GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2025: 411 CONTRACTs NOTICES FOR 41,100 OZ or 1.278 TONNES
total notices so far: 30,122 contracts for 3,012,200 OR 93.692 tonnes)
SILVER NOTICES:0 NOTICE(S) FILED FOR nil 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: 27.445 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 50,000 OZ QUEUE JUMP//NEW STANDING ADVANCES AT 8.790 MILLION OZ
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE MONTH’S QUEUE JUMP OF 40.376 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.637 TONNES EX FOR RISK //NEW STANDING ADVANCES TO 97.90 TONNES OF GOLD (INCLUDES ALL MONTHLY QUEUE JUMPS) +10.4932 TONNES EX.FOR RISK = 111.4142 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: 118.363 TONNES QUITE SMALL
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A FAIR 245 CONTRACTS OI TO 158,528 AND FURTHER FROMTHE 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 220 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 220 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 250 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 245 CONTRACTS AND ADD TO THE 220 E.FP. ISSUED
WE OBTAIN A TINY SIZED LOSS OF 25 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.64 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 0.125 MILLION PAPER OZ
OCCURRED DESPITE OUR $0.64 LOSS 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:
SHANGHAI CLOSED UP 38.92 PTS OR 1.02%
//Hang Seng CLOSED UP 68.29 PTS OR 0.27%
// Nikkei CLOSED DOWN 657.74 PTS OR 1.51% //Australia’s all ordinaries CLOSED UP 0.04%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1793OFFSHORE CLOSED UP AT 7.1828/ Oil DOWN TO 62.80 dollars per barrel for WTI and BRENT UP TO 66.41 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP IN TRADING AT 7.1793 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1928 AGAINST US DOLLAR/ AND THUS STRONGER
SHANGHAI CLOSED DOWN 0.74 PTS OR 0.02%
//Hang Seng CLOSED DOWN 53.95 PTS OR 0.21%
// Nikkei CLOSED DOWN 168.02 PTS OR 0.38% //Australia’s all ordinaries CLOSED DOWN 0.76%
//Chinese yuan (ONSHORE) CLOSED DOWN AT 7.1821 OFFSHORE CLOSED DOWN AT 7.1855/ Oil DOWN TO 62.90 dollars per barrel for WTI and BRENT DOWN TO 65.90 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN DOWN IN TRADING AT 7.1821 AND WEAKER//OFF SHORE YUAN TRADING DOWN TO 7.1855 AGAINST US DOLLAR/ AND THUS WEAKER
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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 FAIR SIZED 1352 CONTRACTS TO 438,541 OI WITH OUR LOSS IN PRICE OF $16.90 WITH RESPECT TO TUESDAY’S // TRADING.. WE LOST NO NET LONGS, WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2978). WE HAD CONSIDERABLE T.A.S. LIQUIDATION //TUESDAY TRADING AS WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 1626 CONTRACTS (OR 5.057 TONNES). WE HAD 0 CONTRACTS ISSUED FOR EXCHANGE FOR RISK FRIDAY. THE CROOKS COULD NOT FLEECE ANY OF OUR NET LONGS AS THE COMEX LEVEL OI WAS EXTREMELY LOW AND THUS VERY VERY STICKY: AND AS SUCH THE OI ROSE A BIT DESPITE OUR LOSS IN PRICE.
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 FOR AUGUST:
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!! (AND PROBABLE OWNER OF THOSE EXCHANGE FOR RISK CONTRACTS)
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 FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 1626 CONTRACTS DESPITE OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED 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 SMALL T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED A 860 T.A.S CONTRACTS. THESE T.A.S ISSUANCES ARE USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT WAS IN FULL FORCE WITH LAST WEEK’S RAID DURING COMEX OPTION EXPIRY WEEK. THE TAS SPREADER LIQUIDATIONS COMBINE 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 THREE 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 MANY QUEUE JUMPS + + 3.75 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 THE MONTHS HUGE QUEUE JUMPS OF 40.376 TONNES +10.4932 TONNES EX FOR RISK (3 ISSUANCES) //NEW STANDING 111.4142 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 236 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 HE FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS. THE FRBNY IS NOW NON 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 THE MONTHS HUGE 40.376 TONNES OF QUEUE JUMPS TO WHICH WE ADD AUGUST 7TH,S HUGE 5.443 TONNES EXCHANGE FOR RISK ISSUANCE +LAST SATURDAY’S/MONDAY AUG 10 HUGE 776 CONTRACT EXCHANGE FOR RISK FOR 2.413 TONNES AND THEN AUGUST 12: 2.637 TONNES:/NEW STANDING ADVANCES TO 111.4192 TONNES.
EXCHANGE FOR PHYSICAL ISSUANCE
THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 2978 EFP CONTRACT WAS ISSUED: : /DEC 1447 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2978 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE OCC HEADQUARTERED IN BOTH LONDON AND WASHINGTON.
WE HAD :
- HUGE LIQUIDATION OF OUR T.A.S. SPREADERS//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 SMALL SIZED SIZED 697 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 SMALL LOSS OF COMEX OI AND A FAIR 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 QUEUE JUMP OF 3.023TONNES TO WHICH WE ADD THURSDAY’S AUG 7 HUGE 5.4432 EXCHANGE FOR RISK, SATURDAY’S//MONDAY AUG 10 STRONG 776 CONTRACT ISSUANCE (77600 OZ) FOR 2.413 TONNES AND THEN WEDNESDAY.S AUGUST 12 FOR 2.637 TONNES/// TOTAL EX FOR RISK AUGUST = 10.4932 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
100.923 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
111.4142 TONNES TONNES OF GOLD.
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 SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A $16.90/ /) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A FAIR SIZED GAIN IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD HUGE 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 WITH YESTERDAY;S TRADING/RAID!.
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 THROUGH AUG 12 AT 3374 CONTRACTS FOR 337,400 OZ (10.4932 TONNES OF GOLD) TOTAL EXCHANGE FOR RISK MONTH OF AUGUST 10.4932 TONNES
THUS 100.923 TONNES OF NORMAL GOLD STANDING (INCLUDING ALL QUEUE JUMPS) + 10.4932 TONNES = 111.4142 TONNES.
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ANALYSIS AUGUST DELIVERY MONTH GOING FROM FIRST DAY NOTICE// AUGUST COMEX CONTRACT
WE HAVE A FAIR SIZED GAIN TOTAL OF 5.057 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 AUG 8 RECORD BREAKING QUEUE JUMP OF 10.8775 TONNES OF GOLD ON TOP OF AUG 12 1.7604 TONNES QUEUE JUMP AND THEN WEDNESDAY;S AUG 13 MASSIVE QUEUE JUMP OF 3.527 TONNES AND THEN THURSDAY AUG 14 HUGE 2.463 TONNES QUEUE JUMP AND FRIDAY;S AUG 15 QUEUE JUMP OF .7030 TONNES AND THEN SATURDAY’S 1.617 TONNE QUEUE JUMP AND THEN YESTERAY’S AUG 19: 1.058 QUEUE JUMP TO WHICH WE ADD TODAY’S MASSIVE QUEUE JUMP OF 3.023 TONNES TO WHICH WE THEN ADD OUR THREE EXCHANGE FOR RISK/PRIOR FOR 10.4932 TONNES FOR RISK//NEW STANDING ADVANCES TO 111.4142 TONNES
ALL OF THIS HUGE STANDING FOR AUGUST WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $4.05
WE HAD XXX CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET GAIN ON THE TWO EXCHANGES 1626 CONTRACTS OR 162,600 0Z (5.057 TONNES)
confirmed volume TUESDAY 148,394 contracts// extremely poor//everybody vacating the comex???
speculators have left the gold arena
END
INITIAL GOLD COMEX
END
INITIAL GOLD COMEX
AUGUST CONTRACT MONTH
AUGUST 20 /2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 1 entries i) Out of Asahi: 65,318.611 oZ total withdrawal: 65,318.611 oz . |
| Deposit to the Dealer Inventory in oz | 0 ENTRY |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 411 notice(s) 41100 OZ 1.278 TONNES |
| No of oz to be served (notices) | 2019 contracts 2019 OZ 6.279 TONNES |
| Total monthly oz gold served (contracts) so far this month | 30,122 notices 2,971,100 oz 93.692 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 ENTRY
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DEPOSITS/CUSTOMER
DEPOSITS/CUSTOMER
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
1 entries
i) Out of Asahi: 65,318.611 oZ
total withdrawal: 65,318.611 oz
adjustments: 2
a) out of Brinks 385.812 oz/ dealer account to customer account
b) Asahia: 9352.03 oz//dealer to customer acocunt
AMOUNT OF GOLD STANDING FOR AUGUST
THE FRONT MONTH OF AUGUST STANDS AT 2325 CONTRACTS FOR A GAIN OF 561CONTRACTS
WE HAD 411 CONTRACTS SERVED ON TUESDAY SO WE GAINED A HUGE SIZED 972 CONTRACTS OR 97200 OZ OF GOLD (3.023 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 GAINED 84 CONTRACTS TO 4794
OCTOBER LOST 438 CONTRACTS UP TO 61,101
We had 411 contracts filed for today representing 41,100 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 411 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 148 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 (30,122 X 100 oz ) to which we add the difference between the open interest for the front month of AUGUST ( 2325 CONTRACTS) minus the number of notices served upon today (411 x 100 oz per contract) equals 3,247,700 OZ OR 100.923 TONNES TO WHICH WE ADD OUR THREE ISSUANCES OF 10.4932 TONNES OF EXCHANGE FOR RISK/AUG 7 , 11 AND 12TH = 111.4142 TONNES.
thus the INITIAL standings for gold for the AUGUST contract month: No of notices filed so far (30,122 x 100 oz +we add the difference for front month of AUGUST (2325 OI} minus the number of notices served upon today (411 x 100 oz) which equals 3,247,700 OZ OR 100.923 TONNES + 10.4932 TONNES EX FOR RISK = 111.4142 TONNES
TOTAL COMEX GOLD STANDING FOR AUGUST.: 111.412TONNES WHICH IS HUGE FOR THIS NORMALLY ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. AND THIS RNS COUNTER INTUATIVE TO OUR CONSTANT RAIDS
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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: 2,030,244.382 oz 63.14 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,563,812.006 oz
TOTAL REGISTERED GOLD 21,289,509.823 or 662.19 tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,274,302.183 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 19,259,256 oz ((REG GOLD- PLEDGED GOLD)= 599.04 tonnes // (
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE AUGUST 2025 SILVER CONTRACT//INITIAL
AUGUST 20 2025
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 0 entries: |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 1 DEPOSIT ENTRY/CUSTOMER ACCOUNT i)Into CNT: 347,707.050 oz total deposit: 347,707.050 oz |
| No of oz served today (contracts) | 0 CONTRACT(S) (nil OZ |
| No of oz to be served (notices) | 38 contracts (0.190 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
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
0 DEPOSIT ENTRY/CUSTOMER ACCOUNT
1 DEPOSIT ENTRY/CUSTOMER ACCOUNT
1 DEPOSIT ENTRY/CUSTOMER ACCOUNT
i)Into CNT: 347,707.050 oz
total deposit: 347,707.050 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
0 entry:
ADJUSTMENTs 0
TOTAL REGISTERED SILVER: 190.400 MILLION OZ//.TOTAL REG + ELIGIBLE. 508.519 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR AUGUST
silver open interest data:
FRONT MONTH OF AUGUST /2025 OI: 38 OPEN INTEREST CONTRACTS FOR A GAIN OF 10 CONTRACTS. WE HAD 0 CONTRACTS SERVED ON TUESDAY SO WE GAINED 10 CONTRACTS OR AN ADDITIONAL 50,000 OZ WILL STAND AT THE COMEX HAVING UNDERGONE A HUGE QUEUE JUMP
SEPTEMBER LOST 2217 CONTRACTS DOWN TO 62,636 CONTRACTS.
OCTOBER LOST 186 CONTRACTS TO 1015
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 or NIL oz
CONFIRMED volume; ON TUESDAY 66,142 good//
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 (38) AND the number of notices served upon today (0 )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(38) minus number of notices served upon today (0)x 5000 oz equals silver standing for the AUGUST contract month equating to 8.790 MILLION OZ .
New total standing: 8.790 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: 210.283/508.151 million. 41.33%
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 20 WITH GOLD UP $29.95 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 3.16 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 962.21 TONNES37
AUGUST 19 WITH GOLD DOWN $16.90 TODAY/NO CHANGES IN GOLD AT THE GLD:/// ///INVENTORY RESTS AT 965. TONNES
AUGUST 18 WITH GOLD DOWN $4.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 4.01 TONNES OF GOLD INTO THE GLD//// ///INVENTORY RESTS AT 961.36 TONNES
AUGUST 15 WITH GOLD DOWN $0.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 2.86 TONNES OF GOLD//// ///INVENTORY RESTS AT 961.36 TONNES
AUGUST 14 WITH GOLD DOWN $20.80 TODAY//NO CHANGES IN GOLD AT THE GLD://// ///INVENTORY RESTS AT 964.22 TONNES
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: 962.21 TONNES, TONIGHTS TOTAL
SILVER
AUGUST 20 WITH SILVER UP $0.41/ SMALL CHANGES AT THE SLV: A SMALL WITHDRAWL OF 545,000 OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 493.181 MILLION OZ.//
AUGUST 19 WITH SILVER DOWN $0.64/ HUGE CHANGES AT THE SLV: A MAMMOTH DEPOSIT OF 9.173 MILLION OZ OF SILVER VAPOUR ARRIVES AT THE SLV// ////INVENTORY RESTS AT 493.726 MILLION OZ.//
AUGUST 18 WITH SILVER UP $0.06/ NO CHANGES AT THE SLV ////INVENTORY RESTS AT 484.553 MILLION OZ.//
AUGUST 15 WITH SILVER DOWN $0.04/ SMALL CHANGES AT THE SLVA WITHDRAWAL OF .909 MILLION OZ FROM THE SLV//////INVENTORY RESTS AT 484.553 MILLION OZ.//
AUGUST 14 WITH SILVER DOWN $0.52/ NO CHANGES AT THE SLV/////INVENTORY RESTS AT 485.462 MILLION OZ.//
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 493.181 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
3,000,000 million oz = 93 3 tonnes. It is now higher by 8 tonnes to 101 tonnes.
3M Gold Ounces Drained as U.S. Gold Imports Surge
by ITM Trading
Tuesday, Aug 19, 2025 – 14:17
It’s happening quietly, but the numbers don’t lie. August is on track to break records with over 3 million ounces of gold requested for delivery—on a market that was never designed for physical settlement. Meanwhile, U.S. gold imports have surged 17x.
This isn’t panic buying. It’s calculated. Coordinated. Institutional. And possibly sovereign.
The Fed’s recent whisper of a gold revaluation to manage U.S. debt only adds fuel to the speculation. Something big is shifting in the monetary landscape—and those with the most to lose are moving first.
The rest of us? We’d better be paying attention.
Follow Taylor Kenney on X
Free Report: How physical gold and silver outlasted the world’s worst currency collapses—proof that real money endures when fiat fails. Download it FREE
About ITM Trading: ITM Trading has spent nearly 30 years helping clients prepare for monetary resets, inflation, and systemic risk using physical gold and silver. We focus on education, historical context, and strategies designed to protect wealth when trust in the system breaks down.
END
GOLD TRADING!@!
Gold Ready to Explode? Fear Says Yes, Cheap Volatility Is the Trade
Wednesday, Aug 20, 2025 – 16:21
Ever time for gold?
Gold continues to trade inside the boring range that has been in place for months. Note we are down to the 100 day moving average. Last time we bounced off the 100 day, things took off…
Source: LSEG Workspace
Dirt cheap
Gold volatility is starting to screen as a bargain. Playing direction via options is very attractive given where volatility trades… and don’t forget that gold trades with an upside volatility skew, i.e gold up sharply usually means volatility picks up.
Source: LSEG Workspace
The fear factor
Gold likes fear… and tech fear has exploded higher over the past 2 sessions.
Source: LSEG Workspace
Lagging
Gold continues to lag little brother, silver. Chart 2 shows 3 months chart in %.
Source: LSEG Workspace
Source: LSEG Workspace
Far from big longs
Gold net non commercials have room to buy much more gold…
Source: LSEG Workspace
The dollar connection
Gold vs. DXY connection stays very strong.
Source: LSEG Workspace
Miners showing the way?
GDX momentum going to spill over to gold?
Source: LSEG Workspace
1/ PETER SCHIFF/S
PETER SCHIFF
2. MATHEW PIEPENBERG/VON GREYERZ/RON STOEFERLE
ALASDAIR MACLEOD…
3. CHRIS POWELL AND GATA GOLD DISPATCHES/OTHER GOLD RELATED TOPICS
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 236
5. COMMODITY REPORT.
ASIAN MARKETS THIS WEDNESDAY MORNING:
SHANGHAI CLOSED UP 38.92 PTS OR 1.02%
//Hang Seng CLOSED UP 68.29 PTS OR 0.27%
// Nikkei CLOSED DOWN 657.74 PTS OR 1.51% //Australia’s all ordinaries CLOSED UP 0.04%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1793OFFSHORE CLOSED UP AT 7.1828/ Oil DOWN TO 62.80 dollars per barrel for WTI and BRENT UP TO 66.41 Stocks in Europe OPENED ALL RED
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP IN TRADING AT 7.1793 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1928 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 7.1793 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.1828
HANG SENG CLOSED UP 68.29 PTS OR 0.27%
2. Nikkei closed DOWN 657.24PTS OR 1.51%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 98.14 EURO RISES TO 1.1645 UP 4 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.611//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.44…… 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 UP 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 +2.7424Italian 10 Yr bond yield DOWN to 3.580 SPAIN 10 YR BOND YIELD DOWN TO 3.316
3i Greek 10 year bond yield DOWNTO 3.424
3j Gold at $325.00 Silver at: 37.16 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 51 /100 roubles/dollar; ROUBLE AT 80.26
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 147.44/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.611% 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 0.8026 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9408 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.362UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.910 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.758 DOWN 0 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 40.91
10 YR UK BOND YIELD: 4.7330 DOWN 1 PTS
10 YR CANADA BOND YIELD: 3.455UP 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.973 UP 1 PTS
2a New York OPENING REPORT
Futures Drop For 4th Day As Momentum Unwind Continues
Wednesday, Aug 20, 2025 – 08:30 AM
US equity futures are down and headed for a 4th day of losses, but trade well off session lows as markets assess if the sharp momentum selloff we have discussed for the past week will extend into today’s session: the JPM Momentum Basket (JPMPURE Index) is down more than 7% since the CPI print while Goldman said it’s time to resume buying momentum factor. As of 8:00am S&P futures are down 0.2%, after dipping 0.5% earlier in the session; Nasdaq futures are also down 0.2% after the index logged its second-biggest decline since April on Tuesday, with Mag7 names lower premarket ex-NVDA/MSFT; Defensives are outperforming Cyclicals. According to JPM “today feels like a test for the dip-buyers, as Flash PMIs tomorrow and Powell at Jackson Hole on Friday may prove to be market movers/narrative changers.” The yield curve is twisting flatter with the USD not flat. Commodities are seeing a bid across all 3 complexes highlighted by WTI. The macro data today is mortgage applications and Fed Minutes with tomorrow delivering Flash PMIs, jobless data, leading index, and existing home sales.
