation on an imaginary Long Island couple – Joe and Eileen Bailey – questioning why the Democratic leader has allowed non-existent voters to justify his political instincts. In a series of clips from years past, Oliver rolled out the Baileys’ lore, as told by Schumer, on Last Week Tonight. The Baileys, according to the Democrat’s own telling, are a middle-class duo from Massapequa whose political journey began as Reagan Republicans in 1980, socially moderate but fiscally cautious and became his personal bellwether… (What kind of person does something like this?) https://www.msn.com/en-us/news/politics/john-oliver-roasts-chuck-schumer-for-decades-of-stories-about-pro-trump-couple-who-are-totally-made-up/ar-AA1KjQUW @EndWokeness: DC’s Police Chief Smith doesn’t know what “chain of command” means https://x.com/EndWokeness/status/1955299337023656017 WH official @StephenM: Crime stats in big blue cities are fake. The real rates of crime, chaos & dysfunction are orders of magnitude higher. Everyone who lives in these areas knows this. They program their entire lives around it. Democrats are trying to unravel civilization. Pres Trump will save it. The amount of unreported, unprosecuted, and unpunished crime is staggering. But everyone sees it, experiences it and changes their daily routines because of it. It’s why even the toothpaste is all locked behind glass. But we don’t have to live this way. And we won’t—not anymore. Attorney General Ken Paxton @KenPaxtonTX: I’m taking action to hold Robert Francis O’Rourke in contempt for violating a court order and scamming Texans. Beto is about to find out that running your mouth and ignoring the rule of law has consequences in Texas. It’s time to lock him up. https://x.com/KenPaxtonTX/status/1955295153079586937 White House scrapped Biden ship tour after learning ‘how many steps were involved,’ emails show https://trib.al/qSI2ML1 | |
SWAMP STORIES FOR YOU TONIGHT
UNBELIEVABLE!!
FBI Ignored Dem Whistleblower On Schiff’s Alleged Criminal Leaks To Smear Trump
by Tyler Durden
Wednesday, Aug 13, 2025 – 01:00 PM
Authored by Luis Cornelio via HeadlineUSA,
A former Democratic intelligence official warned the FBI that in 2017, then-Rep. Adam Schiff had leaked to the media in an effort to smear President Donald Trump with the Russia collusion hoax.
The whistleblower’s warnings were nearly immediately dismissed, according to a newly released FBI memo.
The documents—first reported on Monday by Just the News and shared with Congress by FBI Director Kash Patel—detail how the DOJ shielded Schiff, D-Calif., from prosecution for allegedly leaking classified intelligence.
According to the FBI memo, the whistleblower—a self-described friend of Schiff—called the leaks “unethical,” “illegal,” and “treasonous.” He was then told “not to worry about it because Schiff believed he would be spared prosecution under the Constitution’s speech and debate clause.”
Notably, neither the solicitor general nor the attorney general had made that determination, Just the News noted.
Instead, DOJ officials showed little interest in pursuing the whistleblower’s leads, even parroting Schiff’s constitutional defense to justify their failure to prosecute him.
The whistleblower told the FBI in 2023 that he attended a 2017 meeting where Schiff personally authorized leaking classified material.
“When working in this capacity, [redacted staffer’s name] was called to an all-staff meeting by SCHIFF,” an interview report said, as quoted by Just the News. “In this meeting, SCHIFF stated the group would leak classified information which was derogatory to President of the United States DONALD J. TRUMP. SCHIFF stated the information would be used to indict President TRUMP.”
Worse still, when the whistleblower “stated this would be illegal and, upon hearing his concerns, unnamed members of the meeting reassured that they would not be caught leaking classified information,” according to the 2023 interview report.
Patel blasted the conduct as yet another example of abuse of power in a bid to undermine Trump after his 2016 election.
“For years, certain officials used their positions to selectively leak classified information to shape political narratives,” Patel said. “It was all done with one purpose: to weaponize intelligence and law enforcement for political gain.”
“Those abuses eroded public trust in our institutions,” the FBI director continued. “The FBI will now lead the charge, with our partners at DOJ, and Congress will have the chance to uncover how political power may have been weaponized and to restore accountability,” he said.
Schiff issued a meandering statement attacking the whistleblower’s credibility and painting himself as a victim.
