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FROM MY no 4 SON STEPHEN //THROUGH AI: ENJOY
099 H DEUTSCHE BANK AG 385
118 C MACQUARIE FUTURES US 22
332 H STANDARD CHARTERED B 3
363 H WELLS FARGO SECURITI 30
435 H SCOTIA CAPITAL (USA) 12
624 H BOFA SECURITIES 13
657 H MORGAN STANLEY 425
661 C JP MORGAN SECURITIES 57 5
686 C STONEX FINANCIAL INC 14
732 C RBC CAP MARKETS 2
737 C ADVANTAGE FUTURES 4 1
880 C CITIGROUP 19
905 C ADM 8
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2025: 500 CONTRACTs NOTICES FOR 50,000 OZ or 1.555 TONNES
total notices so far: 3626 contracts for 362,600 OR 11.278 tonnes)
SILVER NOTICES: 519 NOTICE(S) FILED FOR 2.595 OZ/
total number of notices filed so far this month : 10,534 CONTRACTS (NOTICES) for 52.670 million oz
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 14.050 MILLION OZ.
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 55.825 MILLION OZ NORMAL DELIVERY PLUS 3.0 MILLION OZ EX FOR RISK = 58.825 MILLION OZ. THIS IS THE FIRST ISSUANCE OF EXCHANGE FOR RISK SINCE MAY.
AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 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//AUG 25: 9.107 TONNES , AUGUST 26: 9.1010 TONNES ANND NOW AUGUST 27: 9.0699 TONNES//NEW STANDING ADVANCES TO 107.5117 TONNES OF GOLD NORMAL STANDING (INCLUDES ALL MONTHLY QUEUE JUMPS/EX FOR PHYSICAL TRANSFERS//) +44.696 TONNES EX.FOR RISK = 152.208 TONNES
AND NOW SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 2.3608 TONNES PLUS 0. TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 8.6314//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 21.2155 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 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: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 20.423 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A FAIR 440 CONTRACTS OI TO 156,652 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 200 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 200 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1075 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 347 CONTRACTS AND ADD TO THE 200 E.FP. ISSUED
WE OBTAIN A SMALL SIZED LOSS OF 240 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.25 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 1.2 MILLION PAPER OZ
OCCURRED WITH OUR $0.25 GAIN IN PRICE.
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENT
Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED UP 14.33 PTS OR 0.38%
//Hang Seng CLOSED UP 215.93 PTS OR 0.85%
// Nikkei CLOSED UP 626.06 PTS OR 1.45% //Australia’s all ordinaries CLOSED DOWN .24%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1307 OFFSHORE CLOSED UP AT 7.1266/ Oil DOWN TO 62.92 dollars per barrel for WTI and BRENT DOWN TO 66.61 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP IN TRADING AT 7.1307 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1266 AGAINST US DOLLAR/ AND THUS STRONGER
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END
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 5789 CONTRACTS TO 501,157 OI WITH OUR GAIN IN PRICE OF $47.10 WITH RESPECT TO FRIDAY’S // TRADING.. WE OF COURSE, LOST NO NET LONGS, WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1495). WE HAD ZERO T.A.S. LIQUIDATION (AND OUR MONTH END SPREADER LIQUIDATION FINALIZED WITH LAST FRIDAY TRADING) AS WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 7284 CONTRACTS (OR 22.656 TONNES).THEN WE WERE NOTIFIED, THAT WE HAD A ZERO EXCHANGE FOR RISK ISSUANCE IN GOLD FOR 0 CONTRACTS OR 0 OZ (0 TONNES). THE RAID ACCOMPLISHED NOTHING FOR OUR CROOKS.
HERE IS A CLOSER LOOK AT EXCHANGE FOR RISK ISSUANCES THESE PAST 3 MONTHS;
JULY:
SUMMARY: EXCHANGE FOR RISK ISSUANCE IN JULY/2025: 2 ISSUANCES//3.75 TONNES
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!
AUGUST:
SUMMARY EXCHANGE FOR RISK ISSUANCE IN AUGUST; 7 ISSUANCES//44.696 TONNES
AUGUST: 7 ISSUANCES FOR A MONTHLY MONSTER 14,370 CONTRACTS OR 1,437,000 OZ ( 44.696) TONNES). LAST TUESDAY THE CME ISSUED THE 2ND HIGHEST EVER MONTHLY RECORDED ISSUANCE OF 2924 CONTRACTS AND THIS IS FOLLOWED BY THURSDAY’S HUGE ISSUANCE OF 2226 CONTRACTS THUS BECOMING THE 4TH HIGHEST EVER RECORDED BY THE CME, SLIGHTLY BELOW WEDNESDAY’S ISSUANCE OF 2924 CONTRACTS. THE HUGE NUMBERS OF EXCHANGE FOR RISK SUGGEST THAT A MAJOR CENTRAL BANK IS DEMANDING ITS GOLD BACK.
SEPT:
SEPTEMBER: TWO ISSUANCES SO FAR TOTALLING 2775 CONTRACTS OR 277,500 OZ OR 8.6314 TONNES.
THESE ISSUANCES WILL OF COURSE BE ADDED TO OUR NORMAL DELIVERIES TO GIVE US OUR TOTAL SEPT STANDING FOR GOLD.
HISTORY: LAST 8 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: 7 ISSUANCES FOR A MONTHLY MONSTER 14,370 CONTRACTS OR 1,437,000 OZ ( 44.696) TONNES).LAST TUESDAY THE CME ISSUED THE 2ND HIGHEST EVER MONTHLY RECORDED ISSUANCE OF 2924 CONTRACTS AND THIS IS FOLLOWED BY THURSDAY’S HUGE ISSUANCE OF 2226 CONTRACTS THUS BECOMING THE 4TH HIGHEST EVER RECORDED BY THE CME, SLIGHTLY BELOW YESTERDAY’S ISSUANCE OF 2924 CONTRACTS. THE HUGE NUMBERS OF EXCHANGE FOR RISK SUGGEST THAT A MAJOR CENTRAL BANK IS DEMANDING ITS GOLD BACK.
SEPTEMBER: TWO ISSUANCES FOR 2725 CONTRACTS SO FAR FOR 272,500 OZ OR 8.6314 TONNES OF GOLD!!
AS I EXPLAINED ABOVE,:THE RECIPIENT 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 9TH MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.(DEC THROUGH SEPT//ONLY MISSING JUNE.)……… THE FACT THAT A CENTRAL BANK TAKES THE RISK OF A DELIVERY IS TOTALLY INSANE.
DETAILS ON AUGUST COMEX MONTH//FINAL
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 7284 CONTRACTS WITH OUR STRONG GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT OF THE WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW INCREASED TO 5.0% LATELY AS GOLD IN LONDON IS STILL EXTREMELY SCARCE.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH SEPTEMBER CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER IS HOWEVER A FAIR T.A.S ISSUANCE AS THE CME NOTIFIES US THAT THEY HAVE ISSUED 1107 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 DESPERATELY TRYING TO STOP GOLD’S ADVANCE AND THIS ENDS IN FAILURE. FOR THE FIRST TIME EVER, THEY FAILED TO RAID AT MONTH’S END AUGUST COMEX AND OTC/LONDON LBMA EXPIRY!!
THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS (ALONG WITH AUGUST MONTH- END SPREADERS) IS THE REASON 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 THE FOLLOWING MONTHS:
FOR APRIL AT 209 + TONNES INCLUDING MANY MASSIVE QUEUE JUMPS AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 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 // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES
AND NOW INITIAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 2.3608 TONNES QUEUE JUMP TO GO ALONG WITH THE 0 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 8.6314 TONNES//NEW TOTALS STANDING ADVANCES TO 21.2155 TONNES OF GOLD!!!
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 239 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.
SUMMARY AUGUST: TOTAL QUEUE JUMPING AND TOTAL EXCHANGE FOR RISKS ISSUANCE FOR THE MONTH OF AUGUST;
WE HAD A HUGE 60.547 TONNES OF INITIAL GOLD STANDING FOR AUGUST, FIRST DAY NOTICE FOLLOWED BY THE MONTHS HUGE TOTAL OF 47.2312 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 THEN AUGUST 12: 2.637 TONNES: AND NOW AUG 25: 9.107 TONNES ISSUANCE MONDAY’S MASSIVE 9.1016 TONNES ISSUANCE/AUGUST 25, AUGUST 26 9.0699 TONNES , YESTERDAYDAY’S (AUGUST 27) 9.0699 TONNES AND FINALLY TODAY’S TODAL OF 6.923 TONNESS/NEW STANDING ADVANCES TO 152.208 TONNES.
SUMMARY SO FAR SEPT: 8.093 TONNES INITIALLY STANDING FOR GOLD COUPLED WITH TODAY;S 2.3608 TONNES QUEUE JUMP AND 8.6314 TONNES OF EXCHANGE FOR RISK ISSUANCE//PRIOR:
THAT IS;
A) 0 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY//TOTAL FOR MONTH: 8.6314 TONNES
B) 2.3608 TONNES TODAY QUEUE JUMP
TOTALS: 21.2155 TONNES INITIALLY STANDING FOR GOLD/SEPT.
EXCHANGE FOR PHYSICAL ISSUANCE/SEPTEMBER
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 1495 EFP CONTRACT WAS ISSUED: : /DEC 1495 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1495 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE OCC HEADQUARTERED IN BOTH LONDON AND WASHINGTON.
WE HAD :
- ZERO LIQUIDATION OF OUR T.A.S. SPREADERS//FRIDAY
- MONTH END SPREADERS HAVE NOW BEEN FINALIZED AS OF AUGUST 29 AND THEY FOR THE FIRST TIME CAUSED NO DAMAGE TO OUR GOLD PRICE
T.A.S.SPREADER ISSUANCE//SEPT.
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 FRIDAY NIGHT/SATURDAY MORNING WAS A FAIR SIZED SIZED 1107 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE LAST MONTH 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; (AND MONTH END SPREADERS)
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 STRONG GAIN IN PRICE IN GOLD AND A CORRESPONDING HUGE GAIN OF COMEX OI AND A STRONG EXCHANGE FOR PHYSICAL ISSUANCE.. THE COMEX IS IN TOTAL TURMOIL ESPECIALLY THESE PAST 3 MONTHS ESPECIALLY WITH THE FOLLOWING;
- WITH JULY’S RARE TWO ISSUANCES OF EXCHANGE FOR RISK (LATE IN JULY)
2) AND THIS WAS FOLLOWED WITH AUGUST’S 7 ISSUANCES OF EXCHANGE FOR RISK FOR 44.696 TONNES
3) TO BE FOLLOWED BY SEPTEMBER’S 2 ISSUANCES FOR EXCHANGE FOR RISK FOR 8.6314 TONNES.
STANDING FOR GOLD LAST 8 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 0.5816TONNES TO WHICH WE ADD OUR 7 MONTHLY ISSUANCES OF: EXCHANGE FOR RISK TOTALLING 44.696 TONNES//NEW STANDING ADVANCES AS FOLLOWS:
107.5117 TONNES NORMAL DELIVERIES (INCLUDES ALL QUEUE JUMPS /EXCHANGE FOR PHYSICAL TRANSFERS) +
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
PLUS: 9.107 TONNES EX FOR RISK AUGUST 25
PLUS 9.1010 TONNES EX FOR RISK AUGUST 26!!
PLUS 9.0699 TONNES EX FOR RISK AUGUST 27
PLUS 6.923 TONNES EX. FOR RISK/AUGUST 28
MONTHLY TOTAL 44.696 TONNES EXCHANGE FOR RISK!MONTH OF AUGUST.
EQUALS
152.208 TONNES TONNES OF GOLD.
SEPT: 12.584 TONNES OF GOLD (INCLUDES TODAY’S QUEUE JUMP) + 0 TONNES EX FOR RISK TODAY_//TOTAL FOR MONTH = 8.6314//NEW TOTALS FOR GOLD STANDING SEPT = 21.2155 TONNES
THIS IS HUGE FOR A GENERALLY WEAK SEPTEMBER DELIVERY MONTH.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS OF 2021-2024:
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 BEGINNING SEPTEMBER CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A HUGE $47.10./ /) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OI FROM TWO EXCHANGES. BUT AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION AND THAT GAIN IN OI FOR OUR TWO EXCHANGES WAS DUE TO THE LONGS PILING IT ON TRYING TO OBTAIN BADLY NEEDED GOLD///. 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 (WHICH ARE JOINED BY OUR MONTHLY SPREADERS IN ORDER TO FORMALIZE RAIDS ON OUR PRECIOUS METALS) WHICH OF COURSE NORMALLY ENDS IN TOTAL FAILURE LIKE IT DID WITH LAST WEEK’S TRADING!! THIS IS THE FIRST TIME THAT THE CROOKS COULD NOT MUSTER A RAID ON OPTIONS EXPIRY LONDON/OTC AUGUST TRADING. THEIR RAID ON OUR PRECIOUS METALS CAUSED NO DAMAGE TO OUR PRICE.
SATURDAY MORNING//FRIDAY 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 FRIDAY EVENING/ SATURDAY 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
DETAIL SUMMARY OF NUMBER OF EXCHANGE FOR RISK ISSUANCES: FEB THROUGH SEPTEMBER 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. FEBRUARY IS THE SECOND HIGHEST ISSUANCE OF EXCHANGE FOR RISK AS AUGUST BECOMES THE HIGHEST EVER RECORDED AS YOU WILL SEE BELOW!
EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH 3 ISSUANCES
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//APRIL 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 HAD 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK ISSUANCE. THESE DELIVERIES WERE ADDED TO OUR NORMAL DELIVERY CYCLE.
MAY ISSUANCE: 3
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 RECIPIENT 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: 7 ISSUED,
TOTAL EXCHANGE FOR RISK MONTH OF AUGUST 44.696 TONNES, THE HIGHEST MONTHLY EVER COMEX ISSUANCE!!!!!!
THUS 107.5117 TONNES OF NORMAL GOLD STANDING (INCLUDING ALL QUEUE JUMPS/EX FOR PHYS TRANSFERS) + 44.696 TONNES EX FOR RISK = 152.208 TONNES.
SEPTEMBER: 2 ISSUED:
THE CME NOTIFIED US THAT OUR TWO ISSUANCE OF EXCHANGE FOR RISK EQUATES TO 2,725 CONTRACTS FOR 272,500 OZ OR 8.6314 TONNES. WE WILL PROBABLY HAVE A DOOZY FOR SEPT DELIVERIES AS EITHER THE BANK OF ENGLAND OR THE BIS (LOANED TO THE FRBNY) WANTS ITS GOLD BACK+ THE MASSIVE QUEUE JUMPING BY OTHER CENTRAL BANKS IS CERTAINLY ON DISPLAY ESPECIALLY WITH TODAY’S HUGE 2.3608 TONNES QUEUE JUMP.
ANALYSIS SEPT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// SEPT COMEX CONTRACT
WE HAVE A STRONG SIZED GAIN TOTAL OF 11.196 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR SEPTEMBER AT 8.093 TONNES. WE HAD THE FOLLOWING QUEUE JUMP OF 2.3608 TONNES OF GOLD ALONG WITH 8.6314 TOTAL TONNES OF EXCHANGE FOR RISK TOTAL FOR MONTH (TODAY’S EX FOR RISK ISSUANCE = 0 TONNES EXCHANGE FOR RISK) AND THUS NEW TOTALS EX FOR RISK// MONTH = 8.6310//NEW TOTAL STANDING FOR GOLD IN SEPT ADVANCES TO: 21.2155 TONNES.
ALL OF THIS HUGE STANDING FOR SEPTEMBER WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $47.10
WE HAD 4412 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 7284 CONTRACTS OR 728,400 0Z (22.656 TONNES)
confirmed volume FRIDAY 262,651 contracts// fair//
speculators have left the gold arena
INITIAL GOLD COMEX
SEPT CONTRACT MONTH
SEPT 8 /2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 entries . |
| Deposit to the Dealer Inventory in oz | A) one entry i) Into the dealer Brinks: 32,021.838 oz total deposit: 32,021.838 |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 1 ENTRIES i) Into Asahi: 32,021.838 oz (996 kilobars) total deposit: 32,021.838 oz xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 500 notice(s) 50,000 OZ 1.555 TONNES |
| No of oz to be served (notices) | 420 contracts 42000 OZ 1.3063 TONNES |
| Total monthly oz gold served (contracts) so far this month | 3626 notices 362,600 oz 11.275 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 1
A) one entries
i) Into the dealer Brinks: 32,021.838 oz
total deposit: 32,021.838
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
i) Into Asahi: 32,021.838 oz
(996 kilobars)
total deposit: 32,021.838 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
0 entries
ADJUSTMENTs 1
dealer Brinks to customer account: 5208.462 oz
AMOUNT OF GOLD STANDING FOR SEPTEMBER
THE FRONT MONTH OF SEPTEMBER STANDS AT 920 CONTRACTS FOR A GAIN OF 230 CONTRACTS. WE HAD 529 CONTRACTS FILED ON FRIDAY SO WE GAINED A MASSIVE 739 CONTRACTS OR 73,900 OZ ENTERTAINED A QUEUE JUMP OF 2.3608 TONNES. WE NOW MUST ADD TO OUR INITIAL 2.333 TONNES OF GOLD STANDING TO MONTH SEPT// EX FOR RISK = 8.63147//THUS NEW TOTAL OF GOLD STANDING ADVANCES TO 21.2155 TONNES
OCTOBER GAINED 1076 CONTRACTS UP TO 62,013
NOVEMBER GAINED 116 CONTRACTS UP TO 2859 CONTRACTS.
We had 500 contracts filed for today representing 50,000 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 57 notices issued from their client or customer account. The total of all issuance by all participants equate to 500 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer an 6 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for SEPTEMBER /2025. contract month, we take the total number of notices filed so far for the month (3626 X 100 oz ) to which we add the difference between the open interest for the front month of SEPT ( 920 CONTRACTS) minus the number of notices served upon today (500 x 100 oz per contract) equals 404,600 OZ OR 12.584 TONNES OF GOLD TO WHICH WE ADD OUR INITIAL EX FOR RISK OF 8.632 TONNES//NEW TOTAL STANDING ADVANCES TO 21.2155 TONNES
thus the INITIAL standings for gold for the SEPTEMBER contract month: No of notices filed so far (3626 x 100 oz +we add the difference for front month of SEPT. (920 OI} minus the number of notices served upon today (500 x 100 oz) which equals 404,600 OZ OR 12.584 TONNES PLUS 8.632 TONNES EXCHANGE FOR RISK = 21.2155 TONNES.
TOTAL COMEX GOLD STANDING FOR SEPT..: 21.2155 TONNES TONNES WHICH IS HUGE FOR THIS NORMALLY INACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
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COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 2,048,158.234 oz 63.706 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,994,224.715 oz
TOTAL REGISTERED GOLD 21,303,784.629 or 662.637 tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,690.440.086 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 19,255,626 oz ((REG GOLD- PLEDGED GOLD)= 598.93 tonnes // (
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE SEPTEMBER 2025 SILVER CONTRACTS
SEPT 8 2025
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 2 entries: i) Out of Ashai 293,259.970 oz ii) Out of Brinks 596,475.043 oz total withdrawal: 889,735.013 oz |
| Deposits to the Dealer Inventory | 0 ENTRY i |
| Deposits to the Customer Inventory | 2 DEPOSIT ENTRIES/CUSTOMER ACCOUNT i)Into Asahi 1178,847.7000 oz ii) itno Brinks 240,972.480 oz total deposit 1,419,820.180 oz |
| No of oz served today (contracts) | 519 CONTRACT(S) (2.595 million OZ |
| No of oz to be served (notices) | 631 contracts (3.155 MILLION oz) |
| Total monthly oz silver served (contracts) | 10,534 Contracts (52.670 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 |
DEPOSITS INTO DEALER ACCOUNTS
i) Into Stonex 1135,107.020 oz
total deposit1135,107.02 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
2 DEPOSIT ENTRIES/CUSTOMER ACCOUNT
i)Into Asahi 1178,847.7000 oz
ii) itno Brinks 240,972.480 oz
total deposit 1,419,820.180 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
2 entries:
2 entries:
i) Out of Ashai 293,259.970 oz
ii) Out of Brinks 596,475.043 oz
total withdrawal: 889,735.013 oz
ADJUSTMENTs 2 both customer to dealer:
i) Brinks 240,029.000 oz
ii) Manfra: 247,228.729 oz
TOTAL REGISTERED SILVER: 195.771 MILLION OZ//.TOTAL REG + ELIGIBLE. 518.898 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR AUGUST
silver open interest data:
FRONT MONTH OF SEPTEMBER /2025 OI: 1150 OPEN INTEREST CONTRACTS FOR A GAIN OF 33 CONTRACTS. WE HAD 32 CONTRACTS SERVED ON FRIDAY SO WE GAINED A STRONG 65 CONTRACTS OR 0.325 MILLION OZ ENTERTAINED A QUEUE JUMP//NEW STANDING FOR SILVER COMEX INCREASES TO 55.820 MILLION OZ. THEN WE MUST ADD OUR INITIAL ISSUANCE OF 600 CONTRACTS FOR EXCHANGE FOR RISK OR 3.0 MILLION OZ//NEW STANDING ADVANCES TO 58.820 MILLION OZ
STANDING FOR SILVER: 58.820 MILLION OZ
OCTOBER GAINED 19 CONTRACTS TO 2511
NOVEMBER GAINED 55 CONTRACTS UP TO 1423.
TOTAL NUMBER OF NOTICES FILED FOR TODAY:32 or 0.160 MILLION oz
CONFIRMED volume; ON THURSDAY 75,041 strong//
AND NOW SEPT. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in SEPTEMBER. we take the total number of notices filed for the month so far at 10,534 X5,000 oz = 52.670 MILLION oz
to which we add the difference between the open interest for the front month of SEPT (1150) AND the number of notices served upon today (519 )x (5000 oz)
Thus the standings for silver for the SEPTEMBER 2025 contract month: (10,534) Notices served so far) x 5000 oz + OI for the front month of SEPTEMBER(1150) minus number of notices served upon today (519)x 5000 oz equals silver standing for the SEPTEMBER contract month equating to 55.825 MILLION OZ TO WHICH WE ADD OUR INITIAL EXCHANGE FOR RISK SEPT TOTALLING 3.0 MILLION OZ//NEW STANDING ADVANCES TO 58.825 MILLION OZ
New total standing: 58.825 million oz which is HUGE for this active delivery month of SEPT.. 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 195.771 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/518.898 million. 40.59%
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!
SEPT 8 WITH GOLD UP $41.40 TODAY/NO CHANGES IN GOLD AT THE GLD// ///INVENTORY RESTS AT 981.97 TONNES//
SEPT 5 WITH GOLD UP $47.10 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A FRAUDULENT WITHDRAWAL OF 2.29 TONNES OF PAPER GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 981.97 TONNES//
SEPT 4 WITH GOLD DOWN $22.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A FRAUDULENT WITHDRAWAL OF 6.30 TONNES OF PAPER GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 984.26 TONNES//
SEPT 3 WITH GOLD UP $43.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 12.88 TONNES OF GOLD VAPOUR INTO THE GLD// ///INVENTORY RESTS AT 990.56 TONNES//FAIRY TALES
SEPT 2 WITH GOLD UP $79.90 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 9.74 TONNES OF GOLD VAPOUR INTO THE GLD// ///INVENTORY RESTS AT 977.68 TONNES
AUGUST 29 WITH GOLD UP $33.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 5.44 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 962.50 TONNES
AUGUST 28 WITH GOLD UP $18.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 2.58 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 962.50 TONNES
AUGUST 27 WITH GOLD UP $12.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 1.43 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 959.92 TONNES
AUGUST 26 WITH GOLD UP $12.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD ; A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 958.49 TONNES
AUGUST 25 WITH GOLD DOWN $1.05 TODAY/NO CHANGES IN GOLD AT THE GLD// ///INVENTORY RESTS AT 956.77 TONNES
AUGUST 22 WITH GOLD UP $35.35 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 956.77 TONNES
AUGUST 21 WITH GOLD DOWN $6.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.00 TONNES OF GOLD FROM THE GLD/// ///INVENTORY RESTS AT 958.21 TONNES
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 TONNES
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/
GLD INVENTORY: 981.97 TONNES, TONIGHTS TOTAL
SILVER
SEPT 8 WITH SILVER UP $0.35/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 1.181 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 488.493 MILLION OZ./
SEPT 5 WITH SILVER UP $0.25/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 2.735 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 489.674 MILLION OZ./
SEPT 4 WITH SILVER DOWN $0.68/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF 2.735 MILLION OZ OUT OF THE SLV:// ////INVENTORY RESTS AT 491.308 MILLION OZ./
SEPT 3 WITH SILVER UP $0.95/ HUGE CHANGES AT THE SLV AT DEPOSIT OF 1,816 MILLION OZ INTO THE SLV:// ////INVENTORY RESTS AT 494.043 MILLION OZ./
SEPT 2 WITH SILVER UP $0.95/ HUGE CHANGES AT THE SLV AT WITHDRAWAL OF .727 MILLION OZ FROM THE SLV:// ////INVENTORY RESTS AT 492.227 MILLION OZ./
AUGUST 29 WITH SILVER UP $0.80/ HUGE CHANGES AT THE SLV AT DEPOSIT 0F 1.862 MILLION OZ:// ////INVENTORY RESTS AT 492.954 MILLION OZ./
AUGUST 28 WITH SILVER UP $0.48/ NO CHANGES AT THE SLV:// ////INVENTORY RESTS AT 491.092 MILLION OZ./
AUGUST 27 WITH SILVER UP $0.04/ SMALL CHANGES AT THE SLV: A WITHDRAWAL OF 454,000 OZ FORM THE SLV// ////INVENTORY RESTS AT 491.092 MILLION OZ./
AUGUST 26 WITH SILVER DOWN $0.19/ NO CHANGES AT THE SLV: // ////INVENTORY RESTS AT 491.546 MILLION OZ./
AUGUST 25 WITH SILVER DOWN $0.28/ SMALL CHANGES AT THE SLV: A SMALL DEPOSIT OF 0.363 MILLION OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 491.546 MILLION OZ./
AUGUST 22 WITH SILVER UP $0.92/ SMALL CHANGES AT THE SLV: A SMALL WITHDRAWL OF 0.908 MILLION OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 491.183 MILLION OZ./
AUGUST 21 WITH SILVER UP $0.29/ SMALL CHANGES AT THE SLV: A SMALL WITHDRAWL OF 1.09 MILLION OZ OF SILVER LEAVES THE SLV// ////INVENTORY RESTS AT 492.091 MILLION OZ.//
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.//
CLOSING INVENTORY 488.493 MILLION OZ//
PHYSICAL GOLD/SILVE
1/PETER SCHIFF
JOHN RUBINO
Gold Is the World’s New Reserve Asset
JOHN RUBINO
That’s the way Trump wants it
For most of this century, the world’s central banks have held US Treasury bonds as their primary reserve asset. But lately, for a variety of reasons, they’ve been converting their dollars into gold. And this year, the lines crossed, as the amount of gold they own exceeded Treasuries.
Not a Coincidence
Pretty much everyone has a problem with the dollar’s reserve currency status. Other major countries are sick of the US weaponizing its privilege, while the US is sick of financing everyone else’s trade surpluses at the expense of American industry.
In a recent video with Miles Franklin, macroeconomist Luke Gromen fleshed out this thesis. Some quotes:
The US dollar has been the reserve currency, the anchor for global trade, finance, and power. That’s given America huge advantages. Cheaper imports, strong buying power overseas, and a deep global market for US debt. But it has also created a catch-22. To keep the world supplied with dollars, America has to run trade deficits year after year that keep the global system running. But over time, those same deficits weaken our own economy, hollow out our industrial base, erode national security, and slowly eat away at the dollar’s value and credibility and the demand for Treasuries. Economists call this Triffin’s dilemma.
And now, for the first time in a long time, we’re hearing this dilemma openly acknowledged at the very top of the US government. And it’s raising the question, is the Trump administration preparing for a deliberate policy shift, even a monetary reset? Is President Trump willing to take short-term economic pain for what he believes is the greater long-term good of restoring America’s productive strength and sovereignty? The president has openly talked about the benefits of a weak dollar as a strategic move to restore American manufacturing strength.
This has been decided. We are reshoring. We are going to weaken the dollar and something else is going to serve as a neutral reserve asset for the global system. Whether it’s Trump, whether it’s Bessant, whether it’s Miran, whether it’s Vance, they’re all saying the same thing, which is we want to get rid of the dollar as a global reserve asset and store of value, and we want to maintain the dominance of the dollar within global payment systems.
It’s happening in plain sight for those with the eyes to see it. The US military for 15 years has been saying look, our our industrial base is too hollowed out. We can’t fight a war against a near-peer or major power. We can’t make the weapons to go to war.
You often hear analysts say, “Ultimately, the US military backs the dollar.” Well, sure. And guess what backs the US military? Chinese rare earths and Chinese factories.
The dollar is going to be much lower sometime in the next 3 years. I ultimately think it means much higher asset markets, much higher gold, much higher bitcoin. That’s why I say all roads lead to gold and bitcoin.