In premarket trading, Mag 7 stocks are mostly lower (Nvidia +0.05%, Microsoft +0.1%, Tesla -0.3%, Alphabet -0.5%, Meta -0.4%, Amazon -0.4%, Apple -0.5%). Target plunged 10% after saying management still sees a sales decline of low-single digit percentage. The company also named veteran Michael Fiddelke as its next chief executive officer, betting that the insider will rejuvenate sales and help the storied retailer regain its footing. Here are the other notable premarket movers>
- Analog Devices (ADI) rises 3% after the semiconductor-device company reported adjusted earnings per share for the third quarter that beat the average analyst estimate.
- Celldex Therapeutics (CLDX) falls 18% after the drug developer said it was discontinuing development of barzolvolimab in eosinophilic esophagitis after a Phase 2 study.
- Custom Truck One Source (CTOS) declines 4% after being downgraded at JPMorgan to underweight from neutral, on expectations that vocational truck sales will soften over the coming quarters due to weak orders data.
- Dayforce (DAY) rises 2% after the software firm said it’s in advanced discussions with Thoma Bravo regarding a potential acquisition for $70 per share.
- Estee Lauder (EL) falls 7% after issuing an annual adjusted EPS forecast that trails expectations. The organic sales decline for 4Q was slightly worse than expected, driven by Skin Care and Makeup segments.
- Hertz (HTZ) rises 10% after CNBC reported that the car-rental company will start selling pre-owned cars on Amazon Autos. Shares of Carvana (CVNA) decline 5%, while CarMax (KMX) drops 4%.
- La-Z-Boy (LZB) falls 22% after the home furniture retailer posted weaker-than-expected first-quarter adjusted earnings per share.
- Lowe’s Cos. (LOW) rises 3% after agreeing to buy Foundation Building Materials for about $8.8 billion in cash as it expands further beyond home-improvement supplies to serve more professional customers.
- Novavax (NVAX) drops 7% after BofA Global Research downgraded the vaccine maker to underperform from neutral, citing a “bumpy road” ahead.
- Nubank (NU) rises 2% as Citi double upgrades to buy from sell, with analysts saying the bank is now able to accelerate in key portfolios while maintaining good asset quality.
- Rocket Pharmaceuticals (RCKT) falls 18% after announcing that the FDA lifted the clinical hold on the Phase 2 trial of RP-A501 for the treatment of Danon disease.
- Toll Brothers (TOL) is down 2% after the luxury builder’s quarterly orders missed estimates as affordability challenges and economic uncertainty held back buyers.
Investors pared back positions in tech amid growing concern that the S&P 500’s recent record-breaking rally has run too far, too fast and has leaned heavily on a few growth leaders. That momentum will get a further test this week as focus turns to Jackson Hole, Wyoming, where Fed Chair Jerome Powell is set to speak on Friday with traders betting on a September cut in interest rates.
“This was a textbook case of profit-taking after a powerful tech rally,” wrote Bjarne Breinholt Thomsen, head of cross-asset strategy at Danske Bank A/S. “Yesterday’s move does not alter our tactical stance. On fundamentals alone, we would likely overweight tech. But when factoring in stretched positioning and valuations, we remain neutral.”
Investors are also waiting to hear whether Powell will validate current market expectations or counter them by stressing that fresh economic data arriving before the next policy meeting could alter the outlook. They’re also scanning for hints about how the Fed foresees the pace of rate cuts extending into next year.
“If we get an indication that they are more inclined to cutting interest rates, that will be more supportive again,” HSBC Head of APAC Equity Strategy Herald van der Linde said in a Bloomberg TV interview.
Europe’s Stoxx 600 is slightly higher after erasing an earlier drop, and edges closer toward a new high after erasing losses. Personal care stocks outperform, while industrials and construction shares are the biggest laggards. European tech stocks also decline. In the UK, money markets kept wagers on Bank of England interest-rate cuts broadly steady, seeing around a 40% chance of another reduction by year-end after inflation climbed for a second month in July. A full quarter-point cut had been expected earlier this month. Gilts rose, with the two-year yield falling four basis points at 3.93%. The pound fluctuated. Here are the biggest movers Wednesday:
- Emmi gains 6.4%, the most since 2024, after the Swiss dairy producer published solid results in a challenging environment, with a beat on organic growth driven entirely by the Americas segment, according to Vontobel
- Convatec shares rise as much as 6%, the most in two months, after the medical equipment manufacturer announced the start of a buyback program, with Morgan Stanley saying the announcement signals confidence
- Sensirion rises as much as 11%, the most since April, after the semiconductor device manufacturer posted results that beat analysts’ estimates, with higher sales volumes attributed to US demand for a refrigerant sensor product
- Ithaca Energy shares jumped as much as 8.6% to the highest level since February 2023 after the UK oil and gas company boosted its production forecast for the full year
- ASR Nederland climbs as much as 2.5% to a record high after the Dutch insurance company released first-half results. Morgan Stanley said it was another strong print, while KBC highlighted the good performance in the Life unit
- NEPI Rockcastle rallied as much as 3% in Johannesburg to its highest intraday level since Feb. 24 after the property investor posted Ebit for the first half that increased 10% year-on-year
- Paradox Interactive gains as much as 4.7% after the Swedish video game company announced release dates for two highly anticipated game releases, Europa Universalis V and Vampire: The Masquerade – Bloodlines 2
- Alcon drops as much as 11% in Zurich, the most since March 2020, after delivering sales growth below expectations in the second quarter and announcing downward revisions to its full-year net sales guidance
- K+S falls as much as 3.3% as Berenberg double-downgrades to sell, with previous buy thesis no longer standing up due to expectations of “broadly lower” prices for agricultural commodities from 2026
- Geberit falls as much as 4.3%, the most in more than four months, after the Swiss building materials firm reported a lower-than-expected Ebitda in the second quarter
- European defense stocks remain under pressure this morning after Russian President Vladimir Putin “agreed to begin the next phase of the peace process,” according to White House Press Secretary Karoline Leavitt
- UK housebuilder shares drop after inflation climbed for a second month in July, adding pressure on the Bank of England to reconsider its pace of interest-rate cuts
- LINK Mobility falls as much as 9.4%, the most since November last year and trimming large YTD gains, after the Norwegian communications technology group reported its latest earnings. DNB Carnegie sees a “minor miss”
- EVS Broadcast Equipment drops as much as 13%, the most since March 2020, as ING Bank describes the company’s first-half results as “very weak”
Earlier in the session, Asian stocks fell, as technology shares tracked declines in US peers amid valuation concerns ahead of upcoming key events. The MSCI Asia Pacific Index dropped 0.7%, falling for the third consecutive session, with TSMC and Softbank among the biggest drags. Taiwan led declines, with South Korea and Japan also notably in the red. Risk-off mood has gripped markets ahead of the Jackson Hole symposium, with Federal Reserve Chair Jerome Powell expected to speak on Friday. Investors also await Nvidia’s earnings next week for indications on the health of the artificial intelligence boom that has driven gains in global tech shares. Meanwhile, New Zealand stocks climbed after the nation’s central bank lowered its benchmark interest rate by 25 basis points. Indonesian stocks gained as the central bank surprised markets by cutting its benchmark rate for a second straight month and signaling more easing was on the table. Shares in India, Australia and China rose.
In FX, the Bloomberg dollar index is flat; the pound adds 0.1% on modest CPI support. The kiwi lags, down more than 1% after the RBNZ cut rates and flagged further easing. The krona is little changed after the Riksbank held policy as expected.
In rates, treasuries are steady, with 10-year yields flat at 4.30%. Gilts lead a rally in European bonds even as UK inflation topped forecasts, sending 10-year yields 4 bps lower to 4.70%.
In commodities, Brent crude rose more than 1% to around $66.60 a barrel while spot gold climbs $10.
Today’s US economic data calendar features FOMC minutes; the Fed speaker slate includes Governor Waller on payments at blockchain symposium at 11am and Atlanta Fed President Bostic at 3pm.
Market Snapshot
- S&P 500 mini -0.1%
- Nasdaq 100 mini -0.2%
- Russell 2000 mini little changed
- Stoxx Europe 600 little changed
- DAX -0.3%
- CAC 40 little changed
- 10-year Treasury yield little changed at 4.3%
- VIX +0.4 points at 15.94
- Bloomberg Dollar Index little changed at 1207.67
- euro little changed at $1.1637
- WTI crude +1% at $63/barrel
Top Overnight News
- McDonald’s is lowering the cost of its combo meals, after consumers were left sticker-shocked by Big Mac meals that climbed to $18 in some places: WSJ
- Trump posted “Could somebody please inform Jerome “Too Late” Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut. “Too Late” is a disaster!”
- Secretary Bessent is reportedly betting the crypto industry will become a crucial buyer of Treasuries in the coming years as Washington seeks to shore up demand for a deluge of new US government debt: FT.
- US is looking into taking equity stakes in chip makers in exchange for CHIPS Act funding, similar to the Intel plan: RTRS
- Estée Lauder Cos. issued a weak profit outlook for its fiscal year, dragged down in part by tariff costs.
- Xiaomi Corp. intends to sell its first electric vehicle in Europe by 2027, declaring plans to take on Tesla Inc. and BYD Co. globally after gaining traction with its year-old Chinese EV business.
- Novo Nordisk A/S implemented a global hiring freeze as the Danish drugmaker seeks to cut costs and regain its footing in the competitive market for weight-loss treatments.
- Baidu Inc.’s revenue fell, hurt by an economic downturn that’s capping its ability to fight bigger rivals in AI and make inroads in new growth areas.
- Temasek Holdings Pte is mulling one of its biggest overhauls in years, potentially reorganizing the firm into three investment vehicles in a bid to boost returns and efficiencies, according to people familiar with the matter.
- Shares of Chinese pop toy maker Pop Mart International Group Ltd. rose to a record after founder and Chief Executive Officer Wang Ning said the company could easily surpass its annual sales projection and announced plans to launch a new mini Labubu.
Shipments of phones within China -9.3% Y/Y at 22.6mln handsets in June (prev. -21.8% Y/Y at 23.72mln in May), via CAICT; shipments of foreign phones incl. Apple (AAPL) iPhones within China -31.3% at 1.97mln (prev. 9.7% at 4.54mln in May).
Trade/Tariffs
- US Treasury Secretary Bessent said the US has had very good talks with China and that China is the biggest revenue line in terms of tariff income, while he added that the status quo on China is working very well.
- Mexico will propose reinstating a North American Steel Committee to improve trade ties with the US, according to Bloomberg.
- Russian Embassy in India said INR payments being accepted by all Russian businesses; open to doing all oil trade INR too.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed after a lacklustre performance stateside, where mega-cap tech led the declines amid AI-related concerns, while the region digested earnings and central bank updates including the RBNZ’s dovish rate cut. ASX 200 was led higher by outperformance in the top-weighted financials sector and with strength also seen in defensives, while participants also reflected on a slew of earnings updates. Nikkei 225 retreated beneath the 43,000 level amid continued profit taking from recent record highs and after mixed data in which Machinery Tools topped forecasts but trade data mostly disappointed and showed Japanese Exports suffered the largest decline in four years. Hang Seng and Shanghai Comp were varied as participants digested earnings releases including from Xiaomi and XPeng, while there was a lack of surprises from China’s benchmark Loan Prime Rates which were maintained at the current levels, although the PBoC continued with its firm liquidity efforts via 7-day reverse repo operations.
Top Asian News
- Chinese Foreign Minister Wang Yi said regarding a meeting with Indian PM Modi that after comprehensive and in-depth communication, China and India reached an agreement to restart dialogue mechanisms in various fields.
- India’s Foreign Ministry said India and China agreed to resume direct flight connectivity between the Chinese mainland and India at the earliest, while they agreed to the re-opening of border trade through the three designated trading points. Furthermore, they agreed to facilitate trade and investment flows between the two countries through concrete measures.
- RBNZ cut the OCR by 25bps to 3.00%, as expected, while it lowered OCR projections and stated if medium-term inflation pressures continue to ease as expected, there is scope to lower the OCR further. RBNZ stated that with spare capacity in the economy and declining domestic inflation pressure, headline inflation is expected to return to around the 2% target midpoint by mid-2026, and further data on the speed of New Zealand’s economic recovery will influence the future path of the OCR. RBNZ lowered the Official Cash Rate projection for December 2025 to 2.71% (prev. 2.92%) and to 2.59% in September 2026 (prev. 2.90%). The RBNZ Minutes revealed that the rate decision was made by a majority of 4 votes to 2 and the committee discussed three policy options: keeping the OCR on hold at 3.25%, cutting the OCR by 25bps to 3% or cutting by 50bps to 2.75%, but voted on the options of either reducing the OCR by 25bps or reducing the OCR by 50bps, while the case for lowering the OCR by 25bps was based on the upside and downside risks around the central projection being broadly balanced. Furthermore, RBNZ Governor Hawkesby said during the Q&A that the next two meetings are live but no decisions have been made, as well as stated that the OCR projection troughs at 2.5% and is consistent with further cuts, while whether they go faster or slower on cuts is up to the data.
- Baidu (9888 HK) Q2 (USD): EPS 1.90 (exp. 1.74), Revenue 4.57bln (exp. 4.60bln); AI cloud business continued to deliver robust growth.
European bourses (STOXX 600 -0.2%) are trading on the backfoot in a reversal of some of Tuesday’s upside and following on from the tech-led selling pressure seen Stateside. Stocks have been attempting to clamber higher as the morning progressed, with a few indices now holding around the unchanged mark. European sectors are overall mixed with a slightly defensive tilt given the current risk environment. Food, Beverage and Tobacco sits at the top of the leaderboard with Nestle (+1.2%) leading some of the upside, other sectors outperforming include Utilities, Telecoms and Insurance. To the downside, Basic Resource names lag.
Top European News
- ECB’s Lagarde said recent trade deals have alleviated but not eliminated uncertainty; EZ economy has proven resilient in the face of challenging global environment. Notes that projections show growth is expected to slow in Q3. ECB will factor the implications of the EU-US trade deal for the Euro area economy into the September projections, will guide decisions over the coming months. Europe should aim to deepen its trade ties with other jurisdictions outside of the US, leveraging the strengths of its export-oriented economy.
- UK Chancellor Reeves is drawing up plans to hit owners of high-value properties with capital gains tax when they sell their homes as she seeks to fill a GBP 40bln hole in the public finances, according to The Times.
- UK ONS said average UK House Prices increased 3.7% in the 12 months to June 2025 (vs 3.3% Y/Y).
- Riksbank maintains its rate at 2.00% as expected; still some probability of a further interest rate cut this year, in line with the June forecast. COMMENTARY: Developments in inflation and economic activity during the summer have deviated somewhat from the forecast in June, the Executive Board assesses that the outlook remains largely the same. Economic activity is weak. New information indicates that growth is still low. Households are still cautious with regard to their spending, and the labour market is not yet showing any clear sign of improving. Uncertainty regarding international developments also remains high, not least given US economic policy, the war in Ukraine and developments in the Middle East.
- Riksbank Governor Thedeen said it is far from certain that central bank will cut going forward, but there is a certain likelihood.
FX
- After two sessions of gains, the USD rally has paused for breath. There hasn’t been a clear driver for the upside seen at the start of the week with the macro narrative relatively unaltered heading into Powell’s Jackson Hole speech on Friday. FOMC minutes are due later today. However, they will likely be deemed as stale in some quarters given the aforementioned August jobs report hit just a few days after the meeting. Fed’s Bostic and Waller are due on today’s speaker slate. Note, the subject matter for the latter is on Blockchain payments. DXY has ventured as high as 98.44 with the next upside target coming via the 12th August peak at 98.62.
- EUR is marginally softer vs. the USD with it remaining the case that there has not been a great deal of incremental macro newsflow from the Eurozone. Remarks from ECB President Lagarde failed to engineer a move in the EUR today with the policy chief noting that recent trade deals have alleviated but not eliminated uncertainty. EUR/USD sits in close proximity to its 50DMA at 1.1644 and towards the bottom end of Tuesday’s 1.1639-93 range.
- JPY is flat vs. the USD with no material follow-through from mixed data in which Machinery Tools topped forecasts but trade data mostly disappointed and showed Japanese Exports suffered the largest decline in four years. That being said, the drop-off in exports could prompt some concern from those on the BoJ who expect a negative growth hit from the trade conflict with the US. USD/JPY currently sits towards the mid-point of yesterday’s 147.44-148.11 range.