“These baseless smears are based on allegations that were found to be not reliable, not credible, and unsubstantiated from a disgruntled former staffer who was fired by the House Intelligence Committee for cause in early 2017, including for harassment and potentially compromising activity on official travel for the Committee,” Schiff said.
He added: “Even Trump’s own Justice Department and an independent inspector general found this individual to not be credible, have ‘little support for their contentions’ and was of ‘unknown reliability,’ and concluded that his accusations against Members of Congress and congressional staff ‘were not ultimately substantiated’.”
GREG HUNTER INTERVIEWING DALE WIGINGTON
Unstoppable Fires Burning All Over the World – Dane Wigington
By Greg Hunter On August 12, 2025 In Market Analysis, Political Analysis4 Comments
By Greg Hunter’s USAWatchdog.com
Renowned climate engineering researcher Dane Wigington has been warning of profound damage being done to the planet for decades. Now, he says the pace of destruction is picking up speed, and the time is short before severe climate collapse happens. Wigington has said many times that there is no serious conversation about the climate without talking about climate engineering first and foremost. Climate engineers are so desperate to cool the planet, they have literally set the world on fire to put out smoke to block the sun. Wigington says, “Are we to think that they can’t, if they wanted to, squash these fires? They are in Western North America, Siberia, Spain and Portugal. They are burning all over the world. Americans don’t know this because they are too caught up in political theater. . .. What I want to say today is the vast majority continue to arrange deck chairs on the Titanic without being able to face this near-term existential threat that is happening in our skies. It’s not just climate engineering, it’s biological and chemical warfare too. . .. There is incendiary dust that coats the forest foliage and the forest floors. You combine all that along with dry lightning . . . and we have a source of ignition. You have all the ingredients necessary for unstoppable fire storms all over the globe. Now, we have acknowledgement of what GeoEngineeringWatch.org has been saying for years, and that is they are using fire storms that they are facilitating to put enough particulate matter in the air to temporarily and toxically cool certain regions.”
What Wigington is seeing is not far off in the future. He thinks all the signs are there for a severe climate collapse. Wigington warns, “The greatest threat we face short of nuclear everything is climate engineering, otherwise known as weather, chemical and biological warfare. People do not want to face this no matter how bad it gets. Cascading collapses are occurring all over the world right now, and what are we watching on TV? Political theater, and I think it should be obvious, at this point, that those in the club are doing everything they can to protect themselves. . .. They are trying to hide the truth and not disclose it. . .. The human race will be lucky to make it beyond 2030.”
Wigington also points out the federal plans to put troops in major cities because of high crime and possibility of political unrest. People are going to panic, store shelves will empty out and there is going to be violence. Wigington says, “It’s called Mad Max with 8 plus billion people. This is not a Left/Right, red/blue, Democrat/Republican issue. You have the redistricting in Texas and Democrats heading to Illinois. All of that is part of the political theater. The public is caught up in this as if any of that theater matters when there is no food on the shelves and you can’t breathe the air because it is so toxic.”
Wigington says there is still some hope of getting climate engineering stopped. 36 states are proposing legislation banning climate engineering, following Florida and Tennessee. Congresswoman Majorie Taylor Green is proposing federal legislation to stop the spraying of toxic chemicals in the skies over America. Wigington says many have woken up to the climate engineering evil nightmare, but many more need to be brought to the fight.
There is more in the 45-minute interview.
There is an 8-minute video to explain how easy it is to ride out any terror attack or extreme storm. You can get more information on Starlink and Sat phones, too, at Sat123.com and BeReady123.com. You can also call 855-980-5830 and talk to a real human. Same goes for EscapeZone.com. where you can get Faraday bags big and small. You can also talk to a real human at EscapeZone.com by calling 702-825-0005.
Join Greg Hunter of USAWatchdog.com as he goes one-on-one with Dane Wigington, founder of GeoEngineeringWatch.org, with a huge warning of catastrophic environmental collapse for 8.12.25
After the Interview:
You can get more information at Sat123.com and BeReady123.com. You can also call 855-980-5830.
Go to EscapeZone.com for Faraday bags both very big and very small, or call 702-825-0005 and talk to a real human.
There is vast and totally free information on GeoEngineeringWatch.org.
To see the free film called “The Dimming,” click here.
Click here to donate to GeoEngineeringWatch.org.
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SEE YOU TOMORROW
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