The full video:
A Trend With Long Legs
It’s easy to watch the action in precious metals and related miners, and stress over when and how to take profits. But gold’s return to the center of the global monetary system — at the expense of the dollar’s exchange rate — looks like a trend with very long legs. It will take years to play out, and during that time, precious metals will be among the best-performing assets. So, as the saying goes, Be right and sit tight.
END
JOHN RUBINO…
From the Archives: How Inflation Is Crushing Our Kids, In 5 Charts
Societal turmoil all but guaranteed
| John RubinoSep 7 |
An important line was recently crossed, when the wealth of America’s 1% surpassed that of its entire middle class:
In recognition of this milestone — and the societal turmoil it all but guarantees — here’s a post from March of 2024 that fleshes out the thesis:
How Inflation Is Crushing Our Kids, In 5 Charts
Originally published March 28, 2024
In 1971 the US, along with most of the rest of the world, tried something new. They ditched their previously gold-backed money in favor of “fiat” currencies backed only by citizens’ trust in central banks and politicians.
The results were profound, as the dollar lost about 90% of its purchasing power. But the real damage was generational: Eroding currencies ended up enriching the architects of the plan and their kids (i.e., the baby boomers) while impoverishing subsequent generations. Here’s a guided tour, in five charts:
During the fiat experiment’s 53 or so years, equity prices have risen by about 500% adjusted for inflation and ten times as much in nominal terms. That’s what monetary inflation does to financial asset prices.
Now notice the timing. The blow-off part of the run came just as baby boomers (born between 1946 and 1961) were entering their big saving/investing years in the 1980s and 90s. They were able to spend 20 or so years buying stocks which then took off on a historic run.
In contrast, when the millennials (born 1981 to 1996) entered their saving and investing years in the 2000s, they were too late to the party to accumulate real financial wealth.
The result was, in effect, a wealth transfer between the people who owned rapidly inflating stocks at the beginning of the run and the vast majority of people who didn’t own stocks but had to pay for an ever-rising cost of living. Boomers (and to a lesser extent Gen X) got richer while their kids and grandkids stagnated.
Home sweet capital gain
Same thing with real estate. Boomers entered the housing market early in the fiat currency experiment when prices were low, both in nominal terms and relative to wages. So their homes were swept up on the inflationary tide, rising much faster than incomes for the next four decades. Millions of boomers became “house-rich,” regardless of their subsequent career success.
Millennials, here again, came of age in an inhospitable real estate market where the typical house costs more than the typical family earns, effectively closing them out of both home ownership and real estate appreciation.
The next chart tells the same story in a slightly different way. 1980s boomers lived in a world where the average house cost 4 times the median household income, while today’s millennials are surrounded by houses that are, relative to incomes, almost twice as expensive. Which is to say mostly out of reach.
Same thing with rents
Rental apartments were cheap in the 1970s and 80s, but since then, inflation has sent them up much faster than incomes. In high-cost-of-living states, it takes an hourly wage of between $30 and $42 to afford a 2-BR apartment. $30/hour equals $60,000 per year. How many millennial or Gen-Z workers make that kind of money? Probably fewer than half.
To sum up, inflation didn’t affect the US population evenly. It enriched one group and impoverished others, tearing some very big holes in the fabric of society. When people talk about “unsound money” destroying a culture, this is part of what they mean.
Now it gets really intense
Two big trends will add a dramatic final chapter to the fiat experiment:
Big Trend #1: Governments around the world have basically given up on fiscal or monetary discipline, and have entered the blow-off stage of currency debasement. The US government’s borrowing — already dangerously aggressive pre-pandemic — has now gone almost literally off the chart. The current schedule calls for $10 trillion of new paper to be sold in 2024, raising the question of who will buy it. The answer: If China declines (as it will), the only remaining candidate is the US Fed and its printing press.
The upshot: If inflation was a dominant and divisive force in the previous few decades, we haven’t seen anything yet
Big Trend #2: The oldest boomers are now in their 70s. Many are helping their kids and grandkids with housing, tuition, and health care, while other boomers are dying and distributing their accumulated wealth to their descendants. Some might say better late than never. But others might say justice delayed is justice denied.
The problem for all concerned is that inflationary booms don’t end with a whimper in which some assets are shuffled around and everyone settles into a comfy new normal. If history is a reliable guide, millennials and Gen-Z might finally get their hands on that boomer wealth — just as it evaporates in an epic bust. That is, unless Grandma and Grandpa were gold bugs.
2. MATHEW PIEPENBERG/VON GREYERZ
ALASDAIR MACLEOD
The dollar is going down
Gold is leading the way to a weaker dollar, driven by a Fed on the back foot regarding interest rate policy. Recession plus higher inflation in 2026 will be the real problem
| Alasdair MacleodSep 7∙Paid |
From the chart above, we can see that the dollar’s TWI and its value in gold have broadly tracked each other so far this year. They are obviously sending the same message, and it is to do with the dollar rather than speculative buying interest in gold.
But in the last week or two, the dollar has fallen against gold and not its TWI — yet. However, there is reason to think that the TWI will follow gold, both pointing to a weaker dollar.
In the next few weeks, markets will absorb the implications of prospective Fed policies. Friday’s unemployment figures confirmed that the US economy is stalling and that the Fed must give a greater weighting to unemployment over inflation. Speculation will grow that further cuts in the funds rate will follow, which will weaken the dollar against other currencies even more and also gold.
Gold appears to be leading the way, signalling a dollar devaluation. Indeed, the trade weighted index chart looks abysmal, at the same time as gold is hitting new highs:
The Fed downgrading the importance of the inflation target also signals that President Trump has been right in his spat with Jay Powell who will be eating humble pie. And with the Fed on a back foot, it is effectively ceding control over interest rate policy to the president, who not only wants interest rates significantly lower, but the dollar as well. This is what the gold price is bound to reflect.
That is not all. There have been some extraordinarily naïve comments by mainly Trump supporting economists about the outlook for consumer prices, who have pointed out that there appears to be minimal impact from Trump’s tariffs. Their error is to dismiss the time lag between higher import prices and their consequences for consumers. There is very little doubt that the CPI inflation rate will pick up in 2026 substantially.
Indeed, this is the problem with which the Fed has been battling. The danger of cutting rates too early is that they will have to be raised more subsequently, at a time when the economy is already weakening. And it won’t be helpful having a capricious president panicking.
Bearing in mind that foreigners hold $40 trillion directly invested in financial assets and deposits, it is surprising that that have not already panicked. To some extent dollar bond yields higher than those of governments in the Eurozone and Japan act as a disincentive to sell US treasuries. But that balance is now due to shift, leading to yet higher bond yields out along the curve. The long bond is already signalling this development:
As a gut reaction, the yield declined slightly on Friday on the employment numbers. This is almost certainly a mistake, and a subsequent move above 5% as the year-long consolidation period ends is likely to cause a selloff in equities.
In short, the outlook is for a gathering sense of a deepening recession coupled with inflationary pressures — the Keynesian’s nightmare. It will be bad for the dollar, bad for bonds, bad for equities, and good for gold.
3. CHRIS POWELL AND GATA GOLD DISPATCHES/OTHER GOLD RELATED TOPICS
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 239
a must view:
5. COMMODITY REPORT GOLD
ASIAN MARKETS THIS MONDAY MORNING:
SHANGHAI CLOSED UP 14.33 PTS OR 0.38%
//Hang Seng CLOSED UP 215.93 PTS OR 0.85%
// Nikkei CLOSED UP 626.06 PTS OR 1.45% //Australia’s all ordinaries CLOSED DOWN .24%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1307 OFFSHORE CLOSED UP AT 7.1266/ Oil DOWN TO 62.92 dollars per barrel for WTI and BRENT DOWN TO 66.61 Stocks in Europe OPENED ALL MIXED
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP IN TRADING AT 7.1307 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1266 AGAINST US DOLLAR/ AND THUS STRONGER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1307
OFFSHORE YUAN: UP TO 7.1266
HANG SENG CLOSED UP 215.93 PTS OR 0.85%
2. Nikkei closed UP 626.06 PTS OR 1.45%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 97.67 EURO RISES TO 1.1729 UP 19 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +1.558//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.67…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA. JAPAN 30 YR BOND YIELD: 3.267 UP 4 BASIS PTS.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.6629 Italian 10 Yr bond yield DOWN to 3.523 SPAIN 10 YR BOND YIELD DOWN TO 3.251
3i Greek 10 year bond yield DOWN TO 3.366
3j Gold at $3611.50 Silver at: 41.15 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 1 AND 24 /100 roubles/dollar; ROUBLE AT 82.49
3m oil (WTI) into the 62 dollar handle for WTI and 66 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 147.67/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.558% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.//JAPAN 30 YR: 3.237 DOWN 2 BASIS PTS.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.7958 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9336 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: 4.082 DOWN 0 BASIS PTS…
USA 30 YR BOND YIELD: 4.771 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.505 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 41.27
10 YR UK BOND YIELD: 4.6540 UP 1 PTS ESCALATING RAPIDLY
30 YR UK BOND YIELD: 5.510 UP 1 BASIS PTS
10 YR CANADA BOND YIELD: 3.267 DOWN 1/2 BASIS PTS
5 YR CANADA BOND YIELD: 2.820 UP 1/2 BASIS PTS.
2a New York OPENING REPORT
Futures Rise Ahead Of French Government Collapse, Looming Inflation Data
by Tyler Durden
Monday, Sep 08, 2025 – 08:30 AM
US equity futures are higher ahead of today’s French vote of confidence which should end the Bayrou government, and into major inflation updates this week. As of 8:0am ET, S&P futures are up 0.2% and on pace for another record high after Friday’s post payrolls drop; Nasdaq futures gain 0.4% with all Mag7 names higher premarket, ex-AAPL which is flat into its product event tomorrow. Large caps are higher across virtually all sectors. In overnight news, US is reportedly considering annual export approvals to chip facilities in China. The yield curve is twisting steeper and the DXY is flat as USD / JPY appreciates after PM Ishiba announced his resignation, but is well off its session highs. Commodities are stronger, led by Energy, after OPEC+ confirmed a smaller than expected production increase of 137k bpd in Oct. Gold / silver continue to run higher, with the former hitting another record high of $3622; Ags are weaker. Today’s macro data focus is on NY Fed’s 1-Yr inflation expectations and Consumer Credit.
In premarket trading, Magnificent Seven stocks are rising with the exception of AAPL (Tesla +1.3%, Microsoft +0.9%, Nvidia +0.5%, Amazon +0.4%, Meta +0.3%, Alphabet +0.4%, Apple -0.04%).
- AppLovin (APP) rises 9%, Robinhood Markets (HOOD) advances +8% and Emcor Group Inc. (EME) is up 1.8% after S&P Dow Jones Indices said the stocks would be added to the S&P 500 Index.
- Chewy Inc. (CHWY) climbs 3% after Mizuho raised the recommendation on the online retailer of pet food to outperform.
- Dianthus Therapeutics (DNTH) shares were halted after announcing data for antibody claseprubart from a Phase 2 trial in generalized myasthenia gravis.
- EchoStar (SATS) rises 20% after SpaceX’s Starlink agreed to buy wireless spectrum from the company for about $17 billion.
- Forward Industries (FORD) soars 107% after the design company said it received $1.65 billion in cash and stablecoin commitments for a private investment in public equity offering to fund a Solana-focused digital asset treasury strategy.
- Ideaya Biosciences (IDYA) rises 6% after the drug developer gave initial data from an early-stage trial of its investigative therapy for lung cancer, with partner Hengrui Pharma.
- Nutanix (NTNX) is up 3% on inclusion in the S&P Midcap 400 Index.
- Premier Inc. (PINC) climbs 8% as investment firm Patient Square Capital is exploring an acquisition of the health-care services company Premier Inc., according to people familiar with the matter.
- Rapport Therapeutics (RAPP) jumps 155% after reporting positive topline results from its trial for focal onset seizures.
- Summit Therapeutics (SMMT) falls 22% after the release of new data cast doubt on the future of a closely watched lung cancer drug.
With stocks back at all time highs, investors will have to consider whether a cracking labor market could stall consumer spending, posing a headwind to equities. “For the time being, though, oodles of AI CapEx from the hyperscalers, plus solid earnings growth, calmer tones prevailing on trade, and a more accommodative policy stance, should all keep the path of least resistance leading higher,” Pepperstone strategist Michael Brown wrote. Among other events scheduled for the week, the ECB is expected to hold rates steady on Thursday, though President Christine Lagarde’s remarks will be parsed for signals on her readiness to contain French turbulence.
On Tuesday, the Bureau of Labor Statistics will release its preliminary payroll benchmark revision for the year through March, with another downward adjustment likely to show the labor market was weakening well before the recent slowdown in jobs growth.
Thursday’s consumer-price data is projected to show that progress on reducing inflation has stalled as higher US import duties filter through the economy. Still, investors see Fed officials lowering rates at their upcoming meeting, with some even expecting a jumbo half-point cut.
“Our economists believe you’d need to see pretty weak inflation this week to get that,” wrote Jim Reid, global head of macro research and thematic strategy at Deutsche Bank AG. “Of course, the focus will very much be on the continued impact of the tariffs in core goods categories, and we know these are still filtering through.”
In Europe, the Stoxx 600 rises 0.2% while the CAC 40 adds 0.3% ahead of a confidence vote in the French parliament later on Monday, where Prime Minister Bayrou’s government is likely to fall. The advance was fueled by energy stocks amid rising crude prices. The region’s bonds were broadly steady. Major markets are all higher led by Germany with UK lagging.
Earlier in the session, Asian equities rose, with Japanese stocks leading gains as investors looked to new leadership after Prime Minister Shigeru Ishiba announced his intention to step down. The MSCI Asia Pacific Index advanced as much as 0.8%, rising for a third session, with technology stocks including Alibaba, Tencent and Nintendo among the major contributors. Equity benchmarks in Japan added more than 1%, supported by a weaker yen and hopes for economic growth under the next government. While Ishiba’s departure had been expected since the ruling party’s poor election showing in July, uncertainty remained as he indicated his intention to stay on after securing lower US auto tariffs. Focus now shifts to who his successor will be, and the impact on plans for fiscal expansion and stimulus as well as central bank policy. Shares also gained Monday in Hong Kong, Taiwan and India, but slipped in Australia and Vietnam. Thailand’s SET gauge advanced as Anutin Charnvirakul’s election as prime minister was seen bringing stability after recent political turmoil. Asian equities overall have been tracking gains in global peers, as bets solidify for a Federal Reserve interest-rate cut later this month. The MSCI Asian stock benchmark is now around 3% away from topping its record high reached in 2021.
In FX, the euro is flat versus the dollar. OATs are also little changed with minimal movement in the 10-year yield spread with Germany. The yen has pared an earlier decline seen after Japanese Prime Minister Ishiba announced that he will step down. USD/JPY is up 0.2% at 147.70. The Bloomberg Dollar Spot Index falls 0.1% while the kiwi and Aussie dollar are leading gains against the greenback, rising 0.5% and 0.4% respectively.
In rates, treasuries are mixed in early US session, with intermediate to long-end yields cheaper and front-end tenors richer. 10-year yield near 4.07% is about 1bp lower on the day. UK and German counterparts outperforming by slightly; European regional yields are lower as curves bull flatten while Gilts curve bear flattens. Last week’s yield declines are stoking corporate bond sales anticipated to total $45 billion to $50 billion, concentrated ahead of August PPI and CPI reports Wednesday and Thursday. Political instability in Japan and France is also in focus. Fed officials are in external communications blackout ahead of Sept. 17 rate decision.
In commodities, WTI crude futures climb 2% to $63 a barrel after OPEC+ agreed to raise production at a modest rate. Spot gold rises $27 to a record.
The US economic data slate includes August New York Fed 1-year inflation expectations (11am New York time) and July consumer credit (3pm). In addition to PPI and CPI, Empire manufacturing and University of Michigan sentiment are ahead this week. On Tuesday, the Bureau of Labor Statistics will release its preliminary payroll benchmark revision for the year through March, and another downward revision is expected
Market Snapshot
- S&P 500 mini +0.2%
- Nasdaq 100 mini +0.4%
- Russell 2000 mini little changed
- Stoxx Europe 600 +0.3%
- DAX +0.7%
- CAC 40 +0.3%
- 10-year Treasury yield +1 basis point at 4.09%
- VIX +0.4 points at 15.53
- Bloomberg Dollar Index little changed at 1201.19
- euro little changed at $1.1726
- WTI crude +2% at $63.1/barrel
Top Overnight News
- Trump said Waller, Warsh and Hassett are the three finalists for Fed chair nomination. In relevant news, White House’s Hassett said Fed monetary policy needs to be fully independent of political influence, including from President Trump: CBS News interview.
- Trump issued a “last warning” via social media to Hamas to accept his peace terms. The proposed deal would include the release of all remaining hostages in exchange for ending the war in Gaza. Axios
- Trump signed Executive Orders on Friday regarding changing the name of the Department of Defense to the Department of War, and on ordering penalties against countries complicit in holding wrongfully detained Americans.
- A huge downward revision to the March US jobs count is expected Tuesday, a markdown that sets the table for the Fed to cut rates. BBG
- The French government will probably fall in a confidence vote today after a push to rein in France’s massive debt load, leaving investors facing months of budget deadlock. BBG
- The US is proposing annual approvals for exports of chipmaking equipment to Samsung and SK Hynix’s factories in China, people familiar said. The so-called site licenses would supplant indefinite authorizations granted under the Biden administration
- China is prepared to open its domestic bond market to major Russian energy firms in the latest sign of improved relations between Beijing and Moscow (Russian energy firms have been locked out of many financial markets by Washington and Brussels, which makes this move by China particularly significant). FT
- China’s export growth slowed to a six-month low as US shipments slumped again, though stronger sales elsewhere kept Beijing on track for a record $1.2 trillion trade surplus this year. BBG
- The yen fell and Japanese stocks gained as PM Shigeru Ishiba’s resignation triggered speculation about fiscal stimulus and slower monetary tightening under his successor. Long-maturity sovereign bonds stand out as being particularly vulnerable to selling. BBG
- German exports unexpectedly fell in July on a sharp decline in U.S. demand due to tariffs, while industrial output rose. German industrial production for Jul comes in a bit better than expected (+1.3% M/M vs. the Street +1%) while exports fall short (-0.6% vs. the Street +0.1%). RTRS
- The European Union is exploring new sanctions on about half a dozen Russian banks and energy companies as part of its latest round of measures to pressure President Vladimir Putin to end the war against Ukraine. The package could also see the EU target Russia’s payment and credit card systems, crypto exchanges as well as further restrictions on the country’s oil trade. BBG
Corporate News
- SpaceX, the Elon Musk-backed company that owns the Starlink satellite network, agreed to acquire wireless spectrum from Charlie Ergen’s EchoStar Corp. for about $17 billion in cash and stock.
- The US is proposing annual approvals for exports of chipmaking supplies to Samsung Electronics Co. and SK Hynix Inc.’s factories in China, a compromise aimed at preventing disruptions to the global electronics industry.
- South Korea’s biggest conglomerates are rushing to contain fallout from a sweeping US immigration raid at a Hyundai Motor Co.-LG Energy Solution Ltd. battery venture in Georgia.
- More than a year after BBVA SA unveiled its unsolicited takeover offer for Banco Sabadell SA, shareholders finally get their say.
- RWE AG and Apollo Global Management Inc. agreed to form a joint venture to invest in Germany’s power grid as the country seeks to ease network congestion in Europe’s biggest energy market.
Trade/Tariffs
- Japan’s trade negotiator Akazawa said he cannot say the trade issues with the US have been resolved, while he added that a US presidential order on auto tariffs was issued, but there are no orders yet on the most favoured nation status for pharmaceuticals and semiconductors.
- US-China trade talks have reportedly made little progress towards a deal, and an impasse was hit on the fentanyl issue, while senior China negotiator Li Chenggang’s trip to Washington suggests that China is attempting to keep talks open but is not willing to give any ground, according to WSJ.
- European Council President said the EU and US President Trump have “turned the page” on their prior “rocky” relationship, according to the FT.
- US is reportedly considering annual China chip supply permits for SK Hynix (000660 KS) and Samsung (005930 KS), via Bloomberg; firms would be required to outline their annual requirements.
- EU reportedly weighs new sanctions on Russia to hit banks and oil trade, according to Bloomberg.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks began the week mostly positive but with some of the gains capped amid several key market themes, including last Friday’s disappointing US jobs data and the subsequent boost in Fed rate cut bets, as well as Japanese PM Ishiba’s resignation announcement and the latest Chinese trade data. ASX 200 was dragged lower by weakness in energy, utilities and financials, while participants also reflect on the latest Chinese trade data. Nikkei 225 outperformed amid a weaker currency and as the political uncertainty following Japanese PM Ishiba’s resignation, was seen as potentially delaying the BoJ resuming its rate hikes, while upward revisions to Q2 GDP added to the heightened risk appetite in Tokyo. Hang Seng and Shanghai Comp were ultimately positive but with cautiousness seen amid the latest Chinese trade data in which exports and imports missed forecasts, while there was also a recent report that US-China trade talks have made little progress towards a deal, and an impasse was hit on the fentanyl issue.
Top Asian News
- Japanese PM Ishiba said he has decided to resign as LDP president and gave instructions to hold an emergency LDP leadership election, while he will continue to carry out responsibilities until a new leader is elected and thought it was the right timing to step down given the conclusion of the Japan-US trade agreement. Furthermore, he said the party will decide on the schedule for the leadership race and he will not run in the LDP leadership race.
- Japan LDP’s Aizawa said they are to set the LDP leadership election date on Tuesday, while it was separately reported that the LDP is making final arrangements for a leadership vote on October 4th, according to TBS. Furthermore, Japanese Chief Cabinet Secretary Hayashi intends to run in the next LDP presidential election and former Foreign Minister Motegi also revealed his intention to run in the next LDP presidential election.
- South Korea’s Foreign Minister said over 300 Koreans were detained by US authorities at the Hyundai plant and President Lee ordered all-out efforts to respond to the arrest of Korean nationals. However, it was later reported that South Korea said a deal was reached with the US to release workers in the Hyundai Motor raid, according to WSJ.
- China is preparing to reopen its domestic bond market to major Russian energy companies, according to FT.
- China Auto Industry Body CPCA says China sold 2.02mln passenger cars in August, +4.9% Y/Y.
European bourses (STOXX 600 +0.2%) opened with a positive bias and have traded sideways throughout the morning so far – action which follows on from similar sentiment in the APAC region. European sectors opened with a strong positive bias but are now mixed. Construction & Materials takes the top spot, joined closely by Energy and then Industrials to complete the top three. For Energy specifically; the complex has been boosted by significant upside in the crude benchmarks after eight core OPEC+ countries upped its oil output target by 137k bpd in October. For Industrials, the sector has seemingly been boosted by Alstom (+1%) after it received a EUR 538mln contract.
Top European News
- Italy’s Economy Minister said the government sees 2025 GDP growth in line with its 0.6% target.
- ECB and PBoC extend bilateral euro-renminbi currency swap arrangement.
- HSBC expects BoE to hold rates steady in November and February, revising previous forecast of rate cuts; now projects BoE to resume cutting from April 2026.
FX
- USD trickled lower in the European morning after rangebound APAC trade, and in the aftermath of last Friday’s disappointing jobs data, which boosted Fed rate cut bets with money markets fully pricing in at least a 25bps cut at the Fed meeting on September 17th and a slight off chance for a 50bps move. On the topic of Fed independence, US President Trump said Waller, Warsh and Hassett are the three finalists for Fed chair nomination. DXY resides closer to the bottom end of today’s current 97.644-97.942 range.
- EUR is holding modest gains against the softer dollar, though political risk remains in focus with French PM Bayrou’s government facing a confidence vote later today. On that, today’s French confidence vote (statement 14:00 BST / 09:00 ET, result ~18:00 BST / 13:00 ET), with PM Bayrou expected to lose as his coalition holds only 210/577 seats; failure likely forces resignation and raises risks of snap elections if no successor emerges. EUR/USD trades in a current 1.1703-1.1734 range.
- JPY briefly climbed above the 148.00 level overnight amid political uncertainty after PM Ishiba announced his resignation, although the yen is off its worst levels as participants also digested the stronger-than-expected revised GDP data. Japanese PM Ishiba said he has decided to resign as LDP president and gave instructions to hold an emergency LDP leadership election, while he will continue to carry out responsibilities until a new leader is elected. The political uncertainty from PM Ishiba’s resignation is seen as potentially delaying a resumption of BoJ’s rate normalisation. USD/JPY sits closer to the bottom of a 147.51-148.57 range.
- GBP lacks clear direction with price action contained near the 1.3500 level amid a very light calendar for the UK for most of the week until Friday’s monthly GDP and output data. Desks note sterling remains vulnerable via Gilts, with UK government bonds still the “weak link” despite the recent abatement of last week’s global bond sell-off. Starmer’s cabinet reshuffle left Chancellor Reeves untouched, preserving her market credibility, but fiscal challenges remain. GBP/USD resides in a narrow 1.3482-1.3526 range.
- Antipodeans lacked firm conviction in APAC trade but edged higher during European hours to become the clear G10 outperformers at the time of writing, with the high-beta FX coat-tailing on the broader rise of base metals and broader constructive sentiment across the market.
- EUR/NOK trades on either side of its 100 DMA (11.7274) in a current 11.6811-11.7554 range. Focus on Norwegian elections, where opinion polling currently points to a continuation of the current Red-Green bloc, with a lead of around 6pp.
- PBoC set USD/CNY mid-point at 7.1029 vs exp. 7.1317 (Prev. 7.1064)
- SNB Chairman Schlegel said there is a high bar to the next interest rate cut, according to Migros-Magazin. It was separately reported that Schlegel said he is aware of undesirable effects of negative rates, while he added that US tariffs raise uncertainty and have a negative impact on the economy.
Fixed Income
- USTs are contained, holding onto the bulk of the NFP induced upside we saw on Friday. On Friday, USTs hit a 113-21+ peak. Today, the benchmark holds at the upper end of 113-07+ to 113-14 parameters. The main update on the Fed front post-NFP has been Trump saying that Waller, Warsh and Hassett are the three finalists for the Chair role.
- JGBs are slightly firmer. PM Ishiba has announced that he will be stepping down as LDP leader and by extension PM. As such, a new LDP leadership vote is expected to take place on October 4th, according to Reuters sources. Ishiba’s resignation is not a huge surprise, as the tone in recent weeks had been moving towards him stepping down as various high-ranking LDP officials had announced their intention to resign, taking responsibility for the lower house election result. The announcement by Ishiba saw long-end yields climb amid concern that Ishiba’s successors may outline more expansionary fiscal policy than has been the case under Ishiba. Specifically, the 30yr yield climbed to a 3.299% peak, just eclipsing the record high set last week. JGBs themselves saw downside of just under 30 ticks following Ishiba’s announcement, with the 10yr yield moving a little higher as a result.
- OATs are near enough flat into the confidence motion. The base case remains that PM Bayrou will lose the motion and have to submit his resignation to President Macron, an outcome that is priced by the market now and as such, should not spur any significant widening of spreads; OAT-Bund remains around the 80bps mark. The process begins at 14:00BST but the actual vote and subsequent results are not expected until the evening. Politico guides that 18:00BST is the earliest the outcome could be known.
- Bunds are in-fitting with the above. Firmer by a handful of ticks in 128.91 to 129.21 parameters, eclipsing Friday’s peak by a tick. Focus for the bloc is firmly on France, but as it stands, the risk of contagion is regarded as slim by desks. Aside from France, today’s September EZ Sentix figure came in below the forecast range at -9.2 (exp. -2.0, prev. -3.7).
- Gilts echo above. Similarly to Bunds, Gilts have eclipsed Friday’s best at the top end of 91.09 to 91.34 parameters, besting Friday’s high by two ticks.
Commodities
- Crude gained following the decision by OPEC+ members to continue hiking production for October, albeit at a slower pace of increase of 137k bpd (as touted), while Goldman Sachs kept its Brent/WTI price forecast unchanged for 2025 and noted that the decision to start gradually unwinding the 1.65mln bpd of cuts likely reflects that OECD commercial stocks remain low. WTI currently resides in a USD 61.85-63.08/bbl range while Brent sits in a USD 65.51-66.78/bbl range.
- Precious metals climbed in the European morning after trading rangebound overnight as traders took a brief breather from the aftermath of last Friday’s jobs data, owing to a weaker dollar and Fed rate cut bets. – Drivers remain a mix of: 1) overhang from Friday’s data, 2) geopolitics (Trump-Russia tensions + more EU sanctions), 3) sustained central bank demand (PBoC), and 4) technical momentum after topping USD 3,600/oz. Spot gold currently resides in a USD 3,579.72-3,617.29/oz range after topping the psychological USD 3,600/oz for the first time.
- Base metals are a little firmer. Losses from last Friday were met with a limited APAC recovery as participants digested disappointing Chinese trade data. Prices then tilted firmer during the European morning amid the softer dollar and broader risk appetite. 3M LME copper resides in a USD 9,888.10-9,934.00/t range, at the time of writing.
- US President Trump issued an executive order on Friday exempting graphite, tungsten, uranium, gold bullion and other metals from tariffs, while silicone and certain pharmaceuticals/chemicals were included in the tariff list.