- GBP is mildly firmer vs. the USD in the wake of hotter-than-expected UK inflation metrics, which saw headline Y/Y CPI advance to 3.8% from 3.6% (Exp. 3.7%) and services jump to 5.0% from 4.7% (Exp. 4.7%). The ONS has attributed some of this to the timing of school holidays, which has triggered a surge in airfares. However, given the outcome of the most recent BoE rate decision, which saw a higher-than-expected level of hawkish dissent, markets will likely further cement expectations that the BoE will slow down the current quarterly cadence of rate cuts. Cable has hit a 1.3509 peak but is still some way off Tuesday’s best at 1.3519.
- NZD is the standout laggard across the majors following the RBNZ rate decision, which saw the Bank cut the OCR by 25bps to 3.00%, as widely expected, while it also lowered its OCR forecasts across the projection horizon and revealed it had voted on the options of either a 25bps or 50bps cut at the meeting; 2 members backed a 50bps move.
- SEK is a touch softer vs. the EUR in the wake of the Riksbank rate decision, which saw policymakers stand pat on policy as expected. The decision to do so was predicated on the board’s balancing act in managing weak growth vs. above target inflation. That being said, the Bank still judges that there is still some probability of a further interest rate cut this year, in line with the June forecast. EUR/SEK is currently above its 200DMA at 11.1771 with upside capped by the 11.20 mark.
Fixed Income
- USTs are flat and underperforming vs peers, after trading with a slight downward bias overnight. Nothing specifically driving the underperformance, but perhaps some cooling from the upside seen in the prior session, where stocks took a beating. Some of the pressure could also be in part due to some positioning heading into a 20yr supply later. In terms of price action today, USTs were initially on the backfoot but global fixed income has caught a slight bid to trade in a 111-20 to 111-24 range. Auction aside, focus will be on commentary from the Fed’s Waller, Bostic and the reported Fed Chair candidate Zervos, who is to speak on CNBC.
- Bunds are outperforming vs peers today, with the bulk of the day’s action occurring at 07:00 BST. On that, there was some significant two-way movement in Bund futures as traders reacted to the UK CPI report (hotter-than-expected; details in Gilt section) and German Producer Prices (softer-than-expected). Elsewhere, no real move to commentary via ECB President Lagarde, who noted that projections show growth is expected to slow in Q3. Bunds traded towards highs at 129.35 into a dual tranche German auction, which had little follow through to price action.
- Gilts are firmer today, initially gapping higher at the cash open in catch-up to the strength seen in USTs in the prior session, but then saw some two-way action as traders digested the UK’s hot inflation report. Delving into the UK CPI report, it held a hawkish skew, with both Core and Headline figures incrementally higher, edging higher than the prior, more than expected. The accompanying commentary provided some reasoning, pinning the uptick on the “timing of this year’s school holidays”. Gilts are currently trading towards the upper end of a 90.43 to 90.88 range.
- Germany sells EUR 0.747bln vs exp. EUR 1.0bln 2.50% 2046 and EUR 1.15bln vs exp. EUR 1.5bln 2.50% 2054 Bund
Commodities
- Crude is firmer today as the complex attempts to trim some of the prior day’s losses, induced by geopolitics as renewed efforts are made to temper down the Russia-Ukraine conflict. This morning, the Russian Embassy in India said despite political situation, approximately same level of oil will be imported by India. As a reminder, Washington slapped India with a 25% penalty linked to oil purchases. Brent sits in a USD 65.81-66.57/bbl range.
- Spot gold languishes just above the prior day’s trough as participants await Fed policy clues from the incoming FOMC Minutes and Fed Chair Powell’s speech at Jackson Hole. Price action this morning sees the precious metals complex eking mild gains, with spot gold still trading under its 50 DMA (~3,348/oz) in a USD 3,311.56-3,327.61/oz range.
- Flat/mixed trade across base metals amid quiet newsflow and ahead of FOMC minutes. Copper futures lacked demand following the recent selling pressure and amid the mixed overnight risk appetite. 3M LME copper prices reside in a USD 9,684.75-9,729.00/t range.
- US Private Inventory Data (bbls): Crude -2.4mln (exp. -1.8mln), Distillate +0.5mln (exp. +0.9mln), Gasoline +1.0mln (exp. -0.9mln), Cushing -0.1mln.
- Norway Prelim July Production: oil 1.958mln BPD (prev. 1.675mln BPD in June); gas 10.2bcm (prev. 8.8bcm).
Geopolitics: Middle East
- “Israel’s Defense Minister Israel Katz has approved the IDF’s operational plan for an assault on Gaza City”; “As part of the new plan, the necessary reserve call-up orders will be issued to carry out the offensive.”, via Stein on X.
- Syrian Foreign Affairs Minister Al-Shaibani discussed de-escalation talks in Paris with the Israeli delegation and discussed “Strengthening stability in southern Syria”, according to Al-Hadath citing SANA.
- Iranian Foreign Minister said Tehran cannot completely cut ties with the IAEA, according to IRNA.
Geopolitics: Ukraine
- US President Trump said he wants to see what goes on when Zelensky and Putin meet, while he added they are in the process of setting the meeting up. Trump also said he gets along with Russian President Putin which is a good thing and commented that two nuclear powers getting along is a good thing.
- White House official said US President Trump and Hungarian PM Orban discussed on Monday Ukraine’s EU accession talks and Budapest as a potential venue for the Zelensky-Putin meeting.
- US Special Envoy Witkoff said progress was made on how to achieve a peace deal, according to a Fox News Interview.
- There was no violation of Polish airspace overnight, according to local press.
Geopolitics: Other
- North Korean leader Kim’s sister said South Korea cannot be a diplomatic counterpart to North Korea and South Korean President Lee cannot turn the tide of history, while she also stated that relations between the two Koreas will never return to the way South Korea wants, according to Yonhap and KCNA.
- Russian Embassy in India said Russian President Putin and Indian PM Modi are to meet in Delhi by year-end, no date finalised.
US Event Calendar
- 7:00 am: Aug 15 MBA Mortgage Applications, prior 10.9%
Central Bank speakers
- 11:00 am: Fed’s Waller Speaks on Payment at Wyoming Blockchain Symposium
- 2:00 pm: Fed Releases FOMC Minutes
- 3:00 pm: Fed’s Bostic in Moderated Conversation on Economic Outlook
2b European opening report
US equity futures are modestly lower into FOMC Minutes & Fed speak, Kiwi lags post-RBNZ – Newsquawk US Market Open
Wednesday, Aug 20, 2025 – 06:22 AM
- European bourses opened lower but have clambered back to the unchanged mark; US futures remain on the backfoot.
- DXY is flat, GBP digests hot UK CPI, NZD lags after the RBNZ delivered a dovish 25bps cut.
- RBNZ lowered the OCR by 25bps as expected, cut its OCR forecasts across the projection horizon and voted on the options of either a 25bps or 50bps reduction.
- USTs underperform into 20yr auction, Bunds bid on German Producer Prices, Gilts initially lagged on CPI but now firmer.
- Looking ahead, highlights include FOMC Minutes, Speakers including Fed’s Bostic, Waller and reported Fed Chair candidate Zervos, Supply from the US, Earnings from Target.
TARIFFS/TRADE
- US Treasury Secretary Bessent said the US has had very good talks with China and that China is the biggest revenue line in terms of tariff income, while he added that the status quo on China is working very well.
- Mexico will propose reinstating a North American Steel Committee to improve trade ties with the US, according to Bloomberg.
- Russian Embassy in India said INR payments being accepted by all Russian businesses; open to doing all oil trade INR too.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.2%) are trading on the backfoot in a reversal of some of Tuesday’s upside and following on from the tech-led selling pressure seen Stateside. Stocks have been attempting to clamber higher as the morning progressed, with a few indices now holding around the unchanged mark.
- European sectors are overall mixed with a slightly defensive tilt given the current risk environment. Food, Beverage and Tobacco sits at the top of the leaderboard with Nestle (+1.2%) leading some of the upside, other sectors outperforming include Utilities, Telecoms and Insurance. To the downside, Basic Resource names lag.
- US equity futures (ES -0.2%, NQ -0.2%, RTY -0.1%) are extending their move lower after major indices finished mostly lower yesterday with the declines led by the mega-cap tech stocks which resulted in the underperformance of the Nasdaq. The FT cited the tech weakness to a MIT paper questioning returns from new technology and noted that “95 per cent of organisations are getting zero return” from their investments in gen AI”.
- McDonald’s (MCD) is to lower combo meal prices by 15%, according to WSJ; will offer USD 5 and USD 8 specials.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- After two sessions of gains, the USD rally has paused for breath. There hasn’t been a clear driver for the upside seen at the start of the week with the macro narrative relatively unaltered heading into Powell’s Jackson Hole speech on Friday. FOMC minutes are due later today. However, they will likely be deemed as stale in some quarters given the aforementioned August jobs report hit just a few days after the meeting. Fed’s Bostic and Waller are due on today’s speaker slate. Note, the subject matter for the latter is on Blockchain payments. DXY has ventured as high as 98.44 with the next upside target coming via the 12th August peak at 98.62.
- EUR is marginally softer vs. the USD with it remaining the case that there has not been a great deal of incremental macro newsflow from the Eurozone. Remarks from ECB President Lagarde failed to engineer a move in the EUR today with the policy chief noting that recent trade deals have alleviated but not eliminated uncertainty. EUR/USD sits in close proximity to its 50DMA at 1.1644 and towards the bottom end of Tuesday’s 1.1639-93 range.
- JPY is flat vs. the USD with no material follow-through from mixed data in which Machinery Tools topped forecasts but trade data mostly disappointed and showed Japanese Exports suffered the largest decline in four years. That being said, the drop-off in exports could prompt some concern from those on the BoJ who expect a negative growth hit from the trade conflict with the US. USD/JPY currently sits towards the mid-point of yesterday’s 147.44-148.11 range.
- GBP is mildly firmer vs. the USD in the wake of hotter-than-expected UK inflation metrics, which saw headline Y/Y CPI advance to 3.8% from 3.6% (Exp. 3.7%) and services jump to 5.0% from 4.7% (Exp. 4.7%). The ONS has attributed some of this to the timing of school holidays, which has triggered a surge in airfares. However, given the outcome of the most recent BoE rate decision, which saw a higher-than-expected level of hawkish dissent, markets will likely further cement expectations that the BoE will slow down the current quarterly cadence of rate cuts. Cable has hit a 1.3509 peak but is still some way off Tuesday’s best at 1.3519.
- NZD is the standout laggard across the majors following the RBNZ rate decision, which saw the Bank cut the OCR by 25bps to 3.00%, as widely expected, while it also lowered its OCR forecasts across the projection horizon and revealed it had voted on the options of either a 25bps or 50bps cut at the meeting; 2 members backed a 50bps move.
- SEK is a touch softer vs. the EUR in the wake of the Riksbank rate decision, which saw policymakers stand pat on policy as expected. The decision to do so was predicated on the board’s balancing act in managing weak growth vs. above target inflation. That being said, the Bank still judges that there is still some probability of a further interest rate cut this year, in line with the June forecast. EUR/SEK is currently above its 200DMA at 11.1771 with upside capped by the 11.20 mark.
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs are flat and underperforming vs peers, after trading with a slight downward bias overnight. Nothing specifically driving the underperformance, but perhaps some cooling from the upside seen in the prior session, where stocks took a beating. Some of the pressure could also be in part due to some positioning heading into a 20yr supply later. In terms of price action today, USTs were initially on the backfoot but global fixed income has caught a slight bid to trade in a 111-20 to 111-24 range. Auction aside, focus will be on commentary from the Fed’s Waller, Bostic and the reported Fed Chair candidate Zervos, who is to speak on CNBC.
- Bunds are outperforming vs peers today, with the bulk of the day’s action occurring at 07:00 BST. On that, there was some significant two-way movement in Bund futures as traders reacted to the UK CPI report (hotter-than-expected; details in Gilt section) and German Producer Prices (softer-than-expected). Elsewhere, no real move to commentary via ECB President Lagarde, who noted that projections show growth is expected to slow in Q3. Bunds traded towards highs at 129.35 into a dual tranche German auction, which had little follow through to price action.
- Gilts are firmer today, initially gapping higher at the cash open in catch-up to the strength seen in USTs in the prior session, but then saw some two-way action as traders digested the UK’s hot inflation report. Delving into the UK CPI report, it held a hawkish skew, with both Core and Headline figures incrementally higher, edging higher than the prior, more than expected. The accompanying commentary provided some reasoning, pinning the uptick on the “timing of this year’s school holidays”. Gilts are currently trading towards the upper end of a 90.43 to 90.88 range.
- Germany sells EUR 0.747bln vs exp. EUR 1.0bln 2.50% 2046 and EUR 1.15bln vs exp. EUR 1.5bln 2.50% 2054 Bund
- Click for a detailed summary
COMMODITIES
- Crude is firmer today as the complex attempts to trim some of the prior day’s losses, induced by geopolitics as renewed efforts are made to temper down the Russia-Ukraine conflict. This morning, the Russian Embassy in India said despite political situation, approximately same level of oil will be imported by India. As a reminder, Washington slapped India with a 25% penalty linked to oil purchases. Brent sits in a USD 65.81-66.57/bbl range.
- Spot gold languishes just above the prior day’s trough as participants await Fed policy clues from the incoming FOMC Minutes and Fed Chair Powell’s speech at Jackson Hole. Price action this morning sees the precious metals complex eking mild gains, with spot gold still trading under its 50 DMA (~3,348/oz) in a USD 3,311.56-3,327.61/oz range.
- Flat/mixed trade across base metals amid quiet newsflow and ahead of FOMC minutes. Copper futures lacked demand following the recent selling pressure and amid the mixed overnight risk appetite. 3M LME copper prices reside in a USD 9,684.75-9,729.00/t range.
- US Private Inventory Data (bbls): Crude -2.4mln (exp. -1.8mln), Distillate +0.5mln (exp. +0.9mln), Gasoline +1.0mln (exp. -0.9mln), Cushing -0.1mln.
- Norway Prelim July Production: oil 1.958mln BPD (prev. 1.675mln BPD in June); gas 10.2bcm (prev. 8.8bcm).
- Click for a detailed summary
NOTABLE EUROPEAN HEADLINES
- ECB’s Lagarde said recent trade deals have alleviated but not eliminated uncertainty; EZ economy has proven resilient in the face of challenging global environment. Notes that projections show growth is expected to slow in Q3. ECB will factor the implications of the EU-US trade deal for the Euro area economy into the September projections, will guide decisions over the coming months. Europe should aim to deepen its trade ties with other jurisdictions outside of the US, leveraging the strengths of its export-oriented economy.
- UK Chancellor Reeves is drawing up plans to hit owners of high-value properties with capital gains tax when they sell their homes as she seeks to fill a GBP 40bln hole in the public finances, according to The Times.
- UK ONS said average UK House Prices increased 3.7% in the 12 months to June 2025 (vs 3.3% Y/Y).
- Riksbank maintains its rate at 2.00% as expected; still some probability of a further interest rate cut this year, in line with the June forecast. COMMENTARY: Developments in inflation and economic activity during the summer have deviated somewhat from the forecast in June, the Executive Board assesses that the outlook remains largely the same. Economic activity is weak. New information indicates that growth is still low. Households are still cautious with regard to their spending, and the labour market is not yet showing any clear sign of improving. Uncertainty regarding international developments also remains high, not least given US economic policy, the war in Ukraine and developments in the Middle East.
- Riksbank Governor Thedeen said it is far from certain that central bank will cut going forward, but there is a certain likelihood.
NOTABLE DATA RECAP
- UK CPI YY (Jul) 3.8% vs. Exp. 3.7% (Prev. 3.6%)
- UK CPI MM (Jul) 0.1% vs. Exp. -0.1% (Prev. 0.3%)
- UK Core CPI YY (Jul) 3.8% vs. Exp. 3.7% (Prev. 3.7%)
- UK Core CPI MM (Jul) 0.2% vs. Exp. 0.1% (Prev. 0.4%)
- UK CPI Services YY (Jul) 5.0% vs. Exp. 4.8% (Prev. 4.7%)
- UK CPI Services MM (Jul) 0.7% vs. Exp. 0.6% (Prev. 0.6%)
- UK RPIX YY (Jul) 4.7% (Prev. 4.3%)
- UK RPI-X (Retail Prices) MM (Jul) 0.4% (Prev. 0.4%)
- UK RPI Index (Jul) 406.2 (Prev. 404.5)
- UK RPI YY (Jul) 4.8% vs. Exp. 4.5% (Prev. 4.4%)
- UK RPI MM (Jul) 0.4% vs. Exp. 0.1% (Prev. 0.4%)
- German Producer Prices YY (Jul) -1.5% vs. Exp. -1.3% (Prev. -1.3%)
- German Producer Prices MM (Jul) -0.1% vs. Exp. 0.1% (Prev. 0.1%)
- EU HICP Final MM (Jul) 0.0% (Prev. 0.3%); YY (Jul) 2.0% vs. Exp. 2.0% (Prev. 2.0%)
NOTABLE US HEADLINES
- US President Trump posted “Could somebody please inform Jerome “Too Late” Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut. “Too Late” is a disaster!”
- US Treasury Secretary Bessent is reportedly betting the crypto industry will become a crucial buyer of Treasuries in the coming years as Washington seeks to shore up demand for a deluge of new US government debt, according to FT.
- US is looking into taking equity stakes in chip makers in exchange for CHIPS Act funding, similar to the Intel (INTC) plan, according to two sources cited by Reuters.
- Shipments of phones within China -9.3% Y/Y at 22.6mln handsets in June (prev. -21.8% Y/Y at 23.72mln in May), via CAICT; shipments of foreign phones incl. Apple (AAPL) iPhones within China -31.3% at 1.97mln (prev. 9.7% at 4.54mln in May).
GEOPOLITICS
MIDDLE EAST
- “Israel’s Defense Minister Israel Katz has approved the IDF’s operational plan for an assault on Gaza City”; “As part of the new plan, the necessary reserve call-up orders will be issued to carry out the offensive.”, via Stein on X.
- Syrian Foreign Affairs Minister Al-Shaibani discussed de-escalation talks in Paris with the Israeli delegation and discussed “Strengthening stability in southern Syria”, according to Al-Hadath citing SANA.
- Iranian Foreign Minister said Tehran cannot completely cut ties with the IAEA, according to IRNA.
RUSSIA-UKRAINE
- US President Trump said he wants to see what goes on when Zelensky and Putin meet, while he added they are in the process of setting the meeting up. Trump also said he gets along with Russian President Putin which is a good thing and commented that two nuclear powers getting along is a good thing.
- White House official said US President Trump and Hungarian PM Orban discussed on Monday Ukraine’s EU accession talks and Budapest as a potential venue for the Zelensky-Putin meeting.
- US Special Envoy Witkoff said progress was made on how to achieve a peace deal, according to a Fox News Interview.
- There was no violation of Polish airspace overnight, according to local press.
OTHER
- North Korean leader Kim’s sister said South Korea cannot be a diplomatic counterpart to North Korea and South Korean President Lee cannot turn the tide of history, while she also stated that relations between the two Koreas will never return to the way South Korea wants, according to Yonhap and KCNA.
- Russian Embassy in India said Russian President Putin and Indian PM Modi are to meet in Delhi by year-end, no date finalised.
CRYPTO
- Bitcoin continues to dip lower and trades around USD 114k; Ethereum also on the backfoot and sits just above USD 4.2k.
APAC TRADE
- APAC stocks traded mixed after a lacklustre performance stateside, where mega-cap tech led the declines amid AI-related concerns, while the region digested earnings and central bank updates including the RBNZ’s dovish rate cut.
- ASX 200 was led higher by outperformance in the top-weighted financials sector and with strength also seen in defensives, while participants also reflected on a slew of earnings updates.
- Nikkei 225 retreated beneath the 43,000 level amid continued profit taking from recent record highs and after mixed data in which Machinery Tools topped forecasts but trade data mostly disappointed and showed Japanese Exports suffered the largest decline in four years.
- Hang Seng and Shanghai Comp were varied as participants digested earnings releases including from Xiaomi and XPeng, while there was a lack of surprises from China’s benchmark Loan Prime Rates which were maintained at the current levels, although the PBoC continued with its firm liquidity efforts via 7-day reverse repo operations.
NOTABLE ASIA-PAC HEADLINES
- Chinese Loan Prime Rate 1Y (Aug) 3.00% vs. Exp. 3.00% (Prev. 3.00%)
- Chinese Loan Prime Rate 5Y (Aug) 3.50% vs. Exp. 3.50% (Prev. 3.50%)
- Chinese Foreign Minister Wang Yi said regarding a meeting with Indian PM Modi that after comprehensive and in-depth communication, China and India reached an agreement to restart dialogue mechanisms in various fields.
- India’s Foreign Ministry said India and China agreed to resume direct flight connectivity between the Chinese mainland and India at the earliest, while they agreed to the re-opening of border trade through the three designated trading points. Furthermore, they agreed to facilitate trade and investment flows between the two countries through concrete measures.
- RBNZ cut the OCR by 25bps to 3.00%, as expected, while it lowered OCR projections and stated if medium-term inflation pressures continue to ease as expected, there is scope to lower the OCR further. RBNZ stated that with spare capacity in the economy and declining domestic inflation pressure, headline inflation is expected to return to around the 2% target midpoint by mid-2026, and further data on the speed of New Zealand’s economic recovery will influence the future path of the OCR. RBNZ lowered the Official Cash Rate projection for December 2025 to 2.71% (prev. 2.92%) and to 2.59% in September 2026 (prev. 2.90%). The RBNZ Minutes revealed that the rate decision was made by a majority of 4 votes to 2 and the committee discussed three policy options: keeping the OCR on hold at 3.25%, cutting the OCR by 25bps to 3% or cutting by 50bps to 2.75%, but voted on the options of either reducing the OCR by 25bps or reducing the OCR by 50bps, while the case for lowering the OCR by 25bps was based on the upside and downside risks around the central projection being broadly balanced. Furthermore, RBNZ Governor Hawkesby said during the Q&A that the next two meetings are live but no decisions have been made, as well as stated that the OCR projection troughs at 2.5% and is consistent with further cuts, while whether they go faster or slower on cuts is up to the data.
- Baidu (9888 HK) Q2 (USD): EPS 1.90 (exp. 1.74), Revenue 4.57bln (exp. 4.60bln); AI cloud business continued to deliver robust growth.
DATA RECAP
- Japanese Machinery Orders MM (Jun) 3.0% vs. Exp. -1.0% (Prev. -0.6%)
- Japanese Machinery Orders YY (Jun) 7.6% vs. Exp. 5.0% (Prev. 4.4%)
- Japanese Trade Balance Total Yen (Jul) -117.5B vs. Exp. 196.2B (Prev. 153.1B, Rev. 152.1B)
- Japanese Exports YY (Jul) -2.6% vs. Exp. -2.1% (Prev. -0.5%)
- Japanese Imports YY (Jul) -7.5% vs. Exp. -10.4% (Prev. 0.2%, Rev. 0.3%)
2c) Asian opening report
Europe Market Open: Kiwi weakened sharply following a dovish RBNZ rate cut; European equity futures indicate a negative cash open; UK CPI ahead
Wednesday, Aug 20, 2025 – 01:50 AM
- APAC stocks traded mixed after a lacklustre performance stateside, where mega-cap tech led the declines.
- RBNZ lowered the OCR by 25bps as expected, cut its OCR forecasts across the projection horizon and voted on the options of either a 25bps or 50bps reduction.
- European equity futures indicate a negative cash market open with Euro Stoxx 50 futures down 0.7% after the cash market closed with gains of 0.9% on Tuesday.
- DXY is marginally higher for a third session in a row, NZD lags post-RBNZ, GBP eyes inflation data.
- White House is eyeing Budapest for peace talks with Zelensky and Putin, according to Politico.
- Looking ahead, highlights include UK CPI, EZ HICP (Final), Riksbank Policy Announcement & FOMC Minutes, Speakers including ECB’s Lagarde, Fed’s Bostic & Waller, Supply from Germany & US, Earnings from Target.
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US TRADE
EQUITIES
- US stocks were mixed and the major indices finished mostly lower with the declines led by the mega-cap tech stocks which resulted in the underperformance of the Nasdaq, with the FT citing the tech weakness to a MIT paper questioning returns from new technology and noted that “95 per cent of organisations are getting zero return” from their investments in gen AI”, while Meta (META) was also reported to downsize its AI division and some executives are expected to leave. As such, Tech and Communication were the laggards weighing on the market, although the DJIA closed flat and the Equal Weight S&P 500 gained amid resilience in defensives such as Real Estate, Consumer Staples and Utilities.
- SPX -0.57% at 6,412, NDX -1.39% at 23,385, DJI +0.02% at 44,922, RUT -0.77% at 2,277.
- Click here for a detailed summary.
TARIFFS/TRADE
- US Treasury Secretary Bessent said the US has had very good talks with China and that China is the biggest revenue line in terms of tariff income, while he added that the status quo on China is working very well.
- Mexico will propose reinstating a North American Steel Committee to improve trade ties with the US, according to Bloomberg.
NOTABLE HEADLINES
- US President Trump posted “Could somebody please inform Jerome “Too Late” Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut. “Too Late” is a disaster!”
- Fed’s Bowman (Vice-Chair of Supervision) said de minimis crypto holdings would allow Fed staff to better understand crypto products and Fed staff should be allowed to own small amounts of crypto products, while she added that limits on Fed staff investment activities may hinder recruiting and retaining expert examiners.
- US Treasury Secretary Bessent is reportedly betting the crypto industry will become a crucial buyer of Treasuries in the coming years as Washington seeks to shore up demand for a deluge of new US government debt, according to FT.
- US is looking into taking equity stakes in chip makers in exchange for CHIPS Act funding, similar to the Intel (INTC) plan, according to two sources cited by Reuters.
APAC TRADE
EQUITIES
- APAC stocks traded mixed after a lacklustre performance stateside, where mega-cap tech led the declines amid AI-related concerns, while the region digested earnings and central bank updates including the RBNZ’s dovish rate cut.
- ASX 200 was led higher by outperformance in the top-weighted financials sector and with strength also seen in defensives, while participants also reflected on a slew of earnings updates.
- Nikkei 225 retreated beneath the 43,000 level amid continued profit taking from recent record highs and after mixed data in which Machinery Tools topped forecasts but trade data mostly disappointed and showed Japanese Exports suffered the largest decline in four years.
- Hang Seng and Shanghai Comp were varied as participants digested earnings releases including from Xiaomi and XPeng, while there was a lack of surprises from China’s benchmark Loan Prime Rates which were maintained at the current levels, although the PBoC continued with its firm liquidity efforts via 7-day reverse repo operations.
- US equity futures (ES -0.3%, NQ -0.5%) remained subdued following recent tech selling stateside and amid tentativeness ahead of key events.
- European equity futures indicate a negative cash market open with Euro Stoxx 50 futures down 0.7% after the cash market closed with gains of 0.9% on Tuesday.
FX
- DXY is a touch firmer following the prior day’s intraday recovery, with upside capped ahead of the FOMC Minutes due later and with Fed Chair Powell set to speak at the Jackson Hole on Friday, while there was renewed criticism by US President Trump on Powell who he claimed is hurting the housing industry and stated that every sign is pointing to a major rate cut.
- EUR/USD trickled lower after yesterday’s early upward momentum was cut short by resistance near the 1.1700 level.
- GBP/USD remained subdued after its recent failure to sustain the 1.3500 status, while attention turns to UK inflation data.
- USD/JPY traded indecisively around the 147.50 level amid the mixed data releases and risk-off sentiment in Japan.
- Antipodeans retreated with NZD heavily pressured following a dovish rate cut by the RBNZ which lowered the OCR by 25bps to 3.00%, as widely expected, while it also cut its OCR forecasts across the projection horizon and revealed it had voted on the options of either a 25bps or 50bps cut at the meeting.
- PBoC set USD/CNY mid-point at 7.1384 vs exp. 7.1897 (Prev. 7.1359)
FIXED INCOME
- 10yr UST futures slightly pulled back after advancing on a haven bid during US trade, while participants look ahead to a 20yr auction stateside and FOMC Minutes due later today, as well as the Jackson Hole Symposium later in the week.
- Bund futures were little changed after reclaiming the 129.00 status, and as Bund supply and German PPI data loom.
- 10yr JGB futures struggled for direction after mixed data releases and despite the downbeat mood in Japan
COMMODITIES
- Crude futures attempted to nurse some of the prior day’s losses but with the recovery limited following mixed private sector inventory data.
- US Private Inventory Data (bbls): Crude -2.4mln (exp. -1.8mln), Distillate +0.5mln (exp. +0.9mln), Gasoline +1.0mln (exp. -0.9mln), Cushing -0.1mln.
- Iraq signed an agreement with Chevron (CVX) for a project that consists of four exploration blocks and the development of other oil fields.
- Spot gold languished around the prior day’s trough as participants await Fed policy clues from the incoming FOMC Minutes and Fed Chair Powell’s speech at Jackson Hole.
- Copper futures lacked demand following the recent selling pressure and amid the mixed overnight risk appetite.
- US President Trump said it is ‘so sad’ that opponents are trying to delay the Resolution copper project in Arizona, while he added ‘our country needs copper, and now’ and an appeal of the Arizona copper mine ruling will take place.
CRYPTO
- Bitcoin mildly rebounded overnight and returned to above the USD 113k level.
NOTABLE ASIA-PAC HEADLINES
- Chinese Loan Prime Rate 1Y (Aug) 3.00% vs. Exp. 3.00% (Prev. 3.00%)
- Chinese Loan Prime Rate 5Y (Aug) 3.50% vs. Exp. 3.50% (Prev. 3.50%)
- Chinese Foreign Minister Wang Yi said regarding a meeting with Indian PM Modi that after comprehensive and in-depth communication, China and India reached an agreement to restart dialogue mechanisms in various fields.
- India’s Foreign Ministry said India and China agreed to resume direct flight connectivity between the Chinese mainland and India at the earliest, while they agreed to the re-opening of border trade through the three designated trading points. Furthermore, they agreed to facilitate trade and investment flows between the two countries through concrete measures.
- RBNZ cut the OCR by 25bps to 3.00%, as expected, while it lowered OCR projections and stated if medium-term inflation pressures continue to ease as expected, there is scope to lower the OCR further. RBNZ stated that with spare capacity in the economy and declining domestic inflation pressure, headline inflation is expected to return to around the 2% target midpoint by mid-2026, and further data on the speed of New Zealand’s economic recovery will influence the future path of the OCR. RBNZ lowered the Official Cash Rate projection for December 2025 to 2.71% (prev. 2.92%) and to 2.59% in September 2026 (prev. 2.90%). The RBNZ Minutes revealed that the rate decision was made by a majority of 4 votes to 2 and the committee discussed three policy options: keeping the OCR on hold at 3.25%, cutting the OCR by 25bps to 3% or cutting by 50bps to 2.75%, but voted on the options of either reducing the OCR by 25bps or reducing the OCR by 50bps, while the case for lowering the OCR by 25bps was based on the upside and downside risks around the central projection being broadly balanced. Furthermore, RBNZ Governor Hawkesby said during the Q&A that the next two meetings are live but no decisions have been made, as well as stated that the OCR projection troughs at 2.5% and is consistent with further cuts, while whether they go faster or slower on cuts is up to the data.
DATA RECAP
- Japanese Machinery Orders MM (Jun) 3.0% vs. Exp. -1.0% (Prev. -0.6%)
- Japanese Machinery Orders YY (Jun) 7.6% vs. Exp. 5.0% (Prev. 4.4%)
- Japanese Trade Balance Total Yen (Jul) -117.5B vs. Exp. 196.2B (Prev. 153.1B, Rev. 152.1B)
- Japanese Exports YY (Jul) -2.6% vs. Exp. -2.1% (Prev. -0.5%)
- Japanese Imports YY (Jul) -7.5% vs. Exp. -10.4% (Prev. 0.2%, Rev. 0.3%)
GEOPOLITICS
MIDDLE EAST
- Syrian Foreign Affairs Minister Al-Shaibani discussed de-escalation talks in Paris with the Israeli delegation and discussed “Strengthening stability in southern Syria”, according to Al-Hadath citing SANA.
RUSSIA-UKRAINE
- US President Trump said he wants to see what goes on when Zelensky and Putin meet, while he added they are in the process of setting the meeting up. Trump also said he gets along with Russian President Putin which is a good thing and commented that two nuclear powers getting along is a good thing.
- White House Press Secretary said Russian President Putin has agreed to begin the next stage of the peace process, while US Secretary of State Rubio, VP Vance and US Envoy Witkoff will coordinate with Ukraine. It was separately reported that the White House is eyeing Budapest, Hungary for peace talks with Ukrainian President Zelensky and Russian President Putin, according to Politico.
- White House official said US President Trump and Hungarian PM Orban discussed on Monday Ukraine’s EU accession talks and Budapest as a potential venue for the Zelensky-Putin meeting.
- US Special Envoy Witkoff said progress was made on how to achieve a peace deal, according to a Fox News Interview.
- Senior officials from the US, Ukraine and several European countries are expected to work in the coming days on a detailed proposal for security guarantees for Ukraine, likely involving US air power, according to Axios citing sources.
- EU Foreign Policy Chief Kallas said the next sanctions package against Moscow should be ready by next month.
OTHER
- North Korean leader Kim’s sister said South Korea cannot be a diplomatic counterpart to North Korea and South Korean President Lee cannot turn the tide of history, while she also stated that relations between the two Koreas will never return to the way South Korea wants, according to Yonhap and KCNA.
EU/UK
NOTABLE HEADLINES
- UK Chancellor Reeves is drawing up plans to hit owners of high-value properties with capital gains tax when they sell their homes as she seeks to fill a GBP 40bln hole in the public finances, according to The Times.
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN/
3C CHINA
CHINA
4. European affairs and NATO
EUROPE
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL /GAZA/HEZBOLLAH/IRAN/SUMMARY OF THE LAST 24 HR
ISRAEL VS HAMAS
Israel Considers Military Recruitment Inside USA As Soldier Shortage Persists
Wednesday, Aug 20, 2025 – 05:45 AM
Amid an enduring soldier shortage, and as an all-out occupation of Gaza looms, the Israel Defense Forces are considering a campaign to recruit soldiers from Jewish populations living in the United States and other countries around the world.
According to Israeli Army Radio, a state media outlet, Israel may mount an effort to recruit 600 to 700 Jews a year from the diaspora, a term referring to Jews living somewhere other than Israel. At first, Israel would concentrate its effort in the United States and France, the countries with the two largest Jewish populations, at roughly 6 million and 450,000, respectively.
As of February, there were 3,500 diaspora soldiers serving in the IDF, with nearly 900 of them Americans. Israel calls such troops lone soldiers. “The majority of American lone soldiers are coming after high school, either directly after high school or after a gap year program,” said Noya Govrin, Director of the Lone Soldiers Program at Nefesh b’Nefesh, a nonprofit that encourages Americans and Canadians to “make aliyah” — that is, to move to Israel and become citizens. “In the past two years, there has been a notable increase in college graduates that come to Israel to serve as lone soldiers,” she told Times of Israel.
Earlier this month, one of those American lone soldiers who’d recently returned from service in Gaza was the target of an overnight arson attack on vehicles parked at his family’s house in suburban St. Louis, Missouri. Graffiti painted on the street accused him of being a murderer and proclaimed DEATH TO THE IDF.
“Awkward moment for some of my fellow Jews in the diaspora,” wrote Rafael Shimunov, New Yorker host of a “Jewish Left” radio show. “Cheerleading Israelis sending their kids to do genocide, but will never send their own.”