- Eight OPEC+ members agreed to raise the oil production by 137k bpd in October (as touted), citing a steady global economic outlook and current healthy market fundamentals, while the next meeting is to be held on October 5th.
- OPEC Secretary General said projections indicate OPEC+ under the leadership of OPEC members will increase production from 49mln bpd to around 64mln bpd by 2050.
- Iraq’s PM said they will make arrangements to facilitate the entry of oil majors into Iraq, and they are in talks with ExxonMobil (XOM) on major energy projects, while Iraq hopes fellow producers will reconsider its oil export quota to better reflect its production capacity.
- Iraq’s SOMO and Oman’s OQ signed two MOUs on oil storage and Iraqi oil trading, while one MOU includes developing an integrated crude oil storage project in Oman’s Raz Markaz with an initial capacity of 10mln bbls.
- Russia’s Novak said they discussed 7-month OPEC+ compliance, which is high, and they agreed to monitor the market further, while he added the market is balanced and Russia is fully compliant with the OPEC+ deal.
- ADNOC is said to mull USD 10bln plus financing for the Santos (STO AT) deal, according to Bloomberg.
- Italy’s Energy Minister said there is no plan to dismantle coal-fired plants in continental Italy by year-end, and they are relaxed about the level of gas storage filling in Italy and in Europe, while the official added that US suppliers are currently offering LNG at a competitive price.
- PBoC purchased gold in August for 10th month in a row, according to data cited by Reuters.
Geopolitics: Middle East
- US President Trump posted that he had warned Hamas about the consequences of not accepting a hostage deal and said this was his last warning.
- Hamas said it received some ideas from the US side through mediators to reach a ceasefire deal in Gaza.
- Israel’s Foreign Minister Saar said the war in Gaza can end tomorrow if hostages are released and Hamas lays down its arms, while he said establishing a Palestinian state would jeopardise Israel’s security and urged Denmark not to recognise a Palestinian state. It was also reported that Denmark’s Foreign Minister said they are not ready to recognise a Palestinian state but added Israel does not have a veto over any Danish recognition of a Palestinian state.
- Yemen’s Houthis targeted Israel’s Ramon Airport with drones, although operations at the airport were resumed following the drone strike from Yemen.
- Israeli Defence Minister Katz posts “Today a huge hurricane will hit the skies of Gaza City…The IDF continues as planned and is preparing to expand the manoeuvre to defeat Gaza”.
- Iranian Official Baghaei says “We have not yet reached a conclusion with the IAEA, but the process of talks has been positive”, via Iran International on X.
- Israeli PM Netanyahu says “We will complete our missions in the West Bank, Gaza and everywhere “, via Al Hadath.
Geopolitics: Ukraine
- Ukraine’s PM said the main building of the Ukrainian government was damaged by an enemy strike for the first time during the war and that firefighters were working to extinguish the blaze at the government building. In relevant news, Ukraine’s Air Force said on Sunday morning that Russia launched 805 drones and 13 missiles on Ukraine overnight, while it was separately reported that Ukraine attacked Russia’s Druzhba oil pipeline in the Bryansk region.
- Russian Defence Ministry said Russian forces took control of Khoroshe in Ukraine’s Dnipropetrovsk region and carried out strikes on Ukraine’s military-industrial complex and transport infrastructure facilities, according to TASS.
- US President Trump said he is ready to go to the second round of sanctioning Russia, while Trump commented on Friday that the Ukraine war will end, or there will be hell to pay, and they are working on security guarantees to Ukraine.
- US envoy to Ukraine said Russia’s latest strike on Kyiv is not a signal it wants to diplomatically end the war.
- US and the EU plan to discuss new Russia sanctions on Monday, according to AP News. European leaders will visit the US on Monday or Tuesday to discuss ways to end the war in Ukraine, according to the BBC.
- EC President Costa says the EU prepares 19th package of sanctions against Russia in close coordination with US.
- Russian Foreign Minister Lavrov says, “Moscow is ready for dialogue with everyone”, according to Al Arabiya.
- IAEA chief Rafael Grossi reports progress in talks with Iran over full resumption of nuclear inspections, hoping for a successful resolution within days; there is still time but not much.
Geopolitics:
- Tensions rose in Istanbul as hundreds of Turkish police blocked access to the main opposition’s Istanbul headquarters following a court-ordered leadership change of the party’s local administration, according to Bloomberg.
US Event Calendar
- 11:00 am: NY Fed Inflation Expectations
- 3:00 pm: Jul Consumer Credit, est. 10.2b, prior 7.37b
DB’s Jim Reid concludes the overnight wrap
It’s another bumper week of events as we build to next week’s FOMC. Although the Fed is now on its media blackout, Wednesday’s PPI and especially Thursday’s CPI will shape pricing ahead of that, with all eyes still focused on the tariff impact. 28bps of cuts are now priced in for the next meeting, so a quarter-point cut is fully priced but without much being priced in for a 50bps move. Our economists believe you’d need to see pretty weak inflation this week to get that. We’ll preview that US inflation data below but before we do the main highlights for the rest of the week are: the French confidence vote in the National Assembly, German industrial production and the New York Fed’s inflation expectations today; the preliminary annual benchmark revisions by the US BLS for payrolls tomorrow; Chinese inflation, the State of the Union address by European Commission President von der Leyen, and a 10yr UST auction on Wednesday; the ECB decision and a 30yr UST auction on Thursday; and finally on Friday there’s the University of Michigan survey.
We’ll go through a few of these events now and review Friday’s payrolls and its impact below. But let’s first take a look at what’s expected in Thursday’s US CPI. In their preview here (“Webinar: August CPI preview & webinar registration”), our US economists are expecting monthly headline CPI to rise to +0.36% in August, which would be the strongest monthly print since January. That’s partly because of their forecast for a +1.7% increase in seasonally adjusted gas prices, along with some positive payback in food-at-home prices. So, they think core CPI will be a little weaker at +0.32%, although that would still be in line with the six-month high we had last month. If that’s correct, then that would lift the year-on-year headline number by two-tenths to +2.9%, with core edging up a little but still rounding to +3.1%, the same as last month. Of course, the focus will very much be on the continued impact of the tariffs in core goods categories, and we know these are still filtering through, given several rates like the 50% on copper only came into force last month.
In terms of the implications for the Fed, the jobs report on Friday has seen the tide turn to increasing concern about tepid employment growth rather than permanently above-target inflation. That report showed nonfarm payrolls up just +22k (down from +79k in July and clearly beneath the +75k print expected). Moreover, there were another -21k of downward revisions to the previous two months, which was well below the huge -258k revisions in the previous report, but still the 6th time in the last 7 months that the revisions had been negative. So that meant the unemployment rate moved up a tenth to 4.3%, the highest since October 2021. And the broader U6 measure (which includes underemployed and marginally attached workers) moved up to 8.1%, again the highest since October 2021. As it stands, the latest revisions mean that June this year has a -13k print, which is the first negative month since December 2020. It also marks an end to the second-longest streak of consecutive positive payroll prints in data back to 1939. See our economists’ “August employment: Summer slump redux” for more. The one caveat they discuss around the weak data is that the slide in payrolls does look similar to that seen between June and August last year even if there is evidence of labour market weakness in the numbers.
Overall, they don’t view the report as soft enough to push the FOMC towards a larger-than-usual 50bp cut next week, partly because the median dot in June was in line with two cuts and an unemployment rate at 4.5% by year-end. So nothing out of the ordinary yet relative to this. However, keep an eye out for the preliminary BLS annual benchmark revisions tomorrow for another rewrite of history. These only impact the period to March so it won’t have anything about the most recent five months. But there are likely to be downward revisions of as much as 50-60k per month over the year according to our economists, based on the survey linked to the revisions calculations. Bessent nodded to this sort of number yesterday in a press interview.
Elsewhere, we see what is likely to be a low-key ECB decision on Thursday. Our European economists expect them to keep the deposit rate on hold at 2% and think the ECB has reached its terminal rate in this cycle. In their preview here, they look at what is needed to build the case for a further easing.
More importantly in Europe is today’s confidence vote in France. Proceedings start at 3pm local time with the vote results likely to be known after 5pm CET. That’s likely to see a defeat for Prime Minister Bayrou’s minority government, but most interesting is what happens next. President Macron is expected to nominate a new PM that could achieve a majority to pass the budget. This would probably require the backing of the centre-left Socialists as the right-wing populist National Rally has called for snap parliamentary elections to be held. There are also general strikes called in France for September 10 and September 18, and Politico reported over the weekend that Macron is aiming to have Bayrou’s replacement lined up before the second one of these. At the start of last week, France’s fiscal situation was a real pressing issue for markets, along with the UK gilt market selloff, but the US bond rally has taken some of the sting out of this. Nevertheless, both countries remain in a precarious situation if global rates turn again.
Speaking of politics, Japan’s PM Ishiba announced over the weekend that he will step down, after several weeks of speculation after the poor summer election results. The leadership race will now take place and likely take 2-3 weeks, although the new LDP leader will need some support from opposition parties to become PM given LDP-Komeito have lost their majority. A key issue at stake is the direction of monetary policy, and the two front runners seem to be Koizumi and Takaichi with the former more likely to coincide with higher Japanese rates. That’s contributed to a weaker Japanese yen overnight, which has fallen by -0.48% against the US Dollar to 148.15 per dollar. Meanwhile, yields are fairly stable, and the Nikkei (+1.33%) is closing back on its record high this morning after there were decent upward revisions to Japan’s growth data. It showed the economy growing at an annualised +2.2% rate in Q2, having initially pointed to a +1.0% rate. So that means the economy has expanded for 5 consecutive quarters now, the longest run since 2016-18.
On that data theme, China’s trade numbers overnight showed export growth slowing to +4.4% year-on-year in August, which is its slowest in 6 months. Similarly, import growth also slowed to +1.3% (vs. +3.4% expected). That’s been driven by a big decline in exports to the US given the higher tariffs, with US exports down -33.1% on the previous year in August. But the major equity indices have mostly held up this morning across Asia, not least as expectations mount that the Fed will cut rates next week after the jobs report So the Hang Seng has advanced +0.35%, the Shanghai Comp (+0.17%) and the KOSPI (+0.12%) have posted modest gains, and the CSI 300 is only down -0.01%. US equity futures are also positive, with those on the S&P 500 up +0.09%, whilst Treasury yields have pared back their Friday declines, with the 10yr yield up +2.5bps to 4.10%.
Recapping last week in more detail now. US equities posted a modest advance, with the S&P 500 still up +0.33% (-0.32% on Friday), even as jitters mounted about a labour market slowdown give the jobs report. Interestingly, tech stocks outperformed despite initial concerns over AI-linked valuations, pushing the NASDAQ up +1.14% for the week (-0.03% Friday), whilst the Mag 7 were up +2.17% (-0.27% Friday). Equities were softer in Europe however, with the STOXX 600 -0.17% lower (-0.16% on Friday), with the DAX (-1.28%, -0.73% on Friday) and FTSE MIB (-1.39%, -0.91% Friday) leading the declines.
For bonds, last week started with a major selloff that initially pushed yields up to multi-year highs. Indeed, the 30yr UK gilt yield reached its highest since May 1998, and French OATs moved up to levels last seen in 2009 amidst ongoing fiscal concerns. But the US jobs report meant that reversed by the weekend as investors priced in faster rate cuts. So that left 2yr Treasury yields -10.8bps lower on the week (-7.9bps on Friday), while 10yr yields fell by a larger -15.4bps to 4.08% (-8.6bps on Friday), and 30yr yields by -16.9bps to 4.76% despite being just a whisker away from 5% on Tuesday. This reversal of the August curve steepening came despite ongoing questions about Fed independence. In a WSJ op-ed on Friday, Treasury Secretary Scott Bessent criticised the Fed for “mission creep” and called for an independent review of the central bank. Meanwhile in Europe, bonds saw a more modest rally, with 10yr bund yields down -6.2bps on the week to 2.66% while 10yr gilt yields fell -7.6bps to 4.65%.
The rally in bonds was also supported by lower oil prices, with Brent crude falling -3.85% (-2.22% Friday) to a 3-month low of $65.50/bbl amid the weaker US outlook as well as the news that OPEC+ was considering another oil production increase in October. This was confirmed over the weekend, with the group agreeing to raise production by 137kbbl/day. That said, the group’s statement also signaled some caution, with any further return of production “subject to evolving market conditions”. Brent crude oil prices are +1.21% higher this morning as a result. Meanwhile, with all the two-way turmoil last week, gold had its best week since April (+4.02%), reaching a new all-time high of $3,587/oz.
2b European opening report
2c) Asian opening report
Japan to hold an emergency LDP election, French confidence motion looms – Newsquawk Europe Market Open
Monday, Sep 08, 2025 – 01:33 AM
- Japanese PM Ishiba said he has decided to resign as LDP president and gave instructions to hold an emergency LDP leadership election; LDP is making final arrangements for a leadership vote on October 4th, according to TBS.
- US President Trump said Waller, Warsh and Hassett are the three finalists for the Fed chair nomination.
- US-China trade talks have reportedly made little progress towards a deal, and an impasse was hit on the fentanyl issue, according to WSJ.
- Eight OPEC+ members agreed to raise the oil production by 137k bpd in October (as touted), citing a steady global economic outlook and current healthy market fundamentals.
- European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with losses of 0.5% on Friday.
- Looking ahead, highlights include German Industrial Output (Jul), Trade Balance (Jul), EZ Sentix Index (Sep), US Employment Trends (Aug) & NY Fed SCE.
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US TRADE
EQUITIES
- US stocks were choppy and the indexes ultimately finished mixed after another weak US jobs report in which the headline print missed analyst expectations at 22k, with three of the last four months printing below the breakeven estimate. The data confirmed the labour market concerns after the July jobs report, alongside rising initial claims and falling JOLTS, which cemented expectations for a 25bps rate cut in September and bolstered rate cut bets through year-end, while stocks initially rallied on the report on the prospects of more Fed easing, but then sold off after the opening bell as fears over the state of the economy took focus.
- SPX -0.32% at 6,482, NDX +0.08% at 23,652, DJI -0.48% at 45,401, RUT +0.48% at 2,391.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump criticised EU fines on tech companies on Friday and said this cannot be allowed to stand, while he warned that if it does stand, they will be forced to start a Section 301 proceeding to nullify the unfair penalties being charged to these taxpaying American companies.
- US President Trump is to direct Japan’s USD 550bln investment in the US after the deal with Tokyo, according to a report in the FT on Friday, which cited a memo that gives Japan 45 days to fund projects earmarked by Trump or face the reimposition of his steep tariffs.
- Japan’s trade negotiator Akazawa said he cannot say the trade issues with the US have been resolved, while he added that a US presidential order on auto tariffs was issued, but there are no orders yet on the most favoured nation status for pharmaceuticals and semiconductors.
- US-China trade talks have reportedly made little progress towards a deal, and an impasse was hit on the fentanyl issue, while senior China negotiator Li Chenggang’s trip to Washington suggests that China is attempting to keep talks open but is not willing to give any ground, according to WSJ.
- European Council President said the EU and US President Trump have “turned the page” on their prior “rocky” relationship, according to the FT.
NOTABLE HEADLINES
- US President Trump said Waller, Warsh and Hassett are the three finalists for Fed chair nomination. In relevant news, White House’s Hassett said Fed monetary policy needs to be fully independent of political influence, including from President Trump, according to a CBS News interview.
- Fed’s Goolsbee (2025 voter) said on Friday that he is still undecided on the September decision and needs to assess the inflation side of the mandate, while he wants to make sure that the services inflation uptick is a blip, according to a Bloomberg interview.
- US President Trump signed Executive Orders on Friday regarding changing the name of the Department of Defense to the Department of War, and on ordering penalties against countries complicit in holding wrongfully detained Americans.
- Disruptions to Microsoft (MSFT) Azure cloud services were reported due to multiple undersea fibre optic cables being cut in the Red Sea, although the cause of the damage wasn’t specified, while network traffic that does not traverse through the Middle East is not impacted.
APAC TRADE
EQUITIES
- APAC stocks began the week mostly positive but with some of the gains capped amid several key market themes, including last Friday’s disappointing US jobs data and the subsequent boost in Fed rate cut bets, as well as Japanese PM Ishiba’s resignation announcement and the latest Chinese trade data.
- ASX 200 was dragged lower by weakness in energy, utilities and financials, while participants also reflect on the latest Chinese trade data.
- Nikkei 225 outperformed amid a weaker currency and as the political uncertainty following Japanese PM Ishiba’s resignation, was seen as potentially delaying the BoJ resuming its rate hikes, while upward revisions to Q2 GDP added to the heightened risk appetite in Tokyo.
- Hang Seng and Shanghai Comp were ultimately positive but with cautiousness seen amid the latest Chinese trade data in which exports and imports missed forecasts, while there was also a recent report that US-China trade talks have made little progress towards a deal, and an impasse was hit on the fentanyl issue.
- US equity futures traded rangebound and regained some composure after last Friday’s post-NFP selling pressure.
- European equity futures indicate a higher cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with losses of 0.5% on Friday.
FX
- DXY traded rangebound after weakening in the aftermath of last Friday’s disappointing jobs data, which boosted Fed rate cut bets with money markets fully pricing in at least a 25bps cut at the Fed meeting on September 17th and a slight off chance for a 50bps move. Nonetheless, price action was mostly quiet to start the week amid the Fed blackout period and with US CPI and PPI data due later in the week.
- EUR/USD was sideways after quiet pertinent newsflow and with French PM Bayrou’s government expected to fall in a vote of confidence scheduled later today.
- GBP/USD lacked direction with price action contained near the 1.3500 level amid a very light calendar for the UK for most of the week until Friday’s monthly GDP and output data.
- USD/JPY climbed above the 148.00 level amid political uncertainty after PM Ishiba announced his resignation, although the yen is off its worst levels as participants also digested the stronger-than-expected revised GDP data.
- Antipodeans lacked firm conviction as participants digested the weaker trade data from Australia and New Zealand’s largest trading partner.
- PBoC set USD/CNY mid-point at 7.1029 vs exp. 7.1317 (Prev. 7.1064)
- SNB Chairman Schlegel said there is a high bar to the next interest rate cut, according to Migros-Magazin. It was separately reported that Schlegel said he is aware of undesirable effects of negative rates, while he added that US tariffs raise uncertainty and have a negative impact on the economy.
FIXED INCOME
- 10yr UST futures continued to partially fade last week’s post-NFP surge but with the pullback gradual as markets fully price in a Fed cut this month.
- Bund futures gave back some of the recent gains after failing to sustain a brief return to above the 129.00 level and following a quiet weekend of newsflow from the bloc, while German trade and industrial production data loom.
- 10yr JGB futures were marginally higher as the political uncertainty from PM Ishiba’s resignation is seen as potentially delaying a resumption of BoJ’s rate normalisation, although the upside was limited following the upward revisions to Q2 GDP data and little reaction was seen following firmer demand at the latest enhanced liquidity auction for short to long-end JGBs.
COMMODITIES
- Crude futures gained following the decision by OPEC+ members to continue hiking production for October, albeit at a slower pace of increase of 137k bpd (as touted), while Goldman Sachs kept its Brent/WTI price forecast unchanged for 2025 and noted that the decision to start gradually unwinding the 1.65mln bpd of cuts likely reflects that OECD commercial stocks remain low.
- Eight OPEC+ members agreed to raise the oil production by 137k bpd in October (as touted), citing a steady global economic outlook and current healthy market fundamentals, while the next meeting is to be held on October 5th.
- OPEC Secretary General said projections indicate OPEC+ under the leadership of OPEC members will increase production from 49mln bpd to around 64mln bpd by 2050.
- Iraq’s PM said they will make arrangements to facilitate the entry of oil majors into Iraq, and they are in talks with ExxonMobil (XOM) on major energy projects, while Iraq hopes fellow producers will reconsider its oil export quota to better reflect its production capacity.
- Iraq’s SOMO and Oman’s OQ signed two MOUs on oil storage and Iraqi oil trading, while one MOU includes developing an integrated crude oil storage project in Oman’s Raz Markaz with an initial capacity of 10mln bbls.
- Russia’s Novak said they discussed 7-month OPEC+ compliance, which is high, and they agreed to monitor the market further, while he added the market is balanced and Russia is fully compliant with the OPEC+ deal.
- ADNOC is said to mull USD 10bln plus financing for the Santos (STO AT) deal, according to Bloomberg.
- Italy’s Energy Minister said there is no plan to dismantle coal-fired plants in continental Italy by year-end, and they are relaxed about the level of gas storage filling in Italy and in Europe, while the official added that US suppliers are currently offering LNG at a competitive price.
- Spot gold traded rangebound after climbing in the aftermath of last Friday’s jobs data owing to a weaker dollar and Fed rate cut bets.
- PBoC purchased gold in August for 10th month in a row, according to data cited by Reuters.
- Copper futures attempted to nurse some of last Friday’s losses but with the recovery limited as participants digest disappointing Chinese trade data.
CRYPTO
- Bitcoin traded indecisively in which prices oscillated around the USD 111k level.
NOTABLE ASIA-PAC HEADLINES
- Japanese PM Ishiba said he has decided to resign as LDP president and gave instructions to hold an emergency LDP leadership election, while he will continue to carry out responsibilities until a new leader is elected and thought it was the right timing to step down given the conclusion of the Japan-US trade agreement. Furthermore, he said the party will decide on the schedule for the leadership race and he will not run in the LDP leadership race.
- Japan LDP’s Aizawa said they are to set the LDP leadership election date on Tuesday, while it was separately reported that the LDP is making final arrangements for a leadership vote on October 4th, according to TBS. Furthermore, Japanese Chief Cabinet Secretary Hayashi intends to run in the next LDP presidential election and former Foreign Minister Motegi also revealed his intention to run in the next LDP presidential election.
- South Korea’s Foreign Minister said over 300 Koreans were detained by US authorities at the Hyundai plant and President Lee ordered all-out efforts to respond to the arrest of Korean nationals. However, it was later reported that South Korea said a deal was reached with the US to release workers in the Hyundai Motor raid, according to WSJ.
- China is preparing to reopen its domestic bond market to major Russian energy companies, according to FT.
DATA RECAP
- Chinese Trade Balance (USD)(Aug) 102.3B vs. Exp. 99.2B (Prev. 98.24B)
- Chinese Exports YY (USD)(Aug) 4.4% vs. Exp. 5.0% (Prev. 7.2%)
- Chinese Imports YY (USD)(Aug) 1.3% vs. Exp. 3.0% (Prev. 4.1%)
- Chinese Trade Balance (CNY)(Aug) 732.7B (Prev. 743.6B)
- Chinese Exports YY (CNY)(Aug) 4.8% (Prev. 8.0%)
- Chinese Imports YY (CNY)(Aug) 1.7% (Prev. 4.8%)
- Japanese GDP Revised QQ (Q2) 0.5% vs. Exp. 0.3% (Prev. 0.3%)
- Japanese GDP Rev QQ Annualised (Q2) 2.2% vs. Exp. 1.0% (Prev. 1.0%)
GEOPOLITICS
MIDDLE EAST
- US President Trump posted that he had warned Hamas about the consequences of not accepting a hostage deal and said this was his last warning.
- Hamas said it received some ideas from the US side through mediators to reach a ceasefire deal in Gaza.
- Israel’s Foreign Minister Saar said the war in Gaza can end tomorrow if hostages are released and Hamas lays down its arms, while he said establishing a Palestinian state would jeopardise Israel’s security and urged Denmark not to recognise a Palestinian state. It was also reported that Denmark’s Foreign Minister said they are not ready to recognise a Palestinian state but added Israel does not have a veto over any Danish recognition of a Palestinian state.
- Yemen’s Houthis targeted Israel’s Ramon Airport with drones, although operations at the airport were resumed following the drone strike from Yemen.
RUSSIA-UKRAINE
- Ukraine’s PM said the main building of the Ukrainian government was damaged by an enemy strike for the first time during the war and that firefighters were working to extinguish the blaze at the government building. In relevant news, Ukraine’s Air Force said on Sunday morning that Russia launched 805 drones and 13 missiles on Ukraine overnight, while it was separately reported that Ukraine attacked Russia’s Druzhba oil pipeline in the Bryansk region.
- Russian Defence Ministry said Russian forces took control of Khoroshe in Ukraine’s Dnipropetrovsk region and carried out strikes on Ukraine’s military-industrial complex and transport infrastructure facilities, according to TASS.
- US President Trump said he is ready to go to the second round of sanctioning Russia, while Trump commented on Friday that the Ukraine war will end, or there will be hell to pay, and they are working on security guarantees to Ukraine.
- US envoy to Ukraine said Russia’s latest strike on Kyiv is not a signal it wants to diplomatically end the war.
- US and the EU plan to discuss new Russia sanctions on Monday, according to AP News. European leaders will visit the US on Monday or Tuesday to discuss ways to end the war in Ukraine, according to the BBC.
GLOBAL NEWS
- Tensions rose in Istanbul as hundreds of Turkish police blocked access to the main opposition’s Istanbul headquarters following a court-ordered leadership change of the party’s local administration, according to Bloomberg.
EU/UK
NOTABLE HEADLINES
- Italy’s Economy Minister said the government sees 2025 GDP growth in line with its 0.6% target.
3A NORTH KOREA/SOUTH KOREA
SOUTH KOREA//NORTH KOREA/
3B JAPAN
Trouble ahead for the Japanese bond prices (yields higher) the Yen and their stock market
(zerohedge0
Japan’s Prime Minister Ishiba Resigns, Most Likely To Be Replaced With Hard-Line Conservative
Sunday, Sep 07, 2025 – 12:35 PM
For much of the past two months, ever since the historic loss of Japan’s LDP in July’s parliamentary elections, we have mocked the highly unpopular Japanese PM Shigeru Ishiba, who was clinging to the post despite record disapproval and a clear shift in popular sentiment that had clearly stripped him of mandate to be Japan’s leader.
A few hours ago, Ishiba finally decided to prove us wrong and announced he will step down – following weeks of calls for his departure – a decision that will set in motion a leadership race that may generate concerns for investors.
“While I feel there are still things I wish to do as premier, I have made the difficult decision to step down,” Ishiba said at a press conference in Tokyo on Sunday. “Having seen the US trade negotiations through, I felt that now is the right time to stand down and give way to my successor.”
“I felt that if I continued amid a vote on an early leadership race, it could have created an irreversible division within the party, which is certainly not my intention.” He will stay on as prime minister until his successor takes over.
Ishiba’s resignation brings to an end a tenure marked by humiliating election results that stripped the Liberal Democratic Party’s ruling coalition of its majorities in both chambers of parliament and left market participants unsure of Japan’s fiscal plans. His departure is likely to fuel uncertainty among investors over the coming weeks until a new leader is chosen. It will also likely spark debate among market participants whether his replacement will follow through with the trade deal that Japan reach with Trump.
As Bloomberg warns, the risk of further instability could weigh on the yen and longer-term bonds when trading opens Monday in Asia. Japan’s currency was one of the weakest performers among its Group of 10 peers last week, while yields on longer-term Japanese government debt reached fresh multi-decade highs.
“Prime Minister Ishiba was known for his strict stance on fiscal discipline,” said Katsutoshi Inadome, senior strategist at Sumitomo Mitsui Trust Asset Management, flagging the likelihood of upward pressure on super-long yields. “While it remains unclear who will become the next prime minister, it’s difficult to envision anyone with a fiscal discipline stance better than or even equivalent to his.”
Which, in a country best known for the short tenure of its prime minister, more easing to placate the masses is on deck, even if it means another surge in inflation, and even higher prices in gold and crypto as the local population protects what little is left of its purchasing power.
The LDP was set to hold a vote Monday if it should bring forward a leadership election by two years, but that had looked increasingly likely to turn into a vote of no confidence in the premier. That vote will now be canceled, and instead the LDP will hold a leadership race, Ishiba said.
Lawmakers jockeying to position themselves as the next premier will need at least 20 other members of parliament to support their candidacy in order to enter the race. Whoever emerges top in the party contest will then have to win a vote in parliament to become prime minister in a fractured Diet.
Potential candidates within the ruling party include Sanae Takaichi, 64, a former internal affairs minister who finished second to Ishiba in an LDP leadership race last year. If chosen, Takaichi would be Japan’s first female prime minister.
A party veteran who has held a variety of roles, including economic security and internal affairs minister, she is known for conservative positions such as revising the pacifist postwar constitution; Takaichi is a regular visitor to the Yasukuni shrine to honor Japan’s war dead, viewed by some Asian neighbors as a symbol of past militarism.
She is a fan of Abenomics economic policies and favors stimulus measures which means any hope for a rate hike by the “independent” Bank of Japan would be quietly put to pasture under her leadership (we leave the discussion of BOJ “independence” to an other time).
A member of Japan’s largest nationalist organisation Nippon Kaigi and known as a hard-line conservative, Takaichi opposes same-sex marriage and supports a requirement for couples to share a surname after marriage. She has also stated that a government gender equality plan could “destroy the social structure based on family units” has voiced opposition to proposals to change the law so that a woman could become the Emperor of Japan.