The IDF is coping with a 10,000- to 12,000-soldier shortfall. There are two principal drivers: draft-dodging by ultra-Orthodox Israelis, and lower retention of current soldiers, who are leaving the IDF at an elevated rate as the war in Gaza nears its second anniversary. Some are voluntarily leaving via extreme means: At least 16 soldiers have killed themselves in 2025, and 54 since Oct 7. More than 3,700 have been diagnosed with PTSD.
There are some 14,600 deserters, according to the Jerusalem Post, which appears to apply that term to draft-dodgers. The IDF is about to close the window on a sort of amnesty plan, which gives draft-dodgers until Thursday to sign up for service by phone or online and then be rapidly ushered into the IDF’s ranks in the coming weeks. If they do, they’ll be spared criminal charges and penalties that include a prohibition on foreign travel.
The issue of ultra-Orthodox military conscription has threatened to topple Netanyahu’s government, as parties representing that community have demanded legislation that would grant them an exemption from military service. In June 2024, Israel’s Supreme Court ruled that the government must start drafting the Haredi, who’d previously enjoyed an exemption ever since Israel’s creation in 1948.
Haredi men typically dedicate their entire lives to religious study in seminaries called Yeshivas and receive public welfare. With Israel waging a multi-front war encompassing Gaza, the West Bank, Lebanon, Syria, Yemen and Iran, the exemption has become increasingly unpopular with the other segments of Israeli society that must heed the call.
As public opinion among both American Jews and non-Jews grows increasingly negative toward Israel’s war in Gaza and the Zionist state in general, it remains to be seen how fruitful a recruitment campaign inside America would be. Priming the pump for IDF recruiters, Israel-catering members of the US Congress have controversially introduced a bill that would extend credit and employment privileges enjoyed by US military service members to American citizens serving in the IDF — with no such privilege for service in any other foreign army.
ISRAEL VS HAMAS
IDF begins invasion of Gaza City, spokesperson confirms
Deffrin: “Our forces already control the outskirts of the city” • IDF working to provide sufficient spaces for Gazan civilians to safely evacuate
An Israeli soldier stands next to military vehicles as seen from the Israeli side of the Gaza border, August 18, 2025(photo credit: REUTERS/AMIR COHEN)ByJERUSALEM POST STAFFAUGUST 20, 2025 19:25Updated: AUGUST 20, 2025 20:02
The IDF has begun the first steps of its invasion of Gaza City, IDF Spokesman Brig.-Gen. Effie Defrin confirmed on Wednesday.
“Our forces already control the outskirts of the city,” Deffrin said.
Additionally, he confirmed that some 60,000 conscription letters will be sent out this week, with an additional 20,000 to be sent later this month.
In his statement, Deffrin confirmed that the IDF is working to provide sufficient spaces for Gazan civilians to safely evacuate, as well as receive aid and medical care.
IDF soldiers ambushed in Khan Yunis
Deffrin addressed an incident when IDF soldiers thwarted an attempt by over 15 terrorists to raid an IDF post in Khan Yunis, adding that the military is currently investigating how the incident occured.
Three soldiers were wounded in the incident, with one from the military’s 90th Battalion in the Kfir Brigade in serious condition. He was evacuated to a hospital, and his family was notified of the incident.
Two other soldiers were lightly wounded, the IDF said.
ISRAEL/IRAN
Iran will aim ‘improved missiles’ at Israel in future conflict, Tehran’s defense chief warns
“If the Zionist regime attempts another act of aggression, we will certainly employ these improved missiles,” Defense Minister, Brig.-Gen. Aziz Nasirzadeh stated.
IIllustrative) A billboard to show Iran’s ballistic missiles fired at Israel, May 23, 2024.(photo credit: SHUTTERSTOCK)ByJERUSALEM POST STAFFAUGUST 20, 2025 13:40Updated: AUGUST 20, 2025 14:29
Iran has reportedly produced a new generation of missiles with significantly enhanced capabilities, and will be deployed in any future confrontation with Israel, the country’s Defense Minister, Brig.-Gen. Aziz Nasirzadeh announced on Wednesday.
Speaking to the official Islamic Republic News Agency (IRNA), Nasirzadeh said the 12-day conflict in June was not only against Israel but also involved “the full intelligence, logistical, and operational support of the United States.” He emphasized that the missiles used during that war had been developed years earlier, but that newer, more advanced weapons have since been manufactured and deployed.
“If the Zionist regime attempts another act of aggression, we will certainly employ these improved missiles,” he stated.
Nasirzadeh also said that Iran’s Armed Forces relied entirely on domestically produced systems during the conflict, claiming that Iranian missiles “precisely struck their intended targets and caused heavy damage.” He argued that Israeli censorship prevented the full extent of these strikes from being publicized, though he said reports eventually confirmed their impact.
According to the minister, Israel used its most sophisticated defense systems — including Iron Dome, Arrow, Patriot, and THAAD — but was still unable to stop most of Iran’s firepower. He asserted that only around 40 percent of Iranian missiles were intercepted in the early days of the war, and by the final days, “90 percent were reaching their targets.”
Notably, data after the 12-day war between the two countries suggests the opposite of Nasirzadeh’s claims, pointing out that Israel and its allies successfully intercepted around 95% of all aerial threats launched by Iran.
Nasirzadeh concluded that if hostilities had continued beyond June 24, “the upper hand would have certainly belonged to the Armed Forces of the Islamic Republic.”
Iran claims ability to target US cities if provoked
The defense minister’s comments come amid rising rhetoric from Tehran over resuming hostilities with Israel, the US, or Europe. Earlier this week, Amir Hayat-Moqaddam, an Iranian lawmaker in the parliament’s National Security and Foreign Policy Commission, said that Tehran can target US cities from offshore positions, and every European country is already within range of Iranian missiles.
Hayat-Moqaddam, who made the remarks on Sunday as Britain, France, and Germany have signaled they are ready to reimpose UN sanctions on Iran, told the Iranian outlet Didban Iran that the Islamic Revolutionary Guard Corps’ Aerospace Force has worked “for 20 years” to enable strikes “using Iranian warships and vessels.”
“We can move our ships to within 2,000 km. of the US and from there target Washington, New York, and other cities,” he said. “Right now, all European countries are within our range.”
END
ISRAEL HAMAS
Hamas terrorists attempt ambush on IDF southern Gaza outpost, manhunt underway
An aerial hunt is underway for the remaining terrorists while attacking targets with the help of fighter jets, with the incident still ongoing.
https://player.jpost.com/public/player.html?player=jpost&media=3939176&url=https://www.jpost.com/The IAF strikes on the terrorists that fired at the Kfir Brigade post in Khan Yunis on August 20, 2025 (credit: IDF Spokesperson’s Unit)ByJERUSALEM POST STAFFAUGUST 20, 2025 12:06Updated: AUGUST 20, 2025 16:25
IDF soldiers thwarted an attempt by over 15 terrorists to raid an IDF post in the southern city of Khan Yunis in the Gaza Strip, the military confirmed Wednesday.
Three soldiers were wounded in the incident, with one from the military’s 90th Battalion in the Kfir Brigade in serious condition. He was evacuated to a hospital, and his family was notified of the incident.
Two other soldiers were lightly wounded, the IDF said.
The entire incident lasted for several minutes, according to Walla.
Ten terrorists were killed by the Kfir Brigade, the IDF confirmed, supported by Air Force strikes.
Terrorists tried to kidnap soldiers
Attempts were also reportedly made by the terrorists to kidnap soldiers. The terrorists emerged from several tunnel shafts and advanced toward the outpost, firing a large number of anti-tank missiles and machine guns.
Other terrorists who fled the scene were likely wounded.
An aerial hunt is underway for the remaining terrorists while attacking targets with the help of fighter jets, with the incident still ongoing.
A similar event occured earlier this week in Beit Hanun under Division 99, when eight terrorists were killed in an attempt to attack Northern Brigade forces.
In addition, an officer familiar with the sector told Walla, “A tank is not supposed to run over terrorists like in this case. A tank is not supposed to meet a terrorist at point-blank range, and if that happened, like today, it means the relevant systems for the task have collapsed. The last time a tank ran over terrorists was on October 7. That means a lot. The IDF cannot claim that it is maneuvering when, in reality, the forces are waiting for orders and maneuvering missions to capture Gaza City. Until then, Hamas will try to exploit vulnerabilities in the IDF’s field operations.”
Avi Ashkenazi, Amir Bohbot, and Amichai Stein contributed to this report.
See more on
ISRAEL VS HEZBOLLAH
SYRIA//USA
US forces conduct raid in northern Syria against ISIS targets, in second since Assad’s overthrow
A Syrian security source and Syria’s state-owned Al-Ikhbariya said the target was killed as he tried to escape, as US officials said he was a high-value target.
U.S. military vehicles drive in Hasaka, Syria December 6, 2024.(photo credit: REUTERS/Orhan Qereman)ByREUTERSAUGUST 20, 2025 16:35Updated: AUGUST 20, 2025 16:37
US forces took part in a pre-dawn raid in northwestern Syria early on Wednesday that targeted a member of the Islamic State group, a US official and a Syrian security source said.
A second Syrian security source and Syria’s state-owned Al-Ikhbariya said the target was killed as he tried to escape.
It was the second known raid in northern Syria by US troops since former President Bashar al-Assad was ousted in December. The Islamist-led government that replaced him has pledged to prevent a resurgence of the Islamic State and is part of an anti-IS alliance that includes the US-led coalition fighting the group.
It was not immediately clear who the Islamic State member targeted on Wednesday. The US official said he was a suspected high-value target. The first Syrian source said he was an Iraqi national and was married to a French national. It was not immediately clear what happened to his wife.
The Pentagon did not immediately have any public comment on the reports.
The operation began at around 2 a.m. (1100 GMT), according to the Syrian security sources and neighbors in the town of Atmeh, in Idlib province.
Helicopters and drones provided air cover, one Syrian security source and residents said. Local Syrian forces set up a cordon around the neighborhood, but US forces conducted the actual raid, the second security source said.
Abdelqader al-Sheikh, a neighbor, said he was up late with his son and heard a noise in the yard next door.
“I called out, ‘Who are you?’ and they started speaking to me in English, telling me to put my hands up,” Sheikh told Reuters.
He said the armed forces stayed on the roofs of surrounding houses for the next two hours and that he could hear someone nearby speaking Arabic in an Iraqi accent.
Second US raid since Al Sharaa took power
In July, the Pentagon said its forces had conducted a raid in Aleppo province, resulting in the death of a senior Islamic State leader and his two adult Islamic State-affiliated sons.
Idlib has been a hiding spot for senior Islamic State figures for years. US forces killed IS leader Abu Bakr al-Baghdadi in the village of Barisha in Idlib province in 2019 and his successor, Abu Ibrahim al-Hashemi al-Quraishi, in Atmeh in 2022.
end
SYRIA/USA/ISRAEL
Syria, Israel Hold Unprecedented US-Mediated Talks In Paris
Wednesday, Aug 20, 2025 – 12:25 PM
Syria has issued confirmation of a meeting between its foreign minister and a close confidante of Benjamin Netanyahu in Paris, marking the first official announcement of direct talks between Damascus and Tel Aviv. Earlier, reports had said Syrian Foreign Minister Asaad al-Shaibani would meet with Israeli Strategic Affairs Minister Ron Dermer in Paris.
“Shaibani met today in the French capital, Paris, with an Israeli delegation to discuss several issues related to ‘enhancing stability’ in the region and southern Syria. Discussions focused on de-escalation and non-interference in Syria’s internal affairs, reaching understandings that support stability in the region, monitoring the ceasefire in As-Suwayda Governorate, and reactivating the 1974 agreement,” state news agency SANA reported on Tuesday.
“These discussions are being held with US mediation as part of diplomatic efforts aimed at enhancing security and stability in Syria and preserving its unity and territorial integrity,” it added.
This was not the first meeting between Dermer and Shaibani. US envoy to Syria, Tom Barrack, said on July 24 that he met in Paris with Syrian and Israeli officials for “dialogue and de-escalation.” Shaibani and Dermer were both visiting the French capital at the time.
Barrack’s announcement came after the end of violent clashes between pro-government forces and local Syrian Druze factions in the southern city of Suwayda and its countryside, resulting in numerous civilian massacres.
Israel intervened with a series of violent airstrikes targeting Damascus and other areas in southern Syria, under the pretext of “protecting” the Druze minority. According to reports, Syrian-Israeli negotiations, which had been ongoing since the start of the year, resumed quickly after the attacks, following a brief pause.
Since the fall of Bashar al-Assad’s government last year, Israeli forces have established a widespread military occupation across southern Syria.
Occupation forces continue to expand their presence in the country’s south, launching regular raids, incursions, and airstrikes. Israel says it wishes to demilitarize the entire south, protect the Druze minority from persecution, and prevent ‘hostile forces’ from establishing a presence.
Damascus has repeatedly signaled that it does not intend to pose a threat to Israel. Syrian interim President Ahmad al-Sharaa, previously known as Abu Mohammad al-Julani, has also reportedly held meetings with Israeli officials.
A source told Syrian media last month that Sharaa held a meeting with Israel’s National Security Advisor Tzachi Hanegbi in Abu Dhabi on July 7.
RUSSIA VS UKRAINE
Ukraine
The collapse is well under way.
Official Ukraine documents suggest that the death toll is 1,721,000 so far. Other sources tell that it exceeds 1,800,000 dead. And there are several 100’s of thousands MIA and presumed death and not deserted.
Putin has presented a book to Trump with a 1000 names and photos of Ukrainian soldiers captured which Zelensky does not want to accept back. Why? Is it because they may spread the truth?
This whole proxy conflict mess is beyond crazy. The list of people who have profited from this tragedy is likely not far behind. Even recruiters in places like Columba and Mexico are finding it difficult to gain willing recruits. And now Ukraine is actively training Mexican cartels in drone usage. Insanity for a dollar!
At best, the Ukraine will not make winter alone at this rate. So what is next peace or a false flag? Or perhaps death by slaughter of more innocent people and children. Conflict lines do not discriminate in killing. The current death ratio is 52 dead Ukrainians to 1 Russian.
Hopefully it is peace because this fight is over. Even BlackRock has seen fit to abandon Ukraine and its holdings. We will see what the likes of Cargill does.
The big problem Zelensky has is the people around him. Because when this is over they may be trialed for war crimes. How many will jump ship and run to Western Europe etc.?
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
CRIMINALS!!
American Academy Of Pediatrics Pushes COVID-19 Vax For All Infants
Wednesday, Aug 20, 2025 – 10:20 AM
In stark contrast to reality, the American Academy of Pediatrics (AAP) – which is heavily funded by pharmaceutical companies, recommended on Tuesday that young children, including infants, receive the COVID-19 vaccine despite the fact that children are minimally impacted by the virus, the fact that the vaccine doesn’t prevent one from contracting it, and that it largely only helps the elderly and medically fragile from severe cases.
According to the organization, all children ages 6-23 months should receive the COVID-19 vaccine – regardless of whether they have natural immunity from prior infection, unless they have a contraindication such as a history of severe allergic reaction to a vaccine ingredient.
While the recommendation is universal, the group said in a statement that their recommendation stems from infants and other children who are “at high risk for severe COVID-19.”
As the Epoch Times notes further, the organization pointed, in part, to a paper it published that found that among children hospitalized for COVID-19 from fall 2022 to spring 2024, the majority of those younger than 2 had no underlying conditions.
Of note, the paper cited surveyed 2,490 children who were hospitalized with COVID-19, effectively a rounding error.
A spokesman for the Department of Health and Human Services, the CDC’s parent agency, told The Epoch Times in an email that the AAP, which receives funding from vaccine manufacturers, should strengthen its conflict-of-interest safeguards.
“By bypassing the CDC’s advisory process and freelancing its own recommendations, while smearing those who demand accountability, the AAP is putting commercial interests ahead of public health and politics above America’s children,” Andrew Nixon, the spokesman, said.
The CDC used to recommend that all children, except for those younger than 6 months, receive a COVID-19 vaccine.
In May, under orders from Health Secretary Robert F. Kennedy Jr., the CDC stopped recommending the vaccine for healthy children and pregnant women.
The CDC’s schedule currently states that children with moderately or severely compromised immune systems should receive a vaccine, even if they’ve been vaccinated before.
Children who do not have weakened immune systems “may receive COVID-19 vaccination, informed by the clinical judgment of a healthcare provider and personal preference and circumstances,” the schedule states.
“There’s no evidence healthy kids need it today, and most countries have stopped recommending it for children,” Food and Drug Administration Commissioner Dr. Marty Makary said when the schedule was changed.
Many countries, including the UK and Australia, no longer recommend COVID-19 vaccines for most or all children.
The AAP, which previously recommended COVID-19 vaccination for all children 6 months and older, now advises the vaccine for people ages 2 to 18 who meet one of four criteria: they are at high risk of severe illness, live in crowded settings such as long-term care facilities, have never been vaccinated against COVID-19, or live with someone at high risk.
Children who do not fall into any of those categories are not advised to receive a COVID-19 vaccine. At the same time, if a parent or guardian wishes, the child “should be offered” a single dose, according to the recommendations.
“The AAP will continue to provide recommendations for immunizations that are rooted in science and are in the best interest of the health of infants, children and adolescents,” Dr. Susan Kressly, AAP’s president, said in a statement.
AAP has about 67,000 members, including pediatricians, in the United States and other countries. Its funders include Pfizer and Moderna, which manufacture two of the three COVID-19 vaccines available in the United States.
Insurance Coverage
After the government narrowed its recommendations for COVID-19 vaccines, the AAP and some other organizations said they were worried that insurers would stop covering vaccines for children and pregnant women.
Many insurers, as well as Medicaid and Medicare, are required to cover vaccines in the CDC’s schedule.
“As we navigate an evolving health care landscape, maintaining robust immunization coverage continues to be a top priority for protecting both individual and community health,” AHIP, a trade group for insurers, said in a joint statement after the COVID-19 vaccine recommendations were changed.
“We are committed to ongoing coverage of vaccines to ensure access and affordability for this respiratory virus season. We encourage all Americans to talk to their health care provider about vaccines.”
Kressly said on Tuesday that the AAP is urging insurers to cover the vaccines in the organization’s schedule.
“AAP is committed to working with our partners at the local, state and federal levels to make sure every child, in every community has access to vaccines,” she said.
Some states have maintained universal COVID-19 vaccine recommendations.
Other critics of the CDC’s updated schedule also plan on releasing their own recommendations.
The American College of Obstetricians and Gynecologists, for instance, said it will release recommendations on maternal immunizations at the end of the summer in collaboration with the Vaccine Integrity Project, an effort established this year by the University of Minnesota’s Center for Infectious Disease Research and Policy and led by Dr. Michael Osterholm, a former adviser to President Joe Biden.
The project has a presentation scheduled for Aug. 19 titled “From Data to Decisions: The Evidence Base for 2025 Fall/Winter Immunizations.”
Influenza Recommendations
The AAP’s recommendations largely align with the CDC’s recommendations when it comes to influenza vaccination.
Both advise one or two doses annually starting at 6 months of age, with a transition to one dose annually starting around age 11.
The CDC, though, only recommends influenza vaccines that are free of thimerosal, a mercury-based preservative.
The CDC’s vaccine advisory committee told the agency over the summer it should issue a recommendation against thimerosal-containing flu vaccines. Kennedy accepted the recommendation in July.
Advisers and Kennedy said they wanted to act to prevent mercury accumulation in children. Studies have found links between thimerosal and health problems, such as a paper that found an association between thimerosal exposure and tics.
The AAP was among the groups that opposed the move, stating that there were no health concerns with the amount of mercury present in the vaccines.
The organization said in a policy statement that it recommends “any licensed influenza vaccine product appropriate for age and health status and does not prefer one product over another.” It said that “influenza vaccination should not be delayed to obtain a specific product, including a thimerosal-free product.”
MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, August 11-18, 2025
Actors Danielle Spencer (C), Tristan Rogers (C); producers Elon Dershowitz, Michael Klick; TV writer Michael Sloan; author Greg Iles (C); bodybuilders Craig Licker, Hayley McNeff (37); & more
| Mark Crispin MillerAug 20 |
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 (110)
Dr. Danielle Spencer, child star of ’70s sitcom ‘What’s Happening!!,’ dead at 60
August 12, 2025
Dr. Danielle Spencer, best known for her role as Dee Thomas on the 1970s sitcom What’s Happening!!, has died at age 60. Her passing was announced on social media by her longtime friend and co-star Haywood Nelson, who played Dwayne Nelson on the series. According to Nelson’s post, Spencer died Monday following a “long battle with cancer.” While she will be fondly remembered for her work on What’s Happening!! and its 1980s sequel What’s Happening Now!!, Spencer went on to build a career as a veterinarian, dedicating her life to caring for animals.
Tristan Rogers, longtime ‘General Hospital’ star, dies at 79 after battle with lung cancer
August 15, 2025
Tristan Rogers, the actor whose career spanned decades and was marked by his well-known portrayal of Robert Scorpio on ABC’s daytime television soap opera “General Hospital,” has died. He was 79. Rogers’ death was confirmed by his longtime manager, Meryl Soodak, who told ABC7 entertainment reporter George Pennacchio that the actor passed away Friday morning after a battle with lung cancer. Soodak noted that Rogers had never been a smoker.
Researcher’s Note – Tristan Rogers was working in Hollywood between 2021-2023: Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023: Link
See our earlier post, The toll of "vaccination" inside "General Hospital", from earlier this year:
News from Underground by Mark Crispin Miller
The toll of “vaccination” inside “General Hospital”
Further indications of the global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers…
5 months ago · 223 likes · 18 comments · Mark Crispin Miller
Elon Dershowitz, Film Producer and Son of Famed Lawyer, Dies at 64
August 18, 2025
Elon Dershowitz, the film and podcast producer whose career spanned Hollywood cinema, television, and digital media, died on Aug. 17 at the age of 64. The cause was a stroke, his family confirmed. The son of prominent attorney Alan Dershowitz, Elon carved out his own creative path in the entertainment world, with credits that bridged critically acclaimed films, sports documentaries, and new media ventures. His generosity extended beyond his life; he donated his organs, giving families he never met the gift of more time with their loved ones. Funeral services will be held Tuesday in New York City.
Michael Klick Dies: Emmy-Winning Producer From ‘Homeland’ & ‘24′ Was 77
August 11, 2025
Michael Klick, an Emmy-winning producer on Homeland and 24, died August 10 at his home in Los Angeles [CA]. He was 77. His death was announced on Facebook by his daughter, Caitlin Hoey-Klick. “My dad, Michael Klick, passed peacefully in his sleep,” she wrote. “So many people knew him as Klick, or Mike or Michael, but my favorite title of his was Caitlin’s dad. He was my world. My mom and I are in utter shock.”
No cause of death reported.
Michael Sloan, veteran TV writer-producer behind The Equalizer, dies at 78
August 16, 2025
Veteran TV writer-producer Michael Sloan died on August 13, 2025. Sloan was the co-creator of the popular 1985 action drama series The Equalizer with Richard Lindheim. While the family did not reveal the cause of death, they did share that the 78-year-old veteran writer died peacefully.
Natchez author Greg Iles succumbs to cancer at 65
August 16, 2025
Mississippi lost one of its most successful contemporary authors on Friday with the passing of Greg Iles at age 65. Iles, a Natchez native who wrote 17 novels, died around 5 a.m. after a decades’ long battle with multiple myeloma, an incurable blood cancer. Iles informed readers in early 2024 that he had cancer and would soon be undergoing a stem cell transplant. In a public letter, he revealed his diagnosis first came in 1996, but he had been living as “one of the luckiest patients alive.” “Two years ago, however, my extraordinary run of luck ran out, and myeloma ‘switched on.’ I nearly died before I was even aware that the disease had reawakened.”
Researcher’s Note – Greg Iles reposted Neil Stone @DrNeilStone: RFK Junior thinks there’s conclusive proof ivermectin works for Covid but there isn’t enough evidence for vaccines [sic]. He uses long words and sounds convincing. But he has no idea what he is talking about: Link
Two bodybuilders “died suddenly”:
Pro Bodybuilder Craig Licker Has Passed Away at 57 Years Old
August 15, 2025
Former IFBB Pro bodybuilder Craig Licker passed away at 57 years old. Ron Harris, who first reported the news, claims there is no cause of death revealed at the time. Licker was a successful bodybuilder during his competitive years before continuing to work in the fitness world after his days on stage ended. After his career on stage, Craig Licker began working as a salesman in New England for Species Nutrition, where he became one of the top in the industry in 2012-13. Palumbo shared that Licker was also a fanatic of BMWs and enjoyed upgrading his own while discussing cars often.
Champion bodybuilder dies at 37, as sport mourns seventh sudden death in six months
August 14, 2025
Champion bodybuilder Hayley McNeff has passed away at the age of 37, becoming the seventh bodybuilder to pass away within the past six months. McNeff, a native of Concord, Massachusetts, passed away on August 8 – but tributes didn’t start pouring in until Wednesday. Her cause of death has not yet been disclosed, but her obituary says her passing was ‘unexpected but peaceful’.
WWA Alumnus “The Great Wojo” Passes Away
August 14, 2025
Gregory Wojciechowski, the US Olympic wrestler who competed professionally in the Mid-West as the Great Wojo, has passed away. The Toledo Blade reports that Wojciechowski passed away after cardiac issues. He was 73 years old.
DeLaSalle star Derreck Robinson, who played at Iowa and in the NFL, dies at 43
August 14, 2025
One of the best football players to come out of Minnesota this century recently died unexpectedly. Derreck Robinson, who starred on the gridiron at DeLaSalle High School and later played for the Iowa Hawkeyes and then with multiple teams in the National Football League, was 43 years old when he died in San Diego, California. His cause of death has not been revealed. The Hawkeyes reported in 2016 that Robinson was leaving in San Diego and working in real estate.
Record-Breaking Surfer Who Rode Waves for 14,642 Consecutive Days Over 40 Years Dies at 76
August 12, 2025
A surfer who dedicated his life to riding the ocean’s waves every day for more than four decades has died. Dale Webster was 76 years old, according to SFGate, The New York Times, and Surfer magazine. Webster, a Northern California native, was a “fixture at Sonoma County beaches” over the last 40 years, according to SFGate. Out of the water, the Times reported that Webster worked as a janitor at a local school. “He was a surfer, that was his main thing, that was his life ambition. I don’t think he ever second-guessed it,” close friend William Beal told SFGate this week. In recent years, Webster’s health took a turn for the worse, Beal told SFGate – although he and Webster’s daughter did not reveal what caused the surfing icon’s death, according to the local news site.
DR PAUL ALEXANDER
OZEMPIC & these GLP-1 agonists causing blindness? These fraud weight loss drugs that are really Type II diabetes drugs that drug makers cashing in on the secondary weight loss effect? that they have
not tested for safety as a weight loss drug? These semaglutides? Thank you Ginger Breggin for sharing this, huge praise to you! You and Dr. Peter Breggin remain heroes to me, real Freedom Fighters!
| Dr. Paul AlexanderAug 20 |
I have written many stacks on dangers of Ozempic and Wegovy etc. At your peril. Caveat Emptor.
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
SOURCE:
END
“COVID-19 Shot Killed My Father” Dr. Gina Loudon’s Shocking Statement on National TV; listen to this interview by McCullough and Dr. Loudon as to her beliefs on the deadliness of the Malone mRNA shot
great interview by McCullough here…it again underscores the danger of the Pfizer Moderna BioNTech mRNA platform by Malone Bourla Bancel Weissman Sahin et al. beware, never touch it! no more!
| Dr. Paul AlexanderAug 20 |
I ask McCullough to make these types of interviews that are so riveting and informative available even to his non-paid subscribers. There is too much PSA here to remain PAID. Even for a 24-hour period then paywall it again. Thank you Sir, for all you do. We are friends, started the anti-vaccine fight together and the fight against the fraud of COVID etc. and I know personally your sacrifices and losses waging. You remain sage and mentor.
‘By Peter A. McCullough, MD, MPH
Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
While I imagine Dr. Gina Loudon has told her father’s story publicly, many were shocked this week when she said she believes the COVID-19 vaccine killed her father. While details were not given, Loudon points out that many Americans have never heard of any safety problems with the novel vaccines. Please listen to this brief clip from Real America’s Voice, American Sunrise, August 12, 2025.’
“COVID-19 Shot Killed My Father”
___
NEWS ADDICTS
NEWSWIZE
EVOL NEWS
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
WTI Holds Gains After Biggest Crude Draw In Over 2 Months, US Production Rises
by Tyler Durden
Wednesday, Aug 20, 2025 – 10:38 AM
Oil prices are higher this morning, bucking a broadly risk-off sentiment across markets, following API’s report overnight showing US crude stockpiles declined last week, while traders assessed negotiations to end Russia’s war against Ukraine.
“Focus is gradually shifting back towards fundamentals,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management.
Declining US inventories in EIA data later “could lend support, as many fear a significant inventory build in the coming quarters.”
The drop shows summer demand remains solid even as supply is on the rise.
Investors are watching on progress toward a ceasefire between Russia and Ukraine following a series of high-level talks brokered by President Donald Trump.
“The latest series of meetings aimed at brokering peace in Ukraine was also weighed by financial markets, but had a more pronounced impact on oil. Intense talks about ending hostilities, however elusive, raised the spectre of Russia re-entering the international market. That was until overnight, as Russia, based on comments from its foreign minister, appears less than enthusiastic about a meeting with the Ukrainian leader, a prerequisite for any potential peace,” PVM Oil Associates noted.
Any eventual peace deal could lead to fewer restrictions on Russia’s crude exports, although Moscow has largely kept its oil flowing despite an array of sanctions.
API
- Crude -2.4mm (-1.2mm exp)
- Cushing
- Gasoline +1mm
- Distillates +500k
DOE
- Crude -6.01mm (biggest draw since June)
- Cushing +419k
- Gasoline -2.72mm
- Distillates +2.34mm
Official data confirmed API’s reported drawdown in crude stocks (but far larger at over 6mm barrels – the biggest draw since the start of June). Stocks at the Cushing Hub rose for the 7th straight week while Gasoline inventories fell for the 5th straight week…
Source: Bloomberg
Despite another 223k barrel addition to the SPR, total US crude commercial stocks fell significantly…
Source: Bloomberg
US Crude production edged higher as the rig count stabilized its declining trend…
Source: Bloomberg
WTI is holding gains after the big crude draw…
Source: Bloomberg
The longer-term outlook for the oil market looks bearish, with expectations for a glut later in 2025 as OPEC+ returns barrels and as Trump’s trade policies spark concerns about demand. Futures are down more than 10% this year.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
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: 1.1645 UP 0.0004 PTS OR 4 BASIS POINTS
USA/ YEN 147.44 DOWN 0.327 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 1.3504 UP .0004 OR 4 BASIS PTS
USA/CAN DOLLAR: 1.3869 DOWN 0.00(09CDN DOLLAR UP 9 BASIS PTS)
Last night Shanghai COMPOSITE UP 38.92PTS OR 1.04%
Hang Seng CLOSED UP 68,29PTS OR 0.27%
AUSTRALIA CLOSED UP 0.04%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 68.92 PTS OR 1.02%
/SHANGHAI CLOSED UP 38.92 PTS OR 1.02%
AUSTRALIA BOURSE CLOSED UP 0.04 %
(Nikkei (Japan) CLOSED DOWN 657.74 PTS OR 1,51%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3325.20
silver:$37.20
USA dollar index early WEDNESDAY morning: 98.14 UP 2 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.126% down 3 in basis point(s) yield
JAPANESE BOND YIELD: +1.611% UP 2 FULL POINTS AND 10/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.296 DOWN 3 in basis points yield
ITALIAN 10 YR BOND YIELD 3.5555 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.716 DOWN 3 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 1.1658 UP 0.0017 OR 17 basis points
USA/Japan: 147,23 DOWN 0.505 OR YEN IS UP 51 BASIS PTS//
Great Britain 10 YR RATE 4.684 DOWN 6 BASIS POINTS //
Canadian dollar UP .0001 OR 1 BASIS pts to 1.3866
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.1758 CNY ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.1816
TURKISH LIRA: 40.93 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.613
Your closing 10 yr US bond yield DOWN 1 in basis points from TUESDAY at 4.296% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.898 DOWN 1 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.737 DOWN 2 BASIS PTS.
GOLD AT 11;00 AM 3344.20
SILVER AT 11;00: 37.71
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 98.92 PTS OR 1.08%
GERMAN DAX: DOWN 140.10 pts or 0.60%
FRANCE: CLOSED DOWN 6.05 pts or 0.08%
Spain IBEX CLOSED DOWN 11.70 pts or 0.08%
Italian MIB: CLOSED DOWN 156.41 or 0.36%
WTI Oil price 63.19 11.00 EST/
Brent Oil: 66.43 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 80.65 ROUBLE UP 0 AND 12/ 100
CDN 10 YEAR RATE: 3.457 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 2.971 DOWN 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1656 UP 0.0015 OR 15 BASIS POINTS//
British Pound: 1.3453 DOWN .0053 OR 53 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.6740 DOWN 6 FULL BASIS PTS//
JAPAN 10 YR YIELD: 1.612 UP 1.2 FULL BASIS PTS
USA dollar vs Japanese Yen: 147.27 DOWN 0.468 BASIS PTS
USA dollar vs Canadian dollar: 1.3865 UP 0.0000 BASIS PTS// CDN DOLLAR DOWN 0 BASIS PTS
West Texas intermediate oil: 63.14
Brent OIL: 67.02
USA 10 yr bond yield DOWN 2 BASIS pts to 4.289
USA 30 yr bond yield DOWN 1 PTS to 4.890%
USA 2 YR BOND: DOWN 1 PTS AT 3.744%
CDN 10 YR RATE 3.442 DOWN 0 BASIS PTS
CDN 5 YEAR RATE: 2.960 DOWN 1 BASIS PTS
USA dollar index: 98.13 UP 10 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 40.92 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 80714 UP 0 AND 6/100 roubles //
GOLD $3348.85 (3:30 PM)
SILVER: 37.89 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 16.04 OR .036%
NASDAQ 100 DOWN 135.20 PTS OR 0.58%
VOLATILITY INDEX: 15.93 UP 0.06 OR 0.039%
GLD: $ 308.36 UP 3.09 PTS OR 1.65%
SLV/ $34.83 UP 1.65 PTS OR OR 3.34%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 83.98 PTS OR 0.30%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Gold Gains As V-Shaped Recovery Puts Lipstick On Otherwise Pig Of A Day For Stocks
Wednesday, Aug 20, 2025 – 08:00 PM
US equities traded lower again on Wednesday, as investors leaned into areas of relative safety and out of Tech, Consumer Discretionary, and Communication Services stocks. However, there was a V-shaped recovery that began shortly before Europe closed that put some much-needed lipstick on an otherwise pig of a day. The Dow outperformed (trading in an incredibly narrow closing range for the last 6 days – 44922, 44911, 44946, 44912, 44922, 44938) while Nasdaq lagged (and Mag7 was down again). Selling pressure hit in the last minute…
There was a kneejerk reaction lower in stocks (and higher in bond yields) on the hawkish FOMC Minutes but dip-buyers in stocks were not going to be put off…
Source: Bloomberg
But BTFD was back for momo…
Source: Bloomberg
…and retail favorites…
Source: Bloomberg
Mag7 stocks were still down on the day (down 4th day in a row)…
Source: Bloomberg
VIXperation slammed the fear index back above 17 after the cash equity open…
Source: Bloomberg
But, don’t forget Friday is the vol event of the week (and NVDA next week)…
Source: Bloomberg
Treasury yields ended lower (1-3bps) across the curve today (but saw the same optical V-shape). The belly (5-10Y) outperformed very modestly pulling the whole curve lower in yield on the week…
Source: Bloomberg
The dollar drifted back lower today
Source: Bloomberg
Gold dip-buyers also stepped in today…
Source: Bloomberg
With the barbarous relic bouncing perfectly off its 100DMA and testing up to its 50DMA…
Source: Bloomberg
Oil bounced back today on the heels of a big crude inventory draw (and some chatter that played down Russia-Ukraine talks)…
Source: Bloomberg
Bitcoin rallied back modestly today, back above $114k)…
Source: Bloomberg
But Ethereum strongly outperformed…
Source: Bloomberg
Finally, as great as July seasonality has proven to be (NDX up 17 of 18 years in the month of July), September has proven to be a trickier month for markets…
So while JPMorgan traders are still gung ho for ‘BTFD’, Goldman’s trading desk leans into using cheap gamma to hedge ahead of a headache to come.