Takaichi supports imprisoning those who damage Japan’s national flag, and is considered a China-hawk when it comes to foreign policy and supports revising article 9 of the Japanese constitution which prohibits Japan from entering armed conflict. She’s also a vocal critic of Chinese economic practices such as intellectual property theft and calls on Japan to lessen its economic dependence on China.
Most notably, she believes that immigration to Japan risks destabilizing Japanese society and argues that Japanese heritage must be protected. As such, should she replace Ishiba, she would become the latest hard-line conservative to take charge in blowback to the catastrophic policies unleashed by the liberal left in recent years.
Among other possible candidates, Takayuki Kobayashi, a former economic security minister, is on the right-wing of the party and would be a possible rival to Takaichi in garnering support from that section of lawmakers. Yoshimasa Hayashi, the current chief cabinet secretary, as well as Finance Minister Katsunobu Kato, might also show interest in succeeding Ishiba.
“If Ms. Takaichi is appointed, bond selling could intensify due to the risk of a credit rating downgrade,” Sumitomo Mitsui Trust’s Inadome said. In that scenario, “we could see a triple dip: falling bond prices, a weaker yen, and declining stock prices.”
A Koizumi or Hayashi win is more likely to return the yield curve to its previous shape, he added.
Traditionally, the LDP’s dominance in parliament all but assures that its leader will become prime minister. With no majority in either house, there’s only a slim chance the leader of the LDP could fail to clinch the premiership, though that decision is still some weeks away.
The next premier will have to navigate challenges ranging from global trade headwinds to simmering resentment at home over soaring costs of living. Ishiba had called for fresh cash handouts to support consumers, while opposition parties sought tax cuts or higher spending, proposals that have given investors cause for concern.
In the press conference held Sunday, Ishiba said that consumers and businesses will need more support and pressed the need to maintain momentum for wage hikes. He indicated that he essentially decided to step down following the July election setback, but saw a need to make more progress on the trade deal with the US first.
US President Donald Trump signed his trade agreement with Japan and put it into effect with an executive order on Thursday. Although current tariff rates will be lowered with the new order, Japan will still have to pay a maximum 15% tariff on its products, including exports of cars and auto parts.
Still, the signing of the deal leaves Ishiba with some kind of legacy to walk away with after a troubled year at the helm.
3C CHINA
CHINA/SOUTH KOREA
as far as China is concerned we should keept important chips out of their hands
(zerohedge)
Trump Admin Weighs Annual Chip Supply Licenses For Samsung, SK Hynix In China
Monday, Sep 08, 2025 – 07:45 AM
The Trump administration has proposed annual approvals for chipmaking supply exports to Samsung Electronics and SK Hynix’s factories in China, potentially replacing the Biden-Harris era waivers that it criticized as a “Biden-era loophole.”
Bloomberg reports that the U.S. Commerce Department proposed a one-year “site license” model for South Korean chipmakers, rather than the validated end-user (VEU) waivers.
The annual site licenses would provide more predictability for chipmakers compared to the previous model, which required companies to apply for new U.S. approvals on a shipment-by-shipment basis.
“Bureau of Industry and Security estimates that these new removals of these entities from the Validated End-User program under the Export Administration Regulations will result in the submission of an additional 1,000 license applications annually, which would be an increase of 495 burden hours,” the U.S. Commerce Department wrote in a notice.
According to the federal notice, VEUs are set to expire at the end of the year.
Here’s more color on the potential rule change:
The VEU system granted Samsung and SK Hynix perpetual approval to ship estimated quantities of supplies, based on up-front security and monitoring commitments, to factories in China — where the U.S. has broadly curbed shipments of semiconductors and the tools needed to make them. The Trump team’s proposal instead requires South Korea’s two largest companies to seek Washington’s approval for a year’s worth of restricted gear, parts and materials at a time, spelled out in exact quantities, the people told Bloomberg.
That introduces newfound complexity to the process, but also a way for South Korea’s top chipmakers to keep operating giant factories in China that churn out components used in everything from smartphones to data centers. U.S. officials have said they don’t want to disrupt operations at those facilities, but also won’t approve shipments of gear that could be used to upgrade or expand them.
South Korean officials and industry insiders are relieved that a framework exists, but they are frustrated by the added administrative hurdles. Lingering concerns include difficulty in forecasting spare parts needs and the mounting risk of delays if emergency approvals are required.
The takeaway is that the Trump administration seeks a more in-depth understanding of the supply chains of South Korean chipmakers’ plants in China amid a multi-front tech war with the world’s second-largest economy.
This revelation comes weeks after South Korea’s President Lee Jae Myung visited the White House to meet with Trump, focused on deepening economic ties.
END
4. European affairs and NATO
UK/
‘Enough is enough’: Thousands march against antisemitism in London
Thousands marched in London to protest rising antisemitism, calling for action as incidents surge across the UK. Leaders urged solidarity and vigilance.
Demonstrators take part in the “March Against Antisemitism”, in London, Britain, September 7, 2025(photo credit: REUTERS/TOBY MELVILLE)ByJERUSALEM POST STAFFSEPTEMBER 7, 2025 18:05
Nearly two years after the October 7 Hamas attacks and the start of the war in the Gaza Strip, thousands of demonstrators marched through central London on Sunday to denounce rising antisemitism in the UK and around the Jewish world.
The event began at Hallam Street and paused outside Broadcasting House, the headquarters of the BBC. There, stand-up comedian and activist Josh Howie addressed the crowd, calling on the government to “defund the BBC.”
“The BBC is a danger to Jews,” he said. “The BBC is no longer an arbiter of truth. Here is a fact for you, BBC: Hamas is a terrorist organization. Hamas started a war. There is no famine. There is no genocide.”
Chief rabbi, public figures lead the protest
Chief Rabbi Ephraim Mirvis was among the high-profile figures who led the march, alongside Campaign Against Antisemitism (CAA) Chief Executive Gideon Falter, Board of Deputies President Phil Rosenberg, Minister for Levelling Up Michael Gove, shadow attorney-general David Wolfson, actress Louisa Clein, and social media personality Dov Forman.
In remarks to The Jewish Chronicle, Mirvis said: “It is so sad, so tragic that it is necessary for us to do this. But just have a look at all the thousands of people. We’ve got an incredible Jewish community, and what is very significant is we’ve got lots of non-Jewish friends who have come out in great numbers here today.
“So I’m so impressed by the resilience, the strength, and the fortitude of our community at this time.”
Gove added: “It is absolutely vital that people from every background stand with the Jewish community at this time. There has been an unprecedented level of hatred and prejudice directed towards the Jewish community – both on our streets and online.
“We must send a clear message that we are against prejudice and hate and in favor of tolerance and inclusion. History teaches us that the safety of the Jewish community is closely tied to how free, open, and strong a society is.”
Antisemitism in the UK at near-record levels
One in five Britons holds antisemitic views, a YouGov poll commissioned by Campaign Against Antisemitism also revealed on Sunday.
Recent incidents have included the forced removal of a Jewish chaplain and his family from a university campus, a swastika spray-painted on the home of a Chabad rabbi, and feces smeared on the walls of a synagogue in north London.
Prior to the march, Falter said the UK was undergoing a profound shift: “Something is happening in our country. Civil discourse and reasoned debate are giving way to sectarianism and extremism. Stages are being given to those who glorify terrorism, and taken away from those who do not conform.
“Jews are being chased down the street. Jews are being targeted for racist pranks. Jews are being harassed on public transport. Jews are being targeted on campus. These extremists are bullies – and the only way to defeat a bully is to stand up and say: enough.”
March ends at Parliament Square
The procession passed the Cenotaph and ended at Parliament Square. Participants carried placards, Union Jacks, and Israeli flags. Among those present were representatives of Christian Action Against Antisemitism and the UK’s Iranian community.
Despite the grave message, parts of the march had a celebratory atmosphere, with Hebrew songs ringing out along the route. Many participants chanted for the release of the remaining hostages held in Gaza – 48 are still believed to be captive more than 700 days after their abduction.
END
FRANCE
WW3? French Hospitals Told To Prepare For A “Major Military Engagement” Within Six Months
Sunday, Sep 07, 2025 – 08:10 AM
Authored by Steve Watson via Modernity.news,
French hospitals have been advised to prepare for a large scale war by next year, in a government letter that was leaked to the media.
There are reports that the French Ministry of Health has informed hospitals to prepare for a “major [military] engagement” by March of 2026.
The letter allegedly states that between 10,000 to 50,000 people are to be expected in hospitals.
The leaked letter also reportedly explains that mass casualties are to be expected not just from its own forces, but wounded soldiers from across Europe, and that France would be acting as a ‘rear base’.
It outlines how French hospitals would need to prepare for up to 50 THOUSAND beds allocated to wounded civilians and military personnel EVERY MONTH.
The Ministry of Health also noted that it is considering the creation of medical centers near ports and airports.
* * *
Iodine for the prepared…
* * *
“In the current international context, it is necessary to anticipate the modalities of health support in situations of high-intensity conflict,” the Ministry of Health letter reportedly notes.
The report adds that Health Minister Catherine Vautrin has not denied the authenticity of letter, claiming that it is “part of preparation.”
“It’s part of preparation, like strategic stockpiles, like epidemics,” Vautrin stated.
She added, “Hospitals are constantly preparing for epidemics and patient intake. The fact that the country is preparing for crises and assessing the consequences of what is happening [in the world] is completely normal.”
“I wasn’t in office at the time of Covid-19, remember, there were no words harsh enough to describe the country’s lack of preparedness,” she further stated.
This isn’t the first time we’ve heard about this.
Earlier this year, the French government sent a ‘survival manual’ to every household in France warning them of an ‘imminent threat to the country’.
Meanwhile, Germany’s military chief says NATO will be on alert as Russia prepares for Zapad 2025, a massive joint drill with Belarus which has been described as a dress rehearsal for a real invasion.
NATO chief Mark Rutte has warned that the world is “on the brink of WW3”, claiming a dual assault from China on Taiwan and Russia on NATO territory could spark a global conflict.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
GERMANY
Germany Ignores Bond Market Warnings Amid Fiscal Paralysis
Monday, Sep 08, 2025 – 06:30 AM
Submitted by Thomas Kolbe
In terms of media strategy, the German government operates on Champions-League level. While the Chancellor emphasizes the pressure for fiscal consolidation in statesmanlike interviews, party representatives simultaneously prepare the public—through coordinated media messaging—for tax increases. Meanwhile, the bond market has already given its verdict: thumbs down.
The Berlin political machine continues in routine mode: budget negotiations consistently end with new borrowing, the Chancellor calls for cuts in the social budget, while left-leaning factions across both parties aim to mobilize taxpayers to fill the yawning gaps in public finances. A hectic debate is underway about the dramatic state of the German economy and the immediate consequences for government coffers. There is no indication that policymakers are bending to reality or abandoning the ideological path that has led to this decline.
Infantile Envy Campaign
This debate is accompanied by an infantile envy campaign orchestrated by the DGB (German Trade Union Confederation), which once again proves itself to be a club of functionaries largely detached from its members. Rather than tackling the structural problems of the economy seriously, the union prefers to light divisive fires.
According to DGB strategists, the wealthy, heirs, and private investors are to blame for Germany’s economic catastrophe. It is a shameful campaign, which—hopefully—will not gain significant traction in the media.
The union confirms the diagnosis that eco-leftist policies and the leadership cadres of business and unions have largely merged into a corporatist unit—held together by the gigantic subsidy machine of the green transformation. The silent cartel is willing to accept the collapse of the German economy, as long as the sweet poison of corruption money—commonly known as subsidies—keeps flowing. As a result, Germany moves forward in a somber mood, socially unsettled, economically paralyzed, and heading toward eco-socialism.
Agenda 2030
The last remnants of bourgeois politics act clumsily, trapped in media routines.
CDU Secretary General Carsten Linnemann now calls for an “Agenda 2030,” apparently aimed at achieving a psychological effect—similar to Gerhard Schröder’s Agenda 2010. In reality, Agenda 2010 was mostly an administrative reform of social welfare: fiscally modest, with savings of at most ten billion euros per year and minimal tax cuts.
Its fame rested not on substance, but on favorable external circumstances: a low-interest cycle, strong global growth, and China’s expansive demand policies made the measures appear far larger than they actually were—a media-exaggerated myth that continues to resonate today.
From the south of the country, calls are growing to reverse destructive regulatory policies in the automotive sector. Bavarian Prime Minister Markus Söder demands the removal of the combustion engine ban and technology-neutral solutions for mobility. At the same time, however, he continues to support one-sided subsidies for e-mobility.
Neither fish nor fowl. He, too, has failed to recognize that the foundations of the German economy are fractured and that piecemeal reforms will no longer suffice. Germany continues to lose capital abroad and refuses to acknowledge the severity of the crisis it has itself triggered—through erratic energy policy, dogged support for the proxy war in Ukraine, and a grotesque open-border policy.
Heating Law as Blueprint
At least policymakers are beginning to realize that the economic disaster will soon manifest in sharply declining tax revenues. Now would be the time to unleash the economy and enable new growth. Yet no one dares challenge the green agenda. This is particularly evident in the Building Energy Act (GEG).
It will burden citizens with more than nine billion euros annually, even though households and businesses have already reached their limit. Rather than making rational corrections, policymakers insist on ideological mandates.
Emission targets remain unchanged; only timelines, financing, and alternative heating options—such as pellet stoves—are under discussion. Thus, the law remains a central pillar of the green agenda, fully absorbed by the party cartel.
Prisoners of the Cult
Berlin already knows this agenda has failed. Yet, from a media-psychological perspective, it has so thoroughly infected the parties that their representatives are unable to correct this dramatic mismanagement. Citizens now pay the price for political vanity and infantile ideology. Climate propaganda and Russia-phobia are used to align them with an economic artifice—whether it is the green subsidy economy or the new war economy—keeping it artificially alive.
When distilled, the German debate over state debt, regulation, climate policy, and the endless saga of defending democracy against supposedly imperial, invasion-ready Russia paints a clear picture: politicians have entrenched themselves in morally elevated narratives. With emphasis, plenty of historical bending, and reality denial, they persist undeterred.
Even the increasingly fragile situation in Ukraine hardly affects their decisions. There is no real Russian diplomacy; instead, the expensive war economy is pushed forward with full force—all to maintain the illusion of a functioning, morally superior state and to keep the credit mechanism alive.
Bond Markets Unimpressed
The German self-reflection meets deaf ears in the bond markets. Pressure is growing everywhere on over-indebted states. Interest rates are rising, and with them, fiscal leeway is shrinking. Germany’s debt mountain of 2.5 trillion euros currently costs the Treasury—i.e., taxpayers—around 34 billion euros per year in interest.
If interest rates continue to rise at a similar pace as in recent years, rough calculations suggest that about 13 percent of debt must be refinanced annually, adding roughly seven billion euros in interest costs each year.
Every one-percentage-point increase in interest rates triggers interest expenses of 27 billion euros under current debt levels. The situation is therefore more than merely dramatic. Neighboring France faces a week of truth, with a confidence vote in parliament. Prime Minister François Bayrou’s government is attempting budget cuts of 44 billion euros, which is already considered doomed given political divisions in parliament. The country braces for general strikes and political chaos.
Klingbeil Holds Course
In Germany, Finance Minister Lars Klingbeil continues on his course. Next year, he plans additional government spending of four percent, expanding the federal budget from 502 billion euros to over 520 billion euros. His calculations rely on overly optimistic assumptions. The ongoing economic depression will severely strain social funds and force the federal government into further borrowing and supplementary social payments.
Anyone who thought the economic crash would pressure policymakers to end their crash course with reality is sorely mistaken. Stubborn, ideologically radicalized, and detached from reality, the Merz-Klingbeil duo continues Brussels’ disaster agenda unabated. Debt and senseless government spending are intended to trigger a turnaround. Market-oriented reforms are nowhere in sight, as these would imply a loss of power and the political willingness to focus on core state responsibilities.
If economic decline materializes in the coming months through rising refinancing costs and widening deficits, it will be fascinating to see who the first strike-breakers in the political apparatus will be—who abandons the sinking ship or demolishes the firewall, forcing the collapse of the party cartel.
We must not underestimate the power of the bond market: no central bank in the world can permanently control the yield structure of over-indebted states if the market has already given its thumbs down.
* * *
About the author: Thomas Kolbe, born in 1978 in Neuss/ Germany, is a graduate economist. For over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.
END
GERMANY
Get a load of this: police?? cannot speak German?
Over Half Of Berlin’s New Police Recruits Need German Language Training, Officials Admit
Monday, Sep 08, 2025 – 04:15 AM
For some reason, Germany loves recruiting migrants into its police force in the name of diversity. In 2022, roughly 42% of police recruits who took the most common path into Berlin’s police force were migrants or came from migrant families, according to a major survey (37% including all pathways).
What’s more, Berlin is the only German state where the proportion of new police recruits with a migration background matches or exceeds the city’s own population share (35%) according to that same survey.
Now, (shocker!) roughly 55% of Germany’s new police recruits don’t meet German language standards for the job – so obviously that percentage of migrant recruits went way up.
Out of 240 police trainees who began their training in spring 2025, a staggering 132 recruits, roughly 55% need extra German-language support, the Berlin Police confirmed to Nius (via Apollo News).
The problem, authorities say, hits hardest in the first semester of training. “About half of the new recruits require regular language support at the start of their training,” the police statement said. However, they noted that the need for assistance drops over time as recruits progress through the program.
No word on where these recruits are migrating from. Maybe it’s the Poles? The Turks?
Police Blame Broader Social Decline
Berlin’s police stressed this isn’t just a law enforcement issue, it’s part of a nationwide trend of falling written-language skills.
Authorities cited multiple causes:
- Teacher shortages
- Increasing diversity in classrooms
- Rising demands on schools, particularly in German language instruction and digital media literacy
The agency also pointed to cultural and technological shifts as contributing factors. Young people are growing up in a world “where written text is everywhere,” the statement said, but that doesn’t mean they’re writing it correctly.
“There are hardly any error-free texts anymore,” the police noted, blaming a growing reliance on technology like spellcheck, autocorrect, and AI tools for weakening spelling and grammar skills.
High Stakes for Future Officers
For Berlin’s future officers, language proficiency isn’t optional, it’s required by law. Police trainees must demonstrate C2-level German fluency – the highest possible level under the Common European Framework of Reference – by the end of their training.
That proficiency is tested through a final exam. Failing twice means automatic dismissal from the police force under Berlin’s Police Act, the agency confirmed.
Berlin’s recruitment challenges come amid growing concerns about Germany’s education system, integration policies, and workforce shortages. But for law enforcement specifically, the stakes are higher than ever: police officers must be able to write reports, testify in court, and communicate flawlessly in complex, high-pressure situations.
Bigger Questions About Integration and Standards
The numbers highlight a broader debate over educational decline, integration policy, and workforce standards in Germany. Critics argue that lowering expectations in schools, combined with rising classroom heterogeneity, has left new generations less prepared for professional demands, especially in fields like policing, where precision in language can affect public safety.
As Berlin struggles to recruit and train enough officers, questions are mounting about whether Germany’s schools are adequately preparing graduates for essential roles, and whether institutions like the police force will eventually lower entry requirements to keep up with staffing shortages.
“Good language skills are mandatory for the job,” the Berlin Police stressed.
end
EU/RUSSIA
Putin Doesn’t Seem Worried As EU’s 19th Sanctions Package Would Hit Russian Banks, Oil
Monday, Sep 08, 2025 – 11:40 AM
The United States, Europe and Ukraine are still pinning their hopes on witnessing a Russian economic “collapse” that theoretically will hasten a desperate Putin to the negotiating table, where he’ll make significant compromise.
That’s according to Treasury Secretary Scott Bessent in a Meet the Press interview Sunday. He said: “We are prepared to increase pressure on Russia, but we need our partners in Europe to follow.”
Urging Europe to act more aggressively, he said, “We are talking about what the two, the EU and the U.S., do together. But we need our European partners to follow us.”
At this moment the European Union is considering a new round of sanctions targeting several Russian banks and energy firms – which would mark its 19th package. The newest round would take aim at Russia’s payment and credit card networks, cryptocurrency exchanges, as well as impose additional restrictions on its oil trade. In total it would target about half a dozen Russian banks and energy companies.
The action is expected to be coordinated, after EU representatives meet this week in Washington with Trump admin officials. Have nearly twenty rounds of sanctions really put the squeeze and hurt on Russia, enough to impact Putin’s war aims? So far, the evidence has not been compelling.
With each new round of sanctions going back to 2022, it remains the same mantra from people like European Commission President Ursula von der Leyen, who previewed starting early last month, “We have adopted 18 packages so far, and we are advancing preparation for the 19th. This package will be forthcoming in early September.”
She reasoned, “We need to prepare the 19th package so that Russia sees that we are serious. We must continue to limit Russia’s potential.” The EU’s position is that the sanctions pressure will eventually “President Putin to the negotiation table.”
The state of the battlefield in eastern Ukraine strongly suggests that the Kremlin could care less if Europe and the US are ‘serious’ – as Russian forces have kept slowly advancing piecemeal, and even last month penetrated into the central oblast of Dnipropetrovsk. This also comes off Putin’s time in Beijing, which sent a message to the world doubling down on trade commitments in defiance of Washington, also involving India.
As far as another round of major sanctions, it’s looking like President Trump will probably pull the trigger, given events like Sunday’s record-breaking drone and missile attack on Kiev and across Ukraine will only ramp up the pressure on him to act, amid the urgings of hawks. He might be more interested in salvaging bilateral US-Russia ties, however. Certainly the Russians have had a favorable approach to this.
Germany’s Deutsche Welle reviews:
- Russia attacks with 805 drones and 13 missiles, most of which were intercepted, according to Ukraine’s Air Force
- Strikes hit residential areas in Kyiv, killing at least two people, and set fire to one of the main government buildings
- Ukraine’s president and prime minister continue to urge global allies to ramp up pressure on Russia by strengthening sanctions against country
That attack marked the first time that high level ‘decision-making centers’ of the government were attacked, as the cabinet of ministers building was set a blaze, which is not far from Zelensky’s office.
There remains no forward movement on getting Putin and Zelensky into top level negotiations, as Trump has sought, and Zelensky even said he won’t go the the capital of “that terrorist” Putin. Such rhetoric will ensure that a meeting doesn’t happen, and Zelensky and Europe seem content with this – even as untold numbers continue dying by the day on the eastern battlefield.
END
FRANCE
TROUBLE FOR FRANCE!!
French PM Loses Confidence Vote, To Resign Tomorrow
Monday, Sep 08, 2025 – 01:00 PM
Update (1300ET): As we previewed and expected, French PM Francois Bayrou, the fourth prime minister in just 20 months, became the latest to depart having failed to get sufficient support to push a budget through parliament as 194 voted for him, 364 against.
Bayrou is reportedly going to submit his resignation to Macron early Tuesday, according to a government course.
Macron has limited options to steer France out of this crisis, according to PoliticoEU.
He is reportedly leaning toward appointing another prime minister — the fifth since January 2024 — but a new premier would face the same intractable parliament.
So too would a technical government made up of civil servants.
Another snap election looks unappetizing, though, as it could easily deliver another hung parliament.
In an extreme scenario, Macron could even resign, but that’s highly unlikely given his past statements.
Macron’s office hasn’t said whether he will speak tonight.
* * *
Prime Minister Francois Bayrou’s government will likely fall Monday, a victim of his push to chip away at France’s massive debt load. The premier called the vote to rally lawmaker support for his plan to narrow France’s 2026 deficit to 4.6% of economic output from an expected 5.4% this year. That plan includes €44 billion ($51.6 billion) of spending cuts and tax hikes. He also floated an unpopular proposal to cut two public holidays as a way to reduce costs in Europe’s second-largest economy. France’s fiscal deficit is now the widest in the euro area. Debt is rising by €5,000 ($5,840) a second, and the cost of servicing it is set to hit €75 billion next year, according to the government.
His plan may have backfired, however, as opposition parties in the National Assembly have mobilized against Bayrou’s minority government.
“There are moments when we need a rude shock,” Bayrou told France 5 television on Saturday. “There’s never been a situation as blindingly clear as this one.”
Bayrou will make a policy speech starting at 3 p.m. Paris time, followed by interventions by the political groups in the National Assembly.
The vote will take place in the evening, with the result expected between 8 p.m. and 9 p.m. (1400-1500ET)
Below is a full primer of what to expect, courtesy of Newsquawk
VOTE
- French PM Bayrou called a confidence vote in order to get support for his fiscal plans. The vote is scheduled for Monday, September 8th – timing TBC.
- As it stands, Bayrou is expected to lose the vote. There was some chance of his plans passing, though it would have required the support of at least one of the parties in opposition, as Bayrou’s government commands 210/577 Lower House seats, shy of the 289 majority figure.
- To obtain 289, Bayrou would have needed to court either National Rally (RN) or a minimum of two parties from the Left. Note, the actual threshold to remain may be less than 289, as officials who abstain are removed from the calculation i.e. the majority of votes cast determines the outcome.
- Parties on the Left have made clear that they will not be backing Bayrou; most pertinently, Socialist Party (PS/SOC) head Faure told Le Monde it would be “inconceivable’ for them to back Bayrou’s measures. Bayrou met with the Socialists on September 4th, but no breakthrough has been reported from this.
- At the other end of the spectrum, RN President Bardella said “the miracle did not happen” in talks between Le Pen and Bayrou, remarking that the PM’s fiscal plan crosses some RN red lines and they do not have confidence in the government.
- Overall, Bayrou’s failure to court support of the Left and/or Right means, barring an 11th hour change, that he will lose the confidence motion and Bayrou will have almost no choice but to resign.
TIMINGS
- In terms of the timing, Politico reports that PM Bayrou will speak in the National Assembly at 14:00BST/09:00ET to deliver a policy statement. Thereafter, each of the political groups will have the opportunity to speak and the PM can in turn respond to questions from the officials.
- Thereafter, the statement and responses by Bayrou will be subject to a confidence vote. The verdict of this, Politico estimates, will not be known until 18:00BST/13:00ET at the earliest.
- Following the vote, and assuming Bayrou loses the confidence motion, he submits his resignation to President Macron, who then dictates the next steps.
OUTCOMES
- There are a handful of potential scenarios ahead. 1) Bayrou wins the vote and pushes his reform plans through (very unlikely). 2) Bayrou loses, resigns and a new PM is appointed as part of the existing, or more likely an expanded coalition (possible). 3) Bayrou loses, resigns and a new PM cannot be agreed upon by the current parliament, causing President Macron to dissolve the Lower House and call new elections (possible). 4) Bayrou loses, either two or three occurs and the political instability continues, or three occurs and National Rally emerges victorious; at which point, President Macron could elect to resign (Macron cannot run for another consecutive term).
- 1) Very slim chance of occurring, the market would likely see immediate relief from the surprise support for and progress on required fiscal reform. However, the French political landscape remains fractured so any relief may, ultimately, prove fleeting if the situation deteriorates once again in the weeks/months following.
- 2) President Macron could appoint a new PM. However, any appointee would have the same issues Bayrou and Barnier before him, who faced a fractured political landscape, meaning this would be another sticking plaster rather than a lasting fix. One of the contenders for this could be current Finance Minister Lombard who, to the FT, outlined that Bayrou’s fall would necessitate concessions to the Left to secure broader support for reform. However, this feeler to the Socialist Party (PS) has already run into opposition from The Republicans (LR) as the right-leaning gov’t coalition member has made clear they will not work with PS.
- 3) Fresh legislative elections could be called by President Macron. However, the polling situation has not moved in Macron’s favour since the 2024 election, as his Ensemble party has slipped by 21% of the vote share to c. 15% while RN and allies have been steady at around 32-33% (prev. 29%). Overall, the French system means an outright victory is very unlikely and as such the fractured political landscape would likely continue, with Macron running the risk of being President to a National Rally PM, likely Bardella.
- 4) Macron has made clear that he has no intention of resigning ahead of his term ending around April 2027. Macron cannot seek a third consecutive term, though he could run again in 2032 or later, if he wished. If Macron stepped down, polling points to RN’s Bardella (Le Pen cannot run between 2025-2030 due to embezzlement, though she is planning to appeal this in the event of a Presidential election being called) securing victory in the first round with around 30% of the vote. Though, it is much less clear how he would fare in a second round vs Edouard Philippe, with polls for that round near-enough tied.
- Note. Macron is reportedly seeking to avoid legislative elections, according to Bloomberg. The President believes that elections would result in another fractured political situation (outlined in scenario 3 above). Instead, Macron wishes to appoint a PM who could hold together the centrist bloc and court support from the Left, i.e scenario 2 and potentially a direct reference to someone like Lombard. However, the source makes clear that Macron is not ruling out legislative elections.
- One final point of consideration are the strikes scheduled for September 10th, as there has been some talk of Macron potentially waiting until after the strikes pass before he announces his candidate to replace Bayrou.
MARKET REACTION
- Following the announcement of the confidence vote, French banks and bonds have been under pressure.
- Emphasis has been on the moves in French yields with respect to European peers, particularly the OAT-Bund 10yr yield spread. Following the announcement, this peaked at 82.19bps, shy of the YTD high of 88bps and then the 2024 90bps peak.