USA DATA RELEASES
USA ECONOMIC COMMENTARIES/NEWS
What Is The Democrats’ Endgame?
Tuesday, Aug 19, 2025 – 11:25 PM
Authored by Kurt Schlichter via Townhall.com,
Americans are more divided than we have been since the first time the Democrats started and lost a civil war, with every norm being tossed out and every legitimate exercise of lawfully attained power by us normals being shamelessly obstructed. The left rejects the idea that patriotic Americans have any moral right to participate in their own governance, to pursue their own interests, or to assert their own rights. To them,we are nothing but thralls, tax-generating slaves who must feed them, fuel them, fight for them, and obey their commands while meekly accepting their calumny.
They are delusional. Things aren’t going to work out that way.
But things are going to work out some way, and you have to wonder what their endgame is. After all, the Democratic Party, which is entirely indistinguishable from the left, refuses to accept the legitimacy of Donald Trump or any of us and is doing everything it can to prevent us from exercising any self-governance. That specifically and notably includes enforcing laws that were passed through the proverbial Schoolhouse Rock “I’m Just a Bill” process. It’s not much of a democracy if democratically enacted laws are not enforced. We have very clear laws on illegal immigration, yet they’re doing everything they can, formally and informally, to prevent us from enforcing them to get rid of the millions of invaders they allowed into the country without our permission. We have very clear laws on racial discrimination, yet they’re doing everything they can, formally and informally, to prevent us from enforcing them, particularly when they might benefit people of pallor. We have very clear laws on crime, yet they’re doing everything they can, formally and informally, to prevent us from enforcing them to make our cities safe, like in Washington DC, where they’re perfectly happy to sacrifice hundreds of black lives, and a few white ones, to make sure Trump doesn’t score a victory by making that urban cesspool habitable again.
Our government is gridlocked. We no longer even try to pass laws, thanks to the filibuster. You need 60 senators, and we only have about 51, 53 if you count Murkowski and McConnell, and there’s no real reason to do that. The only action coming out of Congress is the rare reconciliation bill, along with some investigations. Most of what’s happening is executive orders and a re-ordering of government priorities at the hands of Donald Trump. That’s important, and that’s something, but this all has the feeling of a jury-rigged contraption that’s barely held together with duct tape and spit rather than the kind of functional, balanced government the Founders envisioned.
What can’t go on won’t go on, and this can’t go on. You can’t have half of America denying that the other half of America has any kind of moral right to participate in Our Democracy, and believing that the other side is so morally flawed, so obviously literally fascist in its love of attractive women, blue jeans, law and order, and not being discriminated against because its ancestors came from Europe, that to even consider their interests or rights is to embrace Hitler.
The critical question is what the Dems think is going to happen. As noted, this is not going to remain the status quo forever. This is unsustainable. But do they believe that, if they hold their breath long enough, until their faces turn as blue as the Democrat enclaves on the election maps, we will just give up, and then they win?
Will we just give up, shrug our shoulders, and decide to allow them to do whatever the hell they want? OK, here you go, here’s our hard-earned money to give to your deadbeat constituents and to launder to communist NGOs and your billionaire donors. Here you go, here are all our guns. We know how much you hate us having those. We’re not worried about what inevitably happens to people who disarm themselves. And we’ll just shut up now and not exercise free speech by pointing out how corrupt, stupid, venal, and ridiculous you and your ilk are. England can show us the way – if somebody hops on X (assuming it still operates after Elon Musk gets arrested for whatever made-up crime they make up) and points out that a dude with a penis can never be a woman, here comes the SWAT team! And we’ll just let you guys gerrymander your hearts out in the blue states, but we will make sure that every Jasmine Crockett-like borderline clinical moron in some bluish part of a red state gets a safe district. And we will stop expecting to have a say in everything, because of course, we’re not qualified to have a say in anything. We’re not qualified to raise our own kids. We’re not qualified to decide what injections we get. We’re not qualified to opine on weather policy, so take out cars, trucks and steaks. We’re certainly not qualified to decide whether or not we want tens of millions of Third World peasants invading our country and turning it into the kind of hellhole they fled from. So, yeah, you’re good. You pinkos take over and handle things. We’ll be here, ready to take your abuse, take the blame for anything that ever goes wrong, and obey all your commands.
But if you believe that, you’re gobbling more of your SSRIs and washing them down with more oaky Chardonnay than usual.
Surrender is not going to happen. We’re just not going to give up on this whole citizenship and freedom thing because you’re big mad that we demand respect and a say. Now, the left may have some hope that, once Trump goes away, the Republicans are devolve back to the old days of gentlemanly managing the decline as the ratchet of leftist advances keeps clicking forward, never to be pushed back again.
But that isn’t going to happen. The crusty, impotent Republican Party is dead. It’s been killed in a murder/suicide in the sense that it killed itself while its opponents were killing it. That feeble, feminine Republican Party is gone, and it’s not coming back. So, the question is, “What are the Democrats going to do?” If history’s any judge, and it’s the best judge there is, they’re going to turn harder to the left. They did after Hubert Humphrey lost in ’68, and they did after Jimmy Carter lost in ’80. Their answer to a relative moderate losing is always to go harder left and get their butts punted through the goal posts of electoral history. They will certainly try that again in 2028 and likely lose.
But their loss isn’t guaranteed. They could win. As we’ve seen, starting with Trump in 2016, anyone on a major ticket can win the presidency. And if they do, they’re going to do everything they possibly can to make sure they never lose power again. We’ve seen that the rules don’t matter. We’ve seen that the norms don’t matter. We’ve seen that the Constitution doesn’t matter. They, like the rest of the Western world’s ruling class, will abandon the mechanics of democracy, even as they claim to be protecting Our Democracy, in order to solidify their grip on power. And that’s very, very dangerous.
That’s dangerous because we’re not going to ever be serfs. Our opponents on the left are evil, corrupt, and stupid, a flock of dumb people who think they’re smart but know nothing of history or human nature. They will push and push and push, not understanding that when you push somebody, he pushes back, mostly because they grew up in feminized schools where you don’t hit back. But we hit back. We’re not them. We’re not just going to take it if they dish it out.
I write about this in my new novel, American Apocalypse: The Second American Civil War, out now. In it, through bad luck and assassinations – don’t put it past them giving it another good old college try – the left takes power and promptly decides it’s never giving it up again. And then things explode, and it’s very, very bad. We want to avoid that, but we want to avoid being enslaved even more. Better to die on a pile of brass than on your knees, piteously begging some blue-haired commissar for mercy.
But the question remains: how does America get out of this? It’s not for us, the patriots, to get out of. We have a right to pursue our interests through the use of lawfully won political power; we did not waive our right to do so just because we elected generations of Republicans who refused to do so. No, this is a time for reflection by the Democrats. They need to figure out what they’re going to do. If they keep going to the left, even as they demonize the other half of America, it’s going to end badly for everyone, but even worse for them. That’s not a threat. That’s reality.
After the disaster that was leftist George McGovern, the Democrats found a winner in a relative moderate, Jimmy Carter. After losing with leftists Walter Mondale and Michael Dukakis, they found a winner in another relative moderate, Bill Clinton. They could do that again in 2032, after JD Vance wipes them out in 2028, but there’s a difference this time. This isn’t just politics for them. This is a pagan religion. They don’t think that we’re merely dumb. They think that we’re evil, and that our evil heresy of not being afraid of the weather, loving America, and having normal gender identities makes us the Huguenots, and they’re the French. But we won’t be massacred so easily.
As Bismarck once observed, “There is a Providence that protects idiots, drunkards, children, and the United States of America.” Hopefully, we will find a way through this impasse, but make no mistake about the danger. Right now, half of America considers the rights and participation in our government and society of the other half of America to be absolutely illegitimate. That is unsustainable. They need to get it through their heads. We are not going to be ruled by them. We are not going to be second-class citizens. We are not going to be serfs.
The Democrats better figure out their endgame, because it isn’t going to end with us giving up and forfeiting the game.
END
She Thought That Her Computer Science Degree Would Get Her A Six Figure Job – Instead It Got Her An Interview With Chipotle
Wednesday, Aug 20, 2025 – 02:25 PM
Authored by Michael Snyder via The Economic Collapse blog,
If you recently graduated from college, good luck trying to find a decent job. What we are experiencing right now reminds me so much of the early 1990s. If you were a new college graduate in those days, it was extremely difficult to even get an interview for a good job. Sadly, we are now entering a very similar environment. There is enormous competition for any good job that is available, and mass layoffs are occurring all over the nation. In fact, through the first 7 months of this year the number of job cut announcements in the U.S. was 75 percent higher than it was during the first 7 months of 2024.
I am not here to give people the Pollyanna version of what is going on. I am here to give people the truth.
21-year-old Manasi Mishra believed that if she worked really hard and got a computer science degree she would be able to get a six figure job at a big tech company.
Instead, the only thing her computer science degree has gotten her is an interview with Chipotle…
Aspiring computer scientists are sinking in a job market overtaken by AI, as a recent graduate who expected to make six figures could only land an interview at Chipotle.
Manasi Mishra, 21, was under the impression that if she worked hard in school and mastered coding, she’d have a prestigious tech job with a cushy salary lined up straight from college.
‘The rhetoric was, if you just learned to code, work hard and get a computer science degree, you can get six figures for your starting salary,’ the San Roman, California native told The New York Times.
In case you are wondering, she did not actually get the job with Chipotle…
To her dismay, she did not secure the job.
‘Of course, the year I graduate is the year the tech industry goes downhill,’ she elaborated in the ‘get ready with me’ video.
If even the tech industry is going “downhill”, what does that say about the state of the overall economy?
At one time, it was fairly easy to get hired by Microsoft if you had certain skills.
But this year Microsoft has conducted multiple rounds of layoffs. At this stage, the total number of workers that have been laid off has surpassed the 15,000 mark…
Microsoft has laid off over 15,000 people so far in 2025. The stress of the belt-tightening has gotten to CEO Satya Nadella.
“Before anything else, I want to speak to what’s been weighing heavily on me, and what I know many of you are thinking about: the recent job eliminations,” Nadella wrote in a memo to employees Thursday.
It would be difficult to overstate just how dramatically the environment has shifted.
Young people that are searching for jobs are running into closed door after closed door, and as a result many of them are experiencing financial difficulties.
According to Fox Business, “nearly 10% of credit card balances held by Americans aged 18-29 became 90 or more days overdue in the second quarter”…
Young Americans continued to make up the largest share of those transitioning into credit card delinquency in the second quarter, according to a report released by the New York Federal Reserve.
Despite ticking down slightly from the previous quarter, the report showed that nearly 10% of credit card balances held by Americans aged 18-29 became 90 or more days overdue in the second quarter.
New York Fed researchers said credit card delinquency rates for Americans under 40 have been “unusually elevated,” adding they are keeping a “close eye” on the trend.
Credit card companies are going to become much more stingy in extending credit to young adults.
As you can imagine, that will not be good for our economy at all.
But this is the environment that we live in now.
One recent survey discovered that 62 percent of Gen Z adults “have no emergency savings at all”…
Your car breaks down on a Tuesday morning, and the repair bill comes to $500. If you’re part of Generation Z, there’s a good chance you have nothing set aside to cover it. A new survey from Credit One Bank reveals that 62% of Gen Z have no emergency savings at all, nearly double the rate of baby boomers. There’s a very clear widening gap in financial preparedness happening between generations.
Let that sink in.
Nearly two-thirds of an entire generation of Americans is living on the edge.
There will be some that will argue that they should just toughen up and take whatever they can get.
In the old days, if times were tough you could at least get a job as a delivery driver.
But now UPS is trying to rapidly shed existing workers by offering them buyouts…
The undertaking, called the Driver Voluntary Separation Program, is the first in UPS’ history for delivery drivers. The financial incentive available through the program is in addition to earned retirement benefits like pension and healthcare, per UPS.
Word of the program spread on July 3, when the International Brotherhood of Teamsters union said UPS’ buyout plan was in motion. The Teamsters represent more than 300,000 UPS employees under a five-year contract reached in 2023.
Drivers that have literally been with UPS for decades are being encouraged to leave so that the company can cut labor costs…
About 85% of UPS drivers are at the top end of the pay scale. Those who have 25 to 40 years of service would be the most likely candidates to accept the buyout package, Nando Cesarone, president of the U.S. region and UPS Airlines, told analysts on the call.
UPS is offering $1,800 per year of service, with a minimum payout of $10,000. A driver with 27 years of experience would receive a $48,600 buyout, according to the offer sheet.
I wouldn’t want to be a new college graduate today.
If you get stuck in a bad job that is not in your field, it can permanently wreck your career.
I have seen it happen way too many times.
But getting hired for a good job has become an extremely challenging task.
In fact, one recent survey found that more than 60 percent of all Americans believe that it has “become more difficult to find a good paying job”…
According to the poll, more than six out of 10 Americans said it had become more difficult to find a good paying job, buy a home and afford childcare.
More than four out of five Americans, 83%, said they were concerned about the cost of groceries, with 46% saying they were very concerned. Some 47% said they were worried about being able to pay their rent or mortgage, 64% said they were worried about affording an unexpected medical expense.
It is time to face the truth.
We really are in the midst of a substantial economic downturn that has been going on for quite some time.
Needless to say, I believe that the difficult times that we are experiencing now are not even worth comparing to what is eventually coming.
So we are all going to have to adjust our plans and our expectations.
The system that we have all depended upon for so long is failing, and we all need to start becoming a lot more self-sufficient.
END
Big Mac Price Cuts Signal McDonald’s Return To Value As QSR Battles Intensify
Wednesday, Aug 20, 2025 – 02:40 PM
The era of $18 Big Macs, which we called “Mcflation,” ignited during the Biden-Harris regime years of generational-high inflation fueled by out-of-control green spending, looks to be ending.
A new internal memo obtained by The Wall Street Journal shows McDonald’s will slash combo meal prices to drive increased foot traffic and restore its reputation as an affordable burger chain after the $18 Big Mac price shocked working-class and middle-class customers during the Biden-Harris years.
The burger chain will slash the price of eight combo meals by 15% and launch $5 breakfast and $8 Big Mac and McNugget specials later in the second half of the year. The new marketing campaign, focused on affordability, will be branded as “Extra Value Meals.”
“Customers are telling us they need more of the everyday value and affordability that defines the McDonald’s brand,” said Joe Erlinger, head of McDonald’s U.S. business, in an internal memo.
McDonald’s told restaurant operators that it would subsidize them if they lost money under the new price strategy. The chain and operators will both contribute funds to advertising campaigns.
Here’s why this new pricing strategy matters:
- McDonald’s is trying to repair its affordability image as cash-strapped consumers dial back fast food spending.
- U.S. restaurant traffic is down 1.7% this year, and fast-food traffic specifically is off 2.7%.
- While U.S. same-store sales grew last quarter, customer counts fell short of expectations.
McDonald’s has spent the better part of a year rolling out new value menu items as price hikes in recent years shocked low-income consumers.
Earlier this month, the company’s CFO highlighted one alarming trend among working-poor customers: they are “skipping a daypart like breakfast, trading down within our menu, or opting to eat at home.”
In a note to clients, UBS analyst Dennis Geiger highlighted the widening gap between food away from home and food at home; in other words, eating at home is getting much cheaper.
The point here is that McDonald’s is supercharging its value-driven strategy after more than a year of offering value meals, a move that will only spark continued price wars among rivals across the quick-serve restaurant space.