- Spreads have been gradually widening as we count down to the vote, though still shy of the mentioned YTD peak. Jefferies forecasts the spread to get towards 90bps into the vote and then, if Bayrou loses as expected, highlights a risk of an extension to 100bps if it results in fresh legislative elections. Note, the desk describes this as an attractive entry point as Presidential elections remain unlikely (Macron continues to make clear that he will not call for early Presidential elections).
- On spreads, ECB’s Lagarde has said they are attentive to the French movements but made clear that France is not in a situation which would require intervention.
RATING AGENCIES
- Given the tricky fiscal situation France is in, and the necessity for significant reform in order to bring key measures in-line with EU rules, rating agency updates have and continue to be keenly watched regarding France.
- Reviews are due as follows: Fitch (AA-, negative) 12th September, DBRS (AA, negative) 19th September, Scope (AA-, Stable) 26th September, Moody’s (Aa3, Stable) 24th October, S&P (AA-, Negative) 28th November.
- If Fitch were to downgrade on the 12th, after the vote, then this would push French assets close to the point at which some funds would be forced to divest. Fitch last updated on March 14th, highlighting high levels of debt and a poor record of fiscal consolidation as points of weakness, adding the negative outlook is reflective of significant fiscal risks. While the confidence vote raises the odds of a downgrade, it is worth noting that Fitch in March expected new elections to occur in H2-2025, so it remains to be seen how much of this has already been ‘priced’ by the agency.
- However, on the flip side, the agency highlighted a “failure to implement a medium-term fiscal consolidation plan…” as a factor that could spur negative rating action.
- As a reminder, the EU’s Stability and Growth Pact requires member nations to have deficits equal/less than 3% of GDP and public debt to a maximum of 60% of GDP; France comes in at around 5.8% and over 100% respectively. Though, the Commission has been and is expected to continue to be flexible with the rules, focusing primarily on the medium-term trajectory and credibility of fiscal plans.
WHAT HAPPENS IF THE FRENCH GOVERNMENT FALLS?
For Bayrou to survive, he needs to get the approval of a majority of those votes cast. Given that the groups that support the government represent just 210 seats out of 574 currently occupied (there are three vacant seats at the moment), Bayrou would need well over 100 abstentions in order to survive, assuming all members of those parties that support the government vote in his favor.
If Bayrou loses the vote, Macron’s options include naming a new premier or dissolving the lower house and calling early elections, which aides have said is not in the plans for now. Macron has repeatedly insisted he wouldn’t resign, as some parties have demanded.
If Macron were to name a new prime minister, it would leave unanswered the question of how the government passes an unpopular budget, which brought down the previous premier, Michel Barnier, last year. The context underscores the sudden return of France’s fiscal concerns to the forefront of investors’ attention at a time when European neighbors such as Italy are making comparative progress in taming deficits.
As Bloomberg’s Michael Msika and Julien Ponthus detail below, French assets are set for long-lasting underperformance as the country’s unstable politics keep investors at bay.
Since Prime Minister François Bayrou called a vote of confidence on Aug. 25, the CAC 40 Index has fallen more than a broad European stock benchmark. The extra yield investors demand to hold French 10-year government bonds over German bunds has surged. Even so, French assets aren’t yet pricing the instability that can unfold over the coming weeks or months.
“We’re not expecting for now a sudden tipping point by which bonds and stocks would suddenly collapse,” says Raphael Thuin, head of capital markets strategies at Tikehau Capital.
“It’s rather about pricing a potentially progressive and long-lasting decline. The feedback we get from our clients is that they’re getting used to the idea that there’s a durable risk premium being attached to France.”
France’s inability to fix its public finances has led to three governments in little more than a year, and there’s no sign that a fourth will fare any better.
So investors may be left facing another deadlock over the budget for months to come, the prospect of another snap parliamentary election and even persistent calls for President Emmanuel Macron to resign.
“The French equity market may be too optimistic about the political outcomes,” say Citi strategists led by Beata Manthey, who downgraded the country’s stocks to neutral at the end of August.
“Potential election would in our view imply about 5% lower equity market valuations. Combined with the fact that French equities tend to be more volatile than peers’ around elections, this could be a reason to expect additional choppiness.”
While the CAC 40 generates only 20% of revenues domestically, investors have been applying a discount to the benchmark since the snap elections last year and may continue to stay away on a relative basis. Sectors with the highest levels of local revenue reliance are telecoms, financials, and real estate, while technology, materials and health care are more internationally facing.
Banks are at the forefront of investor worries, given their exposure to government bonds.
Citi analysts note that key concerns include a higher cost of equity, increased funding costs and potential populist measures, but say that these fears remain “overblown” for now.
Defense stocks should also be watched, they add. While French defense spending will most likely trend upward in 2025 and 2026, things might become more difficult in the medium term out to 2030.
Construction and logistics companies like Vinci and Eiffage, residential real-estate developer Nexity and nursing-home operators Emeis and Clariane have also suffered recent bouts of volatility.
The discount on French assets is likely to be validated in the event of Bayrou’s ouster, because any new government will have to dial back his proposed budget cuts. The premier failed to find a majority to back his plan for €44 billion of spending reductions and tax hikes, with the goal of narrowing France’s 2026 deficit to 4.6% of economic output from an expected 5.4% this year.
The yield on France’s 10-year government bond climbed to almost 3.6%, threatening to surpass that of Italy, after Bayrou called the vote, though it has since receded to about 3.44%.
The yield premium on French bonds over bunds has risen to almost 80 basis points, roughly 10 basis points higher than prior to Bayrou’s political gamble.
Tension in the bond markets threatens to spill over to stocks, because higher benchmark yields mean higher borrowing costs, especially for smaller, indebted companies, says Thomas Helaine, head of equity sales at TP ICAP Europe.
That in return reduces the money available for capital spending and growth, he said, and as a result, investors are looking to other markets.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
ISRAEL /GAZA/HEZBOLLAH/IRAN/SUMMARY OF THE LAST 24 HR/TBN
ISRAEL VS HAMAS//SATURDAY//WEST BANK
ISRAEL VS HAMAS MONDAY MORNING: INSIDE A BUS
At least five murdered in Jerusalem terror shooting, 22 wounded
Terrorists opened fire on bus in Jerusalem, killing several at the scene • First responder: ‘When we arrived, we saw people lying unconscious on the road, on the side of the road, on the sidewalk’
Police and rescue personnel at the scene of a terror attack at Ramot junction, entrance to Jerusalem, September 8, 2025(photo credit: FLASH90/CHAIM GOLDBERG)ByJERUSALEM POST STAFFSEPTEMBER 8, 2025 10:25Updated: SEPTEMBER 8, 2025 11:58
At least five people were murdered and dozens were wounded after terrorists opened fire on civilians at Ramot Junction in the Israeli capital of Jerusalem on Monday morning.
Four were pronounced dead at the scene, including a man in his 50s and three men in their 30s. The fifth, a woman in her 50s, was declared dead at Shaare Zedek Medical Center.
At least 22 were wounded at the scene and were transported to three different medical centers, including Shaare Zedek and Hadassah-University Medical Centers at Ein Kerem and Mount Scopus.
The terrorists boarded the Line 62 bus in Jerusalem, which operates across the city, and began shooting at passengers.
In response to the attack, a soldier and several civilians at the bus stop engaged the attackers and returned fire. The terrorists were killed at the scene. The terrorists were in their twenties, from towns on the outskirts of Ramallah, El-Kubeiba, and Katanna. Palestinian Islamic Jihad and Hamas praised the attack.
https://player.jpost.com/public/player.html?player=jpost&media=3946791&url=www.jpost.comAn ambulance carrying shooting attack victims in northern Jerusalem rushes to Jerusalem’s Shaare Zedek Hospital, Sept. 8, 2025. (credit:Yoav Dudkevitch/TPS-IL)
Security forces are encircling several villages outside of Ramallah to reinforce defensive efforts along the West Bank border. They are conducting interrogations and searches in the area.
Prime Minister Benjamin Netanyahu is conducting a situation assessment with the heads of the security establishment following the attack.
MDA Blood Services is supplying approximately 60 units and components of blood to the hospitals to which the victims were evacuated.
All entry and exit points in and out of Jerusalem have been closed as a manhunt is underway to identify the terrorists. Highway 1 has been closed from the Arzaim Tunnel eastward. The closure is expected to last for an extended period.
Testimonial of first responders
“We arrived at the scene in large numbers as soon as we heard the report of gunshot wounds,” MDA paramedic Nadav Taib described.
“When we arrived, we saw people lying unconscious on the road, on the side of the road, and on the sidewalk near a bus stop. There was a lot of destruction, shattered glass on the floor, and a lot of commotion. We began providing medical treatment to the injured, and we are currently continuing to treat the injured and transport them to hospitals.”
“I immediately began providing medical treatment to a woman about 70 who had penetrating injuries to her upper body,” MDA paramedic Shlomi Levy said. “With the help of MDA first responders who reached the scene quickly, she was evacuated by an MDA mobile intensive care unit to the hospital in serious condition. After the evacuation, I continued treating a woman in her 40s. She was conscious and had gunshot wounds to her upper body. We provided life-saving care and evacuated her to the hospital, where she was listed in stable condition.”
“This is a very severe scene,” paramedic Fadi Dkaidek said. “We arrived with large forces and immediately began triaging the wounded and providing medical treatment to several casualties with varying degrees of injuries, including severe and critical cases. The wounded were lying on the road and sidewalk near a bus station, some of them unconscious. We continue to evacuate the injured to hospitals quickly while providing life-saving medical care.”
“Gunfire like nothing I’ve ever experienced,” an elderly woman who was on the attacked bus recounted to N12. “The bus was packed, and as soon as it pulled up to the stop, there was shooting. A suspicious man made a phone call, which several people witnessed. While he was on the phone, the terrorists arrived. I’m telling what I saw, but others saw more. I went to the other side of the road and hid under another bus.”
“The bus doors didn’t open, the driver said there was a malfunction,” an eyewitness to the attack said. Another eyewitness, Malka Cohen, stated that the bus doors initially did not open, and the driver claimed there was a malfunction. Immediately afterward, when the doors opened, the terrorists opened fire.
This is a developing story. Dr. Itay Gal contributed to this report.
END
ISRAEL VS HAMAS/JERUSALEM MONDAY MORNING/INSIDE A BUS:
Jerusalem in chaos: ‘People lying unconscious, shattered glass everywhere’
Israeli first responders described a difficult scene in Jerusalem in the immediate aftermath of a deadly bus-stop terror attack.
Police and rescue personnel at the scene of a terror attack at Ramot junction, entrance to Jerusalem, September 8, 2025(photo credit: OREN BEN HAKOON/FLASH90)ByJERUSALEM POST STAFF, ALON HACHMONSEPTEMBER 8, 2025 11:00Updated: SEPTEMBER 8, 2025 11:52
At least four people were killed and fifteen people were injured in a shooting attack at northern Jerusalem’s Ramot Junction, where first responders described a chaotic scene with multiple victims lying unconscious.
“We arrived at the scene in large numbers as soon as we heard the report of gunshot wounds,” MDA paramedic Nadav Taib said from the junction.
“When we arrived, we saw people lying unconscious on the road, on the side of the road, and on the sidewalk near a bus stop. There was a lot of destruction, shattered glass on the floor, and a lot of commotion. We began providing medical treatment to the injured, and we are currently continuing to treat the injured and transport them to hospitals.”
‘People ran up to my vehicle, fleeing the gunfire’
United Hatzalah first responder Avi Swissa said he was driving through the junction when the attack began.
“I heard the sounds of gunfire,” he said. “It is a very difficult scene. Some of the injured are unconscious. Large United Hatzalah forces are operating at the scene to provide initial medical assistance to the wounded.”
Speaking later to KAN, Swissa added further first-person details: “I am in fact a United Hatzalah medic. I was at Ramot Junction. People ran up to my vehicle. People were fleeing the gunfire. I stopped at a nearby junction to understand that the incident was under control, then I returned to the scene.”
“It was not a simple scene, with many casualties. Together with other United Hatzalah medics and paramedics, we transferred the wounded for continued treatment.” The interviewer then asked whether he understood if the attacker had been on the bus or around it; Swissa did not elaborate, and authorities have yet to confirm the details behind the attack.
It has since been confirmed that the shooting took place inside the bus.
ZAKA Jerusalem District volunteer paramedic Shimi Grossman described arriving at what he called “a battlefield.” “When I got there, I saw a battlefield, with dozens of civilians running in panic and pointing to victims near a bus that was standing at the junction. I saw bullet marks on the bus, and nearby, several people lay with very severe injuries. I helped perform life-saving measures at the scene.
“Sadly, three people were pronounced dead at the scene. Several additional casualties were evacuated to hospitals in critical and serious condition, with varying degrees of injury,” Grossman said.
Both emergency teams reported heavy damage around a bus stop and the surrounding area, with shards of glass scattered across the pavement as medics stabilized patients and evacuated them to hospitals.
Further details on the victims’ conditions and identities were not immediately available. Security forces continued to secure the area and investigate the attack.
END
ISRAEL WEST BANK/MONDAY
IDF launches large-scale operation in West Bank after Jerusalem terror attack
According to the IDF, security forces are continuing to operate in the West Bank, specifically in the Ramallah area and encircling villages.
https://player.jpost.com/public/player.html?player=jpost&media=3947080&url=https://www.jpost.com/IDF soldiers operate in the West Bank, September 8, 2025 (IDF Spokesperson’s Unit).ByJERUSALEM POST STAFFSEPTEMBER 8, 2025 15:31Updated: SEPTEMBER 8, 2025 16:43
The IDF launched a large-scale brigade operation to thwart West Bank terrorism in the Menashe Brigade, alongside searches for the suspects who carried out the attack at the Ramot Junction on Monday morning, the military said.
On Sunday night, the IDF and Border Police operated deep inside the villages in the Marj Sanur Valley area, as well as the Fara’a refugee camp and Kabatiya in the West Bank, aimed at dismantling terrorist activity in the area, the IDF added.
Initial Palestinian reports indicated that one of the two terrorists who carried out the attack was Muthna Omar, 20, whose father was arrested in a recent IDF operation.
Israeli media reported that the other terrorist was named as Muhammed Taha, who, along with Muthna Omar, was a resident of a Palestinian village in the Ramallah area.
According to Walla, one of the terrorists involved was arrested and investigated by the police and subsequently released three months ago.
Reservists from the elite Duvdevan Unit, following intelligence received from the Shin Bet (Israel Security Agency), arrested a terrorist on Sunday night who had planned terror plots.
Security forces confiscate terror funds and weapons
Security forces located and confiscated terror funds worth tens of thousands of shekels, along with weapons, the military said.
According to the IDF, security forces are continuing to operate in the West Bank, specifically in the Ramallah area and encircling villages.
This is a developing story.
END
ISRAEL VS HAMAS//SUNDAY
IDF strikes Hamas infrastructure and high rise tower in Gaza, urges civilians to evacuate to Rafah
IDF Arabic Spokesperson Avichay Adraee ordered civilians to evacuate a section of Gaza City, advising them to move southwards towards humanitarian zones in Khan Yunis and Al-Mawasi.
Smoke rises as a building hit by an Israeli air strike collapses, in Gaza City, September 5, 2025(photo credit: REUTERS)ByJERUSALEM POST STAFFSEPTEMBER 6, 2025 14:23Updated: SEPTEMBER 6, 2025 17:54
The IDF struck a building with Hamas infrastructure and surveillance equipment, IDF spokesperson in Arabic Col. Avichay Adraee wrote on X/Twitter on Saturday.
Adraee ordered civilians to evacuate a section of Gaza City earlier on Saturday, advising them to move southwards towards humanitarian zones in Khan Yunis and Al-Mawasi.
In his statement, Adraee detailed measures taken to reduce the possibility of civilian casualties, including the evacuation notices, use of precise striking techniques, and IDF-gathered intelligence.
One of the targets included a high-rise Gaza City tower that the military said was being used by Hamas.
Defense Minister Israel Katz shared a video on X/Twitter of what appeared to be the multi-story building collapsing after the strike, sending a cloud of dust and debris into the air.
The IDF said Hamas used the building to gather intelligence and that explosive devices had been planted nearby. Hamas denied using the building for military purposes, and Palestinians said it had been used to shelter the displaced.
On Friday, the military bombed another high-rise tower that was reported to be used by Hamas.
IDF invades Gaza City
The Saturday strike is part of the military’s invasion of Gaza City that began on Friday.
“In the coming days, the IDF will carry out precise, targeted strikes against terrorist infrastructure that poses a direct threat to IDF troops,” the military stated ahead of the operation.
In previous weeks, the IDF carried out additional strikes in Gaza, killing prominent Hamas officials such as Hamas spokesperson Abu Obeida.
Last Thursday saw a new photograph that showed Obeida with other Hamas officials who have been killed in the Gaza war. Mohammed Odeh, head of Hamas’s Intelligence Staff, is said to be the only one in the photo who hasn’t been killed by the IDF during the Israel-Hamas war.
On Sunday, shortly after the killing of Obeida, IDF Chief of Staff Lt.-Gen. Eyal Zamir threatened Hamas leaders abroad, saying, “We will reach them too.”
Avi Ashkenazi contributed to this report.
ISRAEL VS HAMAS/SUNDAY
Netanyahu says 100,000 Palestinians left Gaza, Hamas trying to stop them
PM: Ending the Gaza war quickly best way to combat diplomatic price paid by Israel • ‘Finish the war as quickly as possible, finish it with the victory we have defined’
Prime Minister Benjamin Netanyahu oversees the IDF strikes on Yemen’s Sanaa, August 24, 2025.(photo credit: MAAYAN TOAF/GPO)ByJERUSALEM POST STAFFSEPTEMBER 7, 2025 14:08Updated: SEPTEMBER 7, 2025 16:36
About 100,000 Gazans have left the Strip as the IDF has ramped up its Gaza City incursion, Prime Minister Benjamin Netanyahu said Sunday at the opening of a cabinet meeting.
“Hamas is trying to do everything to prevent them from leaving and to remain there to serve as a human shield for it. It does not shy away from any means.
“We have recently seen that it shoots women and children in the legs and, if necessary, shoots to kill.”
He also commented on the impending Gaza City invasion.
We are intensifying the operation on the outskirts of and inside Gaza City. We are eliminating Nukhba terrorists who played a significant role in the October 7 massacre, including the accursed terrorist who called his parents and took pride in having personally murdered 10 Israelis. Now we have called the family and informed them that this terrorist has been eliminated. It is a clear message that we will reach them all. I want to thank, on your behalf as well, the ISA and the IDF for doing this important work.”
“We are eliminating terrorist infrastructure and nefarious terrorist high-rises. We have established an additional humanitarian corridor to enable the civilian population in Gaza to leave for a safe place and receive humanitarian assistance there.”
Netanyahu also commented on the publication of a Hamas video showing Israeli hostages Alon Ohel and Guy Gilboa-Dalal, saying, “On Friday, Hamas issued a cruel and reprehensible video of Alon Ohel and Guy Gilboa-Dalal. I must say that I spoke at length with their families on Friday and underscored, on behalf of myself, you and the entire people, our support for them. I must also say that most citizens of Israel, the great majority of the citizens of Israel, are standing steadfast against this psychological terrorism.”
Our effort in Gaza against the last strongholds, in effect, the last important stronghold, Gaza City, is part of our effort to complete the crushing of the stranglehold by the Iranian axis. This axis was intended to destroy the State of Israel, and by dismantling it and striking it, we are removing an existential threat to Israel, the primary threat.
Netanyahu said that he is aware of the price Israel is paying in terms of its public image, arguing that the best way to manage this is “to establish entirely new mechanisms, as we have discussed, and to finish the war as quickly as possible, to finish it with the victory we have defined. That means: eliminating Hamas, returning all the hostages, and ensuring that Gaza does not pose a threat to Israel.”
end
ISRAEL HAMAS/SUNDAY
US In ‘Very Deep Negotiations’ With Hamas To End Gaza Conflict, Trump Says
Sunday, Sep 07, 2025 – 02:00 PM
Authored by Ryan Morgan via The Epoch Times,
The United States is in “very deep negotiations with Hamas” to bring an end to the current conflict in the Gaza Strip, President Donald Trump announced on Sept. 5.
Hamas, which continues to hold hostages taken from Israel on Oct. 7, 2023, has so far rejected any deals to end the nearly two-year Israeli military campaign across the Gaza Strip, despite widespread death and destruction throughout the territory.
Addressing the ongoing hostage situation and the surrounding conflict, Trump reiterated calls for Hamas to release all of the remaining hostages in a bed to end the carnage.
“We said let them all out right now. Let them all out, and much better things will happen for them. But if you don’t let them all out, it’s going to be a tough situation. It’s going to be nasty. That’s my opinion. Israel’s choice, but that’s my opinion,” the president said during a White House press briefing.
In recent weeks, Israeli forces have been ramping up operations in Gaza City, which is located towards the northern end of the embattled strip of territory. The Israeli military has claimed responsibility for strikes targeting high-rises in the city, and footage has shown strikes toppling at least one tower there.
As many as 20 captives may still be alive, though Trump said “there could be some that have recently died, is what I’m hearing.”
“I hope that’s wrong,” he added.
The bodies of around 30 more captives also remain in the Gaza Strip.
Hamas released a video on Sept. 5 with Israeli hostage Guy Gilboa-Dalal. In the video, apparently dated Aug. 28, Gilboa-Dalal states that he and other hostages are being held in Gaza City and fear they will be killed in the intensifying Israeli operation.
Trump offered few specifics about what Hamas is requesting in negotiations for the release of the remaining hostages.
“They’re asking for some things that are fine,” Trump began, when asked about Hamas’s demands, but said the initial Hamas attack on Israel—in which around 1,200 were killed and thousands more were wounded—must be taken into consideration in the negotiations.
Throughout the conflict, Israeli Prime Minister Benjamin Netanyahu has articulated a goal to ensure Hamas is defeated and that the Gaza Strip can never become a haven for the group or similar militants opposed to Israel.
In an Aug. 10 speech, Netanyahu said the Gaza City takeover plan is not part of an indefinite Israeli occupation of the strip. At the same time, he indicated the plan is for Israel to have “overriding security responsibilities” for the territory, while allowing a “non-Israeli, peaceful civil administration.”
Netanyahu said Gaza’s post-Hamas civil authority must be one that “doesn’t educate its children for terror, doesn’t pay terrorists, and doesn’t launch terrorist attacks against Israel.” Netanyahu said these terms would disqualify the Palestinian Authority—which has partial governing authority in the West Bank—from stepping in as Gaza’s eventual civil authority.
In a Sept. 6 statement, Hamas representatives said, “The movement affirms its openness to any ideas or proposals that achieve a permanent ceasefire, a comprehensive withdrawal of the occupation forces from the Gaza Strip, unconditional entry of aid, and a real prisoner exchange through serious negotiations via mediators.”
end
ISRAEL HAMAS/SATURDAY
Terrorist who boasted of murdering ten Israelis on Oct. 7 killed in IDF strike – report
In the chilling conversation, Afana repeatedly bragged about the murders, with the clip revealed two and a half weeks after the massacre during a discussion at the UN Security Council, Ynet reported.
Terrorist Mahmoud Afana, who boasted about killing 10 Israelis on October 7.(photo credit: SECTION 27A COPYRIGHT ACT)ByJERUSALEM POST STAFFSEPTEMBER 6, 2025 19:13Updated: SEPTEMBER 6, 2025 19:51
Mahmoud Afana, a Gazan terrorist who boasted of murdering ten Israelis on October 7, was killed in an Israeli strike in Deir al-Balah on Thursday, Israeli media reported on Saturday, citing Palestinian reports.
In the chilling conversation, Afana, a member of Hamas’s Nukhba forces, repeatedly bragged about the murders, with the clip revealed two and a half weeks after the massacre during a discussion at the UN Security Council, Ynet reported.
“I’m talking to you from a Jewish woman’s phone. I killed her and her husband. I killed ten with my own hands,” he told his father. The recording was released by then-Israeli foreign minister Eli Cohen.
Terrorist called parents while still in kibbutz
Afana infiltrated Kibbutz Mefalsim and made the call to his parents while he was still in the kibbutz.
“Open your WhatsApp and look at all the killed [Israelis]. Look at how many I killed with my own hands, your son killed Jews!” he was heard in the recording.
The father was heard crying with joy as the terrorist expressed his intent to do a video call so his dad could see the extent of the massacre committed.
This is a developing story.
HOUTHIS
WATCH: Drone from Yemen hits Eilat’s Ramon Airport after IDF gives all-clear from previous threat
One person was lightly injured by shrapnel after the drone hit the airport without any sirens activating. The IDF is investigating the incident.
https://player.jpost.com/public/player.html?player=jpost&media=3946425&url=https://www.jpost.com/Houthi drone shrapnel hits passenger hall in Eilat airport, September 7, 2025 (CREDIT: 27A)ByPESACH BENSON/TPSSEPTEMBER 7, 2025 15:12Updated: SEPTEMBER 7, 2025 18:04
A drone launched from Yemen struck the passenger hall at Ramon Airport near Eilat on Sunday, injuring five people with shrapnel and causing another three to experience a panic attack, according to Israeli authorities.
The IDF confirmed the strike and announced that airspace over the airport had been temporarily closed. Airspace has since reopened, a few hours later.
An IDF spokesman said the Israel Air Force intercepted three drones during the day, two of which were destroyed before entering Israeli territory. “Alerts were activated according to policy,” the spokesman said.
Sirens sounded shortly after 2 p.m. in several communities near the Egyptian border, including Nitzana, Kadesh Barnea, Khemin, and Be’er Milka. The Home Front Command declared the incident over less than 10 minutes later, allowing residents to leave shelters.
Local leaders call for stronger support
Regional officials expressed frustration over the persistent threat to border communities. Eran Doron, head of the Ramat Negev Regional Council, said drone attacks and smuggling attempts have become “an unacceptable reality.”
“I expect the heads of state to understand that the Nitzana area is threatened on a daily basis, and to work to strengthen the settlement in this region of the country. I thank the security forces for their precise action,” Doron said.
The incident marked a rare strike on Ramon Airport, officially the Ilana and Assaf Ramon International Airport, Israel’s second international gateway after Ben-Gurion Airport. Located north of Eilat in the southern Negev Desert, the facility has remained operational throughout much of the conflict despite repeated threats from Iran-backed groups in Yemen.
The airport, which opened in 2019, replaced Eilat Airport and Ovda Airport for domestic and international flights. Designed to handle around 2 million passengers annually, with future capacity of up to 4 million, it serves domestic flights from Tel Aviv and Haifa, as well as European charter and low-cost airlines.
Houthis intensify aerial and maritime attacks
Since March 18, when Israel resumed its military campaign against Hamas following a temporary ceasefire, Yemen’s Iran-backed Houthi rebels have launched more than 70 ballistic missiles and more than 23 drones toward Israel. Most of the projectiles were intercepted or failed to reach Israeli territory.
The Houthis, operating from bases along Yemen’s coast, have also targeted or harassed more than 100 vessels transiting the Bab el-Mandeb Strait, a critical maritime chokepoint between the Arabian Peninsula and Africa. These attacks have brought activity at the Port of Eilat to a near standstill.
Approximately 1,200 people were killed in Hamas’s October 7 assault on Israeli communities near the Gaza border, and 252 Israelis and foreigners were taken hostage. Of the 48 hostages still in captivity, about 20 are believed to be alive.
RUSSIA VS UKRAINE
Russia attacks with strong force against Ukraine government complex
(zerohedge)
Russia Strikes Ukraine Government Complex, Near Zelensky’s Office, In War’s Biggest Air Attack
Sunday, Sep 07, 2025 – 04:55 PM
After a summer which has seen literally dozens of Ukrainian cross-border attacks on Russia’s vital oil and energy infrastructure, President Putin is increasingly going gloves off, hitting ‘decision-making centers’ in Ukraine with drone and missile strikes, something previously not seen in well over three years of war.
Russia launched its largest-ever aerial assault on Ukraine early Sunday, sending over 800 drones across the country, which included decoys. The prior largest strike, which happened in July, saw around 730 drones sent. At least nine missiles also made impact on Sunday, local officials said. Some sources say the fresh assault may be seen up to 1,000 projectiles launched.
Crucially, this is the first ever aerial strike directly targeted Ukraine’s cabinet of ministers, a major government complex in the heart of central Kiev. Government buildings in the capital have thus far been sparred in the Russian ‘special military operation’ (SMO) – but Sunday’s attack suggests the Kremlin could be turning toward all-out war.
It certainly at the very least is a loud warning at a moment Ukraine has been escalating its own cross-border drone attacks on oil refineries, defense sector factories, and Russian airbases. At least five Ukrainians were killed in the new nation-wide, broad drone assault – including a woman and child in the capital, the NY Times reports.
AFP has said that one of its correspondents witnessed flames engulfing the roof of the cabinet building, verified in emerging photos, with thick smoke rising above the center part of the capital. Several high-rise apartment buildings also were reportedly struck and suffered damage.
The same report noted that for the first time of the conflict, emergency crews are battling blazes at a central government complex, with helicopters seen overhead doing water-drop runs. This government area of the city is typically well-guarded by anti-air defenses, and it looks like the Russians overwhelmed these systems.
The most devastating impacts likely came from the over dozen cruise and ballistic missiles fired by Russia, as tallied by Ukraine’s defense ministry. Only a few of these were intercepted or failed to reach their targets.
The Kremlin is not immediately owning up to hitting the government building, instead claiming that within the Kiev area it only struck a plant and logistics hub connected to the Ukrainian military:
The Russian Defense Ministry said “no strikes were carried out on other targets within the boundaries of Kyiv,” explicitly denying responsibility for the government building strike.
Police cordoned off the area surrounding the building, the roof and upper floors of which sustained damage.
“We will restore the buildings. But we cannot bring back lost lives. The enemy terrorizes and kills our people every day throughout the country,” Prime Minister Yulia Svyrydenko said. She later posted a video from inside the damaged floor showing shattered offices and burned walls.
There remains the possibility that an errant Ukrainian anti-air defense missile fell on the building, or else that it caught fire due to intercepted rocket or drone debris falling. Still, the overwhelming nature of the attack from Russia is signaling a strong message and warning of severe escalation.
Sunday’s attack will certainly cause European leaders to ramp up pressure on Washington go ahead and unleash Trump’s threatened secondary sanctions on Moscow and its trading partners.
Writing further of the significance, NY Times describes:
Rising on a hill and crisscrossed by leafy, cobblestone streets, the government district in Kyiv lies at the center of rings of air defenses. But early Sunday, flames leaped from the windows of the building where the Cabinet of Ministers convenes, and firefighters flew in a helicopter to douse the blaze.
Smoke billowed from the large, colonnaded building, a landmark in the city, near Parliament and the office of President Volodymyr Zelensky.
European Commission President Ursula von der Leyen has quickly chimed in, writing on social social media, “Once again, the Kremlin is mocking diplomacy, trampling international law and killing indiscriminately.”
This will serve to boost the more hawkish members of Macron’s ‘coalition of the willing’ which just met in Paris last week.
The condemnations kept rolling in, with France’s Macron decrying that Russia “is locking itself ever deeper into the logic of war and terror” – the UK’s Starmer slamming “cowardly strikes” which further affirm that Putin “is not serious about peace.”
The Trump effort to get the warring parties to achieve a quick peace settlement now appears completely in tatters – though it was already limping along for weeks.
This puts pressure on Trump from within his own administration too, as hawks will seize and will argue for more major military hardware to be shipped to Kiev.
end
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
Why Washington’s Panic Over Kennedy Tells Us He’s Close To The Truth
Sunday, Sep 07, 2025 – 05:30 PM
Authored by David Manney via PJMedia.com,
The Flak in the Sky
During World War II, bomber crews flying over Germany were experts in anti-aircraft ordnance. I’ve read accounts where pilots and crew were able to predict their location by the amount and variety of flak they were receiving.
Accounts such as these gave rise to popular idioms we use today. In this case, if flak lit up the sky, you knew you were over the target. Nobody wasted shells on empty skies; the closer you were to hitting a high-value target, the heavier the fire.
Robert F. Kennedy Jr., President Donald Trump’s secretary of health and human services, is facing such intense anti-aircraft flak that he could walk from New York City to Washington, D.C. without his feet touching the ground. Regardless of the party, senators from both parties shredded him; the media turned his strained voice into a punchline, and worst of all for anybody, his own family publicly demanded he resign, immediately, all in unison.
Whenever we see such coordinated verbal assaults, we know Kennedy is circling something explosive, something Washington elites are desperate to keep buried.
A Hearing That Was Never About Questions
The Senate Finance Committee meeting, on paper, was supposed to cover topics that were nothing more than an ordinary meeting.
The reality, however, was (paraphrasing Hillary Clinton) a mass suspension of belief. Kennedy was grilled by senators who definitely felt as though they might be having their career-defining moment in front of the camera.
Kennedy was grilled hard for firing CDC Director Susan Monarez, tearing down the vaccine advisory board, canceling $500 million in mRNA contracts, and restricting shots for children and pregnant women.
Questions dripped with contempt.
Louisiana Republican Bill Cassidy, a doctor, accused Kennedy of denying people vaccines.
Democrats treated him like some outlaw scientist, living in his own castle, prone to lightning strikes, and being the center of suspicion by local police over grave robberies.
But listen closely: the …wait; no need to listen closely because of all the shouting in voices full of unmitigated hatred. Just turn the volume down instead, and turn the captions on. Makes it easier.
Let’s start that again.
But read the captions closely: The questions weren’t really about medicine; they were about power. Secretary Kennedy has been working to dismantle a system that thrives on crisis, contracts, and revolving door profits. His punishment wasn’t the result of his hard work, which put errors into the spotlight. Instead, he was punished for the simple act of touching the money tree.
That action alone explains the flak.
Flak From Both Parties
Have you ever seen Republicans and Democrats skate with such rhythm and emotion to make Torvill and Dean jealous? Usually, they can’t clap on the same beat, not once!
But against Secretary Kennedy, they moved as though they were gun batteries coordinating a firing solution all at the same bomber plane.
Why?
Because both sides know what happens if his ideas take root.
For instance, what happens when Americans start asking why experimental contracts were rammed through under emergency orders, if people begin demanding receipts for what was promised, and compare them to what was delivered? If people realize that their public health department has transformed into a political cartel, the implications would be yuuge.
Washington can, and has, survived angry voters: One thing that’s deadly for them is exposure.
Family Fire: The Dynasty’s Panic
Then, like something out of a Joan Collins novel, came the spectacle of family betrayal. Joe Kennedy III decided to call his uncle a danger to every American; Kerry Kennedy labeled him incompetent, and Caroline and Jack Schlossberg shouted their relevance with loud disavowals.
With a visual so frightening to those who give a damn, Camelot itself was melting down, while headlines screamed, “Kennedy Feud,” as if Camelot itself were melting down.
Have you ever seen a family feud before? They basically follow the same formula: bickering amongst themselves, which leads to bloodletting. When, however, that bloodletting ends up broadcast like something out of Jersey Shore, you have to wonder if the family is protecting something, right?
For decades, the Kennedy name has been nothing short of a protected brand for liberal orthodoxy. It’s a dynasty that absolutely cannot afford for one of its own to stand shoulder to shoulder with President Trump while dismantling the sacred institutions of the bureaucracy surrounding public health.
If RFK Jr. is indeed over the target, as I think he may be, then the dynasty is ensuring the flak will be loud and strong enough to drown out whatever is exposed.
Media Guns on Full Auto
What follows is just a smattering of the flotsam out “there.”
- Bill Maher mocked him on HBO, calling his Senate appearance a train wreck.
- The Daily Beast fired off the usual “nutjob” labels, like flares out of Tom Cruise’s F-14 Tomcat helping him evade a 5th-generation fighter jet.
- Over a thousand current and former HHS staff members signed a letter condemning him.
- Mainstream reporters gleefully picked apart his halting speech, ignoring his neurological condition, which he’s been battling for years.
We’re seeing in real time the media’s role changing from analysis to suppression.
The left isn’t worried about a single hearing, but of what comes next if Kennedy survives the barrage; will he open the filing cabinets, then drag decades of contacts into the daylight? What happens if the American people learn just how badly the swamp is addicted to fear-driven profits?
The intense flak isn’t just noise from a compliant media; it’s a warning shot from an industry that’s protected the orthodoxy surrounding public health for decades.
Speculation: What Are They Hiding?
It’s a question that practically asks itself: What is Kennedy circling that terrifies the swamp so badly?
Could it be the financial ties between pharmaceutical firms and government health agencies, you know, the one with a revolving door, that push executives out to approve contracts one year and cash stock options the next? How about buried data within the CDC archives that show just how flimsy some of the COVID-era guidance really was? Is there evidence that “the science” was shaped not by discovery, but by the three “P’s”: Politics, Polls, and Paychecks?
Maybe, just maybe, it’s all the above.
Perhaps the flak is intended to prevent him from releasing the payload: evidence that America was deceived during the pandemic, and that deception was fiscally profitable.
My Thoughts: What I haven’t mentioned was just how confusing that period was; nobody knew nuthin’, and we all were scared. Well, I can’t say we ALL were frightened. I had moments of uncertainty until I learned more about COVID, and then I hoped I had a better understanding of what we were up against.
Unless it’s something you can’t afford to lose, you don’t shoot every shell in the battery at the man unless he’s flying directly overhead.
The Trump Variable
There’s another reason for the fury: Kennedy isn’t flying the bomber solo; he’s displaying Trump’s banner on the outside surface of the bomber. Instead of a drawing of a voluptuously beautiful woman named “Mabel,” Kennedy has a MAGA banner.
Each attack on Kennedy doubles as one on President Trump; when we see a headline about a Kennedy train wreck, we know it’s part of the goal of bruising Trump’s cabinet.
Washington understands that if Kennedy succeeds in this mission, Trump scores a direct hit on one of the swamp’s most protected fortresses.
That’s why the incoming fire on Kennedy is so bloody intense.
Final Thoughts
At times, silent European skies were mistaken for safety by bomber crews. They knew if the guns were quiet, they were probably way off target.
HHS Secretary Robert F. Kennedy Jr. isn’t rocketing through quiet skies; he’s flying through a storm of tracers, explosions, and whatever else gets pulled out of the behind of those worried about something. Senators, media elites, and his own bloodline are trying to shoot the man down, to silence him.
Our lesson couldn’t have had a clearer answer unless RFK Jr. is over the target.
What I want to know is this: Will RFK Jr. stay the course long enough to release what the swamp doesn’t want us to see? I checked and found that I’m not wearing a tinfoil hat to keep the signal out of my head. If I’m right about this, then the American political swamp is just as deep and corrupt as any government anywhere in time.
As frightening as this concept is, I pray we have the correct people in place to find the spot in the swamp marked by an X and start digging. It may take years, but answer this: Is our country worth it? Did that bullet miss Trump’s head because of divine planning that gave us the warriors needed to finally clean Washington up?
I guess we’ll know by the amount of screaming whenever a member of the Trump administration opens a locked door.
end
GLOBAL ISSUES
ROBERT H.
Balance of power and respect
As you read this rather simple concept which is what causes peaceful prosperity, both nations and citizens can enjoy. Do reflect on our societal problems where balance and respect must exist and currently does not either because of flawed immigrations or crime or simply a lack of liquidity to fuel growth resulting an imbalance of trade. Too many nations have allowed fools to lead where Statesmanship was required for prosperous peaceful existence.
Unfortunately, history tells us that throughout history this is too simple an understanding of power for fools to understand. The consequence of fools is what is known today as Neocons. Largely because they remain uneducated steeped in either hatred or lies that cannot be faced by them. And thus they remain locked into a pattern of failure that affects many parties and ruins nations and lives as a consequence. Look at Napoleon who never could become a Statesman and failed as Conquerer in Russia and at Waterloo. It was a choice made. Had he chosen Statesmanship, France may well have ruled Europe. German history would have been quite different if Hitler did not attack Russia.
This is why history repeats itself. It really is this simple.
In business it is the balance of power through mutual gain that prosperity comes. When an imbalance results chaos occurs because the balance is off. It is true within an organization or relationship with outside parties to an organization. Wars have been fought to find balance and in most cases all participants faced loss to find a new equilibrium. Sometimes even at the cost of empires. Ask Rome or Greece or even Britain.
In personal relationships the same applies where balance and respect must exist for mutual success and benefit resulting in trust that binds.
Today nations like China and America and others as large hegemony actors all play a part on stage seeking the balance of power and respect. And frankly today the consequence of failure has brought the world to the point it is at. There can be no dominant power anymore as that time in history has passed. People like Henry Kissinger understood this when he coined the phrase Real Politik. The time to understand is short and for some nations it is past.
If leaders fail on many sides to grasp this, the world will end up as George Orwell foresaw in his book 1984 or worse if it consumed in unwanted war that has no winners, only losers.
MARK CRISPIN MILER
So far, in 2025 alone, 209 journalists worldwide have “died suddenly”
The propaganda chorus that pushed COVID “vaccination,” in part by proudly taking it themselves, have therefore seen (at least) hundreds of its own members die strangely. When, WHEN, will they wake up?
| Mark Crispin MillerSep 6 |
UNITED STATES (57)
WAPT Anchor Celeste Wilson Dies Suddenly at 42 [heart attack]
August 27, 2025
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
CBS News’ Mark Knoller, veteran White House correspondent, dies at 73
August 31, 2025
No cause of death reported.
Missouri Sports Journalist Ben Arnet Dies ‘Unexpectedly’ at 43, His Colleagues Announce
August 29, 2025
No cause of death reported.
Longtime Tampa Bay media icon Rob Lorei dies [70, cancer]
August 17, 2025
Longtime 7News WHDH Boston reporter Byron Barnett [69] has died: ‘One of the legends of the Boston broadcasting world’ [cancer]
August 5, 2025
Mark Davis, longtime Connecticut TV political reporter, dies at 76
June 24, 2025
No cause of death reported.
Sports broadcasting legend, boxing manager, ‘Morning Zoo’ host passes away [65, infection]
June 19, 2025
WWJ radio anchor Mike Campbell passes away at 65, station announces
June 9, 2025
No cause of death reported.
Beloved Television Reporter Dead at 75
June 6, 2025
No cause of death reported.
Former FOX 26 Houston anchor José Griñán [72] has died
May 26, 2025
No cause of death reported.
Former Tejano Broadcaster Jesse ‘Hollywood’ Rios Passes Away Unexpectedly at 56
May 26, 2025
No cause of death reported.
Sacha Jenkins, Ego Trip Co-Founder and Documentary Filmmaker, Dies [53, “renowned hip-hop journalist”, multiple system atrophy]
May 24, 2025
Beloved Alabama radio host Rod Sisco dead at 54
May 2, 2025
No cause of death reported.
Longtime NJ Advance Media reporter Matt Arco dies at age 39 [suddenly, “natural causes”]
May 2, 2025
No cause of death reported.Link
Matt Thomas, award-winning journalist and former WFAA employee, dies at 41 [“brief illness”]
April 30, 2025
No cause of death reported.
Eric Gardner [60], longtime meteorologist with KOTA Territory News, passes away
April 29, 2025
No cause of death reported.
Jennifer Toth, author who chronicled NYC’s ‘mole people,’ dies at 57 [respiratory complications]
April 19, 2025
Veteran 11Alive reporter Jon Shirek passes away [cancer]
April 15, 2025
No age reported.
Tim Mohr, Journalist and Author With Duff McKagan and Paul Stanley, Dead at 55 [cancer]
April 2, 2025
ShaVeteran Voice of Africa host Shaka Ssali passes away at 71
March 27, 2025
No cause of death reported.
Legendary Kansas City Chiefs reporter dies weeks after covering Super Bowl in New Orleans [60, cancer]
March 20, 2025
Veteran New York news reporter David Diaz dead at 82
March 18, 2025
No cause of death reported.
Cindy Luis, pioneer for Hawaii woman sportswriters, dies at 70
March 17, 2025
No cause of death reported.
Sports writer John Feinstein [69] suddenly dies
March 13, 2025
No cause of death reported.
Craig Wolfley cause of death: Former NFL offensive lineman turned broadcaster dies at 66 [cancer]
March 10, 2025
DR PAUL ALEXANDER
Majorie Taylor Greene (MTG), a canary in the coalmine for MAGA? She has gone RAMBO on Epstein files & not even FOX news will cover her speeches; “Case in point: this week’s press conference on the
Capitol steps. Standing with Democrat Ro Khanna (yes, really) and libertarian gadfly Thomas Massie, Greene surrounded herself with Epstein survivors and demanded the DOJ finally release the long-
| Dr. Paul AlexanderSep 5 |
promised Epstein files. Then she went nuclear on the Trump-era Justice Department for burying it all. Her words were so scorching that Fox News bailed out of the broadcast after 90 seconds. When Fox won’t air your anti-Trump rant, that’s a headline in itself.”
Greene doubled down later that night with Real America’s Voice host Eric Bolling—who begged Trump to release the files, framing it as an “America First” transparency issue. She piled on, calling the White House official who labeled it a “hostile act” a coward, reminding the president that real hostility was toward Epstein’s survivors, not to her push for the truth. Perhaps most notably, she insisted that this story is “not a hoax!” directly rebutting Trump’s bizarre claims that it is. Shots fired.
And this isn’t a one-off. Earlier this summer, Greene shredded Trump ally Pam Bondi for dangling, then denying, the existence of an Epstein “client list.” That mythical list has been the Rosetta Stone of MAGA conspiracy culture for years. When Bondi torched it, the base started to freak out. And Greene — instead of smoothing things over — picked up a flamethrower and aimed it straight back at Trump’s DOJ.
That’s what makes this more than political theater. Epstein is a fault line. And Greene is stomping on it.
This is not being handled properly. I, 100% think as to POTUS Trump and Epstein, he knew him and well, but I am firm, I believe that Trump never touched or engaged with any under-aged girls. I am firm, he did not do anything wrong. Others, not Trump. Funny thing about him is that he lived a playboy’s life, but he was actually clean. Else they would have buried him by now. This is death by 1000 cuts and boy he inflicts on himself with his foot-and-mouth disease, he just cannot shut up. He needs to stfu at times.
Again, notice all those who got appointments etc. saying nothing in his defense. They actually, all those health agency people as an example, in CDC, NIH, FDA, HHS, ACIP etc. hate Trump, hated him. Loathe him. Loomer is right, somehow snakes got inside, and their silence now tells you, they actually want Trump to fall in this. I know them all. They sit there silent for they are enjoying it, as they despise him as they did across COVID and Biden’s years. They will sit there conspiring against him and boy they are, you just wait and see. Collecting taxpayer money. Using post to enrich.
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.
Trump is not guilty here re Epstein, but he has had mall cop morons in Justice etc. handling his communication or lack of it and dealing with this.
___
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NEWS ADDICTS
| LATEST REPORTS FOR NEWS JUNKIES |
| Joe Biden Undergoes Surgery to Remove Skin Cancer on ForeheadFormer President Joe Biden raised concern over Labor Day weekend after he was seen in Delaware with a noticeable gash on his head while leaving a church in Rehoboth Beach.Footage posted to social media showed the 82-year-old with a red wound across his forehead, partly hidden by his hair.Recent SurgeryBiden’s representatives confirmed he recently underwent Mohs surgery, a procedure used …READ THE FULL REPORT |
| Search Warrant Reveals What Feds Seized at John Bolton’s HomeCourt documents unsealed Thursday revealed what FBI agents confiscated during their raid on the Maryland home of former Trump National Security Advisor John Bolton earlier this month.Agents searched Bolton’s Bethesda residence over allegations he sent “highly sensitive” classified materials to family members using a private, unsecured email server while serving in the Trump White House.Seized ItemsAccording to the paperwork, the …READ THE FULL REPORT |
| DOJ Deputy Chief Says Government Will ‘Redact Every Republican’ from Epstein Client ListThe O’Keefe Media Group (OMG) on Thursday released undercover video of a senior Justice Department official claiming the government will redact Republican names from Jeffrey Epstein’s client files while leaving Democrat names visible.“They’ll redact every Republican or conservative person in those files, leave all the liberal, Democratic people in those files, and have a very slanted version of it come …READ THE FULL REPORT |
| Appeals Court Rules Florida’s ‘Alligator Alcatraz’ Can Stay OpenA federal appeals court ruled Thursday that Florida’s controversial “Alligator Alcatraz” detention facility may remain open, blocking an earlier order that required the center to shut down within 60 days.In a 2-1 decision, the 11th Circuit Court of Appeals overturned U.S. District Judge Kathleen M. Williams’ ruling, which barred additional detainees from being housed at the facility and ordered it …READ THE FULL REPORT |
| GOP Rep. Burchett and Protester Get Into a Physical Altercation on Capitol HillRep. Tim Burchett (R-TN) confronted an anti-Israel protester on Capitol Hill Thursday after the man physically bumped him outside the Longworth House Office Building in Washington, D.C.Capitol Police questioned the protester but released him without charges.Confrontation Outside LongworthWitnesses say the protester pressed Burchett on his support for Israel, stepping into the congressman’s personal space.When the man bumped him, Burchett responded … |
NEWSWIZE
| Speaker Johnson Says Trump Was Working as FBI Informant Against EpsteinHouse Speaker Mike Johnson told reporters Thursday that President Donald Trump once worked with federal investigators to help take down Jeffrey Epstein’s sex trafficking network.Johnson’s comments came as he defended Trump’s recent use of the term “hoax” when speaking about the Epstein files.Johnson Defends Trump“What Trump is referring to is the hoax that the Democrats are using to try to …READ THE FULL REPORT |
| ‘Chipocalypse Now’: Trump Threatens Chicago with DeportationsPresident Donald Trump on Saturday teased the possibility of sending federal troops into Chicago, posting a parody meme of himself as a military commander.The post sparked immediate outrage from Illinois Democrats, who claimed it amounted to a threat against the city.The MemeThe image depicted Trump styled as Robert Duvall’s character from the 1979 film Apocalypse Now.“I love the smell of …READ THE FULL REPORT |
| Video Shows Ukrainian Refugee Fatally Stabbed on North Carolina Train by Career CriminalHorrifying video has been released showing the moments before and after the brutal murder of 23-year-old Ukrainian refugee Iryna Zarutska.The young woman, who fled her war-torn homeland seeking safety in America, was stabbed to death on Aug. 22 in Charlotte, North Carolina.The AttackPolice said Zarutska was stabbed multiple times in the throat while riding the Lynx Blue Line.The attack happened …READ THE FULL REPORT |
| Viral Video: Phillies Fan Sparks Outrage After Snatching Home Run Ball from Young BoyA young Philadelphia Phillies fan experienced both heartbreak and joy at Friday’s game against the Miami Marlins.What began as a generous gift from a fellow fan quickly turned into an argument that left the boy briefly empty-handed.The Home RunIn the top of the game on Sept. 5, Phillies outfielder Harrison Bader hit a home run into the left-field seats at …READ THE FULL REPORT |
| CBS News Changes Interview Policy Amid Backlash Over Kristi Noem EditsCBS News announced Friday that it will change how interviews are broadcast after Homeland Security Secretary Kristi Noem accused the network of deceptive editing.The change follows her appearance last weekend on “Face the Nation,” where she said her comments on deporting MS-13 member Kilmar Abrego Garcia were cut for television.CBS Bows to Pressure“In response to audience feedback over the past …READ THE FULL REPORT |
EVOL NEWS
| ATEST NEWS: |
| Trump administration tells Abrego Garcia he now faces deportation to African country of Eswatini – EVOL |
| Read more… |
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL ISSUES/NATURAL GAS/ENERGY ISSUES/GLOBAL
India Doubles Down On Russian Oil Purchases, As Trump Declares Both Are ‘Lost’ To ‘Deepest, Darkest China’
Friday, Sep 05, 2025 – 10:10 PM
President Trump on Friday said India and Russia seem to have been “lost” to China following Modi and Putin having met with President Xi Jinping this week, amid the leaders hailing the forging ahead of a new multi-polar order which seeks to thwart a purely Washington-centric global system.
“Looks like we’ve lost India and Russia to deepest, darkest, China. May they have a long and prosperous future together!” Trump wrote in a social media, with an accompanying a photo of the three leaders together at Xi’s summit in China.
This has been followed on Friday with India confirming that it will double down on Russian oil purchases, in defiance of US tariffs and threats.
“Where do we buy our oil from, especially since it’s a very expensive commodity, we pay a very high price for it and it’s the highest import, so we’ll have to decide what suits us best,” Indian Finance Minister Nirmala Sitharaman said in an interview.
She then emphasized somewhat defiantly, “We will definitely buy it.” On the same day, this development reported in Reuters will only serve to exacerbate tensions:
Top Indian refiner Indian Oil Corp (IOC.NS), opens new tab skipped the purchase of U.S. oil in its latest tender and instead bought 2 million barrels of West African and a million barrels of Middle Eastern grade, trade sources said on Friday.
The state refiner also bought one million barrels each of Nigerian oil grades Agbami and Usan from French oil major TotalEnergy, and another million barrels of Abu Dhabi’s Das crude from Shell, the people said. Nigerian oil has been bought on free-on-board basis and Das has been purchsed on a delivered basis for arrival at Indian ports in late October-early November. In its previous tender last week, IOC bought 5 million barrels of U.S. West Texas Intermediate.
This comes amid Trump’s escalating trade war with New Delhi, but he now seems resigned to simply admit India has been “lost” to China and Russia.
Russian Foreign Minister Sergey Lavrov earlier this week hailed that India, among the largest economies on the planet, has not given in to US demands to stop purchasing its oil and other products.
A combined population of almost 3 billion…
“Such tariffs have already been introduced, for example, against India – our particularly privileged strategic partner, a major consumer of Russian goods, in particular, hydrocarbon raw materials,” the top Russian diplomat explained.
“We appreciate the fact that New Delhi did not bend under pressure and remains committed to the principles of free trade,” Lavrov stated.
end
Sunday//
OPEC+ Accelerates Oil Production Hikes Despite ‘Glut’ Concerns
Sunday, Sep 07, 2025 – 12:15 PM
OPEC+ agreed to accelerate the return of another chunk of oil that it’s been withholding from the market, as the group sticks with a strategy of prioritizing market share over prices.
After an online meeting Sunday, eight OPEC+ members said they will boost production by 137,000 barrels a day in October, beginning to roll back some voluntary cuts they had previously put in place.
The alliance, which comprises OPEC and other top oil producers including Russia, had been expected to keep output steady until recent days.
It’s the first sliver of a bigger 1.65 million barrels a day tranche of supply that was meant to be held back until the end of next year, suggesting cautious optimism about the market.
OPEC+ members said Sunday the barrels may be restored in part or in full “subject to evolving market conditions.”
While the production increases have prevented prices from rising sharply amid heightened geopolitical tensions, The Wall Street Journal reports they have sparked fears of an impending glut among investors.
This has yet to show in inventory data, largely because of robust summer demand and only modest stock buildups in OECD countries, according to market watchers.
Actual OPEC+ production also has fallen short of pledged volumes in recent months, as some members had to restrict output to compensate for earlier overproduction.
The decision is likely to put a renewed spotlight on the unused production levels available in different OPEC+ members, as countries that can’t pump more won’t fully benefit from the increased quotas, while they face the added pressure of lower prices.
The group’s next meeting will be October 5.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA
Happening in Canada as well: ROBERT H.
Canada in decline
FYI, happening everywhere with scum bags being let in under Trudeau the criminals have more rights breaking into your homes, etc.
Unless there is positive change Canada will be lost as the country we knew
end
CANADA
ROBERT H
Jason James on X: “This is insane. Canada imported 36.5% of it’s population in the last 10 years. And that’s just what they tracked. They didn’t provide the numbers for those who entered illegally because they have no idea. To put this in perspective, 5% would be huge. 10% would be a crisis. 36%” / X
Why Canada has problems due to immigration.
Too many people too fast.
ARGENTINA
Not good! He is doing the best he could in trying to handle Argentina’s failing economy
“A Clear Defeat”: Argentina Bonds, Peso Plunge After Milei Routed In Buenos Aires Polls
Monday, Sep 08, 2025 – 10:00 AM
Argentina’s President Javier Milei suffered a heavy defeat in Buenos Aires province, where the Peronist Fuerza Patria coalition won 47% of the vote against his Libertad Avanza’s 34%, according to FT.
Pre-election forecasts had predicted a closer contest, which Milei had hoped would boost momentum for the October 26 midterms.
“Buenos Aires province is traditionally very Peronist, but this margin is even worse than expected,” said Alberto Ades of NWI Management. He warned markets would react with weaker bonds, equities, and higher country risk.
FT writes that the setback comes amid Milei’s struggles in Congress, where his veto was recently overturned, and a corruption scandal involving leaked recordings and alleged kickbacks linked to his sister Karina. His approval has dropped below 40%.
“Without any doubt, today we suffered a clear defeat,” Milei conceded. “But the economic course for which we were elected will not change. We will continue to defend fiscal balance tooth and nail.”
Analyst Ana Iparraguirre said, “This result was primarily a negative message to Milei’s government,” warning financial turbulence could deepen voter discontent.
Markets are already stressed: short-term dollar bonds have fallen 15% since July, equities 34%, and debt spreads widened nearly 2 points to 9%. To defend the peso, Milei has raised rates, tightened reserves, and sold dollars, but economists fear recession.
“The resounding defeat of President Javier Milei’s La Libertad Avanza in the Province of Buenos Aires election will likely confirm the worst of market fears and unleash an adverse feedback loop of negative price action, unpleasant policy moves, and more downbeat expectations heading into October’s national mid-terms,” Bloomberg economist Jimena Zuniga said.
“The government engineered a sharp recession with high rates to defend the peso, but Buenos Aires voters are saying jobs matter more than squeezing out the last bit of inflation,” said Walter Stoeppelwerth of Grit Capital.
Despite this blow, polls still predict Milei’s coalition will gain seats in Congress, though it holds less than 15% in either chamber. The result, however, bolsters Peronist governor Axel Kicillof, a rising figure in the opposition.
The peso plunged 7% to 1,450 per US dollar, near the upper limit of its trading band, at the start of local trading.
Dollar notes due 2035, among the most traded, slid 5.56 cents to 56.09, pushing yields to 12.6% and leading losses across emerging markets.