END
VICTOR DAVIS HANSON:
USA NEWS/ANTISEMITISM
KING NEWs
| The King Report August 20, 2025 Issue 7559 | Independent View of the News |
| MIT report: 95% of generative AI pilots at companies are failing The GenAI Divide: State of AI in Business 2025, a new report published by MIT’s NANDA initiative, reveals that while generative AI holds promise for enterprises, most initiatives to drive rapid revenue growth are falling flat. Despite the rush to integrate powerful new models, about 5% of AI pilot programs achieve rapid revenue acceleration; the vast majority stall, delivering little to no measurable impact on P&L… for 95% of companies in the dataset, generative AI implementation is falling short… https://fortune.com/2025/08/18/mit-report-95-percent-generative-ai-pilots-at-companies-failing-cfo/ Over the past week or so, we have warned that AI is not producing the desired results and is in fact producing too many delusions. We have also posted stories about the failures. Intel gets $2 billion lifeline in the form of SoftBank equity investment https://www.reuters.com/business/media-telecom/intel-gets-2-billion-lifeline-form-softbank-equity-investment-2025-08-19/ Intel rallied as much as 12.2% on Tuesday. The NY Fang+ Index declined sharply during the first hour of NYSE trading (-1.6% at 10:39 ET). Netflix (-3.83% at the time), Broadcom (-3.73%), Nvidia (-2.1%), and Meta (-.18%) led the decline. The DJIA (+290) and DJTA (+380) rallied briskly during the first hour of trading. Ergo, one can surmise that a valuation rotation appeared: out of absurdly priced trading sardines and into industrial companies. The DJIA hit its daily high of 45207.39 (+295.57) at 10:34 ET. It sank to a negative reading at 11:51 ET. The DJTA hit its daily high of 16,507.88 (+381.67) at 10:38 ET. It fell to 15,888.29 at 11:54 ET. Land transportation stocks led the rally. JB Hunt (rallied as much as 5.1%) led the transport rally. ESUs traded modestly higher after the Nikkei opening but quickly reversed into a relentless decline that took the S&P 500 September Emini futures to 6454.50 at 1:38 ET. ESUs bounced to 6469.00 at 5:22 ET and then performed an A-B-C decline to 6454.75 at the NYSE opening. NYSE opening buying lifted ESUs to 4676.59 at 10:02 ET. Stocks then rolled (see above); so, traders unloaded ESUs. This was the rare occurrence of stocks leading ESUs lower. Usually, ESUs lead stocks up and down. ESUS sank to a daily low of 6422.50 at 13:07 ET. After a rebound to 6435.75 at 13:38 ET, ESUs declined, but made a double bottom of 6422.50 at 14:04 ET. After a modest bounce, ESUs fell to a new low of 6419.25 at 15:01 ET. A labored last-hour rally got a boost when a late manipulation pushed ESUs to 6436.50 at 16:01 ET. @JaguarAnalytics: Palantir down -16% in 5 days but look at the bright side. You can now buy the equity at a discount at 93x forward sales. Nvidia developing more powerful AI chip to sell in China: report It’s unknown whether Nvidia would receive regulatory approval for the sale of these chips, as there are still strong national security concerns around handing China a lead in the AI race… https://trib.al/MmqCk7D Home Depot warns it may raise prices because of Trump’s tariffs https://trib.al/ioDOuvA Positive aspects of previous session The DJTA and DJTA rallied sharply early in NYSE trading on apparent valuation buying. USUs were +18/32 at the NYSE close. Negative aspects of previous session Fangs got hammered on apparent valuation selling. NVDA closed -3.5%. Stocks sank after a first-hour rally. Precious metals declined moderately. Ambiguous aspects of previous session Is the AI bubble bursting? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6422.69 Previous session S&P 500 Index High/Low: 6456.48; 6400.22 Putin has proposed meeting with Zelenskyy in Moscow – AFP @GlobalMktObserv: The gap between retail and professional investors have rarely been greater: Mom-and-pop investors have purchased ~$190 billion in US equity ETFs so far in 2025. At the same time, institutional investors have sold ~$40 billion. Remarkable divergence. https://t.co/pjriiJlbFQ Intel’s $25 Billion Rally Sends Valuation to Dot-Com Levels (53X forward 12-mo. EPS)– BBG @realDonaldTrump: Could somebody please inform Jerome “Too Late” Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him. There is no Inflation (Bidenesque lie!!), and every sign is pointing to a major Rate Cut. “Too Late” is a disaster! Most Americans CANNOT afford houses because PE & HFs have been buying up homes in bulk! The more DJT tries to bully Powell, the more Jerome should resist. If Powell had the stones, he’d publicly rebuke Trump with facts about inflation, housing market dynamics, the dollar, and the equity bubble! If rates are cut and more buyers enter the housing market, guess what happens to house prices? @Scutty: Trump would be better off unwinding qualified mortgage rules than attempting to manufacture a bid in long bonds. More he bullies Powell to cut at the short-end, the greater the risk it sends backend yields higher Treasury Sec. Bessent on Fox: “We’re planning to significantly boost economy in 4Q.” (run it hot!) Today – The huge risk is momentum selling could develop and burst the AI and Mag 7 Bubbles. Be prepared! We mentioned a week+ ago that there was a new dynamic in the equity markets: Persistent organic selling. On Tuesday, the selling was so persistent that it induced us to wonder if someone knows Powell’s Jackson Hole speech will be more hawkish than desired. We expected action on Tuesday to be listless like on Monday. However, the MIT report induced aggressive selling of Fang/Mag 7 stocks and an apparent rotation into land transportation stocks. This valuation rotation has occurred repeatedly over the past few months. This implies that the actor or actors are serious, big-time investors that execute strategies carefully and intently. With only two days until Powell’s Jackson Hole Speech, professional traders, unless they possess inside info, are likely to remain cautious. The S&P 500 Index low (6400.22) on Tuesday is important support. Today is Settlement Day for August VIX options; yesterday was the last trading day for August VIX options. Be alert for manipulation to rig the 14:15 ET VIX Fix and a countermove after the fix. Expected Economic Data: FOMC Minutes July 30 14:00 ET; Fed Gov Waller 11:00 ET, Atlanta Fed Pres Bostic (once again is speaking) 15:00 ET. ESUs are -8.75; NQUs are -62.75 (Look out!); AU is -2.50; & USUs are -4/32 at 20:45 ET. S&P Index 50-day MA: 6146; 100-day MA: 5938; 150-day MA: 5929; 200-day MA: 5935 DJIA 50-day MA: 43,980; 100-day MA: 42,537; 150-day MA: 42,834; 200-day MA: 42,986 (Green is positive slope; Red is negative slope) S&P 500 Index (6411.37 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 6111.64 triggers a sell signal Daily: Trender is positive: MACD is negative – a close below 6336.88 triggers a sell signal Hourly: Trender and MACD are negative – a close above 6436.00 triggers a buy signal NY Post: Senior Justice Department officials were left befuddled by the sweeping pardons then-President Biden approved for thousands of convicts days before leaving office earlier this year — and rebuked the White House for falsely labeling the clemency recipients “nonviolent” offenders… https://nypost.com/2025/08/19/us-news/biden-doj-ripped-white-house-over-clemency-grant-to-non-violent-offenders/ NYT’s James Stewart: “Ms. Redstone said CBS personnel had told her that in October 2023, when Scott Pelley of “60 Minutes” interviewed President Joseph R. Biden Jr., the president had seemed drowsy and had to be prodded to answer.” On air, Mr. Pelley characterized Mr. Biden as seeming ‘tired.’” https://x.com/AlexThomp/status/1957789302919721283 Gabbard revokes security clearances for 37 former and current intelligence officials over Russiagate… including a former top aide to former President Barack Obama’s DNI James Clapper, abused public trust with their participation in the scandal… https://justthenews.com/government/security/gabbard-revokes-security-clearances-37-former-and-current-intelligence @joma_gc: Adam Schiff has formed the Senator Schiff Legal Defense Fund. He knows the preemptive pardon from the autopen he accepted has no validity. No one is above the law. https://x.com/joma_gc/status/1957912803009843428 Fox News: Chicago residents are calling the Obama Presidential Center a “monstrosity” and fear being displaced by gentrification. Construction costs have ballooned from $330M to $830M while the project faces criticism over its community impact. https://x.com/FoxNews/status/1957812871967949234 @TomFitton: Obama’s monument to himself is objectively ugly. https://t.co/M9Nl8B8MRj @_StephanieMyers: House Oversight Committee Chairman @JamesComer is launching an investigation into California’s high-speed rail boondoggle. The investigation will focus on the federal funding provided to the California High-Speed Rail Authority and whether it knowingly misrepresented the ridership projections and financial viability of the California High-Speed Rail Project to secure federal and state funds. Trump: “I want to try and get to heaven if possible. I hear I’m not doing well. I hear I’m really at the bottom of the totem pole. But if I can get to heaven, this [ending wars] will be one of the reasons.” @BuzzPatterson: Your friendly reminder: Bill Clinton was president when he forced Ukraine to eliminate their nuclear weapons. Obama was president when Russia invaded and took over Crimea. Biden was president and told Ukraine they’d get NATO membership. As a result, Russia invaded Ukraine again. Trump, as president, is negotiating the peace. Reuters: White House launches TikTok account with Trump saying ‘I am your voice’ (Bad idea!) https://www.reuters.com/world/us/white-house-launches-tiktok-account-with-trump-saying-i-am-your-voice-2025-08-19/ Ron DeSantis: “As governor of Florida, I get this great cheat code: All I gotta do is look to New York, Illinois, California, and then do the opposite.” https://x.com/DOGE__news/status/1957965807507350001 | |
SWAMP STORIES FOR YOU TONIGHT
Illegal Alien Influencer Who Allegedly Doxxed ICE Agents Arrested On Live Stream
Tuesday, Aug 19, 2025 – 04:40 PM
Chaos ensued during the arrest of illegal alien influencer Tatiana Martinez while she was live streaming from her car in Los Angeles. Martinez, known for tracking ICE agents and using her TikTok account to alert protesters to the locations of their arrests, is a Colombian citizen who entered the US in 2022 according to DHS. She was released into the country by the Biden Administration along with millions of other illegals.
According to DHS Assistant Secretary Tricia McLaughlin, Martinez was arrested for a previous DUI conviction in Los Angeles. This makes her a prime target for deportation under Donald Trump’s crackdown on migrants.
During the arrest, Martinez is on video in her Tesla (how she was able to afford a Tesla as an illegal immigrant in the US for only 3 years is an interesting mystery). She can be seen fighting and screaming in Spanish (because she apparently can’t speak English) and her wig falls off in the scuffle. She attempted to use the classic “I can’t breath” claim as a way to get medical intervention and delay her deportation.
Following the incident, Martinez was transported to White Memorial Hospital and subsequently transferred to a downtown detention center. She is now being held by ICE pending her removal from the US.
The ICE operation was briefly interrupted when a man driving a tow truck tried to steal a government vehicle. Reports have been widespread on a growing group of tow truck drivers who stalk ICE operations in LA and tow their cars as they are initiating arrests.
Leftist media outlet Newsweek claimed last month that the reports of these trucks were “exaggerated”, and yet here is another well documented example of a federal vehicle being snatched by a tow truck operator during an arrest (and another example of the progressive media providing spin to protect activists).
DHS says they have recorded a 1000% increase in assaults on their officers since they began Trump’s mass deportation program. Los Angeles has been a hub for activists seeking to sabotage the removal of illegals, with California officials actively instigating riots and attacks on ICE agents. Trump’s use of the National Guard in the area was in direct response to a rising tide of violence which Democrats refused to address.
Things are going to change in LA whether progressives like it or not.
The lesson here is, if you’re an illegal immigrant in the US then perhaps don’t draw attention to yourself with a TikTok page doxxing ICE agents and their operations, especially when you have a previous DUI conviction. Southern California is no longer Northern Mexico and no longer the safe haven that illegals enjoyed in 2024.
END
Watch: Belligerent Democrat State Prosecutor Arrested For Trespassing
Tuesday, Aug 19, 2025 – 11:00 PM
People like nothing better than to see an arrogant bureaucrat get cut down to size after screaming the words “Don’t you know who I am?” This is essentially what Rhode Island State Prosecutor and Democrat, Devon Flanigan, did when she faced off with police after allegedly refusing to leave a Newport dining establishment.
The woman, seemingly under the influence, tried to order officers to shut off their body cams as she stood outside the restaurant, stating that she knew their protocols and that they were required to do so by law (there is no such law in Rhode Island). Officers ignored the demand and asked Flanigan to leave the premises, only to be bombarded with arguments and declarations that “she is an AG”.
When officers said they didn’t care, a meltdown ensued.
The officer body camera video released Monday by Newport police shows the arrests of Special Assistant Attorney General Devon Hogan Flanagan and her friend Veronica Hannan. Hannan also displayed unhinged behavior and resisted police as she was placed in handcuffs.
Officers responded to outside the Clarke Cooke House on Bannister’s Wharf over a complaint of an “unwanted party.”
Flanagan immediately engaged: “Your protocol is, if I ask you to turn off the body cam, you have to turn it off. That’s your protocol.”
Hannan says, “She’s a (expletive) lawyer. So she knows.”
The officer replies, “Well, that’s bull (expletive) lawyer stuff. So that’s not true.”
Hogan then says, “I’m an AG. I’m an AG,” to which the officer responds, “Good for you. I don’t give a (expletive). Let’s go.”
As the prosecutor was forced into a police vehicle she warned “You’re going to regret this…” There’s no official word yet if the officers are feeling regret. The attorney general’s office said it was reviewing the incident.
It’s probably not coincidence that we are seeing this kind of behavior from a Democrat appointed prosecutor. Such officials have become the bane of blue cities across the US with their catch and release criminal policies and general distaste for legitimate law enforcement. A “rules for thee but not for me” attitude is also a common problem with leftist bureaucrats, making them some of the most despised people in the country.
It’s one of the reasons Kamala Harris lost in a landslide in 2024. Her antics as Attorney General in California were a stain on her campaign from the very beginning, even among Democrat voters.
The new era of no nonsense policing is refreshing. Flanagan might have been let off the hook if her encounter had occurred a few years ago, but this is not the case today. And, Democrats stubbornly demanded that police bodycams become a universal standard back in 2020, so now they have to deal with the very public repercussions when they get caught breaking the law.
end
Rules are not for Democrats:
Trump Demands Fed Governor “Must Resign Now” Amid Mortgage Fraud Probe
Wednesday, Aug 20, 2025 – 08:45 AM
The director of the Federal Housing Finance Agency is urging Attorney General Pam Bondi to investigate Federal Reserve Governor Lisa Cook over a pair of mortgages, the latest in a series of moves by the Trump administration to increase legal scrutiny of Democratic figures and appointees.
FHFA Director Bill Pulte wrote a letter to Bondi and DOJ official Ed Martin on Aug. 15 suggesting that Cook may have committed a criminal offense. The letter alleges that Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.”
Bloomberg reports that Pulte said Cook took a mortgage on a property in Ann Arbor, Michigan, signing a mortgage agreement that stipulated she would use the property as her primary residence for at least a year.
Two weeks later, according to the letter, she took another mortgage on a Georgia property and also declared it would be her primary residence.
Pulte also called on Bondi to look into whether Cook misrepresented her circumstances by later listing the Georgia property for rental.
The letter includes copies of mortgage documents in Cook’s name, as well as an apparent rental listing from 2022, a little over a year after she bought the Georgia property.
Here is the Criminal Referral Letter on Lisa Cook, the current Fed Governor. pic.twitter.com/aG0LGnokei— Pulte (@pulte) August 20, 2025
And President Trump was swift to respond… demanding that “Cook must resign, now!!!”
…as the full court press to pack The Fed continues.
Cook was nominated to the Fed by President Joe Biden and took office in 2022, becoming the first Black woman to serve on the Fed’s board of governors.
She was later nominated by Biden for a full term, which expires in 2038.
Bloomberg reports that no charges have been filed and it’s not clear whether Bondi will investigate. The Justice Department declined comment. The Federal Reserve declined comment. Cook did not respond to requests for comment late Tuesday.
GREG HUNTER INTERVIEWING STEVE QUAYLE
Cover Up of Big Increases in Earthquakes & Volcanos – Steve Quayle
By Greg Hunter On August 19, 2025 In Market Analysis, Political Analysis7 Comments
By Greg Hunter’s USAWatchdog.com
Renowned radio host, filmmaker, book author and archeological dig expert Steve Quayle is back with a new warning about intensifying earthquakes and volcanos all over the world. Jesus said in Luke 21:11, “Great earthquakes shall be in divers places and famines, and pestilences and fearful sights and great signs from heaven.” Jesus was warning about impending disasters that would act as signs at the end of the world as we know it. There are now dozens of active volcanos in the world, and near record breaking earthquakes have happened in the past few weeks. Recently, there was an 8.8 earthquake and a volcano that went off in Northeast Russia. Yesterday, it was reported there were 2,000 earthquakes nearly a mile underwater in a single day 300 miles off the coast of Oregon at the Axial Seamount. Also, yesterday, scientists warn of a massive eruption threat at Mount Rainier in the state of Washington as Pacific volcanoes awaken. Many more earthquakes and volcanos are predicted, but nobody is making preparation or warning about what is to come. Quayle, who did groundbreaking documentary work on seismic activity in the Pacific Northwest says, “We are on the program today talking about the earthquakes, volcanos and tsunamis. I am here to tell you the truth, but there is also the greatest coverup in history, especially when it comes to telling the American people the truth. My maxim for today’s broadcast: You will never be told the truth ever until it’s too late.”
Quayle’s sources have long predicted a record-breaking earthquake in the Pacific Northwest. Quayle says, “We may have an 8.8 or a 9.0 earthquake, and that will be immediately dismissed as ‘the big one.’ It is not ‘the big one,’ but the big one will follow in 18 to 24 hours. It will follow. It will be in the 10 plus, hear me, the 10 plus range. That is not me, that is the geological expert sources I have. I use multi-continental sources. . .. This is not hyperbole. This is coming. . .. This information is being blocked because the word that scares politicians more than truth is panic. . .. Panic is something everyone wants to prevent, which is why I want to present this so people can keep their eyes on this.”
Quayle says, “Some of the signs that an earthquake or volcano is going to happen is animal behavior and emissions of sulfur, along with increased earthquake activity in a particular area.”
Quayle goes on to say, “There is no way to move the West Coast inland in a panic. There is no way the government can tell the truth. I personally know people who have been threatened with their livelihoods as scientists, with their pensions and being blackballed. . .. A major earthquake off the coast of Oregon could easily create a 1,500-foot tsunami. . .. The biggest tsunami ever recorded was in Alaska, and it was nearly 1,800 feet tall.”
Quayle says make sure you have some food that does not need refrigeration. When a 10 plus earthquake does finally hit, Quayle says, “There is no other way to say this. It will affect every place and everyone. . .. This is going to be a total disruption event. Some people call it an Extinction Level Event (ELE). I’m not. I am calling it an End Time Warning Event. This is not turning into a group hug experience in the United States–quite the contrary. Evil is coming at us fast and furious. . .. I believe we are in the collapse . . .and we are heading into chaos. We will have chaos in the geological dimension, the economic dimension, agricultural dimension and the genetic engineering dimension. . .. This will be the worst time for earthquakes, volcanos and tsunamis. There is nothing we can reference except looking in the past and know it will be worse than that in the future.”
This is why Jesus is coming back.
There is more in the 55-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 Steve Quayle, warning you to prepare for a huge increase in earthquakes and volcanos for 8.19.25
Go to EscapeZone.com for Faraday bags both very big and very small or call 702-825-0005 and talk to a real human.
Click here for “Cascadia Is The Big One” and here for “Megadrought
SEE YOU TOMORROW
harveyorganblog.com 