“This was Peronism’s bastion. The national election will be different,” said Fernando Marengo of Blacktoro. “The focus has to shift to building agreements — the reforms that could be done by decree are done.”
Argentina’s sovereign bonds tumbled after the defeat in Buenos Aires, according to Bloomberg.
Investors had braced for a selloff if Milei lost by more than five points; instead, the 14-point margin magnified concerns ahead of October’s midterms.
Morgan Stanley swiftly closed its week-old buy call on Argentine assets, warning that Sunday’s outcome increases the risk of a “downside scenario in which the market questions the likelihood of continued reforms, and uncertainty rises around the future external financing sources,” according to economist Fernando Sedano and strategist Simon Waever.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1729 UP 0.0019 PTS OR 19 BASIS POINTS
USA/ YEN 147.67 UP 0.386 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 1.3513 UP .0015 OR 15 BASIS PTS
USA/CAN DOLLAR: 1.3815 DOWN 0.0004 (CDN DOLLAR UP 4 BASIS PTS)
Last night Shanghai COMPOSITE UP 14.33. PTS OR 0.38%
Hang Seng CLOSED UP 215.93 PTS OR 0.85%
AUSTRALIA CLOSED DOWN 0.24%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 215.93 PTS OR 0.85%
/SHANGHAI CLOSED UP 14.33 PTS OR 0.38%
AUSTRALIA BOURSE CLOSED DOWN .24 %
(Nikkei (Japan) CLOSED UP 626.06 PTS OR 1.45%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3611.10
silver:$41.16
USA dollar index early MONDAY morning: 97.67 DOWN 6 BASIS POINTS FROM FRIDAY’s CLOSE
MOPNDAY MORNING NUMBERS ENDS
And now your closing MONDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.067% DOWN 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +1.562% DOWN 1 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.276 UP 4 BASIS PTS
SPANISH 10 YR BOND YIELD: 3.224 DOWN 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.498 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6405 DOWN 2 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1512 UP 0.0041 OR 41 basis points
USA/Japan: 147.67 UP 0.392 OR YEN IS DOWN 39 BASIS PTS//
Great Britain 10 YR RATE 4.6190 DOWN 5 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.471 DOWN 3 POINTS.
Canadian dollar UP .0007 OR 7 BASIS pts to 1.3812
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The USA/Yuan CNY UP AT 7.1298 CNY ON SHORE ..
THE USA/YUAN OFFSHORE DOWN TO 7.1221
TURKISH LIRA: 41.27 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.562 DOWN 1/2 basis pts
THE 30 YR JAPANESE BOND YIELD: 3.276 UP 5 basis pts
Your closing 10 yr US bond yield DOWN 2 in basis points from FRIDAY at 4.051% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.720 DOWN 7 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.488 DOWN 2 BASIS PTS.
GOLD AT 11;00 AM 3633.25
SILVER AT 11;00: 41.40
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 11:00 AM//
London: CLOSED UP 13.23 PTS OR 0.14%
GERMAN DAX: UP 210.15 pts or 0.89%
FRANCE: CLOSED UP 60.06 pts or 0.78%
Spain IBEX CLOSED UP 151.30pts or 1.02%
Italian MIB: CLOSED UP 115,88 or 0.28%
WTI Oil price 62.57 11.00 EST/
Brent Oil: 66.06 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 83.09 ROUBLE DOWN 1 AND 85/ 100
CDN 10 YEAR RATE: 3.221 DOWN 5 BASIS PTS.
CDN 5 YEAR RATE: 2.776 DOWN 4 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1762 UP 0.0050 OR 50 BASIS POINTS//
British Pound: 1.3551 UP .0059 OR 59 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.6110 DOWN 4 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.470 DOWN 6 ( STILL DANGEROUS LEVELS FOR GILTS)
JAPAN 10 YR YIELD: 1.554 DOWN 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.268 UP 3 AND VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 147.36 UP 1.01 BASIS PTS
USA dollar vs Canadian dollar: 1.3849 UP 0.079 BASIS PTS// CDN DOLLAR UP 8 BASIS PTS
West Texas intermediate oil: 62.38
Brent OIL: 66.09
USA 10 yr bond yield DOWN 4 BASIS pts to 4.044
USA 30 yr bond yield DOWN 9 PTS to 4.685%
USA 2 YR BOND: DOWN 1 PTS AT 3.495%
CDN 10 YR RATE 3.209 DOWN 6 BASIS PTS
CDN 5 YEAR RATE: 2.774 DOWN 5 BASIS PTS
USA dollar index: 97.40 DOWN 2 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 41.25 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 83.82 DOWN 2 AND 57/100 roubles //
GOLD $3635.65 . (3:30 PM)
SILVER: 41.29 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 114.09 OR 0.25%
NASDAQ 100 UP 109.86 PTS OR 0.46%
VOLATILITY INDEX: 15.24 UP 0.06 OR 0.40%
GLD: $ 334.82. UP 3.77 PTS OR 1.14%
SLV/ $37.51 UP 0PTS OR OR 0.81%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 36.08 PTS OR 0.12%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘Gold Surges To New Record High As Bonds & Stocks Follow Diverging Narratives
WRAP UP FOR THE DAY:
Bonds bid and Dollar hit ahead of more jobs and inflation data – Newsquawk US Market Wrap
Monday, Sep 08, 2025 – 04:07 PM
- SNAPSHOT: Equities, Treasuries flatten, Crude up, Dollar down
- REAR VIEW: NY Fed SCE sees inflation expectations little changed, with consumer concerns over the labour market deteriorating; China’s imports & exports in August fall short of expectations; EU reportedly weighs new sanctions on Russia to hit banks and oil trade; Saudi Arabia lowers Arab light crude OSP premiums to Asia and NW Europe, maintains US; French PM Bayrou loses confidence vote as expected; Japan’s PM resigns; US reportedly weighs annual chip supply permits for SK Hynix & Samsung.
- COMING UP: Data: French Industrial Output, US NFP Prelim. Benchmark revisions. Event: Apple. Speakers: BoE’s Breeden. Supply: Dutch, UK, German & US.
- WEEK AHEAD: Highlights include US CPI, BLS revisions, ECB, OPEC, French No Confidence Vote, Chinese Inflation & Trade, Japanese GDP, Apple Event. Click here for the full report.
- CENTRAL BANK WEEKLY: Previewing ECB and CBRT. Click here for the full report.
- WEEKLY US EARNINGS ESTIMATES: Limited earnings but highlights include ORCL, ADBE. Click here for the full report.
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MARKET WRAP
Stocks were little changed on Monday, although outperformance was seen in the Nasdaq 100 thanks to gains in the Tech and Consumer Discretionary sectors. On the flipside, Utilities, real Estate and Consumer staples underperformed while overall breadth was weak as the large-cap stocks kept indices bid. Equities were bid at the open but sold off throughout the last few hours of trade with little fresh news driving price action. Participants are still cognizant of the soft labour market report seen last Friday, ahead of inflation data this week. T-notes were firmer across the curve, but much more so in the long-end, seeing the curve bull flatten mid Trump naming Waller, Warsh and Hassettt as final three Fed Chair Picks. In FX, Antipodes outperformed while the Dollar and Yen lagged, with the Yen pressured by Japanese PM Ishiba resigning as leader of the LDP, and as such resigning from the PM role. Crude prices were bid as the OPEC-8 lifted production, albeit at a slower pace of increase of 137k bpd (as touted), while reports of fresh Russia sanctions from the US and EU also supported the upside. Although crude prices settled well off earlier peaks after Saudi Arabia cut October OSPs to NW Europe and Asia, while maintaining prices to the US from September. Gold prices continued to advance to a fresh record high on rate cut expectations, geopolitics, and dollar weakness. Attention this week turns to the BLS Benchmark Payroll revisions on Tuesday, PPI on Wednesday, CPI on Thursday, as well as the Senate Banking panel vote on Fed Governor Nominee Miran. Treasury traders will also be watching 3-, 10- and 30-year supply throughout the week.
US
NY FED: The NY Fed Survey of Consumer Expectations for August saw inflation expectations tick up at the short-term horizon and remained unchanged at the medium- and longer-term horizons. Unemployment and job loss expectations worsened. Job finding expectations declined to a series low. Spending and household income growth expectations remained broadly unchanged. Specifically, median one-year ahead inflation expectations rose 0.1% to 3.2%, but the three-year and five-year forecast horizons were unchanged at 3.0% and 2.9%. Inflation uncertainty increased for the one and three-year horizons, but declined for the five-year horizon. Home price growth was unchanged at 3.0%. On the labour market, one-year ahead earnings growth expectations fell by 0.1% to 2.5%, below the 12-month average of 2.8%. Mean unemployment expectations rose by 1.7% to 39.1%, above the 38.1% 12-month average. The mean perceived probability of losing one’s job in the next 12 months rose by 0.1% to 14.5%, also above the 14.0% average. Also, the mean perceived probability of finding a job if one’s current job was lost fell markedly by 5.8% to 44.9%, the lowest readings since the start of the series.
FIXED INCOME
T-NOTE FUTURES (Z5) SETTLED 5 TICKS HIGHER AT 113-17+
T-notes flatten as Trump narrows Fed Chair picks to three as eyes turn to BLS prelim. benchmark revisions, CPI/PPI and supply. At settlement, 2-year -0.6bps at 3.501%, 3-year -0.9bps at 3.468%, 5-year -0.8bps at 3.575%, 7-year -1.9bps at 3.777%, 10-year -3.7bps at 4.049%, 20-year -6.9bps at 4.650%, 30-year -8.1bps at 4.693%.
INFLATION BREAKEVENS: 1-year BEI +1.3bps at 3.193%, 3-year BEI -0.4bps at 2.735%, 5-year BEI -1.3bps at 2.444%, 10-year BEI -1.2bps at 2.346%, 30-year BEI -2.1bps at 2.232%.
THE DAY: T-notes were rangebound overnight before tracking higher in the European morning. Despite the little change in T-notes overnight, it is worth noting weakness in JGBs after PM Ishiba said he will be standing down as PM and leader of the LDP. For T-notes, however, the weak August jobs report is fresh on investors’ minds, helping with the upside in T-notes. There was a brief blip off highs in the face of a slew of corporate issuance, but T-notes continued to push higher thereafter with moves led by the long end while the front-end was anchored after Friday’s move, which saw 70bps of easing priced in by the Fed this year (up from 59bps). Note, Barclays now expects Fed to cut interest rates three times in 2025 with 25bps cuts in September, October and December vs. prev. forecast of two 25bps cuts in September and December. The moves in the long-end could be an unwind of term premium after US President Trump announced that Waller, Warsh and Hassett are the three remaining picks for the next Fed Chair. Waller is seen as the favourite, and also seen as the most friendly option for Fed independence. Elsewhere, the NY Fed survey of consumer expectations showed a rather bleak view of the labour market, while inflation expectations saw a slight decline in the 1-year, with 3- and 5-year expectations unchanged. Attention on Tuesday turns to the BLS Preliminary benchmark revisions, ahead of PPI on Wednesday and CPI on Thursday, with 3-, 10- and 30-year issuance also due this week.
SUPPLY
T-Notes/Bonds
- US Treasury to sell USD 58bln of 3-year notes on Sept. 9th, USD 39bln of 10-year notes on Sept. 10th and USD 22bln of 30-year bonds on Sept. 11th; all to settle Sept. 15th.
Bills:
- US sold USD 82bln of 3-month bills at a high rate of 3.940%, B/C 2.81x; sold USD 73bln of 6-month bills at a high rate of 3.730%, B/C 3.17x
- US to sell USD 85bln of 6-week bills on September 9th
STIRS/OPERATIONS
- Market Implied Fed Rate Cut Pricing: September 27bps (prev. 27ps), Oct 48bps (prev. 47bps), Dec 70bps (prev. 69bps).
- NY Fed RRP Op demand at USD 19bln (prev. 21bln) across 20 counterparties (prev. 15).
- EFFR at 4.33% (prev. 4.33%), volumes at USD 116bln (prev. 118bln) on September 5th
- SOFR at 4.42% (prev. 4.41%), volumes at USD 2.847tln (prev. 2.834tln) on September 5th
CRUDE
WTI (V5) SETTLED USD 0.39 HIGHER AT 62.26/BBL; BRENT (X5) SETTLED USD 0.52 HIGHER AT USD 66.02/BBL
The crude complex was firmer to start the week and saw support from OPEC and geopols, before Saudi OSPs saw gains trimmed. WTI and Brent gained after the OPEC+ 8 members agreed to raise the oil production by 137k BPD in October, as widely touted, and after reports that EU and US are mulling more sanctions on Russia. Following the OPEC decision, Goldman Sachs left their 2025 price forecasts for WTI and Brent unchanged, and for 2026 to average at USD 56/bbl and USD 52/bbl, respectively. However, benchmarks trimmed gains after Saudi Arabia lowered October OSPs to Asia and NW Europe, but maintained US OSPs from September. Whilst broader newsflow was sparse amid the Fed blackout, participants await the pivotal inflation reports this week, which will continue to shape Fed expectations for next Wednesday’s meeting. For the record, WTI and Brent hit lows of USD 61.85/bbl and 65.51/bbl, respectively, against highs of 63.34/bbl and 67.04/bbl.
EQUITIES
CLOSES: SPX +0.21% at 6,495, NDX +0.46% at 23,762, DJI +0.25% at 45,515, RUT +0.16% at 2,395
SECTORS: Utilities -1.07%, Real Estate -0.68%, Communication Services -0.31%, Consumer Staples -0.17%, Energy -0.15%, Health -0.11%, Financials +0.02%, Industrials +0.21%, Materials +0.23%, Consumer Discretionary +0.53%, Technology +0.67%.
EUROPEAN CLOSES: Euro Stoxx 50 +0.81% at 5,361, Dax 40 +0.96% at 23,824, FTSE 100 +0.14% at 9,221, CAC 40 +0.78% at 7,735, FTSE MIB +0.28% at 41,724, IBEX 35 +1.02% at 15,002, PSI +0.65% at 7,754, SMI -0.49% at 12,310, AEX +0.67% at 905
STOCK SPECIFICS:
- AppLovin (APP), Robinhood (HOOD), EMCOR Group (EME): To join SPX, effective BMO Sept. 22. Charter Communications (CHTR) will exit the S&P 100.
- Centuri Holdings (CTRI): Carl Icahn increased his passive stake to 12.24% (prev. 9.0%)
- EchoStar Corporation (SATS): Announced a spectrum sale & commercial agreement with SpaceX worth a total of USD 17bln.
- Rapport Therapeutics (RAPP): Successful mid-stage seizure trial & plans to launch Phase 3 trials of the drug next year.
- UnitedHealth (UNH): To affirm FY25 EPS expectations of at least USD 16.00 in investor meetings.
- Chewy (CHWY): Upgraded at Mizuho to ‘Outperform’ from ‘Neutral’.
- Samsung Electronics, SK Hynix: The US is considering annual permits for the companies to supply chips to China.
- Volkswagen (VWAGY): For the first time, Volkswagen unveiled an EV powered by a solid-state battery; the all-electric test motorbike relies on technology provided by QuantumScape (QS).
- XPeng (XPEV): CEO said they plan the global launch of the mass market Mona brand EV in 2026.
- Uber (UBER): Uber and China-based self-driving tech firm Momenta announced plans to test level 4 autonomous vehicles in Germany next year. Expects to sustain margin leverage after last quarter’s +18% top-line and +35% bottom-line growth; launched USD 2.25bln 2-parter in 5- and 10-year issuance.
- Zoetis (ZTS): Spoke of tough Q3 comp sales, 15% overall, and 18% for US companion animals, but raised organic operational revenue growth to 6.5-8%, via MS Conference.
- Tempus AI (TEM): Said it’s on track to achieve positive adj. EBITDA in 2025, driven by consecutive quarterly improvements.
- Bank of America (BAC): CFO expects NII to rise 6-7% for the year, on track from previous guidance; 2026 NII is expected to grow and be similar to this year.
- Amazon (AMZN): Bought a stake in Latin American delivery start-up Rappi, weighing on MercadoLibre (MELI).
- US Senator Warren queries Wall Street banks over stock buybacks and dividends; Goldman Sachs (GS), JPMorgan (JPM), and Morgan Stanley (MS), Bank of America (BAC), Citi (C) and Wells Fargo (WFC) received letters.
- NVIDIA (NVDA): Said they have received several H20 licenses of their key customers in China, via the GS conference. Q3 data centre revenue expected to be up ~17% sequentially (prev. 12% in Q2), driven by Blackwell GB200, GB300 Ultra and networking synergies. Potential USD 2-5bln of increment Q3 revenue contingent on H20 shipments to China post-government licensing amid ongoing geopolitical approvals.
FX
The Dollar was broadly weaker vs peers to start the week, tracking longer-dated US yields lower. The move saw the DXY extend on Friday’s weakness, sparked by another weak NFP report, pushing DXY down to 97.42 from earlier highs of 97.94. Key updates included US President Trump announcing his top and final three picks to replace Fed Chair Powell are Former Fed Governor Warsh, current Fed Governor Waller, and NEC Director Hassett. Perhaps long-end treasuries welcomed the update, given 2/3 are former/current Fed officials, damping the possibility of a more radical (less independent) appointment. Elsewhere, the NY Fed SCE revealed consumers’ concerns were more intensified on the labour market, with inflation expectations little changed, while perceptions over finding a job if one’s job was lost fell to its lowest reading since the inception of the survey back in 2013. For Tuesday, the BLS Prelim benchmark report is due, where the BBG consensus is -700k while recent remarks from Fed’s Waller point to a downward revision of 720k (-60k/mnth).
G10 FX was generally firmer against USD on the day, led by Antipodes, CHF, and the Euro. Meanwhile, CAD was flat, and the Yen was modestly weaker vs the Dollar after the PM Ishiba resigned. Impacts from the political situation may hit the BoJ, whereby the central bank may delay the resumption of the BoJ’s rate normalisation, given the political uncertainty stemming from potential replacements. Those in the running typically favour looser fiscal policies through more stimulus measures. The Head of Japan FX at Barclays writes, “Regardless of the outcome, the curve is likely to further steepen. It’s just a question of the magnitude”. Now, USD/JPY sits at 147.40 from earlier highs of 148.60.
EUR/USD climbed higher despite the confidence vote in France. PM Bayrou lost this vote in a landslide as expected, with President Macron to name a new PM in the coming days. The announcement may come after the September 10th strikes, perhaps aiming to avoid further domestic unrest that would hinder the political climate. Ahead of APAC trade and ECB on Thursday (exp. to hold), EUR/USD trades at 1.1760. Elsewhere, the SNB Chairman Schlegel said there’s a high bar to the next interest rate cut.
EMFX: Chinese imports and exports fell short of expectations in August, imports 1.3% Y/Y (exp. 3.0%), exports 4.4% Y/Y (exp. 5.0%). The report follows last week’s US International Trade report for July, which showcased a widening deficit between the US and China. Weighing on China’s exports was a 33.1% drop in exports to the US and a 1.4% drop to South Korea, while exports to ASEAN grew 22.5%.
In Argentina, political unrest arose from President Milei suffering a heavy defeat at local elections from the opposition, Peronists. ARS, stocks, and bonds all sold off, with USD/ARS hitting historic highs of 1445. Local press now reports that Milei calls cabinet meeting amid rumours of reshuffle.
USA DATA RELEASES
USA ECONOMIC COMMENTARIES
The Bond Market Is Suddenly More Concerned About Jobs Than Inflation
Sunday, Sep 07, 2025 – 10:30 AM
Authored by Mike Shedlock via MishTalk.com,
The long bond verdict is finally in. Jobs and growth outweigh inflation.
US Treasury Yield Notes
- Between August 5 and August 21, bond yields for US treasuries of 2 year duration or longer all rose.
- The period between August 21 and September 2 was very painful for 30-year long bond holders but favorable for the rest.
- Starting September 2, there was a bond market rally across the board.
Treasury Yield Changes Since September 2
What Happened?
- The ISM report on September 2 showed weak hiring.
- The BLS JOLTS repot on September 3 revealed unemployment was above job openings for the first time since the pandemic.
- The ADP report on September 4 was weak, especially small businesses.
- The nonfarm payroll report on September 5 was a disaster.
The trend on the 10-year treasury note and the 30-year long bond are back in sync. Both are headed lower.
The discrepancy resolved to job weakness over inflation concerns, but Powell will be cautious unless there is a collapse.
END
USA/BOSTON
“We Will Hunt You Down”: ICE Launches “Patriot 2.0” Operation Against Illegals In Sanctuary City Boston
Monday, Sep 08, 2025 – 06:55 AM
Fox News National Correspondent Brooke Taylor wrote on X, “Ahead of anticipated immigration enforcement operations in Chicago this weekend, ICE has also launched ‘Patriot 2.0’ in the Boston area.”
“ICE launched ‘Patriot 2.0’ to target the worst of the worst criminal illegal aliens living in the state of Massachusetts, following the success of Operation Patriot in May,” a Department of Homeland Security official told Taylor on Sunday.
The DHS official continued, “Sanctuary policies like those pushed by Mayor Wu not only attract and harbor criminals but also place these public safety threats above the interests of law-abiding American citizens,” adding, “ICE is arresting sex offenders, pedophiles, murderers, drug dealers, and gang membersreleased by local authorities. Under President Trump and Secretary Noem, nowhere is a safe haven for criminal illegal aliens. If you come to our country illegally and break our laws, we will hunt you down, arrest you, deport you, and you will never return.”
On Saturday, Fox News joined Immigration and Customs Enforcement agents in the arrest of criminal illegal aliens in the Boston metro area.
A senior DHS spokesperson told NBC10 Boston yesterday that the Patriot 2.0 operation continues the surge in the sanctuary city where 1,500 criminal illegal aliens have been arrested since May.
“Sanctuary policies like those pushed by Mayor Wu not only attract and harbor criminals but also place these public safety threats above the interests of law-abiding American citizens. ICE is arresting sex offenders, pedophiles, murderers, drug dealers, and gang members released by local authorities,” the DHS spokesperson told the local media outlet.
Boston Mayor Michelle Wu’s sanctuary policies have been anything but “America First”; instead, they are “America Last,” draining public resources on illegal aliens.
Perhaps a recent Daily Caller News Foundation investigation into Wu’s open-border globalist stance shows suspicious China links, which is not surprising, given her priority over illegals.
Mayor Wu has drawn particular criticism for her sanctuary policies, which the Department of Justice is now challenging in court. Attorney General Pam Bondi accused Boston of being among the worst sanctuary offenders:
“The City of Boston and its mayor have been among the worst sanctuary offenders in America — they explicitly enforce policies designed to undermine law enforcement and protect illegal aliens from justice. If Boston won’t protect its citizens from illegal alien crime, this Department of Justice will.”
Last week, Trump’s border czar, Tom Homan, said to expect increased ICE operations in multiple sanctuary cities, saying they would “flood the zone.”
END
a drop of 80% mail!!!!!!!
Global Mail Disruption Deepens As U.S. Tariffs Trigger International Postal Shutdowns
Monday, Sep 08, 2025 – 05:45 AM
International mail to the United States has plunged by more than 80% in one week after the Trump administration ended a long-abused tax exemption on small packages, prompting widespread suspensions of postal services around the world, according to the Universal Postal Union (UPU).
In late July, the U.S. government announced it would revoke duty-free treatment for low-value parcels entering the country. The change, which took effect Aug. 29, has rattled global logistics networks and forced dozens of national postal operators to halt or scale back shipments to the U.S.
The UPU, a United Nations agency that oversees global postal cooperation, said 88 postal operators have either fully or partially suspended service to the U.S. Among them are major national carriers, including Germany’s Deutsche Post, Britain’s Royal Mail, and postal authorities in Bosnia and Herzegovina.
Postal services in India, Australia, France, Germany, Italy, Japan, and the U.K. are no longer accepting most U.S.-bound parcels, citing logistical disruptions and uncertainty over customs processing under the new tariff regime.
According to UPU data, postal traffic to the U.S. on Aug. 29 fell 81% compared with the previous week. “Furthermore, 88 postal operators informed the UPU they have suspended some or all postal services to the US until a solution is implemented,” the agency said in a statement.
* * *
* * *
UPU Director General Masahiko Metoki said the organization is working with affected postal services and U.S. authorities on a “rapid technical solution” to restore normal mail flows. However, he provided no timeline for when shipments might resume.
The Bern-based UPU, founded in 1874 and representing 192 member countries, sets international postal rules and facilitates cooperation among national mail systems. While the agency has mediated disputes before, industry analysts warn the current disruption highlights vulnerabilities in global supply chains that depend on inexpensive cross-border shipping.
The sudden halt comes amid mounting trade frictions as Washington uses tariff policy to rebalance foreign commerce. For small businesses, e-commerce sellers, and consumers relying on international packages, the suspension has created uncertainty and extended delivery delays.
Without an agreement, logistics experts warn that U.S. buyers and overseas exporters alike could face lasting disruptions in the global flow of goods – underscoring how deeply interconnected the world’s postal infrastructure has become.
end
GM CEO Mary Barra Sells 40% Of Stock As EV Slowdown Pauses Cadillac Lyriq, Vistiq Production
Monday, Sep 08, 2025 – 01:00 PM
A General Motors spokesperson confirmed to the Detroit Free Press that CEO Mary Barra sold 994,863 shares last month, valued at roughly $35.4 million. The sale accounted for 40% of Barra’s personal stake in the struggling legacy automaker, which is facing a slowdown in electric vehicle sales.
Barra’s fire sale, one of her largest ever, included shares linked to performance rewards dating back to 2011, plus a wind-down of her estate-planning trust. It should be noted that these sales occurred under her 10B5-1 plan.
Here’s the breakdown (view Form 4 here) of the selling:
- Sold 297,000 shares at an average price of $58.24, making up to roughly $17.3 million.
- Sold 235,000 in money options at a strike price of $39, adding up to roughly $4.5 million.
- Sold 375,024 in the money options with a strike price of $35.49, adding up to roughly $8.5 million.
- Sold 87,839 shares from the annuity trust priced at $58.13, making roughly $5.1 million.
The Detroit Free Press cited Wedbush Securities analyst Dan Ives, who said Barra’s stock sale should not be viewed as alarming.
“We are not concerned about this, and it’s about shares that hit some triggers,” Ives said, adding, “Barra remains a key part of the GM’s success, and we do not view this as a needle mover.”
Barra’s selling raises a new question: What does that say about GM’s future?
Bloomberg data shows that Barra’s stock sales began in the summer of 2024 and have continued ever since, reducing her total position to 2018 levels. Barra became CEO in January 2014.
The selling comes as the Detroit Free Press announced in recent days that GM’s Spring Hill Assembly plant in Tennessee will experience several weeks of downtime. The plant makes the Cadillac Lyriq SUV and Vistiq.
Additionally, GM’s Fairfax Assembly plant in Kansas City, Kansas, and its CAMI Assembly Plant line in Ingersoll, Ontario, are adjusting production plans.
“General Motors is making strategic production adjustments in alignment with expected slower EV industry growth and customer demand by leveraging our flexible ICE and EV manufacturing footprint,” GM spokesman Kevin Kelly told Detroit Free Press last week.
Sales are slowing.
Only time will tell what 17 months of selling stock means for the future of GM’s leadership.
end
VICTOR DAVIS HANSON:
Victor Hanson: The Greatest Democrat Fear?
Authored by Victor Davis Hanson,
President Donald Trump’s greatest achievement within six months was simply ending illegal immigration as we had once known it — without “comprehensive immigration reform” or any other rhetorical trickery.
It remains difficult to find, much less deport, the 10 to 12 million illegal aliens who entered in the last four years.
Those who helped break the law, by design or indifference, now believe it was moral to destroy federal immigration law but immoral to uphold it.
And it is still unclear whether former President Joe Biden’s handlers deliberately sabotaged their own border for political and demographic purposes out of sheer orneriness or utter incompetence.
Many of the left’s cherished totems — massive Green New Deal subsidies, the diversity/equity/inclusion industry, biological males competing in women’s sports, and the USAID revolving door — are either comatose or in their death throes.
The historic drop-off in military recruitment reversed shortly after Trump took office.
Republican voter registration is up, and Democratic registration is down.
Abroad, Trump finds remarkable successes.
For now, there are pauses in the fighting between India and Pakistan, Egypt and Somalia, Cambodia and Thailand, Rwanda and Congo, Serbia and Kosovo, and Armenia and Azerbaijan.
Much credit is due to Trump for brokering ceasefires.
Iran will not get a bomb in the next four years — as seemed likely when Biden left office.
The Middle East’s current most grotesque terrorist cadres and states — Iran, Hezbollah, Hamas, and the Houthis — are far weaker than they were when Trump entered office in January.
There is at least some engagement in envisioning the outlines of a ceasefire in Trump’s inherited Ukraine War.
The rub is finding the degree of ordnance necessary to convince Putin that increasing Russia’s casualties to more than one million will endanger his own dictatorship sooner than destroy Ukraine.
Breaking up the new three-billion-person China/India/Russia nexus hinges on ending the war.
The economy is still strong. Gas prices are at historic lows. Increases in all types of energy production proceed full bore.
Current GDP, inflation, unemployment, and the stock market — all at one time or another said to be in a crisis state — remain strong. Talk of an impending recession or hyperinflation is mostly muted.
No one quite knows either the full effects of Trump’s tariffs — especially given the injunctions issued by left-wing district justices — or of the promised over $10 trillion in foreign investments.
Much of Trump’s agenda will hinge on whether interest rates are lowered, Republicans survive the midterms, and the degree to which unelected left-wing lower-court justices can be stopped from hijacking the Constitution and de facto running the country.
As for the Democratic opposition, there is no counter agenda, no shadow government responsible leadership, and no willingness to craft bipartisan legislation.
Instead, the left’s strategy is that of the kamikaze: to destroy Trump at the cost of destroying the Democratic Party.
Otherwise, Democrats seek to prove so obnoxious in demonizing Trump that they create such mass hysteria that the weary electorate figuratively lies down, closes its eyes, covers its ears, and screams nonstop, “Make them all go away!”
Former foul-mouthed vice presidential candidate Tim Walz is now reduced to a ghoulish status. He recently boasted to an audience that rumors of Trump’s death — who survived two assassination attempts last summer — will thankfully one day prove true.
The top of the failed ticket, Kamala Harris, wanders aimlessly without an office, constituency, audience, or ideas.
To remain viable, she knows she must continue touring and speaking.
But Harris accepts that the more anyone hears her word salads, the more they will remember her 2024 train wreck.
Head of the Democratic Party, Ken Martin, now screams that Trump is a fascist.
But by what standards does he judge? Did Trump try to take his rivals off state ballots?
Does he advocate for destroying the filibuster, the Electoral College, and the 156-year-old nine-justice Supreme Court, or packing the Senate by admitting two new states?
Are local, state, and federal prosecutors — a la Bragg, James, Smith, and Willis — coordinating with the White House and DOJ to indict Trump’s current chief adversaries, such as Gavin Newsom, Kamala Harris, or Josh Shapiro?
Did Trumpers hire a foreign spy to concoct a fake hit dossier on Democratic grandees?
Are his subordinates now spreading it to the media?
Are 51 conservative former CIA contractors and retired spooks swearing that Newsom or Harris is working with the Russians, Chinese, or any of our enemies?
The greatest Democrat fear?
That it has so institutionalized excessive executive orders, ad hominem lawfare, lower-court usurpation, state nullification of federal law, and federal intervention in higher education, the energy industry, and the nation’s open spaces that their own legacies empowered Trump and now will boomerang upon themselves — as the public applauds the karma.
KING NEWS
| The King Report September 8, 2025 Issue 7571 | Independent View of the News |
| August NFP of 22k was less than the expected 75k. But, the 2-month revision was only -21k. -258k was consensus and the whisper number was much higher. July NFP was revised up to 79k from 73k. June was revised from +14k to -13k. Plus, the Household Survey showed Employed rose by 288k. https://www.bls.gov/news.release/empsit.nr0.htm Upon further review, the August NFP was worse than printed because the seasonal adjustment was increased from +4k in 2024 to +130k for 8/2025. https://www.bls.gov/news.release/empsit.t17.htm Also, the Birth/Death Model created 90k jobs for August 2025 vs. 70k jobs in August 2024! https://www.bls.gov/web/empsit/cesbd.htm As expected, the Unemployment Rate rose 0.1 to 4.3%. The Labor Force Participation rose 0.1 to 62.3%; 62.2% was exp. Unemployed +148k. Not in Labor Force -220k https://www.bls.gov/news.release/empsit.a.htm According to the Establishment Survey, job gains were concentrated in low-paying gigs: Health care & social assistance +46.8k, Leisure & Hospitality +28k. Government -16k, Mfg. -12k, Construction -7k https://www.bls.gov/news.release/empsit.b.htm Average Hourly Wages for Aug: 0.3% m/m & 3.7% y/y; 0.3% m/m & 3.8% y/y expected Workweek 34.2 hours, 34.3 expected, 34.2 prior from 34.3 @FoxNews: The Labor Department’s August jobs report revealed immigrant worker employment declined by 822,000 since last year while U.S.-born worker employment rose by 2.76 million. @GlobalMktObserv: The number of Americans unemployed for 27 weeks and over has more than DOUBLED since December 2022 and hit 1.9 MILLION in August, the most in 4 YEARS. The share of Americans unemployed for over 27 weeks hit 25.7%, in line with DEEP recession levels. https://t.co/M7zXClYOgl Bonds rallied as much as 1 22/32; Dec AU rallied $48.70. Stocks sank in early trading because beaucoup traders bought the rumor that the 2-month revision would be far bigger than the expected -258k. ESUs traded modestly higher but sideways from the Nikkei opening on Friday until they began to inch higher after 20:09 ET. After a rally pushed ESUs to 6531.00 at 2:31 ET, ESUs retreated to 6519.25 at 3:30 ET. After a modest rebound, ESUs traded in a 5-handle range until they broke down after 8:07 ET. ESUs sank to 6502.50 at 8:28 ET. After the 8:30 ET official release of the August Employment Report, ESUs jumped to 6540.50 on reflexive but ‘dumb’ buying. After choppy trading with a minor new high of 6541.75 at 9:48 ET, professionals commenced an aggressive dump that sent ESUs cascading to a daily low of 6452.00 at 11:09 ET. The manipulation for the 11:30 ET European close pushed ESUs to 6487.00 at 11:40 ET. ESUs rolled over and formed a down channel that persisted until the last-hour rally commenced at 15:00 ET. The rally was modest; ESUs hit 6492.50 at 15:25 ET and retreated to 6480.25 at 15:54 ET. The late manipulation forced ESUs to 6490.75 at 16:00 ET. Positive aspects of previous session Bonds rallied sharply. The NY Fang+ Index rallied moderately. Negative aspects of previous session Beaucoup traders were long stuff for an expected huge downward NFP revision; so, stocks fell. The S&P 500 peaked at 9:42 ET on conditioned and Army Ant buying; itclosed below 6500. Ambiguous aspects of previous session How large will the NFP benchmark revision be on Tuesday? 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]: 6486.04 Previous session S&P 500 Index High/Low: 6532.65; 6443.98 On Friday, Trump once again inveighed against people demanding the release of Epstein files and info. ‘Me thinks the laddy protesteth too much!’ Who is DJT trying to protect? Speaker Johnson – “President Trump was an FBI informant in an effort to take Epstein down.” https://x.com/LeadingReport/status/1964067614210085276 Easy Al Greenspan: Gold and Economic Freedom 1966 When business in the United States underwent a mild contraction in 1927, the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage. More disastrous, however, was the Federal Reserve’s attempt to assist Great Britain who had been losing gold to us because the Bank of England refused to allow interest rates to rise… The reasoning of the authorities involved was as follows: if the Federal Reserve pumped excessive paper reserves into American banks, interest rates in the United States would fall to a level comparable with those in Great Britain; this would act to stop Britain’s gold loss and avoid the political embarrassment of having to raise interest rates. The “Fed” succeeded; it stopped the gold loss, but it nearly destroyed the economies of the world, in the process. The excess credit which the Fed pumped into the economy spilled over into the stock market-triggering a fantastic speculative boom… by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American economy collapsed. Great Britain fared even worse, and rather than absorb the full consequences of her previous folly, she abandoned the gold standard completely in 1931, tearing asunder what remained of the fabric of confidence and inducing a world-wide series of bank failures. The world economies plunged into the Great Depression of the 1930’s… The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit…. In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value… This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process… https://t.co/AXweqqxVy9 OPEC+ decided to increase October oil production by 137k b/d. Japan’s Prime Minister Shigeru Ishiba resigned. Sanae Takaichi is favored to become PM. Takaichi supports low interest rates. This is why the yen is down sharply. Low Japanese rates incentivize global traders to do the yen carry trade: Borrow yen at low rates and use the funds to speculate and trade. This is why equity futures reversed opening losses and are rallying robustly on Sunday night. Today – Traders will get long for the Monday Rally and the expectation that tomorrow’s NFP benchmark revision will show as much as a 950,000 reduction for the 12-month period, per GS. ESUs are +16.50; NQUs are +102.50; AU is -23.50 and USZs are -3/32 at 20:12 ET. Expected Economic Data: July Consumer Credit -$10.0B S&P Index 50-day MA: 6350; 100-day MA: 6064; 150-day MA: 5963; 200-day MA: 5969 DJIA 50-day MA: 44,639; 100-day MA: 43,132; 150-day MA: 42,938; 200-day MA: 43,122 (Green is positive slope; Red is negative slope) S&P 500 Index (6481.50 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 6214.45 triggers a sell signal Daily: Trender is positive: MACD is negative – a close below 6376.37 triggers a sell signal Hourly: Trender and MACD are positive – a close below 6459.23 triggers a sell signal The Image That Killed the Democrats in 2026 and Beyond Haunting new video revealed the terrifying moment a homeless ex-con allegedly fatally stabbed a 23-year-old Ukrainian refugee in what police said was a random attack on a Charlotte light rail train… 23-year-old Iryna Zarutska was butchered on a Charlotte light rail, her throat cut open by a violent repeat offender who had been arrested 14 times and was STILL free… https://pjmedia.com/athena-thorne/2025/09/07/the-image-that-killed-the-democrats-in-2026-and-beyond-n4943417#google_vignette Horror video of Ukrainian refugee Iryna Zarutska’s slaughter on Charlotte train is met with deafening silence from Dem leaders, media – after a career criminal with no less than 14 arrests was charged with her murder… https://trib.al/NGsmRHs Woke Charlotte mayor says city ‘can’t arrest our way out of issues’ like ‘mental health’ after footage of brutal murder goes viral https://thepostmillennial.com/woke-charlotte-mayor-says-city-cant-arrest-our-way-out-of-issues-like-mental-health-after-footage-of-brutal-murder-goes-viral#google_vignette Fury over fundraiser for career criminal who brutally murdered Ukrainian on North Carolina train – It appears the fierce backlash to the fundraiser has already forced GoFundMe to remove it from its site… https://www.dailymail.co.uk/news/article-15075239/Fundraiser-Decarlos-Brown-Charlotte-Iryna-Zarutska.html Georgia day care worker who allegedly beat 1-year-old boy black and blue released on bail https://trib.al/Ey1BwLK @unlimited_ls: Father speaks out after daycare worker brutally beat his 1-year-old son on his first day and blamed another child. Yvette Thurston, 54, of Bainbridge, Georgia, was arrested on August 11 on child abuse and aggravated battery charges. Police say 4-year-old Clay Weeks was left with a black eye and deep scratches on his face and neck after his first day at Little Blessings Child Care. The parents were first told another child caused the injuries, but surveillance footage later showed a different story. That discovery led to Thurston’s arrest and a temporary closure of the church daycare. Clay was rushed to the hospital for treatment, and his 3-year-old brother Wyatt also attends the daycare. https://x.com/unlimited_ls/status/1964429001889288596 Bombshell memos: Biden aides believed he should sign pardons by hand, he outsourced approval to VP – “President Biden’s decision memo on commuting federal death row sentences is unmarked, and NARA cannot find a version indicating President Biden’s approval,” the documents added… “Based on precedent from the Obama-Biden Administration regarding which documents generally are hand-signed by the President, our recommendation is that as a general rule, YOU personally approve and hand-sign all decisions that require Presidential action,” the memo reads… https://justthenews.com/accountability/political-ethics/sweeping-wh-autopen-review-finds-scant-record-bidens-approvals South Korea will bring home 300 workers detained in massive Hyundai plant raid in Georgia More than 300 South Korean workers detained following a massive immigration raid at a Hyundai plant in Georgia will be released and brought home, the South Korean government announced Sunday… U.S. immigration authorities said Friday they detained 475 people, most of them South Korean nationals… https://abc7.com/post/us-immigration-raid-300-workers-detained-massive-georgia-hyundai-plant-return-south-korea/17765933/ @C_3C_3: How much Big Pharma spends per year lobbying Congress… 2024: $388 million; 2023: $382 million; 2022: $373 million; 2021: $290 million. The attacks on RFK Jr make perfect sense. Congress is captured. @JoshWalkos: The calls for RFK Jr. to resign didn’t come out of nowhere. A leaked April 3 “BIO Vaccine Policy Steering Committee” memo shows industry insiders openly plotting to “go to The Hill and lobby that it is time for RFK Jr. to go.” https://t.co/BFrc6CdiGQ On Thursday, Dem and some GOP Senators attacked RFK Jr. for questioning the efficacy of some vaccines and drugs. Bobby Jr. gave back better than he received. He cited the graft that senators received from Big Pharma as well as some senators’ inaction over the years at addressing US health issues. @VigilantFox: Things got real at the RFK Jr. hearing. Sen. Roger Marshall silenced the room as he revealed the shocking number of shots kids are expected to take by age 18. “On day number one, they get their first jab, a hepatitis vaccine. By the time they’re 18 months, they’ve had 18 jabs. By the time they get to be able to vote, they have 76 jabs.” Let that sink in: 76 jabs by 18 — and you’re not even allowed to question any of them. https://t.co/kDd3qe5YG5 Democratic Senator MELTS DOWN as RFK Jr. refuses to attack Dr. Robert Malone. Kennedy gave him an answer he didn’t want to hear. MICHAEL BENNETT: “Are you aware that Dr. Robert Malone claimed that the commonly used mRNA vaccine ‘causes a form of AIDS and can damage children’s, quote, brains, their heart, their immune system, and their ability to have children in the future?’” KENNEDY: “Dr. Malone is one of the inventors of the mRNA vaccine. So he knows a lot more about it than I do.” BENNETT: “That statement is not true!!!” https://t.co/yhJu5tXJDv @RapidResponse47: Kennedy scorches Dem @RonWyden: “You’ve sat in that chair for how long — 20, 25 years? — while the chronic disease in our children went up to 76%, and you said nothing. You never asked the question, ‘Why is this happening?'” https://t.co/eSmXhlKhof @joma_gc: RFK Jr. reveals that in 2002 a Chief Scientist at CDC was brought into a room and ordered to destroy data from a study showing that Black boys who got the MMR vaccine on time vs those who waited had a 260% higher chance of being diagnosed with autism. https://t.co/uVNiI1wQXU @RapidResponse47: Dem Senator @MarkWarner: “You’re saying the Biden Administration politicized all of the [COVID] data?!?” @SecKennedy : “Yeah! … They fired all of the people who questioned the orthodoxy!” https://t.co/obQR53KTA0 @nicksortor: RFK Jr is NOT taking these Democrats’ fake outrage: SEN. WHITEHOUSE: I’m being jerked around by your bureaucracy. I would like it to end and get some progress.” RFK JR: “You have my cell phone! You can call me any time! I haven’t heard from you in SEVEN MONTHS!” https://t.co/R9BCaUnhfc @MAHA_Action: Sen. Hassan: “People who want to exercise their freedom of choice (on vaccines) are being denied that because you are citing data you won’t produce to the public.” RFK Jr.: “You’re making things up to scare people—and it’s a lie.” “You are lying right now, Senator.” https://t.co/UjIbyCCTzr @VigilantFox: RFK Jr. FLIPS the script on radical Democrat Sen. Raphael Warnock after he tried to pin the CDC shooting on him. It took just one devastating question to expose exactly what they’re trying to do to Kennedy. When Warnock pressed Kennedy about the shooter’s supposed anti-vaccine sentiment in an attempt to tie him to the violence, Kennedy fired back: “Every member of this panel has criticized President Trump and demonized him.” “Are you complicit in the assassination attempts on President Trump?” https://t.co/faL8FNox1H Room goes SILENT as an emotional RFK Jr. reveals the latest numbers on chronic disease. THIS is why he’s cleaning house. “This morning, I got the latest numbers from the CDC that 76.4% of Americans now have a chronic disease. This is stunning. When my uncle was President, it was 11%. In 1950, it was 3%… That’s why we have to fire people at CDC. They DID NOT do their job. This was THEIR JOB to keep us healthy. I need to fire some of those people to make sure this doesn’t happen again.” https://t.co/z2jRlTMhO1 @Azariel91: Chicago’s Mayor ordered all city salt trucks to form a mobile roadblock to hinder ICE operations. IDOT deployed state plows and salt trucks early on 9/6/2025, moving slowly side-by-side on I-294, I-94, and the Edens Expressway, occupying all lanes into Chicago. https://x.com/Azariel91/status/1964297992481227105?t=8XhhDXn1-fKcLS0F_AvcYA @rawsalerts: California officials have announced that a 62-year-old woman has been charged with six felonies after registering her dog to vote and casting multiple mail-in ballots in the animal’s name… https://t.co/bMyWD8NYYb | |
SWAMP STORIES FOR YOU TONIGHT
U.S. Tells “Maryland Father”: No Asylum, Next Stop Eswatini
Saturday, Sep 06, 2025 – 09:55 AM
The “Maryland Father” (well, in the eyes of leftist corporate media), otherwise known as alleged MS-13 illegal alien gangster Kilmar Abrego Garcia, was notified by the Department of Homeland Security about deportation plans to a tiny African country.
In an email to the alleged MS-13 illegal alien gangster, published on X by Fox News’ Bill Melugin, an Immigration and Customs Enforcement official informed the illegal that, given his concerns about being prosecuted and or even tortured in nearly two dozen countries, Eswatini is now considered the best fit.
The email added, “Nonetheless, we hereby notify you that your new country of removal is Eswatini, Africa.”
Homeland Security commented on X, “Homie is afraid of the entire western hemisphere.”
Last month, leftist activist District Judge Paula Xinis, overseeing the illegal’s case, ruled that the El Salvador native cannot be deported until early October. This comes as the illegal has been fighting for renewed asylum claims.
The Trump administration recently offered the El Salvador native the option of deportation to Costa Rica in exchange for a guilty plea. However, his lawyers rejected the offer. He has been accused of human trafficking by the federal government.
New data obtained by Newsweek of ICE data via a Freedom of Information Act (FOIA) request showed that the Trump administration is on track to deport 276,207 illegals annually, or about 1.1 million over four years.
In other news…
x.com/DHSgov/status/1964066617534357904?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1964066617534357904%7Ctwgr%5E082d83cebd3c11abe9384319190e44e4115fdacc%7
end
The Image That Killed The Democrats In 2026 And Beyond
Sunday, Sep 07, 2025 – 12:50 PM
Authored by Athena Thorne via PJMedia.com,
And just like that, it’s over for the Dems in the 2026 midterms. Maybe even the 2028 general election. Maybe this is even the final nail in their creaky, splintering, mentally ill, Marxist coffin.
Right now, they’re trying to ignore it, the way they tried to pretend Hunter Biden’s laptop didn’t exist back in 2020. They were successful enough that time to push their vote machine over the finish line in Biden/Harris’s favor, but that won’t happen this time. This story, this image, is already out there.
Still, they’re trying to ignore it, hoping it goes away:
The only explanation I’ve seen anywhere is, “Oh, it was never covered nationally because it was only a local story.” Sure. Like George Floyd’s overdose in police custody was only a local story. Good luck with that dodge, lefties.
In all fairness to Democrats, their policies have made this situation so common that it may well have disappeared into the din. A violent lunatic with fourteen previous arrests under his belt but who still freely roamed the streets randomly and viciously stabbed a young woman on the train, killing her. The murder occurred over two weeks ago, and they had every reason to believe the “local crime story” was as dead as the beautiful young victim.
But then, the video emerged. It’s chilling and terrifying, the horror that every urban female (and plenty of males) fears. The still image of the moment the madman’s knife begins its descent is the most damning optic I’ve seen in years, and it will now become the face of the modern Democrat party.
It gets worse for Democrats: The victim was not only young, female, and stunning, but she was a refugee from Ukraine — one of their fetish victims.
The New York Post is one outlet that covered the story:
Haunting new video revealed the terrifying moment a homeless ex-con allegedly fatally stabbed a 23-year-old Ukrainian refugee in what police said was a random attack on a Charlotte light rail train.
Iryna Zarutska, who fled war-torn Ukraine for a safer life in America, was on the Lynx Blue Line just before 10 p.m. Aug. 22 when she was ambushed, according to the Charlotte-Mecklenburg Police Department.
The surveillance footage, released Friday by the Charlotte Area Transit System or CATS, shows Zarutska boarding the train in her pizzeria uniform at 9:46 p.m. and sitting, looking at her phone, unaware of the danger behind her.
Just four minutes later, 34-year-old Decarlos Brown Jr. allegedly whips out a folding knife and lunges forward, stabbing her three times, at least once in the neck, police said.
Those eyes, that brave smile, her courageous backstory — fleeing war-torn Ukraine for a chance at safety and freedom in America, taking a humble job as a pizza clerk in Charlotte, N.C.
Laken Riley, the young nursing student murdered by one of then-President Joe Biden’s illegal aliens, became a poster child for stopping the invasion. The description of her murder was shocking to the public consciousness, but still, it was only words.
Robin Westman’s murder and maiming of young Catholic school kids at prayer was a shocking and tragic story. It was powerful enough to finally spark the public debate about what kind of medications are given to youth with gender dysphoria and whether they are sane enough to own guns. But still, that story was also only told in words.
Here, we have the video of the savage act committed by another Democrat sacred cow, a black, homeless man — you know, the kind of sweet, innocent victim those awful racist cops are always trying to murder.
Even as Democrats surge in the streets of Washington, D.C., protesting the president’s crackdown on crime, this chilling video and this electrifying still image have hit the internet. The left could not be caught further out on the wrong side of the issue. They are exposed as the heinous morons they are.
A confession: I do occasionally worry about Trump’s over-the-top rhetoric and willingness to push the bounds of executive power even further than former President Barack Obama did. I know he’s doing the right things, but every time he calls out the guard or sics the FBI on someone or blows up a boat of our enemies, I can all too easily picture the next rabid Democrat president goring my ox in the same way.
But then I see something like this, and I thank God for the man in the White House who has climbed athwart history, yelling, “Stop!” (With apologies to the Buckleys.)
Because in the end, Democrats champion mental illness, crime, and the breakdown of civil order; they champion evil. Republicans fight it. Period.
It’s over, Democrats. Begone with you.
END
Democrats are nuts: how in earth can anybody support them?
New Democrat Script: Trump Is Sending National Guard To Cities In Order To Take Over Elections
by Tyler Durden
Monday, Sep 08, 2025 – 08:05 AM
Authored by Steve Watson via Modernity.news,
In the latest chapter of partisan fearmongering, Democrats have rolled out a fresh narrative painting President Trump as an election-overthrowing dictator-in-waiting.
According to deranged Democrat lunatics, Trump is deploying the National Guard to major cities, now including Chicago, not to combat crime or enforce immigration laws, but to sabotage free and fair elections in 2026 and 2028.
This hyperbolic claim, devoid of evidence, gained traction when Illinois Governor JB Pritzker peddled it on MSNBC’s “The Briefing with Jen Psaki.”
Pritzker’s appearance on the show, hosted by the former Biden White House press secretary, served as a platform to amplify the baseless conspiracy-mongering. Pritzker warned that Trump’s intention to send National Guard troops to Chicago—framed ostensibly as a response to urban crime and immigration enforcement—were merely a smokescreen for a deeper authoritarian agenda.
“It has nothing to do with fighting crime,” Pritzker asserted, insisting the real motive was to “set the stage to interfere in future elections.”
Echoing a line of reasoning that ties Trump’s actions to the 2020 “stop the steal” rhetoric, Pritzker suggested the deployment would allow the president to manufacture chaos and seize control of the electoral process.
Pritzker further claimed that Trump’s plan is to “stop the elections in 2026, or, frankly, take control of those elections. He’ll just claim that there’s some problem with an election, and then he’s got troops on the ground that can take control, if, in fact, he’s allowed to do this.”
Psaki, true to form, offered no pushback, allowing the governor’s alarmist predictions to air unchallenged as if they were settled fact.
This talking point fits neatly into the broader leftist playbook of portraying Trump as an existential threat to democracy. Democrats continue to accuse him of undermining elections, now they’re extending it to hypothetical future races.
The 2026 midterms, which could see Republican gains tested, and the 2028 presidential contest, where Pritzker himself might run, are suddenly ground zero for this supposed plot.
By invoking the National Guard, the narrative implies Trump is militarizing the homeland to rig outcomes, much like the dystopian scenarios spun during his first term about “concentration camps” for migrants or “dictatorship” via emergency powers.
Pritzker labeled the entire scheme “a nefarious plan,” claiming it’s “one that’s been repeated over and over again” throughout history. He also highlighted the lack of communication from federal authorities, calling it “unheard of” for a supposed law enforcement operation.
Chicago, a Democratic stronghold plagued by real issues like violent crime, becomes the perfect foil: Trump offers federal help, and suddenly it’s an “invasion” aimed at voter suppression.
Trump’s public statements about deploying the National Guard to cities like Chicago have centered on addressing spiraling crime rates and supporting ICE operations amid border security concerns—not election meddling.
The Posse Comitatus Act limits federal military involvement in domestic law enforcement, and any such move would face immediate legal scrutiny. Yet, in the Democrat echo chamber, facts take a backseat to fear.
Governors like Pritzker and California’s Gavin Newsom are sounding alarms about military disruption of elections, positioning themselves as bulwarks against Trump’s “authoritarian” tendencies. It’s no coincidence that both are eyed as 2028 contenders; this clash burnishes their anti-Trump credentials while fundraising off the panic.
Pritzker’s MSNBC monologue isn’t just nonsense—it’s a calculated script to delegitimize any federal intervention in blue cities and rally the base. By conflating routine law enforcement aid with a coup d’état, Democrats hope to further paint Republicans as enemies of democracy.
As the 2026 cycle approaches, expect this line to proliferate: Trump the election thief, National Guard as his private army.
In the end, this is vintage Democrat theater: amplify the absurd, ignore the substantive. American cities continue to grapple with real challenges. If Democrats spent half as much energy on solutions in the cities they’re running as they do on scripting doomsday scenarios, there would be no need for Federal intervention.
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. . .
GREG HUNTER…..INTERVIEWING BILL HOLTER//SUBJECT GOLD AND SILVER
Gold & Silver Sniffing Out Risk & Fear – Bill Holter
By Greg Hunter On September 6, 2025 In Market Analysis, Political Analysis9 Comments
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Precious metals expert and financial writer Bill Holter worked side by side with his business partner Jim Sinclair for more than a decade. No two people knew more about markets and money than them. Two years ago, Sinclair, aka “Mr. Gold,” passed away. Now, the baton has passed to Holter, who is the new “Mr. Gold.” Holter warns one explosive new all-time high, hitting day after day, for the yellow metal is signaling big trouble coming. Holter explains, “There is a huge breakout. In my opinion, the metals market is sniffing out risk and fear. . .. They funded literally trillions of dollars by borrowing in yen. Now, what has happened, the Japanese yield curve has gone from basically zero to over 1.6 % on a ten-year (bond) and 3.2% on a 30-year (bond). So, that carry trade now is being squeezed because the yen has gone higher . . . your cost to carry has gone higher because Japanese yields have gone higher. So, the gold market is looking at the Japanese carry trade in the process of blowing up. It is sovereign bonds across the world. If you look at interest rates worldwide, they are actually going higher.”
If the Fed cuts interest rates later this month, it may not be good news. The bond market could rebel. Holter says, “You could see bond prices drop and yields go higher. There is also a very high probability with lower Fed rates that the dollar weakens.”
Earlier this year, Holter called the global economy a hyper-levered house of cards. The leverage has gotten worse, much worse. Holter says, “There is a turbocharge to this, and when I say turbocharge, it’s fear. It’s fear of bankruptcy. It’s fear of default. The world is clearly over-levered, and there are going to be sovereign defaults left and right going forward. The only two monies that cannot default on the planet are gold and silver.”
So, is there going to be a big crash coming soon? Holter says, I don’t know if it is going to be September, October or whatever, but you look at the math and the valuations. The valuations are ridiculous. Look at the math on sovereign debt all over the world. Look at the math on the amount of debt outstanding and margin debt, and this is a huge credit bubble. Credit bubbles do not go away quietly. Credit bubbles burst and markets collapse. The problem now is there is so much debt in the system and the system is so big the central banks together cannot stand against the tsunami of bankruptcies that are coming. There is no white knight this time.”
Holter (aka, the new Mr. Gold) says, “The vast majority of wealth will seek a safe haven that cannot evaporate or be taken away. It’s going to be gold and silver. You are going to see a bull market in gold and silver unlike any bull market in any field ever. . .. Gold and silver will make financial history because capital from all over the world will be trying to get off the railroad tracks because gold and silver cannot default.”
In closing, Mr. Gold says if you just divide the amount of official gold held in the US Treasury by the official US government debt, you get about $135,000 per ounce gold price and around $6,700 per ounce silver price. Holter says with $2 quadrillion in derivative debt, who knows how high the price of gold and silver can go. One thing for sure is gold and silver cannot default.
There is much more in the 50-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with financial writer and precious metals expert Bill Holter for 9.6.25.
(To Donate to USAWatchdog.com Click Here)
After the Interview:
Get The Wellness Company “Parasite Cleanse” with Ivermectin and Mebendazole here. Don’t forget you get 15% off and free shipping if you use the promo code USAWATCHDOG. You can also call The Wellness Company at (800) 758-1584 and talk to a real human.
Bill Holter’s website BillHolter.com just keeps growing. There are lots of new free articles posted.
If you need to contact Bill Holter, his email is bholter@proton.me
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